The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-02-21
new HIGH MARK
IS REACHED BY
STEEL COMMON
BY STUART p. WEST.

wall Street, New York. Feb. IL
me striking movements OF yester-
- we're reproduced in none of the
-sytets today. Sterling went only
.,;ShtIy higher. Francs and lire
LIED in their rise. In the commod-
-cditv markets, too, the upward
s-;ft abated and cottons went low
A. There was nothing unusual in
sry Of these developments. They
=. simply the normal action OF
sneculative markets which had ris-
n very abruptly, so that tempting
nrodts had accumulated. In the
ssoeky market the check was not ap-
,areut until well along in the day.
Far the first half of the session
onerations for the rise went on Wig
orously in the Industrial section.
steel shares were taken up on
revival of interest in the negotia-
( tions for a merger between some of
tbe independent companies. Steel
COMMON surpassed its previous
high of the season
New high records were also made
ia the equipment group, in some of
he leather and wooden shares and
IN a variety of specialties. But in
nearly all instances this fresh up
bidding of prices induced heavy
realizing sales which had some eff
feet as the day went on. New York
traction securities, both bonds and
stocks, were badly upset by the re-
port of the transit commission on
the revaluation of property, which
set the several totals very much
below those given on the books OF
the companies. In the case of Third
Avenue, the estimated property
value figured out quite a bit less
than the total market value of its
securities as this has been stand.
ing up to today. Opponents OF pri-
vate ownership will doubtless find
in the report a good deal of new
material, for it certainly support:
the charge Of gross overcapitaliza
ton
The most important contribution
furnished by the news of the da!
was the account of steel condition.
given in the weekly reviews of th'
trade journals. Buying both D
pig iron and of steel has been OF
the increase and the steel corpora
ton for the first time is aperatin.
at over so per cent capacity. 1t i
evident that the heavy purchase
to supply the railway equipmen
makers have forced the hands 0
other consumers who have beel
letting their stocks get down to,
low. But the more essential fac
is the confederation of the viey
that the second phase of the gen
eral trade revival is getting unde
way These latest steel reports like
wise help to show that the recen
advance on the stock exchange ha
been a logical movement
1t was the stock market whicl
gave the best account of itself I'm
der the test of speculative realiz
ing Prices had rather wavered il
the early afternoon, but the con
vol of the interests working 70
the advance was demonstrated ii
the final hour. Then what littl
tendency to reaction had begun T.
appear was quickly checked by di
! verting interests into new quarters
The high priced rails wer
brought to the fore under the lea
Of Canadian Pacific and Union Pa
citc. Then the buying shifted NOR
into the non-dividend railwa,
shares. Meanwhile United State
Steel common kept on its remark
able advance and the concentration
Of energies upon these particula
stocks caused selling to slacken il
the rest of the list. German mark
weakened after a slight recovery a
the start which appeared to be bas
ed upon somewhat improved show
ing in the latest German bank re
DOrf