The Rock Island Argus and daily union., 1922-03-02
LIST IS
STRONG; TRADE
PROFESSIONAL
BIZ STUART p. WEST.

Wall street, NEW IOIk, AldICu q.
-Today's price movements were
dmply the outworking Of the spec
rlative situation recently developed
v,thout much new in the general
situation to influence the markets.
In the stocks the position was
sbovn to be as strong as ever in
the great majority of the list. The
same could be said of the wheat
market, although there was grow
ing discrimination in favor of the
May option-the last under the old
erop-as against the July option,
the first in which deliveries of the
1922 harvest will be made. The for
eipn exchanges, which had held
better than the other markets yes
terday, did not do so we'll today.
Here the effect of speculative real
izing was quite pronounced, espe-
cially in sterling, which was off
some cents in the pound from the
seasons high.
On the stock exchange, trading
was smaller and more than ever
professional. Among the class of
habitual traders there has been
much diversion of opinion as to the
immediate drift of things. The sud-
den break at Mondays close and
the similar abrupt decline yester-
day led many to believe that it was
no longer a market moving all one
way and there were possibilities On
the side of falling prices as well as
on the side of advances. But those
who argued from these two expert
ences that the market was in a
more serious reaction found their
calculations upset by what occur
red today AS business began it
was plain enough that there were
no stocks TO speak of pressing for
sale. AS soon as this was diScov-
cred. yesterdays short sellers hast
ened to get in their commitments,
and pool operations were resumed
In a number of selected stocks.
There were two incidents which
probably did have some effect upon
the sentiment of the markets. One
was the latest turn in the soldier
bonus proceedings which indicated
that if there are to be any imme-
very small and will not be a dis
very small land will not be dis
turbing factor in the financial sit
uation. The other was the easier
tendency in call money which re-
newed at Az as against the re-
Gently prevailing figure of 5 and
later drGpped Az per cent. Every
time SO far, when rates have got
down to the Az level and stayed
there, institutions out of town have
drawn upon their New York bal
ances and have thereby automatic
ally forced the market up again. 1t
was noteworthy that the bond II ar
ket, which is readily interested in
seeing money rates work peTma-
nently lower, did not give much
heed to the days occurrences.
Liberty bonds were very dull,
while among corporation issues it
was only the more speculative
bonds that gained.
That the turns in the sugar trade
came some time ago had been
agreed among NEST competent OIL
servers. But certain interests in
the industry itseif-whether or
not influenced by selfish motives
have fought against the idea that
the situation was mending. To-
day, however, for the first time this
year the quotation of refined sugar
got above $50 a hundred pounds.
1t was the second successive ten
cent advance in the last two months
and fitted in exactly with the most
reliable data OF the sugar trade,
,.N, u
wide depletion of stocks and a
growing export demand. The sugar
stocks were quite logically the
strongest group in the market.
Next to the sugars the most Of
which made new high for the pres
ent movements, the leaders were
Chandler Motors, Cast Iron Pipe,
the Rubber and Tire shares and
some Of the low priced rails.
Another remarkable exhibition of
the present markets Indifference to
unfavorable earnings statements
and other news relating to the past,
came in the Pierce Arrow stocks,
which actually rose quite sharply
following the 1921 reports, with its
loss of $S,764 900. The steel group
did nothing in the way of advance,
but held it's ground well, indicat-
ing that the recent poor showing
Of earnings is less a matter of
concern than the trade reports of
On increase in active capacity of
70 to IS per cent since the first of
the year.
Sterling and most of the other
Exchanges rallied somewhat late
IN the dav Ruf the weakness in
German marks persisted at Al g,
he sight drafts of Berlin were
he lowest since November-a nat
urai sequel to the inability of the
German government to balance its
budget and prepare for deflation of
paper currency.