The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-07-31
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4 srUAEr r. WEST.

mn Street. New York. Ju1y 81. |
y stock market found reason
vosk-end developments In the ,
~ strike to belisye that Pres
~ Harding's plan for settlement
11d win out even though much
I 6ceition might arise over the Sc
zsrity problem. The result OF
I 7l6spread expectations that strik-
ehopmen would be ct work
S2ihfn . few days, was heavy buy
- Of Industrial shares, bringing
I M new high records for the
j ~.
Cite naturally stocks Of rail-
800 equipment companies went
.s5I1ns with the rising rail issues,
~ the short interest in such
I'D as Studebaker, Crucible and
ii " Chemical group quickly sensed
~ market trend. Studebaker re-
sardsd in very abrupt dealings over
4 rsage OF more than four points,
s in9ences Of trade opipion about
~ quarters dividends. When
~ came that directors had rais-
Z ihe payment from a 81 to a SO
srsSAl basis, and ordered $3.50 paid
? = extra dividend, the defeat Of
1 ~ shorts was complete.
he market realized that matters
4 great Importance to business was
1ttached to tomorrow's meeting OF
! Fsilroad men in New York. Trad
m we're inclined to feel that the
managers OF certain roads would
: ecmbat a movement to return strik-
n to their old privileges and eau
Ron over this possibility promoted
considerable profit taking after rail
shares had advanced from a point
70 two points all around. A some
what surprising feature of strike
Influences on securities was the
slight attention paid in market com
spent to the coal strike, which
large and small threatens to have q
worse effect on industry than does
hampered transportation. The
street calculated that reapproach-
ment between labor and capita
would point the way for decision
In the other controversy, especially
IS no news appeared over Sunday
TO destroy the conciliatory attitude
Of coal union leaders and operator!
In the middle west.
: Possibility that final action NIGH
mot be taken on the tariff bill unit
after elections stimulated buying II
particular industrial shares.
A big advance of Allied Chemi
cal was a prominent result Of buy
Ing of this sort.
The call money rate firmed "
. trifie after standing had bee
renewed at 31s per cent: Thi
movement was not surprising i
the light Of last weeks clearin
house bank position which SHOVE
heavy expansion of loans in tn
final two days. The money situa
ton, however, displayed no sign {
real tightening and the bond mai
ket went forward quite easily, lie
by some of the speculative rail,
A dragging tendency in Libert
bonds was altogether explained b
time almost daily advances for tn
last fortnight. The foreign 81
changes disclosed more life an
huctuated more extensively tina
at any time last week. The Gel
man rate, after starting at 14-10Otf
cents. new low, rallied to abo,
l5-l00ths. Sterling and fran,
turned about after an indifferel
opening and were moderately fir
Tomorrow the French and BIRTHS
premiers are expected to meet
London and then 1t will be possib
to learn tof the most recent d
velopments in the German repair;
tons bill. The stock market b
came dull in the las hour and Il
price front showed an uneven tel
dency without looking at all wea
In view Of the new high recor,
reached during the morning
American Can, American LOG
Crucible, and B. and O., realizir
sales were in evidence. Not mut
stock came out, however, and Il
market seemed to be drifting.