The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-04-19
STOCK MARKET
PRICES RETURN
TO HIGH LEVELS
ri STUART P. WEST.

wall street, New York, April 10.
.The downward tendency Of the
nrevious day was abruptly re-
.xersed in ali the principal mark
.tx today. This was equally true
n stocks, grain and foreign ex-
change. In the light of the stimuli
,oneous rise in these three checks,
III pretense that yesterdays de-
riine had anything seriously to do
,~ifh German-Russian alliance or
any other happenings at Genoa,
rad. perforce to be abandoned
! prices had come down merely as a
result of conditions on the inside
land not as a result of outside news.
.,srhjs inside weakness due to the
recent extravagant speculation in
certain quarters had been suffi-
sriently corrected by yesterdays
break. to warrant resumption of
: onerations for the rise today. The
wheat market and the cotton mar
!. let. too, which had been influenced
! Nv The decline in stocks, were quite
a. prompt to respond to their ad-
vice. The exchanges, including
z even German marks, easily got
hack their losses of the previous
: day.
r The stock market started in
amid some uncertainty, with prices
about where they left off last
Z night Further selling held the
LIST in check TOR half an hour or
SO. but when it was discovered that
offerings we're being readily taken
without any more of "a decline,
speculative sentiment gained con-
f.dence. Then first in enc direction
and then in another, buying move
ments were renewed. The gas
stocks, the sugars, then the rails
! and finally the steels, and motors
I. that was the order of the sue
cession Of the several group move
sments.
!, How largely the days advance
in stocks was due to the hasty re-
treat of a short interest was a sub
ject of varying opinion. It was
true that in the late afternoon
when the demand to cover short
contracts had subsidized, prices came
down somewhat from their highs.
But at the same time the last hour
swas notable in that it brought a
new high record for the year in
U. S. Steel common and a series of
!. fresh advances in numerous spe-
cial issues that had been SO prom
inent earlier in the day. Among
these more particularly were the
rubber and tire stocks, which were
r-getting ready for the expected an
I, nouncement on the first month of
"a substantial increase in tire pric-
, es. Call money renewed at 31s
per cent and all classes of funds
continued to be pressed upon bor-
rowers at the lowest figures of the
season.
either an extra dividend or an in.
crease in the regular dividend at
next weeks meeting was one of
the leaders and steel common an
other. Strength III the steel stocks
accompanied the weekly trade re-
views which again reported further
.-price advances in pig iron and
some of the higher forms. The coal
strike and the menace of reduced
-steel production as the result of
The deficiency in the fuel supply
has been quite as much OF con-
Sheraton during the past week as
it was the week before with con-
!, sumers.
So far, however, the steel mills
have not been affected in their op-
-erations. The steel corporation is
still employed at 10 per cent Of
capacity while the Independents
are working above 20 per cent.
For the first time, there was
something of divergence between
the course of the speculative and
the investment markets. While
stocks were going up, Liberty
bonds were coming down, foreign
government issues were hesitating
and company bonds were decidedly
irregular. No explanation was ap-
parent for this apart from mere
difference in conditions within the
two markets. There were no short
interests and pool operations to
help the bond list as there were to
help the rice in stocks.