The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-08-14

TRYING % |
LEX MARKET
eFUART r. WEST.
sst, New York. Aug. a.
ice OF things the news
lsy's market had to con-1
IN at home and abroad,
most trying Of any day SO
" Harding program for ar
80 the shopmsn's grievances
ss.l to have been definitely
The Intervention Of TIE
suherhoods had become over
1kend still more marked, the
~ 81 a general tieup of the
ftation industry had be-
Sore serious. At the same
~ hopes aroused by the Lon
sbles of Friday and Saturday
n z compromise would be found
- the opposing sides In the
z;,n1a separations deadlock, had
ri 6ashed completely. AS the
Stjon stood, the gathering had
attually broken up. but there
ID every indication that it was
~ To do, SO.
81 the security markets been In
y bat a strong position they
- scarcely have resisted this
hl,ation of unfavorable happen
"A II is true that from the first
sijng opinion has been skeptical
aoet the London conference. It
q felt that it would reach the
- impasse over German indem-
n that its predecessors had at
- and The Hague. Consequent
The news from abroad was not
Icalated to provide the shock Of
uprise. Regarding the railway
IRrike, Wall Street could fall back
kuin upon the proposition that the
rsiysis of the railroads of the
rsntry was such a stupendous
1ing that it was practically incon-
tsable that when affairs reached
reh 4 stage the government would
NE to step in and force a settle
Int.
But a market situation to take
ak broad view of things must be
he free from sentimental influ.
ices, that is, it must be one where
y outside Speculative element is
lifted and the main holdings of Sc
arities undistributed. From a tech.
ial standpoint, the foregoing were
h important facts emphasized to
ny. Prices went off at the star
half point for the rails and sim
~ amount for some Of the indus
fials, but the selling was yer!
nall, certainly there was not tn
highest sign Of any hasty unload
BE- Of accounts. BY the end Of tn
list hour, the market had steadie'
bad then one after another indi
bdual members Of the industrial
bt we're taken in hand and bid VI
Books of the farm supply compan
Is-Harvester. Rumley, Sears Roe
buck and the Fertilizer shares
here the leaders. Pierce Arroy
hid violent upturn against tn
bort interests which frightened re
mt short sellers in Studebake
had Chandler. The coal stock
|ntinued to be actively bought IL
Anticipation OF an early termination
Of both soft and hard coal strikes
he inability Of the British AM
lench representatives to com
Fomise their apparently irrepara
BE differences caused a shar,
downward turn In French exchange
ind in other continental rates, bu
Without carrying them to the e1
IRENE low point Of last week.
As usual sterling exchange wa
unaffected by the weakness in tn
continental currencies. In add
ton to the other causes maxim
for stability in sterling is the ris
Ling tendency again in the Drifts
export trade while imports har
been going down. The board {
trade figures show total exces
Of imports over exports durdn
July was slightly more than 10000
100 pound. whereas in June it wa
wer 100000 and in May nearl
n,000.000. Save for the abnol
nally low totals of January an
February the visible trade balanc
against Great Britain last mont
vas the smallest in two hours.
In The last hour specially buyin
vas suspended and with this mi
ativc removed the general mark,
grew very dull and started in I
ns again. There were losses {
spoint or two points from the mig
y the early afternoon in such higl
" speculative issue as Sears-Ro'
buck, Industrial Alcohol, Lack.
wanna Steel, Bethlehem Steel
Baldwin Loco and Studebaker.
But these declines were nothin
more than the traders followin
mat had gone into these stocl
10 the forenoon winding up the
contracts after the familiar mai
yer, prior to the close. Northwes
en- rails having had the large
sovance of any last week, yielde
Me readiest, but the whole .railwa
list was heavy from beginning