The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-01-24
Money MARKET
LOWER;PRICES
OF BONDS DROP
BY STUART p. WEST.

wall Street, New York, N. r..
IN 24.-Indications OF somewhat
,.wer call money market were the
s,oxt important Developments in
"a financial situation today. The
,,te on standing loans remained at
ner cent, but the bulk of the new
hssiuess which had been arranged
a. per cent on previous days was
soun TO 4. The decline may have
.neant that Withdrawals by inter-
Ior banks which were the cause Of
ne hardening of the market a
reek ago are slackening, or it may
s,muly have been due to the paucity
"A the borrowing demand on the
stock exchange. At all events, it
SispeIs whatever little concern
might have been felt over the jump
IN the call money rate from to
~ per cent. 1t was hard to trace
any effect of the recession in money
mon either the bond or the stock
markets of the day. There was
certainly no stimulus afforded in
either case. Bond trading, while
fairly active in itself, was off con-
siderabIy as compared with the en-
couraging volumes two weeks ago.
Liberty bonds again worked lower
As did many Of the recent varieties
in the corporation list. There was
the same quiet pressure against
French government and municipal
securities that has been observed
for several days and while no
department of the Seine Offering
doubt the competition of the new
was in part responsible, the ceiling
was also an expression of disap-
prevail of the general attitude to-
ward the great world problems
taken by the new French ministry.
On the other hand French ex-
change had its first upturn in
nearly a week. The rally, however,
was slight by comparison with the
steady fall from $50 in the Francs
the prevailing just before the
BRAND regime fell-and yester-
days low of Sol. Sterling, 100
went higher but the persistent
weakness of German marks was
again feature and here the mar
ket was clearly rejecting uneasi-
ness and the threat to enforce the
separations program to the limit.
On the stock exchange the day
was for the most part, dull and un-
eyentful There were a number of
interesting features among individ-
ual stocks. Corn Products made
new high and so did the sugar
stocks. The steadiness of the
shares mentioned in connection
with the Independent steel merger
was also very noticeable, especially
IN view of the near approach of the
time when these companies must
confess the melancholy results of
their operations during the last
quarter Of 1921. This showed that
the street still had full confidence
that the merger negotiations, both
In the case of the steel companies
and the sugar concerns, would go
through and they would be of more
importance as market factor then
any amount Of bad earnings state
ments which belongs to conditions
Of the past.
At intervals there were little
waves of buying which appeared to
indicate that the professionals
favored for the moment the side off
higher prices but these movements
quickly died out. 1t was quite evil
dent that other speculative inter-
ests which had been so active last
week. has not abandoned their posi-
ton but, in the absence of an out
SIDE following, were inclined to
proceed with more caution.
The railway shares had a little
squirt, the anthracite carriers lead
ing them, in face of the probable
oitumtnous coal strike.