The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-01-05
TODAY'S STOCK
DEALINGS TAME,
WEST DECLARES
BIZ STUART p. WEST.


teresting happenings OF the two
nreyious days, the various price
movements today were quite tame
and unimportant. The main Incl
Ssnt was a rather sharp decline in
sterling exchange which, following
. week or more of narrow fluctua-
tons, attracted a good deal OF at
fention. There is always the sug-
gestson that something may be go
ing on under the surface of inter-
national politics which the public
does not know. But there is no
disposition to connect today's de-
cline in the exchanges with any
hidden unfavorable development
affecting the German reparations
or Europe's economic situation in
general. Rather the explanation
seemed to lie in the falling off of
gold imports during the last month.
In November these imports reach
ed a total of $51, 1892, 900, which was
an increase OF $4,000, 900 over
those of October. But the Decem,
Der figures are expected to show a
considerable recession again, and
jnasmuch as the transfer of gold to
this country has been one of the
principal factors of stabiliZing ex-
change rates, 1t is not surprising
that even a partial withdrawal of
this support should be reflected in
the exchange movement.
Interest in the stock market cent
cred upon the diverging operations
in various individual groups OF
stocks. For a time the sugars
were very strong and reached high
er prices than they have at all in
the market of the last six months
To what extent this rise is depen-
dent upon the retreat of short
interest is a question, but that it
means a definite turn in the sugar
trade outlook cannot be doubted.
The independent steel shares were
likewise bid up on reports that
the negotiations looking to mer-
ger are rapidly nearing compile
tiOn.
For a while the strength in the
sugars and steels held the entire
market up, but after the first hour
or SO, prices began to slip. The
more sensitive speculative issues,
like Mexican Petroleum, Baldwin
Loco and American Loco, came off
rather easily. The automobile
shares went down in sympathy with
the heavy selling of General Mo-
tors which persisted despite the
fact that the passing of the divi-
dend had been fully expected. The
reaction at length became fairly
stocks there was no important
weakness. Sentiment was some
what unsettled by the passing, first
of the Kelly-S and then
the General Motors dividends,
which inevitably set going flood
of rumors regarding the possibility
of similar action in other cases.
The selling in General Asphalt
which was one of the features of
the day came directly on the heels
of story that the preferred divi-
dend was in danger.
Cotton prices went lower, but for
no reason except that sentiment
was temporarily affected by small
bank failure in Manchester. The
wheat market did little on the day.
1t was again sustained by export
demand. Both sterling and contin-
entail rates regained later in the
day part of their early losses.
The weekly statements of the Eng
lish and French banks show the
accustomed changes of the year
end. French note circulation rose
100000 francs. A very heavy ex-
pansion both in public and private
deposits SO increased reserve re-
qulrements of the Bank of England
that the reserve ratio fell from
1861 per cent to II per cent. This
is, however. merely the seasonal
decline which is usually followed
by prompt recovery.
The stock market continued to
sag through the late afternoon and
the low prices were made, as a
rule, in the last half hour. The
oils and coppers shares in which
the outside speculative activity has
been larger than elsewhere felt the
effect Of the selling more than the
average in other parts of the list.
So did the equipments, because
they have had an exceptional rise.
Railway stocks were neglected,
while the steels and sugars, al
though coming down from their
high prices of the forenoon, were