The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-09-14

N eTUlM I. WEST.

Wn1l Street. New YORK DeDG -.
IT'D Striking incident IN today's
1Ssketv was the sudden wave Of
utng in the railway shares. To-
ss1nect this with the collapse OF
~ shopmsn's strike was, Of course.
Az obvious thing TO do. Al . mat
- sof fact the strike settlement
s1Eid little or nothing to do with 1t.
Wall street has known for the
e(st month that the carriers were
i6hing and that 1t has accepted
-1ko evidence Of the weekly figures
on car loadings which has been
Overwhelmingly in favor OF the con-
1 clusion that the disaffection OF the
TjQp workers was doing the rail-
~Vaya business no harm. Conse-
luuently there was no good reason
sNby'an intended buying movement
.R railway stocks should have been
.prUposed until the actual strike
settlement.
There were two much more con-
vincing explanations for the DEM
s66stration In the rail group. One
was that 1t was a speculative ma
-neuver to offset heavy selling Wed
6esday afternoon and again this
W0rning in some Of the recent in
austriai favorites. The other was
INIT it in part represented inves-
.Aors raising their bids for the bet
.tsraclass OF dividend paying rail
shares because the yield on these
was still attractive, IN comparison
with those in other quarters OF the
Investment markets. Both these
reasons, counted and in about equal
measure. The taking up Of stocks
ike Atchison, Union Pacific, South
ern Pacific, New York Central ant
Pennsylvania, carrying them clost
up to or else beyond their previous
high points OF the year was re
hinder that the investment elemen
isea really important factor in thu
present market. Whatever doub
there may be concerning the specu
lative interest, especially afte
some of the recent performance
tn:sstocks of the pool variety, Their
can be no question that the pres
.eafce OF investment capital seeking
employment in stocks because mos
bonds have got out Of range Is
powerfully sustaining influence il
the Wall street situation.
"a European exchanges went lowe
ct the outset of the day, but sub
seqhently had moderate recov
cry At its low point under $4.4
sterling was off cents in tn
pound from last months high, bu
again, there was no significance l
this decline for Europe's ,flnancia
position in general. This is tn
season of the year when bills c
exchange drawn against shipment
Of American grain and cotton ar
either being created or are matul
ing in maximum volume. Now thu
British arrangements for meetin
Interest on the American war del
have been completed the deman
for exchange has not suficed
keep pace with the increasing SUI
ply Of these commercial drafts.
The diversion Of interest In ii
railway list had the anticipated e
feet of checking the selling in il
dustrials and with the course
dhevsafternoon operations for Il
rise was resumed theoretically
this class OF stocks. The advan
in Cosden Oil was not discourage
by the denial of Standard Oil
New Jersey of recent rumors lin
mig the two companies. COlumS
Gas. apparently getting ready for
dividend increase in October. ma,
new record; Iron Products al
Austin Nichols ran up sharp
again and there was special buyil
in Barnsdall Corporation A and
Snicer Manufacturing