The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-02-08
dERLING RISE
Chief INCIDENT
| n WALL STREET
NJ STUART p. WEST.

r.tt street, New York, Feb. B.
,.<her remarkable advance in
| ling exchange was the chief in
-, ID toGay's financial situation.
II u36 rates were up 16 cents in
Z. sound from a month ago. Half
Z ais rise has been accomplished
-xhin the last ten days. There
- no Developments to throw any
~ light upon this movement
5 : ne broader sense il is measure
Europe's economic recovery
s.,rh has become more definite and
e since the first of the new
- Prom a more technical point
I 4 new 1t is the result of dim
ssshsd demand and lower price
,sTsls for American merchandise
~ a corresponding enrtailment in
& Is supply of exchange drafts.
formally this is the season in
~ foreign trade when American
iaports approach their maximum,
Fiile shipments of staples are at
l All minimum. This condition ex-
q now and the excess OF exports
Il been so reduced that England
/ 4 able to more than offset II with
IL so-called invisible" credits. I
10 what extent the advance IN
french exchange, which continued
I nday is merely an offshoot of the
reyement in sterling and to what
,rtent it is indicative of improve
nsnt in Frances financial condition
"a question upon which opinion S
5ery much divided. The response
shlch improvement in French ex-
thsnge is having in the market for
rench government bonds certain
il suggests that it is not wholly a
sympathetic rise for it implies
one real degree of economic gain.
fhe strength OF the French extern
ii loans shared interest with that
ID the United Kingdom issues, in
loday's bond dealings.
Railway securities were the lead
rs on the stock exchange. The
bonds were quite as prominent in
The advance as were the stocks. The
movement started in the St. Paul
issues, spread to other low priced
members of the group and finally
reached the standard dividend pay
Hs. Such representative stocks az
Union Pacific, Northern Pacific,
Great Northern preferred and New
York Central all either equalled or
Surpassed their best prices of 1922
he extraordinary strength in St
Paul stocks, although the road
armed only forty per cent of its
irsd charges last year, was an
cher sign, of which there have
bsen very many lately, that the
narket has it's face set toward the
isture and is optimistic even with
regard to properties which have
| not yet come out of their slump.
While operations for the rise
we're going on energetically in the
railway list, there was consider
abe profit taking in the industrials.
In the main this sort of selling was
readily absorbed and there were
lamefous advances in individual
aoekg. Studebaker went through
It's previous high, Chandler Motors
vas equally strong, and there was
the usual sharp upbidding in a
number of the specialties with a
narrow market which easily lent
themselves to unofficial stimula-
ton.
Quite as striking as an incident
Is the continued forward push in
he exchanges was the reflection
which this movement again had IN
me grain market. The advance in
wheat prices as the day went on
became fairly violent, the July
option selling over cents q bushel
ibove last nights close. The ia
nHence of the great strength in the
dehanges was also felt in the cot
lm market, which regained fully
aalf OF the decline of the past week
| In the last hour the campaign in
me railway shares was abruptly
necked and at the same time real
ing sales and fresh shorts selling
brought about something like real
Fraction in stocks. The selling
vas heaviest in the steel shares,
4tespite the fact of the encouraging
summary of trade conditions in the
weekly reviews. AS expected jan
vary BUSINESS ran just ABOUT level
pJnat OF December The figures
" pig iron production showing an
Nerage of 52,SS1 tons a day com
hred with 53,195 tons the month
NIore. But since then demand
IL Droadened and mill operations
3s picked up, especially in the
YES SO taking these plants alto
ssner, the United States Steel Cor
Aauon-so the Iron Age esti-
ples-is up to more than so per
asat OF capacity. The weakness in
NJ s1eels followed some specialize
IN Republic issues, which APP
Jared to reflect a certain amount
sneasiness~ regarding the next
aadend on the preferred.
Ngar stocks were helped for a
ny the declaration of the
sular dividend on American
gar preferred.
'ae recent heaviness in Copper
ses was explained by reports
smaller dealers were shading
or the metal. The equip
-. Shares came down very
ply and finally the leaders of
8s&r Motor orO,,r ;;,.l =: