The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-09-13

IlIF|EIlEll1
!. 70 RAIL 1lEUP


Wail etreet New York Sept IL.
HOW small Agurs the railway
sAcpmen's strike has been In NM
aue3al calculations was emphasized
a4a1n d the markets today.
With the prospective partial set
. t1emsut in the Immediate future
paayed up prominently In the morn
M news. railway shares did not re-
tpcnd at all. They sold off gener-
any IN . market where. in many
directions. active buying was In
progress.
The two most important aspects
OF the movement on the stock ex-
change today were the same as they
have been right along-a lively
speculation. especially in stocks OF
the pool variety, accompanied BY q
s0iid sub-stratum Of investment
buying showing itself in the sus-
tained high level Of bond brices
ana in the forward tendency in
many stocks Of the investment or
reimbursement class.
Confidence In Business
The pool operations bore witness
to confidence In the suffictency OF
the autumn money supply, and be-
lief that the next six months Will
see q further increase in general
business activities and satisfactory
profits for the great majority OF
manufacturing and transportation
enterprises.
The investment operations indi-
Gated searching out Of bonds and
stocks which still offered a good
Yield attendant with reasonable
measure of security and which had
not been brought into line with the
general market
The individual price movements.
as ON the previous days, were very
much mixed. Realizing sales bore
heavily against certain stocks while
new buying went on strong in 9th.
ers.
Steel Hits High Point.
u. 8. Steel common again touched
its high point Of the year, and
number OF new high records were
made, notably in Baldwin Loco ant
one or two other members of thu
equipment group and several Of thu
gas and other public utilities. Al
the afternoon went on, trading IL
the general list slowed down con
sidcrably. Coincidentally Their
were more surface signs Of reac
ton. But nowhere was there an!
real pressure to sell.
The foreign exchanges went low
or again but the declines were to-
small to be regarded as significan
of any shift Of banking opinion II
the European outlook in conse
quence Of the Belgian ultimatum.
Belgian ~ per cent bonds deal
in on the New York market fell
point but this was very slight ex
preston, II indeed it was an express
sion at all. of uneasiness over Bel
CLAN finances now that the lates
settlement plans have been held VI
Sterling Down l Cent.
The most logical inference is tina
the reparations commission will Ell
feet q compromise, which the Bel
gian and German conferees wer
not able to reach and that the ar
rangements for holding up cas-
payments and at the same time Pre-
viding an adequate cash securit!
will eventually 60 through. SteI
ling exchange was off over cen
the largest loss of any day in som
time. 1t is now nearly six cents i
me pound from its high of mont
ago. But this scarcely has any d
rect reference to the uncertaintie
in Europe's financial situation
Rather it is the withdrawal Of tn
support incidentally furnished tn
sterling market during the tim
when Great Britain was preparin
\ to meet its war interest due in tt
\ United States.