The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-04-27
LLOYD GEORGE
PLEA DOESN'T
AFFECT MARKET
WW UWHHMHnI
BY STUART P. WEST.

u.lt Street. New York. April 81.
= was natural in view of the
-.,bsr startling remarks OF the
.s.s,,sh premier that the Genoa con-
<e-ence should have assumed more
1-a,inence in financial discussion
iaSsv Nobody could have helped
s..eognizing that Lloyd George had
= object in painting the picture
= dark as possible should the con-
s = fail because of unwilling
- NJ the one or two nations to
- suitable concessions for the
.1sreral good. Still the figure Of a
ssrnrry Russia" united to an
.srrrv Germany" the combination
rsovesenting two-thirds of the pop
aIstion Of Europe, was undeniably
= very forceful one, and calculated
= have SOLDERING influence upon
ananeial markets.
n could hardly have been said
that Lloyd Georges statement was
more than a negative factor in the
mice movement of the day. Had
here been any grave concern, it
you'd have shown first and plain
sst In the foreign exchanges and in
tbe market for government bonds,
Int as a matter of fact, with the
exception Of French francs which
continued under some pressure, the
french government loans which
we're inclined to sag again, there
vas no response to speak of in
either of these quarters. Sterling
held up and so did most of the
continental rates outside of Paris.
United Kingdom issues were firm
and the Liberty group held we'll dp
to par.
The sharp check given to the
speculative market Wednesday con-
tinued to be felt IN the heavy SELL
ing and the stoppage of the pool
activities which were so much a
figure of the situation up to the
middle Of the week. In the invest
ment market, too, there was some
thing Of a pause. Less business
was done than on any day in some
time and prices moved with great
deal more irregularity. There
we're fully as many IL not more de-
clines than there were advances.
The inference was clear that the
bond list had for the moment ex-
hausted the stimulus given it by
Tuesdays remarkable experience
given it by New York City and Can
adam government offerings. Rail-
road shares again ignored them
March traffic statements even such
highly favorable ones as those Of
Baltimore and Ohio and Ohio and
Lehight Valley.
As the afternoon went on, the
break on the stock exchange be-
came rapid. The outside public,
which had watched prices go up
Tor months, and then rushed in,
we're given the familiar object les
son. 1t was precisely this which
Wall street syndicates had been
working for and, the object achiev-
ed, stocks accumulated during the
tine when the general run of pso-
pie could see nothing bright in the
business outlook were quietly
passed over.
1t was easy to understand the
rrsistence of the selling which
swept everything before it during
the last two hours of business.
Even with prices off points or
more from the top there still re-
NAMED handsome profits to buyers
Of three and six months ago. At
the same time there were the us
,ual amount stop orders placed in a
scale down. The uncogering III
these orders in large quantities
greatly accelerated the decline.
The losses were more general
than those of Wednesday and for
the most part they were larger. Re-
cent speculative favoritas, once the
decline got under way fell as easily
as they had risen in the market a
fortnight ago. The manifest read
ing of the whole movement of tn :
last two days was that the Wall
street speculation under the urge
Of the extraordinary investment de-
mand and the low money rates had
pushed prices up at a pace and To
an extent that were not in accord
With the facts of the business re-
eovery and within reasonable
forecast for the early future.