The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-01-13
INTEREST ONCE
MORE CENTERS
IN STOCK MART
BY STUART p. WEST.

wall Street, New YORK, Jan. Is.
me stock market again became
- center Of interest today. The
s;gna had been plainly written on
.se two preceding days that pro-
sssxionaI Wall Street was OF in its
.rophecy that the reaction which
Jared on the first business day of
,be new year would run consider
sbly further. This recession had
sesn based upon alleged disappoint-
reut because 1922 had come and
an there had been no immediate
-svival in outside trade. This, OF
.ourss. was a superficial view not
sbared by the representatives of
important capital, who are the
dominant interest sin the stock
market The effect Of the propa-
randa for lower prices was simply
70 uncover the short interest and
keep out the speculative rank ana
ale. while not influencing any SELL
ing from large holders.
The strength OF this inside posi-
ticn had begun to show in the mar
ket yesterday and today before it
became out much more plainly
today. The season began with &C
tiyes buying Of the better class of
railway shares which did not
spread, however, to the low priced
ron-dividend payers. Then the
motors took the lead. Corn Prod
vcts, in which the short interests
had been having troubles along
reached par for the first time. A
sharp upturn in Baldwin Locomo-
tive and other equipment indicated
the failure OF the campaign against
these stocks. But the whole list
last more active and broad. The
significant thing was that the
stocks In the which the presence of
a short account could be scarcely
expected were quite as strong as
others in which much of the buying
could be traced TO the defeated
bear" contingent.
Nothing in the outside news had
any bearing on the stock exchange
movement. Sentiment was impress
ed, nevertheless, by the compare
lively slight effect which the resig-
nation of the French cabinet was
having in any OF the markets. To
be sure, this event will not in the
hshments of the Washington con-
ference, and it will not affect the
highly important economic gather
ing at Genoa in March. Still for
the complications and delay it may
cause in settling the Germany rep
sratons problem, 1t is from a finan-
dal standpoint a decidedly unwel-
cone thing to have occurred. Yet
today not only were the securities
markets unaffected, but even in the
Exchanges where the response had
come yesterday, there was a very
fair recovery. Sterling. in fact, got
up where it was before the news
from Paris, while French exchange
itself came back at least over some
Of the ground lost.
Reckoned by the number of sep
arate issues dealt in, the bond mar
ket today was the broadest in the
annals of the stock exchange.
Prices went generally higher I'M
der the lead of the Victory AZ S
The buovancy in bonds and stock
markets was not intinated in the
commodity markets. Both cotton
and wheat took their cue from
trade abroad and this was adverse
~ affected by the change in the
French government.
Parts Of the stock list came>down
late in the afternoon, but the gen
sral run held tie ground gained
extremely well. IN u number OF
cases the best prices were shown
Just before the close.