The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-05-03
ALL MONEY is
ADVANCED TO
F|vEPER CENT
hi STUART p. WEST.


gall Street, New York, May d.
r~4her suggestions of hardening
The call money market were
rbaps OF more importance than
rv,bing else that happened in the
s.snciaI situation today. Follow
Is The rise to per cent in new
rsns the rate on standard loans
- advanced to Az per cent. This
,cmnares with low of BIZ per
ssnt less than fortnight ago. It
\ 4 rue that the time money market
1 ! fairer test of actual conditions
nan are call money rates, which
- much more sensitive to tenn
sorary influences as treasury with
s-svals and the shifting of bal
srees between New York and out
T.tewn banks; and so far neither
,rsme money nor commercial dis
cunts have hardened. But in this
4 ,sstance the raising of the call
nan quotations undoubtedly is
.orne response to the heavy in
ERASE In stock exchange borrow
4 snes and IL not precisely a warn
/ M. is a signal that the time has
,oTne for more caution in specula-
/ i've operations.
Roth In the stock and bond mar
! ~ the higher call loan rates un-
4 aoubtedly had some effect. for the
] an shares were bid up rather vio-
Iently. but these were exceptions.
Tha- general price movement was
ouIeter and more orderly. The ele-
ment of wildness and lack of dis
elimination which characterized
the speculation of two weeks ago
vas wholly absent. Along with eff
4 forts to advance Industrial stocks
there was some very obvious I'M
1bading of others in which specu-
lstiYe profits had accumulated on
1 other days. The bond market was
sll to be described as strong and
/ tairly active, but it was again true
I hat Liberty bonds and European
royernment issues stood exactly
I where they did in the middle of
4 APRIL and that the general run of
i ksues had ceased to move ahead.
\ For the time the foreign ex-
! changes were affected by what
vas commonly pictured as the criti-
\ cal moment of the Genoa economic
a conference-the time when the
4 Russian reply to the allies terms
a vas being awaited. 1t was most
4 Unfortunate that France and Bel
! gum should have even temporarily
j ninsed to join with the others in
signing the Russian notes, as every
body realized 1t did cause fur
2her pronounced weakness in
French and Belgian currencies,
which brought a similar decline
ilso in Italian lire and German
j marks, but later in the day these
Hsses were retraced for the most
3Nrt. 1t was once more note
worthy that sterling did not
n mare in the depression of CONT
rental rates. this because Great
4 Britain as shown by the budget es-
4 mates, is in an altogether differ
lent position to face the financial
Consequences at Genoa than are the
Uher European powers.
i Oil shares continued to lead the
stock market all through the day.
many of them making their best
Iwices in the final hour of business.
IBeyond the gossip of an intended
Snsrger between Standard Oil OF
Aralifornia and Pacific Oil and its
I aHiliated companies, the Associ-
sied Oil, there is nothing to infiu-
snce these operations. Higher gas
dine prices are predicted, but
there was no word to that effect
isday The records of steel trade
Improvements is sufficiently indi-
cted by the increase in the daily
sstes of pig iron production from
iGs75 tons in March to 69,o70 tons
5ln April Both the steel corpora
ATOMS and the independents are OPP
Iestng at slightly more than 70
3ser cent of capacity. Another
3ssk has passed without the coal
slrike causing any considerable
dcarailment of output.
II Following the now accepted Gus
tom of ignoring everything related
% the past publication of the 1921
report of Anaconda and Utah cop
per had not the slightest effect on
Aihe market There were il anything
$sFen worse than looked fora def
4 'eit Of nearly $17,000,000 for Ana
FONDA and over 100000 for
Utah.
All the copper stocks went up
after the figures were out The
3rhlef point about these coppers re-
quits is the still very large sur
3pluses remaining after the two
sorst years in the history of the
!ndustry. Anaconda's profit and
oss account at the close OF last De-
fenber still stood at S6S,000, 600
While Utah Copper after a loss OF
fearly sl1 100000 in the two year
period still had a surplus of $685.
100000.
/ The cotton market held yester-
lays unusual gains but did little
4 bore.
IN wheat the advance was par
paily checked, apparently because
ae same heavy rainfall in the
soathwest which has done so much
M