The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-05-26
GREATER GAINS
Of DAY CENTER
IN OIL SHARES
RY STUART p. WEST.

1Wall street, We" AOIh, 2hdt %
@rnere was no explanation for to-
Us sudden broadening out of the
.-uard movement on the stock ex-
Esnge in the outside news, now
! -ssrejv the working out of posi-
| ,ion within the market itself which
| ssd stood the test of a week or
| ,rnra of somewhat uncertain and
hesitating price changes. The way
occasional Wall street interpre-
"a the days happenings was that
raneculative interests which have
ssen conducting the campaign Of
~ last four months had not re-
lsred their control and that wheth-
: or not they were getting the out
aide response hoped for, they were
stilI able TO mark up prices with
considerable success.
| On other days these pool activi-
res had been devoted to compare
five limited number of individual
siocks. mostly of the so-called spe-
rialty type But today they abrupt
" reached out so as TO include at
one time or another the greater
mart of the list. The principal gains
acquired in the oil shares and in
some Of the motor and equipment
issues and the tobaccos. Yet de-
cdedly more interest was shown in
| other groups, like the sugars and
the coppers which had been mac
tive all the early part Of the week.
Ia few of the low priced rails were
5again dealt in in a large way and
las rule at rising prices. The rest
Hof the railway section while not
prominent like the idustrials, stood
Inn very steadily. This was signifi-
can't in view of the pessimistic
1comments which some of the rail-
way heads had seen fit to make as
Ito the effect of the 10 per cent rate
reduction. Even the sensitive
speculative community has got so
used to this sort of talk that it re-
kfases to take it at its face value.
/ There was considerable increase
Hin the volume of business also in
f,hs bond market and prices were
nnewhat higher. Apparently GER
ain Investment operations were I'M
aertaken which had been held up
waiting the latest offer of treas
ur certificates. 1t was a relief
hat this issue was restricted to
np0, 000, 900. This was less than
bad been looked for in the light OF
1 estimates that more than twice as
4mach as that would be needed to
make up the treasury deficit at
Inc close of the fiscal year. The
4sk per cent interest rate is the
jsmae as that of the last previous
#cfering and there was no doubt
That they will be just as readily
8aken.
! Liberty bonds again all sold eth
10 at or close to par and represen-
Aative company bonds both rails
slnd industriaIs were in the main
higher Call money rose again to
~ per cent. The inclination in
zAe foreign market was still to
fawait the German answer on rep
asrations next week and develop
9ments at the Paris conference. The
threatened split in the German cab
linet. which disclosed powerful OPP
position toward making what were
termed undue concessions, found ne
lrehection in the markets of the day
| For the first time the new wheat
options showed signs of breaking
AWAY from the depression temper
jarily caused by the closing out Of
#he May position. July and Sep
ismb Der were covering even while
Hay was still going down. This
iaade it still clearer that the break
n the last week in the wheat mar
fst was essentially due to over
Ejaculation in the May option and
iild not measure trade opinion re-
Harding the new crop outlook or the
Probable foreign demand.
| After the uncertain fluctuations
farlier in the week the advance in
acotton was resumed The Bank OF
France reported for the week show
led another decrease in paper cur
arency, the same as the Bank of Eng
land had in Thursdays report.
/ Some selling occurred in the last
BAour, partly in preparation for the
holiday and partly in response 10
AiAe higher call money rate. The
advance in money was not, how
asFer, of any particular consequence
~ was apparently the result of the
NAgathering OF funds that will be
arolved in the treasury certificate
Transactions.
But there was nothing resembling
any general reaction in the deal
aags at the close. Prices came
5sown half point or so in many OF
ae early favorites. On the other
aaapd there were few stocks that
55oon