The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-08-01
MARKET
is Rail
HEADS GATHER !
II srUARr r. WEST.

all Street, New York. Aug. III
lack Of uniformity and~a con-
at price trend which charac-
S<ised the stock market move-
~1nts today, was explained by the
s6dtnr attitude toward important
f1ide events. It is conventional
M q period in which the market
~ been discounting future de-
,eIopments, for quotations to be-
assne uncertain and rather timid
= IA these developments are about
q Be realized. So traders were
asmtsnt to hold aloof from new
= urSornmitments until the railroad
= seecutives' conference on the
= s11fke had taken some definite
= Z shspe. The meeting got under
lrvay with so representative an at
= Eaftndance that the street was con-
\ |etvhced that lasting decisions about
= sothe shopmen's strike would be
- 10 uade. Stocks started off quite firm
1t after fractions had been added
! a many of the more prominent
= N ms and industrials, business
6|Iid lowed down and prices became
= rAtsogular.
II the stock market was lacking
lfAsaiu positive happenings the oppo-
& NNste was quite true Of cotton. The
laIsid extraordinary rise of.$7 bale oc-
:. Hrcurred within few minutes after
E1nthe government report on the crop
oIs condition was published. Prelim-
! I.atinary private estimates had mem
y HI toned such marked improvement
y Ia In July that both spinners and
tsdspeculators were prepared for fig
i ysdi ures which would forecast crop
II well in excess of 100000 bales.
40neBut the government experts found
bEszghat damage from bad weather and
= bssboll weeyil had been quite severe.
9Iri The condition of 70S percent OF
normal was very nearly two per-
cent below conservative private
calculations and slightly under the
- Geondition month ago. The result
/ ant forecast was for 11,A49,00
2 q bales, an increase of A percent
Il. over the small yield of 1921, but
still sufficiently below early
guesses as to create a heavy de.
i rs,mand for cotton futures. October
!, rs led the rise in market that was
l-fof thoroughly wild for time.
,-kn The financial community believe.
that If the railroad strike is settled
Il before the end of this week it viii
have powerful effect on the Goa
Il r situation. The invitation issued ID!
J. L. Lewis Of the coal miners
union to operators of the middl,
west to meet with union leaders il
Cleveland on next Monday wa
quite the most encouraging occur
renee noted in the long disturbance
II Stocks for fortnight have beel
III discounting the end of both strikes
In this process such Representative
IL rails as Pennsylvania New Yorl
III Central, Norfolk & Western, Rocl
II lslanad, st. Paul and C. & o. hav'
4 risen APPOINT TO more than TIVE
L points and past market history sug
gests the possibility of reactions
when the new good news finall.
comes out. About the only featur
| Of the rails today was bulge in 81
Paul common and preferred, which
however, eased off later. Chandle
was adversely affected by new mo
| tor price cuts among competitor
ana Studebaker fuctuated widely.
iii In the last hour, furry in Con
f solidated Gas, carrying it up abou
iii two points, drew attention to tn
H fact that today marked the end c
III bond conversions which theoreti
III cally had been holding the stOe
Ii down. Call money was ip bette
III supply than on Monday, lending a
ii 1 per cent. Cotton options finall
Ill reached levels more than So bal
III higher than the day before and
III late reaction was not sufficient t
iii impair the markets strength. Fol
I'll eign exchanges were inclined
lei sag, marks reaching new To-
Eli point under 15-100ths.