The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-09-28

Nv UAN r. WEST.

=
Vail Street. New York. Sept. Is.
cable advices from Europe this
rning pronouncing the Turkish
Gation more critical than It had
6Sa 1t any time. afforded . fur
4 tAer severe test for the markets.
xeain there was no real war
lnss, but there was good deal
4 .sensitiveness TO the news. es-
/ sDocially in the investment market
-. In the foreign exchanges.
Wheat went up and cotton came
Il down, but in neither instance was
Il the movement anything more than
Il ono Of the ordinary fluctuations
n that might be expected In the day
n to day routine.
y srBritish government bonds were
fkxher noticeably soft, and this,
II taken in connection with further
II marked weakness in sterling, fur
II niShed an indication that banking
n opinion abroad was viewing the
n latest Developments at the Darda-
II nelles with some uneasinesr. SO
4 far as the decline in sterling was
| concerned, however, 1t could have
been accounted for quite as readily
H by the seasonal pressure OF COM
H mercial drafts drawn against for
eign purchases of American sta
\ pies.
Il SO, too, while the tone OF the
h whole bond market was weaker, in
/ Guiding Liberties and Corporate
II issues as well, and more reaction
h ary than It has been for any time,
\ ie was hard to say just how much
H this was due to the European cri,
| sis and how far to the uncertainty
regarding the new treasury financ-
H ing at home. UnQuestionably the
n f6ar that the new government loan
II would be offered on terms which
II would make the recent average OF
II bond prices seem rather too high
h has made large holders more will
ing to sell.
In the stock market speculative
/ efforts to get prices down were re-
siined at the opening and renew
II ed at intervals during the remain.
/ der of the day. They were helped
byra moderate amount Of real H.
/ qnidation which represented the
necessities Of over-expanded indi'
vfduals and pools that cut such
Il figure in the August advance. Tit
II buying in on large scale Of stocks
II sold short on previous days, how
ever, furnished an increasing ele
y ~f kr.u 10
put in to reaccumulate stocks dis
tributed S to 10 points up, wer'
more of a factor than they hat
been.
Operations for the decline mad
headway in the Independent steel
and the Tobaccos, but encounters
II more opposition in the motors AM
equipment issues.
The principal difference betweel
Il Wednesdays market and today
4 was that on Wednesday price
crumbled away in all directions
Il whereas today, although there wer
q great many weak points. Their
were also number of stocks i
which the selling was quite vigor
cusly opposed. This suggested tina
certain interests which had take
Il profits in the campaign Of jul
and August were gradually r;
j entering the market.
The latest German bank stats
fnent certainly gave no sign ths
the postponement of cash repars
. tons payments is leading to an
n modification in the policy of no,
imitation. The circulation item he
another jump of 10000 ,O0O. OF
Il marks, which is well up to the te
4 rife weekly average maintaine
j since the early summer. The su
prising thing, as it has been II
i the last fortnight or more, is Il
steadiness of the mark in the ia,
II ar this Outpour of new currenc
4 Mark exchange was quoted tods
4 at.06, whereas the high for the la
Il two weeks was only OTIS.
II Call money got up again to
4 per cent but this could hardly ha,
II been counted among the signs
uneasiness over affairs abroad. Ii
principal declines on the stock e
change occurred naturally enou,
II In stocks which were recently mo
boldly exploited by the Wall Sire
H cliQnes. Railway shares were qui
irregular. but the group as a who
did better than 1t had the previo,
day. This showed more appreci
ton Of the illogical effect of sci
ing railway stocks because of Il
poor August reports when the fl
ures on car loadings indicated su
an entirely different condition f
the coming months.
4 Standard Oils came to the fro
the last hour and this with {,
strong support accorded Baldw
Locomotive and one or two 9th
leaders, had steadying effect upt
the rest of the market.