The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-03-16
STOCKS, BONDS
SHOW NO CHANGE
IN DAYS TRADE
nv STUART p. WEST.

wall Street, New York, March
s-There was no essential change
= either the stock market or the
hona mraket today. The same
CHARACTERISTICS held good that have
heen noted all along for the last
,nonth and a half. Speculative
svndicates and professional oper-
tors continued to dominate the
sltuation on the stock exchange.
There was no indication whatever
mat they were losing their grip in
efforts to advance prices. The only
adherence from the trading of 9TH
ar days was in the selection of
PARTICULAR stocks designed for lead
srship. Some of these were COM
narativeIy newcomers in the sense
hat they had not hitherto borne
their share in the upward move
ment of February and March.
There was the usual amount of
shifting into these newly selected
fayorites OF the day of profits ac-
cumulated in other quarters and
the stocks affected by this profit
taking were somewhat heavy or at
least did not join in the rising
tide. Rail stocks were still affect
ed unfavorably by the developments
in the Great Northern-Northern Pa
ciic, despite the insistence that the
Dostponement of the Great North
ern dividend followed by today's
announcement that decision on the
Northern Pacific dividend had been
withheld until Wednesday next,
had no adverse significance.
With the sustained strength in
the share list went heavy buying
again all through the bond market,
buying which kept the prices slow
ly pushing ahead, in many of the in
stances to new high levels for the
year. In both markets the pressure
of an idle money supply was a
governing influence. Call money
dropped down to three per cent be-
fore the day was half over. Bank
ers who have been vainly trying to
hold the time money market up to
five per cent were finally compelled
to acknowledge that this was i'm
possible and today the prevailing
rate on so and 80 day loans was
tx poA SSAI, Willie 1I1OICy IOL OA
days was obtainable at Az. These
were the lowest rates of the season
and while they foreshadowed the
expected reduction in the. fedora
reserve discounts they pointed or
the other hand to the logic of fur.
er upward revision in investment
values.
After the exciting fluctuations .
the previous days, the foreign ex
change market was inclined Il
quiet down. 1t started in higher
then held back, but the essentia
point was that the check to the re
action proved to be a lasting check
1t was definitely established thai
the $4.271a rate for sight sterling
Tuesday was a case of speculation
exaggerating the decline quite as
much as the $4.443s central of g
fortnight ago had exaggerated the
forces making for higher prices
Final announcement that the South
African revolt had been Quelled
helped things a bit, but was after
all subordinate factor.
The two noteworthy features Of
today's trading in stocks were the
final swinging into line of the cop
per stocks and the revival of in
terest in the low priced American
Oils. The decline in the copper
metal from lac to 12A C was a dis
appointment in view of predictions
would see better things in that in
dustry. Heavy buying has set III
for export and has reacted upon the
f0npir-tn, from domestic
which have also increased.