The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-04-25
CANADA BONDS
SELL QUICKLY
IN WALL STREET
M stuart P. WEST.

wen street, New York, April rs.
re exclamation for today's abb
- check TO the movement on the
l l.acr exchange lay plainly enough
- inside and not outside eondi-
tens For the last week or more
ne evidence has been clear that
: 80 h;g turnover in stocks and the
ssarp upbidding one after another
- ne individual issues has con-
o.a,ad a great deal of what Wall
s.-ast calls "distributive selling"
D. this is meant that far-seeing
'.vossors and speculative syndi-
aasee who accumulated their hold
ssgs when prices were low. have
, I'm satisfied 10 draw down profits
hseause they have felt that the
rfse has gone as far as was war
rsnted either by the current bust
ress recovery or by such further
.is,- nm as Is reasonably
rrohable in the near future. The
ssecf OF this selling had begun to
Row in the market last week, in
.hs frequent periods when despite
sreat apparent buoyancy and en-
sh.siasm the majority OF stocks
we're able to make very little gain.
pnt TODAY its results were clearer
:. All There were two noteworthy
incidents to prove the undiminished
activity OF investment capital, the
halt in speculative markets. One
~ these was the quick sale of the
800 900 900 Dominion of Canada
sonds. put out on a fiat per cent
basis. The other was the award OF
the s45. 900, 900 Az per cent New
YORK City Corporate stock to a
syndicate which bid for all or none
On 4.12 per cent basis. The Can
adam offering was highly impor-
tant test. because it was one of the
largest pieces OF foreign govern
ment financing attempted in this
market, and second. because it was
. Uttered at a lower rate of interest
than any foreign issue put before
American investors.
The New York City fotation is a
distinct event in financial history
because there has never been Sc
high a bid for a Az per cent obi
CATION Of this sort. In this as in
the Canadian issue, there is nc
question Of improved credit stand
ing on the part of the issuing to-
day. Wholly are reflection Of the
Investment situation where an ua-
precedented surplus is pressing fol
Employment in securities and has C
accept it on constantly less remun-
serative terms.
The day was an interesting one
also in the wheat market For the
first time there was a marked di-
Ayergence between the option rep
sresenting the status of old crop
supplies and the opinions repre-
asenting forecasts of the new crop
May wheat broke very sharply
while July and September were lit
tie changed. Inasmuch as trans
actions in the May option reflect
the last operations before closing
up the speculative position in this
month, this was not of much sig
nifcance. The true reading of the
grain trade opinion regarding the
future is to be found in the course
Of the July option, which is mainly
governed by calculations on win
ter wheat and by that of the Sep
tember opinion, which takes into
account the size of the acreage
s0wn in the spring harvests.
All the exchanges went lower
with a rather sharp reaction in
French francs and German marks.
At the low of the day, reached in
The afternoon leading stocks were
yof a point to 2 points but in the
last hour the market was inclined
70 harden.