The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-09-08

n STUART 2. Wpof.

III esreek M York, Sopt -
21 On Daf01p1A 0xchanee stili
H1oSe1 tooAy ~ s11Do OBSTINATE
10y b yiel1iAs ~ ~ obviets-
3 1oetSf AeWs fe9nf4ing fepafA-
D that thsy ha1 On Drevious
- bat very ilttle C1appsned In
~ nnsnciAl Masksts outss4e tie
- exchange NeeA tfaAcs and
S1eks went loWeg. 1mnediAts Auc-
nlions IN TIE maSEet for CONT
fatal exchange haye cpased to be
r. accurate guide 70 international
snking opinion. They are con-
Rolled less by the promise Of re-
1ef through the payment Of Ger
han indemnity ID goods than BY
~ more pressing influence OF con-
|Gnued innation IN tine paper cur
|Spncies. the Increase Of nearly
tliion francs durins the last two
teeks Id FrenchA nose issues 10 the
met explanation Why franc e.
1hsnge has not responded 70 the
0ttnnes arrangement for supplying
~ devastated red Ioas Of France
IN German materials Tor recon.
aruction and for the equally I'm
eortant pledge of the German In
1nstrialists to guarantee In coop
ration with the German govern
nent the payments which Belgium
n foregone for the rest Of the
ysaf.
Ia the stock market underlying
Ia appearance Of general buoy
Sncy, there were many evidences
- the speculative following was
yInving down some Of its profili
! aocruing from the recent rise
| fhese realizing sales were care
ally conducted. At no time wer'
lhey pressed To the extent wher'
they threatened to disturb the mar
tetss equilibrium. The usual pro
oedure was followed, q few lead
! n being pushed ahead to onse
/ sach reaction ,as occurred in tn
/ "a favorites. The result was |,
4 very confused price movement
With the buying side still prepo1
6ersnt. N
The most noteworthy feature
we're the new high records reache,
. b the equipment stocks and the in
isrest shown in railway securities
5 18th stocks and bonds. It was tn
4 Vbvious thing to relate the strength
h these two groups to the develop
nents in the labor situation, whfcl
his morning more than at any tim
b far, indicated the collapse Of tn
ihopmen's strike.
But as the market has never TAX
N this strike very seriously an
rs never believed that it was do
hs much harm either to railroa
nrnings or to general bushes:
nch an explanation was perfume
tbry. The real reason for tn
strength in stocks Of the car an
locomotive huilders was that th
htest figures privately obtained b
Dointed TO A astonishing volum
Z new business coming on Ii
lboks. As for the rails they wei
nersly having their turn in . ma
1t which makes Z practice {
tashing forward stocks by groups
ne spectacular jump of Owe
II points in Delaware and Hudso
ltnek would have seemed to ha,
tllled for some explanation out
Ae ordinary. The possibility WI
oaggested Of . segregation plan ,
e company's coal properties, sin
iAr to the negotiations discussed
~ case of Norfolk and Wester
he only thing against this suppos
ton is that it does not appear
I'VE been considered either by Il
Interstate Commerce Commissic
\ It's plans for readjustment II
nilway organization or by the Il
Mstment community at large, y
n certainly not at all illogics
van Street today went no furth,
Aaa to point out that the Delawal
Z fh1 Hudson 9 percent dividend
FEW amply secured and that uni
present rise it was behind stool
NE Union Pacific and Canadis
hcific ON the comparison of il
Wstment yields.