The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-01-31
stock MARKET
PRICES MIXED;
BUSINESS BAD
nv STUART P. WEST.

wau street, New York, jan 81. |
proceedings on the stock ex-
...pse today were of very little |
ssssrest except to the professional
..an.ssests and pool operators who |
I've ~. the only participants.
uas,ness was small and during
-. greater part of the time the
&c ~ movement was very much
r.-sd Efforts to drive the market
aaun conferred early in the session
I'm the motor stocks and some OF
~. a steels. Coppers and American
n stocks were likewise heavy.
later on in the day these symp-
t1us of reaction were counter-bal-
.nred by some rather sharp up
rsding of a dozen or more selected
sssnes in which speculative syndi-
sstes are believed to be at work.
aterIing. francs and lire all gain
a Ground as compared with last
s,sbt's close. but did not equal the
syfrene OF yesterdays remarkable
ssvanee. The detailed figures of
ne 1921 foreign trade, showing the
Sssreage by countries made clearer
nan ever the fact that the govern
mo influence in the present upward
mo me in exchange rates is the
shifting of international trade more
IN Europe's favor. Such signs as
there are of economic recovery on
me other side are OF subordinate
;mnortance as a factor. Especially
striking is the result of the Decem-
her trade with Great Britain. That
country took from US in the last
month Of last year only 500 600, 900
&c goods as against $139, 100000 the
nrevious year, while it sold US S24,-
600 600 in December, 1921, as
against only $19,000,000 in 1920.
The excess of American exports
over imports, amounting to S45,-
100000, was no more than the ac-
eepted monthly average which
Great Britain would have as an Off
set in the shape of non-commer-
cIal credits In this case it means
that the British have now succeed
ed in balancing their budget with
the United States and no further
fuctuation for the continued rise
in sterling is needed.
December traffic statements con-
tinued to produce rather varying
results, but taking the railway sys-
tens as a whole, the month was a
decidedly better one than expected.
Yesterdays excellent showing by
the Northern Pacific was followed
today by a similar exhibit on the
part of the Great Northern and, in
both instances the balance of
charges and taxes was large enough
TO lessen materially the uncertain
ty regarding the ability of these
roads to maintain their z per cent
dividends. New HaVen's Decem-
Der record of net income of $74S,-
500 was interesting because of the
comparison with the prolonged
I deficits of 1920 and the early part
of 1921, and in view of the decision
expected any time on the claim OF
the road for a larger share in the
receipts from through traffic han
died jointly with western lines.
The stock market demonstrated
that such decline as occurred yes
terday was not a fOrerunneT of any
serious reaction. With the quar-
terly earnings figure, due otter the
close of business, steel common
scarcely varied a quarter of a point
] all day. Midvale Steel, Republic
and one or two others sold off at
the start, but even they rallied in
the afternoon. while recent short
sellers of Gulf States Steel found
their venture quite expensive.
The immediate good effect of the
rise in sterling appeared to have
been exhausted so far as the wheat
trade was concerned The stock
market dragged through a very
stupid afternoon. But in the great
er part of the list the note of I'M
DERIVING steadiness was consistent
l.