Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1920-12-02
Market News


market was again subject to hquida-
ton today, leaders of the railway and
industrial shares making extreme de-
clines of / to points, but recovering
with surprising ease in the last hour
when pressure relaxed.
Selling was most general at midday,
when it became known that the South
ern Pacific company had completed
plants to segregate its oil properties
from the railway system, put would
withhold its announcement until after
the close of the San Francisco market
The break in Southern Pacific, which
ran to 80 points. and almost rs mucks
in affiliated issues, evidently arose
from misunderstanding or misappre-
hension arising from the value of the
rights" to be given shareholders under
the plan to separate its oil lands.
When this dawned upon the shorts
there was wild rush to cover and in
less than an hours time practically all
the damage of the four preceding hours
was repulsed. Many leaders closed at
actual gains of 1 to 3 points and other
extreme reactions were largely re-
trieved. Sales of 1,025,000 shares were
the largest OF any session since the
recent upheaval. but it is noteworthy
that much of today's activity occurred
when prices We're climbing upward.
NEW YORK, Dec. THE stock mar
ket manifested reactionary trend dur
in the early and intermediate period of
today's lively session, but recovered
vigorously in the final hour, closing
with firm to almost strong tone.
Recurrent liquidation started with
/ the more speculative issues, notably
those embracing the steels, equipments.
coppers and low priced rails, but soon
encompassed the investment trans
portations and industrials of the bet
ter classes.
Reversals were most sweeping when
| It became known that the Southern
Pacific company later would announce
| the terms of its plan to separate its
| holdings from the railway system, the
stock breaking ~ points.
Other dividend paying rails lost Ia
8 points and the less important shares
I to points Heaviness among steels
was attributed to additional cutting of
prices by independent producers and
the break in coppers was associated
with the financial embarrassment OF
prominent Canadian metal interests.
Shippings were among the first issues
to recover with popular industrials,
and the market felt the influence OF
the rally in Southern Pacific. which re-
placed its loss with a net gain OF
point.
Oils rose briskly on short covering,
the Mexican group leading with net
gain of 8 points for Mexican Pc
ftroleum. United States Steel recov-
cred all but the smallest fraction Of
it's quarterly dividend and Chile Cop
per, one of the active features of the
session, also closed at a 1 point gain
Sales amounted to 1.025.0o0 shares.
Call loans ruled at per cent al
: day and time money was less liberall,
offered. Exchange on leading foreign
+ centers was steady. but relatively dun
London dispatches indicated additiona
Z gold shipments to this center.
Domestic and foreign bonds were de-
pressed for a time, but the rally II
that market kept pace with the i'm
! sales, par value. s1S.775,ooo. Old Unit
ed States bonds were unchanged OF
call.
CHICAGO. Dec. storms in Ar
gentina had q tendency today Il
strengthen the wheat market here. Sc
we're damage TO Argentine crops wa.
I reported. Considerable attention wa
: also given to domestic advices that tn
stocks of wheat in country elevators o
e the surplus producing states are loy
I except in a few localities. OPENING
G quotations, which varied from &c de
cline to 1c advance. with December a
r $1.56 TO $1.57 and March $3.50 Z
t s1.5115, were followed by slight down
: turns and then by material advanc
> all around.
Corn paralleled the action of whea,
After opening at - decline to &c, ad
; vance. with May-72K to T21k, the mar
:. ket scored a general gain.
Oats were firm with other cereals
! starting unchanged to a shade highe
I and continuing to harden.
Provisions reflected steadiness of tn
: hog market.