Arizona republican., 1920-03-28
Market News
TRepublican A. p. Leased wire1

NEW YORK, March 27.-Sharp reac- tions among some of the more volatile issues changed the course of today $ brief stock market session from a strong opening to an irregular close
 General Motors opened at mod crate decline, in contrast to general strength elsewhere, ending at a loss of Is points at 376. Stutz Motor, in which there are rumors of corner, rose to the new high of 33e, but fin ished at an actual loss of points at SIS.
 Crucible Steel reversed its initial gain of two points to an actual loss of four. and other materials steels and railroad equipments forfeited much of their advantage extreme: gains of two to eight points being considerably inn paired in the profit taking which at tended the final dealings.
 There were sporadic movements, mainly upward, in oils, tobaccos, cop pers, electric equipments and ship pings. Atlantic Gulf standing out for its net gain of seven points. Rails con- tributed virtually nothing to the days fairly large turnover of 750. 900 shares.
 The weekly returns of the clearing house and federal reserve bank were favorable to their main essentials, the former more than recovering last weeks deficit of actual reserves, while the local reserve bank reported inn pressfve gains in gold and total re- serves.
 News of the day bore little direct re- lation to the stock market. Reviews of leading mercantile authorities made reference to improvement in general business although a note of cOnServa- tiSm was sounded.
 The bond market was steady, but Liberty issues eased from their best. Anglo-French 5s and United Kingdom of 1887 were firm. Total sales par value. were s6.425, ,000. Old United States bonds were unchanged on call during the week.
 WEEKLY REVIEW
 NEW YORK, March 27.-Specuia- tive enthusiasm in the stock market continued at high degree of activity throughout the week, total sales for that period mainly at higher prices, except among rails, approximately s. 900. 900 shares.
 Reasons for the further expansion of trading were provided by steadier industrial conditions, comparatively easy rates for call money and more especially in the definite announcement that the long delayed gold import movement had begun.
 According to trustworthy advices a total of about $15,000,000 is already on hand from London and indications point to the early receipt of almost as much more from the same point of VI i6It- nc SOid iilIOW, present. anu prospective, contributed to the sensa- tional rise here of sterling exchange at high rate of s3.95 F for demand bills, against the record low of $3.1S lessl than two months ago.
 Estimates vary decidedely as to the amount of gold which may come to this market in the next few months | from Europe, mainly London. In we'll | informed banking quarters. the max l mum is fixed at $2O0, ,000, 900. or less than one half the amount Of the Anglo French loan expiring next October.
 Although financial interests are | agreed that present gold reserves are sufficient for all legitimate purposes of [ the country it is generally believed that accessions of the metal will exercise a E Favorable effect on industrial and if { 1ancial sentiment.
 The improvement shown by invest i ment conditions constituted another important development of the week. E This was manifested not only in the F of many excellent state | nents of earnings, but in the large sub- to new underwritings which |. amounted in the aggregate to almost 5 t100, ,00O, ,000.
 NEW YORK, March 27.-A little ! more business has been reported in the copper market during the last week. md the tone has been firmer. Some | G the leading producers today were luoting electroiytic for spot and sec md quarter delivery at 19 cents, al- [ hough some of the other dealers were l. ,uoting 1S% delivered and 1S1a spot ash New York. Iron was unchanged. |
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