Arizona republican., 1920-12-12
IIedrketNeWs

NEW YORK, Dec. 1.-The stock market ended the week in more or less confusion and disorder because of renewed selling.
 Announcement that the Boston SS Maine railroad had postponed olVI- dends on it's preferred shares empha- sized the statement of New Englahu railway officials respecting the pre- carious financial position or the lraiiS- portation companies there. ,-
 Suspe nsion of the dividend on FISK Rubber drew renewed attention 10 the state of the automobile industry and it's related specialties and other news advices mainly discouraglng.
 Apart from losses sustained py rails, recessions in prominent issues comprising the oils, motor, steel euuipment and food groups ranged from two to seven points, shorts con- einuing operations with confidence Sales 475,000 shares.
 The actual condition of local banks as reported by the clearing house, contained few items of more than Dassinas interest. Loans and discounts were decreased by a little more than $500. 900, despite the weeks heavy liauidation of stocks. holdings of mem bers at the Federal Reserve bank showing @ nominal contraction and ar increase of about $43,700,000 in net de- mand deposits almost offset the pre- ceding weeks decrease.
 There was a fairly large volume oi trading in bonds, convertible or spec ulative rails responding to the further heaviness of shares of that class. Tota sales. par value, $10,425.000. OlC United States bonds unchange on cal ! for the week.
 Clearing House Reports NEW YORK, Dec. 1.-The actua | condition of clearing house banks. anC trust companies for the week show | that they hold s11.247,9 ,910 reserve il excess of legal requirements. This i a decrease of $10,733,130 from las week.
 Weekly Financial l NEW YORK. Dec. 11-Much of tn heavy selling in the securities marke | this week, with consequent new. loy records for several conspicuous lead CTS was ascribed to the fixed purpos of corporations and wealthy individ uals to establish losses against incom tax payments which mature late neS week. l According to surface conditions an circumstantial rumors. however, mos of the offerings including that in duced by professional pressure, ema mated from disheartened holders an from speculators.
 Commodity markets displayed mol stability but this seemed fully ba anced by the more definite signs of slackening in these industries.
 Any remaining doubt respectin conditions prevalent in steel and otht basic metals was dispelled by the aC verse November tonnage of the Unite States Steel corporation and furtht shutting down of copper mines. whi silver was quoted at lowest prices leading markets.
 Bankers professed to believe muC of the readjustment which mu necessarily follow further divider reductions or suspensions already h. been discounted. The tremulous sta of many stocks yet to be subjected such revision. however, offered lit encouragement to any but the sho account.
 The strain on the money market il cidental to extraordinarily heavy yea
 end requirements caused diRninutiC of time funds. save for 30 and 50 ds renewals and very light buying
 merchants papers. only a small pa of which was taken by local institl . tions. Tn foreign exchange a minimu
 of business was reported, with min changes, save 10 eastern Europe, u Greek rate reflecting the threaten,
 withdrawal of allied financial SUI l, port.