Arizona republican., 1920-10-23
|MdrketNews

~ market again rose and fell mostly | within a contracted area today, the | aimless drift of prices and light deal- 1 ings expressing the further indecision of traders in the absence of definite factors.
 Grains predominated among the usual leaders, however, until the final hour, when the rate for demand loans suddenly rose to 10 per cent the maxi mum of the week. on the withdrawal of funds by local and interbanks.
 Despite the late reaction few stocks. such as Canadian Pacific, Utah cop per. Studebaker, Mexican petroleum and United Fruit. registered net gains extending from 1 to 6h points. Losses among the industrial leaders, notably ste6s, equipments and food special ties, were limited to fractions. Sales amounted to 425,O00 shares.
 Apart from the money furry, which seemed to be regarded as temporary incident. most of the days develop ments were of an encouraging charac- ter Favorable inferences were drawn from the deadlock in the British indus trial situation, and the views of Chair man Gary respecting steel trade pros poets were helpful to shares of that character.
 The success of the 25,000,000 loan | to Denmark, offered by local banking interests, and indications of extensive accumulations of high grade bonds. | bore further testimony to the stability of the investment market.
 Moderate recoveries in the foreign exchange market particularly in the British rates, resulted primarily. ac- cording to dealers, from relaxation of recent pressure caused by extensive offerings of grain and cotton bills.
 Usual leaders in the bond market
 were overshadowed in speculative in
 terests by the new foreign flotations
 Interborough issues lost some of their recent advance. Liberties were irregu- lar and most other domestic rails and
 industrials eased slightly. Total sales
 (par value). were $16.475.000. Olc 5 United States bonds were unchanged
 on calh
 NEW YORK. Oct. 22.-Duns tomor- row will say: "Widening of the scope of the economic readjustment which began some time ago is unmistakably
 reflected in reports from practically
 every industry and trade of importance and in the different statistical barom- eters that indicate the trend of con ditions. After a period of unprece' dented expansion and imitation, due tt unnatural stimulus, business is nov experiencing the inevitable reaction
 with varying degrees of unsettlemen and embarrassment accompanying tn } transition. From the abnormally low !, levels of last year failures have riser abruptly in both number and magpi
 tude. Slxepticism as to the genuine
 ness of the downward movefnent ha i been disspelled by the progressive am = dapid yieldings of many markets"
 Weekly bank clearings, $S,603, ,34S,50S V CHICAGO, Oct. 22. = Wheat price e advanced briskly today. after weal . start. Reports of liberal European buy
 ing were. chiefly responsible for tn rally. Uncertainty regarding Britis y strike troubles. together with bearis Il crop advices from Argentina, had IT good deal to do with initial decline: r. Opening quotations, which varied fror unchanged figures to Pc lower, wit
 December $19661.96ik and Marc 'e s1.s961.9O, were followed by a perio '- of wavering and then by decided up 'e turn all around to well above yester o day finish.
 s. Subsequently, a sharp reaction too n, place, with gossip current that TUT; Y, offerings in Kansas were the largest ( e. the season. The market again rallie ss however. on optimistic reports aboi
 prospective settlement of the Britis
 strike. Prices closed strong, 4c to 6l. is net higher. with December $2.O2 @2.02' Il and March $1.95% d1.96k.
 , Corn paralleled the action of whea ! After opening 1kc off to 1tc, the ma oi ket sagged a little more and then ' scored substantial gains.
 Y. Large export clearances put bears ~ a disadvantage. The close was firr
 Ic to 1Ikc net higher, with Decemb
 s1L @S1%c and May S7ss @S7lkc. ,is Oats were governed by the action I'd other grains. starting unchanged ,o Kc higher, December 52A 652Bc, al
 undergoing a moderate general SC
 back. but later recovering.
 Fresh breaks in the value of ho ba weakened provisions.