Arizona republican., 1920-12-05
MdrketNevs
IRepubllean ..... ,.,,,


 NEM YORK. Dec. 4.-Shorts were ,,- - me defensive in todays brief but .-,.A stock market session, which S'-seo with many of the favorites at n-s nest levels of the week.
 -caoership was again maintained bv --S. MeNican Petroleum standing out its net gain of Sh points. which s. - me stock almost % points above Us recent minimum.
 On the first day of board trading tn southern Pacific Oil which is to eeAe over the oil properties of the oe11"eIn Pacific company, made a net e--n or B, other oils closing one to e-N-est three over yesterdays final. S'eeis were in favor, Crucible ending points higher, marked improvement @lso being shown by Bethlehem and Lac Aawanna- Strength featured Bald Min Locomotive, Harvester. General Electric and Westinghouse. Shippings and motors threw off some recent heANiness, Studebaker gaining one poinl but Willys- Overland preferred continued to react. Changes among ralls were slight, that division show lnk less activity than usual Sales teo.ooo shares.
 Dealin gsin bonds were light. but Nith pronounced upward trend many domestic issues, including liber-
 
 sales, par value, SS15O0O0 Old United States 2s and As were down han per cent on call for the. week.
 The clearing house statement showed contraction In actual loans oi about S25.000.000 and an increase ot slightly over S20.00OO 900 In reserves oi members at the Federal Reserve bank Last weeks deficit in general reserves vas cancelled, leaving an excess of al most S22.O00,oo0.
 NEW YORK, Dec. 4.-Readjustmen of estimates in the financial, industria and commodity markets continued thi. week. finding free expression in tho lower trend of speculative securities smaller output of raw and finished products and irregular quotations fo principal staples.
 The outlook for the balance of tn, year, as viewed by observers, indicated further downward revision of price and increased curtailment in man! lines of manufacture, offset in part b. an actice retail holiday trade
 Definite developments include tn unfolding of the plan by which South ern pacific is to divest itself of it oil lands, which failed to arouse an. enthusiasm. and the suspension of divi dends on two of the low-priced cop pers, which occasioned little or no sur prise.
 Heaviness of issues in the motor shipping and miscellaneous group strengthened the growing conviction that conservatism or absolute necessit may impel the suspension of disburse ments to holders of preferential a well as common shares.
 In the steel industry further pric cutting was resorted to by independen producers This titled to evoke nor than a languid response from consum CTS Railroad earnings for Octobe were substantially better, but taken i the aggregate it was evident that tn leading transportation systems hay nor yet thrown off the burdens impose bv federal control
 Investment conditions show bette tone. as attested by the open marke for new corporate offerings, but tn opposition of the government toward domestic and foreign credits as de fined by Secretary Houston and tn federal reserve board offers little hop for early easier money rates.
 Gold continued to pour into the coun try without affecting any improvement in the market for international remit tances. Of the many foreign loans no' under negotiation it is understood tha thosa in Cuba and Brazil are assumin rorcrcte form