Arizona republican., 1920-10-31
News


 NEW YORK, Oct. S0.-Stocks were firm to strong in the early stages of today's brief session. a moderate in ouiry for the more representative rails, shippings and oils imparting stability to related issues.
 The latest turn of events in the Mexican situation contributed measur- ably to the strength of Southern Pa cific and one of it's important subsidi- aries. Associated Oil, American Smelt- ing. also benefitting from similar reasons.
 Further buying of United Fruit at a substantial advance evidently had it's basis in the belief that action bearing upon the dividend is to be taken at next weeks meeting of the directors. Steels. equipments and other indus trials of the class most often favored bv speculative interests were more or less neglected, while motor specialties, particularly rubber issues, yielded to pressure induced by adverse trade con- | ditions. An irregular tone ruled at 1 the close. Sales amounted to 225, 1000 shares.
 There was little in the days news 1 to change sentiment from its recent l D1. prospects by the commercial agencies referred to an expansion of the retro grade movement and foreign exchange was weak. reflecting disturbing indus trial advices from France and Belgium. The clearing house statement was favorable in that an increase of almost s3S, ,0O0. 900 in actual cash reserves ef- faced last weeks large deficit and left an excess of $14000000. Another con- structive item was the further reduc- ton of actual loans and discounts by almost s62,O0o,o00, a total of about $153.000, 900 in the last fortnight. Liberty bonds and other active do-
 mestic issues were steady. Tn the
 foreign division Mexican five's were the strong feature. European issues
 showing little alteration. CotaI sales
 par value, s6,675,o00. Old United States
 bonds were unchanged on call for the
 week.
 NEW YORK, oct. 30.-Widely di-
 yergent courses were pursued by the
 financial markets this week, many
 shares of the speculative variety giving , fessional pressure, while additional
 capital issues were confidently ab sorbed by investors.
 Latest underwritings embraced
 transportation, industrial and utilit.
 projects and approximated $75.00O000 Other loans for fully double tha amount, including credits to Soul America, Cuba, and several European
 countries, are said to be in prospect. l Movements of foreign exchang' . were wholly in favor of this center. Pools in certain stocks made tenta tive efforts at the outset of the wee to promote a pre- election advance, bu such attempts were nullified by tn , firmer tone of money and the detache , attitude of the public. Shorts seized upon these advers ; conditions as reason for extendin their already large commitments, con ! centrating in leading industrials, par ticularly steels and equipments. Rail 7 also were sold. probably because o disappointing September earnings bu some of the trans -continentals. nota bly Southern Pacific, were active an , strong.
 , Outstanding features of the in 2 dustrial situation, included the favor
 able quarterly statements of the Unite i. States Steel and Bethlehem Steel com l panies, a sharp decline in pig fro . prices and production and the liquida 2 tion of labor as indicated by the volun 1 tary acceptance of lower wage scale.