Arizona republican., 1920-12-25
News.


 the stock exchange today was of the usual perfunctory pre- holiday charae | ter, trading dwindling steadily after | the first hour and remaining almost | motionless in the later dealings.
 Prices were firm. even strong in [ spots at the outset. but reacted sharp | Iy before mid day, when Replog1e steel | relieved the monotony. with a decline ! of 1s points, almost duplicating it's per formance of last Tuesday. Later, l however, the stock recovered 5la 1 points. Vanadium Steel and affiliated Issues fell 1 to points, shippings l to leather, food and tobacco shares 1 to 1. Oils also gave way to bearish pres sure and several of the investment rails forfeited 1 to points. Aside from the latter, rallies were feeble, the market closing with a heavy tone. Sales amounted to 60o,O00 shares.
 The days news had little or no re- lation to market values, comprising for the most part the customary week end summary of conditions in the commer- cial and industrial fields. Although call money was more than ordinarily plen- tiful, the rate held at per cent. that quotation applying also to renewals into next week. Brokers reported vir- tually no demand for bills of exchange, but remittarces to London, Paris and other important centers eased variably
 Actual loans and discounts of clear ing house showed a decrease of S36,- 251,000, which was contrary to gen. eral expectations, and reserves of members in the federal reserve bank | increased about $21 ,000, ,o00. There was a proportional gain in total reserves, | tn eexeess of s30,5 900 being the | largest since the middle of November
 The bond market was dull, but prices tended mainly higher, liberty issues showed marked improvement, the first As, however. reacting almost 1 per cent. Total sales, par value. $23,575, 900. Old l United States bonds unchanged on call for the week.
 BRADSTREET'S REPORT 1 NEW YORK. Dec. 24.-Bradstreet's tomorrow will say:
 "The favorable features of the week in distributive trade are seasonal in creases in retail buying, stimulated by holiday purchases of seasonal goods, a slightly enlarged distribution of lheavy wearing apparel. due to colder weather, with snow north and west and some belated activity on the part Of jobbers in shipping goods to fill in broken stocks. Retail trade generally,
 
 year ago.. The trend otherwise has been toward increased quiet at whole sale and in manufacturing lines and a further extension of the widening circle of quiet in industry. accompanied by many reports of wage reductions. Col Ilections are slower on the whole.
 Weekly bank clearings, ss,37s,254,ooO,
 CHICAGO EXCHANGE CHICAGO, Dec. 24.-Material set backs in the price of wheat accom- panied news today that Argentina was offering supplies to Europe at [ cents a bushel under quotations in the United States.
 Bears made much also of freedom with which deliveries on December contract went around here. The only buying was of a scattered sort, and the market showed an apparent absence lof power to rally. Opening prices which varied from unchanged figures to % cents lower, with March $1.651a to sI.66 and May $1.62. were followed by a decided general sag.
 Corn tended downward with wheat After opening B cents off to ia cent ladvance. including May at 75 cents to 75ss cents, the market hesitated a lit- tie and then receded all around.
 Oats paralleled the action of corn starting at 1s cents decline to as cepts gain, May 49A cents, and then going down grade.
 Higher prices on hogs gave pro- visions some strength at first, bu weakness of grain was subsequently more than an offset.
 NEW YORK, Dec. 24.-christmas week on the stock exchange was char acterized by a continuance of tho per nlexine and spectacular movements
 which have made the trading of thF last few weeks epochal in the annals of that institution.
 Many new records were established
 during the violent liquidation whlcf
 witnessed the passing of numerous
 war millionaires" but the technical
 position of the market. 1t is generally
 assumed, has been materially
 strengthened by this action.
 With another week to go before the ? year ends, the market already shows
 degree of depreciation greater thar
 that recorded fin any of the seyer' panics since 1893. Contractions O : the last six months range from 30 t 100 points, and many war brides' arr { quoted below pre-war prices.
 Translated into present marke values, two score of leading strikes Q the industrial and railway divisions e show a depreciation for the year run g ming into several billion dollars. Th' f shrinkage among 150 less prominen
 issues increased the grand total, ac D cording to estimates, to between fiv' : and six billions or approximately hal D the amount loaned by the United
 States government to the nations 0 . Europe during and since the worlt !, war. There were indications recent! U that most of the weaker spots in tn speculative structure had been re 2 paired. This was offset. however, b. the course of the commodity markets
 in which renewed unsettlement wa . attributed to an expansion of the so T called consumers strike"
 = Bankers and conservative mercan tile interests profess encouragement
 at the stable tone prevailing tr tn 9 money market. Rates remained un
 disturbed. despite heavy shifting 0 Z funds to meet unprecedentedly larg IL year-end payments. It is believed
 however. that the supreme test of tn ? country's financial resources will com
 in the first quarter of the new year. . l----------------------
 A %N NHECA