Arizona republican., 1921-08-07
IaepubIlean A. P. Lea.ed wIr.1


 NEW YORK, Aug. 6-Operations on the short side of the stock market were renewed today, and the price movement was downward. It was a typical half-holiday session of mid summer, with a small attendance and perfunctionary trading. Transactions in the two hours were 10000 shares
 Such speculative ventures as were undertaken were mainly for the de- cline
 Absence of support for weak spots in the list and lack of outside demand favored this attitude by leaders, and the encouraging differences drawn from the weekly reviews of the mer- cantile agencies were unnoticed Prospects of continued higher rates for money and reports of the. prob ability of further reductions were advanced as reasons for selling and the reaction became more general in the late trading. The closing was heavy.
 United Drug was again under pressure, Baldwin Locomotive Fam ous Players, Retail Stores, Coppers and Chemicals were other stocks in which the recession was pronounced. The railroads were dull, with losses of point or more in Union Pacific, Louisville, Texas & Pacific, Lacka- wanna and Delaware & Hudson.
 Absorption of bonds was on good scale and some representative issues made large fractional gains United States Steel 5s were higher, as were New York Central debenture 6s Bethlehem Steel 5s, Oregon Short Line refunding As. Interborough Rapid Transit 5s and Colorado & Southern refunding 4hs. Total sales. par value, s4 900, ,0oO..
 Liberty bonds were irregular, with the Victory issues continuing to lose ground.
 Foreign exchange rates again moved up- Sterling gained one cent. The feature of the bank statement was an increase of s33.1o1 900 in re- serve, making the total s19. .7so.0o0 in excess of legal requirements. in place of the deficit reported last week. WEEKLY FINANCIAL NEW YORK, Aug. 6-The financial community this week seemed to be on a fair way to recovery from the biues. Measured by the movements of stocks, there was little to indicate a recovery from the confirmed pessi- mism of the speculative element, for net changes as a rule were unim- portant. Nevertheless. the market had intermittent periods of real i strength, and from various quarters came reports which encouraged the belief that prospects were brighten- ! ing.
 The week began with a spirited ad- vance, with the best demand for rail- | road shares. The upturn, cut short | after two days. was followed by nar- 1 row and uncertain movements. There | was a gradual weakening of the list which gecame more pronounced late in the week. Trading was largely professional. with little public par | ticipation. and the revesals in trend apparently were due to the specu- | lative position of the moment.
 Further readjustment of stee | prices were said to have brought out a somewhat larger volume of orders and there were reports of increased production at some centers. Another decrease in untitled orders is looked for, however. in the report next weei of the United States Steel corpora. | tion. The weekly reviews of thu
 mercantile agencies were cheerful. l was set forth that although reviva of business could not be described a. general, it was sufficiently well de fined in some quarters to strengthen | hopeful views. Sugar stocks respond | ed to firmness of the market for re fined sugar and the inquiry for tn, l leading railroad shares reflected thu
 improved earnings statements of tn,
 carriers.
 Bonds made further gains on
 demand relatively more active thar ! that for stocks, although they shared in the decline late in the week. | Hardening of money tended C check operations for the long account l After last weeks drop to 31a per cent | the lowest in nearly two years, cal l money rose to 6 per cent With
 drawals from New York banks by thu 1 interior. following the decline in rate'
 here. were largely responsible for~ths
 weeks advance. Requirements of thu agricultural sections in connection
 with the marketing of the crops fig I ured in the movement.
 CHICAGO BOARD
 | CHICAGO. Aug. 6-Wheat starte'
 practically unchanged from yester
 days close but advanced when loca
 traders bought on the strength O
 higher prices at Winnipeg. A hous with seaboard connections also df'
 some buying. Initial prices. S1.1Sl to $11S% for September and S1.21t
 to s1.22 for December. The earl
 buying died down after advances o
 + to %c. had been recorded bu prices held fairly well on reports