Arizona republican., 1921-12-28
Market News }
Republican A. p. Leased vIrs1

TURK, Dec. 27.-The tenta- Ne operations of bull pools in se- ieSteu Issues and occa sionaI short SoNerlng In shares of recognized Naiue, gave a semblance of strength 10 today's dull stock market.
 lncidentals over Christmas were of mixed or confusing character. As surances by St. Paul officials of that roads sound financial position and resumption of dividends on Peo- ple's Gas. after a lapse of four years, were among favorable developments,
 Another increase of idle freight cars, lowered production of steel and iron in the Ohio district, and irn- pending price reductions by sub sidIaries of the General Motors com pany reflected the less encouraging aspects of the industrial situation.
 Shares of such varied types as equipments, metals, domestic oils chemicals and utilities were promf- nent features. These were repre- sented by American. Baldwin and Lima Locomotives, American Smelt- ing. Anaconda, Inspiration. Kenne- colt and Utah Coppers, the New ter sey and California issues of Standard Oil, United Cigar Store company and Peoples Gas.
 Trading in rails was perfunctory and the turnover in former favorites of steel and affiliated groups was at lowest ebb of the holiday season Sales, 600,000 shares
 Money rates were moderately firm, easing from s to AZ percent at mid- day, but reacting to the higher figure in the final hour. Rates for time accommodation, bank acceptances and mercantile paper were unaltered.
 Political conditions in the allied countries contributed to the firmer tone of foreign exchanges. the Italian rate proving the only exception. Of the neutral centers, the Swiss quota ton eased slightly, but still remained at a premium high enough to suggest possible gold exports to that country.
 There were few exceptions to the general strength of the bond market. Liberty and Victory issues closed at gains and most speculative rails inn proved. Total sales, par value. ag- gregated s16.275.oO0.
 CHICAGO BOARD
 CHICAGO, Dec. 27.-Announce- ment of an. increase of the visible supply of wheat, whereas a decrease had been expected, had a bearish effect on wheat today, and so did disturbing gossip as to the govern ment~ crop report tomorrow. The CfOSe WAS QlSGLtlc0s a Lo SChlS net lower, with May 116A and July 10415 to 1055s. Corn 2s4 to 1 cent and oats finished 5s to i cent. In provisions the outcome varied from 2iz cents decline to a raise of cents
 At first, bulls had an advantage in wheat, the outlook being for a season improvement of cash wheat and flour demand as well as for a falling off in the weekly total of the domestic visi- ble supply of wheat Sentiment be- gan to change, however, when it was seen that early guesses about visible supply figures were not being borne out During the rest of the day de- clines were in order, and the bears made the most of fears that the gov ernment final crop estimates tomor- row would prove adverse to holders A generally accepted opinion wal that the government would figure the crop as being considerably larger than the preliminary estimate, TAI, 100000 bushels. Much talk was de voted to whether the report would upset contentious that this country's exportable surplus has been ex- hausted.
 Corn also was depressed by good sized increase of visible supply fig ures. On the other hand. oats were held relatively steady by moderate decrease.
 Provisions averaged little higher helped by an upturn in the value ol hogs.