Arizona republican., 1921-07-31
Market News
[RepubIican A. p. Leased wIrel

NEW YORK. July 30-Although stocks were regular today. there ap- peared to be some anxious short covering in the major issues shortly before the close, this being especially true. in the rails and steels stocks. The absence of traders was notice able and the turnover was small.
 Rails continued to attract attention by their strength and most of these issues closed with fractional gains. The action of the rails created a sym pathetic movement throughout the list before the close which resulted in several substantial recoveries from the low prices of the day.
 Early in the day several specialiies were under extreme pressure but they recovered much of the losses. Pro- fessional traders endeavored to de- press the list by selling the special ties but the weakness of these stocks was ignored by the market in general.
 The closing was marked by strength in United States Steel, which advanced full point from the days low. Other steel and equipment shares also showed small gains. Scarcity of stocks caused a large part of the late advance when shorts endeavored to cover some of their commitments.
 International stocks displayed a steadier tone and made moderate gains for the day Sterling demand bills were stronger.
 Government and railroad bonds were strong. The strength in the latter issues was looked on as an encouraging feature. Total sales amounted to 135. 400 shares. Bond sales, par value. totaled s5,927, ,000. WEEKLY FINANCIAL NEW YORK. July 30-The stock market this week experienced another dull and reactionary period. offset, however. by the strength of bonds. where an unusually active demand on rising values was noted.
 Selling of stocks converged mainly around junior or secondary indus trials of the equipment variety, in which offerings were accelerated by additional dividend suspensions. | Losses in the issues ran from five to i almost 25 points, with very irregular | recoveries.
 Returns of the United States Steel, and Bethlehem Steel corporation for | the year's, second quarter were slightly better than popular forecasts. Advices in the final days of July pointed to further reduction of in i dustria1 operations and lower prices and wages
 President Harding's message to l congress. urging that increased pow CTS be granted the war finance cor
 poration. particularly in relation tc | railway financing and farmers ! credits was well received, but proved little of market factor beyond in-
 fusing a firm tone to transportations | Reduction of the French bank: discount rate placed the institution
 on the same level with the Bank oi England and the leading reserve
 cen,ers of this country. Call money | fell BE per cent, establishing a low | record for almost two years. ans l easier rates were quoted for banl acceptances and merchants paper.
 In several more important branch
 es of commerce a turn for the better | was reported. This applied nor directly to the middle west than {.
 remote centers. where large sums il grain and cotton bills remain unli quidated.
 British and French exchanges wer,
 unsettled. and most of the othe
 European remittances notably Italian
 and Dutch quotations, weakened
 Decline in the latter rate was at
 tributed to heavy purchases O
 American bills by Germany. prelifn-
 mary to further reparations payments
 here.