Arizona republican., 1921-01-23
Market NetUs

NEW YORK, Jan- 22.-Moderate selling for both accounts depressed prices of leading issues by one to al- most three points in the early stages of today's short stock market session, but these were generally recovered in the covering which set in before the finish.
 Initial declines appeared to be large ly in the nature of a recurrence of yesterdays professional drive. being again directed mainly against oils, steels, equipments and shippings. Of ferings of these shares seemed to be prompted by overnight advices which referred to further curtailment of operations and lower prices, with es- pecial reference to crude oils.
 Local fractions led the rebound at gains of one to three points, demand for these issues being accompanied by reports that legislation for higher fares will soon engage the attention of the state legislature. Sales amount ed to 375000 shares.
 Surveys of mercantile agencies con- firmed recent statements of improve ment in commercial lines, although the recovery evidently lacks uniformity, both as to industries and sections of the country.
 The weekly statement of the clear ing house banks showed an increase of actual reserves amounting to $14,50O,- 900, thereby canceling last week s deficit and leaving an excess of over S12, 400, 900. Actual loans and discounts increased about $21.500,000, but net demand deposits decreased by almost l SEQ, 900, ,000, or a total of about $l5f,-
 DOC, 900 for the fortnight.
 There was only normal market for bonds. including liberty issues. with mixed but moderate changes. Total
 sales, par value, $5,S00,000 United States per cents declined one and the 4s two points on call on the week
 NEW YORK, Jan. 22.-In the securl- ties market this week there was re- sumption of short selling and occa-
 sional liquidation which went fal towards effacing the general. if some
 what irregular advance of the pre-
 feeding fortnight.
 Pressure from both accounts focused lin the steels, equipments and affiliated
 industrials, spreading later to specia issues of companies whose financla , status under impending readjustment'
 is likely to become more clearly de
 fined within the first quarter of tn year.
 l cnited States Steel corporation, wit the final quarter of 1920, win be mad public Tuesday, but the course Of stee : shares and kindred issues suggest tha
 unfavorable features of the repor havS. been largely discounted.
 Expectations of improvement in tn |. railway division failed of fulfillmenl l albeit reactions in that quarter wer s comparatively trivial
 e News involving the diverse branche t of trade and industry was almos
 wholly lacking in constructive ele
 ments. dealing principally with addi
 tional reduction of working force t lower wage schedules and further con t tfaction of the country's buyin t power.
 e Conservative forecasts regarding th Q money market were not especially CT !, couraging to speculative interests an e unofficial advices concerning the att = tude of the federal reserve board poiI
 Ito an indefinite continuance of prt IT Ivailing interest and rediscount rate e International phases of the financii 3. markets were noteworthy for the con
 ling f1otation of the s30,000,000 loan y Belgium, a moderate loan to one of tf IT French railroads and the exception = strength of exchange rates to tho' y countries.