Arizona republican., 1921-01-16
News

NEW YORK, Jan. 15-The better tone of today's brief stock market session was the outcome mainly of further short covering, impelled by purchases of several standard issues, with Read ing again the leaaGE.
 Trading was fairly broad, consider ing the relatively light dealings. In- dependent steels, equipments, shippings and oils shared in the movement, also speeialties represented by International Paper, American Woolen, Famous Players, tobacco and motor specialties.
 Average gains of one to two points were held for the most part, final prices in noteworthy cases being at or near highest levels. Sales 2S5,000 shares 1 Weekly returns of the clearing house disclosed a decrease of about $l1,200,- 900 in actual cash holdings. causing a ldeficit of slightly more than s2,000,00o in reserves. The previous deficit of 1 the associated banks occurred in the final week of November. when a loss of more than $4000,0o0 was reported. I Actual loans and discounts oe the l clearing house decreased $8T, ,632 900 almost $14200o000 this year and re-
 serves of members at the Federal Re- serve bank were lower by $17,S61 900
 News embraced the passing or cut
 ting of dividends by textile and leather
 companies and irregular foreign ex-
 change markets and the conflicting
 trade reviews of the mercantile agen-
 cies.
 The bond market was sluggish and
 uncertain, a few Liberty issues mak- ing moderate gains while rails and In.
 dustrials were inclined to ease. Tota
 sales, par value. s5,925, 900. Old UniteC
 States government bonds were un- changed on call for the week. NEW YORK, Jan 15-The custom , ary January rise,' which marked tn . early days (. the new year in the SC . curities market experienced a moder 2 ate reversal before the end of the frs : fortnight, due chiefly to a change il . the technical situation.
 . Stocks Of the more mercurial 0 speculative variety, especially thos z which featured the first weeks bewild : ering movement, fell back and wer q 2 less active.
 Yet another reason for the reactio : was found in the failure of the publi . to re-enter the market.
 Industrial conditions, as applied t
 the steel industry, have undergone n T change for the better, according { U the adverse December tonnage repoi ,SS fof the United States Steel corporation
 More recent surveys refer doubtful : to the immediate future of that in ' dustry.
 That the directing forces of the lead
 ing industrial and merchandising COT - cerns are committed to a policy of e1 :. - treme caution was again demonstrate |. by the substitution of scrip and stoc v dividends for cash payments by Seal
 Roebuck, and Wilson Packing con Y pany.
 The most significant eevelopmel ss was the fall of call loans to six per cen -s this change being effected largely
 offerings from interior sources at 5. 4
 and 4 per cent. Time funds relaxed -e 6k per cent.
 w Principal foreign exchange rates r ,a flected financial and political cond 70 tions in Britain and France with syn a pathetic reactions at other Europes
 centeps. It is known that loans ~ Switzerland and other central nation l. also to South American countries a .t under active discussion and readjus n ment of impending maturities by En E land and France is contemplated.