Arizona republican., 1921-11-29
LRepubIican A. P. Leased wIreJ


 NEW YORK, Nov. 2s.-Rails and Railway equipment continued to lead The further irregular price movement Dn the stock exchange today. The Recent broad demand for high grade and speculative bonds was well naintained.
 The general stock list met oc- easional setbacks, however, such ninor specialties as chemicals, fer <ilizers. sugars and mail order issues Ewing way to incessant selling pres sure Sears Roebuck was compar- atively weak because of rumors Healing with the preferred stock. Foreign oils eased, in contrast with domestic issues.
 Trading for the long account was favored by easier money and brief rally in foreign exchange from the mornings low quotations. Interna- tional remittances reacted favorably to unofficial reports that European bankers soon might meet to devise means of stabilizing their depreciated currencies in this country.
 German marks were benefited more than any other quotation by pros poets of remedial measures, sterling, francs and all northern European rates cancelling their rally before the close of the day.
 Buying of rails seemed o be based in part on better tonnage reports and the October statements of such sys- tems as Atchison. St. Paul and the leading Pacifics and coalers. nearly all showed gratifying gains in net or operating income. The cheaper rails lost much of their advance in the heavy realizing of the last hour. Sales S75,000 shares.
 The five per cent opening rate for call money relaxed to Az per cent at noon, with an abudance of private offerings at 4 per cent Brokers re- ported large sums available for 50 and 60 day loans at last weeks mod crate concessions but the larger mat urities held firm
 Liberty and Victory issues again contributed predominantiy to the heavy turnover in bonds. Liberty second fours at 95.SS and first 4As at 97.O0 established new high records, as did Victory 3s4, at par. Gains Of one to two points were made py various underlying railroad bonds. Total sales, par value. S22,65O,O 900.
 Chicago Board.
 CHICAGO, Nov. 2S.-Heayy falling off in the estimated exportable sur- plus of Australia, together with a record breaking low condition of the winter crop in Kansas did much to- day to lift the value of wheat. Prices closed unsettled but 21s @21@ net higher. with December 1.141a to 1.l4 ss and May 1.17% to 1.177s. Corn fin- 4fshed unchanged to is ID, oats un- changed to 3s off and provisions un- changed to 55 higher
 The wheat market was broad af- fair, with a material increase or trade from the outside. Commission houses were especially active on the buying side, and were apparently much impressed by the Kansas state report showing crop condition or 5S.6 as against 8S last year and a lO-year average of ST. Later bullish sentiment was further stimulated by word that the leading British author ity had reduced his estimate Of the Australian surplus to S0,O00,00O bushels, a cut of 20 per cent. A de- crease in the United States visible ! supply was also a bullish factor, but the effect of this influence was dlm- inished by announcement that the figures on the Galveston stock as given out omitted to take account of grain on track. Dry weather III southern Argentina and the small ness of the Japanese rice crop con- tinued to receive attention.
 Corn and oats were relatively weak. Talk was current that the close oi lake navigation would bring about stoppage of export business in corn
 Scantiness of offerings tended to strengthen provisions.