Arizona republican., 1921-12-25
News
Republican A. p. Leased Wire,

lHepuolican A. p. Leased Wirey
 NEW YORK, Dec. 24-The short ssion of the stock exchange today was a traders affair. the week-en ana impending holidays combining to tions. pAopot
 So far as the list showed a definite trend, price changes mainly were to- ward higher levels. Oils, metals and shisceilaneous issues, including rub peTs ana tobacco, supplanted the usual leaders of the industrial divi- slon. Many of the popular rails were entirely ignored for specialties con- 1rolled by pools. New Haven repeat ca Its low quotation of the year, but Chicago and Northwestern recovered part of it's decline. Sales amounted to 275,000 shares.
 Business in foreign exchanges was little more than nominal, but the principal remittances were distinctly firm. The London rate was higher by one per cent and allied quotations rose five to 20 points. strength also heinz shown by Dutch. Swiss, Nor iwegian and Spanish bills.
 The bond list retained its recent uncertain characteristics. liberty is- sues and the domestic division almost as whole closing at mixed changes. Total sales, par value, s5.775,000.
 Changes in the weekly clearing house statement were slight. consid- ering the heavy transfer of funds in connection with new underwritings. Actual loans and discounts decreased s14,255,00o and the cash loss of about ss,6o6, 900 was barely one third of the previous weeks gain. leaving excess reserves of approximately BPS, 10000
 WEEKLY FINANCIAL
 NEW YORK, Dec. 24-As the year draws to a close surveys of compe- tent authorities regarding the out look in finance, trade and commerce were noteworthy because with scarcely an exception they sound a note of optimism.
 The work of the arms conference ct Washington, resumption of divi- dends by railroads and industrial companies recently inarrears, the de- crease of unemployment and genera enhancement of bond values are some of the substantial or construc- tive incidents of the past few weeks These are offset or neutralized in 6 measure by reduced expenditure 2 marked increase of business failure. and the slackening of production II steel and iron with further price re auctions. Fully one-third of the re- cent mercantile embarrassment oc cured in the south, but. last week: reduction of rediscounts by the At lanta reserve bank was accepted a. proof that financial tension in thas section is gradually relaxing.
 In the share list the most signifi cant feature was the fact that stock were most active when strong an, very apathetic when the forces of re , action were in control. Dealings il stocks were subordinated to tn steady inquiry for bonds. Although liberty issues and some of the for eign war bonds occasionally wer heavy the ease with which new un derwritings were disposed of sug gested that January interest and div idend payments were confidently an ticipating new channels of invest ment.
 Negotiations now In progress poin to numerous mergers by secondar industrial interests in the earl months of the new year. Acquisi tioy of American Brass by Anacond l Copper is likely to be followed b amalgation in the steel and moto trades where conditions are at loN ebb. In the oil industry consolida tioi1s of various minor companies al under discussion.
 Bankers believe the turn in 192 will be accomplished without serior disturbance to domestic credits. The are less hopeful. however as to fol