Arizona republican., 1921-12-07
rRepubIlcan A. p. Leased wIrs1

NEW YORK, Dec. 6.-The stock market was fairly active and broad again today but the only shares to display consistent strength were those favored by technical condi- tions, namely, an extensive short in terest.
 Favorable developments. such as President Hardings message and the strength of foreign exchange failed to stimulate public support, but inn pelled considerable short covering in the later dealings.
 The feature of the message which seemed to cause disappointment was his qualified reference to the coun- try's merchant marine. Shippings reacted sharply, mercantile marine preferred being under pressure.
 Declaration of regular dividends by numerous industrial companies, including American Car and Foundry and payment of several deferred div idends indicated more hopeful trade prospects.
 Motors, rubbers, oils, chemicals. merchandising and utility issues fea- tured the constructive side at ex- treme gains of one to six points. Rails Jagged until well towards the finish, when Lehigh Valley became the center of interest. Steels. equip ments and feathers were moderately reactionary. Sales, 75O.0O0 shares.
 Call loans ruled at 4 per cent un- til the final hour, an unexpected in- quiry forcing the rate to per cent on prime collateral 30 and 60-day loans were made in moderate amounts at 4ss per cent.
 Settlement of the Irish question caused a brisk rise in sterling ex- change to 4.OSA for demand bills that fip-11ra eyrpa1fDo of the last two years. Important continental rates, including German marks, were to 15 points higher and Swiss francs at 1930 equaled their par of prewar value.
 Further realizing sales accounted for the irregular tone of the bond market. that condition applying espe- cially to Liberty and Victory issues Rails reacted to the heavy trend of Pennsylvania and St. Paul issues and 1 internationals were less active than at any recent period.
 Total sales, par value, SEQ, 750. GOO.
 CHICAGO BOARD. CHICAGO, Dec. 6.-Wheat under went a material setback in price to- day owing largely to reports of poor demand for cash wheat and flour at Minneapolis. The close was heavy, 9s to Sc lower, with May LIZA to | LIPS, and July 1.011 to 1.01ss Is to s. Provisions varied from un- changed figures to 71s advance. Before stNrting to decline, wheat temporarily showed considerable firmness. Prospects that Germany would be granted three years respite from cash indemnity payments ap- 1 peared to have much to do with the early price upturns. Gossip was also ! current about crop deterioration in Argentina. that country being repre-
 sented as rebuying grain sold to Great Britain. Demand here, how ever, lacked volume and bulls seemed | to lose confidence when news came l that Minneapolis wheat stocks were | increasing and that the milling de- 1 mand for wheat in any position had | fallen off. Scattered liquidation here | ensued and with no aggressive sup ! port in sight, the finish was at the | days low.
 l President Harding's recommenda- | ton that the Russian relief commis- sion be given ten million bushels of corn had no apparent effect on corn. The country sold corn rather liber- ally to arrive and prices were on the down grade. Oats receded with other 1 grain.
 Higher quotations on hogs gave a little firmness to provisions.