Arizona republican., 1921-01-01

United States bonds were unchanged on call for the week.
 The only striking feature of the weekly clearing house statement was a decrease of about $l9,500,000 in actual reserves. reducing the total excess to barely more than S11,000 900. Reserves of members at the federal reserve bank showed a contraction of nearly $17,9O0, ,o00 and loans increased by about $S,40O,00O,
 BOSTON. Dec. 31-The Commercial Bulletin tomorrow win say: Business aside from the government wool auc- tion on Thursday has been generally quiet this week At the government sale the entire offering was sold. low i South American eross-bretss, which ! composed the greater part of the oL- 1 ferings selling well as compared with 1 the current market, although about cent a pound under the November sale. Low secured wools sold at gen. ! eral advances over the November sale 1 of five to ten per cent.
 "The situation at the mills is hardly l changed. Unemployment is heavy. al i though orders are being received to a l modest extent on certain types of 1 goods. So far as the tariff is con- 1 cerned. the general opinion is that the i outlook is less bright than it was a I Secured basis: Texas fine F months, 75@S0c; fine months, 55@ soc.
 Territory: Fine staple choice. 500 S5c, half blood combing, 65@70c; Ss blood combing, 50@55c; h-blood comb ing, 40045c; fine clothing, 65c; fine medium clothing. 50Q55c.
 Pulled: Delaine, S6c; A, 75c; A. 1 supers. 55@60c.
 Mohairs: Best combing, S0Q32c;
 best carding, 25@27c.
 NEW YORK. Dec. 31-Dun's tomor
 row will say: The year end halGng in
 business is more marked than usual
 but indications of improved sentiment multiply. The general situation con- tinues very uneven and different
 trades and industries have apparent!
 not yet reached the point where a de
 cisive turn for the better seems i'm ! minent. Some important basic lines
 however, have gained a little in aetiv ity and the reappearanee of a broader demand has given rise to more con l fident hopes. One of the encouraging features are the preparations now under way for an early renewal of op . erations at certain manufacturing es . tablishments. While restriction 0 l output is still the predominant condi tion. the curtailment has been checke,
 at some places in the east and wag [ reductions are not infrequently beinl e accepted as an alternative to unem D ployment.
 , Weekly bank clearings st, ,6S2, ,231, ,5sS NEW YORK, Dec. 31 = Week. fl finance review-The closing week of iI remarkable year in the securities mar i ket was enlivened by a brisk deman 2 and consequent partial recovery ( = many representative shares, especial = rails, together with signs of a relaxa
 tion Of the protracted strain. - Liquidation and short selling { Il speculative stocks continued how t. ever, the further reaction being trace e: able to the weakened technical pos tI tion of certain issues and the obvioI = purpose of corporate interests and il dividuals to adjust losses against ii
 come tax payments.
 Disappointment was expressed
 the absence of more than a tentati' If January reinvestment demand, bl
 this was partly attributed to the b If lief that investors as class are hols
 ing aloof in expectation Of a cleariI
 of the financial atmosphere. if Year r-end settlements were accon . plished without the slightest oisturl
 ance to money rates. Few, if any. ne s loans for more than moderate amour - were negotiated, practically all a
 commodations being restricted to r If newals.
 24 There was considerable divergen If of opinion among bankers respecth = the immediate future of the mon
 market. Conditions in that quarts ad if is generally believed must. of n x- eessity, be governed by developmen
 in general business and industry du if ing the first few months of the ne . year.
 Another potent factor in the mon m situation win be the attitude of me If cantile interests toward price req - Justments. Further and more dras
 reductions by jobbers. middlemen a - retailers are expected.
 Tn the foreign exchange market !
 tie relief is looked for until the matt
 of German separations assumes de ,a. nite form. Pending settlement of tt
 question, American bankers, it Is u
 derstood, are unlikely to engage f, new international underwritings.