Arizona republican., 1921-03-06
Finance and Markets

NEW YORK, March 5-Stock trad ing today was very dull. The only features of more than passing interest were supplied by several of rails and prominent specialties, in which shorts covered.
 The same technical reasons applied to Mexican Petroleum, Atlantic Gulf and other favorites most of which were under depression early in the week. Moderate buying of motors and the preferred shares of such inactive issues as American Woolen infused additional steadiness to the list, sub- stantial gains prevailing at the close. Sales 165,000 shares.
 Dealings in bonds were light, but a trifle more varied and irregular. Most issues, including the Liberty group and internationals retained their uncertain l tone. Total sales, par value, S5,2T5, 900.
 The actual condition of the clearing house bank showed a decrease of all most $17.S00,000 in loans and discounts and an increase of about S21 40O, 900 ] in net deposits. which almost offset last weeks decrease. Reserves con- tracted by about $1o,35o,00o. however reducing the excess to slightly less than 1 s4,000.0O0.
 1 Weekly reports emphasized the de- gree of caution manifested by leading Il business interests on the whole. Dis | tribution and collections were said to compare favorably with last year.
 CHICAGO EXCHANGE CHICAGO, March 5.-Wheat was un- der pressure from commission houses today and with a lack of outside buy ing prices declined readily. The five day advance in this cereal led to con- l siderable profit-taking. Initial quota tions, which were%c higher to s4 c lower. including March s1.72k to S1.73 and May $1.63 to $1.64A, were followed by further declines.
 Corn was affected by the action of wheat. Trade was small. After start ing 1-Se higher to 1-Sc lower, including May 1T c to n %c the market eased off l and then made a moderate recovery.
 Oats sympathized with the other cereals. After starting 14c higher to 18c cQ14c lower, with May 46ss to 46ssc, prices declines slightly.
 Provisions were affected by the de- cline in hogs and opened lower.
 WEEKLY FINANCIAL
 NEW YORK, March 5.--The securi- ties market experienced another week of dullness and irregularity and lower quotations, accompanied by similar ae-
 tions in many branches of commerce. and industry, these conditions testify
 ing with increasing force the world. , wide trade stagnation.
 | Two events, the London reparation. l conference and President Harding. inauguration, seemed to produce littl, impression.
 Foreign exchange market remained il suspended animation and the presi dents inaugural address failed to elici more than a meagre Investment de } mand.
 Further aggressions by the short
 were directed mainly against shares o companies still under readjustmen. This found expression in additiona
 dividend reductions or omissions. to
 gether with reduced prices and wag
 schedules
 Railway stocks were occasionalT ? under pressure of traders who evi ? denuy argued that the steady diminu 2 ton of grain and cotton shipments. a ? well as fabricated materials, must af rect financial returns indefinitely. I The industrial situation. it was gen I orally conceded, depends largely on a early solution of the more acute prob
 lems confronting the steel industr, Reports told of further price revision
 regardless of the stand taken by th
 United States Steel corporation.
 Credit conditions inclined toward
 greater ease as indicated by the re 8 ports of Federal Reserve board. Va, z sums remain tied up in foreign trad z and various lines of merchandise. how $ ever