Arizona republican., 1922-01-31
TRepubIIean a. P. Leased wIrel

NEW YORK, Jan. 30-The buoyant
tone of the foreign exchange which
seemed to be based mainly on the
Improvement shown by European
economic conditions, was the feature
Of today's financial market. Demand
bills on London made a further adj
vance of 312 cents to $4.2S. the best
quotation in over two years.
french, Italian, Belgian. Dutch and
most of the neutral rates rose 10 to
almost 25 points. German marks
were the one exception, showing no
perceptible change.
Trading in stocks was unusually
quiet. total transactions of about
45O,000,000 shares being the smallest
for any full session this year. Price
changes were very confusing, pop
ular shares of the oil, motor, minor
steel and food groups displaying oc-
caSional weakness. Gains were linn
tied to some shippings and compris-
ing the chain stores issue. but the
movement in those stocks seemed
largely of professional origin. The
five per cent opening rate for call
loans held until the final half hour,
when belated demands forced the
rate to 515 per cent. Time funds
were plentiful however, at Az to Az
per cent, according to the length of
maturity. Uncertain industrial con-
ditions were reflected in the lower
prices quoted for various commodi-
ties, particularly crude rubber. re-
fined sugar and the sagging tendency
of coppers and allied metals West
ern and southwestern terminals re-
ported only moderate increase of
tonnage movements.
Foreign bonds were responsive to
the strength of international remit
tances the majority of that group
including United Kingdoms of 1929
Of which various European munich
pals making appreciable gains. Do
mestic bonds, notably Liberty issues
and the industrial section were ir-
regularly lower. Total sales. par
value. aggregated 16.750000.
CHICAGO BOARD
< CHICAGO. Jan. 30-Buying power
in wheat today was the most active
that has been seen in several months.
Estimates were current which en-
phasized Smallness of farm reserve
supplis of wheat and of mill and ele-
vator stocks. The close was firm, y
to rs net higher, with May 1.19A to
$1.19B and July $105M to 31.05N.
Corn finished Il to &c down and
oats 1s to h6K. In provisions the
outcome was to 80 cents.
Eastern interests in particular were
credited with heavy buying of wheat.
and a big elevator concern here was
also said to have taken hold freely as
a purchaser. Nevertheless, during
the first part of the session the
amount of selling to realize profits
was of sufficient volume to make
prices average lower, and it was ap-
preaching midday before upturns in
price acquired much impetus. Mean
while estimates of farm reserves
were circulated putting the total at
100000 900 bushels as against 264.-
100000 bushels a year ago. Mill and
elevator stocks were figured at 95,-
100000 bushels, a notable reduction
compared with the customary aggre-
gate. An advance in sterling ex-
change and cold wave threatening
unprotected fields of winter wheat
tended further to stimulate buying.
Hedging sales against purchases of
corn to arrive had a depressing in
fluence on the value of corn and oats.
Besides the visible supply both of
corn and oats showed a fair increase
Higher quotations on hogs. togeth-
er with some export business in lard,
did much to lift the price of provi-
sions.