Arizona republican., 1922-02-05
Days Review of
the New York
Stock Market
o,iS NEW = YORK, Feb. 4.-Equipments,

NEW YORK, Feb. 4.-Eouinments
olls and motors were conspicuous
1eatures OF today's brief but active
STOCK market, those shares register
anS gains of 1 to points.
Sh-pptngs sugars, tobaccos. Amer
lcan Ice and Famous PLAYERS com
mon and preferred contributed to the
rse, but spec.alties which recently
olspla. ed usual prominence were
re!egated to second pace with rails.
Inc advance was again accom-
plsned mainly at the expense Of a
stubborn short interest, but the end
OF the week effected a marked di-
mlnution in the contracts of that ele-
nent- Sales, 475,00O shares.
Bonds were dull and irregular. lib
erty issues reflected the trend of fed
eral legislation, while rails eased un-
ger reahzing. European bonds re-
tanned much of their better tone.
however. higher foreign exchange
IateS being a factor in that quarter.
Total sales of bonds, par value, ag-
gregated $9,350 900.
Sterling demand bills made the
new high of S4.S21z, their maximum
quotation since August, 1919. All
continental bills were better by to
20 points, the German mark proving
the only exception.
Payments by local banks incidental
to February requirements caused no
material alteration of loans and dis
counts by clearing house institutions.
The actual cash loss Of about $18,-
100000 effected decrease in excess
reserves to $20,736,000.
Business reviews referred to
brighter prospects in general lines of
~ = 4~-k~-
and the disposition of the banks to
lend more freely on merchants paper.
WEEKLY FINANCIAL
NEW YORK, Feb. 4.--Active trad
ing at materially higher prices was
almost a continuous feature Of the
week on the stock exchange.
Selected issues comprising many
industrial and unclassified groups
led the movement for while. Later
the trading embraced popular steels,
equipments and motors, also low
grade rails.
Accumulation Of the cheaper rails,
with Missouri Pacific as the most
conspicuous feature, was coincident
with the publication of Secretary
Roover's views respecting freight
rates and a marked increase in car
loadings.
y
part OF the weeks business origi-
mated with professional interests. A
canvass of the prominent commission
houses failed to disclose more th"n
moderate or tentative public sup
port.
Industrial conditions continued to
mark time, steel and iron production
showing little recovery from the low
level OF last year. Additional price
cuts in automobiles and wage reduc-
tions and strikes in the New England
textile trade were among the other
significant industrial developments.
Various new bond and note Of
ferings were added to the many un-
derwritings Of the early weeks or the
new year of which the Chicago, Bur-
lington & Quincy $50, O,O00,OOO issue
was the most important. Liberty
bonds Cancelled part Of their recent
gains, as did aiSo come Of the hlgh
grade pre- war favorites.
Call loans In connection with Feb
ruarv payments occasioned n briei
furry in the money market. Demand
loans soon eased from s to ~ DER
cent. however, and prime comlneH-
cfal paper maturing in 80 to 80 days
was freely taken at AZ per cent.
Although London cables sounded
note of caution, the feature OF the
local market for foreign EXCHANGES
was the sharp rise in sterling. Per
mand bills for that remittance today
touched $4.321s, that quotation az
fording striking contrast To the
lower $319 registered at this center
two years ago.
CHICAGO. Feb. 4.-Slackening or
the rush to buy had a tendency to-
day to ease down wheat prices.
Closing uliotations were unsettled,
IL to liz cents net lower. with May
al 25 to $1.25M and July $l.0SN to
S1.O8h. Corn scored a gain or "a 70
1lk cents, oats finished unchanged 10
u off. and provisions unchanged 70
q decline Of cents.
II was evident from the start that
demand for wheat had become less
urgent than has been the rule OF late:
Even apart from the usual week enc
disnosition to realize profits on holu-
inrs. there were sin OF lesseneu
confidence that the advance or prices
was to continue, and many trauels
were apparently inclined to dWell on
supposed indications of pause IN
tha unward course of foreign values.
Ino,,iry wa s relatively SOW and CO.
nestic mill cause seemed also to h'ye
lost some of its display Of spirit.
interest Jagged rather today re"ard- :
ing ing the crop outlook Southwest in
+he absence of any striking fresh de-
yelopment. The burden of most OF
me cable dispatches was that the ao-
vance had been overdone, and It was
generally anticipated that the unlteu
States Visible supply total on Mon
5av would show an increase.
For the first time in long WINE
corn showed Independent strehsln ~
~ NTH ruhaat. OafS We're