Arizona republican., 1922-01-17
Market News
[RepubIIoan A. p. leased wlre1.

NEW YORK, Jan. 16.-Purchases
of railroad shares on comprehensive
scale and at gross gains of one to
three points furnished a firm founda-
tion for today's active and generally
strong stock market
There Were several exceptions to
the advance, mainly stocks in which
the short interest continued domi-
nant. Crucible Steel, International
Paper, National Enameling and sew
eral obscure specialties were con-
spicuous examples at reactions Of one
to three points.
Equipments, motors, several inde-
pendent steels, as well as coppers,
utilities. textiles and miscellaneous
specialties were sustained by the de-
mand for rails. Hesitation was shown
by oils during most of the session,
but that group came forward in the
final hour with Mexican Petroleum,
the central feature. Sales 100000
shares.
For the most part closing prices
were irregularly under maximum
quotations, extensive realizing being
provoked by the steady advance of
money rates. Call loans opened at
3 u per cent but rose gradually to 6
per cent just before the end. The
firmer money rates were attributed
to withdrawal of federal deposits
from local banks.
Foreign affairs made little impress
sion on the market for international
remittances and most domestic de-
velopments over the weekend re-
ceived favorable Interpretation. A
canvass of conditions in the Middle
West confirmed advices of prospec-
tive revival in many lines of manu-
| facture although other tonnage
showed further reductions from the
corresponding period of last year.
The bond market moved contrary to
| the tone of stocks, prices in that
quarter showing considerable confu-
sion, which extended to liberty is
sues, all of that series closing at mod
crate recessions. New underwritings
are projected by railroad and domes-
tic and Canadian municipalities. To-
tai sales, par value, aggregated SlS,-
CHICAGO BOARD
CHICAGO, Jan. 16.-Wheat had a
! tendency to sag in price today owing
more or less TO competition from the
southern hemisphere and to failure Of
a brokerage house in New York. The
close, however, was steady at the
same as Saturdays finish TO u cent
| lower, with May s1.11% to $1.1lh
and July $1.00 to $1.00h. Corn gained
q shade to X cent. oats lost * TO
| B0M cents. and provisions finished
unchanged to 20 cents higher.
with reports current OF enlarged
offerings Of the new crop in Australia
and Argentina, wheat here showed
an absence of an aggressive buying
/ at the outset. This condition was
soon made more pronounced by word
of the New York brokerage failure,
| although the fact was quickly ascer-
| tanned that no important, amount OF
| grain was involved. After midday,
| however. buyers displayed a little
more confidence, and the market raj
| lied somewhat. Russian relief pur-
chases were helpful as a stimulus al
/ this iuncture, as was announcement
| OF q decreased United States visible
| supply total, Notwithstanding that the
/ decrease proved to be less than had
been looked for in some quarters
| Absence Of moisture In the Southwest
counted as an additional strengthen"
ing factor at the last.
Renewal of export inquiry, together
with a visible supply decrease, gave
ffrmness TO corn. Oats declined III
the absence OF any special demand.
Increased shipments of lard helped
to lift provisions values despite lower
quotations on hogs.