Arizona republican., 1922-01-10
[RepubIlcan A. p. Leased wlre1

~ r. Leased WtEeI
NEW YORK, Jan. Selling of the
general list, with few minor excen1
lions, made further progress in the
stock market today. Extreme reac-
mons OF one to three points were ef-
ings.
Little attention was given to the
continued ease of money on call and
tllne, the strength of the foreign ex-
changes and the more encouraging
tone Of advices from leading agri-
cultural centers.
Demand loans opened at 4 per cent,
falling to az at midday and to 3
per cent in the final hour The mini
mum figure is the lowerst rate re-
ported on the stock exchange since
November, 1919. Offerings of time
funds at 4A per cent applied to all
periods, with freer purchases of COM
mercial paper.
Another cut in Pennsylvania oil
prices and bearish developments per-
tanning to Industrial, mercantile and
transportation conditions precipitated
the reaction in which professional
shorts again rendered assistance.
OILS supplied fully % per cent of
the days business. Pronounced
weakness was manifested by low
priced rails, especially the Erie com
mon and first preferred, as well as
several grangers, notably Chicago e
Northwestern. these establishing low
est quotations for many years.
Strength of Reading first and sec
ond preferred was in striking con-
kfnkt 40 the trend of other coalers
fhe MQderate rally before the close
NaF aAElsted by buying of Mercantile
MHKlne preferred, and Pullman and
AaNSeN 81 Barker. Sales, $4,000
Shares
hAAHtNNf cnpsideration of the pro-
posed econotnic conference at Genoa
Contributed 4n the strength of inter-
nationN xsniktances. Sterling rose
almost cents and virtually all other
European bills. Italy alone excepted.
advanced TO 20 points.
The 3 per cent call money rate in
fluenced the better tone of the bond
market, where strength was shown by
Liberty issues and other domestic Of
ferings. The foreign division was ir-
regular, however, Belgian, japanese
and Mexican issues advancing while
French municipals reacted. Total
CHICAGO BOARD
CHICAGO, Jan. 9.-Bearish esti-
mates of the Argentine exportabIe
surplus tended today to weaken wheat
here. Prices closed heavy, z to IA
cents net lower, with May S1115s to
$111% and July $1.01 to $101k. Corn
finished Il to u cents off, oats un-
changed 10 q cents down and pro-
visions AT 2is cents down. According
to one report Argentina has 100000
tons of wheat available for export in
addition to new crop ready to be
harvested. Special emphasis was
given to this news owing to a decline
Of 21z cents In Argentine prices. A
decrease of 1929, 900 bushels in the
domestic visible supply total halted
for a time the downward movement,
but when the buyers attempted to
realize profits near the close a de-
cided lack of power to absorb the Of
ferings was shown. The fact that an
election for officers OF the board was
in progress served to diminish trad
ing. Besides, export demand APP
peared to have come to a standstil.
Dry wea ther continued'in the South
west, but failed to stimulate interest
on the bull side, and the same was
true of current gossip that milling
inquiry was better
Corn and oats were easier in sym
pathy with wheat but were steadied
somewhat by the knowledge that ex-
porters were after corn.
Strength in provisions was ascribed
to the announcement of a reduction
in German reparations payments. A
break in the hog market was ignored
as hog prices were above a parity
with cured products