Arizona republican., 1922-01-21
News
[RepubIIean a. p. leased wlr.1

NEW YORK, Jan. 20-The stock
market today experienced one of its
most sensational sessions since the
1916-1S period when war brides"
scared to record quotations.
limitations from responsib lie
sources that progress was being
made in the proposed mergers of con-
solidations of various steel and iron
companies was propelling factor.
The movement, which considered
Of bewildering advances and declines
in the more speculative shares. began
with Gulf States Steel. That stock
made a further advance in the first
hour of Si5 points, to 90 102, then
reacted 20 points and closed at 71]5,
a net loss of 1919 points.
Replogle steel divided honors with
Gulf States for a time, making an
early gain of 1915 points to Al, fall
ing back to 81 and closing at 35, a
net gain of AS points.
Other steel and iron shares, es-
pecially Bethlehem, Crucible Mid
vale, Sloss- Sheffield. Republic. Vana-
dunn and Colorado Fuel and Iron
were higher by twoto six points, but
these also followed the confusing
course Of their leaders. United States
Steel became strong in the final
hour, closing at 81, two point gain,
and its highest price in more than
a year.
Sugar, motors, oils, equipments,
feathers. textiles and shippings were
successfully brought forward, appa-
rently under professional auspices
and to the discontinue of the shorts,
but rails remained in the background,
recording few noteworthy changes.
Among miscellaneous issues. Electric
Storage Battery at a gain of SO
points, and Woolworth. which rose
715 points, were the striking features.
Sales 100000 shares.
The money market was easy. call
loans holding at 5 per cent and re-
newing into next week at that figure,
while offerings of time money at Az
to 4A per cent were on enlarged
scale.
Trading in foreign exchanges was
in moderate volume, but international
remlttances were influenced by
cables indicating further tension in
the Anglo French situation. Sterling
reacted 115 cents and continental
rates were lower by to almost 25
points.
Liberty bonds eased but other DO
mestic issues, especially rails, were
inclined to strengthen. The several
Cuban issues reflected the strength
of that group of stocks. Total sales
par value, aggregated $15.275, 900.
CHICAGO BOARD
CHICAGO, Jan. 20-Snow falls in
Kansas and Oklahoma brought about
something of a setback in wheat to-
day after an early advance. The
close was easy. at x to &c net de-
cline. with May $114 to $114b, and
July $1.01A to $1.01S. Corn lost Il
a q to 40 sc and oats ss to 15c.
In provisions the outcome varied
from 2b to 40 cents advance. At
first, wheat was influenced chiefly
by cold weather advices and by as
sertions that the winter crop was
without adequate covering. Besides,
prospective shortage of domestic
supplies together with talk of large
quantities of breadstuff that Europe
must obtain during the next five
months continued TO be a factor. On
the other hand. rural offerings in
the southwest were said to have in
creased owing to an advance in
prices bid to producers. Then too.
Liverpool reports told of greater
pressure to sell new crop wheat from
Argentina. 1t was under these cir
that word Of snow in sec
tions where most needed by the do
mestic winter crop belt gave de-
cisive advantage to the bears. Some
Of the weaker longs were letting 20
of their holdings as the session came
to an end.
Large country sales OF corn TO arr
rive had a bearish effect both on corn
and oats. Export business in corn
was only fair, mainly with Denmark.
Provisions averaged higher with
hogs on account of eastern buying of
lard