Arizona republican., 1922-01-13
Market News
A.P. Leased wiire1

NEW YORK, Jan. 12-BuSiness on
| the stock exchange today was mode
rate in volume and lacking in note
worthy features. The recent invest
| ment demand for government bonds
and other high grade securities
seemed TO have temporarily run its
course.
Stocks were firm at the opening,
reactionai.y during the intermediate
period and irregular later, when of
ferings of oil. tobaccos. international
paper and specialties. including Co
lumbia Graphophone common and
preferred at low records, invited
fresh short selling.
Rails, especially coalers. were the
only stocks to- manifest a degree of
firmness or immunity from profes-
sional pressure. Extreme gains Of
one to three points in that group
were reduced at the close. Sales
amounted to 4s5,000 shares.
Failure Of the local federal reserve
bank to order further reductions Of
rediscount and interest rates was
without more than passing influence
on money rates. Call loans again
held at S1s per cent and many new
timeloans at AZ to AZ per cent were
reported.
met. in which the question of repa-
rations evidently figured, occasioned
some activity in remittances to Paris
Foreign exchanges as a whole. how
ever, showed little unsettlement. re-
ACTIONS in French, Belgian and Ger
man quotations being neutralized by
the strength of Dutch, Swiss and
Scandinavian bills.
An unusually large gain or reserve
liabilities was the chief item Of in
terest in the Bank of England $
statement. The report of the state
bank Of Germany showed no change
in its gold holdings and note circula-
tion but credits and deposits were
substantially. lower
Liberty bonds eased on realizing
for profits, but closed at trifling
gains and losses. Victory 3%s, at
$1oo.26 and the 4%s. at $1,000. made
| new high records for long period
Many of the old time railway bonds
were in demand but foreign issues
were irregular on latest develop
ments in the French political situa-
ton. Total sales, par value. aggre-
gated $22 ISIS, 900.
CHICAGO BOARD
CHICAGO, Jan. 12-Wheat aver
aged a little higher in prices today
chiefly. owing to removal of hedges
against sales OF 100000 bushels OF
seed wheat taken for shipment to
Russia. The market closed unset
tied. varying from q net decline
to "a advance. with May s1.11h to
s111N and July. 99k to $3.50.
Corn finished a shade to 1sc high
er. oats unchanged to shade off and
provisions. at gains Of ~ to so cents.
In addition TO the bullish effect Of
Russian relief, the wheat market was
given at times a slight further sti-
mulus by indications Of Improvement
in domestic milling demand Firm
ness in the Liverpool market tended
somewhat also to help the bull side.
On the other hand, general export
inquiry was low as a result appa-
rently OF Argentine competition. Be-
sides, the general market effect of
the French cabinet was depressing
although May delivery scored the
highest prices of the session after
the news from Paris had been circu
lated. Assertions that the Italian
government might throw it's $1,000.
000bushels wheat reserve on the mar
ket' to prevent a rise in bread prices
was given as a. reason for selling
which weakened prices here at the
last.
Corn and oats were upheld largely
by the influence Of purchase made
for Russian relief.
Higher quotations on hogs ap-
pesred TO be responsible for the ad-
vance in the provision market. 4.