The Washington herald., 1915-09-21
MOTOR STOCKS
LEAD MARKET
High Records Credited to
Confidence in Loan
Negotiations.
COLORADO FUEL DEFICIT
Publication of Report Drives Stock
Down-Great Northern Ore
Follows Suit.

New York. Sept. 20.-Industrial ant
motor shares were the stock market lead
erS today, commission houses reporting
that the so per cent dividend distributed
by the General Motors Company had
served to stimulate speculation in the
war stocks by out-of-town clients. Quite
few new high records were made and
brokers attributed the buying to general
talk that the British loan would be sue
cessfully included.
The action of the railroad shares In
failing to continue the upward move
ment that caused so much qualification
on Saturday resulted in many express
sions of disappointment. Many invest
ment bankers believe that the conclusion
of the loan under consideration would
curtail selling of American railroad
shares by foreigners, and for this reason
they look for improvement in the rails.
Deficit for Colorado Fuel.
The better tone was evident at the be-
ginning of trading, when several high
records were made, Studebaker, Third
Avenue and Central Leather being the
most prominent. Willys Overland also
made new top. Fora short time the
rails exhibited a good tone, but this
quickly disappeared. After noon there
was a slight recession, but this was fol-
lowed by another brisk upward move
ment that eliminated in profit-tak king
during the last hour.
Publication of the annual report of
the Colorado Fuel Company showing a
deficit. had an unfavorable impression
on the shares. Notwithstanding the
force with which they were held up
early in the day. The price range in
this stock was more than three points
but the final quotation showed a net
loss of nearly two points. Great
Northern Ore. which. according to
rumOrs was to be merged with the
Colorado Fuel but which to James ].
Hill is "poppycock," also was lower.
Strength of Mexican Petroleum and
American Smelling Refining reflected
the more favorable Mexican develop
mentS.
Studebaker Leads Motors.
The advance of the motor shares to
dizzy heights attracted much atten-
ton. Studebaker was the leader of
this group with regard to activity,
more than 10000 shares changing
hands on the advance TO 141, gain
of IL 3-4 points General Motors rose
s points and closed at the top. while
WHY'S Overland closed at the high
record of 210, gain of II points.
Maxwell Motor shares were also sub
stantfally higher in expectation of IA
vorab bic developments in the immediate
future.
The stories of large fortunes made in
the stock market on "shoe strings are
accelerating the speculative appetite Of
the public Many discretionary pools
and many systems for beatink the stock
market are again coming into vogue. For
instance, there is one speculatOr who has
a system of buying ten shares of stock
every point down and selling ten shares
every point up.
According to past fluctuations based on
the present upward movement the system
is infallible. but its weakness lies in that
a protracted decline would bankrupt the
speculator as has been done time and
time before.
Activity strength in California Petro
leum common reflects Improvement in the
oil business. These shares are said to be
selling under their intrinsic value. meas
ured by other oil stock. The preferred is
paying dividend; at the rate of per cent
n year and earned at the rate of per
cent during the first six months of the
current year. Owing to advances in the
price of crude petroleum profits should
lie larger during the current six months.