Evening star., 1920-12-04
MARKET F|RMER;;
UNDERTONE BETTER
Feeling Growing Declines
Have Discounted All Un-
s~-~ &c..
=. favorable Conditions.
~ STUART p. WEST.

WALL. STREET., New ork, Decem-
Der 4 tSpeciaD The stock marke!
was helped this morning by the rather
more hopeful tone of the week end
trade reviews. which referred to inn
provements having set in in certain
industrial lines In the main, how
ever. the share list was merely con-
tinuing to reflect the much stronger
position within the greater part OF
the market ITSELF. of which repeated
proofs had been given all week.
Mexican oils were again the lead
ers. The sharp upbidding of Mexican
Petroleum and Pan-American stocks
had an intimidating effect upon the
short interest in other industrials,
and at the same time encoura ged
quite bit of fresh buying. steel
shares. the equipments. some of the
tobaccos. American Wool and one or
two others rose briskly for a time and
succeeded in holding good part of
their gain In the face Of later realiz-
ing sales.
Rail stocks. while generally steady.
did very little.
There were on the other hand. vari-
GUS points of weakness. American
Agricultural Chemical broke badly
and got down to figure low enough
to. raise serious doubts to the
dividend which is to be voted on next
week. The trouble with this COM
pany. as with the other manufacturers
or fertilizer, is that it's clients arc
farmers. who are also slow in paying
thei.. bills.
This necessitates an unusually large
working capital and consequently a
conservation of surplus earnings that
would ordinarily be free to go to
shareh olders.
International Agricultural Chemical
preferred also was weak
There was renewed selling of the
In IN lo nd no1 0vrA A-,rr-
Haven was pressed for sale despit q
the feeling in good quarters that the
Interstate Commerce Commission will
see to it that the question of adjust
ment of through rates to the west
will be settled in way that will
of the hands of receivers.
Sentiment Improves.
The majority of Wall street opinion
today is that each day of steady i'm
provement in market position has
brought about a corresponding improve
ment in sentiment. and the belief is now
that the scare which carried the pendu-
1um to practically the limit of its swing
has disappeared.
One firm which has had q clear in.
sight on the market position says that
the outlook is clearer and better than it
has been for long time. The market
At the present time is passing through
VIC CoHSAacoSoHt SSA8c anu VIII continue
to be irregular. with wide swings both
ways. according to another stock ex-
change house.
A Southern Pacific Market.
Southern Pacific. Southern Pacific
rights and Pacific Oil. all of which
are now being traded in on the stock
exchange. have made for market
which one authority termed South
ern Pacific market"
This authority is of the opinion that
the people who bought Southern Pa
ctfic below par sold out on the bulge
to above lis and that they will now
make their play in the Pacific Oil
stock and the rights
The action of Southern Pacific bears
this out to a large extent This op-
orator says further that the Southern
Pacific incident should be forgotten,
as the theoretical value of Southern
EAcific undoubtedly Is very much
higher. and that some time next year
the railroad stock will sell higher
than it is now selling with the rights
attached.