The Washington herald., 1920-12-04
MEXICAN OILS
LEAD MARKET
Stseh Have U.aI Lshs After,ssa.
Rally Wild Sssnhs FssE.s :;
OF csskis.e..
COPPER RUMoRs ALSO HELP
Street h Qua.aa,y Ressrans
-Sssthsn Pseike; Cal Mssey
ksnsi,s = Per cest
COPPER RUM0Rs ALSO HELP

NEW YORK. Dec s.-Althoush
there was nothing conclusive about
developments In any Of the markets
today. the late afternoon rally fs
stocks which has become somethins
Of . daily occurrence. helped TO sus-
tain the feeling Of confidence which
has been struggling for expressson
Of late
The irreguiarity in the earlier
part OF the session was somewhat
disconcerting. but the market sp-
peared TO take such items Of adverse
character a. were published with Q
degree Of stolidity that bespoks
growing indifference TO shock.
Mexteas ofis rest.re.
From q speculative standpoint
the Mexican oils furnished the fes-
ture both In activity and strength.
Mexican Petroleum has been some
what Of q target for the bears re-
Gently and the manner In which the
stock advanced today supplies .
source Of qualification to friends OF
the market So far as could be
learned, there was nothing new iH
the sfsirs Of either Mexican Petro-
leum or Pxn-American. although the
relatively small floating supply Of
stock In the case Of the former
makes it easy for the bulls In this
issue to engineer a demonstration
against the shorts
Some encouragement also was de-
rived from the porphyry copper div
ioend announcements today. In tina
first place. the companies appear ID
be weathering their period Of De-
precision In rood shape. Their posi-
ton from the standpoint Of quick
assets is favorable Financial senti-
ment indorses the passing Of the
Chino and Nevada Consolidated diy-
idenes as resources win be cor
served for the purpose Of financing
copper accumulationa Utah and
Ray declared the regular dividends,
the disbursements In the latter case
being considered in the nature OF q
deferred beneht to stockholders that
had been held over from more pros
porous days.
The announcements had been
awaited with mingled interest and
uneasiness and so far a. the COP
per situation is concerned, the
Street bresthes easier. The dfvf-
dend meetings on Anaconda and In
spirstion will be held next week.
A.sries, wes,es st TspL
weak spots In tks market were
provided BY willys-overland. Pfd-.
and Keystone Tire, the latter being
sold on TO . new low level on .
fairly large volume Of trans.ctiens.
On the other hand. American woois
en- closed st the top after vsverinE
slightly earlier In the day.
Thus far the street has net been
able TO make up its mind thoroughly
regarding Southern P.ci6o The
rights" seem to attract fully a.
much attention as the stock IT,
self. Yesterday they elessd or the
curb in fik. and the range on tho
Stock Exchange to-day was FROM
2oS 10 z3x. with the close 81 the
latter hsure. One interesting en-
planation for the failure Of South
crn Pacific to advance 10 found IN
the suggestion that the stock ts
being sold by holders who wish To
use the proceeds for the purchase
Of rights" az we'll as the stock
OF the Pacifc OIL Company.
Call money renewed and rsnafus6
at per cent throughout the day
Exchanges were irregular. With .
loss OF some OF the early hrmness
In tone. so far as sterling v.s con-
cerned. No important changes
were noted In other eurreneies
commodities were irregular. wheat
was unchanged on March TO . cent
and Y cent Up on December. Cot
ton was net lower fer the day. but
made a good recovery from early