New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-18

combination of gasoline and heavy oil
Tor fuel. Business of the company in
ITS regular line, the manufacture of
air brake equipment, is breaking ali
records. In the first eight months of
the current year orders booked were
double the total for the corresponding
period of 1919.
Business Conditions
The Liberty National Bank has lust
completed an inventory of industrial
conditlons" based upon an inqIfry
in diversified lines. It develons some
interesting results. Only az per cent
OF those interviewed report the volume
OF their sales as being above normal.
cancellations, inventories, accounts re-
celVaole, and transportation difficult
ties are reported above normal. while
collectlons, coal supply and efficiency
OF LABOR are reported below normal.
oixty-nve per cent of those inter
viewed are of the opinion that mer.
cnandlse prices will be lower.
Good Bond Market
The good feeling in the securities
market yesterday was not alone con-
nned to speculative stocks. 1t took
IN investment bonds which showed q
large turnover, as we'll as an advanc-
ing price tendency. Many of the lower
priced railway bonds displayed pro-
nounced strength. notably the Erie
curities and the St. Louis & San
francisco issues. In the departm emit
Tor foreign government bonds the new
french government IS were heavily
traded in. selling as high as 1902 and
closing at 101A. '0
Reading
Reading stock got above 90 in YES
55erday's strong market, thereof estab-
lIshing q new high pffce for the vear
me trading in the shares Of the rail-
road"coal property was easily the fea-
ture of she days exchange dealings.
leading at current levels is more than
so points above it's 1920 low, made a
lew months ago when the rails were
ciasSed among the undersirables of the
STOCK STOCK market. Recently Reading has
following, recalling the old days in
Wall Street when the stock was one
of the regular top-lners. Current
strength of Reading is believed to be
due almost entirely to the belief of
an earl y announcement of plans for
separating the railway property from
the coal properties, in Carrying out
the dissolution ordered by the Federal
courts. In stock market circles il is
understood that the terms of the dis
solution will be passed upon by the
United States District Court for the
Eastern District of Pennsylvania at
Philadelphia.
Mexico and on
Dlfflcultles encountered by American
OIL companies in Mexico as a result Of
tax troubles, the controversy over title
to properties and the general unset
Element there due to political uncer-
talntles do not appear to have checked
production Of petroleum. On the con-
trary, the exports from the rich Mexi-
can fields are rising rapidly. In Au-
gust, Tor instance, new record was
100000 barrels Of crude went to the
world markets from the Mexican sea-
BOARD. This total exceeds by more
tran 100000 barrels shipments in any
other month, and is at the rate of 1885,
oOo,O00 barrels a year. In the first
seven months Of the current wear
exports totaled 100000 barrels. Pro
duction in Mexico is expected to he
increased shortly by the completion Of
new wells. The Mexican Petroleum
company mas number Of wells that
nave Deen driven to point believed to
De ., close to the stratum that separates
me point OF the drilling tools from
the pool. Officials of the company saw
they expect to hear any day OF a.
bringing in Of big gushers.
Middle States Oil
r. ~. oaklatvala, president OF the
Middle States Oil Corporation. the
shares of which have lately displayed
marked strength, has sent a letter 20
Inc stockholders, in connection with
the earnings statement recently issued.
answering inquiries as to whether the
time to time is flush or settled. "To
such Inquiries" said Mr., Saklatvala in
ms letter, II would answer it is both.
In order for an oil company to pro-
gress it is absolutely necessary That
new developments should take place
and new wells be brought in. This
means larger Temporary
production, and therefore keeping this
in mind we'll managed oil company
keeps its developments on such BASIS
as 20 anticipate any decrease in flush
production, and as long as such a meth
cd is successfully followed it becomes
unimportant to stakeholder whether
his earnings are from flush or settled
production. for if such production is
kept on an increase the
company is progressing favorably." The
latest figures show that Middle States
owns in whole Or has part interest in
a tota! Of 1870 producing wells with a
settled production Of $3.50 barrels a
day. Twenty-seven new wells were in
process OF drilling at the time the
statement was prepared.
Mexican Petroleum
Mexican Petroleum. with an advance
OF 10A points nes, went ahead yes
terday with such momentum that any
remaining shorts in the stock must
have been badly punished. Much Of
the buying was attributed 70 the bears.
and there were reports Of the trapping
of large short interest,
Paris Market Quiet
PARIS, Sept. 17.-Trading was
cent rentes 81 francs 10 confines:
exchange on London 52 francs 90 een-
times; per cent loan S5 francs az
confines. Tire dollar was quoted NJ
10 francs confines.