The Washington herald., 1920-07-09
STOCK MARKET
CLOSESSTRONG,
Good News from Mexico
Added to Crop Report
Aids Market.
CALL MONEY AT 7%
Motor Stocks Strong Under
Leadership Of General
Motors.
CALL MONEY AT 7%

New York July s.-MOney was
At { per cent To-Day, thus enccurag-
ing traders who have been ppeI at
ing on the constructive side of the
stock market. There was some SELL
ing for proft-taking account that
carried prices OF in nearly all is
sues during the seeord hour. But
IN the early afternoon renewed buy
ing brought the leaders back. many
of them to new high prices for the
day. Southern Railroad was q fea-
turc.
Reports from The agricultural dis
tricts wvre excellent. and the Mex
lean news was good
Mexican Reports Add Strength.
One of toe most important re-
ports of the day y'aS that from
Mexico telling of on armistice
among the var!sus warring factlns-
The Republican platform Is under
sto6 to have lad a great deal to
do with the sudden determination
Of MeXicans TO quiet Gown. 1t is
generally understood that IL Hard
ing is elected 10 mere nonsGrse will
be tolerated south of the Rio Grandc
The Mexican leaders are business
men-in fact. the present regime
Is business all the way through.
An American protectoratc would in
terfere materially with certain aims
and therefore American investors
in Mexico are reasonably certain
Of qaiet possession CT their own
property in tho future.
Added to This political situation
Is the fact that Important new wells
are 10 be brought in by leading
of Mexico oil stocks and parrlcu-
larry o. Atlantic Gulf. Pan Amer
i'.an and Mexican Petroleum is of
the very best character.
Crop Report Helps.
TIE second Lest news Of the day
was. that &C pnng from the farm
ers. The crop situation is improv-
Ing SO rapidly that all the deh-
tiencies OF the season seem about
20 be made up. Wheat is doing
we'll and with the carry-over Of
147. 100000 on: hels from last wears
.Tops there will be total Of sss,-
100000 bushels this year.
This will furnish 33o,o0o,oo0
bushels for export, thus giving an
abundance for the whole world. The
~stock market depends more on the
crop man on any OlneE lnlnS SAScPt
the money market.
Railroad Situation.
The money market depends on the
speed with which the freight con-
gestion is relieved. The Interstate
Commerce Commission which has
power TO relieve the freight con-
eestion Immediately still delays it's
decision on the rate question. There
can be no permanent relief until the
lAtes- are adjusted. -'rsS----'. -'-'.,r- .-,s-
In view CT the fact that Congress
has ordered rates advanced and that
they must be advanced ultimately
the purchase of equipment stocks
continues Oh a very heavy scale. A
leading investment house has ana
lyzed the equipment companies and
finds that the ten leading ones have
added an average of $45.71 a share
to tneir stocks in the five years be.
ginning January 1. 1915.
Julius Licnstens tein returned today
from Europe and confirmed the re-
port published here some time ago
that he had gone abroad to arrange
for an international market for Su-
matra Tobacco. He says there Is
an urgent demand in France for
American tobacco.
Thomas F. Ryan sailed for France
presumably in the interests of the
syndicate that has been trying to
purchase the tobacco monopoly
from the French government.
Ajax Rubber woke up after long
inactivity; so did Willys Overland.
The other motor stocks were strong
under the leadership of General
Motors. Stromberg was very active,
displaying strength throughout the
session