The New York herald., 1920-01-06
News and Gossip
Wall Street
OF c. $. RUBBER.


Concentrated buying caused United
States Rubber to advance to new high
price in its history after it had suffered
a sharp early reaction in sympathy with
the rest Of the market. Some of the large
local operators We're big buyers of the
stock, among them i. j. Manning floor
trader. The Stock Exchange firm Of Block,
Malopey &, Co. had big orders for Rubber
Mr. Block has been a bull on Rubber from
10 up. The demand was due 10 ex-
pectations that an extra distribution of
some kind will be made. The directors of
the company~.will meet next Thursday
Whether they will take any action at that
time Is an open question. 1t Is said in
some quarters that nothing in the way of
an extra dividend will be done then, al
though it is not denied that the Board will
'cut melon at a later date.
INTEREST," ON "sTREET LOANS"
In view Of the allegations by stock brok-
ers that banks are profiteering in the call
money market, figures OF one Of the larg-
est banking institutions in the country
which is at times large lender OF funds
on Stock Exchange collateral on its earn
ings from this source are illuminating
Statistics of the Guaranty Trust Company
show that last year the interest received
from money put out on ''street loans"
was only 4.95 per cent Of the total earnin IS
Of the company These figures include
both demand and time loans. Interest on
demand loans accounted for $50 per cent
Of the company's total earnings These
statistics show what a negligible item the
interest on street loans is In large
banks earnings
BREAK IN MEXICAN OILS
Weakness in Mexican oils was attributed
to dispatches from Mexico City. announc-
ing President Carranza had issued another
Of his long list of drastic oil DEGREES The
latest decree provides for an increase OF
export tax based on net value. Officials
OF Mexican oil companies say the decree
will work a great hardship to all Amcri-
can cor'nantes now operating in the South
erD Republic. AS a result Of the pubijca-
ton of the new decrees Mexican Petroleum
broke more than points and closed
with net loss of 81 points. Texas Com
pany suffered point net loss Pan
American declined 2,a points and the e
issue 1la. Royal Dutch closed with a frac-
tionaI loss
MONEY RATE FLUCTUATIONS.
The decline in the money rate 10 G per
cent after renewals had been made at 10
per cent was in lins with the apparently
fixed policy of the banks to establish a
relatively high renewal rate every day and
then to permit money to case up after tho
bulk of collateral loans has been made
The feeling is that money will work easier
by degrees. as January disbursements Of
dividends and interest return 10 normal
banking channels. On the other hand no
real ease in money is likely because Of the
very evidently overextended credit posi-
ton of business generally. II Is. with a
view Of correcting this evil that the Fed
eral Reserve Board Is holding a nation
wide conference of bankers in Washing
ton today.
STRENGTH IN SILVER STOCKS.
Strength of precious metal stocks silver
in particular, is due TO the steady outflow
of gold and silver. This is resulting in a
continuous decrease in the country's sup
plies of these metals. According.to figures
announced Yesterday by the Federal Re-
serve Board gold is being shipped out of
the country at rate Of nearly five times
the volume OF incoming shipments of the
metal. while silver exports excel imports
by approximately three hundred per cent.
The Board estimates that the total Of
gold exports during the pa ST twelve months
was ss5i. .66s. .l40 compared with the imports
of s7S.9i4.75S for the same period. silver
exports during the twelve months totalled
1921 ,1ls,S70. and imports ss5.s9a.S2S India
and China get the bluk of this country's
exports Of silver. The only way out of
this dilemma. say officials, is increased
silver production. During the last year
500 1s0.71s of silver has been shipped to
British India. while imports OF silver from
that country have been nil. China, during
the year, absorbed s7o,1cs.537. meanwhile
releasing none of its imported silver for
other markets
POSITION OF AMERICAN CAN.
Directors of the American Can Company
arc scheduled to meet today. This fact
gave rise to renewed talk of dividend ac-
ton on the common stock. Rumors OF
accumulation in expectation of declsra-
ton have attended the recent upward