The Washington herald., 1920-07-11
STOCKS RUN
TRUE TO FORM
Better Feeling Develops and
Prices Advance General
B Throughout List.
GEN. MOTORS ACTIVE
Oils, Motors, Steel and
Equipment Shares all Join
In Upward Movement.
GEN. MOTORS ACTIVE


In banking circles at the end OF iast
week and which was referred to IN
these columns at that time, devei-
oped as per schedule with the re-
suit that prices moved UP generally
throu shout the list. The oils. mo-
tors, steels and equipment shares
all shared in the upward move
rnent, while some OF the rails en-
loved advances OF greater proper
tions. the conspicuous feature being
Reading, which touched q new high
level on the present campaign. Cen
eral Motors common stock develop
ed strength early in the week and
sold as high as 2s with the absorp-
tion Of the issue coming from what
was characterized as the strongest
interest of the Street The under
writing Of s2s,oo0,oeo of new stock
which was offered to stockho holders
for subscription at $40 a share was
highly satisfactory, the bankers not
being called on to take any part OF
the stock. This was regarded as
Of the highest Importance and i'm
fnediately after the expiration day
for the exercise of rights privilege
the advance began carrying the
stock up to the high level men
toned. II is learned that earnings
of the General Motors Corporation
are now of record breaking proper
tions and this year will establish
the largest gross and net that has
ever been recorded in the history
Of that organization.
More favorable Mexican news rel
ative to the oil situation in that
lxr raAanfah
in such issues as Mexican Petrole-
um, Pan American Petroleum "B''
stocks. which were active and sew
eral points higher at the close of
the week than the quotations re-
corded just prior to the turn or the
half year Numerous gains were
made. in the stocks representing
some of the smaller oil corpora
tions. some of which have not yet
been listed on the New York Stock
Exchange. Fensland Oil for in
stance, which is traded in on the
New York Curb. advanced about
points on reports that that corpora
tion had brought in a new well, or
was about TO do so. while Houston
Oil, which was introduced on the
New Stock Exchange during the
past week scored an advance OF
over 20 points.
Marine stocks.
Marine preferred. one Of the i'm
portant so-calIed shipping stocks.
was active and firm following the
announcement that President Frank
liza had Negotiated an important ac-
QUESTION in London. and there was
q pretty general tip that this stock
is again on the way to above par.
1t IL recognized that the present
dividends paid on the Marine pre-
ferred stock show q handsome re-
turn to the holder of that stock.
although there is no definite assur-
ance- that the present extras will
be maintained indefinitely In the
future. This naturally will depend
somewhat on the volume of earnings
that is realized but the present in
dications are that they will be sat
isfactory. particularly those derived
from the handling of passengers.
U. s. steel
Z. 8. steel common moved up
moderately during the week, al
though the gains recorded In this
issue were not of as large proper
tions as those recorded ir many of
the so-called specialties. Steel COM
mon in the past has been recognized
as market leader but some pro-
fess to believe that the stock Is now
so generally distributed as to have
passed largely into the investment
class OF issues and the predictions
are heard that fluctuations in the
stock in the future will be OF small
er proportions than those of the
past several years. in periods of
great market activity, The Steel
Corporation has strengthened its
asset position to an apprecisble ex-
tent during the past decade and IN
trinsicslly is worth great deal
more money than the present level
Of quotations would seem to indi-
cate.
Rails.
It was said that the buying OF
Reading stock had been by some of
the strongest banking interests in
this city and Philadelphia and this
was Interpreted as indicating that
those purchasing the stock were
thoroughly conversant with the
plans that were to be adopted in
ronnection with the dissolution Of
that corporation in accordance with
the decision of the United States
Supreme Court. The Reading Com
pahy. rs II well known. possesses
assets OF great value and naturally