The Washington herald., 1920-09-10
Professionals Whipsawed
When List Turns Strong
And Closes With Rally.
p MEXICAN PETE LEADS
United Fruit Scores Huge
Advance Sugars Con-
tinue Strong.

w. New York, Sept. 9.-lrOteSSl lOnalS
made a raid on the market today
hoping TO get some cheaper Stock
but they lost their money for after
a short period the whole list turned
strong and closed in the midst Of
an advance. Mexican Petroleum
was the leader in the final hour.
that stock scoring a gross advance
of more than six points.
The raid was made because re-
ports from England were to the
effect that the authorities had little
hope of avertiug the coal strike.
If the British coal miners strike t
will hold up not only British in
dustries but will interfere with
shipping to such an extent that
American ports will be seriously
crippled. The 8ouhudIng Of Amerl-
can ports would naturally cause a
renewal Of the congestion at rail
road terminals and an increase of
bank loans due to the necessity Of
carrying an abnormal volume of
finished products. That would in
crease money rates and in turn re-
act on the stock market.
Traders thought they could start
this row of bricks falling but they
forgot that the stock market has
looked forward for months to just
such situations. Somebody was in
the market buying stocks freely on
the decline and professionals soon
turned and joined the procession.
Mexican Petroleum.
The fact that the Mexican
Petroleum Company can acquire
100000 acres of Ieaseholds in
Mexico without doing any new
financing is waking the public up
to the strength of that corporation.
o. The acquisition of this land by
the Mexican Petroleum Company
has d far greater and deeper
significance than mere dividends on
the cOmDany's stock. It means that
the Mexican petroleum people are
confident that the Mexican Fangle
is about settled.
Mexican > per cent bonds sold today
at - which is an advance of s
points in the last few days. They
are being bought by bankers who
believe that the new president will
be a builder. They believe the
Mexican people are sick of revOlU-
tiou and that boom era for tha
republic is on the cards. Shares in
Mexican railroad companies are be-
ing picked up also.
United Fruit.
United Fruit advanced 13at points
and American International. which
has Il large Investment in the com
Dsny. rose a. points Street rumor
is to the effect that the United Fruit
will declare a stock dividend Of $50
a share. American InternationaIs
share of this would prObab bly, make
up all its loss on Simms Petroleum.
Even Simms Petroleum is said to
have fighting chance for recovery.
American International was accu-
mulatCd heavily in the recent break
by inside interest~
Sugar shares were all strong
again although advances were not
large. Cuba Cane displayed the
greatest strength but the street be-
lieves important developments are
going on in American Beet Sugar
which will be reflected in the mar
ket.
Railroad stocks were in better
demand but the Street has quit talk
ing about a rail market in which
only railroads are to advance.
y new moving picture is talked
Of in Wall Street. the latest gossip
including LOews. Fox and GoIdwvn.
The New Hampshire election was
seized upon by traders as a reason
FOR buying stocks as was also the
large attendance at the sales room
Of the American Woolen Company.