Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-12-07
OIL ISSUES
MARKET FEATURE
Trade Unusually Quiet at
Opening of Market.

NEW YORK, Dec. dealings were
unusually quiet at the opening OF the
stock. market today, only moderate price
changes being recorded, some issues max
ing gains while others receded slightly.
Attention was attracted to Texas-Paci-
&c Oil and Coal by the statements pub
nshed this morning of the high valuation
placed on the oil land leases by the Gov
eminent, and that stock rose points to
SO, which was quickly followed by a re-
action to 321z.
Mexican Petroleum rose TX to 1881,
followed by a reaction to 172&.
Pan-American Petroleum made an open
ing Of g to S2h.
Union Pacific was In fair demand, start
ing with a gain OF g to 1925 and then
reacting to 1021s.
The Rights rose fractionally to %.
Steel common ranged from SIS to S2k
during the first fifteen minutes
Baldwin Locomotive was in supply,
dropping Z to 94A.
After the start the old stocks became
prominent and on large buying orders
rose vigorously.
Mexican Petroleum rose 4S to III, and
there was continued active trading IN
Texas-Pacilc Coal and OIL, which rose
3& to 34a4.
California Petroleum continued active.
making a gain Of two points to 2415,
and Pan-American Petroleum rose two
points to S3M
Royal Dutch, after selling down to
661a, rallied over one point
A better demand was shown in many
of the industrials and in some rails.
Reading was another strong feature,
advancing 1ls to SS$4
A food Of selling orders in WHY'S
Overland issues featured the market dur
ing the afternoon.
The preferred broke II points to q
and the common yielded points to 5h
both new low records.
The weakness in these issues had a
disturbing influence on the entire list.
by Thomson & McKinnon)
Dec. c.
At the opening of our market there
was a liberal supply of buying orders.
and the market had an appearance OF
strength. with some improvement here
and there in quotations.
In a few moments the demand was
satisfied and then stocks were in more
plentiful supply
Otferincs became free and the market
began to recede. And with the easier
wed coment on the mar
ket's unfavorable points, such as Sat
LrUay's showing by the Reserve Bank.
the need by various companies OF new
financing. and the SuppoSitiOn OF re-
ductiOn or passing Of some dividends.
The fact OF the matter Is that We have
a market with very decided Limitations.
and tOdsys elimination Of tina most re-
cent Improvement demonstrates this
fac c.a~iv.
There is no real big swing in sight
The main point 10 bear in mind is that
the extensive liquidation that has Oc--
CURED clears the situation fairly well.
The next move OF consequence Will no
dOu5t DE- an upward one but during the
interim we should expect nothing more
than fluctuations based on technical con
ditiOns.
Thee are undoubtedly a good many
weak spots in the market and these may
tend at times 10 unsettle the entire list
just as there are strong points in the
market which Will now and then help to
steady the list
his is a time for the accumulation Of
stocks by investors and traders should
be content with occasional turns. and can
safely operate on the long side by buy
ing on the weak markets