The Washington herald., 1920-09-04
0IETAKELEAD
'INNALLSTREET
Meaciln Petroleum Most
Active With Advance
Of Six Points.
|COPPERS ALSO STRONG
poo, 600, in French
Gold Should Cheaper
Money Rates.
COPPERS ALSO STRONG

Scw York, Sept. ;. - Petroleum
stocks were leaders in the Wall
Street market today and the rails
dd practically nothing. OF the OILS
Mexican Petroleum was the most
active, scoring an advance Of nearly
p Is op a rumOr that there had
be-.s-further favorable developments
in Mexico affecting this company.
Texas Oil was second in Importance
narketwise on a rumor Of another
stock issue soon to come.
The coppers were strong and the
tobaccos held well. The steels
scarcely moved while the rails show
ed evidence Of profit taking.
The French loan will be an
nouneed on Tuesday and as it VIII
contain redemption by lot feature,
like that OF the Belgian loan, Wall
Street expects it to 60 with whlrl.
n Money renewed at per cent and
loaned as low as 6 per cent
French Gold Company.
The stock market just now is un-
der the influence of CheapeninG money
rates and of more liberal supplies or
credit Time money has not come
into the market, but Wall Street has
! not had any time money for months
{ anyhow. The cheapening of the call
late has Inspired many pool move
rnents. Not less than $l0O.OOO.OOO OF
gold is expected from France IN con-
nection with the settlement OF the
Slo-French loan. Gold will also
= come from Great Britain, so that for
the next six weeks the agricultural
regions can call heavily for funds
on New York without embarrassing
l-the stock market.
COppers.
Hooper stocks continued strong
,ecause trade conditions are such
mar they are likely to have large
earnings in the near future. The ac-
tual business is not yet under way
but it is close enough for the IN
n.Sers to feel that the time has come
pay attention to it in the stock
arket
The turn is also near at hand in
he tire and automobile business
kelly Springfield. for instance, had
an advance of points today and
<se<e was evidence of good buying
in otnsrs of this group. The tire
companfes really deserved what
they got n the stock market. They
went into the season with manutac-
turing plans based on the use OF
six tires to an automobile. That
there are so many cord tires this
year that thousands of cars will get
through the season without wear
ing out even four. The result is
that the average has been brought
TO less than five tires to the car.
Rails.
Railroad shares showed unmis-
taxable evidence of prOt-taking to-
rr~a- ,v.
that they are through their cam
paign. There are tens of thousands
of Shareholders who have many
weeks to wait before they can get
out even The people who are SELL
ing now are those who were bold
enough to buy in the recent panic
for Wall Street really has gone
Through a panic. And even these
who were selling today did so chief
b on account of the holidays. The
rail profits have come swiftly
the last few days and in a three-day
holiday many things may happen
10 affect the stock market so the
professionals decided to have a little
cash.
Candy stocks showed marked i'm
provement today. Loft, Continental
and United. Retail Candy all being
higher. One of the reasons for this
Is the collapse n the price of sugar
1t is known that the United Retail
Candy Stores deliberately curtailed
their campaign of opening stores
!. because the Whelan-Duke interests
did not care to run counter to pub
lie sentiment by urging the use Of
more candy at a time when it was
kfificult to get sugar for ordinary
Veonsumption.