Evening star., 1921-12-13
STOCK LIST ACTIVE,
AT HIGHER PRICES
Hesitation Is Eliminated.
Mexican Petroleum
Leads Oils.
BY STUART p. WEST.

NEW YORK. December 13.-Inter-
est. which had centered yesterday In
the sensational movement of the ex-
changes, today returned to the secu-
rtty market. The reason for this was
twofold. In the first place, the ad-
vance in the exchanges was not main
tanned, but. on the contrary, there was
every evidence thar the upturn had
been considerably exaggerated by
speculation and manipulation.
In the second place. the stock mar
ket itself grew much more interest
ing. 1t threw aside the hesitation of
previous days. completely upsetting
the reaction theories" which had
been propounded in commission house
literature for weeks past. 1t Launched
out upon an active ana broad advance.
under which one after the other of the
speculative leaders went into new
high ground for the season.
No fresh reason could conceivably
be put forth for this demonstra tion.
The market was simply continuing
along the lines upon which 1t has been
moving for the last two months or
more. For this movement there have
been three main causes. One Is Inc
overflow of the tremendous investment
demand, another is the return to easy
that these will last well into next year,
and the third Is the confidence that
while 1922 will not be boom year in
business. il will be a period of reason
able profits in most lines of industry.
Mexican Oils.
From a professional trading stand
point the ability Of Mexican Petro-
ieum to get through its November
high and later it's September top also
was of much Importance not only for
the stock itself. but for the entire
market. Beyond certain rather vague
talk about new oil wells. there was
nothing new in the Mexican Petro-
leum situation. Right along there
has been sleeping short interest In
both Mexican Petroleum and the
pan-Americans. The dividends come
off these stocks on Friday next, ana
what apparently happened today was
that some of the shorts decided mat
they did not wish to have these diV-
idends charged up against them
Starting with this sort of buying the
Mexican oil move was eventually
turned into bear rout.
Copper. zinc and smelling shares
continued to forge ahead as they nave
been doing steadily for a week or
more past. There was nothing at all
spectacular about their advance. no
effort to mark up prices. Rather the
movement gave the impression OF
genuine accumulation going on.
Chile Copper was the real leader.
There is strong pool at work IN
Chile Copper. but more important
than this was the evidence that
large outside following was being
attracted largely on account OF the
low price of the shares. Inspiration
got through 40 for the first time ana
Chino through 29. There was un-
usual activity at advancing prices in
the zinc shares. especially Butte and
Superior and the Little Butte Copper
and Zinc.
Rubber stocks.
Rubber and tire shares were bid up
again in further response to the an
nouncement yesterday that the price
of crude rubber has risen to FL n
cents a pound. the highest of the
year and q recovery of 10 cents from
the lowest. This advance of nearly
so per cent means. OF course, great
deal for the inventories of all these
companies. Most of them had
down to II cents and some Of them
lower still. The rise Of the last
month, will. therefore. make con-
siderable difference when 1t comes
to the rubber concerns balancing
their annual statements.
International Mercantile Marine
directors will meet on Thursday to
take action on the preferred dividend.
Due to the sharp rise which Marine
people who think that something will
be paid on account of back dividends.
But those in close touch with the af.
fairs of the company say that only
the regular dividend of $l.50 will be
declared.