The Washington herald., 1921-04-19
TIMELY WALL STREET TOPICS

NEW YORK. April The oil
stocks advanced as a group under
the leadership of. Mexican Petrole-
um. The s1o.00o.000 bond issne of
this company was used as a selling
argument early last week, and with
good effect, but the successful COM
pletion of this piece of financing is
now being looked upon as something
constructive. Two items of news
coming from the producing nelds
aided today's movement in the oils.
One reported the Pennsylvania crude
oif price up Is cents. to S3.25 a bar
rel. The other told of advances Of
10 to 20 cents a barrel in the price
of the Eastern grades of crude oil.
Higher prices for oil are looked
upon as favorable to the refining
and distributing companies, as well
as to the producing companies di-
rectIy affected. The former have
been stocking up to storage capac-
ity with crude oil and have acquir-
ed paper'profits.
Crucible Steel stock commanded a
premium in the loan crowd after
the close on Saturday and continued
to do SO after trading finally got
under way today. During the first
ten minutes of this session there
was not a single transaction in
Crucible. Some construed this as
a sign of indecision on the part of
the shorts, but the market COM
munity was not left in doubt for
long. Selling was resumed and the
stock reacted more than / II points
before noon.
Next to the oils the most con-
sistently firm group on the exchange
today was that represented by the
copper shares. The better favor in
which these stocks have grown re-
Gently has been as much to real in
quiry from abroad as to the domes-
tic demand. One company has re-
ceived a second order from Ger
many. the amount this time being
1000. 900 pounds. 1t was reported
today that Japan is still buying the
metal, following up its purchases
of 100000 pounds last week. Pur-
| chases by the latter country are
considered significant in view of the
fact that up to a short time ag'
Japan was selling copper as a means
OF easing the strain on its principal
market-siIk. Japan has plans for
electrifying some of its railroads
| and will need vast quantities of
copper. improvements of that kind.
of course, will have to await busi-
ness improvement.
What the constructive element in
the Street has been searching for
in each of the recent rallies IN the
stock market is some kind of evil
dence of participation by the public.
| The most optimistic are forced 20
admit that not even the rise of last
| side buying. In this connection a
! distinction is made between the pur-
! chase of stocks at bargain prices
for investment and marginal buy
ing in anticipation of immediate
profits. The former operation has
been going on tor weeks. Keen OBJ
servers do not look for speculation
by the public for some time. They
point out that the public is saving
money. as reports from the savings
banks indicate. But they do not re.
lleve that these savings will come
by direct route into the stock mar.
ket. Tie theory is that when the
public has become confident that
prices of staples have reached the
bottom there will be resumption OF
buying of articles which the pub
lie has been denying itself. The be-
lief is that business men will them.
| selves become more con6dert au4