The Washington herald., 1921-09-03

NEW YORK, Sept. 2.-For a
trading day preceding a triple
holiday the market was fairly ac-
tive. and, with the exception of
some uncertainty at the start, the
list was strong. The short interest
was apparently anxious to get out,
and by noon only four stocks were
Inaning at a premium, these being
American Sugar. Harvester. Cru
chile and United Drug. Talk Of
pool operations on the long side
and belief in a stronger market
after the holidays helped selling
by shorts. Advances of from l to 4
points were made by many issues,
the strong features being Asphalt.
Steel, Crucible. General Electric,
Mexican Petroleum, Pan-American
Petroleum, the tobacco shares and
American Agricultural Chemical
among the industrials, and Great
Northern among the rails. The
rails, however, Jagged behind the
industrials. A favorable bank
statement and the rise in cotton
had a good effect on the market.
The overnight news from Mexico
City was conflicting. which Is
nothing unusual. On the heels of
optimistic statements relative to
the outcome of a meeting arranged
for today between representatives
Of American oil interests and MeXi-
can government officials came a
dispatch to the effect that Presi.
dent Obregon has intimated a
treaty with this country might. not
be altogether desirable and, in ad-
dition. the Mexican treasury has
caused an embargo to be placed on
oil shipments by American compa-
nies which have not paid the taxes
on oil exports for July. The Street
was apparently inclined to regard
the situation as a whole as favor
able and Mexican Petroleum, Pan
American Petroleum and others of
the oil group were strong. One
rumor had it that one OF the oils
may be expected to make another
new low before IL definitely starts
upward, while in other quarters It
was intimated this issue right now
is in for q strong upward swing.
Gables from London state that
oils have been in good demand
buying for both American and
French account. In this connection
1t may be noted that Royal Dutch
touched a new high in the early
trading at sos. which price rep
resents a gain of over points
within a week. The earnings of
this company are considered good.
"a N-I
been conspicuous for strength all
week, were again going strong. un-
der the leadership of Tobacco
Products. which made q new high
for the year Before noon. Ameri.
can Sumatra followed closely and
got up over 8 points above it's low
Of last week. The report goes that
a pool has been formed by q couple
Of large operators who have started
to work on the upside with a to-
bacco stock, a meteor stock and
prominent oil stock as the vehicles
Of their operations. Indications
point toward a good deal of sue
cess In the case of two Of the is
sues. but there seems to be con-
siderable doubt as to what may be
accomplished with the other.
Motor issues weren't. visibly af-
fected by further announcements
of price reductions, which have
beent increasingly frequent This
mornings contribution to the
gEowing. list of :second- time for
the-year". cuts were made by the
Ford company, and Is the fourth
announcement within two days,
the others being Roamer, Franklin
and Jackson The Ford company
reduced prices last June and also
last autumn.
The rails were firm for the most
part. following their decline on
yesterdays selling. which was to
be expected Sentiment today,
however. did not seem TO be quite
SO optimistic with regard to the