New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-04-30
Much of Early
Cain i'm Stocks
Is Lost Later
New Influences Brought
to Bear Upon Market
After New Highs Are
Made; Tire Shares Active

New influences were brought to bear
upon the market at the Stock Exchange
yesterday where the general list, after
an early vigorous display of strength,
underwent a sudden and pronounced
reversal in form around midday, result
ing in the loss Of much Of the ground
gained up to that time.
In the first two hours the recovery
which has been in progress since the
beginning Of the week pushed numer-
Gus issues to new heights, with tire
stocks holding we'll IN the van Of the
movement. Then news from Wash
ington of an unpleasant nature having
to do with the Mexican oil fields broke
the spell with striking decline in
Mexican Petroleum and allied issues,
whereupon the whole market became
unsettled and irregular, continuing so
until the close.
Despite the severity Of the midday
setback, the average price OF thirty
representative industrial stocks closed
the day at slight net gain oyer
Thursdays close. An average taken
Of the same stocks when the recovery
was in full swing in the forenoon
would show price fully a point above
the closing level. Tho rail shares,
which were under pressure on Thurs
day on the reduction in tho Pennsyl
vsnia Railroad dividend and which
steadied on Friday, continued to dis
play . firm tone, closing practically
unchanged in the average.
Tho news adversely affecting the
Mexican on shares was based on TO
per.s OF Federal agents in Mexico,
who indicated that the United States
Government must look elsewhere for
its future oil supplies owing to the
approaching exhaustion Of present pro-
ducing areas. One agent was quoted
in the Washington dispatches as re-
porting to the Commerce Department
that the present producing fields of
Mexico would soon be matter Of his
tory, the point being made that en-
croachment Of salt water in the wells
10 seriously threatening production
Representatives of the Mexican oil
companies asserted that the reports
were without basis in fact and put out
for purposes of propaganda. Never
theless, so much has been said of late
about big Mexican wells running to
salt, water that Wall Street is yet to
be convinced that there is not some
basis for the reports. The decline in
Mexican Petroleum stock yesterday
carried the price from an early high
Of 161A to q low of 1451s, a drop of
61s points, from where it rallied to
14632, showing a net loss Of 3 points
The tire stocks held the center of
the speculative stage in the early hours
Of trading, and some striking gains
were recorded in U. S. Rubber, Fisk,
Kelly-Springfeld and Goodrich.
The most striking movement &C.
Cured in Kelly-Springfield shares,
which jumped points on dealings
which made it one of the market lead
ers. The sudden flow of buying orders
IN this group of stocks appeared to
be based upon the reports of steady
improvement in the industry as a
whole. When the rest of the market
sold off the tire issues held their
ground we'll.
Much was made Of the Federal Re-
serve Bank statement as a favorable
factor, and the Street continued to talk
about an impending reduction in redis-
counts. Call money held at Z per cent
through the session. The foreign ex-
changes were firm, with French francs
closing strong and higher than Belgian
francs. '@''