Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-14
MEXICAN PETROLEUM IS
FEATURE In WALL Street
Opens at lis - Unchanged
and Shoots Up to 100 81
Around Noon.
HEARS ARE SrAMrEDED
Activities Encourage Pools In Other
stocks to Tnkr Iinnd In Working
Tor Higher Prices in All Issues.
Foreign Government Hands strong.
Hy u. l.. Hnrn,In.

ny u. H.
NEW YORK, Dec. 10 Mexican
Petroleum. which opened ,his morn
Ing al ll5 l-2. unchanged. and shot
UP 10 TO 81 around noon. was
easily the feature Df today's STOCK
market. There liz Il large. short In
tcrest In this stock. part OF which
was run 10 cover today. aud the way
the bears were stanipcded cncour-
aged POOLS in other stocks to take Il
hand ia working for higher prices.
Stockholders 10 Stick.
some Shrewd traders are predict
ing that the last half Of this Deem
Der will make "A very different show
Ing stock marh"twiSc than has been
the cSsc In recent years. From now
on. IL Is being pointed out. large
holders or stocks are not going TO
sell 10 establish !oss.r for tax pur-
poses. stocks thus held We're accu-
inulatcd at lower price,. and IL sold
now would show profit on which
tax would have To be paid. Then.
again. II Is being pointed out. the
banks and trust companies have
taken vary heavy losses this year
ana hence would not he opposed to
NindOw dressing. That the banks
favc recently largely Increased their
Investment holdings is II matter Of
record An increase IN prices would
help their ycar-cnd statements
While Increasing their Investment
holdings the banks have been going
glover In reducing their loans Ac-
coidinr 10 figures available today,
The banks all ovor the country re-
porting to the Federal Reserve hoard
by wcck.. reduced loans from DC
toher 20 10 November 80 by only
ssG.0o0.oOo. whereas from September
% Ia October - the reduction was
1881 900, 900
Foreign Honds strong.
There is Il chance that Samuel Nc
Roberts. formerly president and
director OF the National C!ty
Bank under the Vanderiip manage
mcnt. may be president az the Met
ropol!tan Trust Company Share
holders Of this institution have Just
received letter asking for an OPP
ton on stock for IN" account OF Nc
Roberts and associates.
Foreign government bonds were
very strong today. following the
signing OF the Pacific treaty by rem
rcscntatives OF the various govern
mcnts a, the disarmament confer
euce. wall street frankly admit.
thnt Tn" results OF this conference
have gone far beyond expectations
and have been decided factor In
Ia" recovery in foreign exchange.
brrinrrs 10 Fer Cent Dividend.
Chicago and Northwest. which sold
down yesterday TO % Us on ruinors
that the dividend would he reduced.
advanced today to CT rs when IA.
regular semiannual 2I-o per cen,
was declared The directors also de-
ciarcd the regular 3 J.: semlannuaI
payment on the preferred
Directors OF the frs, National
Bank met today and declared an
extra dividend Of 10 per cent. in ad
dItion TO the regular quarterly paw
mrnt Of 10 per cent. The First Ma :
tonal is not one OF the New York
banks TO write of heavy losses this
year II does not do that kind OF
business.
Chatham & Phoenix Ran!: directors
met today and declared n bonus OF
10 per cent tor employees on the
salaries paid during 1921. Halo %,
THIS Is 10 be Christmas prescn,
and the other half will be maid Julv
!. l922 Each employe viii also GO,
health and accident policy for an
amount equal To the years SALARY
l" provide sick benefits. SO far an
n"uncements This year Of bonus,s
nave been few and far between.