Evening star., 1921-11-07
IS LIGHT, !.
OILS RE.LEADER|S
Speculation Dull, Evening
Trades Over Holiday--Motor
Shares Show Improvement.
BIZ STUART p. WEST.

NEW YORK. November 7-Nothing
much was expected from todays mar
kets in view Of the holiday tomorrow,
and with another day Of suspended
business in prospect for next Friday.
It was to. be anticipated that the
whole effort, Of tho day would be. to
wind up as much as possible open
speculative positions while initiating
few new venturea.
All the markets in which the specu.
lattve element is prominent were dull,
with narrow and uncertain price
fluctuations. This was true - OF
stocks, Of cotton and Of grain.
vestment operations were predomi::
nant, the same sort Of hesitancy and
disposition to delay were in evidence.
This was natural in view Of tho ad-
vances of 2. s. and points. which
have occurred within the last week.
Liberty bonds, some Of tho foreign
government issues and q number Of
domestic corporation issues were
higher at tho start, but subsequently,
reacted.
Business. while active. WAS consid-
erably less than on tho big days Of
few hours. trading in stocks was al
most ,featureless.
Shares Of the homo oil companies
had come down at the opening and
quickly rallied on the news Of an.
other 50-cent advance in crude OIL
quotations In the midcontinent field.
There had been q run-up in Mexican
Petroleum because the open specula-
tive account in its case was mainly
| on the short side.
The general list was rather inclined
to sag, but in the early afternoon the
market was turned by the heavy buy
ing which appeared in General Motors
common, following a further active
demand for preferred stock.
This promptly brought about buy
ing orders In Chandler. StudebAker
and other motor shares and led to =
tions.
In the exchange market tho notable
fact was not so much the further
break in marks as that this coin
cided with equally, decided strength
in the other exchanges. Sterling
went up to within a cent and half
Of its recent high and was within 6
cents Of the top of the year. MADE
last winter.
Italian lire sold at tho highest IN
a long time. and the upward course
Of Dutch and Scandinavian rates was
likewise very evident Taking these
movements in connection with the
light shown by the weekly statement
of the Reichsbank. it becomes clear
that Germany has been engaged In
another heavy buying movement in
foreign currencies and extent OF Its
own deprecated money.
Note circulation, tho expansion OF
which had seemed to be checked,
rose nearly q billion four hundred
million marks during the week-the
most tremendous emission Of paper
| currency that has yet occurred. Since
the early part Of June. when prepa-
rations for the indemnity payments
began. the circulation item at the
German central bank has risen from
| $4,000, ,00O, 900 to 91.500. 100000 marks.
| The oil stocks were the center Of what
| little interest there was in the market
today. The American oils had led the
ent advance. They were the ones
which attracted the largest outside fol-
| lowing and consequently were supposed
| to be in the most vulnerable position OF
| any. Bear traders and bear market
letter writers trained their guns upon
this group principally and it was for
| this reason that their action was most
significant Pacific oil was weak at the
| start and 20 were California Petroleum
and one or two others. But the prompt.
ness with which these stocks steadied
| was a revelation to the rank and file OF
traders. 1t showed that there had moi
been any serious amount of distribu-
| tion.' It showed also that effective
support was coming into play at prices
| which represented q comparatively
slight reaction from the best