Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1921-09-06
short killing
SENT MARKET Up
Mexican Oil Compromise Agree
ment Signal for MerciIess
Bear Roundup

New York. Sept. 6.--The reported
compromise agreement reached between
the Mexican Government and the Amer
lean oil interests supplied fresh and
powerful impetus to the recovery move
ment which started last week and pro
duced little short Of a buoyant stock
market today. The outstanding short
interest was subjected to mercilcss
grueling ms the various pools and other
speculative combinations bid up their
specialtics vigorously upon all efforts
to reduce outstanding short commit
ments. The recovery, forward swing
or drive against the shorts. or whatever
you may want to call 1t. was Of n pro-
grcssivc type and practically extended
To all classes Of stocks. wild, the more
sensational rebounds occurring in thC
industrial division.
In addition to the reported clearing
up of the Mexican controversy, there
was another sensational upward whir
in tie cotton market. raising some of the
months up to $50 II ba!G above last
Fridays final prices. These influences
alone could be counted upon spreading
unca,incsS in the bear camp, but possi =
bly, what gave the smaller shorts their
biggest scare was the published optimis-
ii" and bulish interview given by one
of the recent most prominent leaders
in the bear ranks. This was the lHst
straw to break the camel's back. and
the acknowledged dcscrtion of this for =
rncr big value SmAsher was altogether
too much for tho bear following u
stand. The scramble to cover in all
parts of the list was little short Of n
stampede. and had it not been for tho
liberal realizing on the part of those
who had the tcmerity to buy anywhere
from > to 10 points lower. the massacre
of the shorts would haze been more dis
aStrOus.
The short killing began with the
spirited upbidding of the oils. the Mex
lean shares lCnding. with Mexican Pc
trolCum heading the procession with a
Jump of more than points. to 112i2
and which compared with S4i2. the
price the stock touched loss than two
weeks ago on the dividend canard.
There were spirited advances registered
ut the same time by Texas Company
General Asphalt and Pan American.
Other prominent oils. domestic as we'll
rs foreign. made advances ranging from,
large fractions to more than point.
While the oils dominated the market.
there was soon frantic covering in many
of the other induStrials, particularly in
the various groups which recently were
subjected to the greatest pressure.
The fact that the further upbiddinE
was accomplished without meeting
fresh liquidation encouraged the pools
TO become more venturesome, and they
proceeded to give the shorts severe pun.
inshmcnt. Little would be gained to par
ticularizc the individual demonstrations
1t is only necessary to state that on
group after the other was caught in the
vortex and rapidly carried up. The re
bound even reaching the much neglected
copper shares before midday. At thi
time the entire industrial division
showed gains from ] y 10 nearly
points above Fridays level Compared
with the lows" made in the early par
OF last week the gains reached mucl
greater proportions.
Rails such as Union Pacific. Read
= ing. Northern Pacific. Southern Paciti
and 500 were distinctly strong. bu
the demand for the carriers was rela
lively limited