The Washington herald., 1921-01-28
STOCK ACTIVITY
REVIVES AS OIL
PRICE ADVANCES
Healthy Gains in British
Sterling Bring Foreign
Buyers in Market.
PRICES SAG EARLY
Rumors TO Effect That Gener-
al Asphalt Movement Is
Over.

NEW YORK. Jan. 27.-Ar,f,i,v
and strength in the oil stocks To-
day gave a touch OF life to an other
wise dull and irregular stock MAJ
ket Prices were heavy early IN
the day but rallied in IN, after
noon this being the reverse OF IN,
Wednesday program on the floor
OF the Stock Exchange. Operstfops
were almost entirely for the a.
count OF professionals and SON.
houses are reporting that from frty
TO sixty per cent OF their daily bus
ness is being done in such spe,g.
lstive fsvorites as General Asphs.t
and Mexican Petroleum This is sr-
Cepted as meaning that Itrrs ar.
many people who want 10 DO some
thing in the stock markrt hur will
have nothing to do with an,thInE
that is not active.
SteriIRE ImProVcs.
The chief factor #mna-r.r~
strength in the afternoon was The
Improvement in sterling ,xghsnr.
which at one time showed "a n
uf 5 cents The steady b.lts-m-r,
in the market for sterling has al
ready found reflection m brNr-e
orders from London for some
/ American railroad shares It vii
be remembered thIr the Engrsr
wer, compelled TO part with thsr
Investments OF hIch -rsde Amer
can railroad stocks from the no.
CussIJN OF wal and there Is no que
iicn n the minds 90. InJernaIIOua
bankers that Tho English invesrors
will seek the earliest opportuur,
to place som, O: their lsvorrt-
shar : when Oh, market for s,esI-
I ing eNChanG, JusJ.fl.s such Iraus-
ac' .ons.
II was noted yesterday for .h.
first time since the war that ,-r-
tain international houses v,r. bun
ers OF such issues ss Ar,hlso-
southern Pacific. Jn3on Pa,fr anq
kindred stocks
DulIness predOminajsd % the
early trading The bear attack vas
made earlier than usual and no..
suited IN a decline Of from 'o -
points in some Of the ms. a.r.v-
issues The moment the seU#rE
ceased. however. recovery SCI 20
around noon.
Rumors current in the street yes
W. Aa " fAf H-AH tue lll..f laNf Q. lN
General Asphalt was over. This
precedrs a return 90 this co-nrrv
Of the head Of another comnanv
which has South American proper
tics and who probably fs in pos
tion 10 discuss the General As
phali properties in South America
Good OIL Report.
As predicted in this column so-ns
weeks ago. expectations OF the ue-
ginning OF dividends on PittSbLrC1
and West Virginia were nO' ~
filled The directors met yestprda. ..
but did not consider the outlook
as warranting the Transportation ~
payment to shareholders
Oil stocks were aided YESTERDAY
by a rUmor received from Wasn.nC-
ton that q very favorable r,po-'
concerning the oil situation wou.a
be made public shorty.
This helped intimldare the shorts
to cover in Mexican Petroleum and
caused net gain o. nearly fNa
points This rise followed = de
cline early in the sessions 81 roar.'
one point. The position o. the shorts
was also made uncomfortable b.
The optimistic utterances ~ ono r.
the officers OF Mexican Pet-r ...r-
The pool continued sctIv, " TsNr~
and Pacific Coal and OIL and -e-as.
tho price up two points
Activity and strength o. I-..--
national Paper reflects tho continued
buying by people who cy0'r' Via.
the company will place tho shares
on a dividend basis or announce o.
substantial stock dividend rrDrC~'-'
ing part OF the earnings placed
back in the property sim 'E. hs-
ginning OF the war