The Washington herald., 1921-10-04
PETROLEUM AND
COPPERS FEATURE
STOCK EXCHANGE
Traders Seek to Acquire
Low-Priced Oils, Espe-
cially Invincible.
MEX. PETE. STRONG
Stock Remains Firm in Spite
Of Bearish Tendencies of
Huge Majority.

NEW YORK, Oct. 8. - Today's
stock market session would have
been the dullest in weeks but for
the activity of petroleum and cop
per stocks, especially the former 1t
seemed as IL all the active stock
traders in the Street were bent on
acquiring the low-priced oil shares,
showing preference for InvIncible.
Even Mexican Petroleum was firm,
in spite OF the fact that nine out
OF ten persons in the market COM
munity are hopelessly bearish on
the stock. The market as a whole
was firm and uneventful apart from
the rise in the groups mentioned.
and heaviness in the sugars. Lehigh
Valley made a new high for the
year early in the day. but other
rails were barely steady.
sugar Situation.
The sugar situation in general.
and the problems Of individual
companies in particular, were re-
sponsible for the weakness Of su-
gar stocks in today's market. Amer
lean Sugar Refining common sold
down 2Iz points 10 57h. a price
which was duplicated only in s1hs
first year of the company's sNtse.
ence-1S9l. The preferred droppcd
similar amount 10 a level that nsd
not been touched since 1899 There
were two rumors in circulation to-
day. Ont was to the effect that tne
company is preparing to do sum,
new financing. and the other a stssy
questioning the preferred stock dts.
idend. Neither Of these rumors hsd
any official foundation. Anothet
pronouncedly weak sugar stock was
Cuba Cane preferred. which broke ,
points to l4iz. While there is any
doubt about the debenture bond
holders asserting to the plan where
by the company would receive a
loan OF $4,000. 900 the Street ex-
poets this stock 20 fare badly in
any weakness Of the sugar group.
Crude OIL Prices.
The recent advances in crude oil
prices have worked wonders with
the oil stocks. especially the low
priced issues. The remarkable
gains of last week were followed
UP as soon as the market opened
today. Invincible standing out
again as a leader for reasons which
are vaguely hinted at in public, put
which are fully understood in one
house that has been credited with
making the market in this particu-
, lar issue for months. The house in
question brought many of its Gus
toners into the stock just before II
brought from around % TO 5iz. In
vincible advanced without interrup-
J tion today until Il reached IL, a
price which represents a gain ap-
Z proNimately so per cent from the
/ low of last week. Texas Company.
Cosden. Texas and Pacific Coal and
Iron. White and even the lowly ok
lahoma Producing were actively
bought.
There was some recoil in today's
market from the selling Of traction
stocks last week. The position of
these stocks has been made more
or less secure by the expert opi n
/ ions that have been expressed since
( the Transit Commission filed its
/ plan for unification. Yet Brooklyn
/ Rapid Transit has recovered Is.
points from the low Of last week.
InterborouEh preferred a half point
and Manhattan Railway guaran-
teed stock points. These were the
more active traction issues in to-
days market