The Washington times., 1922-06-03
.b|GDEMANDFOR
OIL STOCKS IN
ACTIVE MARKET
Bulk of Stock Transactions
-. : Today Made Up Of Oil
e. Group.
BY w. s. COUSINS.


.-. 1920, !. Service) y
NEW YORK. June 3.-on wa,
king in the stock market In today's
half session and by far the bulk OF
stock transactions was made UP oi
prominent Representatives Of the In
dependent oil group. The motive be
hind the heavy demand for the oil
stocks was linked up both with the
marvellous developments Of. and dis
coveries In. the new acreage Of the
oil companies. and the inauguration
Of a new series OF merger rumors
affecting . number Of the leading
companies. In the latter classified
ton the % California oil propertie,
figured most prominently. and henc.
the demand for Associated OIL. Pur,
on. California Petroleum and Pacific
OIL was most persistent.
Sinclair was featured by heavy
transactions at steadily advancing
prices based on continued reports OF
favorable developments In the com
pany's fields. At 37h the stock wa,
In new high ground today, as also
were Cosden at ASH. Houston at SAN
Texas Company at sos. Royal Dutch
at 6bh Union OIL at 24!s, Mexican
Petroleum at l42z and Pan Ameri
can at 73. California Petroleum fail
ed TO hold the high level established
IN Fridays late trading. but at $50
II showed a gain Of nearly 10 point.
In as many days. and % points from
the. January low.
The merger steel stocks, Republic
ana MidVale, were inactive through
out most OF today's session, DcndinR
the outcome OF the probe Of the mcr,
ger plants by the Lockwood com
mittee. The new North America n
Steel Company stock when issurd
sold on the Outside market near so
thus establishing. tentatively, Al
least. the markets estimate of the
value Of the new stock. Tne in
vestigating committee today esta b.
lished the fact that a powerful syn
dicate had been formed to purcha &c
SIS, ,000,0 900 of preferred stock and
sos 200 shares Of the common stock
Of the new company tor abou: so,
000, 900, at which rate the North
American Company would receive 30
for the preferred and 43 for the com
mon. In addition, the promoters and
bankers were to be given the privi
lege Of subscribing for about No.oUO
shares Of the common at $40 per
share.
Prices continued to move forward
In the Industrial group and new hish
levels were established today In q
number OF the specially stocks. Con
tinental Can sold at the highest price
since 1920. The company'S business
Is said to be running % per cent
ahead Of last year and it5 finances
are in a favorable position. Martin
Parry's advance to a new high re
| Elected the completion of the merger
Of Selden truck and Atlas truck cor
pora tons. from which Martin ParI
Is to secure important coatrHcIs. Du
pont scared six points - 1S0, up n
points from the week low. Mar
land OIL reached a new hign at 42S
Cuban American Sugar topped its
best previous record 1T :6n. and
American Can also sold at new
| high at 81.
The Texas Sulphur stocks, Free
port, Tex. and Texas Gulf Sulphur
bettered their best previous records
| today, the former at 26A and tht
latter at son. As a result of tht
increased activity in the agricul
tural districts the demand for sui
phur has correspondingly increased
Motor stocks were in good form
| Throughout the short session anc
| railroad stocks, though steady, die
not exhibit any tendency to advance
beyond yesterdays closing level
Wheeling and Lake Erie preferred
was the most active of the low
priced rails, advancing to a new
high beyond 81 on reports tha'
Norfolk and Western road was seek
ing to purchase control. Famou.
Players maintained its position oi
leadership in the speciality group
The bond market was fairly active
and steady. with good demand fol
railroad, Industrial and Government
bonds. Mexican per cents werI
slightly lower at 53%, st. Paul furd
ing An 8 at 81, and Northerh Pacific
SIS at 1855 All of the Liberty
bonds, with the exception of the frs
3h's, sold below par.
The market closed irregular today
California Petroleum sold down tt
81, loss Of nearly 4 points. u. s
Steel held steady around 102h
Burns Brothers b was a strong fea
ture, moving up nearly 3 points t.
497s. Baldwin Locomotive reactec
over I point to below l16 Grea
Northern was in supply, falling
points to 75Ia Royal Dutch reacted
IL to 65h. Government bonds un
changed; railway and other bond