The Washington times., 1922-06-20
MOTOR AND0|L
.STOCKSLEAD IN
!. RISING MARKET
Studebakes and Mexican Pete
Plunge to New Top
Prices for Year.
BY w. s. COUSINS.

Copyright, is2s. by cosmopolitsn News
seryice.l n. \.
NEW YORK. June 2o;--stude.
baker teamed up with Mexican Pc
troleum in the stock market today
and, like a team of wild horses,
they plunged along the ground to
new top prices for the year. mo.
nopolizing most of the markets at
tention in the first two hours.
After an irregular opening l
point lower, Mexican Petroleum
sold down to 1887 for q loss of
nearly 5 points from Yesterday 6
high. Rebounding from this low
level II sold up 6h points higher
at 165, the highest price for the
year and only . points below the
high mark for 1921. Belated shorts.
who looked for a considerable re-
action at the opening, are said to
have been heavy purchasers of the
stock In the first bour.
|. Though not as spectacular I'm Its
movements. Studebaker came In for
a large share of attention, opening
! point higher at l24. The stock
moved forward on heavy transac.
tons to new high. for the year
at 1853, an advance OF 10 points
from the low of last week. II the
plans of the directors for retiring
the outstanding preferred stock OF
Studebaker are carried out. con-
siderable addition will be made 70
the equity behind each share of
the common. Il Is also reported
persistently that an extra cash divi-
dend will be disbursed In the near
future. sr.
A moderate amount of bullish en-.
thusiasm also spread to a small
number of Industrial and steel stocks
which showed a strong inclination
to push forward for higher prices.
Gulf States Steels was the most
prominent OF steel stocks. both In
point Of activity and Of rapidly
mounting quotations. Before the
end Of the first half hour II had
registered a gain of five points from
the previous close and seemed headed
for still higher levels. Crucible,
LAckawanna and Republic sold UP
two points I'm the early trading.
Baldwin. also returned to the ar.
tive list today and led the equip
ment stocks into slightly higher
ground by q gain Of IN points to
112x. Corn Products was also
strong and active selling up to 19SN
the highest for the current move.
Corn Products Company has grad
ually been extending It's operating
capacity and its current earnings
are far in excess OF dividend require
ments.
There was considerable speculation
as to the probable action of the
directors of the Great Northern with
regard to the semi-annual dividend
on the preferred stock. Great North
ern opened at 75x. after reacting to
75h, gained IL points at 76h and
remained In that position.
Speciality stocks like Coca Cola
and General Asphalt were fairly
active at about two points higher
than the previous close. Copper
stocks sold at advances of a point
or more on favorable reports from
the trade. Railroad stocks were
practically neglected today. not
withstanding that current reports of
car loadings are satisfactory.
Just before noon Mexican Petrol
leum started on new advance and
sold up to 171h for a gain of over
two points from the opening. Pan.
American sold UP three points TO
73A. Call money loaned and re-
newed at 3 per cent throughout the
morning session, -