New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-08-26

directors are held, and the house re-
.vtIeo 10 mad agreed early in the day to
nash US the result of the meeting as
soon as 1t was received. Consequently,
"hen the flash came we used il without
further investigation.
After its publication the New York
once OF the Mexican Petroleum Com
S.'hy ANNOUNCED That "A meeting Of the
directors had not been held and would
not DC hcld until the first week in Sep
eemoer: The banking house from whom
our information was supposed to have
socen received declared that the call
ala not come from its Office, and it is
therefore evident that we have been
imposed upon.
The Mexican Petroleum dividend
ras not been deferred, and action will
De taken upon It, as stated by the sec.
rotary Of the company, in the first week
OF Septe n Der.
Explains to Cox
Mr.. Rascovar. Immediately after it
became known that a serious mistake
Lad been made, voluntarily went to the
ssecretary's Office OF the New York Stock
Exchange and held a conference with
+. '. d. Cox, the secretary Although
the Stock Exchange refused to make
pubic the result of this meeting, MIR.
IA. ovar stated as he left the building
that ne had asked for complete in
'vest'gation of the whole matter. "a
rave informed the exchange" said Mr..
PASSOVER to Tribune representative,
that | shall do everything | can to as
sis1 1t IN running down the source Of
the message Mr.. Rascovar would not
divulge the name of the banking house
with which he had made an arrange
ment for obtaining the news of the
MeX'can Petroleum meeting. although
ne said he would be glad to give it to
the Stock Exchange. Later in the day
the Stock Exchange authorities let it be
known that the committee on business
conduct of the governing committee
has undertaken an official investigation
A meeting of the committee was held
yesterday at $3.50 o'clock, when the mat
ter was laid before the members.
Frank Dick, member Of the Stock
Exchange house of L. F. Hutton & Co..
said yesterday afternoon that his firm,
which is one of the four houses which
operate direct wires to Los Angeles,
had been asked by the New York News
Bureau to supply the news of the Mexi-
can Petroleum meeting. but stated that
no information had been made avail
able. The New York News Bureau"
said Mr.. Dick, "asked US yesterday
morning to flash the news to them of
the Mexican Petroleum meeting as soon
as we got it from Los Angeles. | said
that we would not furnish the informa-
ton by telephone, but if the news pu-
reau would send a messenger around to
our Offices we would give it to them as
soon as it came over our wire. No
news came through and we did not tele-
phone the news bureau" Members of
two of the remaining three houses
with direct wires to Los Angeles denied
that they had made arrangements with
the news bureau or sent any telephone
message. The other house has no New
York office, but operates its Los An
geles wire from Chicago.
Believe 1t Was Plot
With these facts available, Wall
Street began to believe yesterday af-
ternoon that some person or interests
with q short position in Mexican Pc
troleum had deliberately concocted the
story with a view to depressing the
market value of Mexican Petroleum
stock Officials of the Stock Exchange
said that every effort would be made to
run down the source Of the report
Brokers and traders in Mexican Pc
troleum stock had the surprise of their
lives when the price suddenly gave