The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-10-19
FINANCIAL NEWS
AND COMMENT
Good Selling Of Stocks Appears
as Some Speculative Favor
ties Are Marked Up.

Confusing movements marked yester-
days session in The stock market. There
was no little selling in the general list.
while at the same time certain specula-
tive favorites were bid up sharply. It
appeared to the observer as though pro-
fessionai operators were once moro In
complete control of stock movements
and reports from commission houses ap-
peared to bear out this theory. not
withstanding the turnover OF consider
ably more than one million shares.
Several spots OF particular weakness
were uncovered during the day. notably
Mexican Petroleum which advanced SO
violently on the preceding day. This
was to be expected. however. in view OF
the compelete reversal OF technical pos
ition which was bound to mark an ad-
vance of such extent as Tuesdays
Other high priced stocks were whiried
upward during the course OF trading. p.
Lorillard. Liggett & Myers. National
Biscuit. General Baking. Atlas Powder
the outstanding features Of that group.
These operations were obviously OF a
professional character. At time when
| companies OF that type are considering
the Sdvisability OF paying stock divi-
dends--or at least their stockholders be-
lieve they are-the offerings OF stock arc
very thin, so the professionals found i,
comparatively easy to put the various
issues substantially higher by relatively
small purchases.
The break In Mexican Petroleum was
| a natural development. 1t may be quite
possible that the company will make a
new offer to stockholders on behalf of
| Pan-American Petroleum and Transport
Corporation to exchange Mexican Petro-
leun shares for Pan-American. Never
theiess, the manner In which the stock
was advanced on Tuesday was such as
to call forth considerable criticism.
Those things never do market any
lasting good.
| The Pan-American management is de-
sirous of having all the Mexican Petro-
leum Stock converted into shares OF the
parent company. Previous offers have
not been sufficiently attractive to ac-
complish their purpose. So the dec
-iaration Of stock dividend on PAN
American, which Mexican Petroleum
stockholders would not get unless they
converted their stock, might prove the
one factor in completing the plan Of ex-
change.
In the foreign exchange market there
was a series of mixed movements which
was almost as confusing as that in the
Stock Exchange. Sterling continued its
rapid recovery and sold well above 4.47,
which Is only about three cents below
It's high OF the year. At the same time
the French and Belgian exchanges were
extremely weak and German marks
! made new low.
| Speculation may be playing some part
in the steady upward swing OF British
rates. but there Is real fundamental
basis for the movement and its sound
ness is only further emphasized when II
is considered that II continues despite
the fact that the $4,000. 900 interest
| payment early this week lie but the
first Of long series. The decline in
francs was quite inexplicable. The
major portion of that drop occurred In
London yesterday morning before the
opening Of the New York market.
Cotton was markedly strong again. all
options getting above the 20 cent mark
a new high for 1892. Profit taking COM
PEELED setback before the close which
wiped out much OF this gain. The grain
market was unable to sustain the big
gains Of Tuesday and prices here re-
coded somewhat.
| While the call money rate did no;
duplicate the per cent. figure OF Mon
day and Tuesday, the renewal rate of
per cent. was maintained all through the
| session and there was no indication OF
an easier market for accommodations.