Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1922-10-17
EXCITING SPLURGE
IN DOHENY'S PETS
Huge Load Of Long Stuff
Dumped en- Bulges Gave
Market Indigestion

New York. Oct. 1.-THE Mexican
oils came near being the whole show in
today's very irregular stock market.
The general list gave all symptoms OF
having slight attack of indigestion.
This was not altogether surprising In
view of the huge load of long stun that
has been coming out on the bulges since
the stock dividend epidemic struck
the speculative community over week
ago. There was no weakness on the
contrary, remarkably good absorption
was observed and the most part of list
was found still susceptible to bulish
influences. Still it was apparent every
trick of the trade was being played to
facilitate profit taking.
The outshining act of the day wns
the sensational bulge in Mexican
Petroleum and the related issues at
the outset and during the early deal
ings. This was Of the same spectacular
character which has marked the hpo-
drome PLAYS Of all the SO called Dohcny
stocks. 1t was another masterpiece OF
skillful manipulation, and from all
indications. caught goodly portion of
| the speculative element off their guard.
When the smoke of the battle cleared
away Mexican "Pcte' was up nearly
10 points with for Pan American
Pete" and 2's for b. stock of the
latter company.
The excuse for the fresh bUl'ish dem
on~tration was reports of a possihl lc in
crease in the cash dividend and dcca-
ration Of a stock dividend. by the Pan
American Petroleum Company, followed
BY an offer Of exchange for Mexican
Petroleum. The former already owns
approximately ~ per cent of the out
standing stock. While this story has
4 been sprung often before and done
good service in former occasions in
sending misguided short interest to
ruut Il was believed To be nearer the
real truth this time. because of the
! prevailing fashion for all corporations
with fat surplusas to distribute them
before the tax collector comes around.
The movement was not altogether un-
hcrallcd as for some days all the proml-
mont "iipstprS' and 'touts' had posi-
tive information BY the grape vine route
something big was going TO be pulled OF
in n few days. In fact. one of the
big wire houses only few days ago got
a rcd hot wire TO get everybody aboard
regardless of price as the stock was
scheduled for 30.
/ Although the demonstration cut UP
great deal OF dust. it conspiruously failed
fu stimulate speculative enthusiasm as
most Of the recent big bull plays have
done. On the contrary. II had n
damncning effect. evidenced in the in
crca>ing caution manifested in other
parts Of the list. Heavy selling, which
appeared in United States Steel. Bald
win Locomotive. StUdebakcr and Amer
lean Can. caused hesitancy. but when
these offerings had been digested md
the trading in the Mexican oils slowed
down the main body of stocks moved
forward again. To stimulate the cour-
age Of the bulls. the long neglected
coppcrs were taken up and n broader
inquiry was noted for the food. public
utility and tobacco shares. The rails
were likewise given fresh upward
start under the lead of New York Gem
trail. which crossed par, the advance
in this being accompanied by reports
of additional financing through II new
: per cent preferred stock issue.