The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-24

New Nu.N. June 23-Trading In the
a;ock market today languished percipit-
ably, pschSbly as a direct result OF the
proposed official inquiry into the recent
remarkable maneuvers OF Mexican
Petroleum. Sales OF 100000 shares re-
-prescnted the smallest full session IN
many weeks.
Additional restraints were imposed
upon speculative operations by the
frmer tone OF money rates. Gail loans
opened and renewed into next week AZ
three percent. but gradually rase to hEe
percent In tho FINAL hour.
Mexican Petroleum opened a. trsc-
= tional advance OF 1874. that figure prov
ing It's best for the session. After de-
Ginning 10 IT'S at midday II made a tenn
porary recovery. but slid back AT the
end 10 it's previous minimum, or net
loss Of ~ points.
May Absorb Mexican Pete"
Pan-American Petroleum issues as
stunned early market leadership. the "A
shares making an extreme rise o. SIN
points. and the "B' advancing a
points. but these gains were cut IN haiT
later. Buying OF Pan-American Was
attended by reports that the company.
which already controls Mexican Pete
contemplated actual absorption or the
latter.
Other foreign and domestic oils es-
neciallv General Asphalt. Royal Dutcn
and California Petroleum. trailed along
with the new leader. These too. were
materially impaired by the more inten-
sIve realizing sales OF the afternoon.
with motors. shippirgs and prominent
Rpecialtics among the latter especial
strength was displayed by Coca Cols
and Sears RoebucE.
4, ut,n
the day although advances in the In
yestmeut division were confined 70 one
Or TWO points with New York Central
Atlantic CoaS; Line. several OF the
cranscortirentals and coalers as the
most conspicuous issues. News or the
day bearing upon transportation "nndi-
lions was more hopeful, railway eXecu-
t!ves retteratinS their BELIEF that the
labor situation indicated signs OF early
adjustment.
No explanation accompanied the
further re<cssions IN leading foreign
EXCHANGES. with sterling bills on an
other cent 70 Al Tor demand bills
French and Italian remittances were az
fooled 10 the same extent. losing :
noints each. and marks shaded n with
In the smallest fTaCtiop OF ESQ. pu;ch
exchange reacted another ten points
and more acute weakness was shown
by the Greek rate. also the new Ma
,ionals" notably Poland and Czccho-
elovakia.
Investment Buying Of Bonds
Investment buying was again the
feature Of today'S active and stronger
bond market investment rails sharing
the movement with government loans.
Liberty fourth 4E's made new
TOP" a. lNO@S and heavy accumulation
o. the entire group continued. pur-
chases being credited 10 substantial
sources. Few changes OF more than
minor dccrr" occurred in the European
loans. dsSn.tc the continued reaction o.
rxchuag" rates. but Mexican Is and Ss
and the chile republic OK 1915 issue
Eayc WA. cuba R"puhlica IS or 1904
we're Inclined 10 strengthen.
The many gains OF large fractions TO
II. po:ntS IN rails embraced Issues or
The AtrhiSou. Reading. Pennsylvania,
Missouri. Kansas & Texas. 81. Louis &
San Francisco. Denver < Rio Grande
and -, Paul roads. Improvement also
Was shown Ivy l. : Steel IS. Consoli-
iatcd Gas - and Cuba cane SIS. Total
sales Cpar value. aggregated Sl3'>6l,-
BOO
RE moderate volume OF new offer
nEs Included sS,COn.OO0 Kansas Hec-
trir Si\ percent bonds and 10000 shares
(no par yaluer of the Hayes Wheel
COMPANY ID; Michigan.