New-York tribune., 1922-06-24
|Mex.Pete'PrObe
Is Followed by
Quiet Market
,ueciacular Oil Stock Re-
acts ~ Points, Causing
Irregulariiy; II Railroa d
Shares Are Again Firm

Il crsculatiNe cntnuSlaem which has
l-.,ided the motivation for recent
| vemerts IN security prices on the
|. I.,ek Exchange was subdued yesterday.
l.. tspsring OF Of interest perhaps
L Lettering the reaction 20 the inquiry
L. Mexican Petrcleum's rapid elcva-
~, and as consequence the session.
,w,d IN retrospect. left little definite
I~,-e-sion. The most positive per
.rusncc was again given bv the rail
La shares, the average gain in which
&C no, sufciert. however. 20 offset
=. losses experienced In irregular
Isdins IN other groups and speciality
I,.,,ks
| Initiation Of the investigation by the
s,iress conduct committee Of the ox-
IA.res into the position Of Mexican
Petroleum. with the implied purpose Of
,~,r,irr \ possible corner such rs was
.,,ied IN Stutz. caused 4 radical read
|nrment of tho trading viewpoint
|,.esri ths' stock. After selling ss
,;sh ss ls3 Il turned downward. and
a.. decline. still in progress at the
|f-,sh. which found the quotation NJ l76.
80, roints ret. Indicated a DISPOSE
..- rot 20 push the movement against
=, short interest too hard. The
,.,sets curiosity as 70 the real posi-
On of ,hc stock was not 20 be salts
ed. as the questionable 10 members.
,Njne for statement Of their rela-
an 20 the rise, was not distributed in
IRE for full ccmplisn.e by noon rs
-,,ihed. A new phase of tho situation
rss dc,clored in the sharp bidding up
= psn.American Petroleum shares on
,--ssci-r realization OF the Importance
"a TIA. corrosation OF tire enhancement
n a.re Of Mex Pete stock. Of which
.slls more than 20 per cent. Both
di.sts Cd: Pan-Amcrican stock. which
rm laic- subjected 10 realizing sales,
,sire- more than points Of the gain
-ide during their early sPurt.
caN money entered the market as \
i,,tor Yesterday for the FIRST time in
-sry sessions. Sore hardening Of the
1,e from the recent low levels Rad
sen expected by the trading element
u fsc temporary character Of the bases
= easement were appreciated. The ad
vance % 5 per cent in the final hour
contributed IN no small degree 10 the
toryersior Of what had been a dull and
Irregular market % a market drifting
Downward. The explanation Of the >
-er cent rate. aside from the inevitable
trrcui nation Of the mid-month ac-
Um-iat.on OF funds here, lay in tho
~'-ir,va' Of funds by out-of-town
t,nts which lately have largely sup
f,l'oi speculative operations az this
,,a;cr. b., arc only willing 20 do so
vhen the rate Yields a profitable re
turn
Further declines appeared in the for
Grn exchange market. with closing
csotations ~ the low for the DAY lr.
formal considerations rather than any
diverse ncws Influences are currently
IN control OF this department Of imam
,ial trading. the losses representing AT
eFort a. stabilization after the rceen
eonvalsion. steriing's loss EXTENDED
- r.. cents. francs ard lire sold Of
81 and points respectively an'
y arks and the Continertals generally
worked lower
Continued liquidation Of the long in
.,rcs, lately built Up in cotton de-
,e.oncd II connection with publication
~ private forecasts indicating an in
creased .ie,d. and prices finished so tc
Il points below Thursdays final levels
Confused movements occurred II
wheat. which wa; vsriously strong and
weak. ard quotations at the end Of the
,ession were unchanged 10 2, cent
hirher