New-York tribune., 1922-10-25
w ould Avert
A Corner i'm
Mexican Pete
Shares Held by Huasteca
Petroleum Company Will
be Available for the Pnr-
pose, Doheny Declares
Profits Show Good Gains
Amount to 49, 900 for
. Months, Compared With
Sl2,54O,OOO for All 1921

othclals Of the Mexican Petroleum
Company will cooperate with the Stock
exchange authorities to thwart any
attempts to create a corner in "Mcx
Pete as result of the proposal to
exchange the outstanding common
shares for the "B" stock of the Pan
American Petroleum & Transport Com
pany.
Although it was stated at the Stock
Exchange that no information would
be given out, E. L. Doheny, chairman
OF Mexican Petroleum, said that he
had been asked by authorities Of the
exchange during the day what action
ne would take If a corner In the stock
threatened. He replied by saying that
between $4,000 and 10000 shares of
Mexican Petroleum held by the Hua-
steca Petroleum Company. subsidiary
OF Fan American Petroleum & Trans
port, would be available for the pur-
pose OF preventing a corner This
block OF stock, Mr.. Doheny said, in
furtherance of the plan, would not be
converted into PAN Pete" until the
final day of the conversion period.
Refuse to Accept Short Sales
Despite the spectacular advance
which. Mexican Petroleum has had it
is believed that a substantial short
interest in the stock still exists. With
the floating supply increased by $4,000
to 10000 shares the covering opera
tions will be facilitated. Several odd
lot houses at the opening of the mar
ket yesterday announced their refusal
to accept short sales.
The consolidated net profit Of the
Mexican Petroleum Company for the
nine months ended September 30 last,
after all charges for interest, taxes,
depreciation and tepletion, amounted
to approximately S19,741, 900, compared
with $12, $4,000 cor the entire year
1921. an increase of about $7,20O,0O0.
For the 1922 period the net profit was
equivalent to Sal & share on the COM
mon stock, against $26 share earned
in the previous twelve months period.
"Sales have been maintained during
the year." said the official statement
of the company, the total for the nine
months substantially exceeding the
total for the entire year 1921.
Current assets on September 80
1929, aggregated $37 1857 900, compared
with S26.4l0,000 on December 81, 1921,
an increase of s11 257 ,0oo In addition
current liabilities, including provision
tor taxes and contingencies, amounted
to s8,89s,0O0, decrease as compared
with the beginning of the year of
81, 900, so that the net current posi-
tion has improved to the extent of
approximately $12,7s9 900.
Cash Up sls,670.o0o
Cash on hand amounts to $780,
900, representing approximately SO pet
cent of the. total current assets, an
increase of approximately $13,670 900
since the beginning of the year. Cash
on hand September 80 represents over
twice the current liabilities, including
provision for taxes and contingencies
and is In excess of the bonded debt
and current liabilities combined
"Bonded debt has been reduced ap-
proximately s2,oO0,o00, and on addi-
tions to properties there has been ex-
pended during the nine months approx
imately s8,125,00o. Surplus at septem-
Der 30 stands at $40,289,000, as COM
1921, an increase Of approximately
100000 after providing for divi-
dends aggregating s4605,0o the same
having been paid at the rate of per
cent and IL per cent per annum on the
preferred and common stocks respec-
lively"
Net profits of the Pan American Pc
troleum & Transport Company for the
nine months ended September 80 were
$23, 7,000 equivalent to S16.50 a
share, compared with s13 a share
earned in all of 1921. Current assets
amounted to $4,000 900, against 81, ,722,-
900 reported on December 81. The sur
plus account at the end of the nine
months stood at S42,51o,0oo, an increase
of $17,053,000