Evening star., 1922-06-27
STOCKS IRREGULAR;
OILS ARE LEADERS.
Mexican Pete Continues Its
Erratic Course-RaiIs
Are Slow.
BY STUART p. WEST.

special dispatch to The Star.
NEW YORK, June 27.-Today was
not a very important day in any of
the markets. The most conspicuous
change occurred in cotton. which re-
covered as sharply as 1t had declined
the previous day. The foreign ex-
changes. after their recent rapid
fluctuations. steadied down consid-
erably. The bond market retained
its advance Of Monday. but did little
more.
Call money renewed and loaned at
per cent. rejecting both the with
drawal of funds by interior institu-
tions and preparation for the July
settlement. TIE tendency on the
on a relatively small turnover and
with no important weakness.
Rails Work Lower.
Railway shares as rule were in
clined to work lower with the rest
or the list. but 1t could not be said
that this reflected any serious un-
easiness regarding threatened strikes.
1t Is conceded that the vote is likely
to be very largely in favor of a
It is further admitted that the pos
sibilities are altogether that the de-
cision to strike will be carried into
effect. But the roads can easily hire
the unskilled labor done by the ma
jority OF the maintenance Of way
men.
Help for Carriers.
1t Is also quite possible that with
the labor party defying its mandate
the labor board will be willing to
help out the carriers by allowing them
to farm out, as they are not allowed
IN do NM tho IT, Ill
handled by the railway shopmen. If
this happens, the strike confined to
these two classes of employees will
amount to little. 1t will not seriously
interfere with train service and will
do very slight harm to company earn
ings.
Trade News Favorable.
Trade news of the day was gener-
ally favorable. but 1t had no influence
Oils of Indiana followed the example
Of Sinclair Oil on Monday by advanc-
ing gasoline prices q cent a gallon,
but this brought no fresh buying into
the oil stocks.
Steels were equally unresponsive to
the raising OF official quotations on
one or two important steel products.
The reason for this. no doubt. was
that the higher priced schedule re-
meets less the growth of the natural
demand than the fear that the steel
mills may before long feel the pinch
Of the coal strike.
Mexican Oils Corner Talk.
Mexican Petroleum again loaned at
the regular rate. that Is. without the
borrower having to make concession
to the lender. either in the shape of
foregoing interest or OF paying prem
ium. This is the most effective reply
to the talk of a corner that persists
despite the result of the stock ex-
change inquiry, which rejected fatty
the idea OF corner or of anything
abnormal except the fact of a very
small floating supply brought about
by natural means. At present selling
prices Mexican Petroleum Is worth
about two and a half times Pan Amer
lean B.
Attention is being drawn to this in
connection with rumors that the Pan
American is about to offer another
exchange of its stock to outside hold
ers of Mexican Petroleum on better
terms than the original offer, which
was to l. 1t Is not generally ap-
preciated that Pan-American last
year more than earned the IS dividend
on the combined common and class
stock on its own operations, inde-
pendent of the Mexican Petroleum
The Mexican Petroleum dividends,
along with the other sources of out
side income, produced an additional
$3.50. bringing the total up to nearly
S13.