Evening star., 1922-06-26
MEXICAN PETE IN
/ L|MEu|GHT AGAIN
Starts Weeks Trading
Slightly Above 20O-0ther
Stocks Gain.
BY STUART p. WEST.
Special Dispatch to The Star.

SSeSAei pfspatcn 10 Inc star.
NEW YORK, June 26.-Interest in
today's market was divided between
the renewed upward movement in the
majority of the stock list, the further
severe decline in cotton and the sharp
fluctuations in the foreign exchanges.
Mexican Petroleum across 200 was
the feature of the stock exchange. 1t
FAD been the obvious thing to explain
Inc jump from 135 as a speculative
coup against a short interest, but at
no time had there been any real sign
OF a corner, the most trustworthy in
dfcation of which is the lending rate
on the stock needed for delivery by
short sellers.
The investigating authorities made
II known after the close of business
on saturday that there was nothing
IN the corner gossip. and the street
Immediately began to set more store
by the remarkable statement which
Inc Mexican Petroleum president had
made last week regarding the COM
panys earnings, present and pro-
spective.
Some Slow to Respond.
In view of the reduction in the short
~ could hardly be said that the ad-
rances in other industrials. where
1hese took place today, were the
Work OF bear party" thoroughly
In Mexican Petroleum Rather they
were to be ascribed to a moderate re-
sumption of operations by some of
me pools which were active during
cover temporarily while the reaction
was going on in the first fortnight
of June.
Apart from the related Pan-Ameri-
can. which went up with Mexican
Petroleum. oil shares were slow to
respond to the jump in the leader.
This was the more notable because of
the advance of a cent a gallon in
gasoline and kerosene prices started
today by the Sinclair Oil Company,
which. it is expected. will be follow,
ed by other refiners.
Industrinls Strong.
The principal strength among the
1nduStrials was shown by the sugars,
the rubber and tire shares, the motors
and certain Independent specialties,
while among the rails the features
were Louisville and Nashville. South
ern Railway preferred. New York
Central and Great Northern pre-
Terred.
The cotton market break was very
violent, considering the already large
reaction of the previous session.
The exchange market rallied after
another rush of selling. and sterling
got back over a cent in the pound of
last weeks loss. French francs were
the early decline. At one time they
sold as low as $50 cents. as against
9-15 cents in the period just preced-
ing the adjournment of the German
loan conference at Paris.
OIL Shares.
Mexican Petes further startling
jump followed directly the word re-
IL
that the stock exchange in its inves-
1igation had been unable to discover
any evidence of a corner.
This fitted in with the views that
the short interest, and the part it
has played in the rise of Mexican
gerated. and that the real explanation
lay in the absorption of a great deal
OF the remaining free stock-now es-
timated about 100000 shares-either
for account OF some corporate inter-
est or by private individuals, infiu-
discoveries in the company's terri
tory.
Rails Not Prominent.
Rail shares were not as prominent
relatively as they had been on Satur-
day. Nevertheless they held up well
and at times were quite noticeably
strong. New York Central made a
u
was bought by people looking for a
so-called businessman's investmant.
who were willing to take chance for
sake of high return that per cent
dividend would be continued. There
was some sympathetic buying in
Northern Pacific Louisville and Nash
willie was more than usually active at
advancing prices.
Formal confirmation of the merger
of Buffalo, Rochester and Pittsburgh.
Glover Leaf, Western Maryland and
Wheeling and Lake Erie had little
effect upon the stocks concerned.