New-York tribune., 1922-12-22
"Mex Pete" Jumps
64 Points; Only
1900 Shares Out
Doheny Denies Company
Is Buying Stock in the
Market; ''Pan Pete" En-
tcrs the Smackoyer Field

The speesaeular advance Of Mexican
Petroleum common stock 70 new high
record Of s27 on the Stock Exchange
= gain OF 81 points over the preyiouss
close, its subsequent reaction 70 sVv
/ and an announcement of the entr.
of the American Petroleum and
Transport Company into the Smaes'
over Aeld in Arkansas. the latter tol-
lowing the close Of trading and ap-
parentiy IN nowise connected with the
stocks movement, provided yesterday
one Of the most eventful days IN tne
eolorfui history Of these enterprises.
The Stock Exchange authorities oy
their own admission seemingly viewed
With complacenee the rapid marking-up
Of the quotation on Mex Petei not 80
the Street Az the stock climbed 20
the highest levels on record forecasts
were freely made that az last the cyl,
dencs Of a corner was conclusive and
that the expected election Of the stock
from the board would occur
Some inquiry as 10 the position IN
the stock was reported 70 have been
made By the exchange, but nothing
ssvoring Of a formal investigation was
undertaken so far as could be learned,
No Official statement or comment could
be obtained on the performance OF the
stock, but the impression was given N
brokerage circles fairly close 20 head
quarters that the exchange would not
act The advance Was explained az
natural consequence Of the small hoat-
ing supply OF the stock. following the
conversion Of the greatest part OF u
into Pan Pete, and the efforts OF Pan
American Petroleum and Transport TO
acquire the amount still outstanding
In the hands Of tho public.
This theory was called 70 the ntten-
ton OF T.. L. Doheny, chairman OF the
Mexican Petroleum Company and presi-
dent of the Pan-Ameriean company
who denied fatty that the company
vas buyinR any stock IN the market
or that any official or employee OF the
company was speculating In the stock.
lie sald that since the conversion otter
expired about fortnight ago l0,OOO
shares OF Mexican Petroleum had been
converted by private arrangement and
o., the basis originally offered into
Pan Pete. thereby reducing the amount
outstanding TO $4,000 shares. he snid
tbat OF the preferred stock there were
only about 1000 sha-es still out.
Information coming from third
source reasonably close to the market
was that the movement was largely
due 70 the efforts Of interests short
az the stock 70 cover. II was pointed
out that the short interest would not
have to be considerable 20 cause 2
sharp rise, in view Of the limited stock
available In the market.
The holdings Of the Pan-Ameriean
Petroleum and Transport Company IN
Inc smackover field, a. announced oy
Mr.. Doheny. Al present consist OF 100
acres. 20 be used for tank purposes
and OF 40 acres for oil production.
Two tanks have been purchased on the
ground and are 20 be erected immedi-
fteiv. Bids have been called on twenty
additional tanks 81 $4,000 barrels ca
pacity each. One rig has already been
started on the oil land and II 10
planned 70 develop production as rap
idly as possible.
The entry into the smaekover Aeld
follows closely upon the acquisition OF
more than 10000 acres N Naval Re,
serve No. / district in California, and
Ia IN line with the compAny's inten-
tion 20 develop lis production in the
United States. The company hrst be-
came interested in production ~ this
country in 1917 when tho Pan-Ameri-
car Petroleum and Transport Company
Of California was launched. 50 that the
ACQUISITION OF American oil lands h
not strictly new venture for IT,