The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-06-23
ANOTHER SPECTACULAR GAIN IS
: SCORED BY MEXICAN PETROLEUM

Now York. June ce.-The stock mar
r.t WAS thrown into another spasm
OF excitement during the last half hour
Of today's otherwise uneventtuL session.
the further meteoric rise OF Mexican
Petroleum adding TO the demoraNzatio"
OF the shorts in that spectacular ISSUE
" After an early reaction OF St2 points
and n rally OF 1 points. Mexican fete
suddenly became furiously active IN inc
Anal hour at an eNtreme advance OF
IL points 70 1856. From this IeNel -
fell back six points. but quickly re-
bounded. closing at 1885,. net gain OF
81 points and total OF almost 1oF'S
POINTS since last Saturday.
Pan American "A" and Il shareS'
California Petroleum. Royal Dutch.
Houston. General Asphalt. and several
OF the less active domestic oils were
prominent az moderate gains. but these
were rellnqulshed In large part TOWARDS
the end.
Much or the Same course was pursued
nv Indeperdent stoels motors. equip
snents and several OF the chemicals anu
-uncIassicd specialtiss. but rails OF tho
speculative as well as investment
grades registered extreme gains or ono
70 two points The stronger transpoF
tatlorS Included Southern PACING ana
baltimore & Ohio. New York Cen'r"i'
Chesapeake & Ohio New Haven ana
New Orleans Texas & Mexico.
studebAksr's Small Gain
studehaker manifested a disposition
IN regain KS loss OF the previous daY'
but the extensive turnover resulted IN
net gain of little more than one point
Chandler was especially heavy ana sew
eral OF the automobile subsidiaries anu
rubber tire issues rc>;ect"d conseane
pressure. Sales amounted TO 9Up'oVV
shares.
Call loans opened al the recent min-
lmum rate OF o% per cent Ut rose 20
per cent at noon and 3i3 per cent IN 'ne
( last hour Aside from thirty to ninety
dav money. which was oetainaoIe at 80
ner cent the money market was IN on
nerceptible degree influenced BY the
lowering OF the rediscount rate oS lhe
lo-al federal reserve bank.
Although cables continued I" stress
better European political conditions for-
elgn exchanges developed more reacSion-
arv tendencies. Sterling demand wills
at 442 were off one cent ana At lowest
pures since the rst week OF the current
month. when this remittance was almost
ten cents higher. German marks were
neutral center was lower by ; to :
points. The reversal also affecting
Swiss. Spanish and Greece exchanges
Better Tone IN Bonds.
, The lowcr rediscouut rates fixed after
' the close CT yesterdays business by the
local federal reserve pank was the rea-
son most generally advanced for the d'S-
tirctfy better tone OF today's bond
market.
Among the most noteworthy develop
nents we're the new high records estao-
rsbed by four OF the liberty issues the
first as rose 10 $1,000. the third ~
70 slGcls, tho fourth AIS 10 $loo.2o
and the rst-second 4H's to slo15o
Several foreign loans were slightly
higher also notably San Paulo eShts'
French municipals and Toxic YES nut
British issues seemed 10 be adversely
influenced by another drop in sterling
exchange
Gains % ! to , and a quarter points
> were made IN such rails "a Chesapeake
N.Ohio. convertible fives, Atkinson ad-
hstmcnt forurs, Northern Pacific fours'
Rt. Louis and San Francisco Incomes
Southern Pacific collateral Tours, Sea-
board Consolidated skies and western
Maryland Tours.
4 decline OF 81 points WAS made By
Missouri. Kansas & Texas second Tours
with reactions OF 10 Sh points In Bal
time & Ohio fours, Consolidated Gas
sevens. Third Avenue adjustment fours
and Marland OH warrant elghts. Total
sales (par value) aggregated Sl3's4s'-
600.
New flancing CO the day was confined
70 several underwrltnss OF minor pro-
portions these however being generally
\ over subscribed.
Liberty first IS were added to the
list OF new high records for that group
later selling at $1,000. Rails also
made further gains.