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This newspaper page contains 7 articles. Subscribers can read the full text of each article.
Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 20, 1922
Page
6
The market opened mixed with Mexican Petroleum lifting overall sentiment despite rails and foreign exchange pressuring shares. Cotton gained 70 to 75 points while wheat fell 1 to 1.5 cents. investors eyed Mexican debt talks and anticipated oil field policy developments.
Banks announce government balances to be drawn for 5 million dollars while money market eases. Time money steady. rates drift to new lows on stock exchange amid heavy offers and passive demand. Foreign exchange under pressure with sterling around 4.40 and cable rates in London easing slightly.
The record lists daily averages and totals for railroad stocks, industrials, and utilities. It shows January 1 to date figures for 1921 and 1920, with bold totals for all bonds and specific listings for leading railroads, manufacturers, and utilities. Notable names include Allied Chem, American Locomotive, Reading, Pennsylvania, and Western Union among many others. Markets show mixed activity across stock and bond classes with varying gains and losses.
The Mexican debt settlement advances attract Obregon to take further steps while bankers prepare appeals to security holders to deposit. Confidence grows as bonds dip on delayed interest, and Mexican Petroleum shares surge amid market optimism. Gasoline stocks drop across refineries in May, reflecting typical drawdown before summer demand.
Foreign exchange markets faced severe liquidation with the franc and other European currencies, except marks, steady only in proportionate declines. Wheat bills fell as selling intensified, while cotton bills remained scarce. The collapse stemmed from overextended loan interests and bankers speculation tied to upcoming conferences aimed at Europe’s issues, with negotiations at The Hague casting a bearish shadow.
Market notes describe a downturn in sterling with limited dollar support from external sources. The declines suggest a cautious mood among traders, while expectations of further moves depend on currency shifts and central bank signals.
Standard Oil of California stock yields under 4 percent with a $4 dividend on $25 par value. Incorporated 1870, renamed 1908, the firm operates extensive California oil properties, 900 miles of trunk lines, refineries, and holds 21,000 acres in Montana. It owns 23 percent of Vanderlip Syndicate’s Siberian concessions, with $200 million in investments and $25 million bonds outstanding. Earnings averaged about 29.89 percent over ten years, with stock dividends of 50 percent in 1916 and 33 1/3 percent in 1919. Par value cut from $100 to $25 in 1920.
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