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This newspaper page contains 6 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 23, 1922
Page
7
Prices rose in both railroad and industrial averages as trading remained irregular. Mexican Petroleum tumbled from prior highs after Pan-American Petroleum disclosed large ownership, while the Fed Reserve cut the discount rate aiding sentiment.
Money and credit moved higher as funds accumulation continued with rates advancing to around three percent. The rise stemmed from reduced lending rather than stronger demand, with moderate activity on stock exchange collateral and short-term funds, while six month money remained available around four percent. Bank clearings in New York showed substantial figures with large interbank balances.
The dollar edged easier in European centers with London cables down cent to SL12. Continental rates slipped as France dropped under 19 cents and the guilders fell about 10 points. Several other currencies including the franc, mark, and crown moved modestly, while Portugal and Greece showed varied demand and rates. Demand and cable rates fluctuated with minor gains and losses across Sweden, Hungary, and Holland.
The article describes a Wall Street rally tied to the new four percent rate of the New York Federal and the Liberty bonds. It notes turnover above average, strong demand at higher prices, and bonds like 44 leading in strength with peaks near 100.16. Call money firmer as a rate rise signals potential end of easy money, while commercial paper and discount markets show mixed reaction amid recent dullness.
Summary of stock and bond dealings from New York markets with figures for railroad stocks industry shares and municipal bonds. Highlights include May earnings for Phillips Petroleum Southern Pacific net income for May and initial results of a Yugoslavian bond issue.
The article analyzes Mexican Petroleum, a major oil producer in Mexico, noting its strong assets and control of key properties. It discusses earnings relative to dividends, a 3 percent quarterly dividend, and its conservative valuation compared with newer oil companies. It reports six months output, asset figures, and a cautious market outlook amid fluctuations.
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