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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 28, 1922
Page
6
The day’s market featured limited turnover and a cautious tone as bankers and brokers anticipated a light trading week end. Oil and industrials fluctuated with Mexican Petroleum aiding some gains while others drifted as investors awaited clearer signals from macro data and foreign exchange moves.
Pressure on Mexican Petroleum shares sent the stock down sharply after an initial rise. The day saw a late selling push to 178, with a 18 point net loss as short interest waned and rumors of bullish moves faded. Oil stocks such as California Petroleum and Philips Petroleum also fell as investors liquidated to bolster margins. Mexican Seaboard Oil directors voted to raise debt retirement, paying a 60 cent dividend July 20 to holders of record July 19.
The Corn Products Ri m company shows rising stock levels and steady earnings though valuation lags. In 1921 net earnings matched earlier high years. ten year earnings averaged 10.71 percent of common stock value. The firm is a major glucose and starch manufacturer with assets over 102.8 million, common stock at 190,644 dollars, and a 1.5 percent regular plus 0.75 percent extra dividend since 1914.
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