The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-05-24
STOCK TRADING
LOSES IMPETUS
Leaders Develop Heavi.
ness; Drift of Prices
Grows Uncertain

NEW YORK. May 23.--Tradlng In
the stock market today fell away
sharply from extensive operations nt
the preceding session and the dfltl
OF prices became Increasingly un-
certain, several leaders developing
pronounced hcaviucsa In the later
period. GSalos amounted 10 l2fb,ooo
shares.
Although fears Of y money furry
proved KrOundicss. technical condl
lions seemed TO invite professlona
pressure. Moderate calling OF loans
was reported. but call money hold at
per cent throughout, as against
Yesterdays maximum rate OF per
cent, and time funds continued
easy
Tho general tone of tho foreign
exchange market was more reaa-
surluE
Flying OF British and French bills
vsg larger than ~ any recent time
and was thought 10 represent COW
ering OF speculative accounts, this
also applying TO the recovery OF
German marks.
Announcement Of increased divl-
dends by the North American cop-
pany on tho common and preferred
shares and an increased disburse-
ment by tho computing -tabulating-
recording company reflected the
better earnings Of utility and spe-
cializod Industrial corporations.
Independent stecls wero tho
strongest features OF the early deal
ings. notably Cruclble. Midvale and
Republic All but the latter re-
acted, however, Republic featuring
tho confusing movements OF the final
hour at n gain OF 49, points.
Firmness 10 strength marked the
domestic oils, but the foreign d.
vision was erratic.
Erie common and the first and
second preferred issues over
shadowed all other transportatlons
with Chicago Il Alton at gross ad-
Vancee OF I to 2 points. Seasoned
rails or the transcontlnental and
granger groups proved more sus-
ceptibie 10 impending freight rate
reductions. Lending commodity
markets held the better part OF their
recent advances. Export prices for
coppers were raised to IL cents. but
the domestic quotation was un-
changed. other base metals held
firm. as did raw and refined
sugars. but crude rubber weak
ened.
Movements OF prices in the bond
market today followed the uneven
changes In the stock list, but the
trend was mainly higher. especially
for speculative issues.
Among government loans liberty
Issues were featured by the rise oi
the 3iss to n sman fraction over par
but the 4s and 4 iss were irregular
Mexicnns were most unsettled O
the foreign offerings. the 4s and 81
falling back all the way from larg,
fractions to 2 paints as result o
developments which indicate furthe
delay on the settlement OF Mexico
foreign obligations. Moderate re
actions occurred among French mtI
nicipals. Belgian 7iss, San Paulo s
and Republic Chile Ss.
Erie prior Is and the several con
vertible issues were the outsta ndin
features of the railroad grouT
Other coalers, also the ST. Paul, 81
Louis a. san Francisco. Missouri
Pacific and seaboard Issues hard
ened. Total sales par valuc aggre
gated $l6.769,00O. The most i'm
portant new Underwriting of IN
day was the offering OF n larg
block OF Bank of Commerce stoc
by a local banking syndicate. Mi
was readily sold, interests connecte
with the bank being among the larg
est purchasers.