The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-09-14
SHORT SELLING
RETARDS STOCKS
Profit Taking Also Factor
in Hating Upward
Movement

KEW YORK, Sept. 13.--Active
4,hou selling of professional origin
n ombined with extensive profit tax
H. halted the upward movement or
E,,7rps in today's stock market.
\, losing prices of n number OF the
E,..enfiv active issues declining ] 10
IL noints below yesterdays final fig
I,,es The selling was orderly, how
K, yer. and there was a good absorp-
II ON Of most offerings.
1 There were a few outstanding ex-
,,ntlors to the reactionary tendency
~ most issues, Atchison gaining
early a point on reports OF a pos
ble Increase In the dividend from
IN TO Z per cent or extra dividend
distribution. Cosden. the latest oil
4 ttock TO be associated with merger
:umors. climbed ! u points. Shares
'of the Hendee Manufacturing COM
Axny. manufacturers of motorcycles,
~ Nioycd an advance OF nearly
|points In response to private reports
|of increased earnings.
Rear raiders, who attacked the
chicago q Great Western Issues yes
Itordav. transferred their activities To
L ne Erie stocks today, the common
land second preferred, however,
II icldlug only fractlonallv on the day,
|while the first preferred was forced
|down ia points. Other rails were
weak in sympathy. particularly the
how. priced issues such as New
|lIaven: New York, Ontario e. West
.,rn and st. Paul. Investment issues
hike Union Pacific, Canadian Pacific,
Norfolk & Western and New York
|Cantral also shared in the recession,
|some OF the losses exceeding a point.
Mexican Petroleum was quite
active within a 5-polnt radius, regis
teirg a net decline of 3Fs, after an
" display Of strength. Standard
oyls of California and New Jersey.
Houston, Producers & Refiners, Pam
American and General Asphalt all
Welded substantially. Copper ana
sugar shares also continued under
pressure throughout most OF the
Vision.
Weekly iron and steel trade re-
views indicating n rapid recovery
from the recent depression in the ip-
dustry because Of the coal and rail-
road strikes induced active buying Of
United states steel common, which
duplicated it's high of the year, but
N dropped back in final dealings on
realizing sales. Independent steels
were irregular.
American and Baldwin Locomo-
tives and Railway steel Springs each
registered new highs for the year In
early dealings. but reacted sharply
AT the close. other equipments also
we're weak. Some OF the public utill-
ties which moved into new high
ground, however, Columbia Gas and
American Water Works per cent
rrefcrred were able to hold most OF
their gains. Total sales were 1,l3O,-
600 shares.
Cali money opened and renewed at
( per cent but stiffened 10 "A at
the close. Further hardening is eX-
pected tomorrow as the result or to-
nights announce ment that the gov
ornmcnt would withdraw S46,5o0,OOO
from member banks OF the federal
reserve system In this district. There
was a fair demand for time money.
hut offerings were light. Commercial
paper was quiet
Weakness Of foreign exchange
rates I'm the London market was fol-
lowed by a rather sharp decline in
the local center demand sterling bills
falling nearly PA cents with corre-
spending reductions In the continent
al rates The market for sterling
was influenced by heavy offering or
cotton bills. Japanese exchange
showed a firmer tone.