The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-11-15
ACTIVE STOCKS
TAKE BIG DROP
Spectators for Decline
Force Recession Of
Five Points


tors for the decline forced recess
sions OF one TO nearly five points
In a majority OF the active Issues in
today's stock market. being aided
by heavy liquidation on the part Of
discouraged holders of long stock.
and the closing out of the accounts
~ a large brokerage house. whose
failure was announced this after
noon.
The average price OF both rails
and industrials In today's market
was approximately equal to the bot
tom OF the June break, which
marked the first serious Interrupt
ton 10 the bull movement which
began In August 1921. for the in
dustrials and n few weeks earlier
for tho rails. Slightly more than
one third OF the maximum bull ad-
vance has been Cancelled to date.
United states steel dropped as
low as 103 a. today. but later
rallied TO i03 3-s or 1.2 point below
last nights close. Crucible COM
tinued to yield, today's but loss be-
ing 5 rs points. Mldvale dropped
nearly three points and Lackawanna
yielded IA but the losses In
Bethlehem B and Republic were
held within fractional limits.
North American dropped nine
points, nearly all OF which came in
the first half hour. Consolidated
Gas and Columbia Gas broke more
than four points each.
Low priced rails were subjected
10 heavy selling pressure on the
theory that their market condition
had become appreciably weakened
by the recent reaction. Erie issues
were particularly hard hit, the com
mon getting down to 10 5-S and
: closing at II, a net loss of 1 IA
epoints and the second preferred
yielding SIS on the day. Western
Maryland second preferred, fell
back nearly three points and losses
OF one to more than two points were
sustained by Western Pacific, Rock
Island, 81. Paul common and pre-
ferred. Chicago Great Western pre-
ferred and Missouri Pacific common
and preferred. Divldend-paying
rails offered better resistance in the
early part of the session but later
they reacted with the rest, New
York Central dropping two points.
Reading SIS: Northern Pacific
2 SIS; Atlantic Coast line five;
Lackawanna four and Atchison
1-2.
Mexican Petroleum dropped eight
points on n turn over of less than
1900 shares. Houston OIL con-
tinued in free supply, dropping
nearly four points. while Standard
oil OF New Jersey. California Pc
troleum and the Pan-Americans Vs.
sues were off one to two points.
General Asphalt climbed a point.
Some OF the additional weak spots
were American Express. American
Car. Kresge. Sears Roebuck and
United Drug, the declines running
from to 10 points. Fisher Body
was the outstanding strong spot,
gaining seven points.
Total shares were 1895. 900 shares.
Call money opened and held o.
) per cent throughout the day. Time
money continued at per cent. Little
new commercial paper is coming
into the market, the bulk OF prime
names commanding "a per cent.
Wide fluctuations marked the
foreign exchange market, early
strength being followed by period
OF acute weakness, particularly in
continental rates. Demand sterling
ruled Just under s4.f7. while French
francs after touching $50 dropped
back to 6.6S.
Bond prices crumbled In all sec
tlons OF the list I'm today's bond mar
ket In response to further heavy
liqudation on the part OF large and
small interests. Renewed weakness
of foreign government securities
precipitated the drop to lower
ground, French SIS again falling to a
new low record.
Breaks OF 3i5 points each took
place in Czecho- Slovakian IS, Brazil
7s and Copenhagen s Us, while losses
OF IN to 2& were noted In Dutch
East Indies 6s of 1852 and 19t7.
Prague 7iks. Anton Jurgen 6s,
United Kingdom Ias Of 1887. Toxic
5s, Paris-Lyons- Mediterranean 6s,
French Ss, Rio Janeiro s certificates
and Cuba railway 5s.
Scores OF railroad mortgages
dropped a point or more.
Losses In the industrial group were
not as extensive. Except for
slight gain In the unyielded Victory
ANS all of the United States govern
mert securities also showed substan-
tial recessions which ranged from
10 to 4S cents on 800. The fret
- and first and second Ans suf-
fered the most.
Total sales, par value, were si4,-
IG2 0OO