The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-30
CURRENT NEWS
BUOiS STOCKS
Active Issues Recover
Monday Losses and
Go Up Higher

NEW YORK, Aug. 29.---Favor-
able Interpretation OF current news
developments impaired Il buoyant
tone ta the stock market today, ac-
five iysles recovering Mondays
losses and advancing 10 higher
ground on gains ranging from to
o points.
Presidents Hardlng's assurance
that no immediate seizure Of coal
,rIrrs and railroads was con-
,orpIafod although authority for
.Y.r ayIon was desired in case Of
rr,9t emergency, combined with re-
norris OF increased car loadings and
rbIraro dispatches which Indicated
,r. railroad labor boards refusal to
.6sEe tho so-called living wage"
L. sole basis for fixing the new
NIe of maintenance men, caused
. more active demand for railroad
shares which advanced from l to
more .han 3 points. Chicago and
Northwestern closed the day with a
net gain OF IA and Canadian Pa
rIflc with 3 is, while gains OF | .
polnts or more took place IN Read
ing Union Pacific, Great Northern
preferred, Atlantic Coast line, Lee
bgh Valley, Norfolk Il Western and
a few others. Chicago & Alton is
sues were reactionary
Public utilities displayed marked
Improvement, new high records for
the year being established In this
group by Brooklyn Edison. North
American Western Union. Ameri
can Telegraph and Columbia Gas OF
Baltimore.
steel shares also participated ex-
tens!yely in the upward movement
a steel common making up its
Quarterly dividend OF Ia per cent
lof very heavy dealings. Further
confidence in the future OF the steel
Industry was indicated by the ad-
vance In wages announced by the
Colorado Fuel & Iron Co. inde-
pendent steels as group followed
the course set by the premier is
sues.
Speculative issues, like Mexican
Petroleum, Baldwin and Studebaker
also gained substantially and partly
An response TO short covering opera
tious. The tobacco group exhibited
marked strength and coppers rose
on the high prices quoted for the
metal. Strength Of American To-
Nacc0, which rose 10 a new high was
attributed To the stabiliZation OF re-
tail stores which followed the aban-
donment Of trade discount policy
by that company.
Special stocks which registered
new high prices for the year in
cluded American Ice. National Lead
and Retail Stores.
Total sales approximated 100000
shares.
The money market adhered to its
movements OF the previous day,
opening at "a per cent but ad-
yaneing TO 1 per cent In the latter
part OF the session. Leading foreign
exchanges showed further steadi-
ness on the higher range for those
remittances quoted by London.
Sterling was steady despite heavy
offerings of commercial bills.
French francs were substantially
above previous days close and the
German marks rallied sharply
Influenced largely by the better
tone Of the stock list and foreign
exchange rates, today's bond market
rallied briskly from yesterday s
acute depression, international is
sues showing pronounced strength.
french munlClpdlS rose - ~
almost 4 points over the low levels
Of Monday with active buying or the
Bordeaux, Lyons and Marseilles
group. French 1-2s rose 3-4
points Franco Is IL and Bel
gian Ss point. Among other for
eign issues, Havana Electric 5s were
prominent for their advance Of ] "a
points.
Domestic industrlals and utilities
were featured by American Tele-
phone convertible 6s and 4 LIS
which advance ! l-2 to points In
Sympathy with the increased price
Of that company'S stock.
Rails were irregular.
Liberties were inclined to ease In
early dealings but rallied later with
I the Improvement In the general list
!. Total sales. par value. were $l2,-
$50 600