The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-09-23
SECURITY MARKET
Is AGAIN ACTIVE
Anxiety Over Near East
Situation Is Factor
in Days Trading

NEW YORK, Sept. 22.--Prlcee In
today's stock market moved with an
irregular trend with the losses again
exceeding the gains.
Trading, which approximated
100000 shares, was largely profess
sional Opening prices were inclined
to sag. probably as the result of
forcer liquidation due to the unwill-
ingness or inability Of traders to meet
overnight margin calls.
When THE selling had been COM
pleted the market rallied but the
bulls were unable to attract enough
support TO carry prices forward and
the market fell back again, bear
traders taking advantage of reports,
which later proved to be erroneous,
that the Turks had entered the neu-
tral zone in the straits. Short COW
ering by this element added impetus
10 the brisk rally In the final hour
which carried several popular shares
above Thursdays closing quotations.
Weakness in rails was attributed in
part TO selling orders OF foreign
origin. Trading was relatively light
and most net changes were Of a frac-
tional character. Southern Pacific
was pushed up u and Rock Island,
one of the weak features yesterday
AAbS'h 1T u sum VI - IDllks
Standard OH OF New York con-
tiuued its upward course, register
ing net gain OF 3h while Standard
oil of California rose u. other
change: 81 thc o.! sTo;ip we're unim-
portant. Motor shares made a good
recovery from early weakness. Stude-
baker improved fractionally and
Chandler gained nearly points as
a result Of some extensive short COW
cring.
Seasonal demand for funds caused
n firmer tone In the money market.
can money opened and renewed at
per cent, the highest renewal rate
since June 2s and then advanced
Il, where It held until closing. In
the time money market brokers had
AZ per cent for the shorter matur-
tiles but the banks showed dis
position to place funds for longer
periods at AZ on the theory that
the present firmness is seasonal and
not likely to last.
Further weakness was displayed
in sterling
Depression in the prices OF for
eign bonds in response to the weak
cned exchange rates and strain over
the near eastern situation was the
outstanding developments In today's
COmParatlNely active DOnd market.
Losses OF / to nearly l LIZ points
took place In Queensland SIS. Japa-
nese As. French 1-2s, Belgian 7 las
and Seine IS. while substantial frac-
tlOnal recesslons took place In
United Kingdom 1-2s of 1897,
Queensland IS, Dutch East Indies
1-2s of 1867, Argentine 5s and Rio
de Janeiros 50. cuba government 4
1-2s. fell nearly points.
Weakness in foreign Issues ex-
tended to the domestic list st. Paul
convertible 1-2s dropping / "a
and declines of point taking place
in Minneapolis and st. Louis refund
Ing 4s Atchison adjustment Is
stamped. Chesapeake q Ohio con-
vertible 5s; Norfolk q Western Con-
vertible 6s, Pennsylvania General 5s,
New Haven Convertibles 6s Invinc-
ible Oil So and Chile Copper Is.
There were few exceptions to the
downward trend.
Liberty issues were inclined TO
heayiness, the fourth 4 las yielding
l6 points.
Total sales, par value, were s13,-
1000.
The principal offering today was
an issue of S5,00O,00O, IA per
cent bonds Of Detroit which we're
sold to yield 4 is per cent.