The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-11-02
PRICES DECLINE,
END NOT IN SIGHT
United States Steel Hits
New Low Mark; Some
i Recoveries Made

NEW YORK. Nov. f.--Pricos In
iodays stock market continued 10
decline but there we're publications
that the current reaction was near.
4ug an end.
United states steel common
rrumbled TO 1913 is, a new low, but
Ister rallied "a point for a net loss
of g-4 under last nights close.
pethlehem "B" was down more
than points at one time but re.
covered all but one. Cruclble. Lack
avanna. Republic and yanadum
also made good recoverles after
carly manifestations Of weakness.
Resumption OF dividends by the
national Enameling and Stamping
company had a beneficial effect on
that stock, which scared more than
o. l.2 points.
Mexican Petroleum only 10000
a shares OF which are now reported 70
bc outstanding I'm the hands OF the
pgblic. was again subjected TO
professional pressure, suffering u
net loss OF 2 points while Pan
American "B' after dipping TO 81,
closed AZ Sc. for n net loss Of Ia
standard OIL of New Jersey again
displayed marked strength, climb
ing points, and better tone also
was noted in Standard OIL OF Cali
fornla and Pacific oil.
American Can was one OF the
strong features, gaining 1-2
points. May department stores,
which gained 1-2 points yesterday
in expectation OF an extra dividend
disbursement, added 12 more to-
day.
Acute weakness OF Pierce Arrow
other motor shares in early deal
ings, but good buying power devel-
k>pcd in Studebaker and Chandler,
Which carried those stocks 1 1-2
ana point respectively above last
nights final figures. Fisher Body
slumped nearly 4 points.
Heavy professional pressure
against equipment forced the liqui-
dalton OF some speculative accounts
and carried those stocks down sew
eral points but they recovered most
Of their losses before the close
American and Baldwin Locomotives
showing only small fractional de-
clines on the day. Trading in rails
was sluggish, but Louisville &
Nashville, Lake Erie & Western.
Delaware & Hudson and Frisco pre-
fcrred. were quite weak.
LII
Can money opened at per cent
and then jumped TO 8 where IL
closed. The time money and COM
mercial paper markets were quiet
with no change in rates.
Trading in foreign exchange was
quiet because OF the All Saints
holiday observed abroad. Sterling
held steady around AS 1-2 and the
continental rates were firm.
Bond prices were irregular at the
opening OF today's bond market, but
they sagged later when buyers were
unable TO absorb the large amount OF
offerings emanatlng from large in
sututions Weakness of foreign is
sues and heavy liquidation OF Erie
railroad liens were the features.
Buyers of domestic bonds seemed
Inclined to favor short term issues
and we'll secured callable bonds
pending a moro definite indication
Of the ultimate market trend.
Erie convertible As. series B, broke
80 points while Losses OF to 2
points were sustained by Erie gem
eral As and the a and B series OF
the convertible As. Frisco income IS
slumped points 10 new low on
the movement and In addition gem
eral Is Cancelled their recent 2-point |
gain. There were few exceptions, |
notably New Haven 6s, Wabash |
firsts and ST. Paul refunding 4hs. |
all Of which moved up a point or |
more.
Declines OF a point in the indus
trial list were noted in Bethlehem |
Steel refund!ng 5s, Genera! Electric |
bs, Magma Copper 5s. Ajax Rubber |
SIS and American Writing Paper IS. |
NaCtions also were heavy, particu- |
Hrly Brooklyn Rapid Transit certiti- |
cate Is, which dropped points.
United States government sscuri- |
ties moved within much anrrowed
limits although the main trend was
the second AZ sustain
Ing the largest net loss, 10 cents on
500.
Total sales, par value, were Wa
100000.
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