The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-21
STOCK MOVEMENT
IS IN CONFUSION
Market Shows Irregular
ity After Short Pres
sure on Steels

New YORK, Dec. 20.---The con-
iuslng movement of prices In today's
stock market reflected the specula-
i've uncertainty over the ultimate
trend, trading again being largely a
professional affair Spectators for
Inc advance took the railroad shares
IN hand shortly after the opening
and appeared to be making good
progress when short pressure was
directed against some of the eteels,
equipments and other speculative
favorites, the market thereafter eX-
hibting marked irregnlarity. Con-
spicu0us strength was shown during
the session by California Petroleum
which made an extreme gain of more
than 8 points Pan-American A and
y showed net advances OF as and
7-S respectively, and Standard Oh
OF California gained 2 points.
Mexican Petroleum climbed 7
points to 1853, another new high rec
ord.
steel shares failed to respond to
tho optimistic tone of the weekly
trade reviews. which Indicated un-
usual year and activities with pros
pcCts for n continuance OF a high
production rate in the carly months
Of next year. United States Steel got
down below 100 for a. net loss OF
J-s. Mldvale dropped rs and Re-
puc!lc !. Bethlehem yielded 2
points and came within 6 points of
The years low. Crucible dropped
1-S.
Baldwin, which led the advance
yesterday with a net gain OF more
than points, forfeited IA points
today. other equipments were under
pressure, losses of l to 8 points being
recorded by Pullman, American Lo-
comotive and General Electric.
Railroad stocks generally failed to
hold their early gains although Lo-
high Valley. Canadian pucific, III
nois Central and Delaware & Hudson
closed l to points higher. Ten
shares OF Michigan Central changed
hands at $40, up to 40 from the pre-
vious sale Reading was up over "A
point at one time but closed at a
slight fractional loss.
Copper shares made no response
20 another advance in the price OF
retail metal bringing it to II 3-4c a
pound, the recent strength of these
issues apparently having discounted
this action.
Some of the notioeabiy weak spots
were allied Chemical Brooklyn, Edi-
son, National Lead. United Fruit and
Standard on of New Jersey, old
stock off to "a points, and Porto
Rican Tobacco off Z. Call money
opened at "a, eased of to Ia
and thence to 4, where It closed
Time money continued TO be quoted
at "a bid and per cent offered
some 60 and 9O-day loans being
made at rs per cent. Commercial
paper trading continued quiet with
little new paper eoming into the
market
Foreign exchanges we're weak at
the opening but recovered somewhat
later. Demand sterling was quoted
around s4.62 SIS and French francs
at s7.42.
Moderate Improvement, in. United
States government issues and marked
irregularity in the rest OF the list
was noted in today's dealings In
bonds on the New York stock ex-
change.
e - Active buying OF our own govern
ment bonds led to the belief that the
January retnVestment demand was
first making itself felt in those is
sues. Liberty 3Ms gaining Is cents
on the 500 and the second third
and fourth and new Ids improv-
ing 5 to IL cents, The first I Ids
and the Victory s4s yielded slight
ly at the close.
There was not much demand for
tone Serbian So. Swiss So ana
United Kingdom 8 Us OF 1929 each
sold off q point and the losses in
other issues were fractional.
Further weakness of st. Paul con-
vertible 4hs aud debenture 4s, each
OF which dropped more than a point,
was the outstanding development in
the railroad list. The general = Is s
showed some Improvement.
st. Louis-Southern - dropped
5-s and the Ga point, other weak
spots in this group being Erie con-
vertible 4s. series ID Seaboard Air
Line cons 6s, New Haven 6s, Chicago
q Alton ans and Pennsylvania cons
Az. Kansas City Southern refund.
ing s., New Haven 5s OF 1885 and
Seaboard Air Line adjustment SIS
moved to higher ground,
Packard Motor IS, Lackawanna
Steel SIS OF 1850 and Marine 6s were
all active and closed at higher prices
while Hersey Chocolate 6s and Mar
land Oil SIS with warrants were
weak.
Total sales. par value, were s12,-
$4,000.