The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-24
BIG RECESSIONS
SHOWN IN STOCKS
Heavy Speculative Selling
Movement Is Days
Feature

lew YORK, Oct. 23.-Material
r.cessions in quoted values took
r.ace IN today's active stock mar
let which was featured by a heavy
speruiative selling movement found
- on the belief that the recent up
,ara swing had been overdone. The
market offered little resistance in
selling pressure until prices had
fallen to points below Satur-
DAYS closing figures.
The decline was particularly
acute among high-priced Industrial
shares.
The first selling pressure today
was directed against the shipping
shares on announcement OF the local
federal district courts decision up
holding Attorney General Daugher-
Tvs ruling prohibiting liquor aboard
ships Motor shares were next at
tackled. apparently without special
reason.
The most violent fluctuations took
ularc on the hlgh-priced oil shares
Mexican Pet established n new high
al 234ik soon after the opening
dropping TO 22G. climbing to 23I
and then see-sawlng back and forth
until It closed at 22e& for a net
loss Of two points on the day. stand
ard OIL OF New Jersey moved with
IN a 6-point radius and closed 2h
lower and losses of to az points
Also took place in American a
and v. Producers e. Refiners, Stand
ara OF OF California and Houston.
Equipment stocks were hard hit
despite the fact that large orders
are still coming into the big COM
!, panies. Baldwin suffered net loss
Of points. while American Loco
motive. Pullman and Car were off
20 3 points.
Indications that the September
earnings statement OF railroads due
this week will show a material i'm
provement. failed TO halt the reac-
lion In dividend paying railroads.
Central OF New Jersey registered
net gain OF II points, but the other
coalers were unable 20 hold the
gains made in "A brief furry of buy
ing, Reading dropping back TO Is
points below Saturdays close, Nor
folk q Western was strong.
United States Steel common sold
of IA points; Crucible IN and
Republic y Other weak spots were
Studobaker. Corn Products, Ameri-
can Can, Consolidated Gas, Iuterna-
tonal Harvester, National Lead,
Postum Cereal, United States Alco-
hol Remington Typewriter and Otis
Elevator, the losses ranging from
u 10 8 points.
Total sales were 1,244.000 shares
Call money held steady at Az
per cent. There was plenty OF de-
mand for time money at - for the
longer maturities but bankers were
demanding s per cent
Commercial paper showed a some
what firmer tone.
Heavy selling OF the currencies of
continental allies in the London and
local markets was the feature OF the
foreign exchange market. French
francs established new low record
for the year at 7.10c, decline of
% points below Saturdays price.
Sterling was strong abroad but
dropped here TO s4.44ls on "A heavy
offering OF cotton and grain bills.
Prices changed in today's bond
market and were irregular, but the
main trend was decidedly down
ward in sympathy with the move
ment In stocks. Losses of a point
or more were quite common In the
railroad list. some OF the prominent
weak spots being Louisville e. Nash
Vile unified As and Rio Grande
Western collate al trust 4s, Colo
rado Southern refunding AIS and
Atlantic Coast Line first As, all off
y to points. Norfolk & Western
convertible 6s, however moved up
points. Some good gains also We're
made by New York. Chicago & st.
Louis debentures Is and Baltimore
' d Ohio gold AZ.
Industrial mortgages moved in the
same confusing manner as the rail-
road liens.
Marland oil SIS, Union Tank Equip
ment IN and Liggett Il Myers 5s all
Iell back point or more,
Except for slight gains in the LIB
orty 3iss. and uncalled Victories all
our government war obligations
we're reactionory. The so-called first
second iAs registered IA net loss OF
40 cents on 500, while declines of
10 is cents took place in the other
"a per cent bonds.
Totals sales. par value. were w.
$1,000.