The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-06-28
DULLNESS HITS
STOCK TRADING
Flood of Selling Orders
Causes General Melt
ing Of All Prices

new YORK. June 27.-Seasona
dullness and irregularity prevailed
ln todays stock market until the
last hour, when a flood Of selling
orders, evidently precipitated by
professional interests, caused prices
90 melt in every direction, the list
dosing with a weak tone.
Tho further vagaries OF Mexican
Petroleum, the more uncertain rail-
way labor situation and lighter
money were Of themselves suf-
.r,ent. TO bring about lassltude aud
hastation shown by the market dur
igr the early and intermediate pc
4,6ds. ,.
Mexican Petroleum opened with
% s-point gain at 200, this soon be-
Ing followed by 9-pOint reaction,
.rI a brisk rebound before mid
dIy. The weight OF the later offer
Irss drove the price down to l79.
with a final price of $50, represent
ine a net loss OF Is points. In more
moderate degree Pan-American
shares followed the course set by
Mexican Petroleum, the 4 issues
making a net decline Of 67s ana the
E iAues So. Domestic oils were
heavy throughout. showing extreme
Impairment of points.
Contrary TO recent movements
llIl. seemed more vulnerable TO un-
favorable industrial conditions.
Losses Of ! to points were scat
tered throughout that group. with
especial pressure against st. Paul
preferred, Reading, New York Gem
tral and New Haven. The one
(srIkng exception was Union Pacific,
which made substantial net gain.
S.cels, equipments, motors and
shipments were caught In the gen
eraI liquidation, baldwin, stude-
baker. Crucible, Republic, L. 5.
Rubber and Mercantile Marine pre-
fer.ea showing marked hcavlness.
Miscellaneous specialtics were dun
throughout. but cascd at the first
indication OF reaction elsewhere.
sales amounted 20 100000 shares.
Cal loans opened and renewed at
9 per cent, rcfiecting the drain on
local reserves in connection with
coming heavy July interests and di-
N5ord payments, easing 10 Az per
cent later. An increased inquiry
FOR time funds caused 80 TO GO-dav
rates to hold at per cent against
offerings at 3a per cent Foreign
exchange was disposed to strengthen
az the outset falling back before
the close of the market Sterling
lost q moderate fraction, but recent
heayies in French and Belgian bills
resumed. OF the several allied re-
mittances the Italian rate alone held
comparatively firm.
Conditions in tho bonds market to-
day showed no material alteration
from recent irregular hesitant ten
deucies. Dizziness was tho outstlnd-
Ing feature, the turnover being un.
usually light For the first time in
several weeks, the liberty group, the
3i2s excepted, closed at recessions
Among the less prominent rails
2-point rise was made in Des
Moiues and Fort Dodge As and more
moderate strength was shown BY
Southern Pacific collateral As, Chi
cago IL Eastern Illinois. Union Pa
cifG as and Wheeling Il Lake
Erie As
Roactlonary forces embraced sea-
board 4s and adjustment 5s. Penn
syN1nia general 5s. Norfolk X
Western convertible As Minneapolis
4s Chicago 4 Northwestern IS of
1887, Atlantic Fruit - and Consoll-
dated Gas Is Total sales par value
aggregated S11 1,OG9,00O.
New Corporate offerings were
lacking today, but several under
writings 10y municipalities and rail-
roads are in prospect, the former
Including a city of Cleveland $500
600 bond Offering.