The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-12
HEAVIER BUYING
FEATURES STOCKS
Shares of Coal Companies
Benefit Most From Buy
ing During Session

.EN Okh, OCt, lls-litaNy
hsylng Of shares Of Industrial COM
parles holding large surpluses on
urhcr reports OF melon cutting
again featured the stock market to-
ds. the main price tendency in
which was again upward Rails.
which have been tagging behind in
.le las; few days became quite nc
t,. today and some substantial
gain. we're recorded by tho high
gaio shares.
Immediately after the market
closed the Standard oil Co, uf y.
j. announced it's intention Of
declaring a 400 per cent stock diyi-
dend. paya bic in shares OF tho pres
Ont Sg5 par value. the capltalizn-
tinr of the company 10 be increased
f.um iii0,0O0,00O 20 s625,0OO 900.
Tile stock fluctuated today within
radius % IA points, closing At
agb 10. a net gain or one-half on
'ns day but Ia below yesterdays
nigh Mexican Pet closed at 10
net gain OF ia points after having
established a new high FOR the year
al g0j ia. Both Pan American
issues also created new tops on
rmors Of extra dividend distribu-
zion. other oils moved within com
par4tively narrow limits.
overnight announcements OF a 10
per cent stock dividend Ia National
Biscuit was about as expected. the
stock closing at eos, the same as
Yesterday after having been run mp
90 gIl IA. Announcement OF a 90
per cent stock dividend In American
Radiator apparently was dissppoint-
ing 10 speculative interests. that
than 3 points on the day.
Shares OF coal carrying companies
leusiited most from the buying
demonstration staked in railroad
shares, gains OF three-fourths 10 I
5.S being recorded by Iackawanua,
Beading. 1ehigh Valley, Norfalk y
Western. Changers also made good
progress, notably Union Pacific.
Canadian Pacific. Atchison. South
ern Pacific and Great Northern pre-
ierrcd.
Steel prices were forced down dur
ing the afternoon reaction but i'm
proved fractionally later in response
20 publication OF weekly trade re-
views showing a steady increase IN
production. Equipments also sold
az slightly higher levels.
National lead was boosted 20
higher ground. while Studebaker
was active at steadily rising prices.
Standard oil Co. was negotiating
was based on revived reports that a
Standard oil Co, was negotiating
for It's entire output, sugar stocks
responded favorably TO the increased
prices for the refined product.
United States Realty broke about
seven points on announcement that
no dividend would be paid and that
n preferred stock Issue would be
sold to retire debenture bonds now
outstanding, but II rallied later,
closing at a net loss OF three-ei eighths
points. American car, Bosch Mag
netO. May Department stores and
Fischer Body also were conspicuous
ly weak. Fifteen shares OF the
Atlantic Refining Co. stock were
sold at sl,4O5 a share, or S105 be-
low the previous closing price.
Total sales were l.lsS,0O0 shares.
An easier tone was noted In the
call money market. the opening and
renewal rate of 5 1-2 per cent cas-
ing to la before the close. Time
money and commercial paper rates
we're somewhat firmer, largely be-
cause OF seasonal interior require
ments.
Foreign exchange rates were de-
'hH'Ale pNNAtls dtIlblAi fA'AiAAat AAA
proving "A point at .43 IL.
Renewed selling of high-grade
bonds. including number OF issues
that are legal investment for saw
iugs banks, featured today's bond
dealings, the main trend of which
was downward Opinion was divid-
ed as 10 whether the selling OF gilt
edged securities was due TO in
crease for commercial or 10 obtain
funds with which TO invest in the
new government Ia per cent Of
ferlng, applications for which have
virtually swamped the clerical force
ot the local federal reserve bank.
Atchison general as, Union Pacific
4s, Northern Pacific 80 and Penn
tylvania stamped a., Consolidated
l-2s and General 5s were among
the high-grHde railroad liens TO drop
10 / Ia points. Similar declines
were registered by Central Pacific
firsts, Chicago & Alton IS ana
l-2s. Southern Pacific collateral
trust is
There were few outstanding eX-
c'ptiuus to the downward trend
notably Frisco general mortgage &c
which climbed 3 Ia points, Norfolk
q Western convertible 6s up l l2
ana Southern Pacific convertible 5s
uH !.
In the industrial list Cuba Cane
5 Ne and Union Bag IS climbed a
point while Chile Copper Is lost
ground.
Foreign bonds moved in an errat-
ic manner.
Total sales, par value, were Sli-
O0l 900.