The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-18
STOCKS HIT NEW
MARK FOR YEAR
Fundamentally Strong
Position Of Market
Shown in Climb

NEW YORK, Aug. 1.-THE fun
damentally strong position OF the
stock market was made evident to-
day when more than n dozen new
high records for the year were es-
tabished in the moderate advance
in prices which took place In spite
of the absence during market hours
~ any new developments In the
hard coal and rail strikes to in.
iuence II.
There was n marked absence of
public buying. but the financial
,ommunity's confidence In an early
fattlomont OF pending iabor trou-
nIcs found expression in the steady
absorption OF investment securities
AZ steadily rising prices.
Coal carrying railroads stood ou.
prominently in the dealings in that
group, Lehigh Valley and Chesa-
Scake & Ohio breaking through to
new top prices. while Reading
touched the highest figure since the
suprcme court decision confirming
the right OF preferred stockholders
~ take part In the segregation plan,
Northern Pacific, Chicago & North
western, common and preferred. st.
Louis & San Francisco and New Or
Jeans. Texas & Mexico also sold ~
the years best prices.
Oils displayed marked strength on
reports OF an improvement in the
crude oil situation. Gains OF a
point or more took place in STAN
dard oil of New Jersey, Pierce Oil,
phillips Petroleum, Cosden, Pacific
and Texas companies.
United States Steel was active
hgain today in expectation of heav-
ily increased production, touching
1O3, or only IA below the years
best price. Bethlehem, Lackawan-
Ia Midvale and Republic also bet
rred their positions. but Crucible
was reactionary.
Pacific Gas & Electric and Con-
Bolldated Gas at gains OF nearly
points or more featured the public
utilities group. Sugars were In good
demand under the leadership OF
American Sugar which advanced
more than a point TO a new top.
Individual strong spots were In
ternational Paper and Union Bag
Storage Battery and Coca Cola. Total
sales were 100000 shares.
All money opened and held at
IA per cent and there was no
change in the time money
rates. The demand for commercial
paper continued light.
Demand sterling was In urgent de-
mand in the foreign exchange mar
ket, rising to s4,49 is, or within a
few points of the years high record,
while German marks fell TO the eX-
treme low record of "a cents n
hundred.
French checks were heavy in the
French cheks were heavy in the
early trading, but strengthened
later.
Strength OF railroad bonds. In
Guiding both high grade and specu-
lative issues. was the outstanding
feature of today's relatively light
dealings in the bond market.
The years best prices were reached
or exceeded by Wabash second 5s,
Northern Pacific 5s. Chesapeake &
Ohio convertible 5s. Kansas City
Southern IS, Southern railway 5s Chi
cago & Eastern Illinois 5s and New
York Central 5s, most of which were
UP TO / 1 1-2 points.
Market Improvement was also
noted in st. Paul convertible and re.
funding. 4 LES, Kansas City short
line les. Pennsylvania Is and
Iowa Central As.
An active demand for telephone
bonds also developed during the day,
special strength being manifested
by Pacific Telephone and Telegraph
IS, among telephone issues, par
ticuarly the collateral AZ and the
New England Telephone IS.
In the industrial list, the note
worthy issues were the Cuba Cane
SIS, International Paper 5s. Wilson
company Z Lee and General Elec-
trio 6s.
French and Belgian bonds weak
ened in response TO the falling in
the exchange rate, but rallied later.
British government bonds were firm.
our own Liberay issues were under
pressure, the 1-2s dropping 90
fpoints.
Total sales par value s10,9sr,000.