The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-31
STOCKS STRONG
AS YEAR CLOSES
Conditions Favorable for
Further Appreciation
of Stock Prices
FEW OBSTACLES SEEN
Changing Economic and Po-
litical Situation Abroad
Sole Restraining Factor
nr ~ AsaoeLated press.

Tv the AsHoCAHltu AItHes
NEW YORK, Dec. 30.--Stock and
bond prices generally close the year
At materially higher levels, which is
not only a reflection Of the marked
,mprovement that has taken place in
business and Industry during the last
~ months, but also construed by
conservative New York banking in
terests as an indication OF still fur
ther progress in the coming year.
The year ends with conditions ia
vorable for further appreciation Of
commodity and security prices IN the
financial community. Unfavorable
and unexpected developments in the
pclillcal and economic situation
abroad are generally considered as
the only probable obstacles to arrest
the Improvement in the business and
financial world which began in the
GUNNER of 1921.
The prediction of further business
prosperity is based on successful
well-known facts. Foremost among
these Is the easiness Of the money
market and the huge sums available
for criminal credit. In addition most
stocks of merchandise are low, rail-
road traffic is close to record levels.
exports are increasing the principal
European exchanges are heading
back to par, the European economic
situation shows signs of improve
ment, and untitled orders for rail-
road equipment are the largest in
years Other favorable signs are
seen in the facts that no big strikes
are threatened or pending, a great
amount OF construction work is still
IN arrears despite a record breaking
year OF activity in the building in
dustry, automobile pr o d C t o n
reached new peak, which probably
will be exceeded next year, while
gasoline consumption has been the
highest In history and electric COM
panies are doing a record business.
Sales of stocks durir & the year
totaled approximately 2G0.000.000
shares as compared with 171,000,-
600 last year. 22S. 100000 in 1872 and
307 500, 600 In the record breaking
year of 1919 when postwar initiation
was at it's height. Bond sales this
year reached the unprecedented
total OF approximately s4,155,-
600. 900.
The widest fluctuation in the stock
market took place IN shares OF the
atlantic Refining company, seldom
dealt in. which ranged from a low
OF 5000 to a high of $1,575, or s675
difference. Among the active in
dustrial issures Mexican Petroleum
provided the chief feature. getting az
low as 106% and as high as 322, or
a range of PISA points. Approx
mately 95 per cent of this stock has
been acquired through conversion
by the Pan-American Petroleum &c
Transport Co, thus virtually remov~
Ing IL as n market factor.
Among the railroad shares MiChi-
gan Central fluctuated the most .
selling between 156 and $50 or ia I
points. The smallest fluctuation
took place in Alaska Gold Mines,
which sold between y ana Il of l.
Other interesting development in the
stock market was the declaration Of
stock dividends totaling more than
two billion dollars.
While most industries showed sub
stantial recovery from postwar in
flation the number OF failures during
the year was the largest on record
and the volume of liabilities next to
the largest ever recorded. Severe
labor troubles particularly the min
ers' and shopmen's strikes, also had
disastrous effects, costing each Of
the principal railroad systems mil
Hons Of dollars and even more 10
business generally. For the first
time on record there was n marked
shortage OF manual labor, due in
part TO the restriction of immigra-
tion, whereas in 1921 the number OF
unemployed was estimated as high
as 100000 or 100000.
Crops with few exceptions were of
record size and the high prices
brought vastly greater purchasing
power to the agricultural regions,
particularly the south. The foreign
demand for foodstuffs was not very
heavy until near the close OF the
year. Exports as whole were the
smallest since 1915, although in No
vember they were $50 100000 over
those OF November, 1921, and the
highest since March. 1891.