The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-25
WHEAT IS DOWN
COTTON HIGHER
Depreciation of Continent
tai Exchange Hits
Stock Market

NEW YORK, oct. 2s.-Depreci-
Alton OF German and allied conti-
mental exchange rates TO tho lowest
prices OF the year. further recesslons
i1 bond prices, an irregular move
uent in stocks with a better tone at
the close, lower prices for wheat and
higher prices for cotton were the
outstanding developments I'm today's
financial markets.
Published reports of o statement
attributed TO Chancellor Wirth con-
CerninR the possibility OF German
bankruptcy precipitated the drop IN
foreign exchanges. French francs
Falling TO zoe cents, as against par
Of 1913; Belgian francs dropping 90
649 cents, and Italian lire to 4.O2
rents, and Italian lire to 402 cents.
German marks were quoted at -
rents hundred. Sterling yielded
with the ret, but principally In re-
tponse TO a heavier offering OF grain
and cotton bills.
The action of Mexicsa Petroleum
IN the face OF a new offer of ex-
change for Pan American was sur
prising TO a number of traders The
first sale was 1000 shares at 235. up
points. and the best price of thP
y
n issues improved more than 2
points each. After this initial dis
play Of strength. however. Mexican
Petroleum turned weak. dronping 10
229 and closing at 229ia. or frac-
tiOnally below last nights close. Both
the Pan American issues. however,
closed at gains OF approximately Il
point.
Further accumulation OF Reading
sent the price to 81 y, up 2A points
and a new top for the year. but the
other railroad shares did not do
much.
Reports OF improved retail busi-
ness found expression I'm the better
prices for merchandising shares.
Manhattan shirt climbed points.
and United Retail Stores I. Kresge,
however. was under pressure. Slip
ping back 3 points.
Fractional advances on the day
were registered by such active shares
ns Studebnker. United States steel,
common, Baldwin, Consolidated Gas,
Continental Can, General Asphalt,
Sinclair and Chandler. Some OF the
individual weak spots werc Pierce
Arrow preferred, Nuion Tank. Jersey
Central, Dawson Chemical. Famous
Players, Jiggett 4 Myers, Worthing-
ton Pump and Railway Steel Springs.
Total sales were S52.l00 shares
CAN money opened at 4is per cent
and eased off 10 t. despite govern
ment Withdrawals of S23.150,000
from member banks of the federal
reserve bank in this district. There
was plenty of demand for time
money for three and six months at
~, but all offerings were at per
cent. Commercial paper was firm.
The bond market turned decidedly
weak today In response to the fur
ther break in foreign exchange whith
braught "A flood OF foreign securities
Int the market. Prices crumbled
throughout the list, nearly two score
active issues showing losses of TO
2 points.
Foreign bonds. as q group. suffered
the most. Framerican 7bs and
Belgian 6s dropped 2 points each and
the French So tx.
Except for n rise OF IL cents on
500 In the Liberty AIS. all Amer
lean government securities also
were reactionary the net losses rang
Ing from cents on the uncalled
victories TO "a on the first as. The
new 44 was back TO par.
The sharpest reaction IN the rail-
road list came in Illinois Central re-
funding Is, which were off 2X
points Norfolk & Western con-
vertihle Is opened higher but re-
action later carried them down 2
points below last nights close.
Baltimore * Ohio gold 4s. also
receded 2 points while losses OF APP
proximately / u points were scored
by Seaboard Air Line consolidated
6s and adjustment SIS. In the long
list OF liens which closed point be-
low last nights final figures were
katy adjustment SIS.
Trading jim industrials was not as
active as in rails, but losses OF &c
ga points were noted in Magma Cop.
per Is, Commonwealth Power IS
Wilson convertible 6s, Cerro dc
Pasco SIS, and Central Leather 5s
lnvincible oil So were one of the few
exceptions 20 the downward trend
selling around 1i0 at which price
they Will be retired on November "a
Ihe American Can company an.
nounced that II will purchase lin,
Ned amount OF its lb-year per cent
god debenture bonds maturing IN
l92S at 99h and interest.
Total sales par value were s1S.
$4,000.
Chicago Livestock,
CHICAGO, Oct. -Hngs-RecelptI