The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-19
RECESSION FELT
IN STOCK PRICES
Profit Taking Combined
With Short Selling
Cause of Drop

NEW YORK. Oct. Is.-Proflt
taking combined with short selling
based on the theory that the mar
ket had been overbought caused an
almost general recession of prlces
m todays stock market.
Trading was largely In the hands
OF professions. Mexican Petroleum
continued TO be speculative ia
yorite, moving within n radius OF II
points and closing at a net loss OF
points. Standard OIL Of New
Jersey was strong. extending its
gain 10 9% points. National Biscuit
which touched a new high at 245h
IN the first hour, closed at 237A,
net gain of 9h.
Steels were among the heaviest OF
the standard shares, The sharp
2is point drop in Republic was in
fluenced by the publication OF the
report for the quarter ending Sep
tember 80, which showed a deficit
Of si3S.676, after taxes and charges.
rs compared with q profit in the
preceding quarter. The rail and
coal strikes undoubtedly were re-
sponsible for this unfavorable
showing. United States steel com
mon closed at 1854, off ~, and
Crucible was off IA.
Rails again Jagged behind the rest
Of the list, but a brief rally took
place In Northern Pacific which
touched SO. Fractional recessions
were the rule among other stand
ard railroad shares.
Equipments also yielded in the
general reaction, Baldwin falling
back TO 40 after having estab-
lished q new high for the year nj
~
off IN and American Car /. All
the motors were weak. Rubber
stocks improved fractionally on an
nouncenhnt OF higher prices for the
crude product. Fisher Body was
pushed up moro than 2 points and
Corn Products closed nearly ~
higher. Traders looking for new
stocks in which distribution OF sur
pluses are likely bought rather free
ly OF tobaccos, American Tobacco
A and 3 stocks moving up 2 and
IL points, respectively, while Idg-
gett q Myers closed l6h points
higher.
Total sales were i,sss.Ooo shares.
Call money held firm at per
cent throughout the session. Most
OF the business In the time money
market was at longer maturities.
bankers demanding 5 per cent and
brokers' "a.
Heavy buying OF sterling in London,
apparently for French account, sent
demand bills up to 4.47A In this
market, the highest in several
weeks. but the rate fell back some
what in later trading. Canadian ex-
change was firm at lie premium,
a firmer tone prevailed at the
opening OF today's bond market but
prices yielded later in sympathy with
the slump in stocks, declines again
outnumberins gains at the end OF
the day. Heavy buying of Liberty
3hs. which advanced SO cents on
500 was one OF the features. I'm
called Victory ANS and the new
81 is also moved to higher ground.
but the SECOND Is dropped 16 cents
and the AZ series from 2 to IL
cents.
Railroad mortgages were general
" lower. Atchison convertible Is
OF 1850 dropping 2 points and losses
OF / TO ! y points taking place In
chicago Great Western 4lhs and
pennsylvania general AIS. Hudson
ana Manhattan income 5s moved up
over a point.
=, some good gains we're noted in
the Industrial group, lnvincible OIL
Ss. Bethlehem steel IS and Produc-
ers and Refiners IS. with warrants,
MI improving to 1S points.
:. Foreign securities moved with an
uncertain trend.
"a Total odd sales, par value. were sl7,-