The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-07-06
TRADE IN STOCKS
DULL, LISTLESS
only Feature Is Pressure
!. Directed Against Spec
ulative Favorites

NEW YORK, July 5.-Tradlng in
he stock market today was dun and
Almost devoid of feature, aside from
he pressure directed against sew
Al OF the speculative favorites. not
aoly foreign oils.
Mexican Petroleum and the "A
and "B" issues OF Pan-Amerlcan
petroleum were under constant fire
<r- extreme losses OF tn II points
selling of these shares was accom-
panied by out-of-town reports and
Inter from local sources which re-
y.yed familiar statements OF salt
water damage.
JThere were intimatlons also that
\ ~tations between Washington and
Mexico City had become strained
over the question OF recognition and
,h remission or reduction OF oil ex-
port taxes but In no authoritative
quarter were these credited.
The acute heaviness of Mexicans
was the more striking from the
strength displayed by a majority Of
the domestic oils. Chief among
these were Associated, Pacific. Cos
den and California Petroleum, in
which final quotations showed gains
OF / to almost 5 points.
The most hopeful development OF
the session was the firmness OF rails.
Many OF that group registered gross
gains Of l to 2 points on covering of
ehort contracts, prompted in part by
the more encouraging aspects of the
strike situation.
Pools were active in selected spe-
eislties and several OF the miscel-
la9eous divisions established highest
prices OF the year. Coco-Cola, Mall
inson and Du Pont, the latter at a
further temporary gain OF 6 points,
were among the conspicuous feat
ures of the days professional oper-
ations. Sales amounted TO $4,000
shares. Progressiveness was shown
by the money market, call loans
dropping from AN to "A per cent
|. at midday. Two 90 three months
loans on per cent basis were
again privately negotiated. but the
open rate was 4 Ia per cent. Con-
fuslng conditions marked the days
active dealings In foreign exchange.
OF all the more important rates
British bills alone were strong. ris-
ing PA cents over Mondays closln &
figure. Allied bills were lower by
about 10 TO 90 points. the Dutch
rate rose 1 8 points with the Danish
rate and Norwegian and Swedish re-
mittances Is points each. OF the
minor exchanges, the Greek rate
again lost ground, declining almost
80 points.
Four OF the liberty issues made
new high records in today's bond
market, the 3 Iss at 100.50, first As
at 10O.24, second Az 8 at 100.24 and
fourth AIS at 100.3S.
In the varied list OF foreign gov
ernment loans mixed changes were
shown. Netherland 6s rose l point
with moderate gains in Copenhagen
5hs and Chinese railway 5s but
Mexican As and 5s were distinctly
heavy as were also Cuba republic
4ias and Rio de Janeiro Ss.
Gains ranging from l TO almost
points were made by number of
underlying mortgages OF the domes-
tic railway group, notably Illinois
Central refunding As, Canadian Nor
thern 6 rs, Atchison a., ST. Paul
convertible and refunding AZ and
Northern Pacific As. Total sales par
value aggregated s11,36l,000.
The one new corporate offering
az the day Of more than nominal
size was the $4,000, 900 3. +. Good
rich 25-year 6l5 per cent gold bond
issue which was offered at OF and
interest and was soon oversub-
scribed.