The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-31
PUBLIC INDUCES
STOCK ACTIVITY
'ood of Outside Orders
Scares Many Shorts
to Covering

NEW YORK. Aug. S0-Active and
vilespread public participation. op-
carentIy induced by market i'm
,,oyemcnt in the industrial and rail-
roaJ strike situation. was largely
responsible for the continued rise OF
orl.es in todays stock market.
Floor traders and professional
speculators were inclined to be bear
,sh but the floid of outside buying
orders scared many shorts into COW
eriug, which accelerated tine ad-
vance. Nearly two score issues es-
t3b,ished new peak prices for the
y,ar Reports of increased car load
lugs. indication, that bituminous
,.4l production vas nearing normal
and expectation of unpreCedent
&eight traffic this fail resulted in
' bfbad inquiry for the standard
rails Canadian Plcific was especial
ly strong, advancing Il points. with
gains OF | point Or moro being re-
corded by Atlanta Coast line, Chi
cago g Northwestern, Illinois Cen
trail Louisville q Nashville, New
Haven. Reading second preferred
and Frisco preferred. Renewed
hopes for an early settlement OF
ths anthracite strike. also impaired
buoyancy TO the shares Of hard coal
carriers. especially Lackana and
Lehigh valley.
Chicago n Alton issues We're under
heavy pressure because of disquiet-
ing reports concerning impending re-
organization. The common receded
is points and the preferred drop
ped 8 5-S.
Independent Steels also suffered a
severe setback upon circulation OF
reports that the federal trade COM
flisslon was about 70 render an un-
favorable decision on the two pend
ing Independent mergers. but later
Washington advices Indicated that
no complaints had beer filed against
the proposed Midva!e- Inland Rcpub-
DC combination. Republic Steel
closed with net loss oi3 Is points.
IaCkawanna was off | point ana
Mldvale SIS. United states Steel
closed fractionally higher on "A fairly
extensive turnover. Sales managers
of the steel corporations are now In
session here and Wall st'eet expects
an announcement of higher prices
upon the return TO the city next
~ Ebert II. Gray, chairman OF the
board.
public utilities isues continued 10
.bo active participants in the Upward
swing of prices. Several high rec
ords for the year were made in this
group. notably by Detroit Edison.
Brooklyn. Union Gas. Columbia Gas
American Telephone. Pacific Gas.
Montana Power and McAcEay Co,
Endicott johnson advanced nearly
points today in expectation Il extra
dividend disbursements, when the
a In lou
Cereal established "a new high price
for the year on reports Of inC,eased
earnings. United States Castiron
pipe broke over points on tie an
nouncement of an official o. the
company that contTadicted current
reports of substantially improved
business conditions.
Total sales approximated $4,000
shares.
Call money opened and renewed
at 3 "a per cent but hardened 10 4
and thence to 4 1-3 in resptnse to
the demand for first of the month
requirements. outside call money
was quoted as high as per cent
Time money rates continued un-
changed with little business being
transacted.
Foreign exchange rates opened
in foreign centers but they stead led
in later trading. There was a sharp
break in German marks in early
trading but they recovered later
with the rest of the list. Demand
sterling sold near &c below yestsr-
days rate while other allied rates
showed fractional improvement.
Canadian exchange touched par TO-
day for the first time since August,
1915,
The sharp break in Chicago 4
Alton bonds, the 3s declining 5 -
points and the 1-2sC 7 1-2s fea-
turing today's Irregular bond mar
ket.
The precipitous drop in these two
issues was even greater than the de-
cline In stock prices and was occa.
stoned by unconfirmed reports that
the road was to be reorgar lied.
Local traction issues. which ad-
nnced points or more provided
la strong spot in the domestic list,
American Telephone & Telegraph
convertible As were up nearly three
points in sympathy with the rise IN
that company's stock, while Cerro
Dc Pasco IS and Bethlehem Steel re-
funding 5s also made substantial
gains.
High grade railroad mortgages
also showed slight improvement,
while some of the speculative lines
like Seaboard consolidated 6s and
adjustment 5s, Rio Grande refund.
ing 4s and 5s and Katy" adjust
ments advanced moderately In re.
Spouse to a better and more wide
spTtad demand.
Pfench issues continued 10 recover
from their recent heaviness. gains
of point or more being recorded By
the French l-2s. Franco-Ameri-
can 7 l-2s aad the per cent is
sues OF Bordeaux, Lyons. SolssonS
and Marsellles. Mexican 5s advanced
l i-2 points.
Liberty issues were slightly low
er. Total sales (par yalue) were
$l3,100,00O.
Two 100000 bond issues were
offered during the day. They were
an issue Of 30-year Pacific coast
Joint stock and land bank i-2s
and an issue OF l5-year first mort
gage per cent convertible gold
bonds, series A OF Mantel Mills. Inc
Wichita Livestock.
9oo steady top sB75, bulk tSGOagfb
Cattle Receipts 1890, steady beet
atgaIs fb.00qfhTs beef eaus snA hetfers