The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-09-28
OPERATORS AGAIN
CONTROL MARKET
Another Break Forced,
Carrying Number of
Stocks Downward

NEW YORK, Sept. 27.--specula-
live operators for the decline again
assumed control or today's stock
market. forcing another sharp break
In prices which carried number
OF stocks downward | to . points be-
low yestcrday's levels and In many
cases to the lowest figures OF tho
month. No fresh buying power was
in evidence.
Passing OF the Pittsburgh Coal
dividend, calling attention 20 the Sc
rlous effects OF the coal strike which
tho market had largely ignored be-
fore; increasing tension over the
situation In the near east, hcaviness
of Liberty bonds and reports that
bnnkerr were not disposed 60 per-
nit further extension OF brokers
loans, which had been estimated az
high aa $4,000, 100000 when the
current reaction began, all contrib
uted TO the downward trend.
pittsburgh Conl broke 10 points
upon rcceipt of Information that
the directors had passed tho regular
quarterly dividend. The stock has
been on 8 per cent basis since
1918.
Coal-carrylng railroads were in.
fluenced by the Pittsburgh dividend
action, I.ackawann, which had sold
up ia 1876 i-2 dropped back 10 l3a
and LOSSES OF l to nearly 3 points
taking place in Chesapeake & ONO,
Reading, Delaware a. Hudson, Le-
high Valley. Central OF New Jersey.
Norfolk q Western and pittsburgh
Il West Virginia common and pre-
fcrrcd. baltimore a. Ohio showed q
decrease Of nearly sS,p00,0O0 In net
revenue under that OF August OK
last year and Erie failed TO meet It's
fixed charges by nearly S2,OOO,OO0'
Tnion Pacific Atchison, New YORK
Central ana southern Pacific also
Yielded more than point each
Rumora that the federal trade
commission would lead to q modfi-
cation Of the terms of tho Republic.
MidvDte- inland steel inerger were
held partly responsible for the
weakness of steel shai ~. Republic
dropping points and MidvGle near
ly point while United states steel
fell below l0i.
standard OH Of New Jersey
crossed 200 today 10 "A new high but
fell back . points later. Standard
of California also established n new
peak price at 12l i-2 but dropped
back points Three OF the most
prominent speculative favorites,
Mexican Petroleum. Baldwin and
Studebakcr. all yielded : points or
more.
Total sales were approximately
$4,000 shares.
Bills against cotton shipments
were held largely responsible for
tho further decline in sterling, de-
mand bills yielding nearly point
to sl4o Lie. Continental states
yielded only moderately.
Cnll money held steady ut IA
per cent throughout the sosaion,
there being little demand for funds
in a reactionary market. A fair
amount of business was done in the
tirse money market, over the year
maturitles commanding "a per
cent.
The break In Liberty Issues
which fell 26 to 39 points was the
outstanding development In today's
bond market which was one OF the
weakest in recent weeks.
Liberty las suffered the most
but the I ia series also registered
recessions.
Several weak spots were uucov-
cred In the foreign bond list.
Local fractions also lost ground
Brooklyn Rapid Transit Is. certifi.
cate IN ana stamped rs. each losing
points or more,
Losses of to . points were
common In the railroad and indus
TRIAL lists, including baltimore 4
Onto AZ and ST. Paul convertlbl,
l-2s and SO and refunding Las
Total sales, par value. were S2l,
$4,000.