The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-11
FLUCTUATIONS IN
MANY OIL SHARES
Buying Rush Sends Prices
Up, but Call Money Rate
Sends Them Down

NEW YORK, Oct. 1O.--Heayy
speculation and violent fluctuations
ii high priced oil shares and extern
siye trading in steols and equipments
we're the outstanding developments
in todays active and irregular stock
market.
4 rush Of buying orders sent
prices up at the start. but the viol-
lucs Of the rise an1 a higher ruling
rate for call money Induced heavy
profit taking, especially In the
s;SudaS5 oils, causing the market TO
drop around the end of the first
hour. The rapid bidding up OF
Mexican and Pan-Amoricau pc
troleums checked the decline and
started rome prices upward again,
but tho marking up Of the call
money rate to per cent ana a
rather widely held belief that the
rapid extent OF the advance had left
the market In a weakened technical
position resulted In "A general un-
settlement in final dealings.
Standard oil OF New Jersey which
fIuctuated within Il radius OF nearly
20 points. established a new high at
$50 1-@ and the close at 233 for a
net loes Of IL 1-2 points. The days
Gales approNimating 100000 shares
Mexican Petroleum moved within
a radius OF ~ 1-2 points, closing at
n net gain OF Q "a, much OF the
buying being based on President Il.
j. Doheny's statement concerning
the financial position OF the COM
pany. The pan-American issues
were strong in sympathy. Texas
company established new high, but
eased off on proflt-taking at the
close. Some OF the domestic oils,
notably Houston, Pure. Pacific,
Producers d Refiners and Phillips
Petroleum, closed below yesterdays
final figures.
The II. 5. steel corporations state
ment of untitled orders on Septem-
Der 80. was shown an Increase OF
1880 tons, was about what con-
servauve interests expected. but weIl
below some speculative estimates.
Speculative disappointment was re-
flected In a drop OF 2 Ia from the
days high, which was 10S "a. the
highest In more than two years.
Independent stoels were irregular.
Bethlehem "B", Lackawanna, Gulf
States and Replogle, losing, while
Cruclble and Republic registered
small gains.
Total sales were ! 100000 shaI es.
Call money opened and renewed
NJ five and then advanced to sx,
probably as a result OF the govern
ment withdrawal of 100000
from its deposits In the local
center. The time money and COM
mercial paper markets were quiet.
Foreign exchanges were irregular.
Demand sterling wac firm at the
opening, reacted later on a heavy Of
fering OF commercial bills and closed
at slight fractional gain. The
premium on Canadian dollars
touched one-eightn OF per cent.
German marks fc.I 70 sac cents
hundred, another new low.
Selling of high grade railroad
securities for the apparent purpose
Of obtaining funds for the purchase
Of the new government bonds was
one of the features In today's active
and irregular bond market.
Union Pacific As sold OFF l Ia
points and Pennsylvania 8 l-2s,
point, while Atchison general As,
Chicago, Burlington & Quincy SIS and
Canadian Northern 1-2s all we're
offered freely at substantial frac-
tlOnal CONCESSIONS.
Mexican Petroleum SIS moved up
l ia in response to the increase in
the stock prices. Other industrials
moved within narrow limits.
Foreign issues were irregular with
most changes unimportant, Lyons 6s,
however, dropped / Ia.
Total sales, par value, were S13,-
? 9S2,000.