The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-09-09
STOCKS REGISTER
| A NEW ADVANCE
Short Coverings and In
vestment Demand
Cause Gains

" NEW YORK, Sept. s--Extcnsivt
short coverings. coupled with brisk
investment demand for selected
stocks resulted in another substantial
advance In prices Ia todays stock
market. Profit-taklng was in evil
rnce throughout the session, but Of
ferings we're easily absorbed and
caused little disturbance to the up
ward swing.
Several new favorltes were brought
70 the fore, including United Sugar
stores, which was pushed up 25
points on sales OF only 100 hares.
Tobacco products preferred which
scared Z points on reports of the
benefits likely to accrue to holders
from a distribution of United Retail
Stock and a revival OF rumors OF a
merger with Schultz Cigar Stores,
which enjoyed brisk advance in
,the curb market and Delaware "
hudson which climbed l-2 points
un the possibility Of segregation of
Is coal properties.
Numerous other specialties includ-
ing American Sumatra Tobacco, Com
solidated Cigar. Iron products COM
mon and preferre j. kress, Liggett
and Myers, Postum Cereal. National
Enameling preferred, Lorillard and
United states Tobacco were bid up
to 8 points, most of them on COM
paratively small scales.
News developments appeared TO
have little direct influence on the
market but the virtual elimination
OF the threat OF a general strike,
Increased car loadings and the re-
turn of more shopfnen to work all
contributed to the optimism OF the
trading forces. Continuance of rel
atvely easy money rates, however.
Is regarded as the most potent fac
For In the present situation. Rail-
road stocks we're bit more laggard
than the rest of the market, but
some substantial gains were record
ed especially by the hard coal car
riers in addition to the sensational
gains In Delaware & Hudson. other
Outstanding shares in this group
we're Lackawanna, up 3 Ia: Read
ing up ?; Lehlgh Valley up 3-S and
Central of New Jersey up "a.
Equipments were the favorites in
the industrial division. gains OF / to
nearly g points being recorded by
American Locomotive, American Car
and Foundry, American Railway
steel Spring and Baldwin, most of
them at new high records. Leather
shares also displayed a buoya mt tone.
American Hide q Leather and Cen
tral Leather. preferred being pushed
up approximately three points each.
Mexican oils recovered from their
recent heaviness. but did not pro-
gress as mu,h as the other standard
industrlals. Domestic oils with the
exception OF Houston. which was up
"a eli,
behind the rest OF the list. Total
sales were approximately 100000
shares. Call money opened at 4 per
cent held at that figure throughout
the day. There was a fair demand
for time money and commercial
paper with virtually no change in
rates.
Furc cign exchanges were easy at
the start on renewed offerings of
grain and cotton bills against eX-
ports but they recovered most of
their losses later. Chilean exchange
was strong The paper pesos ad-
vancing from 1881 to 14.l2.
Chief interest in today's bond mar
ket was divided between liens OF
pubic utility companies and specu-
which registered subs; ant.al gains.
Brooklyn Rapid Transit IS were
pushed up five points and the rs
and stamped Is more than two each,
While ga.ns of to points took
place In Brooklyn Union Gas Is,
commercial cable IS and Northern
ONO Traction and Light 6s, most Of
which are ordinarily inactive.
In the railroad list, all the Katy"
issues were pushed up to high lev
els, the adjustment 5s touching S6
put dropping back about a point at
the close. Chicago and Eastern Illi-
nols 5s also established a new peak
pfice anu there was a good demand
for Frisco issues, especially the in
come IS. Gains of l to 2 points were
made by Rock Island, Arkansas and
louisville 1-2s, Erie prior lien As.
Virginia and Southwestern IS and
Kansas City Terminal IS and 5s.
Total sales. pnr YaIue. mern ~