The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-07
CONFUSION RULES
IN STOCK MARKET
Ultimate Trend Is Up
ward, but Market at
Opening Is Weak

new YORK, oct. 6.-Confuslon
I'm price movements featured by high
ejaculation in oil shares. marked to-
dav'. active stock market session
In which the ultimate trend was up
vord Opening weakness undoubt-
ssly was due TO disturbing over
night news from the near east,
which Induced profit taking and re-
n,wal ~ short selling, the general
ist turning quite heavy. The mar
ket reversed itself when bullish
demonstrations were staged In a
number OF specialtics, but fell back
again to respond TO bear raids on
Mexican Petroleum and Mexican
seaboard issues.
peclaration OF 200 per cent
stock dividend by the Standard oil
company OF New York was the sig
nal FOR another rally which was ac-
cclorated by the publication OF unof-
fetal statements indicating an in
crease OF between 100000 and l,00O,-
OOl tons in tho untitled tonnage
NJ the United states Steel corpora
tion when the September figures are
made public next week. The up
what by marking up OF the call
money rate. Standard oil OF New
York, which is traded In on the
curb market, jumped 90 points TO
sqs on announcement OF the stock
dividend and then added 4S more,
touching 64i, then closed at 63i.
standard oil OF New Jersey. which
is traded I'm on the "big board" sold
of points at the opening, jumped
up 10 and yielded on profit taking
for net gain of / point. Houston
OH also profited from the heavy de-
mard for oil shares following the
standard oil dividend action, maxi
ing net gain OF SIS points. Tide
water was rushed up i-2 and
Texas company / as, while Sinclair
improved fractionally on turnover
In excess OF seventy thousand shares.
Mexican Petroleum. a speculative
favorlte, was the target OF a heavy
bear attack, recedlng more than 4
points, and the Mexican Seaboard
issues turned heavy in consequence,
but yielded only fractlonally. Pierce
on preferred slipped back more
than points.
Steel shares became active in the
afternoon. United states Steel COM
mon climbed close to 100 for a net
gain Of i-2 points Gulf states ad-
ding 2 TO it's final quotation yester-
day and moderate gains being re-
corded by Bethlehem "B" and Lack
awanna, equipments yielded slight
ly as did a number OF the Standard
rails.
New peak prices were established
by National Biscuit. Fisher Body,
May Department Stores. Wells Far
60 Express, Du Pont Powder, Corn
Products and United Fruit. The net
gains ranged as high as s points.
Total sales, par value. sif,6i7000.
Call money opened and renewed
at IA per cent, advanced to 4 i-2
and thence to 8. where It closed. The
tone Of time money rates was slight
II frner with a better demand for
funds at IA for four and five
months maturity.
Foreign exchange rates were tr-
regular. German marks touched
I l-2 cents a hundred, a new law.
Conspicuous strength OF oil COM
pany liens in reflection OF higher
stock prices was the salient char
acter.stic Of today's dealings on
bonds on the New York Stock ex-
change. Sinclair oil l-2s and In
vlncible oil Ss each climbed points
on heavy sales and Pierce oil ss
moved up / ia.
Foreign bonds which have been
Particularly susceptible to develop
ments In the near east were irregu-
lar. other changes were largely
fractional.
Conflicting movements also took
place in the rail list Atchlson con-
yeitible As OF 1860 and Denver g.
Rio Grande refunding showing
marked strength on gains OF 2 l-2
points.
Chicago & Alton las and Ca
madam Pacific "a also made good
progress. In addition to the strength
OF oil bonds the features OF the do
nestle list were gains OF point or
moro In Cerro de PaAco's Ss and
General Electric 6s. Other changes
were unimportant.
Liberties were much better. the
gains ranging from 6 10 "a points,
the first 4 Ids registering the larg-
est advance. Victory issues receded
slightly,