The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-05
RAILROAD SALES
WEAKEN STOCKS
Industrial Group Alone
Offers Resistance
to Pressure

NEW YORK, Dec. 4.--Heavy SELL
ing OF speculative railroad mort
gsees impaired weak tone to prices
iu today's bond market. trading In
vifch 5, as comparatively dun. There
u.re a few outstanding exceptions
10 the downward trend, particularly
a.. lie Industrial group which seemed
10 offer better resistance to selling
pressure.
seaboard Air Line refunding As
we're the hardest hit in the railroad
division, dropping ! u points. Losses
OF / 10 "a were quite prominent in
ST. Paul As and 4ks, convertible
AS and SIS and refunding 4iA 3 Chi
caso & Alton 3s and y s Erie con-
sogdated As and general as, Penn
sylvania general 4hs and katy
adjustment 5s. Frisco general 6s
Advanced points; Cerro de Pasco
g. were pushed up ga. but Chile
COPPER IS and rs lost ground. Cen
eraal Electric debentures bs lost 2
points and Sinclair Pipe Line SIS and
Marland OIL IN / to IA.
There were few changes of i'm
% tance in the foreign group.
tinted States government issues
were irregular, the first Il 8 gaining
10 cents on 500 and the others
moving within a radius OF cents.
Total sales, par value, were S10,-
$4,000.
Professional operators find the
stock market In weakened techni-
cal position because OF the rapidity
OF the recent advance, started short
selling today and forced q moderate
recession In prices. being aided by
some profit taking on the part OF
recent traders.
While the decline spread over most
Of the list few Issues. notably
studebaker and California Petroleum
were bid up for special individual
reasons.
One OF the significant develop
fuents of the day was the further
strength of demand sterling. which
touched Asa, the highest price since
she early spring OF 1919. This rate
represents a recovery of approx
nately four-fifths or the deprecia
tion from the extreme low of S31S
rg!stered on February 4. 1920. The
low price this year was SALT on
January s.
California Petroleum touched 63
and closed at 81 for a net gain OF
more THAI four points.
Oil shares generally proved
vulnerable to selling pressure.
General Asphalt preferred, closing
three points lower and Standard OIL
Of California. 2 Ia, whilo less of a
point or more were recorded by
Houston. Marland, producers & Re-
finers and Standard Oil of New
Jersey.
standard Industrial ISSUES also
were inclined to give ground, United
States Steel common, dropping be-
low I02 for a net lose of l 3-S
points, Baldwin touching 1l6, but
rallying to lie "a, where 1t repre-
sented net loss of three-fourths and
losses OF ono to three points taking
place in American LOGON olive,
American Ice. American Smelling
American Woolen, Bethlehem b
preferred. Pullman, Pacific Gas!
Peoples Gas, Replogle Steel. United
Retail stores and Sears Roebuck
International Harvester got as low
as Sc 7-S as compared with last
weeks high OF 104 Ia. but rallied to
80 1-2 at the close.
Losses OF a point or more also
were quite common in the raj
group. some Of the more prominent
being New York Central. Southern
Pacific, St. Paul, common and pre-
ferreG, Chicago & Northwestern
Chesapeake & Ohio, Baltimore &
Ohio. Reading, Lackawanna, Mis-
souri, Pacific, preferred, Northern
Pacific and Norfolk e Western.
Call money opened at per cent
and advanced in the last hour &c
LIZ, where It closed. The time
money market continued quiet, 80"
day loans being arranged at 4 S-4
per cent and the longer maturltie'
at five. Out-of-town banks still
are the principal takers Of com
mercial paper. the ruling rate fol
which remains at "a per cent.