The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-29
PRICE REACTION
FELT BY STOCKS
Heavy Selling by Large
Investors to Establish
Tax Losses

NEW YORK, Dec. 2S,--Heavy
selling by large investors to estab-
rsh tax losses, combined with free
offeriugs Of professional short in
,ere-tg who acted on the theory that
me market was due for a reaction,
luparted reaCtiOnary tone to most
pr.ess in today's active stock mar
hCt
Dividend paying railroad shares
we're under marked pressure. Lack
.avanua dropping three points on
the announcement that the directors
y bad omitted the extra dividend Ordi-
rartv declared at this time. Spec
native disappointment over the
Heading segregation plan. as pub
I.ned today, was reflected In a drop
of i-S in that stock with Leh!gh
Valley dropping l 1-2 in sympathy
Losses Of a point or more also We're
recorded by Southern Pacific, Ath-
!san. Illinois Central and Chicago
4 Northwestern. Atlantic Coast
Line advanced l 5-S and the St.
paul issues improved about a point
esrb on publication of a fine No
vembor earnings report.
baldwin fluctuatcd within range
0. nearly 8 points, closing at 1877, a
net loss of IL points. other
eu!pments also were weak, Ameri-
can Locomotive. Pullman, General
Electric American Car and New
York Air Brake dropping 1 12 to 3
rofuts Oils also yielded to pres
,rre. Pan American B, Standard Oil
Of California, Pacific Oil, General
Asphalt and Houston dropping 1 to
points with fractional losses in
Cosdeu California Petroleum and
standard Oil of New Jersey. a
break of approximately a point in
Anaconda and weakness OF other
coppers was accomplished by reports
thai the Anaconda Chile copper
merger was likely to fail OF accom-
ulishment because Of inability to
agree upon terms of payment.
Strength OF North American, which
closed . points higher, was attrih-
uted to the possibility Of an early
increase IN the dividend. Tobacco
Products stocks also improved in
speculative expectation of favorable
dividend developments.
Studebaker, which established a
met high record for the year earlier
in the week, got down below 1879,
but rallied later to 139 3-S, where il
was of l is on the day. Chandler
Motors improved nearly a point on
q NthNE III lADNtAH NtNIi'i "NGtfAAiET
tive shares were weak. Steel closed
at 105 "a for net loss of Is.
shifting of funds this week and
heavy Withdrawals by institutions to
meet year-end dividend and inter-
est payment resulted in a continued
frmness Of call money which opened
at per cent and advanced to IL
before the close. The time money
and commercial paper markets con-
tnued quiet with no change in
rates.
The volume Of business in foreign
exchanges was light. Demand sterl
i1g going down for loss OF more
than IL cent and slight recessions
took place in the other European
rates with the exception of French
francs. which held steady at 7.23c.
sharp recovery of the st. Paul
railroad mortgages, which advanced
TO J 10 points, was the feature
Of t0days bond market, the main
prco tendency in which was again
downward.
Marked improvement also was
noted I'm the Minneapolis Louis
raiundlng las up to points and
Baltimore q Ohio convertible I LIS
up | but most of the other active
liens were reactionary. The princi-
) raj weak spots were Erie q Jersey
Ss, Seaboard Airline consolidated
6's Delaware & Hudson rs and
Wheeling & Lake Erie consolidated
Is, all off TO ! Ia
Except for drop Of ! "a in
Mexican As, losses Of a point each
IN the Mexican large SIS and Prague
~ l2's. there were no very impor-
hnt changes in the foreign list.
Victory 4 3-4's improved 4 cents on
hoo but the other United states
government issues showed losses of
to - cents the fourth 4 Las
klffering the most.
There were several conspicuous
weak spots in the list Of industrial
I,us losses Of points each being
sustained by Republic Steel SIS, At
Antc per cent certificates and
L.eEe,t & Myers rs. Copper COM
pany liens lost ground in sympathy
with he lower stock prices, Chile
Is and Cerro de Pasco s's yielding
point each,
Total sales. par value, were S16,-
OilO0U.