The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-11-01
HEAVY SETBACK
FOR ALL STOCKS
Short Interests Gain Up
per Hand, Shading
. Quoted Values

NEW YORK, oct. 3t.--Stocl
prices moved in conflicting manner
81 todays market reflectlng the
play OF opposing speculative forces
uut short interests finally obtained
fh, upper hand and again succeeded
in forcing a shading Of quoted
values, losses OF / to 2 poins being
quite common.
opening prices showed better
tore and indicated a relaxation OF
professional pressure but the failure
of the directors OF the Studebaker
Motor company 20 declare another
extra dividend on the common stock
provided an excuse for another bear
attack, which was aided by heavy
Liquidation in domestic oil shares.
apparently the closing out of
weakened speculative accounts.
,.Studebaker registered net loss OF
\ i-2 points on the day.
While tho quarterly report OF the
United States Steel corporation was
Disappointing TO many traders who
expected that tho dividend on the
common would be earned, the show
ing was construed as an indication
that the steel industry was on the
mend. The balance Of S11,31g.0gS
applicable 10 dividends showed that
the corporation earned all the So
30i,9l9 necessary for the preferred
and all but Sl,539,602 Of the 81
S53,7S1 needed for the common.
United States Steel common closed
~ l0i rs. net gain Of one-eighth
cent. other steel shares were in
clined TO weakness. Crucible was
unchanged and Gulf States was
fractionally higher.
Domestic oils weakened in re-
sponse 20 a sharp break In Pacific
on which registered a net decline Of
~ 1-2 points Losses OF one 10 nearly
three points were sustained by
Associated, Cosden aud Tidewater
oils. Philips Petroleum and Pro-
ducers a. Refiners. Foreign oils
also were heavy. Standard oil OF
New Jersey fell 3 1-2 points, General
Asphalt common and preferred Ia
end 8 points respectively, and Mexl-
can Petroleum -.
Equipments slipped back. Bald
win dropped 2 1-2 points; American
Locomotive ] Is and American
Car l Id. Changes in rail shares
were mixed. May Department
stores was the individual feature,
being pushed up for net gain of
dividend at the next meeting. Some
Of the weak spots were Adams Ex-
press and American Steel foundry
preferred. down 2 l-2 to 3 1-2 points.
Total sales were 1.0S9.00O shares.
can money opened at per cent
and then advanced 10 1-2. hold
ing at that figure until the close.
Time money was quiet with no
change In rates and n fairly good
business was done in commercial
paper with the best names selling at
1 l-2 per cent.
Strength of United States govern
ment bonds which advanced TO 20 !
cents on 500, was the outstanding
development in today's irregular |
bond market, the main trend which |
was downward.
Tho government Az per cent |
bonds which sold last week as low |
ns $3.50, were quoted 81 above that |
figure today, the net change show |
ing a gain OF 6 cents on the day. |
Liberty az 5 advanced 10 cents and |
the first al 3 22 cents.
Speculative railroad mortgages /
were under pressure most of the day, |
but slight recovery was noted In |
final dealings. Erie convertible As, |
declines OF ! 10 y were registered /
by Erie general A., St. Paul con- |
vertible ass, PENNSYLVANIA Consuli- |
dated Us. Seaboard Airline con- |
solidatod IS, New York Central re- |
5s, illinois Central refunding |
Is, Denver & Rio Grande refunding |
js and Texas & Pacific IS.
Total sales, par value, were Sl3,-
100000