The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-28
ADVANCE HALTED
IN STOCK MARKET
Spectators Encounter
Heavy Profit Taking;
List Is Irregular


NEW YORK. Dec. 27.--specu-
4,grs for the advance o1deayored
10 continue marking up stocks in
todays market but they ran into
heavy profit taking and short selling
with the result that the list present
ed decidedly irregular appearance
at the close. Baldwin was taken
In hand early In the session and
pushed up 5-S points 10 f5j i-z,
the highest price Of the year, and
American Locomotive advanced
three in sympathy, but few OF the
other standard industrials were able
io make much headway.
While stock sales crossed the mil
lion share mark. chief interest in
The financial markets was centered
ON the further rise ia cotton prices,
, new high records for the year be pg
established by all months, bringing
the price of raw product to approx
Imately $12.50 a bale above the quo
taaon prevailing a few weeks ago.
Prices reacted later on profit taxi
ing.
There was a continued lack Of
speculative interest In railroad
shares with decided reactions in the
stocks Of roads showing poor No.
y.mber earning statements. Lacka-
wanna dropped 10 1875 today but
O. rallied later to 1877, where 1t was off
is on the day. Norfolk and West
ern which reported deficit Of
$4,000 in net earnings In Novem-
ber as against an increase of
s14l5,000 in the same month last
year dropped to e net loss OF ] IL
points. Losses OF n point or more
also took place I'm Great Northern
preferred, Canadian Pacific and
Northern Pacific.
Fisher Body in which there was
some speculative selling yesterday
moved up 4 1-2 points today. Some
Of the other outstanding strong
spots were American Bosch Mag
reto, American Sugar. Eastman ko-
dak, International Nickel preferred.
Producers & Refiners, Kresge
Pierce oil preferred and Piggly Wig
eIy The last named at a new top,
the gains ranging from 2 TO S-S
po.Sts and DUPONT Powder up 5-s.
SrOmberg Carburetor was off
la on the day at 67 SIS. Stew
touched a new top at n but was off
fract.oually on the day at it's tina!
price of rs 5-S. Marked heaviness
also was noted In General Electric
General Asphalt preferred, Loril-
lard, Tobacco and Chicago Pneu-
mr.c 1ool OF to 4 points, and
Mexican Petroleum off 8. Marine
preferred dropped below 43 for an
other low record, but rallied to
43 "a at the close.
Cau money was firm, opening at
per cent and advancing TO i-2
before the close. The time money
and commercial paper markets were
dull with no change in rates.
Foreign exchanges reacted slightly
on large valume OF business. Late
business in demand sterling was
done a, 464 3-S or lis below last
night, while French francs dropped
10 1-2 points to 7.19c. German
marks slumped from 1.47 to 1.25c a
hundred. The Canadian dollar was
at a discount of 1c.
There were q few strong spots in
today 5 bond nlrKet, b.r .re .'. i
list showed signs OF weakness de-
spite indications of heavy institution
al buying during the last few days.
Much of the selling apparently was
for tax purposes,
Liberty 3 l-2s touched 100.SS for
a new gain of 20 cents on 800 but
the other active United States gov
eminent issues all sold below par.
The first 4s, seldom traded in sold
go cents above the last quoted price.
Tta first 1-4s were up cents on
1.-The day but the other bonds in that
jgroup closed s TO II cents lower.
New York, West hcs,Vl
l-2s, which are guaranteed by the
New Haven railroad, advanced l
"a and New Haven a. .- .'J
proved /, but New Haven 6s were
heavy. Pennsylvania conslloda el
4 lbs also gained point but
Mlnneapolis-St. Louis rerunding As
and SIS and Philadelphia railway 5s
dropped points each while losses Of
! 10 l Ia took place in New YORK.
Ontario q Western AZ, Atchison con-
yertible As of 1860 and adjustment
As stamped. Erie consolidated IS,
International & Great Northern ad-
iusted 6s,
Weakness Of copper liens stood
out in the industrial group. Chile
Copper rs breaking ga and Cerro
de Pasco SIS, 2.
Public utilities were also under
pressure. Mexican Petroleum SIS, Lig-
seJt & Myers rs and Brooklyn Rapid
Transit stamped rs were among the
few conspicuous strong spots.
Foreign bonds generally moved
within narrow limits,
Total sales par value, were $l3,-
. 10000.
STANDARD oil.
NU a Co. a