The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-08
STOCKS UNDERGO
BIG ADVANCE
Rapidly of Rise Induces
Profit Taking, Price
Being Irregular

NEW YORK, Dec. Stock
prices enjoyed another vigorous nd
vance in the carly part OF today's
a%csalon. but the rapldity of tho rise
induced considerable profit taking
snd short selling in later dealings.
with tho result that closing prices
Wore irregular. but mainly higher.
Whilc dealings were ON u more
extensive basis than earlier in the
week. trading WA almost entirely
In the hands ut professionals out
side news developments had little
effect on the courge of prices, but
Sentiment 40 doubt WIS favorahly In
ftueuccd by the report OF Secretary
Mellon. which was generally re
Rprdrd as q hujl,sh factor, the fur
cher strength of sterling exchange
increased pig iron production,
higher carloadlnga ana tho better
tone Of the latest earnings state
ments Of Industrial Compauicg.
High priced dividond-pnying
shares provided the most spectacu-
lar gains. May Department stores
boiug pushed up more than 10
points 10 t7iA a new high record
for tho year and Mackay companies
establishing Il new peak priCe at
li3%, then falling back AT the close
to 112k, whore 1t represented a net
gnin OF 51a on the day. Gains OF 3ts
TO 6 points also were made by
KresRe, Woolworth, Tidewater on
and Piggy Wlggly.
Railroad shares again Jagged be-
hind tho rest Of the list, Great
Northern preferred having another
sinking spell, dropping to rs. but
Tallying ut the close to 70A for a
net loss Of Is on the day. North
crn Pacific dropped to 74h, but
closed at 76ia. the best price of the
day and u above last nights final
figure. Other changes In the rail
group were u"nimportnnt.
oils were conspicuously strong In
tho early part of the session. Stand
ard OH Of New Jersey crossed 203.
Pan American A touched 100 II, the
r % q and Mexican Petroleum 24f,
but these gains were either ma
terially reduced or wiped out by the
closing realizing sales. New Jersey
at 9SiA, IN !; Pan Ame:icaa A at
sBh, off ~ the h at 90, off IL,
and Mexican Petroleum Mt 236h, up
N. Producers & Refiners and Cos
den offered better resistance. the
former closing nj a net gain OF ~
and the latter at a net gain of IL.
Tobacco Products A improved IA,
other tobaccos rising In sympathy.
United states Industrial Alcohol
reached 65tA, but fell back later to
SO or up x on the day. II. +.
Goodrich company showed a az
point gain In the common and Az
IN the preferred.
~Studobaker was again active,
touching 1874, or IS points above
IT, $500. 49,. LAN a.
sl30h ". OFF y on the day at the close.
Hudson Motors established a new
peak price at 24% aud Hupp dupli-
Gated its previous high OF IS.
Call money held at s per cent
throughout tho day. The time money
and commercial paper market were
quiet with no change i'm rates.
BOND prices were buoyant in to-
days early dealings, but the late
reaction I'm stocks had n depressing
effect on the late trading and clos
Ing prices were irregular. The de-
F, mand embraced a much broader
list, confirming the governments,
financing, the terms of which were
published today and had a restrain
ing effect on business.
Secretary Melons announcement
OF the forthcoming short-term issues
were favorably received In the IL
nanctal community United states
government bonds showing marked
strength during the morning, but
yielding somewhat with the others
in late dealings. Except for n slight
decline in the new Az. closing
prices were . to IL cents on 500
above those OF yesterday. Frisco
adjustment Gs were weak, dropping
q points, but the other liens of that
showed an improved tOno. Some
weakness also was noted in the st.
Paul, Atchison and Erie convertible
issues. bnt gains OF ] TO M points
were quite common I'm other parts
of the list, some Of the more i'm
portant being st. Paul is OF 1925,
Baltimore & Ohio gold As and con-
Vertible 41as. Chesapeake & Ohio
convertible 5s. Wisconsin Central As,
Illinois Central r%efunding a., New
Orleans, Texas & Mexico 5s and
Lake Erie &c Western first SIS.
Cerre de Pasco IS climbed 2
points and led the advance in the
Industrial group, either strong spots
in which were American Smelling.
international Paper 5s, series h,
Magma Coppcrs, Midvale Steel 5s
aud Ard Milling Is, Mexican Pc
troleum SIS and Donnar steel SIS all
up ] to ~ points. In the traction
group, Cumberland Telephone 5s
improved 2 points, American Tele-
phone convertible Gs and North
Ohio Traction & Light 6s each /
point.
Total sales, par value, were si1.-
100000.
RanEe Of Prices "a Reported hy Houston.
liblo a Co., First National