The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-05
STOCKS BID HIGH
EARLY IN SESSION
But Heavy Realizing Sales
at Close Result in a
Marked Reduction

o..
,,..re hid up in spirited fashion In
,b. aarly part of today's stock mar
bcf session but heavy realizing sales
~, ,he close resulted in a material
rSlu,tion in most OF the gains.
THE buying movement was influ-
.,-el by The announced intention OF
,1e directors OF the standard OIL
.oupany OF California to declare II
tbu ner cent dividend. easier money
rai,s and the improved situation in
the near east.
standard On shares again were the
dominant features. Forty thousand
sb3res of Standard Oil of California
changed hands In the first hour, the
price being pushed up to lS4%
gain OF 50 points over last nights
final close and l5h above that OF
Nonday but It yielded to 1924 at
the close today on profit taxing,
standard OH OF New Jersey touched
oibi, new high, and "a points
aboyc Yesterdays final quotation, but
a. foil back materially later, as did
Mexican and California Petroleum
and Houston and Pacific oils. which
we're up 3 to points at their high
rrlcos Associated OIL yielded less
shlrplya showing net gain OF
poiuts Mexican seaboard Issues
wore rcactionary under the depress-
Ing Influence OF further decrease in
production in the Toledo field.
POOL operations were manifest In
a number OF special stocks. Nation
al Biscuit which jumped 10A points
Yesterday was pushed up another IL
points today but lost all but y Of
its gain before the close. Buying
of this stock was based on uncon-
II Ina -
tho present shares and "A proportion
ately larger dividend on the new
sock. Coca Cola also rose In re-
sponse 10 rumors of extra dividend
disbursements, registering a net gain
Of 3A points.
Kresge We pushed up to a new
hieh on the announcement that the
company will call for redemption on
January |, next, all its outstanding
7 per cent notes which originally
amounted 70 s3,000,00O.
Delaware, Lackawanna & Western
wnIcn mas been bought heavily or
late on reports of stock or extra
dividend distribution was pushed up
20 a new high at l43 today, but fell
back for a net loss OF "a at the
close. Trading in other rails was
light,
steel shares were sluggish during
most OF the day, although Republic.
Crucible and Gulf States became
quite active in the final hour and
registered moderate gains. Ship
pings were In better demand, Marine
Pfd. being pushed up over 3 points
and American International corpora
ton, /.
Total sales approximated 1900, 900
shares.
There was a further easing OF the
call money rate which opened and
renewed at 4A and softened to 4
Just before the close. The time
money and Commercial paper mar
ke's were quiet. The feature OF the
foreign exchange market was the
drop Of German marks TO the new
low rate OF l1-16 cents a 100.
Other exchanges were firm, demand
sterling climbing 10 4.4l&. net
gain OF ga with slight improvement
In the continental rates. Canadian
dollars were still selling at a slight
premium.
More cheerful foreign news and
a considerable relaxation in money
rates caused comprehensive de-
mand for bonds which embraced all
varieties of lines. The market re-
tiected to a minor extent the en-
thuslasm manifested in the stock
market with the speculative mort
cages well TO the front in the up
ward movement. Considerable activ-
lty was shown in the foreign section
with French government and muni-
, clpal Issues registering proportion
7 ately larger advances than other
foreign flotations. Public utility
mortgages were taken freely on a
rising scale as was a considerable
number Of Industrial issues. High
grade railroad bonds did not vary
much, the bulk OF the demand cen
teFing in Issues which commonly
Rt.ons.
Brooklyn Rapid Transit rs
mounted points and American
It'ephone convertible 6s, IN. St
Louis & San Francisco income 6s
ana Colorado Il Southern 4hs
gained ~.
industrial issues were featured by
rise OF "a in Chile Copper Is
Whiie lnvincible OIL IS gained u
ana Donnor Steel 7s, American
sugar 6s and Consolidated Coal OF
M4ryland So l TO 1 u.
io,al sales, par value, were
$l-,65l,000.
NrW York Stocks, as Remarked by Hous