The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-11-07
DECLINE FORCED
ON STOCK PRICE
Spectators Take Advan-
tage Of Unfavorable
Near East News

NEW 1Olth, NOV o.-Speculd-
tlons for the decline. finding the
stock market in a weakened tech
meal position as the result OF the
rapid advance Of the last Thursday
and Friday took advantage OF the
unfayorable near eastern news and
the unwill.ngnoss Ut traders to
carry stock over the holiday, fore
ing down prices to points.
Uncertainties degrading the out
come OF tomOrrow's elections ana
the disposition OF the traders to
await more definite developments
I'm turkey before extending their
commitments resulted In consider
ably less activity, total sales aggre-
ating only 100000 shares, as against
the million share average OF the
last few weeks.
The reactionary movement eS-
tended over most Of the list. Erie
first preferred was hard, dropping
points, the common yielding
as and the second preferred ? Ia.
over low priced rails reacted In
sympAthy. losses OF large fractions
20 : points taking place in st.
Paul preferred. Rock Island, Mis-
New Haven.
Announcement by the American
Railway association that the de-
mand for traffic facilities had
caused the greatest car shortage in
the history failed to check the de-
cline In tho standard rail shares
losses OF point or more being sus-
tanned by Reading. Atlantic Coast
line. Chesapeake K Ohio, Great
Northern preferred. Lake Erie &
Western preferred and Union Paci-
flc.
There were a few notable excep-
lions to The downward trend. Chain
store shares were bid up in spirited
fashion. Woolworth crossed double
par, closing at 204 IL, a net
gain OF IL points on the day. Krsss
was pushed up l-2. closing at
1872. and May department stores, es-
tablished a new high at l67 l-2.
then slipped back on profit taking
20 1874 SIS at which price II was
nearly 3 points above Saturdays
close, DUPONT Powder and Otis
Elevator were also strong. gaining
points each.
Copper shares were strong in
early dealings, but they forfeited
most OF their gains In the minal
reaction. \ slight stiftening OF cop
per prices was noted as a result OF
the large volume OF metal bought
for domestic shipments in the last
few days.
Profit taking and short selling In
the old shares caused some substan-
tial rece Ssions, Mexican Petroleum
dropping nearly points and losses
OF / TO points being sustained by
Standard oil of New Jersey, Royal
Dutch and General Asphalt. Steeis
offered better resistance 70 pressure,
most or their gains In the final
tionally. Baldwin and Studebaker
each lost over 1 Ia points.
CAN money opened at per cent
and then advanced TO l-2, where
1t closed. The time money rates
held at per cent with compare
lively little business being trans
acted
seriousness OF the near eactern
situation was remlected in the heav-
iness OF foreign exchange rates,
French mrancs and German marks
dropping TO new low levels for the
year
Reactions OF to points in the
Erie railroad issues In response 20
heavy liquidation in the final hour
was the outstanding development
In today's bond market, the price
tendency in which was mainly
downward. Erie convertible As.
series b. were the hardest hit,
dropping 6 points.
Other speculative railroad mort
cages reacted in sympathy, losses
OF TO l-2 points taking place In
st. Paul general as canyertable 5s.
Foreign bonds yielded under the
depressing influence OF the bellig-
erent news from Turkey, most OF
the European issues selling at new
low levels on the movement.
Liggett ~ Meyers SIS were the
weakest spot in the Industrial divi-
sion, dropping "a points.
There were a few exceptions.
however. 10 the downward trend.
Chile Copper Is were a notable ex-
cepuon. gaining nearly points.
Cerro de Pasco SIS, and julius Kay
Ser Is each climbing / point.
United States government bonds
reacted with the rest of the list al
though the first Liberty As, ordi-
narlly inactive, sold 60 cents on
SlOO above their last quoted prices,
The second is dropped 10 cents and
me Ia series were to 80 cents
below Saturdays final figures.
Total sales, par value, were s16,.
$4,000.