The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-22
TONE IS STRONG
IN STOCK MARKET
Oil Group and Investment
Demand for Rails Is
Lifting Factor

NEW YORK. Dec. Buying
operations Of professional Interests
particularly in tho Oh group and O
broader Investment demand foi
some h~lgh-Erade railroad shareS IN
parted II strong tone to prices IN to-
days market.
By far the most Interesting tea-
ture was the sensational rise IN NICK
leo petroleum which opened at 4bE.
up 4 points ana u new hign record
for tho year ana then scared to 5E-
II dropped back 10 900 at the close
where il represented a net gain Of
AZ points on the day. Buying Of the
stock generally believed go have re-
suited from The bclatcd covering OPP
erationH veuturCsomc short lntoroaLS.
The days sales totalcd only ABOUT
two thousand shares.
Railroad shares were inclined 70
bo sluggish In the early part OF the
session but they became quite active
later in response 90 some heavy buy
of Reading. Lehigh Valley, New
York Central and Union Pacific, All
of which moved up ] go 2 points.
pan-American issues were heavily
traded in. Influencing tho remark
able spurt I'm Mexican petroleum.
apparently a5 per cent OF the stock
OF which Ia owned by the pan~Amcr-
lean Tho A steel gained
/ "a and the y 81. Other strong
spots in the oil group were Royal
Dutch, General Asphalt. standard
Oils of New Jersey and California,
Cosden, Houston, California, Phllllps
Petroleum, Tidcwater, Associated
and Pacific oils, the gains ranging
from | to 8 points.
Baldwin again led the advance OF
standard industrial issues. closing al
tsi ?-s. n net gain of z 9-S. Pond
Creek Coal touched "a rs, the high
est price in 10 years. on reports OF
It's purohaeo by Henry Ford-Elkhorn
Coal, on whose properties Mr.. Ford
has an option expiring at midnight,
got as high az 20 5-S but reacted
later to 10 "a for n net loss OF 10
points on announcement that the
seasonal shutdnwns In the motor In
dustry would be shorter than usual
this year resulted In a brisk buying
Of Studebnker. which got as high as
1876 is but reacted to 134h later
where II wRs up rs On the day.
Motor accessories also were strong,
Fisher body rising "A points and
Stewart War 2 "a. Pacific Gas
moved up 3 "a on an Increase OF s
~ % per ltit Az tHo annual uAN'uVhh
rate.
Call money opened at ~ per cent
and held at that rate until lust be-
fore the close when Il advanced to 8.
The time money business continued
quiet with 4 Ia per cen bid ana
s offered for the longer maturltics.
some 60 and 90 day loans being arr
ranged at 4 rs. Little new com
mercial paper IL coming into the
market, the rate holding Mt 4 "a per
cent.
Foreign exchanges were steady.
pre-holiday dullness characterized
today's irregular and virtually fea~
tureless bond dealings.
A jump Of 2 points in Brier HIS
Steel IS which touched 81 on an
nouncement of the purchase OF that
company by the youngstown Sheet
& Tube company, was the most out
standing development. These bonds
were originally offered at par,
dropped to OF on dissolution OF tho
syndicate and are callablc on so
days notice at l05. Wickwire-
Spencer steel IA improved 9 points
and Chile Copper Is /; while Pack
ard Motors SIS and Wilson Conver-
tiblo IS were reactlonary. United
States government bonds hold firm,
the gains ranging from 2 TO 6 cents
on sl00 In all the active Issues ex-
cept Liberty 35aa which dropped 4
cents. In the foreign group, Mex
lean bs, Norwegian 50 md Brazilian
ms moved TO higher ground.
st. Paul issues showed signs OF re-
covery from recent heaviness the
convertible AVS and tho debtenturc
As closing a point higher. An Inn
proved tone also was evident in
Wisconsin Central a.. New York
Central AS, Kansas City Southern
IS; katy IS and Texas y Pacific
firsts, the gains ranging from | e
I as points. New Haven 6s, Erie
Convertible a. series ID, Atchison 4.
and Great Northern first 4 las were
reactionary.
Public utilities issues also were
weak, losses OF n point or more tool
place In Brooklyn Rapid Transit n
and stamped. Interborough So anC
certificate IS and Montana Power,
IS. Total sales. par values wcr,
$s.7o6, 900.