The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-26
SHORT INTERESTS
PUT STOCK DOWN
Railroad Shares Offer
Biggest Resistance to
Bear Movement

NEW YORK, Oct. 25.-Profes-
eional short interests launched an
other successful attack against in
dustrial stocks in todays market.
causing losses OF to 4 points
among number OF active issues
Railroad shares offered more stub
horn resistance. a number OF eastern
carriers mounting to higher ground
under the influence OF a brisk de-
mand for Reading and pennsylva-
MA each at pow top prices for the
year.
The most constructive market fac
tor Of the day was the resumption
OF the per cent dividend on the
common stock OF the Pennsylvania
railroad, recognized as barometric
Of railroad and trade conditions. In
response 10 this action Pennsylvania
touched 49h the highest price in
four years. Further accumulation OF
Reading sent that stock UP 20 81 Is.
SO as. up 1 7-s above yesterdays $
close.
Reports that the American Loco
motive company was planning n par
tial rehabilitation OF its surplus of
moro than s25,000.000 were held
partly responsible for the rapid rise
of that stock In the final hour, the
closing price 1870, being / 5-s points
above yesterdays close and SIS
above the low OF the day. Baldwin,
however, was heavy, closing at n net
loes OF ~ points.
Davidson Chemical touched 20 II
new low for the year and closed
mt 80. down points. Professional
pressure against the motor shares
was concentrated on Studebaker,
which sold OFF "a points.
strength of Consolidated Gas,
Z which touched 144 and closed at
that the company was contemplat-
ing a splitting up of its shares 20
he followed by an increase in divi-
dend. Kresage, which slumped
points yesterday. closed 6 points
higher today and Manhattan shirt
broke through to another high.
Houston OIL was pushed more than
. points. Steel shares continued
their downward course, United
1861, Republic yielding l "a, Va
nadum / X and Crucible /. Mexi-
can Pet receded l point.
Total sales were 9S6,000 shares.
Call money opened at Ia per
cent and held at that figure until
Just before the close when II ad-
vanced TO AZ. There was an in
crease in the demand for time
money for three to six months at
"a per cent, but bankers were
still demanding 5. Commercial paper
rates held firm.
The feature OF the foreign ex-
change market was the further de-
probation of French francs TO 7.02c
each, another new low record for the
year. A heavy offering OF cotton
and grain bulls kept the rate for
demand sterling around s4.44 in this
market.
Selling of the new United States
government IA per cent bonds at
1885, cents under par, was the
feature OF today's active and broad
bond market, tho main tendency in
which was again downward. Lib
erty avs were unchanged but all
the other government issues lost
been traded in, I'm some time yielded
so cents on 500 and the As series
were down 10 TO 22 cents.
Railroad mortgages gave ground
easy, losses of ] to "a points TAX
ing place in Norfolk Il Western con-
vertible Gs, Pennsylvania Consoli-
dated 4l3s Chicago Railways bs,
Katy Is. Frisco adjustment SIS and
Southern Railway general 49, Wa
bash Is. fractions also were weak,
Brooklyn Rapid Transit Gold IS
dropping points and the Is 1, while
Third Avenue Refunding As yielded
~.
The weak spots in tho Industrial
list were cuba Can convertible IS;
Armour AS, u. s. Rubber 5s and
certificate ihs.
Total sales. par value. were sls,-
13I 000