The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-06-13
STOCK SELLING
LIKE LAST WEEK
Follows Enforced Trend
Which Caused Sharp
Reactionary Break

NEW YORK. June 12.-selling OF
an same enforced character as that
which precipitated the sharp reac-
.oo,rv movements Of last week was
,a.reas.rsly evident on tho stock
..y.barre today. Speculative Issues
essctsd 3 to 10 points on sales ap-
,roylmately 1,750,000 shares.
IN suhstance, much of the liduida-
,,or "a ascribed to interests which
slrssdv have or are about TO sever
ese,r lrect relations with the ex-
(banrs in consequence OF that In
IIwton's drastic program OF mouse
other offerings were distributed
a brokers who were said to have re-
..lved broad limitations that tho
.ycharz- no longer would counte-
rsncc pool operations In stocks OF
nbsrure or merely potential value.
these several forms of liquidation
,,sra accelerated In the later deal
ings nv a pronounced expansion Of
shor' contracts, based In part on the
markets lack of support, together
with other adverse developments.
A,o,k these was the declination of
,he Paris bankers committee 10 pro-
resd with the international loan that
action causing weakness in interna-
tonal currencies.
More than one-third OF the days
husIness was transacted in the final
hour. oils, steeis. motors, equipments.
coppers textiles, food 'sPecialties and
chemicals were then the center Of
1.-The reaction. United states steel,
lvhlch had been irregular in the ear
iy mart OF tho session was extensively
,.f D lsaf
indepe ndent steels. notably Republic
and Vanadium registered more se-
we're declines. Mexican petroleum.
General Asphalt and Sinclair fea-
tpred the weaker oils and Stude-
baker, Baldwin, Corn Product. Y. S.
Rubber. American WOODEN and Dav-
ison Chemical broke sharply. the
latter making a net loss of rs
points. , ,-
High grade raile we're immune
from pressure until the reversal be-
came too sweeping to Withstand.
Losses among transportations were
held within moderate limits. Call
money opened at per cent. eased
10 . "a. the lowest quotation in
almost five years, but gradually stiff
fened as stock market prices becam me
moro reactionary, advancing 20 the
DAYS highest quotation of 3h per
cent IN the last half hour. Time
funds held at last weeks levels
with smaller offerings of long date
accommodations.
Failure OF German loan negotia
tions caused sterling 10 react nc
while allied bills were Z to - points
lower and German marks were a
most points under their prices o'
A fortnight ago. Dutch rates hard
ened, but all other continental re-
mlttances reacted with leading ex'
changes.
Guided almost entirely by the fur
ther violent reaction in stocks, to-
dav's session OF the bond marke
was characterized by many losses o.
! N points.
Reversals among Liberty bond
were relatively small. A few or tina
series scoring nominal gains, bu
foreign issues. especially Frenci
governments and municipals. wer'
mostly lower.
Atlantic Fruit 7s broke point
and losses OF a point were sustaine'
BY Erie general As, Chile copper b
and Republic iron 5s.
New Haven Sc suffered an extrem
decline OF 3-I points and severa
OF the minor western and soath
western railway issues eased iarS
fractions. Sales, par value. aggre
gated sl4,6S3.000.
New underwrtlngs OF tho ia
were featured by Atlantic Retinln
$4,000, 900 per cent 15-year he
\ bentufe bonds and the Public Serv
Zee company OF northwestern III
nois 5ik per cent first lien 5ls pc
cent refunding bonds.