The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-11-23
SPECTATORS HIT
MARKET A BLOW
End Of Session Sees De-
preston Of l to 5
Points

new YORK. Nov 22.-Specula- -
tore for the decline again rode on
the top of today's stock mark IT
bringing about more extensive lqui-
dati0u Of long stock and hammerIug
prices down 1 10 5 points. Trading
was again largely in the hands of
professionals but some of the selling
came from dIsillusioned small oper-
atar- and investors who had bought
RECENTLY in the belief that a turn
for the better was imminent.
Railroad shares, which heretofore
had not been liquidated as freely
a. the !udustrials. proved more vul-
urYabie today nondividend paying
stock being especially weak in the
In.rauuu reaction. St. LOuis-San
Francisco preferred broke below 80
for a net loss of more than points,
but rallied to SO at the close. Balu-
more Il ohio dropped more than
AL points, st. Louis southwestern
'ur-ferred stock scared to 5S for O
net gain Of nearly 4 points, the COM
mon improving tractionally.
Investment issues also fell under
the weight of the selling movement.
Union Pacific preferred yielding
nearly y while losses of point or
more took place in New York Cen
tral. Chicago n Northwestern COM
mon and preferred and Northern
Pacific the last named saEEing 2as
outside news developments were
largely favorable.
steel shares offered a little better
resistance. although United States
steel common broke below 1O3 and
then rallied to 1033s for net loss
Of %c. Gulf states steel yielded q
but recess!ons in Bethlehem Is, Cruz
cibie, LdckaWanna and Republic
were limited to a point and less.
Baldwin, Studebaker, Corn Products
and General Asphalt all fell ! TO .
points. American Cotton OIL estab-
lisred a new low 1922 record at
1fA closing at net loss OF nearly
points, and the preferred receding
. nearly points. Some Of the other
outstanding weak spots were Ameri-
can Ice, American Express. Kresge.
Mexican Petroleum, Lori!lard TobaC-
the Standard Oil Of New Jersey and
WOolworth, the losses ranging from
TO points.
There were few exceptions to
the downward trend, Continental
Can being pushed nearly two points
20 1903 Ii, new high record for
the year, and Sterling Products es-
tahlishing a new peak price at
81 IA in response to an extra divi-
dend OF 70 cents.
Call money held steady at per
cent throughout the day. Time
money loans were made at per
cent for all maturities, only a linn
itod amount being available for
lending purposes. Commercial paper
trading was moderately active with
no change in rates.
Iutt.gu exchanges rallied, demand
sterling getting up to s4.49 l-2 and
Tr nch francs to 729.
There were several points of
strength in today's early bond mar
kct but free offerings of railroad
mortgages, particularly the second
grade issues, turned the whole list
heavy, the volume Of trading. how
ever, beng comparatively light |
United states government issues held
lrm, Liberty 1-2s jumping up %
cents on 800 and others showing
only nominal changes.
New York, Westchester and Bos-
ton les broke IA points and
Seaboard Air Line consolidated 6s
two, while losses OF approximately a
point took place in Baltimore & Ohio
convertible 4s, Norfolk & Western
concertible Gs, Frisco prior lien SIS,
income SIS and adjustment 6s and
Chesapeake & Ohio convertible 5s.
Minneapohs-St Louis consolidated
4s and IS and Missouri Pacific 5s
fell hack under the depressing in
lluenCe of lower stock prices.
Chile Copper Is, Otis steel SIS
Magma Copper Is and Julius Kayser
Is were the weak spots in the in
dustrial division. Mexican As, Lyons
6s and Czecho-SIovakian So each
each yielded a point or 80 in the