The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-09-07
FEAR OF REACTION
HURT STOCK LIST
Selling Of Mexican Oils
Caused by Report of
Losses in Mexico
NEW YORK, Sept. s.-specula- :


SI,e selling. induced by the belief
fihat a reaction was due on technical
ground. caused rather general re-
ccsslon in todays stock market.
osses OF to nearly points being
quite numerous. There was little
outside news that had direct bear
ing on the market. although publica-
lion of an article in an organ OF the
standard OF, company OF New Jer.
sey, indicating huge investment
losses by American companies
operating in Mexico. caused active
selling OF Mexican oil shares which
were forced down large fractions to
points a., ..A....
have shown an increase for nine sue
ccssive weeks II is a sort Of tradi-
ilon in wall street that no specula-
1--WE movement can proceed far In
either direction without a temporary
interruption and professional inter-
csts apparently felt that the time
was proppious TO call halt to the
steady upward trend. The selling
proceeded IN an orderly manner and
offerings were easily absorbed.
Mexican Petroleum moved with n
radius OF only A points today. closing
at n net loss of 1-2, but dealings
were quiet. The shares of the parent
pan-American company were forced
down / to points while Standard
oils of California and New Jersey
and most OF the domestic Issues
showed some losses. Weakness of
shipping shares probably was ac-
oentuated by the recent cut in pas
senger rates. Marine preferred drop
ping 1 5-S; American international
/ Is and Atlantic Gulf l-2.
Nquipmcnt shares slumped percept-
Aly after an early display OF
Tsirength. dropping back | "a below
last nights close; American Loco
motive and Pullman, after break
ing through to a new high, reccded a
small fraction below Tuesdays
closing prices.
Railroad shares failed to respond
Vto the more favorable overnight
news. showing increased car loadings
and a steady increase in the number
Of new shop workers engaged to re-
place strikers. Loss of a point or
more were registered by Union Pa
cific. Atlantic Coast Line, Canadian
Pacific, Illinois Central, Great
Northern preferred. Lehigh valley.
Missouri Pacific preferred and New
York Central.
Steels also were reactionary, de-
spite reports of increased produc-
tion in weekly trade reviews. United
States Steel common sold off over a
Point. with slightly small losses in
Crusble, Republic, Midvale and
Bethlehem B. Gulf Steel reacted
more than 3 points. Strom mbcrg Car
buretor improved slightly on an
Al ~ 90 nf a
dend payments. Other strong spots
We're American Car d Foundry, Chi
Cago Pneumatic Tool and Consoli-
dated Gas, all at gains of a point or
more.
Total sales were $4,000 shores.
Can money opened and renewed
at 1-2 per cent but eased off TO 4
In the first hour and held at that
figure until the close. Time money
ana commercial paper rates con-
tinued firm.
Foreign exchanges were irregular,
demand sterling declining fraction
ally on large offering OF CONNER
cial bills. French francs rallied in
response to the better London rate,
but eased off slightly at the close.
German marks improved slightly
presumably on publication of reports
outlining the plans of Hugo SHINES
German financial and Industrial ba-
ron, for the restoration of French
devastated territory with German
goods. The weekly statement OF
the Reichbank showed an increase
IN circulation of 23.O00,000, 900
marks, the largest increase to date
Bond prices held fairly steady in
today's stock market. despite the re-
dictionary movement OF stocks. heavy
Institutional buying accounting for
the steadier tone.
French bonds were quite active
governmental and municipal issues
advancing substantial fractions to
! Y points, but forfeiting a good
part of their gains later on renewed
weakness Of Paris exchange.
Speculative railroad mortgages
: We're Irregular. but high-grade liens
showed a better tendency. New YORK
Ce'tral rs were heavily bought ~
aprices above 90, and there was q
Fgood demand for Colorado & South
Bern refunding AIS, Illinois Centra
A retunding 4s, Southern Ra lwuy De-
velopmem 6hs. PENNSYLVANIA gol-
rs and Northern Pacific refundina
Cs-~all of which were improved.
Liberty issues held steady.
Total sales. par value, were S12,
G8lO0O