The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-23

and early October, and which have
since reacted sharply. The heavy
selling OF oil stocks by local cor
reapondents OF the western firm
gave strength TO the latter report
OIL stock Speculation.
II has been known for somo Time
in Wall street that prominent Md
Continent oil producers ana operat-
ors have been playing an important
part In the recent speculation IN oil
stocks. Wires from western firms TO
their New York correspondents were
hot for days at a time giving orders
to buy and cell the stocks or many
of the prominent domestic producing
companies, A good part OF these
operations aro believed 10 have been
for pool accounts and IN tho turmoil
OF the reaction which followed .u
the latter part OF October and the
greater part Of November. u is be-
lloved that the firm bocamc overI
extended. this leading to the crash
which was announced yesterday
The main office OF tho firm is In
KansaS city. but 50 has branch Of
flces Ia Tulsa ana Oklahoma Guy
Okla
Most of the firms business on The
New York stock exchange was
handled through local corresponds
ents. reported To number five Thnt
ite business was OF large volume
and broad scope was demonstrated
by the manner In which STOCKS w.i o
thrown on the stock exchange To- be
sold "under the rule" shortly after
the suspension was announced.
The stock market as a whole was
heavy yesterday but 10 Is generally
hHIiHVpH That fng L In lf
oil stocks was due directly ia thcI
liquidation OF stocks for the account
of this firm, ~ procedure always
witnessed after "A bad failure. Most
Of the selling was confined to stocks
OF companies which are Interested
heavily Ia the Mld-Continent oil
fields, although the activities oil
some OF them extend 60 other Soc /
lions of the country. ono large
stock exchange firm, credited withI
being the local correspondent of the |
western firm, IL understood to have
sold 10000 shares of stocks Ia yari- !
GUS companies. which, with the sell |
ing handled by other local CORE |
spondents, brought the total amount |
of stock liqu.dated within one hour
UP TO approximately 5000 shares. !
Decline IN oil Shares.
The stocks which were most aC- |
tive In connection with the liquida-
tion included Sinclair Consolidated |
OH corporation. Marland oil, Phil |
lips Petroleum. Gulf OIL Texas COM |
pany, Invlncible Oil, Skelly OIL Cos
den & Co, and several others which |
have been proininent in the specu- |
lat!ve markets of ths last few !
months. All tho stocks mentioned |
ended the day with net declines but |
the losses were not severe except In |
one or two Issues. IL was the gem |
erai opinion among stock exchange |
that the selling was well |
absorbed and that the decline IN the |
various stocks was Insignificant in |
view OF the size of the failure.
In addition to the reports con-
cernlng the firms interest in the |
stock market, IL was said that over
extended speculation In the grain |
mark cts had a -inre IN causing the |
failure. II such was the case, the |
grain markets, both locally and in |
the west, were virtually unaffected |
by the news Advices from Chicago |
state than the announcement Of the !
failure of the Kansas City organiza-
ton had no effect on the grain mar
kets, as their open commitments in |
THAI city was OF small proportions.
The firm also transacted business /
In cotton futures, Besides holding /
III the New York stock |
exchange. It was associated with the |
New York cotton exchange, the Chi
cago stock exchange and the New
York curb market. It's membership |
on the New York stock exchange |
dates back TO April 10, 1900. The |
only known partner OF the firm. in |
addition TO Mr.. Houston. Is w. NJ. !
1887.
At the New York stock exchange |
no information could be obtained as |
to the reasons for the failure or the /
extent of the liabilities, From the !
west information was received that |
the firms assets amount 20 $4,000 |
600, but no mention is made of the