The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-31
ATTACK BY BEARS
EFFECTS MARKET
Active Issues Lose From
1 to 5 Points in Days
Trading

NEW YORK, Oct. Renewal
o.. heavy bear attacks. which failed
DO encounter any effective buying re-
.siance, resulted In another sharp
ralction in today's stock market,
losses in active and popular Issues
.rcing from 1 TO points.
AN records for the lowest number
pf individual stocks dealt in ON the
Sow York stock exchange for
|rEle day were broken today when
.ha tape recorded the sale OF 470
drfprent issues in the 5-hour ses-
un The former record was +5s
made last OF April.
Today's opening was irregular. n
few stocks deriving strength from
re initial 4 1-2 point gain In Gulf
state steel all OF which was later
cancelled. the stock closing at a
gmsii fractional loss. Shipping
shares were the first target Of the
sa0r, interests, both Marine ptd and
American International corporation
beng depressed to new low records
f1r the year.
Tobacco stocks were then attack
pl on announcement OF another cut
oil cigarette prices. Liggett 81 Mey-
rrs dropping 10 points; Lorlllard To-
baeco 10 -, American Tobacco
l.g Tobacco Products a 1 IL, the
MD 2 SIS and Reynolds Tobacco /
-.
on shares also proved vulnerable
10 selling pressure, Mexican Pet be-
ing forced down 1-2 points when
losses Of ] to near I points being
registered by the Pan-Americnn Is
sues. Pacific, Houston and Cosdens
ON. Phillips Petroleum, Royal Dutch
and General Asphalt.
standard OIL OF New
Jersey which was regirereu
loss Of more than 'l75,-
100000 on the quoted value OF It's
eock since It's high OF the year
o.O 10 was one OF the new excep-
tions. scoring net gain OF points
0t 20S l-2.
Encouraged at the success attain
Cd In their raids against the indus.
tlal shares short sellers turned
tbo,r attention to rails with sur
nrisIng results. st. Paul common
and nd were the hardest hit' de-
cupinr 2 is and 3-S points, re-
gpsctiyely. other substantial losses
we're reduced by Reading, off 3-S'
Acbinson . "a; Union Paciflc
ia. Northern Pacific Is; cana
dian Pacific / 10; Pcre Marqnette
2 Ia Lehlgh valley ? and New YORK
Central l Ia, 90.
speculative disappointment over
the course OF copper prices when
have fallen slightly below II cents a
Mound. apparently was responsible
for The heavy selling OF coppers de-
splte the fact that they have peen
tagging far behind the rest or the
llsf In recent upward swings an,
aronda's dropped below 90 touched
orr a number of stop-loss orders
which were disposed of In a bunch
of 46.OO0 shares at l-2, the STOCK
showing a net loss of nearly polnts
A day. .oo .N..oa
can money opened at 5 per cent
gu, eased off TO 4 l-2' where ~
closed. Time money was in Goou
demand al 4 3-4 but bankers were
demanding s per cent for the longer
t,atur,ties. The commercial paper
market was quiet with no change al
Foreign exchange rates were al
the opening but improved IaJer
Sterling held steady AROUND N''-'
The best gain In the United
States government group was Ihdue
bv the new IA per cent no!'us
which moved up 30 cents on tne
500 The second. third ana iourll,
1 las OF the older series advance,
g 10 90 cents while the first 4s "hy q
LIS dropped 10 cents each' anu
Vtho riberty's 1-2s 3 cents ,,o
" Total sales, par value, were VIZ
Tsl,00O.