The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-09-26
STOCKS RESUME
UPWARD TREND
Trading Relatively Light;
Fluctuations Are in
Narrow Limit

NEW YORK. Sept. 25.-The up
ward movement In prices was re-
sumed in today's stock market, but
irading was relatively light and
fluctuations generally were within
narrow limits,
A heavy accumulation OF week END
buying orders impaired a strong
zone TO opening quotations, but when
these were disposed OF the market
spsed into dulincss. Short pressure
againet some Of the nondlvidend
having rails and speculative Indus
trial favorites later caused some ir-
regularity, but the general list held
up we'll under selling pressure.
Revived reports " mergers and
capltal readjustment5 were partly
responsible for the continued rise
I'm Standar oil shares. Standard
oil OF New Jersey cross 1919 to new
peak price for the year, and stand
ard Oil OF California also moved TO
new high ground. Another individ-
unl feature was Gulf States steel
which was pushed up to a new high
for 1922 at "a, on a gain of nearly
5 points, but fell back 10 9lh at
the close. The small floating sup
i ply OF this stock makes 1t suscep-
tible 10 pool operations.
Speculative selling of somo OF the
4 GntaDtI TdlllOdu EAAbltH HIpdAtAANlS
| was I'm anticipation of some poor
earning reports for August coming
out In the next few days. The Au-
gust fires are expected to show the
principal effect OF the coal and rail
| strikes Rock Island was the prin-
cipal target of selling pressure, show
ing a net loss OF ] point on turn
| over in excess OF 10000 shares.
/ Baltimore and Ohio and st. Louis
1 southwestern also we're sold rather
! freely, but the offerings were wen
absorbed.
4 The substantial advance IN
merchandising shareS particularly
4 Woolworth and Kresge, was attrib-
uted TO reports OF increased retail
4 business. Woolworth advanced 6 y
points on n small turnover, while
| Kresge touched $50, a new high for
the year, but fell back later to 1T.
May Department stores also made
an appreciable gain.
st. Joseph Lead advanced IA In
response to high prices for the metal.
4 Chemical shares also played prom
4 iuent part in today's advance,
Dawson rising IL. Agricultural
| Chemical and Allied Chemical y
! North American made "A good re-
sponse to the better earning report
OF the company.
Baldwin and Studebsk-r were sub
jected to attack by professional In
4 terests in the late afternoon trade.
each declining point OF more.
Mexican Petroleum, another spec
ulatlve favorite. was under pressure
earlier in the day on rumors OF ad-
dltl|nsl oil taxes being imposed, but
It Game back strong and closed at
a net gain of nearly point on re-
ports showing August carninSs at
the rate OF IS a share,
Sales totaled 705,300 shares.
Call money opened and renewed
at per cent, but eaeed off to 81 in
II the early afternoon and held at that
figure until the close. Time money
was quiet, the shorter maturities be-
ing quoted at IA to An. Most OF
the commercial paper IS quoted at
a rate OF Az per cent.
A large Offering Of commercial
a bills caused a slight recession in
III some Of the foreign exchange rates,
81 Demand sterling bills were quoted
Il just under $44G, and French checks
were selling on a 1891 basis.
Price moves in todays relatively
dun bond market were irregular.
The foreign group held steady or
moved to high levels, but a number
4 Of ths popular domestic lines showed
II declines OF a point or more.
81 Large traders in bonds apparently
a have adopted a "watchful waiting
a policy. pending announcement OF the
z terms OF the governments refunding
4 operations, which is expected shortly.
Belgian SIS rose "A and Czecho-
Slovakian SIS i, while Swiss Sc
u equalled their high for the year and
j the French issues improved frac~
n tionally. Brazil rs were down 2
n points In sympathy with the recess
sion in exchange rate.
Chicago a. Northwest IS OF 1897
rose nearly points and Frisco 6's,
eeries G Is. however West Shore
railroad As slipped back ga and
declles of / 10 ~ were registered
N by Rock Island refunding As, Chi
cago & Western Indiana As, Kansas
City Southern IS and Missouri Pa
~ Clflc general As,
al Kelly-Springfield,s s's. which moved
" up a point, were the outstanding eN-
n ception to the rather reactlonary
III tendency in the industrial list.
Liberties were quite Irregular with
!. most OF the changes downward.
~ Total sales, par value, were Sll,-
O49,0OO.