The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-11-28
REACH NEW LOWS
IN STOCK MARKET
Lack of Public Support
Helps Bear Selling;
Call Money Easier

NEW YORK Nov. e. Continued
lack Of public support Induced iurth-
er bear selling in today's stock mar
kct, several representative shnres
touching new lows on the current rec
action. Indication Of heavy selling
by disappointed pools were apparent
during tho day and there were io-
ports 81 forced liquidation through
out the town banks particularly lu
Boston and philadelphia.
Prices moved the srrnirE ii-ft-
gard Of outside news dcvc' 'opuoutl
which ln the main were favorable"
CAL money cpscd on 20 I per cent
and aDghNy easier tendency was
noted in tho time money market De
u1nd sterling got uu 90 Sfa2, tho
highest price since 1918
Opening prices today were spotty
covering in "a number ~ representa-
eve shareg giving them the appear
snco of strength. Independent stcels
vere among tbs first to give way and
then pressure was Centcr9d on
Studcbakor and Baldwin, the for
uicr getting down 10 lt4 -. but
rallying later to lie. or is below
saturdays close. and the latter
sinxing to il3 - and then moving
up 10 t15. where 1t represented net
loss Of 3-S points. United states
steel common dropped within y o!
par. closing at 100 l-2 for "A net loss
OF IA points.
Bethlehem u broke below 60
closing at n net loSs OF | point, while
declines Cf to nearly points took
place in Cruciblc. Gulf Stntcs, Lack
awanna. Republic and Reploglc. An
Other prominent weak spot In tho
Industrial was Pierce OIL off to 3
points
Henvy buying OF California Potro-
ieum, which pushed up nearly
points. accompanied rumors ot iis
closer nffilistion with standard OH
of California. which improved frar-
tionally on the day. standard on
Of New Jersey closed slightly higher
after touching 1873. Mexican Petro-
lcum and General Asphalt each
clored more than points higher,
Fails were hard hit hut most Of the
standard shares made good recoV-
cry. n few closing frnctionnlly above
saturdays final figures. Atlantic
Coast Limo was one OF the really
weak spets, dropping IA points.
Northern Pacific touched 70 -.
new low for the year. but rallied
point beforo the Ciose'
sterling's advance to new high
record was the feature of the foreign
exchange market. swedish nnd
Dutch exchanges also made new
high records for the year but
French exchange was heavy. checks
being uaoted at 7o3, off about II
points. Heavy selling OF speculative
~ailroad mortgages spread a wave OF
weakness over todays bond market
after n highly irregular opening
Large blocks of Seaboard Air Line
Erie. st Paul and Frisco lines we're
thrown on the market Senboardl Air
l.ine consolidated IS hroxe g points
and losses OF Ia points took place
In Seaboard refunding SIS. General
4s and refunding l2s, Erie Gen
eraI As and the A. II and u Issues
81 the convertible 4s, and Frisco IN
come 90 and adjustment 6s.
Texas & Pacific firsts dropped 4
noints and Cleveland. Cincinnati
Chicago & ST. Louis rebenture
4f-ss off . points each
Industrial liens yielded In sym
pnthy with the railroad issues, mort
eages OF Independent steel COM
panies showing the largest losses.
Foreign bonds we're mixed. Active
United states govern ment bonds
with the exception OF first las,
which were slightly higher, yielded
2 to 10 cents on $1,000. The second
a.. ordinarily inactive. dropped "a
cents.
Total sales. par value. were Sio'-
$4,000.