The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-27
STOCK REACTION
LAST TEN DAYS
Speculators for Decline
Continue to Force
Prices Downward

NEW YORK. oct. 26.--specula-
iors for the decline succeeded In
forcing another material recession
VI quoted values in today's stock
market, being aided in their opera
tons by higher money ratee. fur
.rer liquldation on the part OF dis
.upointed traders and small inves-
tors, another drop In United States
government bond prices and the
.tek Of effective public support. II
vas the tenth consecutive day OF re-
action.
Industrial stocks again suffered
-he most. Railroad shares also par
ti .pated In today's reaction, Read
ing, IackawaDna q Rock Island, all
dropping more than 3 points.
Mexican Pet was one OF the out
standing weak spots. dropping more
than 8 points. Standard Oil OF New
Jersey dropped points, Standard
OIL OF California and Pan-American
reacted points each. Houston OIL
opened higher but soon yielded with
the others.
American Locomotive lost more
than points today. while Baldwin,
dropped 3-4, General Electric
dropped 1-2 points on sales Of less
than 1000 shares and American
Car sold for 8 "a.
United states Steel common
sumped Ii to I05 Ia; Bethlehem
B was Off l 3-S; Crucible and Gulf
states steel as.
Speculative disappointment over
the failure OF directors Of the Con-
solldated Gas CO. to make an extra
distribution at this time. found ex-
preston in the heavy Offering OF
. 1rs. &
points after having enjoyed several
days OF strength ia the bear
movement. Other conspicuous weak
spots were Kelsey Wheel, Kresgo,
Lor.llard Tobacco, Maxwell Motors
A, Otis Elevator, Peoria & Eastern
Postum Cereal and Republic steel
an or 3 TO ~ points.
Total sales were 1,ll6,000 shares
can money opened at 4 l-2 per cent
aud advanced successfully 10 4 IL
IL and G, where II closed. Time
money was IN brisk demand loans
for 60 days being made at 4 IA
p,r cent with the longer maturities
demand 8.
French, Belgian and Italian ex-
changes fell to new low records for
the year. but rallied later on spot
covering OF contracts. Demand
sterling held steady between 4.4O
and 4.443-S.
Heavy liquidation OF United states
government bonds by large institu-
tons. presumably to meet the in
creased demand for commercial
credit. ,esultcd in another sharp re-
action in prices in todays market.
The new AIS which had been three
times oversubscrlbed at par
tlumped 5s cents on 500 TO S90'3S.
other government "A per cent is
sues. all of which had sold at par
or better less than a month ago
were quoted at discounts of approx
imately $3.50 10 81. Liberty 3ias,
which had touched t03.02 last week
sold today at 10000, an overnight
drop Of so cents. The "A series
showed loses at one time of rs to 40
cents.
There was more diversified selline
IN the foreign llst, the sharpesi
break taking place in Mexican gov.
ornment's 5s, which sold OF ga
points.
The railroad list was again under
marked pressure, New York, West
chester a. Boston AIS yielding ? q
and Norfolk n Western convertibil'
IS dropping points, declines OF
TO BIS. cancelling Yesterdays loss.
A 2-point drop IN Cerro de Pasco u
was the outstanding feature OF th'
industrial list Bethlehem Steel r"
funding 5s moved up a point
Total sales, par value, were Slo'
100000.