The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-19
HOUSTON FAILURE
r HITS STOCK MART
Houston-Fible Announce
ment Causes Reaction
in Price List

NEW YORK, Dec. 1s.-Prices
opened strong in today's stock mar
ke. but decided reaction set In
later upon announcements OF the
failure Of large southwest stock
svchange firm and cut In Great
~orthern preferred dividend placing
~ on per cent annual basis in
s,ead of the customary per cent.
An unusually large volume of low
,,fced oils were thrown onto the
market after the failure, several
.b0usand shares being for the ac-
.ount Of the insolvent firm. These
moulded blocks OF Sinclair, Skelly,
Nlarland, Phillips Petroleum, lnvinc-
lille OIL, and Texas company, nearly
one hundred thousand shares of
hose companies changing hands.
rsxcept FOR a drop OF IN in Marland
and / point In Skelly, the net losses
In these issues were all OF fractional
character
Great Northern preferred fell to
76&. new low record, but rallied
~ the close to TN where II repre-
eented a net loss OF pa for the day.
other rails declined in sympathy
losses of / TO 2 points being regis
tered by Chesapeake & Ohio, Union
Pacific, Canadian Pacific. Atlantic
Coast Line, st. Paul common and
ROCK Island, Lackawanna New Hav.
en-. Norfolk & Western, and Frisco
, I Louisville e. Nashville broke = points
on a small turnover.
Fisher Body touched 215, another
new top, in the early dealings. but
dropped later to 203 for n net loss
- 81 noints New high records for
me year also were established by
Westinghouse Airbrake, Stewart
& A1g
Cerro de Pasco Copper, Union rank
and Stromberg Carburetor.
Copper stocks offered stubborn re .
sIstance to selling pressure, General
Electric was one OF the outstanding
Individual strong spots, closing at
net gain OF more than points.
United States steel common was
again the most active stock on the
big board" more than one hundred
thousand shares changing hands at
prices ranging from 10SB to 1864
the closing price OF l06 "a represent,
ing a net loss OF 81. Gulf States and
Bethlehem dropped point each.
Baldwin, which touched 129 before
noon, fell later to 126a Studebaker
was off *. Marine preferred suf-
fered loss Of 2& points.
Call money opened and renewed at
Az per cent and advanced to s be-
fore the close. The time money
market was slightly easier. Com
mercial paper trading continued
quiet with no change in rates.
Foreign exchanges were weak. De-
nand Sterling dropped cent to
s464 and French francs fell nearly
30 points to 1888. The German mark
dropped from 1877 TO 1.5s cents a
hundred.
The trading was Irregular in to-
days market and gains made in the
early part OF the trading by the cop
pers and standard railroad lines
were lost later. There was heavy
selling OF speculative railroad issue;
at the close. Foreign bonds were not
active. Norway ss advanced l Il
points and Belgian 7hs gained
point,
In the railroad group Chicago &
Alton 3hs and st. Paul debenture
As rose y points each. New Haver
Az OF 1857 and Lake Erie & Western
first advanced IA points each, while
point advance was registered fol
Atchison convertible As OF 1860 anC
Cleveland, Chicago, Cincinnati & st
Louis 6s. series A.
The coppers led the industrial lis
in the advances, Cerro de Pasco Ss
rose points, but lost in the lat
trading, closing with a net gain OF
point Chile Copper rs, CRANKY Cop
per So, and Magma Copper 7s, game:
/ to ] y points.
There were losses of TO 4 point
registered in St Paul convertibl
, 4iss, and convertible 4s OF 1925, Bal
tlmore e. Ohio gold As, Louisville 4
Nashville unified As, St Louls-SaI
Francisco adjustment 6s and Chicag
Rock Island refunding As. Fri
convertible IS, series A, lost
points.
The Liberties were fairly strons
The advance were first 4hs, II cent
on 800; third 4 As, s; uncalled Vic
tory ANS 6, and new ANS, 8. Tn
declines were: Second AIS an
fourth 4As, 2.
Total sales, par value. were sll,
$4,000.