Norwich bulletin., 1922-10-27
FINANCIAL AND COMMERClA!
STOCK MARKET WAS REAoTIvE


 New York. Oct. 26.--speculators for he decline succeeded in forcing another material recession of quoted values in today's stock market, being aided in their operations by higher money rates further Iiduidation on the part of dis appointed traders and small investors, another drop in United States govern rnent bond prices and the lack of effective public support. It was the tenth con secutive day of reaction,
 Industrial stocks, in which there had been heavy speculation during the last month, again suffered the most. rallroad shares, which have been holding up well in the face of heavy selling pressure in other parts of the list, also participated in today's reaction, Reading. Lackawan- na and Rock Island all dropping more than three points.
 Mexican Petroleum was one of the outstanding weak spots. dropping more than points on a comparatively small turnover. Standard Oil of N. J., drop ned four points partly in response to cut of 1 1-2 cents a gallon for gasoline, and Standard Oil of California and Pan-American A reaction points each. Houston oil opened higher, but soon yielded with the others
 American Locomotive in which a brief rally was staged yesterday after noon. lost more than 3 points today. while Baldwin. which has been heavy AU week. dropped1 3-4 General Flee tric dropped 1-2 points on sales of less than GOO shares and American Car sold off 3-s.
 Reports of improved conditions in the steel industry were disregarded by the steel stocks, which continued their downward course. United States Steel common slumped 1 1-4 to 105 1-4 ; Bethlehem B was off 1 3-S: Crucible, 5 and Gulf States Steel, 2 3-S. The Beth lohem Steel corporation declared it's regular quarterly dividend of l l-4 per cent on the common and l S-4 per cent. on the per cent. cumulative preferred, but again failed to pay them out of it's earnings although President E. G. Grace. declared that the earnings for the third quarter were much better than for the first and second.
 Speculative disappointment over the failure of the directors of the Consolidat- cd Gas company to make an extra distrl- button at this time found expression in the heavy offering of that stock, which dropped 5-S points after having en- joyed several days of strength in the bear" movement. Other conspicuous weak spots were Kelsey Wheel. Kresge Lorillard Tobacco, Maxwell Motors A Otis Elevator, Peoria and Eastern, Pos tum Cereal and Republic Steel, all of to , 1-2 points.
 Total sales were 1,l16,000 shares.
 Call money opened at 1-4 per cent and advanced successively to f 1-2, 5 , 1-2 and $. where it closed With drawal of S11,000.O00 in government de- posits and the calling of loans by loca and interior banks were responsible fol the higE-E rate. Time money was 1T brisk demand. loans for 60 days beine made at 3-4 per cent. with the larg CT maturities demanding ,.
 French, Belgian and Italian exchange! fell to new low records for the year, bu rallied later on short coverings ~~n tracts. Demand sterling held steady be tween S4.4f and s4.44 3-S. French checks opened at o.S4. the low of tn day, but climbed to 6.96 before tn close. The low for Belgian francs ant Italian iira were G.S6 and 3SS -..lr respectively.