Norwich bulletin., 1922-11-04
FINANCIAL AND CQNNEVfIAI
srncK MARKET sTRoNe.

New York. Nov. s.-Priees continued 4o move to higher ground in todag's stock market but the movement was in- tsrruuted at times by extensive profit taking and experimental short selling n an attempt to, uncover weak spots.
 Announcement of an inoTease in prices by the Studebaker corporation checked the realizing sales in the late Afternoon and brought about rally, ,g. ioh carried a number of stocks to their highest levels Of the day, Stude- baker gaining points. U. s. steel common was pushed up more than points to lO7 7-S, all offerings being readily absorbed.
 The advance of the tlast two days has brought abont a substantial reduction bg the short interest, but the volume of sales, which totalled only 971,OOO shares today, indicates that the cove -erlng operations are far from compie- ton Professional sentiment continues bullish and pools are again beginning Co operate in special stocks
 Railroad shares enjoyed a burst of activity in the mid session, but exten- sive profit-taking cut heavily into their carly gains The stocks which managed to register a net gain of point or more included Lackawanna, Erie first prefer red Atchison, Chicago and Eastern IT. lincis, St. Paul preferred, Chicago and Northwestern, Delaware and Hudson. St Louis-Soutbwestern preferred, Union Pacific, Texas and Pacific and Wheeling and Lake Erie.
 Independent steels were pushed up in sympathy with U. S. Steel, gains of one 10 nearly points being recorded by Bethlehem B, Crucible, Midvale and Re- public Equipments which were among the leaders yesterday, fell under tho weight of realizing sales today but Baldwin and American Locomotives rere later able to rise fractionaliy Ia kbove yesterdays closing figures. while American Car improved one point
 A better dopestic demand for copper and higher lices for other metals found expre,s4on in the increased ac- . tiVity and higher prices for copper shares, Anne. can Smelting, Chile, Ken aecOtt, Butte and Superior and Inspira- ton rising approximately a point each.
 Some excellent gains were 1nado by ? motor accessory shares, Fisher Body jumping points and American Bosch Mssaeto five. Merchandising shares also showed improvement, particularly Associated Dry Goods and May Depart - ment Stores.
 f Mexican Petroleum again assumed leadership of the oil group with a net gain of nearly { points. but the allied Pan-American issues were heavy. drop ping more than a point each. Standard on of New Jersey preferred improved a point but the common and Standard Oil of California declined fractionally.
 Can money opened at five per cent but eased off to 3-4 and then to 1-2 where it closed. A large volume of time money Is being placed at five per cent ihe bulk of the loans being made Tor 2 and ( months maturity. Out of town banks are the principal huysFs of com mercial paper, the rate for which con- tinufs at S-4 per cent with a few nanies selling as Few as ' 1Ys.
 Foreign exchange rates were irregular Sterling advanced slightly. despite 3 heavy offering of cotton and commey- eial bills. while heaviness was noted ir the French rate.
 German marks dropped to another new low record at 1 9-I6 cents a hun. dred, but rallied later to 1 3-4. Swed. ish exchange established a new tor price for the year. selling as high at 26.ss but yielding in later dealings. Ca. madam dollars were still selling at a slight premium. .