Norwich bulletin., 1922-11-27
FINANCIAL AND CONNERCIA!.
SATURDAYS MARKET

Y New York. Nov. 25.-A wave of selling | orders, sweeping Into the stock market 1 h the last half hour and carrying prices down to 2 points below yesterdays s closing level provided one of the busiest half holiday sessions in recent weeks.
 Spectators for the decline found en- eouragement for their operations in the continued lack of public support, inac- tfyity of pools In representative shares and the, apparently unfavoTabie reaction a expressed in prices, that the terms or the Bethlehem-MidvaleS Steel merger had upon rnarkt traders There was beliet ln some quarters that while operations were at a high rate in the steel industry and sarp competition for business was having its effect on the earnings of inde- pendent companies and that an effort to reduce costs was a propelling force In bringing about the new combination. ! Bethlehem B" was depressed as low as 50 1-2, but later rallied to 61 5-S where It represented a net low of 5-S on ] the day MIdvale's net loss was l 7-S. U. s. Steel common got down to TOT S-4' It's low level of the week and l-4 points under last nights close. Vana3ium, Lackawanna, Gulf States, Republic and Crucihle Steels all closed 1 to points below yesterdays final figures.
 g Studebaker and Baldwin were the principal targets in the final reaction, the former slipping below IF and then rai- lying feCbly TOT a net loss of 4 S-4 points and the latter touching 116 and closing at l16 3-8 for net loss of 3-4. Standard oil of New Jersey, which was weak from the start, got down as low as 134 3-i, but mood up to 1S4 5-S, where 1t represented a net loss of six points.
 Other weak spots in the industrial list Ilnyy ct Hn >Oii, Columbia Gas, Corn products. May Department Stores. Postum Clerical. Standard Oil of California, Union Tank Car ant United Retail Stores, the losses lrunning from 3 to points.
 Railroad shares also participated in the decline, but not as extensively as the industrials. Announcement that the pool formed in Rock Island early in February would dissolve Dec 1 and that 40 900 shares of the stock would be distributed at $45 a share caused heavy selling of that issue which got down to 31 1-2 for a, net loss of 3-S Losses of 1 to 2 points. also were noted in Atchison. At Iantic Coast Line, Canadian Pacific, St. [. Paul preferred. Chicago & Northwestern, Lackawanna, Louisville and Nashville, Missouri Pacific preferred. New York Central, Northern Pacific and Union Pa .cihc-
 5 General Baking, which touched a new top. American Sugar, American Bank Note and Kresge were the few strong spots. the sales in each case being com ,paratinvely small.
 Foreign exchanges were firm, demand steFfing again just getting under the s4.50
 mark, while French francs lowered around 7.15. Canadian exchange was back to par and Brazilian exchange continued to improve in reflection of the removal of restrictions in trading by the
 Brazilian government
 x. The clearing house statement showed
 increases of s 0o4,000 in loans, discounts bank and $26,I0S, GOO in net demand de- posits Aggregate reserve totalled $506,- .s50;000 reducing the deficit in reserve firm '$1O, ,S42,O0O ito $5,56S, ,01O.