Norwich bulletin., 1922-11-14
FINANCIA AND COMNERCIA.
srocK rn1oEs r1uoruArEp

New York, Nov, lS.-Stock prices ses-Sawed ur and down in today's mar ket rehecting, in general, the covering and sailing operations oi short interests who appeared to be in complete control Final prices were generally below those Of Saturday. but the strength of the re- sistance encountered at today's lower levels indicated that the decline had about run its course, at least tennporari- ly.
 Thefe wnS no outside news to account for the further depression, but bearish sentiment has developed on the unfavor- able outlook ia Turkey, the possibility of unfaHOdable tax legislation by the next congress and the apparent liability of bull operatnrs to attract an outside fol- lowing.
 SoInc stocks were depressed for spe- clnl reasonE. Marine preferred1 which brolss more than focr points, was sold freely on speculative belief that the ad mintztraeion would not be able to put over ito ship subsidy programme and that the immediate outlook for the shipping traeo was nono too promising.
 Cr7lcibIe Steel dropped nearly three points on publication of the annual re- port, which showed a deficit of nearly Se.5oo. .o0O after payment of dividends for the year ended August 31 last. Other steels VI re weak tn sympathy, Vanadium yielding l 1-2, Bethlehem and Midvale losing about a point and U. S. Steel, Republic and Replogle receding fraction ally.
 General Asphalt common and preferred established new low records for the year on net losses of slightly more than six and four points. respectively, but they recovered somewhat in later dealings. Houston fell to 6S. also a new low, and then rallied to 69, a net loss of two points. Pan-American B dropped more than two points and the A was off one. while Mexican Petroleum. which has ceased to be much of factor in the stock outstanding.
 Changes in rail shares were mixed, but mostly downward. Jersey Central drop ped three points on announcement of officials that no immediate distribu- ton of the profits of it's coal properties was contemplated. Losses of a point or more also took place in Erie second pre- ferred, Pere Marquette. Great Northern preferred. Nickel Plate," Lackawanna and Delaware and Hudson, but Reading Chicago and Northwestern made slight gains, while Western Pacific was push ed up over two points. Canadian Pa cihc failed to respond to the declaration of the regular quarterly dividend of 2 Ia per cent, yielding fractionally below Saturdays close. ,.
 Some of the outstanding weak spots were Brooklyn Edison, Detroit Edison, Federal Mining and Smelling preferred Eorilliard Tobacco, and Goodrich prefer. red. the losses ranging from 1-2 to F points. Woolworth was strong, gaining i've points.
 Total sales were 1,o14.ooo shares.
 Call money opened and held at 5 pel cent. throughout the day. Business 1T the time money market was, confined mostly to renewals which were arranged at per cent. The bulk of tho commer. cial paper is moving at 3-4 per cent
 An improved tone was noted in the for. Bign exchange market. The Italian rate moved up from 4.46 to 4.70 in response to the accumulation by governmental agencies on the strength of the improved political conditions in that country. I'm porters and banks were heavy buyers of sterling. the demand rate touch ins S4.47 6-s q new high on the movement