Norwich bulletin., 1922-10-31
FINANCIAL AND COMMERCE.!
MAxKzT MI nxAn1sn.

New Yesk, oct. so.--Ranswai es heavy >aay attacks. which failed to eacoua. CT any effective buying resistance. re- -1lted in another sharp reaction in to- lays stock rnarket losses in active and popular issues ranging from to s points e
 With the business and industrial situa- ton showing, continued improvement traders could only account for the re- cent downward movement by describing It as a correction of a weakened techni- cal condition, which was brought about by speculative excesses of the recent up ward swing. With brokers loans esti- mated as high as S1sS00000 ,o0o, it Is be- heyed In some quarters that banks may have forced some Of the liquidation by sslling loans
 All records for the largest number of individual stocks dealt in on the New York stock exchange for a single day we're broken today when the tape recor1- d the sale of 47O different issues in the ive-hour session. The former record was 45S made last April.
 Today's opening was irregular, few stocks deriving strength from the initial i4 point gain in Gulf States Steel, all of which was later cancelled the stock closing at small fractional loss. Ship ping shares were the first target of the short interests, both Marine preferred and American International corporation being depressed to new low records for the year on speculative fears that the next senli-a nnual dividend of the former might be passed.
 Tobacco stocks were then attacked on announcement of another cut in cigar cite prices, Liggett and Myers dropping Is points Loriliard Tobacco, 10 1-2 American Tobacco l-2, Tobacco Pro- iucts A, 1-2, the preferred. 5-s, and Reynolds Tobacco. i-2.
 oil shares also proved vulnerable to selling pressure. Mexican Petroleum be- ing forced down 1-2 points with losses ot l to nearly four points being. regis tered by the Pan-.American issues. Pa cifc Houston and Cosden Oils; Phillips Petroleum. Royal Dutch and Genera! Asphalt. Standard Oil Of New Jersey, which has registered loss of mor2 than 1S175.000,000 on the quoted valus of its outstanding stock since its hign 0f the year, 250 l-2, was one of the few exceptions, scoring a net gain of points at 2os l-2.
 Encouraged by the success attained in their raids against the industrial snarss, short" sellers turned their al. tontion to rails with surprising results St. Paul common and preferred were rhs hardest hit, declining 3 Is and 3-S points. respectively. Other substa1- tiaI losses were recorded by Reading off 3-S; Atchison, ? S-4; Union Pa cifc. ? 1-3 Northern Pacific 1-8: Ca aadian Pacific, 1-2; Pere Marquette, 1-4; Lehigh Valley. ,. and New Yors Central l-2 Selling of rails was in. flueaced no doubt by the poor showing naae in the latest September earnings statements.
 Speculative disappointment over thu course of copper prices, which hav' fallen slightly below fl cents a pound apparently was responsible for tii' heavy selling of coppers despite tht fact that they have been tagging ia, behind the rest of the list in recent up. ward swings. Anaconda's drop below 50 touched off a number Of stop-ios. orders, which were disposed of in .a bunch of 46o0 shares at 4S 1-2, the stock showing a net loss of nearly tilre. points on the day. Chile, Kennecot and other Lode also lost ground.
 Total sales were 1,116 900 shares
 Call money opened at five per cen but eased of to 1 1-2. where it closed Time money was in good demand at S-f but bankers were demanding fiy per cent for the longer rnaturities, 8 fev loans being arranged at that figure Tn, commercial paper market was quie 'yith no change in rates.
 Foreign exehaage rates were weak 2 the opening, bus improved later on com Iaratiyeiy heavy bidding for bills th's center. Sterling held stead! around $4.45 Ia.