Norwich bulletin., 1922-12-29
FINANCIAL AND COMMERCIAL
MARKET WAS ACTIVE

New York, Dec.> 23.-Heavy selling by large investors to establish tax losses combined with free offerings of prJfes- sional short interests who acted oh the theory that the market was due for reaction, imparted reac:ionsry tone to most prices in today's active stock mar ket.
 Regardless of complications of the 3@- day rule as to repurchase, this was the last day on which securities could be sold on the stock exchange for tax purposes except for cash. Regular way sales made today will be cleared tomorrow but as there are no clearances on Saturday, regular way" sales made tomorrow will not be cleared until next Tuesday. throw ing realization of profit or loss on those tranactions into the next year. Cash sales may still be made tomorrow but the volume of these is usually small.
 Dividend paying railroad shares were under marked pressure, I.ackaTanna dropping points on the announcement that the directors had omitted the extra dividend ordinarily declared at this time. Speculative disappointment over the i Reading segregation plan, as published today, was reflected in drop of l Is in that stock with Lehigh Valley dropping | 1 1-2 in sympathy. Losses of a point or | more also were recorded by Southern Pa- I cific, Atchison, Illinois Central and Chi cago and Northwestern. Atlantic Coast Line advanced 1 5-s and the St. Paul is- | sues improved about a point each on publication of a fine November earnings | report.
 Baldwin huctuated within range of nearly five points, closing at I5., net loss of 1-2 points. Other equipments also were weak, American Locomotive,
 Pullman, General Electric American Car and New York Air Brake dropping | l-2
 to points. Oils also yielded to selling pressure, Pan-American B. Standard oil of California Pacific Oil, General As.
 phalt and Houston dropping 1 to 2 points
 with fractional losses in Coslen, Cali
 fornia Petroleum, and Standard oil ot
 New Jersey.
 A break of approximately a point ir
 Anaconda and weakness Of other coppers
 was accompanied by reports that thu
 Anaconda-Chile Copper merger was like ly to fall of accomplishments because o inability to agree upon terms of pay
 ment. Strength of North American which closed points higher, was attri . buted to the possibility of an carly ip
 crease in the dividend. Tobacco Prpduet stocks also improved in speculative ex peetation of favorable dividend develop ] ments.
 U OlAoGbdEEAs NAAIh EaAdgAAsucN n ElGf ) high record for the year earlier in tn week, got below I3s. but rallied Iate- { ] 139 3-s, where 1t was of 1 Is on tn ' day.
 : Shifting of funds in preparation fo
 the withdrawal of s70.000, ,O00 by til : government this week and heavy with
 drawals by institutions to meet year
 end dividend and interest payment rt
 suited fin a continued firInness or ca
 money, which opened at 5 per cent. an !, advanced to 1-2 before the close. Tn .t time money and commercial paper maj {. kets continued quiet with ID change I
 rates.
 2. Dispatching of the British fleet frol '- Malta to Constantinople had q tempt
 rarily depressing effect on the foreign eJ ' changes. the volume of business in whic n was light Demand sterling got dow n to s4.64 for a loss of more than half a cent and slight recessions took p,Bcc y the other European rates win The excsl Q ton of French francs which held stead : at 7.25 cents.