Norwich bulletin., 1922-12-09
FINANCIAL AND COMMERCAI
YAsTLY nFPnoYEp NrARKET.

VA8VLN AMEHOVEO MAHAETs
 New York, Dec. S.-The complexion of todAy's stock market underwent an abrupt change for the better this aft tsrnoon when spectators for the decline were compelled to abandon their efforts on the short side because of their fail ure to bring out any large volume of stocks. Rails proved vulnerable tar get to early pressure, but industrials of fered better resistance and 1t was the strong buying power appearing in such leaders as Baldwin. United States Steel common and Studebaker that turned prices again after noon.
 The partial recovery in railroad Shares was stimulated by publication of President Harding's message to con- greS, approving railroad mergers and the pooling of equipment, and recom- mending abolition of the railroad la Dor board and the substitution of a labor division of the interstate com merce commission with power to enforce It's decisions. Canadian Pacific, Illinois Central, Pere Marquette and Reading, which had been weak in the early deal lngs, closed at slight gains. Preferred issues of the St. Paul and Rock Island systems registered net losses of more ran shares has been attributed to tax Rtion selling md unloading of pools which had become discouraged by the lack of public participation.
 Studebaker continued to reflect the fa- vorable earnings report of that com pany and speculative approval of the di- rectors' intention to continue the S10 dividend rate on the new stock, todays closing price of 13S S-4 representing a net gain of 9 3-4. Other motors improv- cd in sympathy. Chandler climbing a point and Hudson, Moon, Packard Pierce-Arrow and Willys Overland, frac- tionally. Accessories also did better Fisher Body advancing 1-2 points.
 Sugars were taken in hand again and gains of 1 to 2 l-2 points were record ed in that group by American Beet Sugar, American Sugar, Cuba Cane com mon and preferred. South Porta Rican and Cuban American, National Lead established a new top of 119 1-4 on re- vival of reports of a stock dividend Strength of tobacco products reflected reports showing large increase in cigarette shipments during the first Il months of the year.
 Baldwin was pushed up 1 5-S points on the day; United States Steel com mon touched 104 hut reacted to 103 6-S tor . small fractional new gain and Corn Products crossed lS2 for net gain of 1-2 in response to some heavy Ihort coverings. Other outstanding strong spots were Hendee, Pullman, Tide Water oil, Woolworth and Welli Fargo Express, all up 2 IA to 1-1 points. Piggly-wIggly established a new top in reflection of short covering oc' casioned by the announcement that thu president of the company had como tc Ehis ofty to demand delivery of stocl erom short interests
 Religious holidays abroad resulted fl . reduced volume of business in foreigT exchange with rates generally holding hrm. The advance in sterling appears 10 have been momentarily checked, to lays ruling rate being 34.5s 1-2, a. against the high of 4.57 Is yesterday Trench francs got up to 70s 1-2 ant he Italian lir1 again crossed the cen mark. Canadian exchange was quoted a . discount of 1-32 of a cent.
 Call money opened at 5 per cent, bu passed of to 1-2 and thence to where it closed. The time money ant commercial paper markets were quiet