Norwich bulletin., 1922-11-07
FINANCIAL AND COMMERCIA!
STOCK MARKET WEAK.

New York, Nov. 6.-Speculators for the decline. finding the stock market in ! a weakened technical position as re- suit of the rapid advance of last Thurs day and Friday, today took advantage of the unfavorable near eastern news and the unwillingness of traders to car ry stocks over the holiday, forcing down prices 1 to 3. points,
 Uncertainties regarding the outcome of tomorroWs elections and the dlspo- xition of traders to await more definite developments in Turkey before extend ing their commitment resulted in con siderable less activity, total sales az gregating only 704,o00 shares, as against the million share average ef the last few weeks
 The react1onary movement extended over most of the list, but pressure was concentrated in the last hour on the Erie issues on reports of a strike of en- ployeS of the Pennsylvania Coal com pary, one of its principal coSi sM OA,Gs- -jsA Erie first preferred was the hard st hit, dropping points, the common yielding 3-S and the second preferred 2 1-4. Other low priced rails reacted in sympathy, losses of large fractions to 3 points taking place in St. Paul. pre- tsrred. Rock Island, Missouri Pacific Baltimore and Ohio and New Haven.
 
 way association that the demand for trafic facilities had caused the great est car shortage in history failed to check the decline in the Standard rail shares, losses of & point or more being sustained by leading Atlantic Coast, Chesapeake and Ohio, Great Northern preferred, Lake Erie and Western pre- ferred and Union Pacific.
 There were a few notable exceptions to the downward trend. Chain store shares were bid up in spirited fashion on reports of better business and possi- ble extra dividend disbursements. Wool worth crossed double par closing at 2O4 1-2, a net gain of IT points on the day. Kresge was pushed CD 1-2, clos ing at IS2. and May Department Stores established a new at l67 1-2, then slip ped back on proft-taking to 1s4 5-s at which price it was nearly points above Saturdays close. Dupont Powder and Otis Elevator also were unusually strong, gaining Six points each.
 Copper shares were strong in early dealings. but they forfeited most of their gains in the final reaction. A slight stiffening of copper prices was note -das a result of the large volume of metal bought for domestic shipment
 ntheNlast few days. Chile and Cerro De Pasco each sold at least a point above SaturdayS hnal hgures, put Ia ter reduced their gains to fractions. Dome Mines established a new top at 46 1l2 in speculative expectation of an extra cash dividend, but it slcmped la ter to 43, or 2 1-2 points below Satur- days close.
 Prodit- taking and short selling in the 1il shares caused some substantial re- eessions Mexican Petroleum dropping nearly 3 points, and losses of l to ? being sustained by Standard oil of New Jersey, Royal Dutch and General As phalt. Steels offered better resistance to pressure, most of them yielding only fract'onally. Baldwin and Studebaker each lost over 1 1-4 points.
 Can money opened at five per cent and then advanced to 5 1-2, where it closed. The time money rate held at five per cent with comparatively little business being transacted Only a rel atively small amount of the new com nnercial paper is coming into the mar ket. the rates for which are unchanged Seriousness of the near eastern sit. nation was reflected in the heaviness ot foreign exchange rates. rench franc: and German marks dropping to new lew levels for the year. Demand stazl. ing also reacted more than one cent .tr s4.44 5-s, a large volume of grain anG cotton bills being contributing factors