Norwich bulletin., 1922-12-19
FINANCIAL AND COMNERCAIs'
MAMxEr VAS ursrAnrG.


 Now TCrk. rpc. IS.- -PrSces opened StrooE Gn to61y's stock market but decided reaction set in later upon aE- nouNcemsntS of che failure of large Southwestern stock exchange firm and a cut in the great Northern preferred dividend placing it on 5 per cent an- nual oasls instead Of ! per cent. . rate which had baAn paid without lnterrup- tion since lS9S There were a few no- table exceptions to the downward trend, but the declines in Standard is- tues ranged from to ( points.
 An unusually large volume Of low priced oils were thrown onto the mar ket after the failure. several thousand shares being for tho account of the .nV solvent firm. These included blocks of Sinclair. Skelly. -Marland. Phillips Pe- troleum. InvincSbls oil and Texas com pany, nearly 100000 shares of these companies exchanging hands during the Jay. Except for drop of S-S in harland and in Skelly, the net losses n these Issues were all of fractional character. t Great Northern preferred fen to 7S 5-S. a new low record, on aeoounce" ment of the dividend action, but rallied lt the close to 77 1-4. where 1t repre- ssnted a net loss of 7-s on the day. Other rails, which were nctive at ris- Ing prices in the early dealings, de- clined in sympathy. losses of 1 to points being registered by Chesapeake and Ohio Union Pac'fc. Canadian Pa ciic. Atlantic Coast Line, St. Paul com mon and preferred Chicago and North western, Rock Island. Lackawanna New Haven Norfolk and Western and Frisco. Louisville and Nashville broke four points on a small turnover.
 -Fisher Body touched 215. another new top, in the early dealings but drop ped later to 203 for a net loss Of l-4 points. New high records for the year also were established during the ses sion hv west'nshouse Air Brake Stew art Warner Speedometer, Kelsey Wheel Cerro De Pasco Cooper. Union Tans and Stroruherg Carburetor, the las; named falling 2 l-2 points below Sat urday's close In iater dealings. ''-
 Copper stocks offered stubborn re sistance to selling pressure fresh buy hg In this group being influenced bN he higher prices quoted for the red metal and speculative anticipation tha few more issues would be put on : dividend basis within the next teV months General Electric was one c the outstanding individual strong spots eloring at a net gain oc more than. points.
 United States Steel common wa again the most active stock on the 'Hoii board" more than 100 900 share changin ghands at prices ranging troi' l08 7-8 to l06 l-4, the closing price 0 l06 3-s representing a net loss of >S-s Gulf States and Bethlehem B. dropoe q point each. Baldwin which touchel l2s before noon. fell later to 126 S-s or S-s below Saturdays close. S..l-'e baker was of 5-s on the day Marin preferred had another sinking spell O ! revival of unconhrned reports tha he dividend was in danger, the net los being S-4 points
 Cal money opened and renewed at t-2 per cent and advanced to befor he close The time money market va Highly easier. few SO and 90 da loans being arranged at 7-s per cen with most Of the 3o-day business bein lone on a 3-4 per cent basis and tn longer maturities at five per cent Com mercial paper rading continued quiH with no change in rates. @
 Foreign exchanges were weak on null Hcation of European despatches ths little credencA was being placed ther Dn the possibility Of an internationi loan being raised for Germany at tn 1me Demand sterling dropped ceT 70 S4.e4 and French fran"s fen nearl 90 points to 7.33. The German mar 1ronped from 1.s7 to 1.55 cents hur fred.