Norwich bulletin., 1922-12-16
FINANCIAL ArD COMMERCIAL
MARKRr wAs rRREaUIAR

New York. Dec. 15.-Stock prices fail- cd to make much hea6way in today's IT, regular market, losses out-numbering the gains at the close.
 A brisk rise in United States Steel common, which sent it up to 10S Is, the highest price in month, was the indtvid- HSl feature. The strength of this issue, Thich brought about a temporary sympa- Ehetic rise in the other steels, followed publication of qnconfirmed run1ors that stra caSxh or stock dividend payments were m prospect for the early part Of next year. There was belief in some quarters, however, that the rise in steel was a cover to hide the unloading Of stocks, elsewhere steel reacted at the close to 106 7-s, up on the day, and Bethlehem. Crucible, and Gulf States closed fractionally lower
 Renewal of agitation for 8 loan to Germany, which would undoubtedly ben cit the copper export trade through that country's increased purchasing power, combined with higher prices for the red metal and the substantial reduction in the surplus supply revealed in the latest statistics stimulated buying of the copper shares, American Smelling jump ing nearly 2 points AnSconda, 3-4, and Utah 1-2.
 Overnight announcement that the Van
 
 ton on the controlling interest of theCheS- apecke and Ohio railroad was reflected in net gain of 1 3-4 for that stock. Other rails were mixed but mostly lower, loss es of a point or more being recorded by Delaware and Hudson, Central of New Jersey, PcFe Marquette and Union Pa sific. - Publication of report showing that the sales and earnings of the Stewart
 
 volume in the last quarter as in the sec ond and third brought number of buy ing orders into the motor accessory group Stromberg Carburetor was push cd up 1-4 points; Fisher Body touched another new top at 204 1-2 and then re- Ected to 2o3, up to 3 on the day; Bosch Magneto improved 1 1-4 and Gray and Davis and Stewart Warner advanced Eractionally. Reynolds Spring, which was pushed up 1-2 points to 26 1-s yesterday on reports that it had received Q large order from the Ford company. moved up to S2 today, but fell back lat to 25 3-4, or fractionally below last nights close.
 Baldwin and Studebaker continued to yield to selling pressure, the former drop ping 3-4 and the latter 1 1-8. Cosden touched 51 S-4, a new high on the move Tnent and net gain of more than a point, put most or the oSner ollS, were weak, General Asphale Mexican Petrole- um and Standard oil of California drop ping 1 to points. Announcement was made after the market closed that the Pan American company had declared a tock dividend of 20 per cent on the A and B stock and that the quarterly divi- dend of Mexican Petroleum had been in- creased from 8 to $4.
 Strength of French francs, which ad- Tanced 1T 1-2 points to 7,S5 1-2 cents was Ene feature of the foreign exchange mar ket. Demand sterling was quoted around R4.64 and marked improvement was noted th the Belgian and Italian rates German harks were quoted around l 12 cents a hundred as against 1-4 a few days ago; revival of agitation for loan to Germany stimulating speculation in Ber- hn currency. /
 Call money opened at 4 per cent, ad- Sanced to 4 1-2 during the noon hour and thence to 5, where IL closed. Gov ernment withdrawal of $67,000, 900 from local banks caused the higher rate, which Is generally regarded as temporary Mos: of the time money business is don at 3-4 per cent for, the So-day periods and for the longer maturities with the com nercial paper market still q 3-4 per cents affair.