Norwich bulletin., 1922-11-10
FINANCIAL AND COMMERCE.!
anAnr hnrAK rN nlARKrr.

lssy York. Nov. 9.-Widespread liquid atiun in the final honr of stoday's stock market, precipftated by a sharp break in General Asphalt issues, wiped out the fairly substantial gains made in the earlier part of the session and caused losses of 1 to 2 points in a number of active shares.
 Publication of ecouraging resume of business conditions by the Federal Re- serve bank. higher foreign exchange rates, and an active resumption of pool activi- ty h special stocks brought a good vol ume of buying orders into the market during the morning, early gains rang ing from to nearly 5 points. New high records for the year were made on this movement by May Department Stores, Van Raalet silk. Remington Typewriter nrst preferred, National Biscuit, Under wood Typewriter preferred and American Smelters Securities A.
 Short coverings also was an import ant factor in the early advances. some good gains being made by domestic onls, ahippings. rubber and tire stocks in which . fairly large short interest is suppos- cd to exist These gains were cancelled, however, in the final reaction.
 Weakness of General Asphalt was at tributed to the circulation of reports that the earnings of the company might not be sufficient to win continuance of the preferred dividend and that it was hav- Ing difficulty in obtaining a loan, but these reports were later denied and the stoclEs recovered part of their loss. The common was down s 5-s points on the day and the preferred 1-4.
 Independent steel shares were hit rath. CT hard in the final selling, Gulf States Steel dropping 5-S points below last night's close; Crucible, 2. and Republic and Midvale, 1 each. United States Stel common, which was within a point of it's years high during the afternoon, lat CT cancelled its gain and dropped a point below yesterdays final figare Equipments also proved vulnerable tar. get, American Locomotiv yielding 2 l.. points and Baldwin, Pullman and Lima to 1 5-S.
 Mexican Petroleum, the conversion privilege in which expired last night, was considerably less active today. gaining 4 points on a turnover of less than l,, 200 shares. At the company's offices i was announced that 72,54O shares haC been converted for Pan-Anerican [ stock. leaving only S3,00O shares in tn, hands of the publIc. In some quarters i was believed that the New York Stoel Exchange might decide that insufficient stock was outstanding to insure the re quired free and open market" but nt announcement was forthcoming today.
 Among the number of active share which fell victim to professional bear pres sure were Studebaker. Consolidated Gas American Can. American Woblen an, Corn PrOdnctA Allied Chemical wa hamered down nearly 3 points.
 Declaration of c quarterly dividend o 50 cents instead of the usual monthl, dividend of that amount by Mexican Sea board was reflected in a decline of near ly l-2 points, that stock now sellinj Eiightiy above SIS share. S. S. Kresk failed to respond to the announced plal Of the directors 10 increase the oapita Stoclf from 600 to $50, ,OOO 900 ap pareptly in preparation for another stocl dividend- Resumption of dividends ol Remington first preferred, at the mex meeting resulted In strengthening o both classes of preferred stock.
 Totad sales were 1O0S,p0e shares.
 Cali money heid Bteadyl at s per cent throughout the Session Time fnohey rate continued firm with trading quiet. Onl, a Snaan amount Of new commercial pape is -Coning into ths market. Sterlihl rates improved fFdctionally despite 2 rather heavy otfeftng of grain and cot s ton bills. French, italian and Belgian remittances, particularly the two latter made good recovery from yestefday'i nronounced weaknega
 ssss lr-s AasE
 STOCKS.
 The following 6 a summary, of th traneactions on tho New York Stock Ex change up to 2. Ms
 High Low. close Allied Cheuuicnf 70X I2af "A