Norwich bulletin., 1922-09-28
FINANCIAL AND COMMERClAI
BnrAx rN PRICES OF STOCKS


 New York, Sept 27.-Spe5ula-ive op- arators for the decline again assumed control of today's stock market, forcing another sharp break in prices which carried a number of stocks down to 3 points below yesterdays levels and dn many cases to the lowest figures of the month Virtually no fresh buying power was in evidence and the only resistance was scale buying, which was easily over corue.
 Passing of the Pittsburgh coal divi- dend, calling attention to the serious eff feet of the coal strike which tlls mar ket har largely ignored befocs; lncre&s- Ing tension over the situation .n the Near East, heaviness of Liberty bonds and reports that bankers were not dis posed to permit further extension of brokers loans, which had been estimated as high as s2,0O0.OOO,Oo0 whsn the cur rent reaction began. all cont-ibuted to the downward trend
 Pittsburgh Coal broke 10 points upon receipt of information that the directors had passed the regular quarterly divl- dsnd, which obviously was unexpected in ths financial district. The stock mas been on per cent basis since 1918. Burns Brothers A and B. stock on which dividends previously had been declared despite a virtual shut down for five months, reacted moro than point each.
 Coal carrying railroads also were !r- duenced by the Pittsburgh dividend ac- ton. Lackawanna, which had sold up to 1ss Ia dropping brcK to 13S anI ;osses Of 1 to nearly 3 points taking place n Chesapeake and Ohio, Reading. Delaware and Hudson, Lehigh Valley, Central c1 New Jersey, Norfolk and Western and Pittsburgh and West Virginia common and preferred Poor earnings state- nents for August also had an unfay- Drable effect on these issues. Baltimore and Ohio showing a decrease of nearly t3.000,OoO in net revenue lnder that of August of last year and Erie failing to meet It's fixed charges by nearly S2.0o0,- 900. Union Pacific. Atchlson, New ! fork Central and Southern Pacific a'so yielded more than a point each. despite the publication of figures showing further Increases in loadings of regular freight and coal loadings at q new high mark since the strike began.
 Rum@<a that the report of the fedora trade s-rumission would lead to niodi heation or the terms of the Republic Mldvale-Inland steel merger vera helt partly responsible for the weakness o steel shares Republic dropping two points and Mldvale nearly point while United States Steel fell below lol ant then rallied Is for a net loss of 3-4 CT the day. Steel production is reported tt be about 70 per cent. of capacity, bu some of the larger mills are rxperienclnl difficulty in getting cars to move theil shipmsnts.
 Standard oil Of ew Jersey crosse, 900 today to a new high for the year bu fell back to five points later for a ne less of 14 points. Standard of Cali fornia- also established a new peak pric at 121 1-2, but dropped back four point before the close Gulf States Steel which. with the Standard oil issues, ha been exhibiting marked strength through out the reaction. sold off 1-2 poiats to day. Three of the most prominent spec ulative favorites. Mexican Petroleum Baldwin and Stakeholder. all yielded tw points or more.
 Total gales were approximately $50, poo shares
 Bills against cotton shipments wer held largely responsible for inc furthe decline in sterling. demand bills yieldin nearly point to $40 s-is Continent ei rates yielded only moderately.
 Call money held steady at l-4 DC cent throughout the session, there baIn iittie demand for funds n a ractionsr market. A fair amount of business wa done in the time money market, over ths-yesr maturities commanding g. per cent