Norwich bulletin., 1922-12-30
FINANCIAL AND COMMERCE.!
MARKET WAS STRONG.


 New York, Dec 29.-The marked strength Of today's market as general ly construed as an indication of the fin- ancial communitX's optimism concerning the industrial and business outlook for the next year. The bidding up of stocks was accomplished in the face of heavy volume of cash sales resorted to in or der to establish tax losses, higher call money rates and the restriction of out of-town business by the crippled wire service resulting from the storm.
 Spectators for the advance paid lit- tie attention to outside news develop ments although buying of railroad shares undoubtedly was influenced in part, by the better November earnings statements and the record-breaking car loadings for this season of the year. The apparent hitch in the Lausanne peace negotiations because of the inability of the Turks and British to agree on the disposition of the Mosul oil fields failed to materially af- feet either the foreign exchanges, which fiuctuated irregularly within narrow lim- its, or the wheat market, which was in- elined to ease. -T.
 l A brisk rise in the steel shares in i the final dealings was due to a run-in of the short interest, particularly in the i independent issues, and fresh buying bas- ed on the steadily improved conditions in the industry. Crucible, Bethlehem B, Replogle, Midvale, Republic common and preferred, Gulf States and U. S. Steel common all closed S-S to points high CT. Equipments were less active and moved within a narrower range than yesterday, Baldwin, American Locomo- 1 tive and American Car improving frac- tionally and General Electric closing l Is higher.
 | Oil shares were in good demand. Ac- tivity and strength of California Petrol cum, which scored a net gain of points, accompanied unconfrmed reports of it's I possible absorption by Pan-American or Standard Oil of California. General Asphalt gained 3-8; Producers and Re- liners, 7-S; Pacific Oil, 1 1-2 and Standard Oil of California, 1 S-S. Sim clair moved up more than a point on ru- mors of higher dividends.
 Lehigh Valley and Norfolk and West ern, each up two points, led the ad- lvance in railroad shares, other strong lspots in,<which were Atlantic Coast Line, Atchison preferred, Erie first preferred St. Paul common and preferred and Chi lcago and Northwestern, all up a point or more. Considerable interest was aroused in railroad circles by the pub
 lication of statistics showing that the average monthly traffic on the Panama Canal. increased from S2S.S7S tons in
 1921 to 1,27s,006 in 1922. The principal railroad systems affected by this water
 competition are the Canadian Pacific
 Great Northern, Southern Pacific, Union Ii Pacific and Northern Pacific. There were number of strong spe-
 cialties. " oolworth jumped 4 points 1T i response to reports of record=breakine T Christmas sales. North American ad,
 vanced 4 1-4 points in speculative ex- <t <tpectation of an early increase in divi- Idends. Consolidated Gas stock benefited by the expiration tomprrow of rights tC the new stock, many speculative holder, of the old stock selling the same anG buying the rights because the lattel could be carried without interest, Endi
 colt Johnson established peak price or
 reports of stock dividend early, mex lyear. Studebaker, selling ex-divident
 25 per cent. in stock, sold between III ]1-2 and 114 7-s, closing at the top fig ure for a net gain of more than thret ipoints.
 . Demand sterling got down below ' $4.664 for a slight fractional loss, bu French, Italian, Belgian and Germal rates showed slight improvement. Hol 2 land and Norway remittances dropped | points each.
 Cali money opened at per cent; ad . vanced to 5 1-2 and thence to six wher it closed, heavy withdrawals by the, gov ernment and private institutions causini : the frmer tone. Time money and com , mercial paper rateScwere unchanged wit ' business quiet.