Norwich bulletin., 1922-11-18
FINANCIAL AND COMMERCE.!
STOCK PRICES HIGHER.

New York, Nov. 17.-Speculators for the decline resumed their operations ats the beginning of today's stock market . but were unable to make much headway except in & few Independent steel public utility rubber low priced rail and oil shares, fluctuations being, within much narrower limits. The general list showed better resistance to pressure and while trading was not very extensive closing prices were mainly higher.
 Two factors which have influenced re- cent selling were liquidation through brokerage houses desiring to make fla vorablc showing on the stock exchange questionnaire asking their position on the market and so-called taxation selling" which usually makes it's appearance at this time and continues to the end of the year. The manner in which Q number of stocks recovered indicated that the mar ket was oversold in spots.
 Possibility of adverse tax and railroad legislation by the next congress. which were used by bear interests to hammer down prices is not believed to have caused much selling by investment interests, but has had restraining effect on the buying operations of newcomers into the market. Dividend paying railCoad shares general ly showed fractional gains a few like Atlantic Coast Line, Canadian Pacific and Lehigh Valley moving up more than a point
 Agreement of house leaders to take up the ship subsidy bill next Thursday. with a final vote on Nov. 29, stimulated the buying of shipping shares, Marine pre- ferred gaining 1-2 points, American In- ternational corporation 1-2 and United ] Fruit 2. Declaration of the regular dividend by Pacific Oil. which was previously reported to be in danger. failed to bid up the stock traders apparently being. more in- terested in the accompanying nine months statement, which showed de- crease in surplus earnings of over $4,- i 900 900 from the same period of the year before. /
 Bear Interests launched drive against the stock in the early part of the session apparently on the belief that they could 1 touch off a large volume of stop-loss or ders. and it fell1t A 12. However, the ! volume of offerings brought out was dis appointing and the stock bounded back | to 46 for a loss of 3-S below last night: close.
 1 Changes in other oils were mixed Standard Oil of New Jersey sold off { point and fractional recessions were noted in California Petroleum, Houston Oil Mexican Seaboard common and preferred l Pierce Oil and Phillips Petroleum wtil General Asphalt, Associated Oil and Stan dard Oil of California were higher. U. S. Steel common moved up a poin to 104 3-8, but some of the independen steels were weak. Bethlehem "A" sol
 off nearly points on turnover of 30
 shares and the "B" declined 1-4. whil
 Lackawanna. Midvale and anadiur
 sold off small fractions to 1 t,oint. Gul
 States Steel moved up nearly points ] Weakness was noted in the iEeie issues
 Chicago and Alton preferred Chicago an
 Eastern Illinois, Katy" common and ore | ferred and Missouri Pacific common an preferred. A break of nearly points i
 Consolidated Gas had a depressing et
 feet on some of the otheC public utilit ! shares.
 Equipment. can and textile shares wer l strong, Baldwin moving up 3-s, Assc
 ciated Dry Goods 1 1-2. and America
 Can f-5-S.
 Total sales were 926,6 shares.
 Call money opened at 4 1-2 per cent
 dropped to before noon and then t
 3 S74, the lowest rate since Sept. 1;
 when it closed at 3 1-2 per cent. Tim
 money continued on a per cent basi
 and commercial paper at 4 3-4
 Sharp -recoveries took place in .foreig
 exchange. demand sterling getting jus
 below $4.4S, and francs crossing 10 cents for the first time in two weeks.