Norwich bulletin., 1922-11-24
NTARKEr WAS BEARIsH.

D 10 ! New York, Nov. 2S.-Further liqui- &aAicn of stocks took place in today htnck market, short selling, especially in ehe railroad shares, accelerating the downward movement. Declines in ac- tive issues ranged from to points. < y Public buying support was again lacking, bears pressing their advantage and= being aided by increased margin calls and some further calling of loans, the value of the collateral for which had been substantially impaired by the t-ecent action. A few half-hearted at tsnpts were made to rally the list but they were given up when the outside public refused to come in. Short GOV ,eril1x, influenced by theN lower call money rate, largely accounted for the moderate rebound in the final dealings. ,i Speculative disappointment over the relatively poor October earnings state haents and a decrease in car loadings indicating that the peak of traffic had been. passed for the year resulted in the throwing over of large volume of rail rad shares, which also was reported to have been influenced by fear that the transportation act would be amended by congress.
 Louisville and Nashville slumped to ia4- and then rallied to 125 1-s for a net ldsB of nearly four points, Rock Island fsper cent preferred, broke more than three points and losses of 1 to 1 1-2 took place in Atlantic Coast Line Chl- eaEo and Northwestern, Lackawanna, Illinois Central common and preferred, New York Central, Northern Pacific and Union Pacific. Atchison got below 100 but rallied to par at the close.
 @. Strength of American Sugar, which rose 1-2 points, was one of the bright Spots in the industrial list, buying be- ing favorably influenced by another in- iorezse 1 nthe price of the refined pro- duet, bringing it to the high level of the year.
 ' Other sugars responded only feebiy. ,Btudebaker, which got down below 122, led the afternoon recovery, closing at Ia net gain of 3-4 of a point. Baldwin, Nhich had sunk to 120 1-2, rallied 1 5-S to It's close of last night, while Ameri- can, Locomotive, closed at a slight fractional gain. Burns Brothers A, Corn Products and Beechnut Packing were strong during most of the session closing at substantial gains.
 oil shares were in rather free supply dnring the height of the reaction, but net losses generally were not very large Producers and Refiners and Standard oSl of California, each yielded more d, he-. oil, Standard of New Jersey, Mar land and Pierce ewere held to fractions Vhile General Asphalt and Houston were slightly better.
 Steels offered little better resistance but final prices were mixed, United States Steel common, Bethlehem B, Re. public, Replogle, Vanadium and Midvalt dropping to lower ground while Lacka. wanna, Crucible and Gulf States eith CT advanced slightly or were unchanged National. |. Lead failed to respond tt the announcement of a higher dividend lbreAkfng three points, probably ir Bteculakive disappointment over the di reSters' failure to declare an extra divi dend in addition to increasing the reg ufzr rate. Other conspicuous veal spots were American Smelling, Ameri can Tobacco, Continental Can, Genera Electric, Pressed Steel Car and Wool worth, the losses ranging from 2 to points.
 l&Call money opened at per cent. eaised of to f l-2 during the noon houl and thence to four, where it closed. Tn time money business continued to b. done on a 5 per cent basis for all ma turtles and commercial paper rate, wa unchanged at S-4 per cent for tn, best names.
 tFofeign exchange business was quiet CT, fearly strength being followed by beHiod of weakness. Demand sterlin again touched $4.50 but later reacted t
 $4.ae .3-S while francs got, down to 714 Canadian exchange continued at sligh discount.