Norwich bulletin., 1922-10-17
FINANCIAL AND COMMERClA!
nrARKrr VAS ACTIVE.


 ,rew Yo~k. oct ie-Active bidding up rf,l1dustrial sharee including U. s. Steel .s,tinAon which was carried to new nign at Ill i-2, at the opening of today's stock v,,nrSx.t induced recent buyers to take .r1dkh. with the result that marked IT, reenlarfty took place in later trading. Tisii ahares. which did not participate ex- tsnsayely in the rather sharp advance last wesk came to hfe today, and some ma tefiAi gains were registered.
 Tfaders who have been bidding up stocks In expectation of stock dividenas tbesiS6d a setback today when Ebert H. Esirv. chairman of the U. s. Steel cor vdtstion. and E. J. Cornish. president of she National Lead company both denied that any distribution was contemplated yystheir concerns, which have been among iiose prominently mentioned in current un1orgL
 Much of the selling in today's market sSss predicated on the belief that last yeelrs advance had been too rapid. When he market opened today the spread between industrial and railroad share averages was about as large as at any sn6e this year. and professional interests were of the opinion that readjustment WAS necessary There was some differ- >nce of opinion, however. as to whether The advance in rails was in reflection of better business conditions or mecely a naneuver to cover the profit-taking in hdustriai shares.
 New York Central crossed par again to- day. but later fell back to 9s 5-S as com pared with ss at Saturdays close The advance of nearly two points in. Lehigh valley was accompanied by rumors of ar inxease in the dividend rate. Other strong spots in the rail group were At lantic Coast Line, Reading, New Haven New York, Ontario and Western, Nicke Plate second preferred and Delaware ant Hudson, the gains ranging from o-4 to points.
 Mofe than 100 900 shares of United States Steel common changed hands dur Ing the day, the closing price. howeveC representing a net gain of only 1-4 of 1 point Some of the buying undoubtedl. was based on the theory that the repor If the corporation's business for the thirt qu1rtar will be more favorable than gen erally expected Other steels were icreg rlar Republic dropping l 1-2 points an Bethlehem B I-2. while CrucibIe improve slightly.
 Equipments were hard hit by today selling Baldwin dropped 2 1-4, Ameri can Locomotive 7-s and General Elec tric { 1-4 The net gain in these stock last week ranged from to point. Stakeholder also yielded to pressure, fall ing ls=es points.
 violent fluctuations took place in tn high priced oil shares. Mexican Petrc leupn moved within a radius of nearly points. closing at net gain of 1 T. while Standard oil of New Jersey, whic had touched 21s 1-2, fell back to 213 |. or 2 1-4 points below Saturdays fns rate
 National Biscuit again stood out in tn Epecialty list with a gain of point other strong spots were Manhattan Shii sptti I-4. Reynolds Tobacco up 2 1-l National Enameling up 5-s, Continentf Can up 2 1-2 and Brooklyn Rapid Trans up 2t1-s.
 Total sales were 1.1s1oeo shares.
 Call money opened at 1 1-2 per cent but advanced to s before the close as reSlnlt of heavy withdrawals in connectio with mid-month payments. Bankers ar holding out for per cent for the longe maturfties for time money. with g. uRered by borrowers. Commercial pape Is quiet and fairly firm.
 Foreign exchanges were weak, partict larlyT the French and Italian rate Abandonment of the consortium foun repression in the sharp drop in Greek e, .hanEe. Canadian dollars were still at prenium in this market