Norwich bulletin., 1922-12-02
FINANCIAL AND COMMERCIAs
MARKET WAS STRONG

New York, Dec. 1.-The brisk rise in prices in today's stock market provided further confirmation of the belief that the recent reaction had been overdone, 2s had the rally which preceded it. Bear operators made a few attempts to un- cover weak spots, concentrating on tho oil shares and few of the leaders bu; the stronge resistance shown by these stocks induced them to relax their selling pressure and extend their covering opera tions.
 While some new buying power was in evidence during the day the buying eefinerally was of cautious and orderly character. Gains in standard shares ranged from large fractions to slightly more than two points while some of the high prices specialties advanced 8 to g points.
 Copper, rail, and rubber stocks were the most prominent. Revival of reports that negotiations were nearly completed for the absorption of the Chile company by Anaconda resulted in q heavy buying of copper shares, the speculative com nunity being of the opinion that the sharp competition now afforded by South American companies because of their low production costs would be lessened by Aanaconda's control of Chile, the largest South American property. Cerro de Paso benefited most by the rally, gaining 9 Is points, Anaconda improved 2 points and Chile. fractionally, while gains of 1 to nearly l-2 points. Anaconda improved points and Chile, fractionally, while gains of l to nearly ? 12 points were scored by Kennecott, Inspiration, Butte and Superior, American Smeitting and Utah.
 Announcement of a 10 per cent. in crease in tire prices hy the Kelly-Spring- field company also was interpreted as a bull card but was not unexpected in view of the recent advances in cotton and crude rubber prices. Kelly-Spring- Held moved m l 5-S U g. Rubber, 1 7-S Goodrich, l 3-4 and Fisk 3-4.
 Publication of more favorable October earnings statements combined with re- ports of increased dividends on some shares was held responsible for the bet ter prices of rail Union Pacific made ur all but fifty cents of the $2.50 dividend which came off the stock today and New York Central was pushed up to 97 3-4, 8 het gain of 2-4. Other strong spots in this group were Canadian Pacific Chica- go and Eastern Illinois. St. Paul, Rock Island preferred, Delaware and Hud- son, Lenigh Valley, Soo' and Western Pacific preferred. the gains ranging from l 1-2 to points.
 Among the. more active shares, Bald win, American Can, Bethlehem Steel E Brooklyn Rapid Transit, Crucible, Elec tric Storage Battery, Pan-American B and Piggly Wiggly advanced to points and Studebaker and |. s. Stee common large fractions. Fisher Body Burns Brothers A and Continental Car all established new peak prices, the ad vances running from ? to 8 points. Mex lean Petroleum, LoriIlard Tobacco an( Kresge also were conspcuously strong.
 International Harvester atfer an earl! gain of 2 IA points, dropped back fo q net loss of points on announcement that for the time being no furthe stock dividends of two per cent. would b paid.
 Call money opened at five per cent and then advanced to , 1-2, where i closed The time money market wa quiet, 30 day loans being arranged a S-4 per cent. and the longer maturitie It per cent. The commercial pape rate continued at 3-4 per cent. for tn prime names.
 Foreign exchanges were stronger, de mand sterling getting up to s452 IA an French francs to 703. Most of the oth CT European rates also showed substan tial improvement. South American eE changes were easier.