Norwich bulletin., 1922-10-20
FINANCIAL AND COMMERCIAL
sTock MARKET WAS CONFUSED

STOCK MARKET WAS CONFUSED
 New York, Oct. 1s-Strength of Lib erty bonds, decline of German marks to 8 cents hundred, new low record, and highly confused movement of stock prices. the main trend of which was downward, were the outstanding de- velopments in today's financial markets.
 In the stock market there~was con- tinuation of the recent conflicting cur rents. A number of stocks. such as corn products. American Can. Manhattan Shirt and Burns Brothers B, were pushed up for sizable gains. while oth- srs, like Pacific Oil. Republic Steel, Dawson Chemical, and Studebaker were Hnder heavy pressure.
 Rail shares offered more stubborn re- distance to selling pressure than any sther standard group, but even in those Issues the final prices generally showed fractional recessions from yesterdays closing quotations. The third quarter deficit of nearly $140,O0o reported by the Republic Iron and Steel company con- tinued to have a depressing effect on steel shares, Republic dropping Is 1; Bethlehem IS; Crucible 1 S4; Van adium l 1-2; Replogle and Lackawanna 1 each, and United States Steel 5-s. Equipments also were hard hit, losses of 1 to If points taking place in Amer lean and Baldwin Locomotives, Amer ic2n Car, Pullman and Railway Steel Spring.
 oil shares again furnished the pyro- technics of the session. Mexican Petro- leum fiuctuated within a radius of 10 points an dclosed at a slight fractional loss, while Standard Oil of New Jersey dropped 1-2 points below last nights close. Weakness in Pacific Oil was ac- of q possible cut in or omission of the divi- dend which was expected to precede the announcement of new financial to pro- vide funds to carry out an extensive drilling programme. Standard oil oi California, which is supposed to be in terested in Pacific Oil, sold off nearly points. Other oils, with the exception of Royal Dutch which improved 1-S points, showed losses ranging from smal fractions to nearly 2 1-2 points.
 Corn Products. which has been men toned in connection with reports of pos sible stock dividend distribution, was ont of the most active of the specialties making a net gain of 5-S points. Th' announcement of the president of thu company that a stock dividend haC never been discussed and would not b. considered at the December meeting O the board caused a temporary break, bu did not bring much stock into the mar ket. Manhattan Shirt was whirled ul nearly points. American Can i'm proved in expectation of a resumption of dividends, and the strength in Burn Brothers B was predicted on report of increased business and a renewal O reports concerning merger negotiation with the Consumers Coal Company o Chicago. Recent weakness of Davisol Chemical was attributed to speculativ disappointment concerning the practice results of the Silica Gel Process
 Total sales were l.196.0o0 shares.
 Call money opened at per cent an, eased off to 1 1-2 in the second hour holding at that figure until the close There was less activity in time none but plenty of funds were available at per cent. for to 6 months maturities The commercial paper market wa slightly firmer
 Demand sterling dropped abruptly O announcement of the resignation c Lloyd George. but it's net loss on tn day was only about 1 1-2 cents. Frenc cheeks and the other allied remittance were higher. despite the further brea n marks to cents a hundred.