Norwich bulletin., 1922-11-03
eA1Ns IN pn1oEs or srooKs.

GAINS IN PRICES OF STOCKS.
 New York, Now 2.-Substantial re- covery from the recent reaction extend- ing over a period of nearly three weeks took place in today's stock market, prices throughout the list being bid up In spirited fashion with the active is. sues showing gains of l to points.
 The downward course of prices had been in the nature of correction of an Over-bought condition resulting from speculative excesses incidental to the declaration of stock dividends and ru- morS of the same. Indications that the reaction had been overdone, just as the previous advance had been, were sean in the manner in which stocks rebound cd today, buying embracing a broad list and being particularly active in in- dustrial shares which. had borne the brunt of the short selling.
 Short covering furnished the impetus for the early advance but as the main body of stocks swung upward there were indications of new buying by h. vestment interests, founded on the con- stantly Improving busiess situation. This was reflected Tn record car load ings, increased automobile production in October over the previous month, bet ter retail business as mirrored in the earnings statements of chain stores and further talk of extra dividend disburse- ments. Good absorption took place throughout the list despite a rath,if heavy volume of realizing sales and ex- tensiYe liquidation on behalf of bank rupt brokerage house.
 It is difficult to pick out any one group as being the most buoyant, but some of the largest gains were record- cd in the oil. equipment, public utility and rail shares.
 Buying in the equipment group was stimulated by announcement of addi- tional new and heavy orders for rails. care and locomotives, Baldwin and American Locomotives, American Car. Pullman, General Electric and Railway Steel Spring being pushed up 8 to near ly six points Declaration of an IS per cent stock dividend hy American St eel Foundries found reflection in a point net gain in. that stock.
 Public Service of New Jersey led the advance in public utilities, gaining .1-4 points buying of this stock accompany ing reports of an increase from SG to SS In the dividend rate. Other strong spots in this group were Consolidated Gas, Brooklyn Edison, Pacific Gas, Co lumbia Gas, Western Union and Adams and AMreican Express, all up to 25 points.
 Mexican Petroleum was the outstand- Ing issue in the oil division, gaining nearly points. Other advances in this group included: Standard Oil of New Jersey, 3-4 General Asphalt, ? Is ths preferred, 4 1-4; Pacific, Is aud Standard oil of California, 3-4.
 Belief that the October earnings statements will make a much better showing than those for September in- huenced the buying of railroad shares the rally in which was led by Reading which registered ? point gain. Other shares which recorded advances Of l-2 points or more included Union Paci. dc, New York Central, Lackawanua Louisville, and Nashville, Rock Island and Chicago and Northwestern.
 Steel shares were not as buoyant as some of the other standard groups but both United States Steel common anG Bethlehem B improved l 1-2 points while Republic, Vanadium and CrucihIj lid slightly better. Reports of an in creased domestic demand for coppel swere responsible, in part, for gains 0 . point or more in American Emelting Utah and Chile. National Lead jumpe! . 3 1-2 points on announcement of an i1 crease in the price of that product.