Norwich bulletin., 1922-11-15
FINANCIAL AND COMMERCE.!
RncrssIoN IN STOCKS.

r New York, Nov. l4.-Speculators for the decline forced recessions of one to hASPly i've points in a majority of the active issues in today's stock market, being aided by heavy liquidation on the part of discouraged holders of long stock SAd the clostng out of the accounts of a lAHDe brokerage house. whose failure was announced this afternoon.
 The average price of both rails and industrials in today's market was ap- proximately equal to the bottom of the June break, which marked the first se- rious :rruption to the bull movement which oegan In August, 1921. for the in- AnstrialS and a few weeks earlier for ehe rails. Slightly more than one-third q the maximum bull advance has been cancelled to date. & ...
 .' AS tn the case of yesterday, there was virtually nothing in the days news to account for the acute weakness of prices. 9hA election results, possibility of un- favorable tax legislation, the Turkish critiS, failure of the Berlin reparations conference, the weakness of foreign bonds and the calling of loans by some of the large banks all have had a cumulative eR0ee tn the development of bearish sen unantS. All recent efforts of bull oper- ftofS to. rally the list have been futile because of their inability to ge the small Investor back into. the market.
 ,ss o., S.. Steel. which established a new high for the year at III 1-2 about a ponth ago and came within point of that figure last week, dropped as low as lo5 2-3 today, later rallying to 103 3-8, CT I 1-2 points below last nights close. CTucfble continued to yield in refiec- ttp1 of speculative disappointment over Ghe annual report, which showed yield m reflection of speculative disappointment over the annual report, which showed a deficit of approximately $6,500, ,000, to- days net loss being 7-S points, Mid vale droppel nearly three points and ,Lackawanna yiel1ed 1-4, but the losses In Bethlehem B and Republic were held within fractional limits.
 g The sharp nine point break in North American, nearly all of which came in the first half hour. was construed as speculative disappointment over the form in which another distribution of treas ufy assets Is likely to be made to share holders. one report stating that another stock lSsue was in prospect. Consoli- dated Gas and Columbia Gas broke more enan four points each for the same req 6on.
 Low price rails were subjected to heavy selling pressure on the theory that their market condition had become appre.
 
 Erie issues were particularly hard hit the common getting Gown to 10 5-8 and closing at II, a net loss of l 1-4 points and the second preferred yielding l 5-S on the day. f.sWestern Maryland second preferred tel back nearly three points and losses ot one to more than two points were sus. tAined by Western Pacific, Rock IslanI St- Paul. common and preferred, Chica. so Great Northern preferred, and Mis- Houri Pachc common and preferred. Dv. idend paying rails offered better re, gistence in the early part of the ses, don, but later they reacted with tho rest, New York Central dropping two points, Reading l 5-S, Northern Pacific 3S5-S, Atlantic Coast Line 5, Lackawan na {, and Atchison 1 1-2.
 Mexican Petroleum, once the stormy pstrsi of the market, dropped eight point. on turnover of less than 1,700 shares Houston oil continued in free supply dropping nearly four points, while Stand ard Oil of New Jersey, California Petrol cum and the Pan-American issues were pR to points. General Asphalt climb : Some of the additional weak spots wer, American Express, American Car, Amer tean, Snuff, Calumet and Arizona, Jersey Central. Dupont, Kresge, Sears Roebucl and United Drug, the declines running from four to ten, points Fisher Bod! vas the outstanding strong spot, gaining seven! points
 }Totnl sales were 1,296,000 shares.
 { Call money opened and held at pe cent. throughout the cay. Time none, continued at per cent with renewals Comprising most of the business. LittI' new commercial paper is, coln4ng int the market, the bulk of prime namei Commanding 3-4 per; cent.
 t%Wi@e fluctuations marked the foreig7 tzchan.e market, early strength ben. tolloweG by, perioI of .asute: weakness pafttcupiGrli in continental rates. De paand sterling ruled Just un CT s4.47 while French frahcs. after touching 6.85 Grcpped back to 6,sS.: / :, E.