Norwich bulletin., 1922-10-19
FINANCIAL AND COMMERCE.!
MARKET WAS PROFESSIONAL.

New York, Oct. 1S.-Proft taking. combined with short selling based on the theory that the market had been over4bought as a result of recent heavy speculation in high priced shares, caused an almost general recession of prices in today's stock market, the de- clines in active issues ranging from l to 2 points.
 Trading was largely In the hands of professionals, who seemed to favor the high priced inG1strials in which there has been little. public buying Mexican Petroleum continued to be a speculative I favorite, moving within radius of If points and closing at a net loss of 2. Standard Oil of New Jersey. however. was strong, opening slightly higher and | extending it's gain to 8 3-S points. Ma tional Biscuit, which touched 8 new ,, high at 245 1-2 in the first hour, drop | ped later to 234 and then closed atN237 i 1-4 at which it registered a net gain of | g If points on the day.
 Steels were among the heaviest of the standard shares, despite the prediction of, weekly trade reviews that the pres i ent production figure of approximately 1 70 per cent was likely to be continued 1 for the rest of the year. The sharp ? 1-S point drop in Republic was in fiuencd by the publication of the report I for the quarter ending September 3s, which showed a deficit of $13S,s76, af- i ter taxes and charges. as compared with a profit of $S6,3S2 in the ,preced- ing quarter. The rail and coal strikes undoubtedly are responsible. for, this un- favorable showing. United States Stee common closed at 108 1-4 of 1-2 and Crueible was off 1 1-4.
 Rails again Jagged behind the rest oi fba liSt hrrf hs-ief rally took rlace ir Northern Pacific, which touched S9 or runors of a return of the old dividend rate of per cent, later slipping back to 87 3-4, up 3-4 on the day. Frac. tional recessions were the rule among other standard railroad shares.
 Equipment also yielded in the genera reaction, Baldwin falling back to IA after having established new high fol
 the year at 142 34. American Locomo
 tive sold off 1 3-4 and American Cal
 1. All the motors were weak, Stude
 baker selling off 1 1-2 points. Davfsoi Chemical was one of the most conspic
 uous weak spots in the speciality list
 dropping 4 points.
 There we're a few outstanding excep
 tions to the downward trend. Rubbe , stocks improved fraotionally on an nouncement of higher prices for tn
 crude product. Fisher Body was push ed up more than points ana COT
 Products closed nearly 1 1-2 higher Traders looking for new stocks il
 which distribution of surpluses are like
 ly bought rather freely of tobaccoc
 American Tobacco A and B stocks nov ing up and 1 1-4 points, respectivel. while Liggett and Myers closed Is l.
 points higher. Total sales were 1.2ss,oo0 shares.
 Call money held firm at five per cen throughout the session. Most of tn
 business in the time money market wa at the longer maturities. bankers de
 manding five per cent and brokers bid ! ding 3-4
 eavy buying of sterling in London apparently for French account. sen
 demand bills up to s4.47 1-4 in this mar ket, the highest in several weeks, bu
 the rate fell back somewhat in late
 trading. French checks were heavy a
 were most of the other continents
 rates. Brazilian and Greek exchang
 were noticeably weak. Canadian ex
 change was firm at 5-16 premium.