Norwich bulletin., 1922-10-24
erocx MARKEr VAS ACTIVE.

New York, Oct. 2s-Material reces- sions in quoted values took place in to- days active stock market, which was featured by a heavy speculative sell ing movement founded on the belief that the recent upward swing had been over done. The market offered little resist ance to selling pressure until prices had fallen to points below Saturdays clos ing figures.
 Proft-taking and the touching of of "stop-loss' orders accelerated the de- cline. which extended over most of the list but was particularly acute among nigh priced industrial shares, which prof. tcd extensively by stock dividends and rumors of the same. Speculative sell ed on the rumors of the same. Specu- lative selling for the decline obviously was based on the theory that number of industrial stocks already had dis counted all the reasonable business ex- panslon that could be expected for some tiuie to come and that a number of these were out of line with the rest of the list.
 While there were no outside news dsI velopments likely to materially change the business outlook. the first selling pressure today was directed against the shipping shares on announcement of the local federal district courts decision upholding the United States treasury s ruling on liquor transportation. Motor shares wero next subjected to attack, ap- parently without special reason. While the industry has run Into period of reasonable dullness, production is still well above last year and reports of sales encouraging. The success of these at ,aclIs. however, encouraged the bears and they extended their activities to oth- CT groups. being aided by considerable profit taking recommended by some of thc larger commission houses.
 Tho most violent fluctuations took place in Che high priced oil shares. Mex icun Petroleum gave another sensational performance. establishing a new high al s2t i-e soon after the opening, dropping Go eeG, climbing to 93i and the see-saw- ing back and forth until it closed al 22g S-i for a net loss ot points on the day. Standard oil of New Jersey nov cd within 6 point radius and closed l-2 lower, and losses of to IA points also took place in pan-American A ant E. Producers and Refiners, Standard on Of California. and Houston.
 Equipment stocks were hard hit de spite the fact that the large orders nr, s,ll coming Into the big companies anC that number of repail jobs have beer refused. Baldwin suffered a net los Of { points while American Locomotive Pullman and American Car were off to 9 points.
 Indications that the September earn iuEs ot railroads due this week will shov material improvement over those o iasJ month failed to halt the reaction il dividend paying railroads although the. offered more stubborn resistance thai most any other group of standar' shares. Central ot New Jersey regis tered a net gain of 1z ponts but tn other shares were unable to hold tn gains made in brier Hurry of buying Reading dropping back ] 5-S point below Saturdays close. Norfolk an western was strong.
 v. s. Steel common sold off g. points, Cruci,le 3-4 and Republic 1-4. Other weak spots were Studebak CT, Corn Products. American Can. Con solidatad Gas, international Harvester National Lead, Postum Cereal, Unite States Alcohol, Remington Typewriter and t-'s Elcva-Ur, the losses rangin from l-2 to 5 points.
 Call soncy held steady at 1-2 pc cent. There was plenty of demand fc time money at 4 3-4 for the longer ma turf les but bankers were demanding per cent. Commercial paper showed somewhat irner tone.
 Heavy selling of the currencies continental allies in the London and lt cal markets was the feature of the fo cigu exchange market. French franc established a low record for the year 7.l0 cents 8 decline of 9 points belo Saturdays price. Sterling was stror abroad but dropped nere to s4.44 l. on heavy offering Of cotton and gra bills.