Norwich bulletin., 1922-10-26
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New York. Oct 26.-Professional Gnors interests launched another sue eesssul attack against industrial stocks in today's market. causing losses of to { points among a number of active issues Railroad shares offered more stubborn resistance, a number of east ern carriers mounting 10 higher ground under tho influence of a brisk demand for Reading and Pennsylvania, each at aew top prices for the year, eM Weakness of foreign exchange, tem- porary abandonment of pool operations. exhaustion of recent buying power as- traetcd Into the market by declaration of stock dividends and ruuiors of the Uame and the touehins-on of stop-loss orders all contributed to tho beariSh sentiment Fears that the extent of ,he roeent decline might develop an ovr-sold condition apparently prompt cd some short covering Just before the close.
 The most constructive market fae- tor Of tho day was tho resumption Of ,he six DOT cont dividend on tho com mon stock of the Pennsylvania railroad, recognized as haromotrie Of railroad and trade conditions. In response Q thls action. Pennsylvania touched 49 i-s, the highest priee in four years, Further accumulation Of Readlng based
 
 'ribution from Central Railroad of New Jersey sent that stock up Co S7 Is, a now top, but it dropped later Co so S~S( ln l 7.S above yesterdays close, Buy Ing of New York Central, which cross" sd par. accompanied rumorS of an in- creased dividend and tho purchase ey ihat road of Western Maryland, tho common and preferred of which moved lp and g 5-S points, respectively, Mix- ed changes prevailed among the other ral shares, Atlantic Coast Line drop- plng 1 S-i points,
 Roports that tho American Loeomo- 1.-Two company was planning partial distribution ot its surplus Of more than g25oo0.ooo were held rartly respons,' ole for tho rapid rise of that stock in the final hour, tho closing price, 1S0 being 1 b-S points above yesterdays close and { 5-S above the low of tho day. Baldwin, however was heavy ,losng at net loss of l-i points
 Tho sharp break in Dawson Chemical which touched 70 1-9. new low for 'Ne year. and closed at 32, down four ,olnts. was attributed to the disruption # pool organized to exploit the spec. ilativo possibilities of the silica % 'rooess o. that company. professlona pressure against the motor shares wa concentrated on Studehaker, which solt oh 2 3-t points CT unconfirmed ru' 1ors that no extra dividend was likely it tho next meeting.
 Strength of Consolidated Cas- whic( touched IA and closed at 143 5-s, ul 3-s, revived reports that the company was contemplating a splitting up of u shares Co be followed by an increase il dividend. Krosge, which slumped tiv points yesterday closSl six higher to lay and Manhattan Shirt broke througl 10 another high in reflection of hlghe earnings Houston on was pushed u; uore than points.
 Steel shares continued their down. yard course despite tho optimistic ton v the weekly trade reviews, Unite, states Steel common dropping a poin ,o 106 i-2; Republic yielding l 3-4 Ganadium. l 1-2 and Cruclble, 1. Mex an Petroleum reoeded 1 point on com 7sratively light dealings.
 Total sales were 9S6,000 shares
 Call money opened at { 1-4 per cen Gnd held at that figure until just be lore the close when 1t advanced tb l-2. here was an increase in the dc nand for time money for and months at 4 3-4 per cent but banker were still demanding 5. a moderat amount of business being placed a that figure. Commercial Paper rate aeld firm
 The feature of the foreign exchang market was the further depreciation ( French francs to TOE cents each a1 other new low record for the yea Selling of francs was predlcated on huge government deficit and the DO. ability of a default in reparations pay Uents because Of the serious Germa Acononic crisis. Gable advices reporte British buying of dollars with Fren2 money A heavy offering of cotton an grain bills kept the rate for deman sterling around $4.44 in this marke German marks sold around 1.4 cent . hundred