Norwich bulletin., 1922-12-06
FINANCIAL AND COMMERCE.!
AGARKET WAS DULL.

Kew York. Dec. 5.-Trading In today's relatively dull stock market was largely Q professional affair. closing quotations showing irregular changes with the loss eS out-numbering the gains.
 Professional sentiment was inclined to be bearish at the start although there was good buying of Studebaksr in expec- Lation of the 25 per cent. stock dividend anc maintenance of the regular S10 rate, which was announced later in the day. Studebakc- 6uctuated within q range of nearly points. closing at 125 S-s, up l s.S,.
 Heavy selling of Great Northern pre- ferred on Ueconfrlned ruTnors of 6 cut h the dividend rate spread weakness oYer the entire rail list. Great North ern preferred dropped from S2 at the opening to 7S, 1-4 points below last nights close. Losses of to l-2 points also took place in New York Central, Canadian Pacific, St. Paul preferred, Chicago ard Northwestern, Delaware and Hudson, Illinois Central. Union Pa cihc, Reading and Louisville and Nash vllle.
 Industrials also were inclined to ease off, but they stiffened considerably on announcement of the Stakeholder d!vt- dcnds and the resumption of payments by the Kennecott Copper company, WHICH OeCIAISu G QILL -e4IS uAN4NS1-O CL 75 cents a share. Kennecott closed at s4 7-S up l l-4.
 Steels were sluggish. U. b. Steel com mon closed fractionally higher, as d!d Republic and ReploGle, but Bethlehem E dropped 1 1..1-+; Lackawanna and Van- adium I-2. and GIi6vale and CruciLle S4s. Except for gain of 1 l-2 ia American Locomotive, equipments show ed little chance, Baldwin crossing 1l7 for B slight fractional gain.
 The sharp break of nearly 5 points !n Peoples Gas was attributed to the touching off of . large volume of stop l6ssi orders around 90, the stock dip nInS to S6 2-4s and then rallying to S9 l-2. where It represented a net loss of two joints. Other conspicuous weak spots were American Hide and Leather. Brown Shoe, Lorillard Tobacco. Stand ard Milling and Woolworth. all of to points.. Some of the strong spots were tluett Peabody. Kelsey Wheel, Pitts oureh Coal and Remington Typewriter irst and second preferred. all up to 1-3 points
 ol shnres had spells of strength and weakness. closing prices generally show hg net losses. California Petroleum, Standard On of California and Houston sold of l l-2 to 2. 1-2 points but Stand ard oil of New Jersey, Royal Dutch and Pan-Anerican issues improved frac- tionally. Large stock dividends were announced after the close of the mar ket by Vacuum Oil and Standard Oil of Kansas, both listed on the curb.
 Strength of sterling which climbed tc S4.55, another new top, continued to be the feature of the foreign exchange mar ket. The impetus for the advance was given by large buying orders placed here the higher rate being interpreted abroad as partly due to our dissatisfac. tion over the domestic outlook. Other European rates were irregular, French Belgium and Swiss quotations falling to 10 points. Duhch guilders and Swed. ish kronor got into new high ground al SS.7s and 2s.01 cents, respectively.
 Call money opened at per cent, ana again advanced to 5 1-2 before the close Time money and commercial paper rates were unchanged with business quiet.