Norwich bulletin., 1922-12-21
lEARxRr WAS UNSETTLED.

Nov York, Dec. 2O.-The confusing HsOvement of prices in today's stock market reflected the speculative uncer- taanty ever the ultimate trend, trading 4g1fn being largely a professional af- air. Spsculahors for the advance took che railroad shares in hand shortly af- ter Ehe opening and appeared to be making good progress when short pres gure was directed against some of the Etests equipments and other specuA- tfVe fEvorites, the market thereafter exhibiting marked irregularity.
 -Ccneplcuous strength was shown dur tng the session by California Petroleum. which made an extreme gain of more SlAn 8 points. on publication of Nov ssTaber production figures showing that California weifs turned out a record ontput of 14,o35, ,537 barrels. Pan-Amer- lean A and B showed net advances of l 7-9. and 7-s, respectively, and Stand ard oil of California gained 2 points. Mexican Petroleum climbed points to 3S8. another new high record.
 Steel shares failed to respond to the oDtimistic tone of the weekly trade re- views, which indicated unusual year end activity with prospects for a con- dnuance of a high production rate in- to the early months of next year. Unit ed States Steel got down below 1oS for G''net loss of 5-8, Mtdvale dropped 7-S and Republic 1. Bethlehem B yielded points and came within points of he years low, selling Of this issue being Influenced by the publication of unoffi- Bisi reports showing that the earnings Ehia year will not cover any part of the EnuRnOn dividends. Crdcible dropped 2 1-S.
 Baldwin, which led the advance yes tsraay with a net gain of more than 4 points, forfeited 2 1-4 , points today. OtheP equipments also were under pres sure, losses of to points being re- corded Hy Pullman. American Locomo- tive and General Electric
 , Railroad stocks generally failed iu hold their early gains although Lehigh VGlIey, Canadian Pacific, Illinois Gen. tRal and Delaware and Hudson closed 1 Ao points higher. Ten shares of Mi ehigAn Csntral changed hands at 310 up 40 from the previous sale. Reading vas up ever a point at one time, but closed at a slight fractional loss
 Copper shares made no response to smother increase in the price of tho rcO net1l. bringing it to 14 3-4 cents a pound, the recent strength of these is- HReS apparently having discounted this ectfon. Anaconda, Kennecott, Inspira. ton, .Cerro De PaSco and Chile all Rhowed small fractional losses, directors 1t.. the last named meeting today but taking no divideDd action.
 Speculative belief that the directors k the International Mercantile Marine engnpGny will either omit or delay ac N0n on the preferred dividend at to. NSOITows meeting was reflected in {: Ia point drop in that stool Some ot the, other noticeable weak spots were AIlied Chemical. Brooklyn Edison, Ma denal Lead, United Fruit and Standard oN of New Jersey, Old Stock, off to S-k points, and Porto Rican Tobaccc BH7.
 r,cSdI money at 4 S-4. eased off to I-z and thence to 4. where it closed TRne money continued to be quoted a .s-4 old and per cent offered, som, so and 90 day loans being made at f-s per cent Commercial paper trad ing continued quiet with little new pa pr coming into the market.
 Foreign exchanges were weak at ya upeping of business but recovered some what fater. Demand sterling was quote Rrpdnd $4.e2 5-S and French francs a 7.I2S Holland and Denmark remit ts1ces dropped about 32 points each Silver exchanges showed a. fir1ner tons The Canadian dollar was at discoun Of 7-S of per cent