Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-04-01
iTOCk MARKET BUSINESS
IARGE| Y PROFFSS|ONA|
;llrcwd Observers, Notice Actions
OF Trndcrs in Their Short
r. Selling.
'TCDEBAIiER G o Il s HIGH
shares Jump From .f3 TO Above 40.
Leads Automobile Substituted
States Steel Corporation Divi-
dcnds on Common Stock Increase.
'TuDEBAKER G o l. s HIGl

ny Il. l.. Bnrnmm.
NEW YORK. March 3l.--Shrcwd
i,ock market observers calculated
hat 30 per cent OF tnday's business
vas purely professional and made up
argcly OF short selling by large
eaders. including. Livermore. Cruci-
dc, Mexican Petroleum. Baldwin Read
ng, Northern Pacific. Studebakrr at
rncteh attention OF tn. short sellers.
y very Interesting situation exists
Vas the leader of the automobile
mares, which were the leaders OF the
'emerai list In the rise that BEGAN
hnSe MAS from around i3 TO 30. BE-
icyinG that The advance in this stock
"a gone entirely too far. profession
u traders began To sell it short; They
h' uo!hS IL now.
selling Into Hax.
i.ut a. seems that they are selling
MO bag. Here il the story WheI.
y. 9. Durant lost out in General Mo-
org last December. as suon as he had
chance TO gc, his breath and take
tock he found that he was better
~ Ihtn he had n. first believed.
men when he learned that after ali.
ie was not dead one" he formed
ne new Duran Company. expecting
2 max. cheap car along the lines
~ Inc Ford, only better. Learning
Dnrnhts plans and not wanting
ny more competition Of the kind Du'
ant could put up-tcvery automobile
nan admits Durant IL ground
81
lhc)-A. X. Erskine. chairman OF the
Sccutivc committee, OF the Studc-
lakcr board Of directors. began ne
;otiations with Durant whereby Du-
ant Ia now ptaeticaily in control OF
Itudcbakcr. Il. s. Fish. chairman of
n: Studebatcr board. is working
YIN Erskine ana Durant. Some Of
ne Studcbnkcr family have sold their
took,
FrIchtcns short srIicr,.
:,i Iron what was Learned today
premium within a few days II there
any one thing tina, frighicns a
mort seller o: stock more than an
h,n,f u ~ 70 have stock 30 scarce
Hat Il premium must be paid over
iiHht for It's use to continu. ont
'tandinE commitments.
,Ascorhing TO official Information
Even out today. when thu, February
dividend checks were sent out Nv IT,.
United States St"eI Corporation "a
=" holders OF the common stock,
mere MAS an !ncrcaac Of 5000 holn-
Ts 10 ioi;575: establishing new
lIsh record. At The end OF 1920. Their.
Sere only 1916 holders of the com
h.nk This is a favorable specnia i've
irSument on steel common, denniin.
Mat inc stock has tho confidence of
r rN, ,t That doueuess is true
rom the Investment viewpoint Eut
rom the speculative point OF view
n: increase IN the number OF share
iOiGcFs denotes that large inside
ioiucrs have been selling on the
heory that the price trend tcmpor
trily IS downward A study OF StcaI
commons stock market record shows
'irariS that the number OF SHIRE
holders liz comparatively small ju.,
before long price advance has Gull
Inlhaten and comparatively large az
ne cnd or long price decline.
New High Rrcurd.
IN this tome connection p.nnsyl
~ MA Is nnw making new high rec
jrds III the number OF it's srnrsIoid
RS; whiie IN" price OF the stock Is
hahihs nc" low record FOR gen
,rntions past From reliable sources
II was learned that today's n..y low
,ecord was due 10 raal inside Iianida
ton on Tips that the dividend is 10 he
rcduccd The NEXT divicnd meeting is
ichcnlcd for April -. Sorno ~ tho
iirecior, are for and some against a
deduction in the dividend.
Learning before the opening NJ
business today that Chairman Clark
OF the Interstate Commerce Commits
sion. and Chairman Barton. ot the
Railroad Labor Board. were already
at the White Houpse in conference
with Pres !dcnt Harding on the rail-
road situation. Wall Streets attention
was ccntc!eI on the outcome of thai
meeting. There is no question AS To
what the final verdict will be. Today's
hgurrs from the Interstate Com,nerce
commission at WASHINGTON show that
during the month OF January The rail