Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-11-16
STOCK MARKET RALLIES
WITH WEAK HOLDERS OUT
Gains in Active Shares From
One TO Three
Points.
Early Advances Came Surprise
hen Attitude of Street Tucsdny
Night i "n>idcrcd--t.rnrrnl List.
Position strange.
nv Iiru.isiu,, WALL.


NEW NORK, Nov. ,5.-s,ocls raj
LIED today on the elimination o,
many weak holders OF shares ana
tho fact that the general lis, had
been oycrsoid in the severe break of
the last Few days Gains ranged
from u , points IN the active
shares The advance was due large
~ To short covering. Many insiders.
however. decided this morning that
prices had declined sufficiently 70 put
III supporting orders. This buying
helped the Improvement.
The Street Went home Tuesday
Night believing that there would be
weak opening followed by a r;uly
SO THAI inttia! advances throughout
tho list at the opening Of business
cam" Is distinct surprise. Quo
tations swung back ana forth. but
did not at any time show weak
ness.
Many small traders would have
been closed out at the resumption
Of business had II not been for the
strong opening. Wire houses had "A
substantial accumulation of selling
orders AS result OF calls sent out
Tue sGay nigh; for more margin.
Th"sv selling orders were at prices
sAghtiy under the opening ngurca
Should tho market have another
slump these shares will Undoubtedly
be offered.
Mr"h Odd Lot Bualuera.
Notw Outstanding the Improvement
In quotations commission houses dis
posed ~ a large amount of stock
~ odd lots. From the viewpoint Of
veterans III Wall Street this class of
selling IS considered OF the poorest
quality and usually occurs at the
tat. end OF a decline Some houses
reported that many people answered
calls for additional margin much to
the surprise Of those who sen, out
the notices.
The break has created quite Il
short interest so that the general
list !s considered to hc In strong
technical position.
Action OF the Consolidated Gas d.
rrCtors in announcing the proposed
Offering OF $4,000 900 Of new COM
mon and preferred shares was a dis
i.nct shock ~ many spectators who
have been active In tho stock.
Their disappointment found reflcc-
''on in an overnight decline of more
than three points at the opcninr
Dealings H. the rights" to purchase
tomorrow. Statis;;cians figure that
the rights" are worth about 81 &,
share 10 The old shareholders based
on price OF sl2S for the old
stock General belief in the street is
ihh; the new common stock VIII hc
placed on So a year dividend basis.
Public service Dividend.
Public Service Corporation di-
'cctors IL Is declared Ivy we'll in
+ rmed people will take dividend ac-
tom this month. In recent weeks
talk has been that the dividend
would bc Increased 10 81 4 share an
nuaily. hut gossip now predicts IN
IS annual rate.
one ~ the industrIaIS IN which
support was witnessed in Msnhnt-
tan Shirt. The buying was for the
account Of people who are familiar
with ihr impressive showing being
shade by th- company. Mll!nSon
s,lcs are now running from 600 TO
100 per cat ahead ~ those COM
pared with the same time !, year
ago. according TO an officer. Sales
are also lao per cent IN excess OF
those for any period In the history
OF tho company
Il j. Reynolds IN" stock is COM
ms in FOR rnuch discussion on it's
NrmucSs during the recent hreak. Of
fcrinrs have been light and when
ever made were eagerly absorbed hy
those havinE knowledge OF the good
business being done.
on shares strong.
Having eliminated much a.! the
undesirable foilrwinS. the Standard
oi! shares displayed much strength.
particularly Standard OIL OF New
Jersey which has just received a
C"ntraC; from tn" United States gov
Crnment tor loGo0,0N0 barrels ~ oil.
Manhattan Shirt sold on fraction
ally although the hoard declared a
quarterly dividend Of - cents a
share or AZ til. rate OF 81 a share
IN cash with the usual stock dtvi-
Geni ot Gle per cen; and AN extra
stock dividend q: l7i-2 per cent.
On It smal! volume Of transactions
American bosch Magnet rose .
i,o.hIs
some sharp rccov.ri.s appeared IN
Ito bond market. French sovctn-
n.rnt RS showed a gain OF points
AND th- $ AN advance OF ? points
D;ncr !"'e!s;. issues were also high
-. Investment houses reported in.
suTnncv companies 70 Toe in tho mar
I'I for figl-.,T,,dC h0uis