Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-05-23
PUBLIC SPECULATES IN
MARKET IN BIG WAY
!. Out-of-Town Orders Swamp
Many Large Brokerage
Houses.
MONEY Is GROWING EASIER
Automobile Production for April In
creased 30 Fer Cent over March.
tho Department of Commerce Re-
ports.
Ivy u. L.. Bnrnuu.

NEW YORK. May 22-'rhcre is not
the slightest doubt bat that tn. pub
lie is specializing in the Stock Market
in a big way. All of the large broker
age houses with out-Of-town wires
reported stacks OF buying orders av-
cumulated over sunday. one large
Broadway firm said that it's largest
omen uarkec order was far 500 shares
and that so per cent OF tn. 100 share
and odd-lot buying orders were for
rails over sunday the story got
about in speculative quarters that
the railway presidents at the White
House dinner Saturday night We're
asked why thc2 had not done some
thing with shc tentative plans put on,
months ago by the Interstate Com
mercc Commission, suggesting that
most OF the mileage he merged into
some twenty systems With definite
news that Youngstown had dropped
ont OF the proposed siN-company
steel merger speculative Wall street
eager for merger talk. fell in wiki
the rumors tina; the rails were now
TO take the place Of stccls in pro-
posed consolida tions. One story had
IL that the heavy buying in New
Haven Of the past few days was for
the account OF Canadian Pacific for
control.
New Haven was on the very verge
OF receivcrship ON April /. when i,s
s21.o0c.oOo bond issue came due An
appeal vas made To the holders Of
these securities TO take in exchange
new bonds hearing higher inter
est rate. j. =. Morgan making visit
TO New England to impress the
bankers and the public with tho Sc
riousncy OF IN" situation. lie adj
mitted frankly that unless tho bonds
were exchange there would he a re
ceivcrship That was nearly two
months ago and only within the past
few hours has Il boon learned that
this refunding plan was successful
That is explanation enough for why
New Haven has been advancing from
the very low price OF carly this year
Money Is Growing Easier.
Rut, money. because Il is not being
used in general trade. Is growing
easier. tho big aside public is In a
speculative mood. merger talk Is I'm
the air and optimism is helnc en-
couraCed by the highest officials a.
Washington Under such conditions
no one can say how much higher
The stock market VIII go.
Washington reports a falling off
in the production OF soft coal for tho
week ending May is, Loudon cables
announce INQUIRIES at South Wales
for 100000 tons Of coal FOR shipmcnt
I" the United States. Wall Street
bankers are expecting some action
from Washington within tho mex,
few weeks looking toward settle
mcnt Of the coal strike.
There are some people in Wall
street who believe mat when m.
Great Northern directors meet ncx,
month 10 dcclar" the scmiannual div
idcnd the old annual rate Of : nor
cent paid since 1890 will he con
tinucd The ticker. however. dos
not confirm this belief. Great North
ern opening his morning. for o.
ample at IS, against 777-S for
Northern Pacific whose annual divi-
deni only recently was cut from
per cent To T.
Ant" Production increases.
There Is mo question hut that tho
nanaE"in "nts Of these TWO roads ar.
farther apart today than at any tim.
since tho death OF James J Iiul
However operating and traffic con-
hltionS remain pretty much the same
ana II IT seemed necessary for North
crh racine |" cut its dividend. +,
would appear that similar ac,Inp
would h" taken by Great Northern
THOSE who hc!ia." Great Northern
VII continue TIE :. yerccnt annual
l"'" paS" 'hcir Judgment on tho 70
turns for the first three months q.
ms year plus the regular seasonal
changes IN earnings. which indicate
.o' - mai surplus equal 10 slO.5l
Shhf" on tho outstanding stock
lnc!udinE only regular dividends from
Burlington. ''''
hudson Motors Company has do.
o'at'a an initial dividend OF 80 cents
Automobile production ror Anri, IN,
creased 80 per cent over IN. rr,,ra
LOT March the Department o.. Con,-
"efee REPORTS today. Here arc ,to
nklIes Tor passenger carr and
,u1NS' April 1852 and zoe.
Hiafrh, l52."55 and la.44a Feh,p,
t"''"3 ana .l2ssS January. sissS
era 20 DESPITE this showinr
"r'er. ne best judges here Of ,hc
stock marke, believe ma, a,,o ~
shares have had n. hes, of NIL , ,'5"
ADVANCE 1t came early. as +, alusy.