Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-05-07
UPWARD MOVEMENT
HAS BEEN ORDERLY
Spectacular Fluctuations Have
Been Few and Limited TO
Issues Affected.
NO BIG BREAKS RECORDED
SJ'nGcthcr Trend IIns Reflected the
Heturn OF toBndcncs to Business
tommuhity-IIusine Getting Very
Good stnrt
ny Waller u. nro,rn.

written for tho United News
NEW YORK. May 5.--In some quar-
ters IL - held that the strength in
tho stock market Is 10 some degree
fictitious in that It IS being main
tanned by important banking interests
Tor the purpos. OF supporting q strong
market for bonds Ia order chat ,naoy
new notht!ons which have been held
IN allegiance FOR some time may b.
disposed Of The theory is that any
sharp reaction would scare the nub-
lie away nov that I, has been induced
To come back into the market by the
development OF bctter business CON
ditiouS.
While ,hcrn may be someth!rx In
this theory. II is hardly safe to as
sum" ma; tho banking interests O.
wall street. however powerful they
may be. az" strong enough TO main
thln MNllon- share days continuously
iof a month or more. or that they
can "Upppri such market II /, should
be Inherently weak Abou, Tho mos,
thht can be done In TO coun,ernc;
behr raids which might have IN. -
go OF shaking confidence by pr-clpI-
'"'IHS an Gn"arran,ed break IN
p'!ces Fh"s" interests may consider
u advisable 20 protcc, inc mark.,
"hlch Is slightly direren, from sun
porting IT.
Confidence JustIncd
ne "iHl"'E % tho market during
N" past moth 3ustiAos a Inrvs
nea'ur" Of confidence Spectacular
ordinations have been f.w and have
o'rh "n'it"H in the number OF is.
80 "H"rtcd The upward move
Mri' mas been orderly. ana reactions
"hen 'h"y have occurred. nav" no, az.
'ecicd ihe cntir" Inst. but nav. b.cn
c"hNh"H TO particular Eroups and
sometimes only To particular stocks
y mas been noticeable mat mos.
VINO hav" sold out at tho hfgh poin,
nave been GH!cN 10 rclnsfate after
o".N noderH'" declines Exccp, for
i"" ~ ~" mighty .p~rulniiye is
sues there nave been no cony,i,tyo
movements OF prices and altogether
II has been market rejecting In.
return o.: ,"uHGcnr. to INC business
immunity THIS Il urn has in
tp!rcd confidence" ou the mr., o.,
mos" VINO have hccn NOR" ronscrva-
Nv" than others urrl there IS no
DENYING that business r. getting a
steel H-,i,ni I-cnturrr
Revival %. tn" stoe' tn,fusrr, m,
OF cours" hem tn" meet noteworthy.
but only loss Spectacular has been
the comeback % III" au,oruohtle in
dus'rE. Wn"u tn" automobile shows
"cr" mold shortly after III. -urn q,
IN" year p"ss'mism waS Of tn" deep
dyed vhriety The president Of ono
Of tho moderate priced motor car
companies IN conyorsatior with tho
writer stated that y N" automobile
concerns would stop cutting prices
hnf advance ~ 500 IN the uric" OF
car would do m.r~ 20 stimulate
business than anything .lsr.
Ih'rc wcr" any number of reasons
WHY this particular company could
not take tho ,cad, hut IT was only
II month or SO aft"rward that one or
tho wcl.-kuowu cars annouuc.d an
advance ~ Sloo on On" - lis models
and thereafter no further price cuts
were announced by any o. The max
ers. sur" enough. IN" demand FOR
pl"asur" cars began 10 Improve. ANA
while that particular action 'nnv not
have boon responsible FOR tho in.
crease Ia tho demand OF such proper
lions as HAY" since been attained
Il evidently did pat an end To the
cuithrOat competition. A. any rate
business has jumped ahead go fast
that the month of April was the sec
ond largest month I'm the history ~
Detroit which is tho center %: tn.
Industry IN America.
In" uuc Npcctrdn"SS ~ thin 70.
''N'I y IL SHOWN bN 'nE TACT mat the
makers OF parts and hodieS have
been unable TO keep M with the de-
mands maic upon them by tho auto
mobile makers. and although running
there may hc a shortage Of the pres
en-, rate II demand continues much
longer
IiiE Rolling stock Demand
Another important point is indus
trial recovery is the largely in
creased demand for rolling stock for
IN" railroad companies. The number
"f freight cars ordered during the
FIRST four months OF 1922 approx
mated $4,000. or twice as many as for
IN" entire twelve months of 1921
This demand parallels 1916. when
the number was Increased TO such an
extent that the total for the yoar
exceeded 20ep0o. Tina: number Of
cars viii he needed to replace worn
out equipment unless they fall back
upon cars that are not r.ally. Fl,
for service. Even working to capac-
ity IL would take several years n