Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-02-09
AUTO AND RAIL SHARES. 7.
LEAD IN MARKET TRADE
Steel Concerns Take Optimis-
lie View Of Business i'll
y Future Months.
BUYING REyIyAI ExpEtyrED
nuYING REVIVAL ExrEcrEr
Construction Undertakings Are Tx
pnhdlnE, mud There Are lndica-
lions of QuickeninE OF Interest OF
manufacturing Lines.
ny IL. l.. Bnrn,,nn.

II NEW YORK, Feb. S.-Fo!lowing a
somewhat Irregular movement In
prices during the forenoon trading.
The stock market in the early after
noon resumed Its upward movement
under leadership OF the automobile
and certain railroad stocks. Signs
OF profit taking are evidenced in GER
tain section or tho list but thus FAR
the market has taken such sales
well. and has gained Roadway In spite
OF the realizing. This is taken to in
dictate that professional traders have
the situation well in hand and that
the short interest In larger than mos;
people had believed. Just how much
further the upward movement will go
before there is "a setback. is purely
= inntter OF conjecture. and one guess
- hs good as another. but the ma
jorlty opinion in tho street is that
better times are ahead and that even
though "A reaction should set in, II
Mill be OF short duration.
Pierce Arrow Drops.
Studebaker and Chandler retained
leadership in the automobile stocks
both establishing new high records
Tor the movement. The advance was
recorded in face OF a drop in Pierce
Arrow issues on heavy selling. The
theory In tho street Is that the
'.'Wnldorf crowd hos been caught
heavily short o. Studcbnker and
Chandler. and that they concentrated
selling on Pierce Arrow In the hope
OF giving the motor Issues "a weak
appearance. so that they could cover
In the other issues mentioned. Au-
tomobilc accessory stocks moved
higher in sympathy with the rise In
tho motors.
Another feature Of tody's market
a mr. tf,,ts "a A
er prices I'm the railroad group. st.
Paul preferred was one OF the fca-
lures In this section, and gold up
moro than Z points. a former big
operator, who has long since re-
tired as an active leader on the cx-
change. Is said to be buying this
stock. In addition. there Is much
gossip around the street as TO what
may be expected OF the Issue In tho
near future. but tho rise appears to
be based mainly upon the "hunch"
OF few spectators that II could DO
moved upward against the short in
tcrest. which has been spreading bear
rumors OF late. Chicago ANA North
.|estern also was prominent. The
boy plungcr" Is said to have accu-
rnulated n large line OF this stock.
The dividend payers. az we'll as the
: lowcr-priced shares also moved
higher.
Copper shares Strong.
Rumors are sprcnd around tho
street by the ciiques operating in the
coppers that KenDecott. ono OF the
low cost producers will probably re-
sumo dividend payments I'm July.
This report. however, appears far
fetched Better days are predicted
sior tho copper companies. bu, the
urfstion OF dividends Is st!ll a long
way on.
steel trade Journalists take an on
timislc View OF the future. One
writes that new tonnage has como
Delorc the mills from many differ
"nt directions during the past week
with all earmarks Of tho beginning
OF buying revival in iron and steel
"i respectable proportions. Railroad
bnyihg is looking up more promis-
inSly. Construction Undertakings
'sao.eariE are expanding and there are
f0uications OF some quickening OF in
t.rest OF miscellaneous manufacture
ing nhes. steel production again is
working back TO II SO per cent basis
with the Carnegie steel Company and
othor large units already Mt that
rate The Inland Steel company is
piahnihs CD per cent output next
week. tho Jones & Laughlin Com
pany mas eight or twelve furnaces
IL commission and some independents
are working at CO per cent.
-s4z. Sec bright Future.
- ihc Harvard University committee
on economic research in It's latest
letter makes the prediction that
business VIII increase and commodi,y
prices will advance during The nov,
Few months. After giving n brint
history OF what has taken place tho
letter concludes that ut the prescn,
@lhout the light that figures for the
next Two months will throw ON thc
SITUATION substantial incrcose T.,
business Will take place between Teh'
5,- gary and. April. 1922, because or ,bo
recent changes In the genera, .,,na
Hpn5 and the easier condition or t,,,
money markets. '"e
production of steel ingots in ,bo
United States last month showed 49,
increase over the total for Decemhlr
output for January, for thirty. CON
panies producing about 81 mar cor
OF. the country's production. amonnt.
CD to l,5sa,iS2 tons. according -
figures OF the American Iron and stes,
INSTITUTE. This is an increase O..