Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-07
SEE MARKET RALLY
AS CONTINUING TO-DAY
Washington News Starts I'M
provcmcnt on Wall
Street.
STERLING ENJoYs a NOON
London Exchange Goes to Highest
Mark for Three Srnrs-Storagc
Bnttrry Springs Surprise After
Closing Hour.
Hy BroHdnn Wall.


NEW YORK. Dec. Ga ray OF
sunshine in tho form OF Secretary
MELONS annual report pierced the
gloom which has prevailed for weeks
In wall street because OF cNpccta-
ton OF increased taxation. The dec
lara;ion 10y Secretary Mellon that
additional taxes would not be nee
cssary. and his suggestion that sur
taxes should be reduced Immediately
found reflection in better inquiry
FOR stocks in general
Motors. with Siudcbaher at the
head. led tho rally. Motor shares
followed ana Pan Amcrican issues
joined the procession with unusual
'iEor. Net advances for the leaders
ranged from TO points good
part OF the inquiry represented urs-
eni covering by shorts The host
Secretary MELONS statements were
the first favorable development in
weeks. The rally is expected to con
tinuc tomorrow.
sterling nj New High Mnrk.
Another now high record Tor tho
last three rcars was registered 10y
Sterling exchange.
can money loaned again at 5l-2
pcr cent.
Indications OF an increased s,I1nly
Of funds were found IN the accept
ancc market where dealers reported
corporations are investing funds he
inS accumulated for interest and Givi-
drniS disbursements
Selling continued early in Great
Northern preferred. depressing IL
point. II. however. recovered all the
loss and nearly : points additional
t.sr
from st Paul. the Headquarters Of
the road. stating that the dividend
meeting would he held December IS
when the regular disbursement was
looked for. Big shareholders In New
fork think differently. Some have
been disrosiur OF certificates held for
three and four years.
surprise After Close
y surprise was furnished the Stree,
alici tn" close when the Electric
Storage Battery ordered the regular
quarterly dividend of 5 share and
- cents extra. Tho extra payment
was uucNpoct"d. The company had
been raying - a share annually. 4
stock dividend is believed to be :,
likelihood for next year.
Persons buying Moon Motors with
the idea az hctt"r treatment to share
holders are not shooting ct the
moon" according 10 insiders.
Lively developments may apDcar
ii connection with Middle States ipl
STOCK iu the near future Tho fail
uT" "f the Middi" ,'tatcs PEOPLE to
Great" a market FOR the oil Lease
Development stock. which il is Civ
INK rs AN extra dividend has been
= s'urr" ~ much discomfort to those
snort "t the shares. Ii q market
Is not made i"r oil IeaS. shares
very soon. certain shorts" promise
I" 80 10 the stock exchange ana
ask that tho company he forced 10
90 so In the absence of the quota
ton for oil Lease the shorts cauun;
una" thcir commitments
Spectators Arc Uncertain.
f'on!e who hav. been spcculatiuy
III Continental can solely for proft
arc heSlnning to entertain nlisriy-
ings as |" the benefits that viii ar
cFue /" shareholders from a read
luStmcnt of the capitalization which
VIII include stock divids No While
directors Were in session TODAY INC
stock hai sinking spell S,ibso.
0Hsni.y. II recovered when .no ,u,.,.
ins was adjourned. Those usually
informed expect tina, . % shares %.
new stock Vii, le wen TOR az M
present shares aud that dividends "a,
the rat" ~ 81 Z. share annually win
8e ra!d co. the u-v shares This
You'd De gUal 20 ). a share on H.
>,ua 'rrnpau. is earning
a rate ~ So a '.fa y..sr,v
'i'"p-s tha' -. Rem tngto, Tyne
W''.e b" mer5ed with the
'eH ".'"'HlIn:eG strength o:
We ''rner.s securities. \ director
- l''H..H~tpa says there is 40 truth
~ ia" ---S"r stories
'Al". Insult head oc tho Psople.s
m" 4a@ 81 '@nhn.ca, dental OF tn.
!.bl''5 ,He, 'usrr VOLTA be AN i'm
crease tae S. dividend.