Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-05-10
GAIN CONTROL WHEN
MARKET TAKES DROP
Many Believe That Prices
Will Continue on Downward
Trend for Some Time.
Traders Who Made Money ON Short
side Inst Nrnr. aud Who cor HULL
ian in summer, Return Ia ola
stand.
ny Il. l.. Hnrnmni.


NEW YORK. May 4.-To those
who watch the stock market closely
without taking part, the game seems
very much like watching football
from the side line. For day after
day recently traders working for an
adrance were able 10 ger prices
higher merely by hucking the line
Then came the time WHOM ground
could be gained in this way no long
er. For whole week, despite the
milling by pool leaders who wanted
10 see higher prices the market
stood s,il! Then there was 4 try at
kicking the goal from the field. But
the ball was lost. After twcuty-six
consecutive million-sharc days, FOR
five-ho sessions. tho market
dropped yesterday below the mil
lion-share market. That was the
signal for the other side TO take the
ball. II did.
Today was another million share
day, but with the hears instead of
tho bulls in possession Of tho bail.
There were more converts today
from the bull 20 the bear side of tho
stock market than for any day since
the upward price movement began
TO hesitate. II was on Saturday,
April 20. that the great spring rise
of 1922 terminated. That IS now
plain by looking back. From the
side line II appears that the stock
market has outrun the Improvement
in general trade and the improve
ment in the money market. Few
people here believe that the high
prices for 1879 hhvo yet been re-
ported. 1t is also hard 10 find those
VINO are OF the opinion that any
great setback IS now immediately
ahead. There arc now plenty OF peo-
pie in Wall street, however. who do
believe that there Is a traders mar
ket ahead with the price trend
downward.
Many Turn 10 Short Side.
a number of the Zig traders IN
Wall Street who made money on the
snort side Of the stock market las,
year. and who began to get hulIish
In the late summer or carly autumn.
nave within the past few days again
turned to the short side.
wall Street. that is. the specula-
Two clement pretended today to he
greatly alarmed over the prospects
LOT smash-up al the Genoa CON
terence. That, however. was not tn.
real reason for today's decline in the
stock market. y week ago or two
weeks ago. speculative Wall Street
was paying absolutely no attention
to the predictions then being made
by Lloyd George that Europe was
again threatened by war
Heads were also waEpcd sideways
To-Day at the threat made by Senator
La Toilette to call for immediate. No
ZION on his tabled motion demanding
an investigation for tho proposed
merger OF seven independent steel
companies La Toilette claims that
this proposed billion dollar corpora-
ton will control substantipIly al,
OF the steel-producing. capacity NJ
the country not now controlled ~
the United states Steel CORPORATION"
ana thht the new company, with Tho
steel Corporation. twill Great. n
compyete monopoly OF tho steel in
Gustry' on the other hand. James
\ Campbell. head Of Youngstown
sheet and steel. who is activ. in the
proposed merger plans. SAYS he docs
not believe Congress is going to he
FOOLISH enough 10 start any INJURY
because the proposed merger '',vo,,l1
before the benefit OF the public ana
would tend 10 MAKE cheaper steel"
Z. ~ q. tn Sell Equipment Notes.
mere is much TO be said on both
SIDES. The Stee! Corporation holds
The umbrella over the small manu-
tactLser untii he grows big Then
IL Z period .. ;ra5t. reaction. for
sel:-pro;eot!c7l Stolu his big brother.
the independent proposes 10 ;n.rgnr
with SIX other Independents who
have grown big. 1t is reasonable. to
s-PP'N: 'Ndt u ms nGnlcaS these
two billion dollar corporations viii
hold the umbrella over small com
pen!ss now formed and 10 DO formed.
This Umbrella holding certainly is
not conducive to lower prices for the
public on the other hand. i! tho
seven independents get together
they can prevent trouble until buzz
ness again gets normal ana mean
v nile make cheaper steel.
Chesapeake and ohio has been
granted permission ~ the Interstate
Commerce Commission to issue and
sell S7s$l.ooJ equipment notes at a
price not less than one named for
the purchase OF cars. and illinois
Central has teen authorized 10 sell
S!o.0oC,oo0 worth OF new preferred
stock 10 clectrify and enlarge It's
Chicago terminals. This may all
seem FOOLISH 20 some and may back
UP the claim that is being made by
few railway officials that there is
too much government regulation in
the railroads That. however. is only
one side The oihcr is that II tho
new regulations regarding the issu-
aNcc %! new securities are int.lIl-
gently carried out Tie Old day for
graft and scandal Will be over.