Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-11-20
RECENT DECLINE CLEANS
OUT WEAKER ACCOUNTS
Survey Of Stock NJ ark c /
Would Warrant Prediction
of Advance.
EXPECT HIGHER COTTON PRICES
MI street Il Looking for Contin-
"a'i"n of Ensy Monrs Rates Over
the End 0f the ycnr
Ity l{rnntfnn x&,II

NEW YORK, Nov. IA survey
or tn" stock market would warrant
TN" prediction that prices should adj
vance based on tho Improvement, in
trade and the steady advanc. i'm tho
prices of the nations important food
stuits. An analysis OF the technical
position OF tn" stock market. how-
ever. might Justify the stnt.mcu,
that quotations should not rise until
tn" transfer of shares from weak TO
strong hands has occn completed
Another factor against rise I'm
quoted narH"; prices Is that the big
wire houses are on the bcnrlsh side
In view 81 the fact that those hrok-
cras" firms have been doing most Of
IA" business during tho last con
strucii"c movement il would Took as
though The stock market wiI, have
l" h"rend upon insiders for huy!ul,
pow" 10 combat the destructive cam
r"iEn recently launched by argrcy-
s1ye professional bear Operators
The FAC; that the general Public
is unwilling to make now commit
m"nts n STOCKS. together with the
ihct that tho insiders Of companies
90 not manifest any willingness TO
purchase their shares oxcopt on 4,
scale down. has nuliiH.d ,he iuou-
enc" OF the big cash and stock divi-
dcnds being distributed b. indus
trlai corporations Quite a number
oil other Industrial corporations are
considering capitalization Of most OF
their SURPRISES, but tho declaration o,
more melons" liz not expected TO have
any constructive influence on quoted
prices until tn" stock market situa-
ton has clarified
Glenn Out wcnk Accounts.
BlG wire houses report that thew
IA ayF.. Il
trying 10 get their customers out
of the stock market. Adon,inu of n
ioNcy of larger margins has failed
I" cause many customers 10 sell even
~ u" face 90 the recent brsak
ne partner in ono or the largest
VIII" houses SAYS that I'm mos, i'm.
stances the raising Of margin rc-
qr!r"m"nts from - 70 80 nor
cent resulted largely in the re-
C"'pt OF checks and money or
GERS from customers. !, is "A fact
h""rv" that many customers who
would not take profits weeks aro.
owing to an unwillingness 70 nav
taxes 10 the government. have sold
ont ~ order 10 establish losses to no
u*eh tn their income tax statements
Ih'So people ar" cxnactcI To got
BACK into IN" market IN December.
The r"cen; decline. however. has
resulted In the cleaning OUT ~ many
weak accounts. Tcchnically mo
market i considered in better shane
out there are many good judges OF
price trends who believe there Will
hav" 10 he further establishments In
specia!iics hefor" the upward move
m"nt can be resumed
Tho higher prices being received
Tor cotton and grain is a source 81
/ much qualification 10 wlr. houses
'hh' have been doing most OF their
! BUSINESS with out-of-town customers
The record prices recorded FOR co,
ton and wheat is OF paramount; inn
p"rtaucc to tho West ana south.
/ These nigh prices spell prosperltv for
the farmers and will resu; in a
large increase in their buying power
since the beginning of harvesting
/ :nr The new wheat crop. prices have
advanced about 20 per cent. touchiug
new nigh record Saturday.
Authorities on cotton are predict
InS higher prices owing to the bull
!sh factors present at this time.
since the receipt Of the frs; bale
OF cotton from the new crop quoted
prices have advanced ahou, $40 n
taie' is six cents a pound. Accord
ing I" one expert on tho cotton
market the quoted market value Of
IN" present crop has enhanced an
pr"Nimatcly j300.OoOOOO sine. i, he
gan to move 10 market. wall Sir.ct
Is looking for a continuation Of easy
money rates over the end Of the
year.