Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-11-30
STOCK MARKET TREND
CONTINUES UPWARD
Operations on Long Side
Profitable, Active Shares
Advancing.
FEARS RAID ERIE ISSUES
Attacked stock suffers R-cessions
But Inter 'Gnins Large Fart of
t.ossen--Iron and Steel Review
Optimistic.
BEARS RAID ERIE ISSUES
tBy Associated press)

NEW YORK. Nov. 29.--Speculative
interests continued to md operations
on the long side profitable In to-
days stock market with the result
tina, further substantial improve
ment was noted throughout the list.
the gains in active shares running
IRON one to three points.
a bear raid on the Eric issues
caused material recession In those
shares ana temporarily halted the
upward movement. The Fries re-
covered most OF their loss however.
Erie common got down as low an
is. as against the years low of
Z. but rallied to 10. whore IL repre-
scnted net loss OF l-2. The Rrst
preferred was depressed 3 IA. and
recovered all but ]. and second pre-
ferrcd dropped 1-s and recovered
i: It's loss.
Indusirinl Dcmnnd Given Impetus.
Some OF the impetus for tho later
odvancc was provided hy tn" brisk
demand for high priced Industrial
.pccinit!es. Fisher Body being
pushed up IL points and Liggct Il
Myers l-2. Buying. or motor ao-
Ccssory stocks was Influenced by an
incrcasc OF from 81 10 50 In the an
nnal dividend ratio for s,romberr
tafburntOr, ~ former Allan Ryan
properly. that stock advancing 5-s
points.
Short covering operations undoubt-
cdly played big part In today's
advance, tho raid on the Er!c issues
being regarded In some quarters ns
:. method ~ facilitating them In
uther railroad shares. Additional
announcements of Increased div!-
dends and the optinistlc tone OF tho
weekly iron and steel reviews, how
ever. had n cheerful effect ION senti-
ment. some Investment being noted
in nigh grade rails and industrials.
Oh ShHrcs Large Fnctur.
OIL shares again stood out In the
Industrial list. California Petroleum.
getting as high as 80 "a. but later
dropping TO ~ 3-s. where It vas
. 3-s points above yesterdays close.
General Asphalt common improved
four points. the preferred 3 rs and
Standard of y j.. IL, BALDWIN.
American Locomotive. Continental
Can. S"irs Roebuck. Bccchnut Pack
Ing and T.. :. steel all closed 3-s
To . i2 higher, while studebakcr.
Corn Products and L. < Alcohol
gained large fractions
Some good gains were made in the
investment rails. Louisville Nash
Vile climbing ID and Delaware h
Hudson 3. ana New York Central.
Northern Pacific. Reading. Chicago
~ Southwestern. Union Pacific and
Southern Pacific. won nearly two
,-,ints. Cali money opened AT J..
per cent hut advanced To > shortly
after noon. closing at ;hai figure
y icw scattered loans were mad" o;
hve per cent In the time money mar
! ket WIKI the demand fairly nctivo
for accommodations at ( "a p"r
cent for ali matIritica. The CONNER
cial paper rate continues at 50
pci cent with out-of-town !nstitu-
tons az the NEWEST buyers.
Increased export buying o. grain
vas held responsible. for the modcr-
ate rcCcssions In foreign exchanges.
pemsn nj sterling was quoted around
Si.5ia SIS and French francs around
80. German markets We're quoted
~ ound J i ic 4 hundred. the weekly
RcichshHnk statement showing an
increase OF more than 81 billion
marks in circulation.