Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-11-02
PRONOUNCED PRESSURE
DRIVES STOCKS DOWN
Close Is Strong, aud Improve.
ment Is Expected to
Continue Today.
HtS broadway Commission House
Turns Hul1i.h-hdNi>cs Clients 10
Flick tp stocks All Along the
Line.
Dy Dr0ndnn Wall.

n.
Rod "t nervousness lasting more
than three hours. the stock market
turned abruptly upward this after
noon. During the carly dealings
quite number OF stocks were un-
der pronounced pressure and de-
clined TO new low levels for this
movement. \ substantial part of the
offerings represented forced liQuida-
;ion by spectators who were unable
TO answer calls by their brokcrs for
more margin. Needless To say. most
of these positions were sold out at
what later proved to he the lowest
level. MANY shorts who sold stocks
about week ago began taking in
their outstanding lines, az the same
time taking 81 position ON the long
side. Managers Of groups working
on tho constructive side also took
heart when the turn came, and this
accounted for violent rises In some
issues. such activity explained the
leadership OF standard oil OF New
jersey. Producers and Echners
Standard OF California ana American
Can. The close was strong aud
around tho best prices. with gains
ranging from ono To five points. In
dications were that tho Improvement
woulI continue tomorrow. one OF
tho lirEcst broadway commission
houses turned bUllish at the market
at the bottom. jacques Cohen and
j s. Bachc & Co. In tho afternoon
sent ont the following message:
stocks are now down far enough
TO begin buying them. Hence. 70,
the hrst time In three wccks do not
h. bashful about picking up stocks
~ along tn" line This flash" was
sent over the many miles ~ private
telegraph wires running from that
firm TO al parts OF the country just
At tho time when stocks were q; the
bottom.
Professional sh"rt> Stampede.
american Can had violent adj
vance OF more than fvc points for
the session. \ good sized short in
;crsS, had been growing. by degrees.
in American Can for the last week.
The stock did not begin to advance
until II became whispered about tho
street tina; one Of The bIsgcs, opera
tors had been placed in charge Of the
market for the shares.
Professional shorts immediately
stampcd.d tor cover. bidding the
quotation up against each other.
People who hav" been on the long
: dc Of this StocH confidently predict
thai II VIII hc placed on 81 di"i-
dcnd basis In tn" near future.
Certain insiders identified with
two low-Cost copper producers have
become tired Of seeing their shares
Kicked around. They have also lost
patience at the uuwillinEncsS Of the
general public 10 consider the cop
r"rS either sncCula,Iv.ly or other
wise, at present prices. because Of
This feeling these Insiders have de
c.d"d 10 cndeavor 10 attract a public
following higher levels. This state.
mcUt applies To- certain members OF
The kcnuccott Mother Lode group.
tl,- Il
-iirhty more than cents pound
certain developments are underway
which viii undoubtedly ind rcncc.
;!on ia greater dealings In Mother
Lode from now on.
Recent offerings Of Allied Ch.mi-
cal may be somewhat explained by
rumor current today that the com
pnmy proposes putting out a stock Is
sue around SIS u share.
Call Money slight, Higher.
Much comment was heard during
the last reaction as To why IN,
STOCKS selling around so a share a..n
less showed marked weakness An
Investigation shows that up TO this
orcak In the general market mos;
houses would carry such stocks on a
:air-s!zcd margin II was learned
today tina, Al lcas, one firm and
others ar" believed TO have taken
similar action. informed customers
that they would have To pay for their
stocks ia full or transfer their ac-
counts.
Cali moucri. was slightly higher,
due to the calling o: loans by in
terror Instructions. according 10 Of
fcials Of local banks Withdrawals
10y the government from institutions
80 this district yesterday will total
st,6GOo0O
The bond market was irregular
with many rails showing further
heaviuess ST Louis and san Fran
cisco incomes were weak early. Fries
and Baltimore and Ohio issues were
also offered. Swis. government 81
broke again. hut French Iunds We're
relatively steady.
firmuess VAS tho order OF the day
lu Liberties.