Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-16
STOCK MARKET IS LIKE
MOVEMENT OF 1878
Students of Economic Affairs
Sec Period of Secondary
Initiation.
MANY NEW FACTORS PRESENT
'""rrrh creditor Nation, With Great
i"ir capital. md Europe In state
or Decentralization Not Appro.,-
mated I'm Modern Times.
MANY NEW FACTORS PRESENT
By Walter Is. Iiroyyn,

written FOR the tinted NcwsJ
NEW YORK Auru t,l.vc,
copsccu,iy. ,,
,oo oo,, '"''' VI
'""''S '"ch nave given tho
STOCK market IN" appearance of the
buli moy.rpr,, -, ia,. ~
w.r. ANN. .,,,
,i,
N'""'"f III Hp''' anu rh"ihR In juno.
wh"n the shIc- did not fall below
900. 900 shares
1, ,yi,i h. ,o.,ii, .
ma
'"' ~ =" u Was rf"Hl''ed from
LAY to day trat II could not last and
that reaction mus, Sc, I'm. and
those who. IN tho early par, Of tn.
movement. had the courage ,u back
nm their .oryi,,i,,s ,,i,n h, ,
u
- 49, my nav" on 'h'' &C
'a''on. AN market theory and ira
dition. with This execution. yugac.t
short sailing "a, 9, ,,,,iy .,o
,i.r.. bu, /, can IN. urdcr..a,u nn,.
only as a .nuriiry nr,rnsit,un
CO.,
'''"R '""S"'"""
!" 'acI 1t might 70" Jus, ~ we'll
I" assume 'hat SNORT selling 'or the
H'Nt W." or thr"" weeks. or even
!'hR"f' would h' decidedly danger
'HH proposition with the govern
H"ni H"tunT 49, zeal upon me mon
y market on 81 per cent b.sis.
- 1t hid Win 49, I-ue "f Treasury
''f'u'ht"- during the week. II is a
It't'H t""d ihdicS ZION mat money
VIII remain cheap Tot some months
u cone
|"'"i"i1E. tn" immediate effect was
1" s"hH az S"'"ilii". bcarinE "a hiIh
rae "i income 10 highcr levels, not
Ihp"i am ""ect OF which
wac l" fotc" Liberty bonds To par
VIM" S'h'" th.y We're
''' "pe" haihe' Ihe
~ '"'t' "' 'h!s alone i.
"''''' - y" ''"s erect
N-" >''""dnr. Imitation Period
Many rtud.ntS ~ economic affair.
rr" iu ,n- present ri~. . u.riod Of
secondary imitation. wnich is proba.
hiy true in tn. natural course of
events tins should b. followed by
secondary period OF hcprrssinn. which
should ho neither as severe nor as
extended a. tho one from which Vs..
uc uuw omrrgins after which ve
should sclil" down 10 u steady basis
~ prosperity, which Ought 10 con.
tlnu. fDr several year. This IL nat.
iirh! aud strictly accordiuv 20 mr..
ccd.nt bat IT may b. Jus, a. we'll
to oAamtn" conditions somewhat
carefully IN an effort 10 determine
the proha bic extent Of such a move.
mont.
IL must he borne in mind that
there are som. factors In rhn nrn.
en-; situation that are without, pre-
c"deut. We hav. never before had
such 81 la:g" volume OF gold on hand.
w" have never before been the cred
At"r nation nor has Europe been IN
such state az decentralization. with
i'".'i" H"t'ItihIr quantity ana Ger
> n''!
~, !" ""r'" '"hh''t"hs.
,,, NV '"c'"rS hHeLF L"
"''i""S o"n'tpi"hS OF ~"
49," ~ ''"h''h'' """'rs. NtN"r'h"-
49,. ,,h,,'t ,,,, ,"ni' senr,". htih'!-
il .ln,,i,,' % ~" .ner'
- W "'uu','H nv
-" '''' '"s" 81 '"le cap'''' which
- I'M must see" an
u."N'"''h' market nt
w. "pp"' 'uhllF' "hich
w." "'""" "h,'h SET IN
r"," az" Ipr h'i fadc
"o."N' fia"""'S ""sorhihH offerings
,i ~" 'n' STOCK
~ ~" ,ltn ".\ i'"n" paying
'Np'"'hS 'h' '"hH SUE
Io,,, -, ,, '''''"t "t nv"
''i, '''"''"E invest
'.',""' ",'hS
IN IN"
yyau h,u,d ., ,,,r,, -, - ~
,i ~ SP"'"Ia''F" az
JAZZ az Dor" over. az II
90, 49,, va '"e pres
:, .. -, ,,
o,d,ry ,.r,ri th"' IN" sec
sets in. FOR II ,s M, ,ss;,,, IT.
a speculative. m.rLa, n, :" ""i
point where lcsiii,,,, ni.'
ends and gambling he.i,y ''"'
,,,,,
Large profits in the stock market
naturally Great" demand for man
ufnctured goods and with cani,nl