Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-11-03
SMALL SPECTATORS
ARE OUT OF MARKET
Transfer to Strong Hands Re-
ncctcd in Days General
Reaction.
INDUsTRIALS MAKE
Advances Range From T'w" I" rive
POint--A merriam Can strikes New
High Gronnd-EquipnIcni Issues
Are Proninent.
Nv Mrondnn MnII.

ny HTohNNn w ht'
NEW YORK. Nov. 2.-The drasti,
cleaning out OF small spectators and
the transfer o: shares from strong
TO weak hands that occurred early
this week, found reflection today IN
strong and active stock market
Industria,s which suffered most were
leaders. some showing gains rang
Ing from two to five points. Equip
ment shares were prominent, Arcri
can Can and Foundry advancing
more than six points American Loco
motive five. and Baldwin locomotive.
four. Transportation shares partici-
patcd In the Improvement. but their
gains were relatively small. Read
ing and New York Central were ia :
vori,cs among the high grade rails.
Another demonstration occurred in
American Can. carrying il UP more
than two points into new hiSh
ground. A better uudertOnc was also
d.scerned IN the oil shares. with
Standard Oil OF New Jersey most
prominent
HIg Operator Changes sides.
One of the biggest operators who
has been on the wrong side of the
stock market is understood to have
been converted TO the constructive
side He has been adding 10 his
holdings OF Standard oil OF New Ter
sey. strength of the latter the las;
two days has grown on; of his pur-
chascs Standard oil OF New Jersey
directors Will undoubtedly declare only
the regular dividend at this time, hut
those who are on the constructive
side of tho shares believe that the
following dividend will be at AN in
creased rate.
The Standard oil insiders are anN-
ious To have the general public he
come Interested In their securities.
but they do not want any Joy rid
cr'"
Certain OF tho biggest operators
have repeatedly said that /, is ALSO
lutcly necessary To have a sGbstan-
ial amount OF steel common on hand
in order to facilitate a general up-
ward movement in the stock market.
Strength and activity In steel always
attracts tho attention OF the public
to the whole STOCK market. Big
banking interests realize that the
general stock market has reached a
level where Il is essential to bring
h!eh-cla popular stock forw;< d,
Il they hope to keep the constructive
campaign going.
This Is responsible for the fact that
strong banking group haa become
interested in steel common. ircpa
rdtions for increased strength and
activity in IL have been practically
finished so that II would not be sur
prising IL the stock soon assumed
greater prominence in market opera
t!ons.
Manhattan Shirt Absorbed.
stock OF the Manhattan shirt con.
t!nucd To be absorbed because OF the
Improvement in its business. which
leads 10 the belief that the directors
at their meeting November ID VIII
treat Shareholders more literally
\ sharp rebound occurred in pro-
ducers and retiners. It's break dur
ing the reaction was due TO the fact
that the stock had attracted large
weak speculative following. which
dumped over their holdings a. soon
AZ the general market showed signs
OF weakness. Good accumulation hy
insiders TOOK place on the break The
technical position OF the shares is
now stronger than /; has been coE
weeks
Continental Can continues to re-
feet buying by people who confident
~ predic; tina; the directors viii
shortly announce thu resumption OF
dividends at the rate Of s. share
annually. Talk : also heard OF a
possible STOCK dividend, estimated a,
about 10 per cent.
Marks touched : new low price.
French exchange a, a!so expected to
display further heav,.ess,'
With the officers o! some OF the big
banks interested in the securities
market, those people Who are work
ing on the constructive side of the
stock rnarke: VIII find no difficulty
in andins sunicien; money TO finance
their operations. Leading nstitu-
tions. 1t is learned. would not b.
adverse 10 seeing further expansion
In brokerage loans