Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-09-22
BREAK FOLLOWS PASSING
OF LEATHER DIVIDEND
Savage Attack on Market Led by
Professional Traders Still
Short.
MOTOR STOCKS ARE WEAK
Cut Of Prices to Pre-War Basis by
Henry Ford Excuse for Slump.
robaccos Prove Wall Streets
Strong Factors.
nv nI,oADAN wALL.

~
trail Leather passed It's dividend to,
DAY, professional traders who were
ssNvnge attack. and succeeded In
Mexican Petroleum yielded nearly Z
o n,s cf tnrned WEAK T he mo tnG
;r1ckn had as their excuse for weak
ness nm announcement by Henry
Ford that he had cut the price OF
ais cars an average OF Sli2. There
was. a 1ttul rally after this. but the
market closed irregular with most
issues showing net losscs for tho day.
strong throughout tho session. and
held much of their Improvement at
The threat OF disaster to the
stockholders of Central Leather. how
ever. was not vain. for the dividend
-sas' cut AZ advertised. Tho stock
aihsr ndus Gr"hs is one D9 Of the T fa%
that has been returned to a pre-war
h*sis DO far as costs OF raw ma
OF the. Central Leather dividend viii
NM oub,edly s;renEthen tho people
n. thelr oclicf that reasonable prices
lar shoes SHOULD prevail.
a. raid on Kelly Springfield tire
stock came about the. same time as
tho announcement OF the reduction OF
Ford Ford prizes: i was illosieal and
aceomplish u break OF 2 points. OF
Which only 2 were recovered. II the
'tuced there will naturally be more
LcMAn, for tires. Reports persist
that all the tire companies are over
whelmed with unsold finished prod
ucts.
Even Mr.. Ford. while cutting the
price o. ~ hda cars. announcsd that no
Mr.. Ford stated that his cut was
due TO deHirc 20 force other indus
.tt,es back 10 prs-war basis. 1t Is
". Tor steel has not declined, al
though consumers are withholding
orders. believing that cut must
AS there can tie no important build
gu, steel most persons In Wall Street
seem to think the question OF onsi-
ness activity has been put Aquareiy
up TO the steel companies.
Harvester Makes GnIn.
International Harvester stock ad-
usually strong at this period of the
:ear when tho large crops are GER
tain. The producing capacity OF the
American farm is limited by the
nothing else. Naturally the farmers
buy all the harvesting machinery
they can afford and with good crops
tho outlook for International Is I'M
Asbhi3E bIlBHl.
shorts In Mexican Petroleum con-
tinued their efforts to eHtricate them
selves They advanced the stock
3 "a points in the morning. 1t broke
81 points In the raid. and in the
afternoon recovered 3 points of this.
holding all but half point to tho
close. Rumor persisted that Texas
OH stockh olderB are to get very
important special dividend at tho
next meeting OF the directors. Tho
buying OF Texas Is unusually good.
Tobacco stocks were AL strong,
American Tobacco both A and B hold
ing their strength up to the close OF
the market. and making new high
records for the movement
Low Priced nnIis Active
The low priced railroad stocks came
20 the front In the late afternoon and
were favcrites at tho ciose There
were no important advances, but
the buying In them was good. Erie
suffered from too much publicity, but
cautious buying OF that stock con-
: iinued.
The Timken- Detroit Axle Company
has cancelled contracts for about
10000 tons of various steel pro-
ducts. This is understood TO be a
move toward having the price OF steel
cut
Tho government notified New York
banks to be ready to pay $4,000, 0G0
OF deposits Thursday. For that rea-
son slightly higher money rate is
expected about the middle Of tho
week.