Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-09-23
RATE OF EXCHANGE REAL
BASIS OF TOBACCO SLUMP
Low YaIuo OF Francs and Sterling
In Dollars Halts Foreign
Demand.
PRICE LISTS TO BE CUT
Wall Street Believes AL Industries
Must Follow Henry Ford's Lead
and Get Selling Figures Back to
Pre.War Rates.
nY nnnAnAN WALL.

NEW YORK. Sept. 22.-Henry Ford
frightened tho Stock market TO lower
ndustrial world realizes that what
hc did must DO done by all Indus
tries. The United States Steel Cor
to $50 lower than the leading indie
pendents. Stool prices must be cut
Sharply. Tho, copper producers have
'nally decided that they Will have 10
cut The price Of copper 2 cents a
bound ut least to encourage buying.
robacco FROM tho fields Is selling. at
hnif what 1t was a year ago. Cot
has returned to tho. pre-war levels
Corn is under dollar n bushel
Farmers who haul their wheat to the
Middle West. The retailers are the
only pronteers not awake to the new
situation and In spots they are bn.
highway robbery prices are ended.
Market Closes Lower.
day an it did. 1t opened heavy,
and closed heavy ana net lower. The
only stocks that held their advances
mad very good reasons for doing so.
i,cthlehom Steel in really to issue the
!2O000O0O OF now financing that was
officially denied Il short time ago.
rho, fact that the corporation thus
money, shows how rapidly the steel
business Is changing for the worse.
MI tho Independents are In dIstrrns.
The United states steel Corporation
IS undersellinE them so much as to
ucmoraliZc them
IT In with something akin TO aston
ahmcht That wall street learns that
europe was supposed to he making
iieavy demands on the copper Indus
Try. when was supposed to be thor
" ,yi,b.E 9rganized as To be able TO
Withstand an economic siege.
TobRcco Stocks High.
.,,Nith american Tobacco "a" and
stocks at new high records and
street waa much interested In the re /.
ports from the farming regions that
h soesaeoo prices were only about a
The farmcrs are blaming the tobar.
go companies for refusing to pur-
n rha bm, are far from the facts.
hat, rha rrena in0f roy, sSTins 'h aln
ways bouph, it's tobacco in Tho
United states. while England and the
EE"ntinent TOOK great quantities here.
France that even at The low nrice
quoted for lear tobacco. ii would cos;
france more than last years crop
/, was Jewish holiday today and
That kcpt thousands OF traders away
rom the street. The street was
$50 depressed by the fear Of a great
.oai STRIKE In England. .ithsug h
bankers had cable dispatches from
Lloyd George would prevent any
Setions results from strike IL In :
Iced he did not prevent tho strife
altogether.
- Motor Combine organizing.
mere Is high authority for say
.hS that the plan for organizing a
new group OF motor companies
PROMISES to be successful. The new
GIoup Will probably embrace the
WHY'S Overland. the WHY'S Corpo-
ion ;nd Dg mss%s1 Meter Meter Corpora
chalmers: Two or three ,nanufac
,urers OF motor accessories are Ia
he Included. There is some talk tina
me htromberg carburetor and Bosch
~ aehnitcly decided that tho new
combine VIII not include any very
nigh priced cars, such Az The Pack
ard, Pierce Arrow or Peerless.
bnyins az rerc Marquette and
rIttshhrg ami West Virginia were
houseF that usually act for import .
ant banking interests. Tho same
houses have been taking great dea
Of Pittsburg coal recently. Today
ihey were buying Pond Creek Coal
cautiously Western Pacific and chi
cago Great Western were other
stocks traced to the same houses. Az
all OF these arc low-priced Issues A.
entirely possible that the buying
may be for that reason and mona
ther. But 1t Is much moro likely
hEuro In important deals.
Nanndium Suffers UnId.
Nanadiun steel was raided In the
morning but II came back quickly
when the traders realized that the
more Vanadium will be used
southern Railway attracted p,,,o ),