Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-09-24
WALL STREET BELIEVES
END OF PROF|TEER NEAR
dnstrial List Brought About in
- y. Days Trading.
AUTOMOBILE PRICES DROP
Franklin Company Follows Lead OF
Henry Ford-Rcduction by Amos
f, kcag Mills Sets Example for
Spinncrs of Country.
ny nRoADAS WALL.

NEW YORK. Sept. 23.-The unex.
pected announcement Of S2o.ooo, ooO
market already unsettled BY the
beginning of the automobile price
!. collapse, inspired professionals to
n.brought about material declines in
tho entire industrial list They
sSares were ens hrm all day, and We're
) The raliying point for the whole
market in the afternoon: Very few
= stocks recovered the entire losses of
rising when the market closed.
TomorrGw Is the day set for G 1sa,in
ers in touch with London authori-
. ties expressed the belief that moth
ing of importance would happen.
The general public, however, Is ap-
Automobile People Protcst.
e., The Ford price cut was followed by
the Franklin Company with large
other automobile companies protest
that they will not reduce prices. but,
as matter OF course they must re.
steel companies must reduce their
prices and the copper companies re-
/ duce theirs. The reduction of 33ls
turned out by the Amoskeag Mills
hHs. set the pace for the spinning
trade.
cent from the high price Of last year.
Tobacco is down so per cent: whole
saie leather has about returned to
Chiefly responsible for holding up the
price of goods to the public. and, now
that the blame is laid square}y ON
that the end Of prohteering must soon
come. It. believes that the lower
prices will cause renewal OF retail
trade, with great activity In labor:
goods. Wall Street believes that the
stock market discounted all OF the
price reductions that are scheduled.
and therefore the raid Of today
harmed nobody.
,.r Mnii-Ordcr Houses Cut Prices.
Even, the. mail order houses have
der those OF the retail stores. Mont
d, Eomery Ward and Sears-Roebuck are
: the chief Of these houses with stocks
: The stocks OF both these companies
yielded slightly on the announcement.
nut 6st,,t there So, was good buying on this
increased business to follow.
r. Warnings issued by odd lot houses
d against selling Republic Motor short
up about six points. There was cN-
cited buying Of it for short account
and the governors OF the exchange.
BILE for this warning. feel that they
haYe averted another Stutz affair.
Report was that the Midvale Steel
Company might defer dividends tenn
porarily.
According to nm official of one of
the largest oil companies in America
Eether with n reduction in prices.
Petroleum products have not been
reduced from the war level and the
line. crude oil and other products.
The urgent demand for these prod
nc's has encouraged the companies
nd
made it will be chiefly as a conces-
sion to the general scaling down OF
prices. and not because il is impos-
as in the automobile trade.
Ford May Make Tires.
IN answer to the statement of tire
reduce prices; Henry Ford an
10 finance a new tire company. and
prevail. AS Ford cars use half of
the tires made in America. this warn
ing caused considerabe excitement
sprinEheid broke f iiye poin,s As enS
United States Rubber about three.
no New W. Bethlehem bonds will pay 2
the open market at IS. Their APP
pearance upset the stock market be
s snGse IN they f3c. came without warning
Denial had dhf See same made aftf by G The
Bethelem Company Of any intention
10 foo issue that W, This sudden change OF
= unfavorable 10 Betneiem.
New Haven was a prominen, feat
new hiE he p 5aLs 'ff rae Iii, rising TO
or 37i-4. Ali the iow.priced ICED ei rails
FITS Tsf,Ie h StrGng and in urgent demand.
s,r .5SpuT bn, an and West Virginia was
~; 1t Is really, coal company and
YIN profit by the strike in England