Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-09-28
WAVE OF PRICE CUTTING
WEAKENS STOCK MARKET
Downward Trend Most Acute in In.
dustriai observation-disclosures
From 1 to z Points.
RAILROAD SHARES STRONG
Consensus Of Opinion Is Automobile
Manufacturers VIII Agree on
Lower Figures for Products.
Boston Trouble Local.
NY nnoADAN WALL.

NDW YORK. Sept. 27.-Price cut
tinS and tho announcement that at
least three Boston banking institu-
tons had Invoked the nincty-day
unsettled the stock market today and
Resulted In renewal OF the down.
ward movement In the general list
Weakness WAS most acute In the In
dustrial department., where the losses
ranged from one to seven points. The
downward movement was accclerat ed
Oy reports OF certain industrial COM
panies being In trouble and In need
ated for the most part In bearish cir
cles where the wish was father to
the thought.
Opening Showed Strength.
At the opening. the general mar
ket showed strength, being a contin-
saturday. but turned weak follow
Ing the hrst announcement that a
Boston trust had posted a notice re-
curing dcpositors TO give ninety
days' notice OF Withdrawals. AS tho
session progressed. offerings In
creased. The. selling continued up
10 the close when prices were around
the lowest OF the day.
bankers pointed out that the down
ward movement WAS not the result of
the development OF new fundamental
Weaknesses. but the continued result
OF previously existing factors which
are untavorable. They added that
nSt only is the usual fall trade boom
continues TO decline as evidenced by
increasing failure. These failures.
however. are largely the result OF
.Sgentory losses rather than a strain
large volume of trade.
,RsiIroad shares were relatively
strong and here and there bright
spots appeared
u. s.. Rubber stock showed pro-
nounced weakness In the late trad
ing. II was offered in heavy volume
owing to reports that the company
sontempiates doing some new nnanc-
Net Loss OF Seven Points.
shortly before the close OF the RES
SION the stock showed a net loss Of
ahout seven points for the day.
io'or SHARES suffered owing TO gem
a;,ii ctpeGtation that these companies
prices: a conference OF leading manu-
,Scturers OF motor cars war held In
detroit today. Up to the time the
MARKER closed no announcement OF
In Wall Street The consen.us g.
opinion In the financial district /,
that the automobile companies will
reduce their prices.
.sa nf9Ss sss, With Win Boston amna.ion.
.osium on bank deposits by three
, ,sos e eo.npa nies did no, rerec, any
W.akness In the general bankinr
situation. They said that the troubie
%as purely local and waH an after
man OF the Ponzi bubble.
steer shares, under leadcrshIn y,
Sseei common. were heavy. Republir
iron and Steel was under pressrrc
tnrouShout the day and at ono Tina
sho%ed loss of about four poin.,
brokers state that the public is be-.
S'ms, to realize that steel prices
must be cut by the manufacturers
Me1icnn Petroleum Fluctunte.
Me1!can Petroleum furnished IN.
excitement IN the oil group, Eariv
~. the day urgen, buying forced !,
Up three points 10 new ton OF 1917
~ that level 1t ran into stock ,hat
1Srrfcd II down ten points from ~
h!Eh ngure and closed II within ono.
nhif or the sessions low and with a
net loss Of six and one-haIf points.
some OF the largest comnisaio,
houses report that "a Hubstantial nnn"
per OF their clientele are switcbinr
from the indus,rials to tho rat1s
There Is also steady buying Of the
sh6res OF the transportation con-
panies Tor cash. the certificates hein,-
taken out OF the financial dis,rfc.