Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-09-29
n. !. BANKERS IN DARK
ON NEAR EAST TROUBLE
Have No Idea What the Turk
Will Do
Next.
SEE FURTHER STOCi> DEtII>E
Market In Suffering From over
bought Condition. and Has C"nr
stnlr, Due Ia Very Smnll Public
Following.
SEE FURTHER SroCk DEcLi>H
liy u. J.. i,nrunrn.

Ivy u. u. fnrnn".
written for the United N.wsD
NEW YORK Sept. @S-pcSri,e an
early decline I'm sterling to Il new low
level for this movement. tho stock
market hold steady ny To IN" noon
hour, when fresh selling stnri.d on
cables received at tn" cotton "N-
change that a clash had occurred he
tween the -urkS and British troops.
Throughout the day sterling CON
tinu.d very weak. But Will. stock
and cotton prices declined. wheat
went off ON the war runors wheat
should have advanced.
Ordinarily. bankers here can re;
reliable information on what is going
or IN Euror" Rmt TO-DAY bankers
here arc IN the dark as TO what.repl-
Is IS taking place In the Near East.
az course, everybody knows where
England and France and other coun-
tries stand. Rut the trouble ~ tha;
bankers abroad, as Well az here. do
not know what Turkey will do next.
Sec Further Decline.
And In the meantime. the best I'M
iormed here are OF the belief that
the decline IN tho stock market will
90 farther. There was wide calling
Of margins last night. and there WAS
support III the market this morning
by pools which undoubtedly VIII ac-
cept tho first opportunity to sell the
stocks thus purchased The s!tua-
ton In Turkey is stiIl being given
the cause for the selling. But
thai Is an excuse, rather than am cX-
nlanation. with or without tho dis
turning news abroad. the stock mar
kst was headed for decline. lie
cause Il had gone stale with only L
Very small public following and with
the loans OF many houses here mixed
up In pools ut high records. One
houst is reported 20 have reduced it's
loans within tile past few days from
100000 10 S3.oo0,0o0: another from
:lU.DoO. 600 10 $4,000. zoe; another from
sI.5"o. 600 20 Si.o"o,oOO.
Until pool stocks like Baldwin
Studchaker. Gulf states steel. Am.ri-
can Wool show that they can resist,
tine raids now being made by short
sellers, tho decline is likely 10 con-
t!nue. Tho market is suffering nrom
an ovorboucht condition and from
over-cNtouded pool loans. not from
bad news.
sell G"rcrnmcnt li"nn>.
Despite the killing of the bonus
bill. government bonds are sut, ON
Institutional selling. banks. trust
companies. insurance companies and
others selling TO get busy TO TAX"
tho new government bonds.
II is understood that the stock OK
chau-N started the investigation now
on OF spccialitics largely as result
of protests that came from out-of-
town nrms connected with stock rN-
change houses here 'Thtrc is no;
the slightest question hut that rm
years these floor specialists 'havr
ben committing murder" AZ on,
Wall street trader described II to-
LAY. by cunning" In one way or an
other for the stop loss" orders on
their hooks, that Is. orders held 80
he executed when stated prices above
or below tn" Currcn, quotations arc
reached. Ther" is not tho slightest
doubt either, that tn" present pr.si-
dent Of tn" stock exchange is doing
\ more SINGER" work To clean house
than any OF his predecessors.
Hold European SermritIes.
II war should com" as result of
the Turkish situation. which would
involve England. France and other
European countries. the situation
from oar viewpoint would be Yer,
different from 1914. when Europe had
some 10000 100000 OF our good So
curit!cs Those securities have h.rn
sold here and today We hold several
billion dollars worth of securities
and paper OF European countries
Illinois Genital Is o,r. 81 tn. roads
TO max" crod Showing for August.
gross OF Sl5,727 600 being larger than
for last year ny Sl.7h7.Oun. while net
OF s2.l4s,0on is w ss63.0NO For the
eight months gross OF si0T. OuO. oou IS
UP sl,5iI,0On and net OF si5.29t GOO
up sS.o7S 600. The company officials
say, will have no trouble this year
In earning IN" 6 per cent noucomu-
la:!ve dividend on the $40. 900. OOo new
preferred stock and tho per cent on
TIE &l0a00O00 common
u. .& IL. Heavy sufferer.
Delaware and Hudson must make
the most Of its opportunities for the
rest % this year :" make up for Tia"
losses suffered from April lo the
end OF August. because ~ the anthra-
cite strihc'nud the trouble with its
snopmcu Today's August earnings
statement shows gross OF S23g9. 900
against i4.l2T,0O0 "A year ago with an
operating d"Hcit of Ss.2 600 against
a surplus "a year ago ~ sg3..Upo Fol:
tho eight months gross Is S23.lS7 200
against t3o.5i3,o 900 and net only S7ai.-
COO against Si7o300O for Ia. same
period OF last year.
Todays detailed foreign trad-
statement for August Indicates that
Europe j. getting back on q rroduc-
ton basis In the matter OF food pro
ducts. For August our exports az
grain and hy-products wcr. .s6,sal.
900 against SlIIs3N.OGD a year ago.
si7,+?2; dairy products. 81 6il coo
%