Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-09-30
PRICES FORCED DOWN
TO NEW LOW LEVELS
Rally Follows, Carrying Mum
Der of Issues Back to Open
ing Figures.
|>lEEL MERGER Is EXPECTED
abandonment OF Rrpubiir- VI idynle-
Inland Combine Hits shares. te-
public Dropping 3i-3 Points.
Equipments Move "a Higher Ground.
STEEL MERGER Is EArucrEI
INy Assocluted Press. ]

NEW YORK. Sept 29.-Bcar trad
TACK against prices ia today's carly
= stock market, using tho unfavorable
.vcruiEht news Ia Ia" Near Eastern
'tuat!cn aud the abandonment Of the
H.. public Midvalc- Inland steel merger
-, an excuse for their assault.
Prices were forced down to new
low levels on the current reaction
before the shorts ran into substan-
tai buying power aud the extent
:" this caused scramble 10 cover
: strrtirg II rally which carried a
umbor Of Issues Wei above yea
lays closing fgur"s
Republic Hr-nks.
Indications that the abandonment
oi the steel merger was unexpected
i in the financial community were seori
in the sharp break In Republic. which
! was carried down / IL points before
lccovery set in. tn" net loss for the
dny being J !2 points. Midvale Of
4 i"rcd little NOR. resistance to sell
ing pressure, welding only Two
~ ,r's. United states steel. common
Bethlehem B. Nauadium and Cruciblc
ste"'s w"r" weak In sympathy. but
.ll rallied later. United states Steel
registering "A small fractional gain on
the dag.
Equipment shares led the rally In
IN" FINAL hour. American Locomotive
"r'"S pushed mp 23i points: Bald
.h. .. American Car and Foundry.
-. Pullman, 81. and Lima Loco
motive, !. Pittsburgh coal also
shook Off It's recent hea.iness. and
other coal shares moved to higher
ground.
Rail. Irregular.
Union Pacific ana l.ackawanna
moved M point. but ;hcrc was some
irrcgu!nrlty IN the rest OF the list.
most OF the changes being -: IA frac-
t.onai nature, Motor shares showed
io.nc Improvement.
standard oils or California and
~" Jersey moved IN an erratic
manner. weakening Ia response 10 tho
sharp break IN standard OF Scw YORK
ON nr curb, which was attributed
10 the failure u the directors ct their
meeting today TO ANNOUNCE. Iluns for
capital adjustments rh.uI recover
~ later. each sh-wing q net gam OF
in"re than poin' or the day. Next
IAN Petroleum nGctUa,cd within a
radius .; n"arly four poigts, closing
at net less of ll-t.
Tobacco shares were under prcs-
surc. LiGg.ti Niger. B dropping :
points uitd American Tobacco \ aud &
declining TWO or moro. but recovering
later improved metal trade coudi-
lions Wor. reflected In the better de-
fnnri for copper. Zine aud lead shares.
most I which showed slight gains.
National biscuit Up.
national B,scuit wbs one Of tho
indlvidGai features, showing net
gain OF 81 points. other strong
',1ot, were Houston. May Department
7Storos. Iron Products and United itc-
tail stores.
Total sales were 1850, 600 shares
call money opened ana renewed at
S. per cent and advanced to .
10 The early afternoon. holding u;
'hnr hour until tn" close. Time
money continued quiet with no APP
preclabl. change in the rates. but
there was 4 good demand FOR com
m"rcia! paper.
The feature OF the foreign cx-
change market was tho quoting OF
the Canadian d. llar AZ premium. TN
settled conditions in the foreign mar
kct caused sharp brcRH I'm sterling
il London. which Was reflected here.
demand bills dropping {" $50 hut
ridlyimg somewhat later. Continental
rates easod IN sympathy, but less
.narply