Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-10-31
DOMESTIC AND FORE|GN
POLITICS PRICE FACTOR
Sharp Break in Stock Market
Comes With Unfavorablc
Rumors.
'"mpanS's Statement Is pu" To-day.
with street Watching for Extra
Observation-Disclosures" Reductions Due
to Lower Production Cost
liN llrnntlHn Mill.


NEW YORK, oct. 80 Expressed
fears over the outsome OF the forth
coming election and apprchonsi ou
relative To the foreign situation wcr,
given - excuse for sharp break
in tho stock market today. Most ac-
tive issues were under pressure all
day, declines ranging from to 2
points With but few exceptions
!inal prices wer" around tho lowest.
Professional bear operators were
active hunting out weak spots and
then Offering the shares "a, the "N-
7ense OF prices. shipping shares.
coppcrs and q number OF trausporta-
tion issues wer" under heaviest pres
sure. Many UUfaVorablo rumors were
circulated regarding tho discontinue
ance OF dividends by certain indus
trial companies, The general bond
market was also heavy.
Studrhnicr Statement Coming.
Announcement is expected to he
made tomorrow Of Studehakcr's earn
mss for tho third quarter. They will
mako very favorable showing ac-
cordinC to people usually familiar
With tho company's affairs Stude-
baker stock showed relative firm
ness in the late dealings recovering
nearly all of an early loss Of more
than points. Purchases the la St
icw days have been declared for The
account OF insiders. The street
seems 20 he divided as 10 whether
udchaker will pay the extra divi-
dcnd. Those who have been quite
correct on Studcbakcr say there Will
hc an extra. but refuse TO state how
much.
The professional hears tried to
make on; OF cuts in tho prices Of cigar
cites by the Ligcctt-Mycrs and II.
J. Reynolds companies. Rumors were
current that this reduction IN prices
by manufacturers meant that an
other price war was under way. Per
Cival 5. Hill. president Of the Amer
lean Tobacco Company, stated prices
had been cut owing TO the reduced
cost OF production.
Standard OIL Firm.
The tirmucss OF standard oil Of
Ncw Jersey in the face Of tho gem
oral weakness attracted attention.
Rumor said that this company has
secured a substantial interest in re-
cent months in one OF the largest
independent companies. The name
If the Texas Company is mentioned
in this connection.
Plans calling for tho absorption OF
tho MAGNOLIA Petroleum by the stan
durd oil Of New York remain un-
been showing remarkable nrmmess
international Mercantile Marine
shares We're prominent for their
weakness. one OF tho directors Is
being quoted In tho street as having
sand the company will hc lucky IL
- earns the preferred dividend this
Year.
Recent Liquor Rulings blamed.
Part OF the selling in the Marines
n H.
rulings, which IL is believed viii
cripple passenger business OF Amcri-
can ships.
\ break Of more than four points
In National EnamslinS and Stamp
ing accompanied reports that there
may no, DO divideAd declared on
IA" common stock as had been cx-
r'ctod notwithstanding stories
forecasts are heard OF dividends he
Ing resumed at the rate OF Sc a
share annually.
Tho optimists arc expected to de-
"Iya much nourishment from tho
rgar'crly earnings of tho United
'e- Steel Corporation to he pub
.sH,i after the close OF the stock
.rSct tomorrow. The figures are
Er"r"d TO reflect the Improvement
ria industry.
French bonds Stcndy.
I."aGS IN genera! were lower.
b governments .held relatively
ay despite tho decline ri francs
ht'r cents. High grade and
NATIVE rails We're under pres
-. Louis and san Francisco
mes were offered In liberal
.ne at lower prices. New York
s.iral convertible dchcnturcs de-
j, but the rcfunding rs held
.r y good demand is reported
short term bonds and notes.
Reports that plans for consolida-
r-4 OF Wilson n COMPANY and
m1Ur * Company had been aban-
conc. failed To have much effect
Wilson stock which At one timc
slowed gain OF more than a point,
Call money was slightly easier
Withdrawals from tn. government
tomorrow In this district Will
amount 10 SllO0o.o00.
Earnings Of the Pennsylvania Rail
road Company for September were
considered favorable. The street
believes that all revenues for Oc-
'ooer WIFI make a very good show