Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-13
LOSSES SHOWN BY MANY
STOCKS ON YEARS HIGH
Steel Common Breaks Below
Par, After Touching l03 il
Last Week.
TO begin RAILROAD HEARINGS
southern Companies VIII lie Taken
Up Thursday Before Interstate
Commerce Commission Pinn>
for Consolidating Into 20 Systems.
by u. l.. Iinrntitn.

NEY YORK. June i?-Sinclair di-
roctors viii declare a dividend of 30
cents p share at the meeting S,hcd-
ulcd for this Wednesday,. according
to runors heard in hankius circles
here today. There is difference 81
opinion among tho directors as 10
whether TO declare this a regular
quarterly dividend. So that the share
holders Viii know what 10 expect for
the coming wear or jas; make il "a
dividend of 30 cents with the ex-
recitation "f increasing il later in
the year. Majority opinion seems To
favor making 1t quarterly divj-
dend. 1t Is all right FOR Standard
oil. with it's high earnings power
md assets. to declare ono dividend
one time and another the newt" ono
we'll posted banker said today. but
IL is quite another story for a
smaller company 20 take such action.
The result is To have its stock roll
all around the place"
Hearings Viii begin before the In
;orstate Commerce Commission this
Thursday on the tentative plans for
consolidating the railroads OF the
country into some twenty systems
as ordered by the new tranSporta-
ton law. Tho Southern railroads
viii Toe taken up first Under the
tentative plan worked out hy Pro-
lessor Ripley. OF Harvard acting uu-
der instructions OF the Interstate
Commerce Commission there are TO
be three southern systems one will
include the Southern. tn" Alabama
Great Southern the Georgia south
ern and Florida. the Mobile and
Ohio. the Southern Railway In Mis-
sissinpi the Northern Alabama the
Cincinnati New orleans and Texas
Pacific, the New orleans and Great
Northern. tho Alabama and Nicks-
burg. Tho second includes tn" At
lsntic Coast Line. the Atlanta and
West Point, the Charleston and West
Carolina. the Louisville and Nash
VILE the Nashville. Chattanooga and
s.. Louis tho Louisville. Henderson
and - Louis. the Western Railway
or Alabama, the Richmond Fred
cr!ckshurr and Potomac. the Nor
folk aud southern. the Atlanta. Rlr-
minGham and Atlanta. the Winston
salem tho Norfolk and Western. the
Florida East Coas; and a few other
small roads The third is to be built
III OF number Of small companies
attached TO Illinois Central. Central
OF Georgia and the Seaboard Air
Line
Steel common, which made It's now
high record for tho year last week
At lo2 against So. the low for
1922, broke below par today. lossos
81 from 70 10 points or more from
the years high were also shown In
many other stocks. American Can,
on this comparison. was down hv
noon points; American Locomo-
tive. le; Studchaker. s American
Smelling. :; Baldwin. 7I-2: Midvaie.
q; Standard of Of New Jersey, lll-2:
Computing and Tabula:irr 10
These declines however did not
cover tho low prices FOR tho day,
madc long after noon. when the mar
ket was weakest.
II was stated in this column carly
last w~ok that the larCcs; and most
successful operator in Wall street
was :h"n selling stocks short, That
was Jesse i.ivsrmore. I, looks like
ne has been right again on the mar
kot. However sine" the last az
AHrN u mas heon evident - Others
than th's stock market genius thar
tho spring h0orn vas over. and that
insiders who bought a: much lower
prices We're selling out,
Another sign accepted hv p-ore.-
sioaa! trader, tha.i" sfahou. time
20 sell long SOCKS 600 70 short was
las; weeks news that.the loans Of
ranks u Wall stree. brokers winch
made new high record in Nyve,n-
Ger ~ lHis - 81 $50 ono moo and ,hen
declined - i5o" 100000 in the long
liquidation whtrH eliminated las-
AnEus' "Hr" again UP 20 $500. 600
WOO. S'ili another sign was tho fact
mat comwercls loans throughout
the country continued 70 decline.
The most banking opinion avail
able h'r" . 'hat N-'ces % stocks
should - considerably lower before
d q