Evening star., 1922-09-16
REALIZING SALES
CAUSE A SLUMP
Near East Situation and
Weekend Profit akinu
Responsible Factors.
BY STUART p. WEST.

NEW YORK. September 16.-Prices
went lower for the most part in to-
J days two-hour trading
Among stocks which have recently
had the most extensive rise, the de-
clines were quite sharp. They ran
from a point and half to three
points.
lnasmuch as Wall street always pre-
fers al outside TO an inside reason, Il
professed to ascribe the decline to
the crisis in the near east As a
matter OF fact. the Turkish threat TO
advance on Constantineple had been
known just as we'll on Friday and
the market had ignored it completely
This morning the news was dis
tinctiy better. in that the European
allies had adopted united front in
dealing with the Turkish commander
and had taken measures for meeting
the situation. which it was confidently
felt would be effected.
Had there been any serious con-
cern over the near eastern develop
ments it would have shown first and
mos, emphatically in the foreign eX-
changes.
AS it happened. the exchange mar
ket displayed the same Indifference
,oday as 1t had on Friday. Rates
on sterling. francs and marks We're
Slightly lower. but they did not get
below where they stood on Thurs
day. when the Turkish. question first
became a factor. The commodity
markets. too, did not show the un-
easiness they had on the previous day.
Weekend Realizing.
Such selling as occurred in the
stock market was partly the familiar
end of the week realizing and. in
part. the clearing up of speculative
accounts on the idea that in some
directions, at least, the upward move
ment had for the time being cul-
minated.
Mexican Petroleum was of 10
points from its recent top, Baldwin
Locomotive 5 points, Studebaker ),
Pullman and American Locomo-
tive 4.
Railway stocks came off in some
instances a point.
But. outside of the few high priced
favorites and two or three of the
recent pool selections. there was no
weakness Of consequence.
Cleveland Motors, in common with
other motors. lost points.
Weber & Heilbroner.
The advance in Weber & Hebron
er, which was one of the bright spots
in today's market. was due to reports
that an increase in the dividend rate
from 81 to $3.50 seemed likely at the
next meeting of the board of direc-
tors The dividend is payable semi
annually when so cents has been de-
clared.
Weber & Heilbroner. like the cloth
ing and chain-store companies, has
enjoyed very good business for
some time past. and is earning d!vi-
dend several times over.
Financial Notes.
The Erie railroad has placed an or
der for thirty freight locomotives of
the Mikado type, with the Baldwin
Locomotive Company. The order VIII
involve expenditure of about sl.soo,-
600.
Gas rates in Albany. Utica, Syracuse
and Rochester have been reduced .
cents per thousand cubic feet.
The Indiana Pipe Line Company to-
day declared the regular quarterly divi-
dend of So. payable November IS. TO
stock of record October 20.
Central Petroleum Company today
declared regular semi-annual dividend
of IL per cent. payable October 10,
to stock of record September 30.
The Newton Steel Company today
declared regular quarterly dividend of
~ per cent on common and q per
cent on preferred: both are payable
October l to stock OF record Septem-
ter 90.
independent Pneumatic Tool today
declared the regular quarterly diVt-
dend OF 81, payable october 2. to stock
Of record September %.