Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-09-23
NEAR EAST SITUATION
BLAMED FOR DECLINE
Reports of Increased Peunsyl-
vania Dividend Said TO
BE Premature.
Nni' street Wonders why Federal
Trade C0n;;;!==.n. Continues To
thnrRe Companies with Unfair
Methods.

Iy IL. l.. I,nrnum.


written for the United Ncyst
SEW YORK. Sept. 22.-Pricc3 on
TIE Stock Exchange opened stcadier
tnis morning ANA trading was uuiet
ru' I" noon. when selling again
'iai,ed which carried II mum hcr OF
shares down to a new low for MS
movement. Houses which saw thls
Weeks decline coming and said .o
ad"iscd their clients trday no, 10
h"gin buying. bu, IL was added tina,
snort sales should not BE- made u,
thiS Level
can money opened today a, ! psr
'"nt. hnh. for the first tim. ia many
months, tim" non.y fo- ninety days
"r longer got up u . per cont. Il.
ii,e last hour the call rate weu, 90
:. per cent
Wear East New. Di>turb!nr
News from abroad on tho Turkish
uaitcn was more disturbing. and
van -; offered that az tn. ex-
~" nap"n Tor tn. renewed dccl!u" In
stock prices.
hcrc was no reason. however 20
h"tlsFe that Wall stree, paid any
~" attention to todny's cables
li"in abroad than II ala early in
''n month, when the stock market
Tor the year
Todhy's low prices showed losses
~ rom 10 10 POINTS from ;ho 20.
CENT nigh for many shares which had
cen "FcrbpuEht. Whil" the aver
"'" trader showed no INCLINATION to-
DAY 70 r"purchhsc the stocks su.d
''iiy this week or last at a pros,
"a" action OF good seasoned avn
nend- paying shares which hny. hlI
substantial s"tbaci, waS haing
n!pse!y watched for Eigue of the bot
tom having been reached The aver
ag. trader In Wall St-ct IS SIN
"nlIish for the lonu pun ana Is pa
i"n,ly waiting 10 again take ,no
long side.
Deny Pennsylvania Increase
reports 1ciue circulated tina. lin
pennsylvania Railroad is going lr
iucr"hF" IT'S dividend ia u rcr cent,
IN" Oh rate. before tn" end Of ,hc'
wear ana then offer from $50. 200 Gun
10 E9vpph0OO in Rev stock at mar
'V - share are considered prefia-
nc by bankers here who shnulI
know. Whether tho company .h,s,li
i'stpre tho cid dividend ,a'. !,
rtnIH on traffic and expenses and
MH-'her or not the company can soil
3'9voo,"o0 20 s50.oo6 goo Of stock =,
ihr depends or whether or no, TN.
old dividend rate liz restored This
'rar Pennsylvania shares have al
fdncef from 81 Ia TO igi-i, which
"Nidcnt!y was considered hIgii
'uou2h for tho present dividend rata.
On the other hand, II would he com
r"raiive!v easy for the company &C
ell bon.Is.
See Another Au,o Cut.
ohargcs OF unfair methods q. cor.
h"hn0u III making prices we're
brought today by the Federal Trad.
oHmlssion against several tobacco
conp"iIi-s. including the American
l.nrli!ard. Liggcit d Myers, the TO
D"cco Products. In view o. the
Huown sentiments oi the admins.
cation on big business. Wall stree,
wonders why the Federal Trade
commission continues 10 bring I'm
'Uch reports az that OF today and
the one opposing the proposed steel
mergers.
Eumors OF more price cutting T.,
me automobile trade We're heard
acre today. Hudson and Essex an
nounce their intention OF rut,ine
lower prices into effect today. rang
az :rom Slo5 10 $50. and the sik
.~rc is that there will he n down.
ward revision by Studcbaker and
General Motors. Companies whicn
nave made money this year can af-
ford 10 reduce prices. It is being
argued. TO get new business during
the lem months. which will still
snow n profit.