Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-09-14
CONTRARY MOVEMENT
ASSERTED TO Be NEAR
View Held Many Stocks That
Have Advanced Largely
Near Top,
nrc roun DECLARES DIVIDEND
Firnt Payment to Shareholders Since
september, 1910, Comes I'm Form
Of Per Cent JHNssion, Putting
StOck on Per Gent HnnIs.
By u. L. Barn IN.

written FOR tho United Sews.)
NEW YORK, Sept IA few new
high records for tho year were made
today, but the stock market AS a
broadway house, which haa been re-
'narkabiy correct In It's predictions
Tor both the advance which started
weeks ago and the subsequent tenn
purarS setbacks, made the predic
ZION early today that prices would
advance before the close, but that
fefore the end o; the week the
proAt-taEing that was In evidence
carly In the week would be resumed.
we DO 40, mean to sriEht:n PEG.
pie out " s,ockS~ thls hou.e said,
and We certainly would no, sell any,
thing bu; trading line. Of stock on
daJa OF strength, But we are al a
Iracture In speculation wher. a
seasonal contrary movement simtiar
to ;hat which developed In June may
'aho place at any time and undcr
suca conditions 4, would be unw!se
10 begin 10 bay stocks that have
had big advances sad very foolish
not TO secuve proaia an stocks that
have been carried which have al.
renay enjoyed Approximately 80 per
rrrt OF all o. the advance than can
lie expected fos them during the ne
~ The bu!l market This bun mar
ket probably has six ia ten months
set 10 run. but IL ,cas that have gone
W from so to So points since 4,
started arc noi going to continue 10
advance iudean!teiy.''
Steel Furnaces Coming In F'nnt.
steel furnace assumptions arc COM
ing rapidly and tho Iron Axe says
today that within tho neg; week or
ten days all OF tho twenty eight
iurDsces which Ken. out during Au-
gust VIII DO resumed.
II was learned today that the pool
81 insiders which has been operating
in StudrbaIcr from south BEND has
again shifted It's Headquarters, this
tim. back TO Ncw York. Prajic-
lions a:o b9ing made that tho com.
pnny VIII issue si5.ooo.ooo available
treasury stock 10 shareho!ders on
favorable terms.
New Yor. Central declared its
regular quarterly IL pos ccnt aly!-
dend today. and RS -Four declared
per cent on i;Y stock. Last Juno
;hn E!g Four declared per cent. tho
hrs. dividend since September OF
1910. Today's action 81 understood
20 place Big Four common on I
per cent dividend basis. New York
Central is Offering 70 exchange its
",ock for Big Four preferred. share
for ahnre. and to givo eighty shares
Of It's stock 70. 100 shares OF Big
-Four common.
a shipment o: 100000 gold from
England arrived here today on tho
Majestic FOR Kuhn, Loeb * Co
bond Market Advances steadily.
Taking the bond market as Il
, whole. prices have been advancing
steadily since carly Ia tho year
jForty representative bonds, .nclud-
= ing ten high-ciaSS rails, ten second
class rails. ten industrials and ten
pub!!c utility issues. show an aver
ago advance from the years low o.
Sc points. The largest advance ha.
b.cn In tho public utilities. which
show gain on the average for tho
ten bonds OF l0.G 9oints. The larx-
. est gain FOR the Individual public
utifiy bonds has been 2ll-2 points
for the Detroit United Railway Con
so!ida,cd Alps.
standard Oh OF New Jersey. an
nounces an increase of half oen,
- gallon In the tank wagon price
OF Kerosene
As evidence % improved cond!-
lions in the stool trade. Youngstown
sheet and Tube Increases the Gua--
icrly dividend on its common stock
from 30 cents to "a.
/ 10 Push Merger Through.
. President Grace, OF Bethlehem
announces that Immediately after
the special meeting OF Bethlehem
l.ackawanna shareholders next
Monday to approve the merger. Lack
awanna viii he taken over. after
which. there VIII DO consolidation
OF the purchasing, traffic. selling. ac-
counting operating departments o.
me two companies. He points GU,
mat tho object of the merger is 20
reduce expenses. but he says that as
many Lackawannn's employees as
possible will be kept.
In discussing the shipping bill now
before Congross tho latest copy o.
the London Financial Times. TO ar
, rive by mail. says: The idea OF the
OIL now under discussion Is TO tempt
buyers to come forward by OFFERING
them ten-years' subsidy which
VII! give them an assured profit In
other words, as the American gov.
eminent cannot find anybody to buy
its ships II Is proposing 10 paw peo.
pie 10 take them away"
Much may be found to say agains,
me proposed ship subsidy bill. bu,
the foregoing does not apply to the
saie OF ZIG wooden vessels yestcr
day by Chairman Lasker, of tho
+. oHippiHS Doaro, 10 San Francisco
buyer. subject to the approval OF the
full board. These ships averagIns
$500 tons. cost the government
S3co.00o.oo0. Tho whole lot OF 2oa
was sold for $75o.00O. but with the
agreement that tho vessels shall be
Immediately dismantled and no,
: used in any way in merchant marine
service.
III the Sale ie approved there will
be no ten-year SIbsidY on these
ships to assure profit. The profit
10 the buyer will come In another
way. The scrap value of the o26
Vessels Is estimated to average
Ii'ooo Tho proposed subsidy will
come In other ways, through gov
ernment funds loaned at low inter
est rates to American shlpbuildcrs
thr0ush annual subsidy for carrying
mail. through immigrants REQUIRED
10 use American ships, through
preferential fcaisht rates, ct cetera,
ID ~ -