Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-08-03
DULLNESS CONTINUES
IN THE STOCK MARKET
Prices of Shares Open Lower
and Then Sell
OF.
INTEREST IN BRITISH MOTH
I'm nkcrs Study Situation, Hut OpIn-
IONS arc Naricd-Scw Low Record
TOR German Marks-Conhdrncc I'M
outlook for nusInc.s.
Nv IL. l.. Iinrnuu.


stocks. especially the rails opened
lover this morning. and then sold
Ion partly on disappointment that the
YAH strike looked worse and partly
on tho war debt note sent by Eng
land 10 the allies. However,. there
wa" a recovery In the frs, hour fol-
loved by dizziness
This duilocss continued despite
other unfavornhlc news development.
First it was reported from Washing
ton that within the ncAt few days
All Of the railroads east ~. tho Miysis-
sirpi would be noticed that until fur
thcr orders they were To get all OF
'ho!r coal from central dis,ribut-
inS government committee at Wash
ington, This, Of course. made Wall
street understand that the govern
inent Looked upon The coal situation
aS ycriCus.
Discus. Rritnin.s Mates.
Tint this IL the viewpoint Of the
iron ma steel trade was evident from
'n"ay's weekly review OF II. Iron
NTr. which stated that the past week
had brought further tightening or
m" grip OF the coal and railroad
rtrixos, and that II waz realized thar
the situation would grow worse he
fore II 20; bcttrr.' It was added that
'hn hituntiun had II Il more serious
possibilities than producers hayo en-
tcr'aIucd''
Then ,h"ro was another cut OF %
cents barrel tn Tho price oi MIDI
Continent OH making tho price si25
~ was & when tho cuts hogan
N"St To the railroad and coal strike
situation. Great Er!tnin'> notes to her
allies and us on tho war debt situa-
'lon was the subject uppcrmost In
discussion here. Judging from cable
Instructions received by your core
spond"nt FOR detailed Information as
!" our views financial London. too.
~ on edge over this latest develop
incn'. In h'r notes England says
sh" pre;ors cancellation. but must
can on IN" a!ltrF 20 pay her because
she cannot get US 20 torego our
claims on her. While she does no,
say 70 many VIII c0ustrue her note
10 us /" mean tina, she cannot pay
~ unless "a" is pad by tn. allies
From IN" viewpoint a. our host
bankers h"r" England raises three
points. one is what Will he tho an
*~"r ot the allies 10 her uotr2 The
feeling on this question is that the
allies vii! say IN diplomatic language,
that they cannot pay England They,
Will no, say outright that they can.
not pay what Tho allies Viii Prob
ably say i that they viii pay Eng
lsnd II Germany pays them In full.
something everybody knows is not
going to happen.
M Hope In Consress.
Next the question f. raised. what
does England expect 10 accomplish
by thc~" notes? To that the answer
~ our bankers H. that she expects
to lind out definitely where this
country and France stands. SO that
the question OF revising the German
reparntiCns payments can he taken
up As for the answer she Is 10
receive from MS. TIA. feeling j. that
there Is absolutely no hope OF yet
ting Congress or the American pubic
within the next two or three years
10 change The existing deb; refundIng
law which provides :or the definite
payment or III. war debt within a
stated term OF years and hNcs the
minimum interest rate TO BE- paid
For the third point that Is whether
England Intends to go hack on the
statement officially made that inter
est on her dctt TO us is To begin this
autumn. our bankers say that the
hes, answer Is that England has al
ready sent us over s3O,G0U.0O0 gold
10 help make such payments.
German marks opened at a new
low record this morning OF -. that
is. .oOl3 Of n cent This compares
with the pre-war par OF 23-s-Io cents
and with .0059 % "a cent. the high
-Four months ago Hungarian cX-
change was selling where German
marks are now selling. Today Hun
gSrian exchange is worth less than
one-third OF what il was four months
ago. Some fcw weeks ago when it
began to look Ike France was Will
ing To substantially reduce the Ger
man separations payments and grant
Germany moratorium. spectators
here and elsewhere began 20 buy
German marks At that time your
correspondent went to one OF the
biggest and best posted bankers
here and asked him for his opinion
on marks which was quoted In this
column. That opinion In effect was
that In the final reorganization OF
Gcrmanys finances the par value OF
the mark would lac reduced. that 10
compared with the pre-war level. 1t
now looks like this banker was right
Confidence In business Outlook.
Judging from the number OF new
corporations formed last month with
capital OF 100000 or more confidence
in tho outlook for business in gem
cral is on the increase The capital
OF new companies hoated last month
aggregated 1904. 259. 100000 in round
numbers, compared with S297 $50 600
for June OF this year. and S2Si,I5?.-
900 for July OF last year. For the
seven months OF this year the figures
are s4.S2a, 100000. contrasted with
s1.399,000.0 900 for the same months of
last year. when business was on the
down grade. For the frst seven
months OF 1920 the figures were
slO.204 100000.
developments justify the prediction
made In this column last week that
automobile manufacturers were GO
ing to cut prices in an intensive CANA
paign to get orders for the remain der
OF tho selling year. First Oakland
and Oldsmobile cut prices. Then
Chevrolet. Then Buick. Now Stude-
baker. with $4,000 untitled orders on
its books, announces price cuts rang
ing from $40 car to $500
Cummins, Borah and other Sena-
tors admit that legislation is to be
Introduced intended to give the Rail