The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-09-28
PASS|NGO COAL DIVIDEND
{ACTORM DECLINE IN STOCKS

New York, Sept. 27.-Speculative
operators for the decline again as.
sumed control OF. today's stock mar.
ket, forcing another sharp break IN
prices which carried n number OF
stocks down u TO three points be-
low yesterdays levels, and in many
cases to the lowest figures OF the
month. Virtually no fresh buying
power vas In evidence. Passing OF
rse Pittsburgh Coal dividend. calling
attention TO the serious effects OF the
coal strike. which the market had
largely ignored before. increasing ten
sion over the situation in the Near
East. heaviness OF Liberty bonds n
reports that bankers were not dis
posed TO permit further extension or
brokers loans. which had been estt-
mated as high as $4,000. 900. 900 when
the current reaction began. all con-
tributed to the downward trend.
Pittsburgh Coal Breaks.
Pittsburgh Coal broke ten points
upon information hat the directors
had passed the regular quarterly dtvt-
dend, which obviously was uneXpect'
Cd in the financial district. The stock
has been IN a five percent basis since
1918. Burns Bros. 4 and b stocks. on
Which dividends previously had been
declared despite a shutdown for sew
eral months. reacted more than a
point each.
Coal carving railroads also were
influenced by the Pittsburgh dividend
action. Lackawanna. which had SOLD
up to 1861. dropping back to 133. and
losses OF m TO nearly three points
taking place in Chesapeake L Ohio.
Reading. Delaware & Hudson. Lehigh
Valley, Central Of New Jersey. Norfolk
& Western and Pittsburgh and West
Virginia common and preferred.
Rail Earnings Lower.
Rail- earnings statements for August
had also an u~nfavoraole enect on
these issues. Baltimore & Ohio show
ing a decrease OF nearly $4,000. 900 IT
net revenue under that OF August OF
last year. and Erie failing to meet IT'S
liked charges by nearly S2.oOO,oVo'
Union Pacific. Atchison. New YORK
Central and Southern Pacific also
Welded more than a point each. de-
spite the publication OF figures snow
ing further increases in loadtnss OF
revenue freight and coal loadtngs al
, a new high mark since the strike De-
gan.
May Modify Merger.
Rumors that the report o. the req
eral trade commission would cad 10
Ia modification OF the terms or the
Republic-M idvale-Inland steel merger
were held partly responsible Tor the
weakness o. steel shares, Republic
dropping two points and Mtdvale near.
w a point. while United States steer
tell below 1O1 and then rallied 10 for
a net loss OF Ia on the ~. steer
production Is reported to be aoout ~
percent OF capacity, but some OF the
larger mills are experiencing aiuicuits
IN getting cars to move their snip
ments. ~
Standard to New High.
Standard Oil of New Jersey crossea
200 today to a new high for the yea
hrt fell back five points later for a net
loss OF 2A points.
Standard OF California also estao-
lished a new peak price at lZlH' ou'
dropped back four points before tne
close. Gulf States steel. when Win
,ns Standard Oil issues. had beer eA,
hibiting marked strength throughout
the reaction, sold of 5l2 points toua!'
Three of the most prominent specu'a'
tive favorites. Mexican petroleum.
baldwin and Studeoaker. also Eleioeu
two points or more.
Total sales were a~pproxima'ei'
$50. 900 shares. uore
= Bills against cotton shipments we're
bsld largely responsible for the tur.
Their decline in sterling, demand oms
Welding nearly a point TO Sf'to lau
Continental rates yielded only mooe
ately. Az
Cali money held steady al -
throughout the session, there pelns
little deraand for funds In a reaction,
ary market. A fair amount OF ousi'
nsss was done In the time money maI'
ket over the year maturities conn'
handing Az percent.