Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-09-29
5PECULATORS CONTINUE
DRIVE ON STOCK PRICES
NJ ark ct Declines Slightly;
Stages Rally at
Close.
FOREIGN EXCHANGE wEAKEI
Hcportr "f Impending AnEio-Turk
Clash ON Dnri nncllrs Fail to Curb
Nisc Near Close OF SesSioh-RniI
Come luck strong
tBv Associated PIa.I..l

hv Associated P1SSj..J
NEW YORK. Sept. 2s.-Specuiu
we operators renewed their attack
ca prices In today's stock market.
h"ins assisted BY the liquidation OF
some weakened speculative accouuts
az individuals and few pools. The
declines. however. We're not as ex-
'cnsivr as those OF yesterday, and
some extensive short covering In the
hIEi hour brought Tho prices Of a
i.W leaders above yesterdays clos
:Hl quotations.
Cneasiness In European financial
circles over tho Near Eastern situa-
tirn. as rejected In III. further
weakness of foreign exchange and
tic marking up OF call money TO
i-r cent aided tho bear faction, How
-!"r. evidence that tho current re-
.t-tion waa Influenced more by tech
meal considerations than b. develop
mcnt abroad. was apparent by Tho
TACT that runors Of "a clash between
ne British and Turkish troops
which wore circulated throughou-
'"" financial district In Tn. late at
t"Tuoon failed TO check the rally
ihen In progress. Their. were indi-
''t'pns that large interests were uc-
'umplatins some or the high grad.
st"chs on The downgrad..
lt-sIsts StubbornIy.
mo principal decline today took
r'dc" In stocks which had been the
subject OF extensive pool op.rut.ons
nut tho market generally offered
r""re stubborn resistance to selling
pressure, Indicating good support
l!St beneath the current levels
United states Steel common success
ihI4y withstOod IN" attack of short
interest, buying support being at
'r"et"d by reports Of unusually heavy
orders being received In the last few
days Republic Steel was under
H"aNy pressure. dropping more than
Two points on circulation OF Un-
'dNorahlc reports Indicating the
break UP OF the proposed Rcpublic-
M!dralc- Inland merger CruclbIc
St.e! nucthated with a range OF
ihr"e points. bur closed fract!onaly
higher.
Rail shares were irregular. hu,
most OF the variations were less
inan point either way. There was
It fair demand for st. PAN ISSUES
ur"n publication OF III. August
earnings statement, showing II gain
~ nearly $500, 900 IN net income over
august 1927, but 'hc net Eains of
both the common rni preferred is
sizes only fractional. New York
central sold OF i point on COM
paTativ"ly small turnover. hut else
N''''' '''' ''''li - were NN!HIpor-
taut.
Equipments came back strong
atier an early display uC weakness
lu some ut the iAvoritcs American
and Lima locomotives advanced
% po.ntg, and BALDWIN was up
hearty hUlt WIN the exception
of Mex can petroleum. which was
Off Ia "n the day, most OF tn" OH
shares held stcudy ar moved to
a o
California ana Sew Jersey improved
'raat!uua!Iy. and Pierce on pre-
irrreh was pushed up five points. In
~" special iisJ 1OCa-Cola Was aunt"
active. :esisior!u.; Il nc1 gain OF
iunrc thau a noiut DUPONT Powder
moved lp I'VE poi'!'s and National
Biscuit IL. Wcnkncss "t Amerf-
can Tobacco" was attributed IN part
I" .nsses sustained by the company
tn AsiH Minor as result of Tho
~m, rna mrr and military develop
hunts in mat area.
Total A"irs were approximately
Ip5n.Gnp shares.
Gas. monoy opened asi renewed a,
4i-i per cvut, but jumped 10 nvc
during tho noon hour. holding at
thar ngur- until tho close. The time
money marhet was quiet, with viz
tualiv nn change IN rates.. bur tn
creasiug activity was noted In com
Irercial paper market. Demand
sterling hills broke under si3S to-
day, the decline being attributed to
tir heavy buying OF dollars in Lon
don aud the disposition of buyers
on this side 10 await development $
iu the Scar East before making any
extensive purchases. French eN-
change was quite and there were
irmportant fluctuations in the other
European rates.