Evening star., 1923-12-03
SLOWS UP
ON HEAVY SELLING.
New Highs Early in Session
Are Soon Reduced-Sugars
Again in Demand.
BY STUART l.. WEST.
Special Dispatch to The St;r.

NEW YORK, December 3.-Heayy
realizing sales stopped the advance
in the stock market today after a
number of the leaders had equaled or
surpassed their previous highs.
Motor stocks were favored in the
buying at the start. Studebaker at
loo was at it's best for the recent
upward swing. Chandler Motors was
bought on the contention that as a
Sc dividend payer ii was out of line
with other members of the group. IL
was selling less than two points
above White Motors. paying 81.
The latter shares were strong for
a time and so We're Hudson Motors
and WHY'S Overland preferred Eff
forts to put up General Motors were
quickly abandoned after encounter
ing Il large supply just above IA.
vrhe motor section did not resist. how
ever, when the reaction set in later
in the general list.
Individual specially movements
were also abandoned or were not
pressed 50 vigorously when the rest
of the market began to hesitate. y
continuance of pool operations was
noticeable in the early trading in
Computing -'Tabulating- Recording and
in Household Products. Coca Cola
was bid up for time. At i6 the re-
turn on the : per cent Coca Cola is
average which the present market
seems to.eXpect on highly speculative
industrialS which have increased
their dividends only within the last
year or two.
If all the American Can directors
are going to do at the December 20
meeting is TO pay an extra dividend
of 81, III addition to the present rate
of s.. The stock, where 1t sold this
morning around its previous high rec
ord of l06, would appear to have had
all the benefit that was coming to it
from this action. The real reason.
however. back of the recent buying
of American Can is the tacit assur-
ance Of larger future disbursements.
Moreover. there is the additional in
centive furnished by the statement
that the can companies will be doing
a 100 per cent capacity business in
1929.
SteeIs and Oils Active.
Stccls and oils divided interest with
the motors and can shares during the
periods when the general market was
strong. The buying in these two
groups has nearly all been done on
the assumption that incoming steel
ordcTs Will increase after the first OF
the scar, and that by spring at least
output and consumption will have
balanced in the oil trade. and that
the better financed oil companies will
then he making money again. Mar
land was the leader of the injepend-
"nt oils. and CoSden was readily TAX
en- around 80.
Sluggishness of Columbia ass is
said To have been due to the fact that
TWO big accounts have heen in proc
cSS Of liquidation for Irng time
past. one from failed house. the
other from Il concern which had TO
realize on its assets. large holdings
uf Columbia Gas being one of these.
This liquidation is believed to be
pretty we'll over.
Further buying in Hudson Motors.
" nay Z IN, iNi1 1S
and is earning more than twice that
amount, was looked upon as proof of
the revival of confidence in the out
look for most of the automobile COM
panies. Under 80. Hudson is selling
TO yield over 10 per cent.
Sugar Shares in Demand.
Timken Roller Bearing is expected
to show net income of approximately
$9.000.000 for 1923. the equivalent of
about 81 per share on the stock. This
company's business has been improv-
ing steadily.
Continued strength in National
supply of Delaware attracted some
attention. especially because this
company'S business is done with oil
concerns. National supply pays SO
annually in dividends as against an
Earning power which this year is ex-
pected to be in excess of SIS a share.
The sugar shares were in demand
again in face of II difference of
opinion regarding the 1924 prospects.
The view of the majority is that raw
sugar prices in 1924 will be at least
companies as Cuba Cane, which. ac-
rording to its annual report, averaged
in excess of 40 cents a pound.
Worry Over Congress.
Such check as appeared at times in
the stock market today was plainly
aSCrihable TO the uncertainty always
present on the eve of Il new Congress.
a III l..
radical forces are strong enough to
bring about an amendment to the
transportation law that would per-
init of general downward revision
in freight rates. 1t does feel more or
less uneaSineSS, however, over the
chance of the soldier bonus getting
through, and not only holding up the
tax-reduction program. but necessi-
tating an increase in the present
taxes.
Washington dispatches over the
week end all laid emphasis upon the
possibility of the republican radicals
combining with the democrats to
produce deadlock where nothing in
would be passed. The doubt thus
east upon the outlook for the Mellon
tax plan had its effect upon the mar
ket, sentiment of the day, without
diminishing the confidence generally
felt regarding the business prospects
for next year.
There was no evidence either in the
stock or bond market that actual in
vestors We're disturbed by the po-
litiCal situation. But il was quite
to be expected that many of the
spectators who had attractive paper
profits in sight should have thought
It advisable to take them and await
the developments of the next few
days.
Railway stocks We're inclined to
fh.a
age in the industrial section. Hold
ers of the rails will have to steel
themselves to all manner of sensa-
tional proposals and bills introduced
within the next thirty days.
They will have to he prepared for
a great deal of agitation on the sub
ject of lowering rates on farm prod
uctS. But they can also feel sure
that if the present transportation act
stands freights on farm produce can
notshe reduced without a compensat-
ingspf vanc An other articles.
AZ length halt was called on the
advance in cotton. For one thing the
trade seemed to feel that it had gone
too.far in accepting the extreme low
estimates of the current crop. An
other calculation put out this morn
Ing by a respected authority placed
"A pffbable total 100000 bales above
theA low figures, which were COM
medlN monlNy credited at the close of last
Oit shares were the features of the
AFTERNOON. People who had sold Mar
lang short had costly experience
and the Marland episode had a
strengthening effect on other oils
Tho trise in Houston and in Skelly
aboyb % was noteworthy.
The demonstration III the oils was
not sufficient to stop the selling in
other parts of the list and the mar
ket weakened generally, in the final
dealings. Stocks like Studebaker
Baldwin Locomotive and American
Can We're off 1!s to nearly points
fheir on yIx oh