Evening star., 1923-12-18
SHARP DECLINES
| IN MANY STOCKS
Railroad Shares Drop-OlIs
Also Come DoWn-Cuban
Sugar Goes Higher.
BN STUART u. WEST.

special Dispatch to The Star.
NEW YORK. December ls--lo
dawes partial check to the advance !"
thee stock market was the hrst III
more than a fortnight. good deai
,,as said on the subject of radical
successes in Congress and European
uncertainties were dwelt upon pu'
thes main reason for such deciihe as
nc,atrred was an internal one. ne
market after prolonged periou
when the rising tendency was pre-
dominant was due for reaction;
This was about all the days move
inent signitied.
st Paul issues We're weak again III
sympathy with the very low Seii'il5
prices for the company bonus. y
lot of the selling was cNiaenltS 20
fax purposes As yet no vital al
ferences confront st. Paul hnanceS'
although the return on the bonds -
so abnormally high as /" Suggest
misgivings over the future.
Rail List Unsettled.
Union Pacific. in which special sell,
ing has been in progress iof seHtt NJ
days broke below 126. southern IA
life was svmpatheticallyW weak, ana
the whole railway list was more or
less unsettled. Quite blt OF thc
Union Pacific selling was believed 10
have originated abroad.
Oil shares started in with Sno" oi
strength. but soon gave way WIN the
rest. Baldwin Locomotive FOR d
time was affected by reports that new
orders were coming in very sioNiS.
but this is quite the uSu"i 2tcu. en-, M
at this season. \ year ago II wa" h"'
until well into February mat the ran
way program of expenditures was
completed and orders began TO pour
into the equipment companies;
Tobacco Products was heavily sofa
an the idea that ali the good news
about the stock was out and that con-
seuuently there was no further lmme-
diate stimulus for rise
Peoples Gas Jumps.
The street was talking again about
per cent ,Atra on American IAN
next Friday. with the p3SSlpllll9 VI
d. per .cent. The stock. however
merely moved with the general mar
kct. Continental Can showed signs
Of special support, and even Whlle
other things We're gong down IL was
holding steady. The same was true
,G'Ht'S ~ MnS Densrtment stores. Peoples
Gas went up sharply following the
increase in the dividends from
TO : per cent basis
MAY Department Stores had one OF
its characteristics upward movements
while the general market was sag
aing Earnings have run at a rate
we'll in excess of the So annual dlNl-
dend requirements and prior 10 the
last directors meeting II was eN
nected bv MANY that they would
raise the distribution to S6 per year.
When only the regular disbursement
was declared il was predicted that
early in 1924 either an increase or
extra would be paid.
Industrial AIcohoI's Earnings.
Industrial Alcohors present earn
inp.s are understood to be at the rate
Of approximately Sl7 share, while
for 1928 the company Is expected u
report between $12 and $li per snare
Since the increases i'll the prices OF
various grades of alcohol. Industrial
Alcohol shares have reflected TINS
higher revenue and have had the
benefit of being supported by mar
ket interests, which usually are wei
Informed on the companys aHalrs.
Cuba Cane preferred gave i partic
ularIy good account of itself. IN splt'
OF the general selling III the iitaus
trial section and the reduction ol re
fined sugar uriceS another ~ poiiits
The publication of another bui!lsl
crop estimate by d reorgan:zed Cuoal
authority was a sustaining lhnueiice
cuba Cane reported close TO slo
share on its preferred stock for th'
fiscal year 1928 and. assuming, a.
many do, that raw sugar VIII sci
higher next year, it is figured ina
earnings Will be least equdii! J.!
good. The estimate Of the 1924 crop
out today, was about 10000 ton
Less than was expected month ago
Farm Crop Figures Surprise.
The detailed figures on the nation!
farm values given out by the De
partment of Agriculture throw fur
ther light upon this much discusse'
question Those who earlier in tn
year were continually scouting abou
agricultural depression" were talk
ing as if the whole farm industry wa
wheat AS a matter of fact the 1872
wheat crop was worth $125.5OO,0O
and it was fourth in Importance.
Measured in terms of dollars corr
produced three times as much for th'
country as wheat, and cotton twic'
as much. while the hay crop wa
worth just S666, 900, 900. AS stock wen
down activity diminished. This wa
especially noticeable in the late af
ternoon. The cotton market gave an
other display of strength. losing par
of yesterdays remarkable advance
then rallying.