Evening star., 1923-10-22
STOCKS SELL OFF :.
/ IN FINAL TRADING
Bears Throw Shares Over
After Special Issues Make
) New High Marks.
ny STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, October 22.-Dealings
on the stock exchange today followed
the familiar course of Monday mar
ket after a Strong Saturday. The
upward movements Seontinued with
quite display of vigor at the open
ing and for the first half hour or so.
Leaders of the list, like Baldwin
Locomotive, American Can and Amer
lean Woolen, rose another half point
TO a point. Then the professional
following, which had only been opcr-
atinE for an over-Sunday turn,
commenced to get. out, and as there
was very little fresh outside buying
these offerings soon forced the market
down again.
Maxwell Rise Checked.
During the early advance WHY'S
Overland preferred jumped 10 ~.
Maxwell Motors A and Pierce arrow
preferred were also in some demanu'
evidently from a short interest, Whlch
some time ago took the stand that the
automobile industry was racing
state of overproductfon. This expec-
tation, so far, has not Deen reallztu
although the motor companies are
having a seasonal letdown. lhe rise
in Maxwell was quickly checked py
reports of new financing. dupont
stock sold above l2S, but followed the
general market later. The best IN
formation Is that the next DIVIDEND on
General Motors common VIII not De
changed, and the street finds II hard
to believe that the Dupont dividend
will be raised.
Rubber and Tires Sink.
Rubber and tire shares had another
sinking spell following a fresh oreat
in United States Rubber preferred
The action of this stock on the lace
of things suggest doubt regarding
the maintenance OF the per cent
dividend But similar abrupt declines
occurred last year and the year pc
fore. and yet the full distribution was
later made. Goodrich preferred went
below 90 again, and heliy-Sprlhs
ficld and Lee Tire were weak.
There was another remarkable dem
onstration in the stocks OF chaln
Woolworth crossed 20 and there was
similar jump i'll kresge stock. May
Department Stores went along WNh
the others. selling at new high on
the present move. These stocks are
going up not because of the eNpecta-
tion of early dividend increases, but
rather because of the rapid ptlinS up
OF assets.
Auto knitter Breaks.
4 violent decline in Auto Knitter
Hosiery stock was set down as a case
of DELAYED liquidation" In other
words. II was the sale of speculatively
held stock which could not have been
readily sold under the unsettled con-
ditious obtaining until recently.
The principal movements today IN
the various. markets We're downward.
This was not true Of the general run
of investment bonds nor of parts OF
the stock list.
But il was true in very marked
fashion of the foreign exchanges. and
in less degree of European govern
ment securities, of cotton ana OF corn:
Reasons for Stcrling's Drop.
Inasmuch as the pound sterling
has never been sensitive to the vlcls-
ssitudes of the rerara tions contro-
versy, it is quite impossible to at
tribute it's decline to tie. latest Ger
man news: The fact that this de-
cline persisted today in sympathy
with the denial that the Great Brit
ain governments is planning some
currency imitation to; meet the unem-
ployment problem showed that these
lumors had not beeu the factor which
some had" supposed. This leaves as
the two chief reasons the turn of the
foreign trade balance in favor of the
United states and the necessity or
providing the large semi-annual in
forest due next m1nth upon the Brit
ish war debt: 49,.
Wall street Features.
Commenting upon several automo-
bile concerns whose securities are
active, prominent brokerage house
said today that the Chandler divi-
deud would be maintained, prospects
being excellent for much more than
normal fall and winter business.
Studebaker. 1t is said, will show the
usual seasonal decline of 45 to so
per cent in it's account of earnings
10 be published late in October. How
ever, more bullish estimates from an
other source We're that Studebaker's S
earnings would compare favorably
with those for the second quarter
StrOmberg Doing Well.
Earnings of the 2Stromberg Carr
buretor Company are understood to
bo proceeding at q satisfactory rate
and quite sufficient TO warrant main
tcnance of the present 81 annual divi-
dend, in spite of bearish rumors re-
rarding this and other automobile ac-
CesSory concerns. In the first half
year Stromberg earned about 1926 a
share on the common stock, as
against slightly less than So in the
corresponding period of 1922. The
company is said to be in excellent
financial condition.
CHASING WAS HEAVY