Evening star., 1923-12-28
STOCKS GOEOWER
IN TRADING TODAY
Realizing Sales and Evening
Up of Accounts Cause
of Many Declines.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, December 2S.-Realiz-
ing sales were again heavy enough in
the stock market today to discourage
fresh efforts on the side of advance
and to bring about further reaction.
1t was apparent Thursday from the
action of the oil shares that they had
discounted, for the time being at any
rate, the good news in the shape of
reduced production and price ad-
vances. Profit-taking In this group
was once more a noticeable feature
early today, the one noteworthy ex-
ception being Standard Of New Jer-
sey.
This stock got up close to 40, which
was the best reached on the recent
advance The point made for Standard
of New Jersey. in comparison with
other oils. was that the company had
the largest resources to store away
low cost crude at the bargain prices
of last summer, and consequently
would benefit more than any OF the
others from the marking up of IL
ventory as the result of the late
price increases.
Sugar Shares Decline.
Cuba Cane sugar preferred was off
. moro than 8 points from Its nigh.
AS already observed. profits have been
taken in this stock because of the re-
action in the market for sugar fu-
lures and because of the expectation
that the demand for raw sugar dur
ing the next few weeks will slacken.
American Sugar continued heavy.
People who are not friendly to this
stock on the idea that the 1923 earn
ings will be relatively poor are.
nevertheless, holding off from the
selling side to see how much of a
poses has played in it's recent move
ment. That heavy losses have been
incurred Is apparent from the fact
that the stock is down so points from
the years high.
Despite the downward tendency in
the general list, several individual
stocks at times stood out strongly.
Among these were United States In
dustrial Alcohol. Coca Cola and
United States Realty and Improve,
had in mind that the company is
credited with earning more than 1t
was when 1t paid per cent divi-
dends and the stock was selling in
the COS
Clearing Up Accounts.
In all the markets today business
consisted OF clearing up accounts in
cludtng tomorrow's two hours, II was
the last day for purchases and sales
put through in the regular way
that is,. with the use Of credit as dis
suit was to restrict fresh operations
and to bring about further reaction
from the tendencies which have re-
Gently prevailed.
Clearing up accounts in the stock
market meant more of desire to sell
than to buy, consequently in the
greater part Of the list prices went
lower.
The check to the advance was
equally apparent in cotton. On the
decline has dominated the recent
movement of French francs, the spec
ulative housecleaning here meant a
temporary excess Of covering pur-
chases over offerings.
French Francs Do Better.
At its high early in the day the
franc was quoted close to $50, as
againGt Wednesdays record low Of
4.e92. Later on, however, there was
p rather sharp recession. The best
opinion was that there was no sig
ntf1cance to the recovery except that
profits by speculators who have been
operating heavily on the short side.
This. sort of thing has occurred
very frequently during the decline
or the last twenty months from the
3 to cent level. For example, on
its way down from 6.25 cents at the
beginning of October the franc stop
ped at $40 in the third week of No
Fember and rallied abruptly to 5.5S.
American Woolen's Position.
American Woolen common. where
IT was selling today. was less than
10 points above it's extreme low for
1928 and over So points under its
top for the past twelve months. This
showing obviously invites some
doubt as to the exact position of the
company. AT present attention is be-
ing paid to the prospects for the
fail selling season, which should be-
gin in January or later.
Net income for 1923 is expected to
be sufficient to cover dividend re-
quirements. but there is feeling that
1924 results may not prove any too
favorable.
Industrial Alcohol continued in de-
mand, and its movement was attribut-
ed to the operations of strong
speculative clique which were based
upon exceptionally good earnings.
Current net income is said to be at
the rate of well over SIS share,
while between s12 and S14 for the
year is expected.