Evening star., 1923-10-23
WHOLE STOCK LIST
TURNS Down HILL
General Selling Partially Due
to Latest Moves in Ger
man Situation.
BY STUART p. WEST,

BY STUART p. WEST.
Special Dispatch to The Star.
NEW YORK, October 23.-The stock
market started in today with weak
ness cropping out in one group after
another until pretty much the whole
30, list was involved in the selling. The
declines, while general, were very ir-
regular: In over half the list they We're
comparatively small. =.
=, Rail Issues Break First. 49,.
Railway shares were the first to
succumb. and the leaders of the de-
cline were the same as they have been
on every occasion lately when rails
have been going down. Northern Pa
ciac was particularly vulnerable unit!
It got around its low of so. when 1t
met with some support.
The same was true of Great North
ern preferred. Both roads are in
strong enough financial position to
warrant drawing UPON surplus ac-
earnings. How long they would keep
up such a policy is question. Much
OF the recent selling, however, has
ireen inspired by the reasoning tnat
they are not as safe for permanent
investment as other stocks of similar
yield and selling price,
C0ppers Join slump.
Copper shares always sell on any
development suggesting further cur
tailment of the German market. Ken
necott broke through 30 for the first
time and Anaconda. American Smelt-
ing and Inspiration were all down at
or close to their low. points. Chile
Copper stock was steadier than the
rest. The regular quarterly dividend
of 6212 cents snare was declared
today.
Heavy selling of the Central Leath-
er stocks down to much the lowest
yet reached both preceded and fol-
lowed the publication of the figures
Tor the third quarter, which made an
even worse showing than the street
was prepared for. There was def
cit'o SO. .S26, ,034 after taxes and charges,
as against a deficit of $79,637 in the
second quarter and a surplus of $780,
9I7 in the first quarter, when the boot
and shoe industry was doing its record
business.
At Lowest Levels of Year.
New low records Were made in
United States Rubber first preferred.
which sold on a 10 per cent basis, and
Goodrich preferred again broke 6S.
rubber common was heavily sold be-
low 3d. International Paper also
made a new low, breaking 80 for the
first time.
Numerous weak points were brought
out in specialties which were the oh
ject of pool activity early in the year.
and in which presumably there was
stale pool accounts to be liqutdated.
Among these were Packard Motors,
which got down under 10; Vivaudon
and Owens Bottle. Famous Players
was another speciality to break, and
American Agriculture Chemical was
offered down on large transactions
Sterling Exchange Drops.
Another sharp fall In sterling ex-
change further weakness in the
tinental currencies and a sagging of
French government bonds In the mar
kets. both abroad and at home, were
incidents of more Importance in the
financial situation today than any
thing happening on the stock eX-
change.
That there was any connection be-
tween these movements and the de-
cline OF stocks was doubtful 1t
sounded plausible to attribute the
selling in the stock market to the
disorders in Germany and their re-
action upon the exchanges But, as
matter of fact, such occurrences have
too frequently been ignored in the
Wall street movement for 1t to be as
sumed that they were much of an in
fiuence today.
The further decline in continental
rates and the heaviness in French
bonds were a plain indication that
the international markets view the
separatist movement In Germany as
another blow at the already dwin-
ding chances OF collecting the war
bills.
Goodyear Financing Talk.
Several months ago there was some
talk of the retirement by February.
1924. of an additional amount of
Goodyear prior preference stock. 1t
was announced in January that over
standing would be retired. leaving
$20,o00.Ooo. Then midway. through
the year it was reported that plans
were being made to reduce this
amount to $15.ooo.oo by the end of
lsss apparently howsver owe III, these tse
Unsatisfactory turn in tthe rubber and
tire situation The question now is
whktker Goodyear will consider it
ssstsasas e rssire .tns any mort s,1,;s Of the
nsxt several nl6nths. Barpings.
tkough tAey have SHOWN innproveMent
ever 1893. arc not as large as ex-
pected.
Aflied Chemical weak.
= Further liquidation occurred in AL
Lied Chemical and Dye stock. which
was not surprising In view of the
prevailing feeling that as 81 divi-
dend payer this stock was selling out
W were enc Current me that ano Aliied h chemical P
would increase the dividend to IS or
s6, but with the declaration on each
occasion of only the regular 81 rate,
disappointed holders unloaded their
stock. Little has been heard about
the business of the company recently
except that the present dividend is
being satisfactorily covered, with some
thing to spare.
Closing Prices Ffrmer.
At no time was there any general
weakness The speculative leaders
went down g. point or more as the
weak spots were uncovered in spe-
cta1 stocks. But in the afternoon
prices hardened again on the strength
shown by the chain store and de-
partment stocks, the tobaccos and
the shares of the edectric companies.
The high-priced Woolworth and
Kresge. General Electric and West
inghouse and Tobacco Product were
the late afternoon features.
Railway shares Continued sluggish
through the late afternoon, with
little disposition to rally. This was
the moro remarkable after the excel
lent September report Of the Union
Pacific, showing a gain of $4,000, 900
in Union Pacific's gross over August
and a net operating income exceed
ing that of August by S2.400,OG0
SOME STRONG RALLIES.