Evening star., 1923-11-12
STOCKS SELL OFF
AFTER NEW HIGHS
Strong Opening Followed by
Heavy Selling in Spe-
CiaI Issues.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, November .12.-New
high records were made in the stock
market early today, but later the ad-
vance was checked, and the heavy
realizing sales in progress exerted
their influence. 1t was a collection
of special movements rather than any
general reflection, and interest CEN
tered in these.
The rise in American international
above % was accompanied by the
usual calculations regarding the
lipuidating value of the stock.
Estimates as to what the latter
would be worth in event the COM
panys assets were closed out. have
been raised as the result of the re-
cent rise in the market. The fact
that Marine preferred, of which
American International is the large
owner, was freely sold, while A. l.
G. was going up. was regarded as a
suspicious circumstance, and there
was much speculation as to what
1t meant.
Senrs-ROebuck Leads.
Shares of companies doing business
with the farmers were once more in
demand Sears Roebuck was the lead
er, with rise at one time of j
points. Montgomery Ward went
along sympathetically, and the fer
tilizer stocks, particularly American
Agricultural Chemical and lnterna-
tional Agricultural Chemical, were
drawn along. Congoleum Company
stock, on top of its 13-potnt advance
last week. had another sharp jump
The market has been slow to recog-
nize the significance of the 500 per
cent stock dividend recently declared
1t probably means that the present
stock is on a Sl2 annual basis.
Sugar stocks We're in demand for
a time, especially Cuban Cane pre-
ferred. but this was due to the i'm
preston that the recent decline In
sugar prices was exaggerated. the
pool in Industrial Alcohol which
started operations some time age
across 90. Goodrich preferred was
up nearly 10 points from the ex-
treme low reached only three weeks
ago.
Railroad Shares Spotty.
Railway shares were extremely ir-
regular. There was profit taking In
some of last week 5 favorites, such
as Southern Railway and wabash
4, and a switching into the ErleS.
Owing to the coal strike the Septem-
ber earnings of the Erie were not
quite up to the showing of previous
months, but on the basis of the re-
suits for the nine months, Erie
should show for 1923 the 4 per cent
on both classes of preferred stocks
covered, with a balance of over 3
per cent for the common.
What buying there has been re-
rentlySin Pullman Company has been
based not only on satisfactory earn
ings and good business, but also on
the understanding that important
liquidation in the shares has been
practically completed. Pullman is
earning at least s14 a share, accord
ing to late estimates, and It's business
is holding up well.
1t is reported that in the week
ended November both the Y: >.
Rubber Company and Kelly Spring
field sold more automobile tires tnan
in any other single week so far In
1928 The crude rubber industry is
reported as distinctly improved. For
the full II months earnings or the
rubber and tire concerns are not eN-
pected to be any too encouraging.
However, in October and SO far in
November. it is said United states
Rubber and Kelly particularly VIII
be able to break Eat least even.
Industrial Alcohol Strong.
United States Industrial Alcohol S
strength was set down principally to
the likelihood of dividend being de-
cared on the stock soon however
this idea was not generally held. In
dustrial Alcohol is earning more than
S12 a share. it is getting 81 cents
for it's alcohol and it is probable
that these prices will be raised
shortly.
The reductions in prices of cement.
announced today, were not looked
upon seriously by persons in close
touch with affairs of International
Cement. They were characterized as
seasonal. 1t is understood that an
important announcement concerning
international Cement will be put out
this week.