Evening star., 1923-10-19
SHIPPING STOCkSUP
TIRE SHARES WEAK
Goodrich and U. S. Rubber Hit
New LoWs-Good Buying
/ in B. & o. Noted.
BY STUART r. WEST.
Special Dispatch to The Star.

Specal Dispatch to The Star.
NEW YORK. October 19--The princl-
pal movements in the stock market to-
day were upward. There were one or
two notable exceptions, like the Good
rich stocks and United States Rubber,
which made new lows in response TO the
passing of the Lee Tire dividend and
the publicity given the statement that
tire prices were the lowest on record.
But, in the main, operators on the
short side were more timid than they
have been in some time, recognizing
that after a week of sharp breaks in
individual stocks the general body or
the list has shown no signs of hqul-
dation. The Inference was drawn that
the market was we'll sold out ana
traders were at work on the long
side wherever any initiative was
shown.
Shipping Stocks Strong.
Shipping stocks stood out proml-
nently again under the lead OF Mtr
camille Marine preferred ana Ameri-
can International. lot OIL buy
low prices they were below their as
sets value Regardless of the un-
profitable conditions in the ocean
carving trade now, however, II ap-
tn. ,n"nd. that the Japnnese disaster
has created larger demand TOT tom
mage nd that for Other rea sons there
is more of an inquiry for snip char :
tiers. The recovery in this class oil
stocks during the last few days has,
therefore, had a twofold base.
Pan-American Shares Drop.
Pan-American shares were sold
again on reports that the company
in working capital and the majority
opinion was that this would be OBJ
tained through new financing.
Some said that an announcement 10
this effect was to be looked Tor next
week The other idea was that, while
the next one or two quarterly divi-
dends might be paid at the regular
rate the intention was to raise the
necessary funds later on by reducing
the distribution to shareholders.
Switching In b. & o.
With the steels and equipments
shares slowly hardening, the pressure
was lifted from the rails and these
stocks went higher. There was quite
some activity at times in the ErleS,
wabash 4, Reading and Baltimore
and Ohio. Apparently there has been
considerable switching into Baltimore
and Ohio from other per cent rail-
way stocks like those of the north
western group, whlcn are not Tar re-
moved from the former in their sell
ing prices and which are not making
the favorable showing in earnings.
Further information is current re-
garding the strong trade situation OF
United States Industrial Alcohol
which in recent months has increased
the price of alcohol, it's chief product,
to the HIGHEST level in three years.
II is understood that the company
has withIrawn from the alcohol mar
y; ie frlE q
that rrices of alcohol will soon be
raised Another two-cent gallon
Increase ND not be surprising.
Stewnrt-Warner Gossip.
Stewart-Warner directors are sched-
uled to meet Saturday. and it was
reported today that only the regular
$3.50 quarterly dividend will be au-
thorized. The more sanguine earlier
in the year had looked for an extra
disbursement late in 1928. but the
seasonal showdown in the automobile
business and the growing disposition
toward conservation in dividend pol
icies of companies which deal with
the motor concerns, have had their
effect.
Goodrich stocks, both common and
preferred, sank to new low levels. fol-
lowing the passing of the Lee Tire
dividend and the recent price-cutting.
Goodrich preferred at 50 seemed
pretty low for Z per cent STOCK 10
be selling Dividends on this issue
have been paid since the organization
of the Goodrich company in 1912. The
7 per cent distribution has been main
tanned uninterruptedly since 1913. Moth
Ing has been paid on the common for
a few years. In the first six months
of 1923 the indicated earnings on the
common after preferred dividends
were paid were approximately Sass a
share, as against only cents in the
corresponding period of 1922.
MARKET CLOSES FIRM