Evening star., 1923-10-18
CHAIN STORE STOCK
IN Strong DEMAND
Special Groups Hold Interest
in Market-Day's Moves
Very Irregular.
by STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, October 1S.-Interest
in the stock market today was at
rracted more to the movements IN
special stocks than to the course OF
prices In general.
All through the decline of the last
i've months one group has stood forth
In consistent opposition, and that Is
the more representative of the chain
store and department store compa-
nies. These stocks were in demand
again today.
woolworth made a new high, May
Department Stores ran up sharply,
and so did Associated Dry Goods.
There was some revival OF interest,"
also in r. H. Macy & Co. This class
of organizations has not been al
fected in the least by the reaction
in other industries. Their turnover
' IS so large that they have heen aoie
to absorb higher wage costs WITH
out materially advancing their own
prices.
Tobacco Stocks Strong.
Much the same conditions apply
TO the tobacco companies. They are
producing and distributing commodl-
ries for which the demand has Deen
constantly expanding ana Wnlcn
would not be much affected II II
price advances in order 10 onset eN-
ira costs Consequently, interests
connected with the tobacco companies
refuse to subscribe to the pesslmisrn
in other quarters and are snoW1ng il shni5
their confidence in the future III Iheil
market operations.
This was apparent again today in
th,. strength of the Tobacco Products
stocks and the bidding up up OF Fhiiip
Morris to another new high.
The Republic Iron and Steel report
Cor the third quarter, being no better
or no worse IL an expected, had htt.e
effect upon the market for steel
stocks Steel common moved with
the rest of the list. Independent Steel
shares were comparatively neg
1ected
Lee Rubber Has Sinking Spell.
Rubber and tire shares continued to
4 feel the effect of the price cuts, the
latest instance being the Goodyear
announcing its new schedule to meet
the reductions of its competitors. Lee
Rubber and Tire made a new low,
and it's price around 13 did not inspire
confidence in Il e maintenance or the
two-dollar dividend The notable ex-
ception in the tire group was Ajax
Rubber, which sold UP over point
from Wednesdays low
Since their admission to trading on
the New York Stock Exchange,
! week ago, the preferred and common
pany of Delaware have attracted
some attention. The present dividend
of SO annually is evidently well forti-
fed by the favorable earnings, which
in the first half year, amounted to
$11.50 per share on the common after
provision for the preferred stock. 1t
IS expected that twelve months will
result in the largest total of net
profits in the corporations thirty
years operations.
National Supply is an equipment
corporation of the oil industry. It's
earnings have been more stable than
For the last seven years average
profits have amounted to more than
SO per share on the present 241,000
shares of common stock.
Storage Battery Strong.
Among the specialities which have
done especially well in the more re-
cent market is Electric Storage Bat
terry, whose earnings and dividend
outlook are responsible for the COM
parative steadiness of the stock.
Latest information indicates net in
come at a rate of S12 annually, as
against the regular 81 dividends. An
extra disbursement, bringing the rate
to S4.75, already has been paid this
year, and it is believed that 81 or
more in addition to the regular divi-
dend will be authorized at the De-
cember meeting.
In view of the precipitate decline in
Jones Tea shares recently, it has
been taken for granted in the street
that the dividend would be either cut
or passed. The stock has been pay
ing 81 annually. However, instead
Of having net income available for
the stock of $40 or more per share, ii
Is understood that the earnings have
been about So to Sc. A reduction to
So has been predicted.
Coca Cola Turns Weak.
Rubber and tire shares continued
TO be pressed for sale in the late
afternoon. Lee Tire dropped below
l3, and Goodrich made a new low for
rhe year under 10. United States
Rubber also was around its low. Vir-
ginia- Carolina Chemical stock finally
sympathized with the sharp break
which had occurred earlier in the
day in the companys bonds. Weak
ness appeared in one or two other
specialties, notably in Coca Cola, in
which there was supposed to be a
long standing short interest that
would not be averse to covering.
In the last hour Mercantile Marine
preferred, Atlantic Gulf and West In
dies and American International were
bid up on reports that the shipping in
dustry had turned the corner and that
there was more of a demand for
charters both on the Atlantic and the
Pacific. With the exception of the
American, in which there was
still talk of new financing. oil shares
were fairly strong. CoSden, which
had closed at 25is on Wednesday, got
across Sc toward the end. The accus-
toned leaders like Baldwin. Stude-
baker and American Can moved with
IN the. smallest radius they mad in