Evening star., 1924-03-11
PRICES G0A|GHER
| IN ESPECIAL STOCKS
Department Store Shares
i Still Advancing-N., w.
Il Issues Again in Demand. ),
H-s : a.' -,
BY STUART p. WEST.

Special Dispatch to THE Star.
Ii NEW YORK, March .11.-Monday' 5
sslIing movement was not followed up
in the stock market today Prices
hardened at the opening and subse-
duently a number of individual stocks
Mere bid up. One of these was Gen
aral Electric. although there was
nothing said in connection with the
rise except the old rumor Of a capital
split-up.
Z The public have been kept out OF the
last named, not only on account OF it's
very high price, but on account OF re-
peated denials by heads of the company
Of anything immediate in the way OF a
melon cutting. Some day. however, TINS
lhust come, and the wealthy holders or
the stock are content to ,bide their time
Famous Players made only slight re-
sponSe to the annual statement, snow
fng, as expected, slightly over $l5 on
Lne common. AS the, result of the cur
tailment put into effect last October bllls
hayable were reduced nearly sl,ooo,ooo
during the last six months of the year
But inventories were not reduced, and
stood at over s15,000.000.
( There would appear TO De no limit
to the rise in the group OF depart
ment store and retail merchandise
the general market last summer these
Shares scarcely went down at all, and
when the turn came at the end OF Oc-
fOber they were among the nrSt 10 go
up. Since then they have paid prac-
tically no attention to the market S
irregularities, but have kept on push
ing ahead.
4 Dry Goods Crosses Par.
Today Associated Dry Goods drew
across par again, May Department
Stores was energetically taken in
hand and there was another Spectacu-
Lar jump in Woolworth.
! The inventory item is composed of
negatives, poSitives, films, etc, the
future value of which is hard TO de-
termine. This is what makes Famous
Blayers stock an earnings proposition
chiefly.
Norfolk and Western Strong.
i Buying of Norfolk for the reasons
10 often referred to, continued, push
ing the stock across 120. lnterna-
up for a time on rumors that a large
tional Combustion Engineering ran
block of stock long overhanging the
market had been taken. Steel shares
did little, neither did the equipments
OF the motors.
Confirmation was still withheld re-
garding the report that the French
government had obtained Soo,0O0,0to
loan in the United States and SINH
lar loan in England in order to sup
port the frac. But sufficient credence
was given to the story to induce
further short covering and conse-
cuent sharp advance. 1t Will take sew
eral days at least to determine
whether this change for the better IS
TO be permanent.
The position this time is more
promising because the French gov
ernment has at length awakened TO
the necessity of taking drastic steps
TO balance the budget. In order TO 90
this it will practically have to stop
work in the devastated regions al
together until German reparationS
begin to function, and the question
Is whether the French people Will
support such policy.
Presidents Message Factor.
Probably there was some connection
between the better tone in the days
stock market and the special mes
sage of the President to Congress
urging d 25 per cent tax reduction by
FRIDAY night. There is no doubt, of
eeurse, that. if this pressure proves
SucceSsful 1t will be a. very welcome
happening from an investment anu
business standpoint.
IAN early advance in gasoline prices,
pbssibly before the end of the cur
rent week, is looked for by many in
the oil trade. An increase in refined
oil prices has been delayed, 1T was
ya i'd, but is expected to follow close
ON the heels of the recent crude oil
advances, more of which were an
nounced today.
JThe president of the Colorado Fuel
and Iron Company stated today that
the company had made no contract
for oil drilling on it's property.