Evening star., 1924-09-22
ADVANCE CHECKED
IN FINAL TRADING
Public Utility Stocks Stopped
After Large Gains-Gas
Shares Up 10 Points.
BY STUART p. WEST.

NEW YORK, September 22-Dur-
ing the greater part OF the days ses-
sion, il was a Standof between pro-
fit-taking in some of last weeks lead
ers and the pushing forward of new
favorites. Wall street considered the
political news over the week end as
favorable from it's point of view.
Nothing else happened to influence
the market.
, The regular leaders like Steel COM
mon and Baltimore Loco opened high
er but ran into a plentiful supply of
stock. This was true also of General
Electric and American Can. Selling
of the latter was accompanied by
skepticism regarding the dividend
action at the end of the month.
Neither the coppers nor the sugars
did anything to speak of. Although
the rubber situation has undoubtedly
turned, there was no disposition to
Immediately continue to discount this
fact in the trading in the rubber
stocks. The oils were neglected, COM
paratively speaking.
Gas stock Jumps 10 Points.
Interest centered in the public util-
tiles, in the tobacco shares, in one
or two of the rails and in various
specialties.
Consolidated Gas and Electric of
this being accompanied by proper
tionate advance in the new stock on
the curb. Wall street believes that
one of the purposes in the splitting
up of the capital was to facilitate an
increase in dividends.
Consolidated Gas of New York was
active and strong above "A. which
meant that it was in new high
ground Brookln Union Gas went
in, joy Of
in the present 81 to at least SIS a
share. The remarkable feature in the
public utility group, however. was
the North American common, which
on big turnover. rose almost
violently. There were rumors of
some highly favorable announcement
soon to be made.
Standard Gas & Electric made a
new high above 3S. At that figure.
the return is still nearly per cent
Tobacco Gossip BuIlish.
For some time past the financial
district has been full of reports that
the tobacco men were very bulliSh
on their stocks.
This statement appeard to be borne
out by what happened today: Last
year after all manner of extravagant
predictions, Tobacco Products earned
only sl.35 on its common. after the
stock had sold as high as 7SA. With
this experience in view, there is eau
tion about accepting bulliSh earnings
estimates. But there is no disposi-
tion to dispute the aggressive way
in which the market for Tobacco
Products shares is handled Liggett
and Myers made new high. while
the American Tobaccos, after
further rise, at the start ran into
considerable profit-taking. The feel
ing is that American Tobacco will
be one of the next to announce a
capital split-up.
Worthington Pump was bid up
again on the discussion regarding
the development of it's new heating
device for railway use. 1t was up
3 points from Saturday and 10 points
from a week ago.
North American Is Feature.
North American was feature
among the utilities. advancing to
new top for the year. An announce
ment is expected this week regard
ing what the Street calls a shake
down of capital structure."~ North
American Cane pays $40 annually in
dividends on its common stock. No in
crease in dividends is looked for.
The president of the Standard Plate
Glass Company today denied reports
of friction among directors and said
he knew of no reason for the break
last week in the stock. The COM
pany, he added, is in satisfactory
shape. business is good, and he looked
for satisfactory earnings the balance
of the year. There was an opening
recovery of about 5 points in the
company's stocks.
Market Rise Checked.
Following a statement put out by
one of the financial news agencies, in
which the Vacuum Oil Company was
quoted as denying the purchase of
Dawson Chemical stock, the latter
broke sharply on a rush to sell.
In the last hour the market became
increasingly Irregular. The advance
was checked at least temporarily in
the public utilities.