Evening star., 1924-08-07
HEAVY REALIZING
IN MANY STOCKS
Check Which Began Early in
, Week Was Again in Evil
dence Today.
BY STUART p. WEST.

BY STUART p. WEST.
Special Dispatch to The Star.
NEW YORK, August 7.--As hap
pened on previous days, a variety of
individual stocks were bid up today
without having any effect in other
quarters.
General Electric had another of its
spectacular jumps. The Street has
explained the advance all the way
from zoo as discounting a capital
epht-up, but it is getting bit fed
up on this. There is no likelihood
of any increase in the cash dividend
sufficient to warrant such selling
prices as the present. The JuStltlca-
ton for the movement must, there
fore, come either in stock dlVldend
or in a capital readJustment Whlch
would give the holder several low
priced units capable of increasing
dividends.
National Lead Active.
Ever since the war days of 1915
and 1916, people have been expecting
a distribution of the war profits OF
the United States Cartridge Company,
a subsidiary of the National Lead
Every advance which National Lead
stock has had in all these years has
port, and yet nothing has come OF IL
As in the case of General Electric.
the common-SenSe reasoning is that
something extraordinary must be IN
the wind in order to warrant @ @Sucn
a rise. and such very high selling
prices. The National Lead manage
rrent, however. has persistentiy re-
fused to encourage the idea OF STOCK
dividend or of capital readJustment.
The fireworks in these and one or
ind
United Fruit were probably responSl-
bile for the taking up of some or the
high-prlced rails. VI, a
Among these were D., l.. & w. ana
Delaware & Hudson. both or whlcn
made new high records. In the case
of D &: H.. however, the rise might
vel have been accounted Tor pF the
attractiveness OF the yield. Even at
1876 the stock returned over per
cent.
Merger Stocks Again Active.
Stocks in which the Van Swerln-
gen PARTY are supposed to be inter
csted attracted attention again. Pere
Marquette made new high as 2,0oU
.hares were taken at So. pittsburgh
&, West Virginia was also bid up.
On the other hand, Erie common
was actively sold below 33. 1t was
off two points nearly from where 1t
was selling when one bulliSh enthu-
siast was writing about buying Or
ders for unlimited amounts being IN
the market. ., E.,
lowed the statement put out by a
local news agency that after several
weeks experiment one OF the
Vacuum oil plants had found the new
oil refining process known as the 81
lica Jel unsatisfactory. But TINS was
by no means the first time that SINH
lar statements have been made and II
has always been denied by the DaVl-
son Chemical people.
Atlantic Refining stock today SOLD
at it's lowest for the recent trading,
and it was believed that the dividend
would be omitted at the meeting
Monday Paying 81 annually, Atlantic
Refining common has sold as hlgh as
l401s this year as compared with a
low under so, touched a short time
ago.
Steel InSot Production.
II was predicted in the Street today
that within the past week the steel
ingot production of the United States
Steel Corporation had gained Z per
cent and that the operations of the
corporation as a whole were between
so and SIS per cent of capacity.
The first of the porphyry copper
reports for the second quarter came
out today. Utah Copper showed net
income of s2,335,57S after taxes and
depreciation. but before depletion,
equal to sl:43 a share on $l6'2f4'soo
capital stock of $40 par value.
The check which began to appear
In the speculative movement at the
outset of the week became more ap-
parent today. Again efforts were
made to cover up the heavy realizing
which was going on by bidding up in
dividual stocks.
AS the afternoon went on the sag
ging tendency on the stock exchange
became more pronounced, and volume
of business fell off.
By the Associated Press.
NEW YORK, August 7.-Foreign ex-
change firm. Quotations Gn United
States dollars)-Great Britain. de-
mand. IS; cables. 4.47H: 60-day
bills on banks, 444A. France. de-
mand. .0547k; cables, .0548. Italy, de-
mand, .0443; demand, .o443A. Bel
gium, demand. .0502A; cables. .0503A
German, demand (per trillion), .23 Is
Holland, 1868 Norway, 1873
Sweden, 1862. Denmark, 1911; Swift
zerland, 1889. Spain. .1345; Greece,
ol76: Poland. .0O19h- Czechoslo-
vakia, .0295. JugoSlovakia, -O123 Ha
Austria, 000014h. Rumania. .0045 q .
Argentina, 1925. Brazil, 1925. Toxic,
..41A. Montreal, 1895.