The Birmingham age-herald., 1924-08-22
STOCK VALUES TURN DOWNWARD Market Called On To Ab- sorb Large Volume Of
 Profit Taking

NEW YORK, Aug, 2.-Reactionary price tendencies prevailed in today's stock market, which was again called upon to absorb an unusually large vol- ume of profit-taking sales. Bullish demonstrations in Dupont, Corn Prod ucts and United States Cast Iron Pipe failed to stem the tide of selling in other standard rails and industrials, many of which dropped one to three points.
 Some irreguiarfty took place at the opening, due to the usual evening up of speculative accounts after a brisk turn in either direction. So great was the supply of some of the popular shares that they could not be disposed of except at concessions in quoted values. This encouraged a resumption of short selling in some of the volatile shares, which was given added impetus by the stiffening of money rates and the announcement of new stock off, fering by Mack Truck and the circula- tion of unfavorable rumors concerning St. Paul earnings and financial plans.
 U. s. Steel common closed more than a point lower at 109h, while American Can showed a net loss of nearly 2 points at 1S4b. Baldwin was run up to 126M and then dropped about 2 points from the high for a small fractional loss. Studebaker, however, moved up In sympathy with most of the other motors, touching new top at 39h. About twenty other issues also broke through their previous high prices.
 Nash Motors recorded an extreme gain of 9h points at 126h and then slipped back to 124 Stromberg Car buretor advanced nearly points. An nouncement of 20 per cent increase in common stock brought fresh realizing into Mack Truck, which closed nearly points lower at 102.
 Copper shares lost ground on reports of an easing in red metal prices. Ship ping continued to display a firm tone, Marine preferred and American Inter national Corporation recording net highs at 43h and 29H, respectively.
 Texas Gulf Sulphur failed to re- spond to the placing of the stock on S7 annual basis, this action already having been discounted. Considerable interest was aroused by speculative &C., tivity in Corn Products, trading in, which had been restricted by high corn and low sugar prices. 1nteTna- tional Business Machines, R. H. Macy, National Lead, General Electric and Wilson & Co.,, preferred, lost to 3 points.
 Rails were mixed but losses exceeded gains. Nickel Plate" rallied more than a point and the International Railways and Central American issues continued their rise to higher ground, but net losses of 1 to nearly 3 points were recorded by the St. Paul issues, New Haven, Lackawana, Delaware and Hudson, Chicago, Northwestern, Att lantic Coast Line, Illinois Central and several others.
 Money rates displayed a firmer tone. Call money held at 2 per cent with marked scarcity of offerings in the ''outside" market below that figure.
 Time money rates were advanced quarter of one per cent but there was little increase in activity. Commercial paper also stiffened with the bulk of prime names moving at 3A per cent.
 Foreign exchanges pointed upward for the first time this week. Demand sterling advanced 21a cents to around $451 and French francs ruled about ' points higher around 5.45 cents.
 Stnck market averages: