Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-09-19
TAKING Of PROFITS
UNSETTLES STOCKS
Many More Advances Made
in Trading Today-OiIs
Off in Price Cuts.
ny STUART p. WEST.
SpecisI Dispatcb tn The Star

Special Dispatch to The Star
NEW YORK, September 19.-Today's
stock market at intervals ran into
lot of profit-taking, which more OIL
less unsettled the list. Outside de
velopments apparently had little to dt
with these operations. They were the
ordinary realizing sales in a pro1es
sional market following a falr-slZeo
advance.
During the first hour or two poo's
and other speculative interests were
active on the long side of specialties
kennecott Copper was actively bought
above As. where it was within point
of its top of the year. A revival OF
interest at the same time occurred IT
American Metals. Other copper AND
metal shares were not affected. The
recent decline in the copper meta
from 1875 cents a pound to arouno
13 cents has been a great diSappo1nt'
ment. in view of the optimistic pre-
dictions of a month and two months
ago.
Equipment Stocks In Demand.
Equipment stocks were in demand
FOR while. American Car and Foun-
dry ran up 3 points and Pullman
crossed $50, responding to the favor
able report for the year, which was
published Thursday. Later on real
izing sales were felt in this as In
other quarters. Baldwin Locomotive
lost all and more than its early ad-
vance.
Oil shares were heavy, being more
sensitive than they had on other
days to the recent price-cutting anC
the statistics on crude oil production
showing that supplies are at the
peak. Another cut of cent gallon
in gasoline prices was announced by
several companies today.
General Motors Active.
The new General Motors. with 6
balance sheet value of $50 share
came over from the curb and was
actively dealt in at advancing prices
According to the explanatory state
ment, this is to be regarded as 5,
stock as long as conditions remain as
they are in the automobile industry.
Following the story printed in this
dispatch Thursday that Vacuum Oil
had approved the Silica Gel process
Dawson Chemical ran up sharply.
Tobacco Reaches 100.
American Tobacco reached loo az
the result of the report, which ap-
pears to be we'll founded, that an ex-
ira dividend is in prospect before the
end of the year Confirmation of the
recent rumorS about big block OF
Canadian Pacific having been taker
over by New York banking syndi.
cate from the old German govern
ment. was attended by a brisk run
up in the stock. The strength OF
Western Pacific revived stories about
the road parting with its interest II
Rio Grande Western and giving share
owners the benefit. The jump in
Worthington Pump was due to au
thentic accounts of considerably i'm.
proved business. Pool operations con-
tinued in Postum Cereal
Worthington Pumps advance to 6
new high for the year represented
buying which has been Influenced by
special developments in the company's
business. Worthington has perfected
new feed water heater for use or
railway locomotives, making possible
runs of 500 miles without change.
Reports persisted that the contro
of Associated Dry Goods Corporation
would pass to Gimbel Brothers. Ne.
Gotiations are believed to be in prog.
reSS. In its advance to above 100 AS.
sociated Dry Goods common STOCK
has passed to a much larger extent
into strong hands. while many hold
ers of small amounts of the stock
have taken their profits.
Industrial Alcohol Prices Up.
Within month the United States
Industrial Alcohol Co. increased its
prices on all grades of denatured al
cohol. > cents. and now it is said
that another advance of either or j
cents will be put into effect shortly
These price increases will mean a
considerable increase to income
Earnings are running at the rate of
approximately S14 d share on the
common. Directors at their divid end
meeting Thursday took no action on
the common stock
A dividend at the rate of Sc annu-
ally instead of the current s. is
confidently expected in certain quar-
tiers at the next meeting of MAY
Department Store directors.