LIQUOR: Up American

A lone investor paid $2,550 for 100 shares of American Distilling Co. stock on Thursday, Sept. 30. If he had happened to sell out at 11:45 a.m. on Wednesday, Oct. 27, he would have made a gross profit of $4,150. Even if he held on—which is much more likely—he would have ended the week with a paper profit of $3,725, almost half of it chalked up during last week's five and a half days of trading. Despite this dizzy boom, he might well think his shares were not overvalued.

Shades of Repeal. Last...

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