Evening star., 1925-06-18
SHARP DECLINES
!. IN LATE TRADING
Many New Highs Earlier in
Day-B Bell Telephone and
;; Pierce-Arr0W Features.
BY STUART p. WEST.

Special Dispatch to The Star.
NEW YORK, June 1S.-The stock
market today. differed from that OF
Wednesday in the fact that advances
in individual stocks We're quite even
ly balanced by declines in others
There was heavy profittaking in re-
cent leaders among the high priced
industrials and the rails.
Nash Breaks 20 Points.
Nash Motor broke over 20 points
General Railway Signal, which for
the last two weeks has been such a
feature, was under pressure, and so
was Havana Elecrtic. The move in
the New York City fractions Swas
checked, and sharp reactions occur
red in Interborough Rapid Transit
and Brooklyn Manhattan. United
States Cast Iron Pipe, Mack Trucks
and American Can all went lower.
The weakness in Baldwin Locomotive
was noticeable, in view of the un-
satisfactory reports from the rail-
way equipment industry.
Independent steel shares, with the
short interest partly eliminated, again
showed senSitiveneSS to the uncertain
ties of the trade situation. Crucible
broke over a point, and so did Repub-
lie Steel. United States Steel common
was freely supplied around going fig
ures. The selling came from specu-
lative interests who were trading off
their holdings of this stock for others
that were more on the move.
Bell Phone Highest i'm 10 Years.
American Telephone and Telegraph
gave a remarkable exhibition for a
stock which is rated as a pure invest
ment. At 144 it was selling at the
highest in over 10 years. The upturn
resulted from steady investment buy
ing founded upon the attractiveneSs
OF the yield under current money con-
ditionS.
There were the usual crop of new
high records. All three classes of
Pierce-Arrow stocks were included in
the list, and in addition to America n
Telephone and Telegraph there We're
Newport News and Hampton Railway,
New York Gamers, Federal Light and
Traction, Standard Milling, Interna-
tional Combustion, Tobacco Products
"A, Robert Refs, General Railway
Signal preferred, Famous Players pre-
ferred, Goodyear preferred and Ha-
vana Electric preferred. The last
named stock had not sold in 6 years,
and the sales at Us and 116 repre-
sented an advance of some 80 points.
- Wright Stock Popular.
There was special buying of Wright
Aeropautical on the recent develop
mentS looking toward a larger use
for the airplane in the commercial
field. Burns Bros. A rallied over 2
points, and United Cigar Stores had
further gain of over 2 points. La
clede Gas jumped more than points.
The buying in Colorado Fuel, which
carried the stock up another point
and a half, was again based upon
hopes regarding the company's oil
prospects. American Safety Razor,
Sears Roebuck and Paige, Detroit,
were all up a point to tx.
Realizing sales appeared in Inde-
pendent Oil and Gas, carrying the
stock down at one time over-2 points.
American and Foreign Power dropped
over points following the annual
report, which showed after the divi-
dend on the preferred a surplus of
S1,296, 900.
Busy Day on Exchange.
French francs went lower again,
and around 40 cents We're pretty
close to the bottom of the year.
which was reached two weeks ago
The selling of Italian Ira continued.
carrying the rates to the lowest so
far established. Some months ago,
when formidable opposition was re-
ported to have arisen to the Mus
Solini regime, a decline in the Italian
paper currency would have been ac-
counted for on political grounds
But now the explanation apparently
lies in economic conditions.