Evening star., 1925-07-12
STOCKS SELL OFF
IN BRIEF TRADING.
List, However, Stands Up
Under 13-Point Break in
Cast Iron Pipe.
Bv the Associa,ed Pres.

By the Associated Press.
NEW YORK, July 11.-Stock prices
lost ground today on q renewal Of
profit taking and short selling,
although special strength was shown
by dozen or more issues. Pool Cd.
erations were generally suspended.
with the result that the volume of
trading was the lowest of any half.
holiday session since April 25. The
undertone was fairly firm, as is evi.
dent from the fact that an extreme
break of over 13 points in United
States Cast Iron Pipe, part of which
was later recovered, failed TO unsettls
the general list.
Dodge Stock in Demand
Dodge Brothers issues were again
in good demand the common attain.
ing a record top at 297s and the pre-,
ferred at 83iz. Trading in the other
motors was rather quiet, Jordan clos.
ing more than a point lower and the
changes. General Railway Signal
scared u points to a record top at
1856. Nash Motors jumped 9 points TO
445 on a couple of sales in reflection
of the declaration of an extra divi-
dend of $3.50 in addition 20 the regu-
lar quarterly payment Of $3.50. Dun
ham Hosiery moved up points TO
he" peak at Oo on one SAFE.
Oil Advances Disregarded.
Extension of crude oil price ad-
vances was again disregarded by the
oil shares, the only advance of any
consequence in that group being a
gain Of about l point in Midcontinent
Petroleum. Producers and Refiners
preferred broke about 8 points to Il
on the announcement of the passing
Of the dividend. and the common yield
ed l point to 23Lz. Atlantic Refining
dropped 212 points to Ill on a few
sales.
Marked heaviness also was shown
by General Baking, Maxwell Motors
B certificates, Pacific Gas, American
Express and Case Threshing Machine.
all off about to 8 points. Savage
| Arms sank to a new low level for the
year at 5314 off Ia as compared with
the years high Of 10sss.
Trading in the foreign exchange
market was of the usual quiet half
| holiday character. Demand sterling
and French francs held firm around
| S4.s5A and AIS cents, respectively,
| and Italian Ira jumped over 10 points
to above $50 cents. Other changes
| were generally unimportant.
Wall Street Briefs.
NEW YORK. July II OP.-Payrolls
| of steel companies operating in the
Youngstown district aggregated S..
J 665 ,O87 in June, an increase Of
81 .O43, 708 over June last year. and
| $50 ,097 above May, 1925. Wages paid
in the first half of 1925 amounted to
$40, 0,117114, against S40,134,431 in the
same period last year. The upgrade
movement in the industry indicates
wage distribution of $50, 900 900 for
1925. compared with S76,59S,ls0 in
1924.
Operating income of the Western
| Union Telegraph Co. for the first five
months of 1925 increased TO S5.711, ,9I6,
compared with S5,057,271 in the cor
| responding period last year. Gross
| jumped S3,377 700 to S4S. ,721. The
| half-yearly report is expected TO show
! a substantial gain in net income.
Reports from the Studebaker cor
! poration on second-quarter earnings
| indicate an even more prosperous con
dition in operations than the esti-
mated net of $4,000. 900. Gross earn
| ings, before charges and taxes, are
expected TO establish a new high
record but owing TO absorption Of
| heavy deferred charges net probably
will be under previous records.
| fIGISII lIdlIlC Oh the AtCIlASOl4s 10
peka and Santa Fe since the first OF
the year shows a marked gain over
the same period last year. Loadings
up to July 10 totaled S96,l24 cars,
an increase Of 411s6.
Indicated earnings of about SO
share on the no par value stock of
Motor Wheel Corporation for the first
| half of 1925. with net profits exceed
| ing 81 500 900. is expected in the fnan-
cial district to result in a September
dividend of so cents a share. In
March 80 cents was paid and in June
| 40 cents.
The weeks bank clearings through
| out the country, compiled by the
! Commercial and Financial Chronicle.
aggregate S10.O51 ,543 PAS, an increase
| of 1914 per cent over the total of
| SS,415,514,753 for the corresponding
week last year. New York City
| gained % per cent.