Evening star. [volume] (Washington, D.C.) 1854-1972, 1925-03-08
Rr the Associated Press


NEW YORK. March stock
prices drifted lower today, with
trading in large volume for a half
holiday session.
There was nothing in the days
news to account for the decline so II
was generally attributed to the Gus
tomary week end profit taking. Some
of the selling. however. is also be-
lieved to have been for the account
of traders who were converting paper
profits into cash in order to meet
income tax payments.
One of the features of the session
was the violent fluctuations in Will
son & Co. preferred. which closed
last night at 3Siz. scared to so in
tcday's early trading. and then broke
TO 43 IL when large volume of stock
was pressed for sale. The spirited
advance followed the widespread
circulation OF a report that the lifting
of the receivership was imminent
and the subsequent break took place
after the publication of official state
ments that while rapid progress was
being made on the reorganization
plan. the ending of the receivership
report was premature.
Pivotal shares Lost Ground.
All the so-called pivotal industrials
lost ground. L. s. Steel common, in
which a new forward move appeared
to be under way yesterday when IT
crossed 1875, fell back nearly a point
from last nights close at 124. Bald
win showed a net loss of Ia at 140&,
and American Can fell back nearly
points to 1Sl&.
Pool operations again were APP
parent however, in some of the oil
and motor issues. Maxwell Motors A
and b established new peak prices for
the year at 8sk and 50 respectively,
but later forfeited part of their gains.
California Petroleum common and
preferred also reached new high
ground at 327s and 113 respectively,
but the gains were Cancelled and
each closed fractionally lower. Buy
ing of these petroleum issues was
based on reports of a merger of the
California Petroleum and General
Petroleum Companies.
Several Strong Spots.
Some of the other outstanding
strong spots were American Chicle
common and certificates, Detroit Edi-
son, S. s. Kresge, Laclede Gas, Loose
Wiles Biscuit. Pacific Coast common
and second preferred, Park and Til
ford. and Symington.
General Baking broke 1879 points,
TO 12I on one sale. Weakness of the
tion of the State Transit Commission
and other organizations to the Inter-
borough Rapid Transit Company's APP
plication for an increased fare and
the gloomy picture of the roads
finances painted by it's general coun-
sci.
Manhattan of 10 Points.
Manhattan Elevated Guaranteed
broke 10 points. to so; marlborough
Rapid Transit dropped "a. to 243s,
and Brooklyn Manhattan Transit and
Manhattan Modified Guarantee each
lost about y points. Renewed weak
ness again developed in the CONNER
cial solvents issues.
A rally in French francs,a which
carried them up around $40 cents,
was the only feature in the quiet
foreign exchange market. Demand
sterling held fairly steady around
s4.76is. Other changes were unim-
portant.
Wall Street Briefs.
Brokers' money loans are estimated
in the financial district to have in
creased about $3.50, O0o, 900 in recent
months, owing to the broad demand
for credit created by the bull market
borrowings were placed today at
about S2.1o0.0o0,o 900, exceeding the
former high figure touched in Feb
ruary. 1923. by 500, 100000. At the
end of 1924 brokers' loans approx
mated S1,750, 900, 900.
Stockholders of the Iron Products
Corporation have sanctioned distribu-
tion of Essex foundry stock, all of
which the corporation owns. on the
basis of is share of Essex no-par
common for each share of Iron Prod