Evening star., 1925-06-05
NEW HIGH LEVELS
IN STOCK MARKET
Oils Start Several Issues to
Climbing, While Others
Lose Much Ground.
BY STUART p. WEST.


NEW YORK, June 5.-Following ar
hour of rather heavy selling, stocks
today rallied under the lead of the OF
shares and number of specialties, anC
. on the recovery many of the early
losses were Cancelled and some new
high records were established.
During the early weakness Ameri
can Can lost more than . points, Ana
conda and Kennecott a point each
American Car and Foundry over
points, International Paper nearly
points and United States Cast Iron
Pipe 4 points. The erratic CONNER
cial Solvents A broke over points
Heavy selling was renewed in WHY'S
Overland, the common getting down
over a point. Maxwell Motors. B GER
tificates fell over points and Radio
Corporation over a point. Among the
rails the selling showed chiefly in Rock
Island, in Reading and in Chicago
Great Western preferred, all of which
were off more than a point.
Oil Shares Turn Strong.
The turn for the better came in the
second hour, when buying orders sud
denly made their appearance in the
oil shares. Pan-American B was rush
ed up nearly 3 points and Atlantic
Refining over 3 points. Tidewater Oil
gained almost 3 points and General
Asphalt nearly 9 Along with this
there were rallies of a point to a point
and half in Phillips Petroleum and
in General Petroleum. The most re.
markable performances in the oil
group, however, occurred in the low.
priced issues. Middlestates, which had
closed on Thursday at IS, got up to
rs, and Caddo rose from S to IA
which meant 100 per cent advance
on the day. Union Oil had a similar
advance from IS to y, and Kansas
and Gulf rose from a to y.
Attack on u. S. Steel.
The selling pressure at the start
was directed chiefly against the
steels. United States Steel common
of the lowest for 1925. Bethlehem
Steel made a new low at 81 and Cru
chile was down within a point of its
bottom figure of the year. Declines
occurred in Gulf States and in Sloss
Sheffield
Later the steel shares were some
what f1rmer. The selling was based
not on more favorable trade reports
but upon calculations that when be-
tween the reduced profit margin and
the lessened production of the second
panies for this period will make a
relatively poor showing.
Days New High Records.
New high records We're made in
Cushman's Sons, Woolworth, Owens
Bottle preferred, National Acme
Mack Trucks first preferred, Tobacco
Products A, American Ice and Moon
Motor. The recent buying in Amer
lean Ice has been coming from sin
gle quarter. Apparently it Is based
upon improved earnings reports and
talk about the effect of the hot
weather. upon the company's reve-
nues.
Texas Company bore out even
while the general list was weak the
bullish references which have been
heard recently about the compa ny s
business. The prediction has been
made by one keen observer that Texas
Company's net income in 1925 will ap-
proximate S50.000.0O0. The stock to
day sold eX the quarterly 75-cent dis
bursement and at the highest of
the year. easily making up the divi
dend.
Oil Trade Conditions Summed Up.
The Street cannot find any logical
basis for misgivings regarding the
position of oil trade, and this account
ed to a large extent for the revival of
buying in the oil stocks today. Pro.
duction of crude petroleum has been
maintained at pretty high rate, but
consumption has been enormous. and
the well managed companies are max.
Ing money.
Remington Typewriter was bid up
around it's best prices for the year,
the buying reported as having come
largely from one source in the Street
Bullish operations in this stock were
conducted on the strength of infor-
nation recently given out officially
that Remington business was ahead
of last year. and expected to show
further Improvement Both domestic
and foreign sales have increased.
MARKET CLOSES FIRM