Evening Star Newspaper, June 2, 1925, Page 28

28 sl TRADING CONFUSED IN STOCK MARKET Heavy Profit-Taking Early in Session—Steel Raided. Closing Is Firm. BY STUART P. WE Specia! Dispatch to The Star. NEW YORK, June 2. — The stock market today ran Into increased profit- taking, many of the recent leaders losing a good part of last week's gains On the other hand, there were a num ber, particularly in the specialty class which rose to new high figures for the year. Speculative sentiment, in spite of the reactionary tendencies oxhibit- ed Monday, was not materially changed, and professional attempts to depress ‘prices did not appear to be making much impression. Steels Meet Support. There were some 15,000 shares of United States Steel common taken on the drop to 114. This showed partly the presence of support and partly short ering due to the recognition that this support was in the market. Bethlehem Steel dropped below 38 again, to the low of the year. Slo: Sheffleld, under 86, was off a point. The traders were evidently trying to test the general market out by bring- ing special pressure to bear against the steels. Brooklyn-Manhatian Transit and In- terborough Rapid Transit were again strong, with the former at a new high. Manhattan modified guaranteed rose two half points. All this was the re- sult of the opinions expressed during the last few days that new subways cannot be built on a 5-cent fare with- out imposing extra burdens upon the taxpayers Maxwell in Wild Rise. Maxwell Motor shares had another spectacular rise, with which the “hrysler stock on the curb kept pace. advance was not discouraged by the announcement that the Stock Ex- change authorities had called upon members for their position in Max- well A and B as of the close of business June 1, desiring to investi- gate the nature of the recent trading in these shares. Mack Trucks went through a serie of sharp fluctuations accompanying the announcement that only the reg- ular dividend on the common had been declared. Buying power was suffi- clent quickly to offset the selling which came in. Many New High Records. There were new high records for Dupont, United States Rubber first preferred. attuck, Nash Motor, Julius K preferred and Great Western Sugar. The market for American Water Works continued at new high levels. International Tele- phone & Telegraph and American Tel- ephone & Telegraph exceeded their former tops. Unusual activity at ris- Ing prices was noted in Loew. Inter- national Combustion Engineering rose sharply, and General Electric shot fa ward nearly 5 points. American Smeiting felt the effect of profit-tak- Ing, but subsequently raliied. The buving in White Motor was not Induced by any idea of an increase in the dfvidend bLut rather by company’s favorable earnings tion. The stock has moved Mack Trucks repeatedly and action of the Mack directors threw another damper on the of those who had been talking something better for White holders. MARKET CL{ post- with the today hopes about share- FIRM. $50,000,000 Credit to Italy Helps Late Tradinz. NEW YORK, June 2 (). —Sporadic profit taking and short selling imparted considerable irregularity to toda stock market, which w featured by another sensational ad- vance in the Maxwell Motor issues. Disappointing trade and _dividend news was counteracted by the stiffen- ing of rubber, lead and rap steel prices and runiors of forthcoming rail and public utility mergers. Total sales approximated 1,350,000 shares. The closing was firm. Announ ment of the $50,000,000 credit to Ital by J. P. Morgan & Co. in the late after- noon was followed by active short! covering operation in the standard in- dustrial, American Can, Pount and U. S. briskly from Alcohol, their low levels. rallying Markets at a Glance NEW well YORK—Stocks, firm; Max es soar to record high. Bonds, higher; foreign issues advance. For- eign exchanges, easy; French bonds at new year's low. Cotton, weak; bearish Government report. Sugar, steady; better feeling in spot market. Coffee, easy; lower Brazillan market. CHICAGO—Wheat, covering. Corn, lower; larger receipts. Cattle, steady: trade fairly active. Hogs, higher; big packers inactive. CALL MONEY LOWER. NEW YORK, June 2 (#).—cCall money easler; high, 4; low, 4; ruling rate, 4; closing bid, 4; offered at 4%; last loan, 4; call loans against accept. time loans steady; mixed , 3%: 4-6 months, mmercial paper, higher; active TODAY'S METAL PRICES. NEW YORK, June 2. — Copper electrolytic, spot and futur: 3 pot and nearby, 5 futures, 55.00. Iron steady; prices un: changed. Lead steady; spot, 8.40a8. Louis, spot and Antimony, spot, RA.BIATOE I'XRM SOLD. NEW YORK, June 2 (#).—The Mc- Cord Radiator and Manufacturing Co. today announced that it had acquired from the National Radiator and Man- ufacturing Co. all of its equipment and goodwill of the radiator business. BAIL EARNINGS SLUMI’ NEW YORK, June 2 (#).—The Chi- cago and Northwestern will have larger net railway operating income in May than the $654,737 reported for April, W. H. Finley. president, said today. Net for the first five months this year is estimated at about $2,350,000, compared with $4,142,320 a year ago. BUTTER HIG!{ER TODAY. CHICAGO, June 2.—Butter higher; receipts, 31,719 tubs; creamery, extras, 43% ; standards, 43; extra firsts, 41%a 42; firsts, 39a40; seconds, 33a38. Eggs lower: receipts, 52,038 cases; firsts, 20%a30%: ordinary firsts, 29; storage pack, extras, 31%; firsts, 813%. FORD WORKERS INCREASE. NEW YORK, June 2 (®.—An- nouncement that employes of the Ford Motor Co. have increased to 161,000 has drawn attention to its gradual approach to the number ewployed by the United States Steel Corporation, the average last year having been 246,753, agalmmé 260,786 the year be- fore. lhn‘ Baldwin, du- | FINANCIAL. Abitibl Pow (4). Adams Exp (6) Adv Rumley. ... Ahumada (11).. Air Reduc (4) Ajax Rubber. Alaska Junea Allled Chem (4). Allis Chalm (6). Am Ag Chm pf.. Am Bnk Nte (5). Am Bosch. . Am Brk Shoe(s Am Can (17). Am Can pf (7).. Am Car & Fdy Am Chain A (2). Am Chicle. .. ... Am Chicle ctfs. . Am Drug (80c) Am & For Pow Am&FP 25% (7). Am Hide & Lea Am Hide & 1 pf Am Ice (7). Am Ice pt (8 Am Internati Am Loco (118). Am Loco pf (7) Am Metal (3) Am Radiator ( Am Ship & Com. AmS &R pf (7). Am Sugar. Am Sumatra. Am Sumatra pf Am Tel & Ca (3). Am Tel&Tel (9). Am Tobacco (7). Am Toba B (7). Am WW&EI 1.20 Am Woolen. . Am Wool pf (7). Am Writ Pap pf. Am Zinc of. Anaconda (3) Ann Arbor. . Ann Arbor pf. Archer-Dantels. Armour 111 A(2). Armour Del (7). Artloom pf (7) Art Metal (1)... Asso DG (new). As50 D G 15t(6). Asso Ol (13). Atchison (7) ‘Atchison pt At! Birm & At Atlantic C L(18) AtGuIf & WI.. Atl Gulf & WI pt Atantic Refing Atlan Ref pf(7). Auto Sales pf Austin-Nichols Baldwin L (7)... Balto & Ohio(5) . Bal & Oh pf (4) Barnsdall A Rarnsdali B. .. Bayuk Cigar. ... Beech Nut(2.40). Bethlehem Stl. Beth Stl pf(8). Booth Fisheries Briggs MIg(3 British British Emp 2d. Bkl Edison (8). Man Tran. { an T pt(6) Bk! Union G(4). | Brown Shoe (4). Brunswick (3.60) | Buft R&P pf (6). *BuffR&P pf(6). Burns Bro (10) Burns Br B (2 Bur Add Ma (3). Bush Terminal.. Bush Ter de (7). | Butte Cop (50c) . Butte & Su(30c). Butterick. Caddo Central. .. Cal Packing () Cal Pete (1% Calif Pet rts Calif Pet pf Callahan Zinc. Calu & Hec (50¢) Can Pacific (10) Case Threshing. Cent Teather. Cent Leather pf. CRRNJ (t12). Cerod Pasco (4) . Certain-Teed(4) . Chandler (3).... Ches & Ohio (4). Chi & Alton pf. iChi & Iil... | Chi & East Il pf. { Chi Great West.. Chi Gr West pf. | Chi M & st . [ Chi Mil& StP pf. | Chi& Nwn (4). Chi RI& Pac... CRI&P pf (6). CRI&PDL (7). ChiStPM&O Childs (72.40) Chile Cop (23£) Coca-Cola (7) Col Fuel & Iron Colo Southern. Col G & B (2.50). Col G & Epf (7). ColCarbon (4) . Com Inv (2.50) . Congolium (3). . Consol Clgar... . Consol Distribut. Consol Gas (3). Consol Textile. . Cont Can (4). Cont Mot (80c) Corn Prod (2). Crucible St1 (4). Cuban Cane Su. Cub Cane Su pf Cub Am Sug (3). Quban Domin Cushmans (2) . Cuyamel Ef (4) . Daniel Boone. Davison Chem. Del & Hud (9) . Del L & Wn(17). Detroit Ed (8). Det & Mackinac. . Det & Mack pf. Dodge Bros (A). Dodge Bros pf. .. Dome Mines (2). Dul S € & Atlan.. Dul § S & Atl pf. Dupont (10). DuPont deb (6).. Duquesne pf (7). Eastman (18) Eaton Axle (2) Elec Power ctfs. El P&Lt 40% pd.. El P&Lt full pd. End-John (5)... Endicott pf (7) Erie RR Erie 1st pf.... Fairbks (2.60)... Famous P1(8).. Famous pf (8).. Federal Lt (°7). Federa! Mines Fisher Body (5). Fish Bd O pf(8). Fisk Rubber. Fisk 1st pf (4). Fleischmann(4) . Frank-Si pf (7). Foundation (8).. Freeport-Texas. Gardner Motor Gen Asphalt. Gen Clgar (8). Gen Cigar pf(7). Gen Electric(8) . Gen El spec 60c.. Gen Motors (8).. Gen Mot pf Gen Petrm (2). Gen Iefrac (2) Gimbel Bros. Ginter (13%). Glidden Co. Goodrich. Goodyear pf (7). Granby Consol. Grt North pf (5) Am Agricul Chm. Am Beet Sug(4). Am&FPpt (7). Am Linsd pf 3%. Am Safety R (3). Am S & Ref (6).. Am Stl Fdys (3). Am Sugar pf (7). A WW&EIL pf(6). Am W W 1st (7). Arn Cons & Co. .. Barnet Leather. . Open. High. Low. Close. 95 15% 12% 103% 13% 1% 92% 84 19% 5415 180 41 34 . 103 1881 121 105% 7% 4% 95 16% 12% 103% 18% i% 93% 84% 19% B4's 180 41 34% 103 191% 121 106% 23% 53 50 1% 95 16% 12 103 13% 1% 2% 84 19% 54 180 41 33% 103 187% 121 105% 23% 4% 95 16% 12 103 18% 1% 202% 848 19% 54 180 41 33% 103 191% 121 106% 23% 63 50% 6% 364 20% ©125% 106 53% 2 36 148% 142 123% 40 60 244 784 14% 8% 5% 169% 97 110% 108% 18% 33% 106 106 67% 113% 28% 3% 37 103% 110 31% 17 70% 106% 16% 95% B4la 103% 4 111% 15 10% 53% 87 106 289 11% 6% 107 51% 48Y% 53 35% 21% 51% 100% 16 67 11% T Gt Nor Ore (1).. Grt Wstn Su (8). Greene Canan. .. Guantanamo. ... Gulf Mo & Nor. . Gu M & N pf (6). Gulf States S(5). Hartman (23).. Havana Elec (). Hayes Whi (3).. Hoe & Co A (4).. Homestake (14) . Household P (3). Houston Oil. Hudson Mn 25 . Hud Man pf (5). Hudson Mot (3). Hupp Mot (1) Tllinois Cen (7) Indep Ol (1).... Ind Oil rights. . Indfan Motorcy . Inspir Cop (50¢). Interb Rap Tr Internat Agri... 72% 106 82 33% 69% 123 123 48 95 51% 8% 110% Intl Bus Ma rts. Int Cement (4).. Int Com Eng (2). Internat Har(5). Inter Har pf (7). Int Mer Marine. . Int Mer Mar .. Int Nickel. Int Paper. ... Intl Paper pf (7). Int Ry CA pf(5). Int Shoe (5) Int Tel & Tel (8) Jones Bros Tea. . Jones & Lau (7). .| Jordan Mot (3).. 53% 148% 142 123% 40 60 24% 8% 145 3% 5% 172% 97 110% 108% 18% 334 106 106 68 113% 28% 37% 37 1037% 110 32 17 1% 107% 16% 96 85% | 108% 113% 15% 10% 4% 87 105 293% 114 77 107 521 48% 54% | 35% 21% 52 100% 15 67 KCP & L 1st (7). Kan City South. . Kayser (Julius). Kayser1st pf(7). Kelly-Spring. ... Kelly-Spring pf. Kelly-Spring 1st Kelsey Whi (6) Kennecott (3) Keystone T & R. nney G R (4).. Kresge S S (8).. Kupenhm pf(7). Laclede Gas (8). Lehigh Val(3%). Liggett & M(14). Lig & My B(4). Lima Loco (4).. Loews Inc (2) Loft. Long Loriilard (3). Loulstana O1l. Ludlum (2)..... McCrory pf (7). Mackay (7)..... Mackay pf (4). Mack Trcks (6). Mack T 1st (7).. Macy HR & Co. Magma G (75¢). Mallison & Co. .. Man El Sup (4 Man E md g (5 Mantla El (2% Man Shirt (1% Maracalbo Ofl. .. Market St 2d pf. Marland O(75c) . Malin-Rock (1) . Martin-Pry (4). Mathleson Alka. Maxwell (A). \hxlell(A)clfs Maxwell (B). Maxwell(B)ct May Dept St(5). Metro G pf(1.89). Mexican Seabd. . tiami Cop (1).. ) ). ). ) | ! | M1d-Continent. . Middle State: Midind Pr pf Minn & St Louis. Min St P & SSM. MStP&SSM 11(4) Mis Kan & Tex.. MEK&TDpf (5).. Missour! Pacific. Missouri Pac pf. Mont Power (4). Montgom Ward. Moon Mot (3). .. Mother Lode Tic. Motof Whi(1.20) Murray (2.40) Nash Mot (+11). Nash pf (7) Nat Acme (sta). Nat Biscuit (3) Nat Cloak (4) Nat Dalry (3)... Nat Dpt Stores. . Nat Distillers. .. NatDistillerspf. Nat Lead (8) . Nat Supply (3).. < a Copper. . Nt N G&E pf(7). N Y Canners(2). N Y Central (7). NY C& St L(6). \Y(‘&StLpHG) N Y Dock. N Y Dock pf (5). NY NH & Hart. . NY Rys part cfs. Norfolk South Norf & West(7). North Am (3.40). North Am pf(3). North Pac (5)... Otis Steel. Otis Steel pf. ... Owens Bot (3). Pacific Gas (8).. Pactfic O11 (2) Packard (+13%).. Palge Mot (1.20). Pan-Amer (6)... Pan-Amer B (6). Park & Tilford. . Penick & Ford. Penn C & Cke. . Pennsy RR (3).. Penn Seab Steel. Peoples Gas (8). Peorla & East Pere Marq (4). PhlaCo (4)..... Phila& RC&1 Phillip Morris Phillips Pet (2). Plerce Arrow. ... Plerce Arrow pf. Plerce-A prior 8. Pierce Oil 3 Plerce Petrol Pitts Coal pf(8). Pitts Stl pf (7). Pitts Ut pf $1.20. Pitts & West Va. Postum Cer (4).. Press Steel Car.. Pr St Car pt (7). Prod & Refiners. Pub Ser NJ (5) . Pub Serv NJ rts. Pub S EIpf (7).. Pub S Gas pf(6). Pullman Co (8).. Punta AlSu (5). Pure Ol (1%)... Radio Corp of A. Ry Stl Spg (8).. Ry St Sp pf (1) Ray Cons Cop. .. Reading (4) Reading rt Reading 2d (2). Robert Rels. .. Remington Type Replogie Steel. Rep Ir & Steel . Reynolds Sp (1). Rey Tob B (3). Rossla Ins (6). Royal D (4.42%) Rutland pf. ... St Joseph Ld(2). StL &San F(5). St L Southwest St L Swn pf (5) Savage Arms. Schulte (*8) Seaboard Air L Seabd Air L pf.. Seagrave (1.20). Sears-Roebk (6). Shattuck-Ariz. Shattuck FG(2). Shell Un (1.40) Shell Un pf (8) Sher-Wil pf (7). Stmmons Co (2). Simms Pet (1). Sincrair Ofl Sinclair pf (8). Skelly O11 Open. Righ. 28% 101% 13% 5 30% 96 28% 104 13% 5 30% 96 843 29% 148 3% 47 44% 35% 68 30% 70% 62 18 113% 31% % 18% 27% 26 11% 1% 65% 43 109% 17 8% 36% 29% 73 90 643 149% 4 118% 66% 147 634 13 90 44 117 . 126% 91% 27% 6714 327% 10% 321 129% 165% 114% a4 102% s 764 1% 30 23 14% 43% 1% 118% 18 63 56 40% 16 421 21% 2% 2% 7 83% 95 156% 71 116% 52% 81 26% 1% % 10‘% 95 139% 40 29 56 12% 88 22 IN BOND MARKET Successful Sale of Foreign Loans Helps—French Liens Recovering. N BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, June 2 were quietly ity confined to a few special Issues, mostly of the semi-speculative type. International Mercantile Marine 6s, for instance, rallied from the extreme low of the day before, following pub- licatlon of the annual report. Al- though the statement showed a deficit for the year, this was after deprecia- tion charges, which already were more than twice the amount of the interest on the bonds. Disregarding deprecia- tion, Marine covered interest charges three times over. Tractions Active. Great strength was shown by Brooklyn Manhattan Transit 6s at their record high. Further improve- ment was made by all the Inter- borough bonds, gains averaging over a point. Third Avenue Adjustments did better also, and there was some recovery in Chicago Railway bs. { _In the railway list active buying of Chicago and Eastern Illinois 5s ad- vanced the quotation over a point, the impetus being a report, afterward de- nied, that the Pennsylvania was go- ing to take over the road. St. Louis- San Francisco incomes were firm around their high pric but the St. Paul group was irregular. Liberty Loan at New Top. Investment bonds were steady but dull. United States Treasury 4%s duplicated the record high this year as_did the Liberty first 4%s. There was heavy buying of the high ylelding foreign issues, with German 7s as leaders. Hungarian 7%s was another member of this group in demand. French bonds were unaf- fected by the renewed decline in franc exchange. Today’s New Issue. The most important of the new offerings was the $45,000,000 Argen- tine 6s priced to yield 6.25 per cent and quickly subscribed. Other new issues were $3,000,000 Buffalo and Fort Erle Public Bridge 7s at 993, and $9,000,000 Consolidated Gas of Baltimore refunding 5s to yleld just under § per cent. | CHICAGO LIVE STOCK MARKET | > CHICAGO, June 2 (United States Department "of Agriculture).—Hogs— Recelpts, 19,000 head: uneven; 10 to 15 higher than Monday's best prices. or 15 to 25 above average; medium and heavy weight butchers scored maxi- mum advances; big packers inactive: bulk good and choice 140 to 225 pound weight, 12.10a12.30; top, 12.35: bulk, 120 to 140 pound butchers, 12.25; pack- ing sows, largely 10.76a11.0 Mrnnz weight slaughter pigs, mostly 12.00; heavyweight hogs. 11.85 {medium, 11.90a12.35: light, 11.70a1 light lights, 11.20a12.30. | Cattle—Receipts, 9,000 head; steer trade fairly active: strong to 25 higher, mostly 10 to 15 up: better grades light and medium grade offer- ings showing most upturns: strictly | choice long yearlings, 12.00; several .60; shipper demand . especially for light-weight fed heavies early at 11.15: lower grades showing grain feeding sharing advance in instances; buyers discriminating sharply against grass: better grades fat cows and helfers strong to 15c higher; dull; bulls fully steady 5.40 on bolognas; few heavies, vealers steady to unevenly lower; light kinds getting decline: largely 10.25 downward to packers; few 10.50; outsiders handpicking at 11.00 and better; stockers and feeders nominally steady. Sheep—Receipts, 9,000 head; fat lambs slow: mostly 25 lower: no West- erns sold; few decks of natives, 15.75; sorting more moderate: bidding sharp- 1y lower on heavy fat sheep yearlings; feeders steady at 10.00a10.25 Sloss-Sheff (6).. South Pac (6 Southern Ry (5). South Ry pf (5). Spear & Co. Spear&Co pf( Spicer Mfg . 21% Spicer pf (8) . 105 Std Gas & El(3). 5 St Ofl Calit (2).. StOINJ (1). StOil N J pf (7). Std Plate Glass. . Sterling Prod(4). Stew-Warner (5) Stromberg (6) ... Studebaker (4).. Submarine Boat. Superior Oil. Superior Steel Symington. . Symington A(2). Tennessee Cop. . Texas Co (3).... Tex Gulf S (713) Tex & PacC&O. Third Avenue. .. Tide Wat Oil(4). Timken R B($4) . Tobac Prod (6).. Tob Prod A (7).. Transcont Ofl. .. Transue & W(2). “nderwood (3).. Bag & Paper. Union Ol (1.30) . Union OI1 (1.80) . Un Pacific (10).. Un Pacific pf(4). Utd Alloy Steel. . Utd Clgar(13%) United Drug (6). UtdDrug 18t 3% Utd Fruit (10)... Utd Ry Inves pf. U S CastlIronP.. U 8 Distributing. U S Hoft (2)..... U S Ind Alcohol. U S Realty (8). U S Rubber..... U S Rub 1st (8).. U S Smelting(3) . U S'Steel (17). U S Steel pf (7) U S Tobacco (3) . Universal Pipe. . Univer P pf (7).. Utah Copper (4) . 85% - 100% 95 864 23% 1% 17% 10Y% 65% 68% 70 46% 8% 3% 26 16 21% 10% 48 106% 16 11% 144 40% 79 99% i 26% 43% 54 37% % 137% T4% 26 70 123 55% 211% 75 162% 35 34% 89%; 142% ATH 101 3% . 116% 124% 54 37 79 907 27% A% 33% 121 13% 28% 6% 16% 150% 50% 101 . 133% T2% 11% 16% Va-Caro Chem. Va Iron Coal&C VaRy & Power. Vivadou. Wabash. - Wabash pf A(5). Waldorf (1%). Ward Baking A. . Ward Baking B.. ‘Ward Bak pf(7). West Unlon (7). Westinghse (4) Weston Elec. ... Wheel & L Erie White Eagle (2). White Mot (4). Wickwire ctfs Willys-Overld. Willys-0d pf (7). Wilson & Co. ... Woolworth (3). ‘Worthn Pump Worthtn A (7).. Wright Aero(1). Wrigley (13%).. Yellow C (2.52).. *0dd lots. tPartly extra. $Paj Dividend rates ‘as {lv in (h. above table are the annual cash payments based op the latest .quarterly or lllf’nrll declarations. otherwise noted, extra er epecial ‘are pot iaclnded. 3 Recelved by Private Wire Direct to The Star Office. UNITED STATES BONDS. (Illu are in $1,000.) Sales. High. Low. 1011 10213 102 10 10112 1019 102 10217 102 15 10216 1029 106 20 06 18 Lib3gs... 48 Lib1st4%s 45 Lib2d 4%s. 126 Lib 3d 4%s. 156 Lib éth4is 118 U S4n1944. 328 US4%s'52 8 101 101 FOREIGN, Argentine 5s. Argentine 65 A. Argentine 6s B. Argentine 7& Austria 7s Bank of Japan Belgium 6s. Belgium 6% w Belgium 74s. .. Belgium 8s. . Berne 8s Bolivia 8 Bordeaux 3. Brazil Ts Canada 535 1929 Chile 75 1943. . Chile 8s 1926. . Chile 85 1941. Chile 85 1946 Chinese Gov Ry 5s. Christiania 6s. . .. Christiania 8s. Con Pow Japan 7s. Copenhagen 5355 Cuba 6%s Czecho 85 195 2 Czecho 85 1952 ct. . Danish Munic 85 A. Danish Munic 8s B. Denmark 65 Denmark 8s B DEI5%s Mch '53. DE I5%s Nov '53. Dutch East 165’47 Dutch East I 65 '62 El Salvador 8548 Finland s f 6545 Finlands 7s. Framerican 7 French 7s. French 7 French 8 Ger El 63%s German 7s. Greek Ts Haitigs.... . . Holland-Amer 65. . Hungary 6%s Japanese 4x. .. Japanese 6%45. ... . Jergens U M 65 °47. Lyons 63. Marsellle 6s. . Mexico 4510 asntd Mexico 55 assented Montevideo 7s. Netherlands 63 Netherlands 6s '7 Norway 535 wi. 128 Parte-Ly's Paris-Ly Paris Orleans 75 Peru 88 Poland 6s '40. Poland 8 ¥ Porto Alegre $s.. Prague T3%s Queensland Queensland 7 £ Rio de Jan 8s 1946 Rio de Jan 85 1947. Rio Gr Do Sul 8s... Sao Paulo City 8s.. 3 o Paulo State 8s Paulo St 8s wi tne Dept cf 7s. .. Serbs Crot Slo 8s. . Ud Kingm 5% 2 Ud Kingm 53537 . Ud Steam Copen €s Uruguay $s Zurich 8s. . Close. 101 29 102 10 1019 101 30 10217 10216 106 18 109 108 4 109% 95% 86% 834 97% 102% 1043 103% 101% 102% 108% 109% 48 100 5 110% 90% 98% 4 100% 99% 99% s 109% 4 109% 103% 110% 4 101 % 100% 103 103 % 105 87% 9615 934% 91% 9915 103% 88 85 100% 102% 114% 6814 117% 107% 9444 1094 109% MISCELLANEOUS. Ajax Rubber 8s. Am Agr Chem 73;s Am Chain sf 6s°33 Am Smit & R 1st 55 AmSmit&R6s... Am Sug ref 6s.. AmT& Tcltrids.. AmT& Tcltr5s.. AmT&Tsf5s. 1 Am Agr Chem 5s. .. 2 1 4 21 4 .12 48 42 114 Am T & T deb 5%s. ?1 Am T & Tecv 6s. Am Water Wks 5s. Am Writ Paper 6s. Anaconda 1st 6s Anaconda cv db 7s. Andes 7525% pd. . Armour & Co 43%s. Armour Del 533s. . Assoclated Ol 6s. . Atlantic Refin 58 Barnesdall s f 8s.. Bell Tel Pa : Beth Steel pm 5s. . Beth Steel rf 5s.... Beth Steel 5158 53. Beth Steel s f 65 Brier H St 1st 5% Bklyn Ed gen 6s Bkiyn Ed és B. Bush T Bldg 3860 Calif Pete 6348 Cen Leth 65 45 cfs. Chile Copper 6s. . CinG E5%s Col Gas & El i8. Col Gas & El 53 sta Commonwth P 6s. . Con Coal Md 1st &s. Con G NY 535 wi. Consumers Pow 5s. Cuba Canecv 7s Cuba Canecv d 8s Denver Gas 58 Det Edison ref 6s. Dodge wi 6s. .. Du Pont de N 73:s. Duq L & P 53849 Duguesne Light és Est Cuba Sug 7%s Empire G & F T%s. Fisk Rubber 8s. Francis Sug T13s. . Goodrich 614s. = Goodyear 8s1221. . Goodyear 85 1941.. 3 Hershey 65 1942 Hoe & Co 6%s. Humble C& Ri%s Illinot= Bell 1st 58 Illinois Steel 44s. Indiana Steel 55 Int Mer Marine 6s. Inter Paper 58 '47 Inter Paper 6s. . . KCP&Lt5s A’52 Kan G & El 6552 Kelly-Spring 8s... Laclede G 53s 5. Liggett & Myrs &s Lorillard (P) 5s Loulsv G & E 55 '52 Manati Sug st 7%s Mid-Con 6358, '40. Midvale Steel 5s NY Bd 5844 Wi... N Y Eden1st6%s mo EL H&P 4 N Y Tel 4%s N Y Tel 65 ‘4 N Y Tel 6849, North Am Ed 63 North Am Ed 63%s. Nor Ohio T & L és Nor States Pow 5i Nor States Pow Otis Steel 7%s Otls Steel 8s . Pacific Gas & El 51 Pac T & T 1st 5s. Pac T& T 6s'52... Pan-Amer Pete 6s. Pan-Amer Pete Ts. Phila Co 5%s 38 PhilaCoref 6s A.. Plerce-Arrow 8s... Producers & Rf 8s. Public Service 6s. Pub Serv Elec 6s P Serv Gas 5 %5 '59 P Serv Gas 514564 Saks & Co 778, Sinelair Oil 65 101 103% 98u, 98% 107% 102% 9% 101 102 1071 102% % 101% 9T% 104% 132% 9T 584% 100% 101% 96% 897 93% 103 997 105% 10215 93 944 87% 94% 100% 10244 105 974 i 1044 101 107% 104% 101 101 102 82% 3 104% 99% 95% 100% 95% 107% 98% 108 105% 106 104% 104% 113 106 s 105% 109% 120% 103% 102% 101% 101% 95% 102 85% 93 97% 100% 103 101% 101% 100 97% 98% 1004 7% 92% 100 843% 101 101% 115 89% 98 108 110% 101% 104% 95% 98% % 105% 96% 101% 98% 101% 99% 110% 107 994 104% 102% 111 99% ¢ 106% 1045 104% 107 109% 111% | Union Pas 48'87... 97 90 94 103 100 105t 1023 93% 94% 87% 94% 100% 102% 105 97% 104% 101% 107% 104% 101 101 102% 82% 104% 99% 95% 100% 95% 107% 98% 108% 105% 106 104% 1043 113 106 105% 109% 120% 104% 102% 101% 101% 95% 103% 85% 93 9744 1004 103% 103 101% 100 97% 98% 100% 9714 928, 100 847% 101 101% 115 90 98 108 110% 101% 104% % 106\6 % 102 98% 101% 100 HE EVENING STAR, WASHINGTON, D. C., TUESDAY, JUNE NEW YORK STocK EXCHANGE | STRENGTH REVVED | (= o BONDS o] Received by Prlvnu Wire Direct to The Star Office Sinclair O11 6%s. Sinclair O11 7 SinCOPL 6s'28. Sin Pipe Line 58 Skelly Ofl 6%s. . South Bell Tel 5s. . Southwest Bell 5s. Stand G & El 6%s Tenn Elec Pow 65 Toledo Edn 1st Ts Unlon Bag & P 8 United Drug 6és U 'S Rub 1st rf 55.. U S Rubber 7%s U S Smelter 6s U S Steel & £ bs. Utah Pow & Lt 55 Va-Car Chem 7s Warner Sug 75 '39. Warner Sug 7s'41. West Elec bs. . . Westn Union 6%s. Westinghouse 7s. . Willys-Ov 6145 Wilson & Ce cv 8s. Youngstn S& T 6s Ann Arbor 4s. Atchison gen 4 Atlan CL 4%5 '64. AtlanticC L'7s. B& O PLEW B & O Toledo 4s... Bklyn Manhat 6s. . Buff R & Pitt 43%s. Canad North 7s. . Canad Pac deb 4s. . Cent of Ga 5%=. . Cent of Ga 6s. ... ar Clinch & O 5s. Car Clinch & O 63 Central Pacific 4s. Ches & O cv 4335, Ches & O cv 5 Chi & Alt 3%s ct: ChiB& Qgn 4s” Chi B & Q 18t rf 55. CB& Q-T3%e Chi& E Ign5s. Chi Great West 4 C M & Puget Sd 4s. CM&StP4s'25.. CM&St Pdbis. StP gn 4589 StPcv4lks. St P gn 435s. StPrf4is. (‘hl&!\'VVrefS Chi Rys bs.. ChiR1&Pgn 4 ChiRI&Prf4s. ChiTH& S E 5s. ChiUn Sta 4%s Chi Un Sta 5s. C&WI5%s'62 CCC & St L 4%s CCC & St L 5s Cleve Term 5 Colo & Sou ¢ Cuba RR & Cuba R ‘N Del & Hd 1st rf Del Hud cv 55 '3 Del & Hud 55 Den & Rio G cn D & Rio G fmp bs. D & Rio G Wst 5s Det United 4 Erte 1st cons 4 FIaEC5s'T4..... Gr Trunk sf db 6s. Grand Trunk 7s reat North 5¢ Great North Gr North gen Green B & W db B. Hud & Man ref 5s. Hud & Man aj 11l Central 53 111 C-C St L&NO 53 Jowa Cent 1st 5s. Int Rap Tran 58 Int Rap Tr 55 atpd. Int Rap Tran §s Int Rap Tran 7s Int & G Nor 18t 65. Int & G Nor aj 6s. Kan City Ft 8 4s. Kansas City S 5s. Lake Shore 4s ‘28 Lake Shore 45 °31.. Lehigh Val 5s 2003 Louis & N un! 4s. . Louis & Nash 7s Market St Ry 7s. Mil El Ry & L 5s. & SS) P P & T 1st4s.. < & T adj 6s. MK&T4sB. Mo Pacific gen 48 Mo Pac 55 1966. Mo Pacific 6s. Montrl Tm 1st 58 Nassau E Ry 4s'57 N O Tex & M in 5s. Centriss.. Cent deb 6s. NYC&StLdb 4 NYChi & StL 5% New Hav d 4s°57 NY Ont W 1st 4s. NY Rys 6s'65. NY W & Bos 4%s, Northern Pac 3s. Northern Pac 4s. Northern Pac 58 Ore Short L ref 4s. Pennsyl con 4%s. . Pennsyl gen bs Pennsyl 55 '64. Pennsyl 6%s. Pennsyl gold 7s. Peoria & E inc 4s Por RL & P 65 '47. Rio G West cl 4s. RIArk & L 4%s St L IM&S 4s°29 St L IM&S R&G 4 StP Un Dep5s. ... |SanA& ArnP4s.. |Seabd AL 4s...... |Seab'd A L 4s sta.. |Seabd A L ref 4s _Seab'd A Ladj 5s. . iSeab’d A L con 6s. . | Sou Pacific 4s 29 | Sou Pacific ref 4s - So Por Rico Sug 7s. Tide Wat O] 63s. . L 26 -Car Ch %8 w.. :17 Wilson & Co 1st 63. Wiison & C cv T%s. Winchester A 7%s. Atlantic C L 1st 4s. Canad North 63:s. . Ore-Wash 1st rf 4. Pennsyl gen 4%s. . L4 .122 1925. 87% 93% 100% 87% 115 101% 105 101% 130% 103% 103% 109% 98Y%a 104 89% 106% 1014 105% 98% 97 69% 83 96 100% 111% 106% 101% 993 68Y% 68% 101% 100% 17 34 19 10 17 2 8 4 22 42 62 4 3 4 19 2 23 3 10 17 123 RAILROADS. 1 1% 6 91% 10 87 87% 93 932 100% 100% 8T% 9T% 114% 115 101% 101% 104% 106 101% 101% 128 128 103% 103% 103% 103% 109% 109% 98% 98% 103% 104 89 89 106% 106% 100% 101% 106% 105% 97% 9T% 96 97 68% 68% 83 83 95% 95% 100% 100% 111% 111% 106% 106% 101% 101% 99 99 684 68% 68 68% 101% 101% 99% 100 1% 1% 91% 91% 94 94 94 94 107 107 91 9% 92% 92% 90 90 103% 103% 103% 103% 103% 103% 884 88% 1% 1% 89% B9% 86% 86% 4 118% 118% & 117 1174 80% 81 4 102% 102% 25 301 .. 18 4 195 9 195 4“4 1 37 10 Chi& W Inden 4s.. Erie & Jersey 6s. .. Havana ERL&P ‘50 17 124 Kansas City § 3s. .. ‘52 103% 103% 101% 101% 1073% 1075 894 B9V 98 98 106% 106% 52 9% 91% 102% 102% 86% 86 6% T6% 661 667 49 42 521 54k 53% Bk 8% T8% 524 53% 8 81 52% 556% 52% 63% 103 103 95% 95% 6% 77 85 85 88% 88% 85 854 94 94% 102 102 82% 821 100 100% 9815 98% 99 991 1065 106% 95% 96% 87% 87l 103% 103% 91% 91 107% 107% 102% 102% B4'a B4Y 98U 98% 59 594 90% 90% 2% 72 63% 63% 65% 65% 104% 104% 96% 96% 107% 107 116% 116% 95% 95% 101% 101% 110 110 U 92% 92% 926 92% 6% 17 102% 102% 99% 1004 62% 62% 68% 70 68 69 T4 T1% 90% 90% 105 105% 73 8% 87% 87k 3% 73% 921 9244 98% 98% 96% 96% 101 101 95% 954 4 10T 107% Mkth]u!r!(s,, & SSM cn 4s & SSM 64s. &TprinssA. NOTex&M3ssB.. Cen gen 3%s. . Centcn 4s'98.. NYC&StLésA.. New Havencd 6s.. N Y State Ry 435, Norfolk & Wcn 4s. Norfolk & W cv 6s. | Northern Pacr 165 16 Ore & Calif 1st 5s.. 6 6 2 3 24 12 S 10 18 Reading gen 4%s.. Rio G West 18t 4s.. .24 . 19 . 42 .163 17 StP & KCShL 4%s .218 111% | Southern Ry gn 45.236 99% 104% 108% | 111 99t 106 104% | 104% 1071% I Southern Ry 1st 3s. | Southern Ry 6s ct. | Southern Ry 6%3. Term Asso St L 4s. Texas & Pac 15t 55. | Third Ave adi 58 Third Ave ref 4s. Toledo Trac 8s Union Pac 1st 48 8 t 1 12 1 . 8 1 1n L] 108 6215 54 98% 91% 234 85% 96 96 102% 102% 86 85 86% 86% 95% 9% 78% 178% 66% 66% 90% S0% 101% 102 98% 98% 61% 62 97% 9T% 97U 9Th 102 102 102 102% 100% 100% 9% 9% 85% 85% 101% 102 108% 108 95 95 9% 9T% 103% 103% 60 60 921 921 69% 69% 30% 30% 67 67 68% 68% 91k 91k 129% 129% 61% 61% 85% 85% 96% 96% 106% 107 101 101% 9% 9T% 844 84l 99% 99% 93% 93% 102% 102% 97% 9T 110% 110% 108 341 36% 99% 100 95% 95' 861 86% 7% 16 894 89% 95% 964 89% 89% 7% 70 92% & 100% 1007 91% 91% 102% 102% 88% 89% 90% 90% 87% 87T% 102 102 84% 84y 81% . 81% 9% 79% % 1% 81 81% 94% 94T 97% 9T% 1% 91y 79% 80 102% 103% 106% 106% 11 1114 854 85% 102% 102% 9% 41 55% 56% 100% 1004 93% 93% 62% o4 99% 91% 23% . 9% 99% | wisconsin Cent 4s. iward today FINANCIAL, CORN PRICES DROP AS DROUGHT ENDS Break of Over 5 Cents Per Bushel—Wheat and Oats Aiso Tumble. By the Associated Press. CHICAGO, June 2.—Corn led the way in a general early swing down- of grain values. Wide- spread rains, giving relief from drought, caused a selling movement that was especially effective against the December delivery of corn, a de- livery that was recently made con- spicuous by a sensational advance on account of crop damage fears. Before today’s decline could be checked, the December corn price suffered an ex- treme break of 51; cents a bushel. Corn opening prices, unchanged to % lower, September 1.16% to 1.157, and December 97% to 981, were fol- lowed by a slide down that carried September to 1.13 and December to 93 cents. Wheat and oats gave way with corn, despite month-end reports from experts showing heavy crop deteriora- tion during May. After opening at % to 7% off, July 1.60 to 1.60% and Sep- tember .57 to 1.57%, wheat scored moderate gains, but then sharply de- clined, July touching 1.57% and Sep- tember 1.35%. Oats started at 13 off to % up, Sep- tember 483 to 48%. Later upturns were followed by a material setback all around. Higher quotations on hogs gave firmness to the provision market. WHEAT— Open. High. Low. Close July . 1.60 September December CORN. July ... September December ... CATS July September December RYE— July Dby LARD— July September " October MACK TRUCK VOTES REGULAR DIVIDENDS rinin 233 Gam g 255 33 e 5 RSN Special Distribution Not Talked Of, Company States—Stock Spectacular. By the Associated Press. NEW YORK. June 2.—Directors of Mack Truck, Inc., today declared only the regular quarterly dividends of $1.50 a share on the common stock and $1.75 each on the first and second preferred, temporarily setting at rest rumors of a special dividend distribu- tion. Heavy speculation in the com- mon stock, based on these rumors and reports of large current earnings. sent it soaring from 117 to 183 in the first five months of this vear. The company issued a statement setting forth that no consideration had been given to the question either of an extra dividend or a stock divi dend on the common. PREFERRED DIVIDEND PAID OUT OF SURPLUS CLEVELAND, June 2 (#).—Direc- tors of the M. A. Hanna Co. yester- day declared the second quarterly dividend for this year on the first pre ferred stock, amounting to $1.75 per share, payable June 20. The first _quarter financial report showed a deficit of $313,150, and it was announced that the dividend on the first preferred is to be paid out of ac- cumulated surplus. Directors decided not to declare the dividend on the sec- ond preferred. BACK DIVIDEND TALKED. NEW YORK, June 2 (#).—The rise in Kelly-Springfield 6 per cent prefer- red stock to 6732 from the year's low or 43, and in the 8 per cent preferred from 41 to 583, has aroused hope in the financial district that it may not be long before favorable action is taken on back dividends on these shares, particularly if the present sat- isactory business in the tire industry continues. Stock of able. record. July ‘1 June 15 July 1 June1s July 1 June16 July 1 June 16 July 1 June 20 June 20 June 11 June 30 June 30 July 15 Juls 6 July ‘1 June 15 3% July 1 June @ 2.00 June 30 June 20 %% June 30 June 20 Corp. Alby & Sus. Braz TL&P pf... Endicott-John Do. pf... Gulf _Gil.. Lng Bell L A Pub Na Bk. Rity A lst FOREIGN EXCHANGE. (Quotations furnished by W.B. Hibbs & Co.) Nominal Selling checks gold value. ~ _today. London. pound. -8 Berlin, mark. Rome. lira. . . Zurich, franc.'. Athens. drachm: Madrid. peseta. crown. . crow . crown. Warsaw, zloty.. % Copenhagen, crown.. . Christiania, crown. Stockholm. crown NEW YORK, June 2 (#).—Foreign exchanges easy. Quotations (in cents): Great Britain, demand, 4.85%; cables, 4.86; 60-day bills on banks, France, demand, 4.94%; ca- Italy, demand, 3.951;; Demand: Belgium, 23.80; Holland, 40.1 way, 16.70; Sweden, 26,74; Denmark, 18.70 Switzerland, 19.36; Spain, 14.55: Greece, Poland, 19 Czechoslovakia, ; Jugoslav 1.67%; Austria, .14%; Rumania, 47%; Argentina, 40.37; Brazil, 10.75; Tokio, 41%: Shanghai, 75%: Montreal, 100 1-64. GERMAN BONDS AND STOCKS. (Quoted n dollars per million marks.) GerGt (win) Gn 101418 108 Hambury 4% 1010, .. 17500 BP0 T 58 Horeed Yoasi '14.00 (Quoted in dollars per thousand Ger Gen Elec 13 Ger Gen Elec 433 Berlin_4s pre-war. Ham 3s. 338 & Hambure Amer Line 4 % orth German Lloyd 415 North German Liod. ... Prussian Consols 3% Krupn s 1921. Dusseldort 4s pre- Frankfort a-M 4s pre Munich 4s pre-wa Badische Anilin AEG (Ger Ge Eloci Commerz and Privat Bk. Disconto Gellschaft. Dresdner Bank Deutsche Bank. | Darmstaedter Ban) Mercur Bank Vienna TPy s ¢ 4 ) So00 333333 Union Paccv6s... 1104 Virginia Ry 1st 5s. 88 100% VaRy&Plstos .36 99 Wabash 1s 1 101% 103% 100% 9814 101% Wabash 5 ... 25 9T ‘Western Md 4s. 25 66% Western Pacific 55. 4 95% 2 L] 97% 66%% 95% 84% 80% 843 20% West Shore 1st 4s 84% 80% LINCOLN NATIONAL UTS STOCK MELON 33 1-3 Per Cent Dishurse- ment Paid as of June 1. Essay Winners Named. BY CHAS. P. SHAEFFER. The Lincoln National Bank has de-_ clared a stock dividend of 331-3 per cent, payable to shareholders of June 1, 1925. The disbursement, approved by stockholders at a special meeting some months ago, grants one tional share for every three certificates now held. Holdings of the bank stock in other than multiples of three, necessitating fractional shares, have been adjusted into full units on the of the institytion have been depleted to the extent of $100,000 to provide for the new stock, leaving a balance of $158,520, exclusive of earnings for the first five months of this vear. The capital stock ac- count now totals $400,000, with a sur- plus fund of $300,000 Approval of the dividend has been given by the controller of the cur- rency. The uptown branch of the Lincoln tional, located at Seventeenth and H streets northwest, is one year old today. The institution is appropriatel decorated, and floral and other trib utes are being distributed with lav- ish hand. Growth of the branch has gratifying during the last 12 W. McK Stowell, assistant « and manager, asserts. During period more than 1,200 new acc both saving and commercial sating $603,000, have been opened souvenir booklet “Land Value and Value of Good Will,” prepared for the occasion, states the ground at the present site sold for 10 cents a foot in 1820, but B commands the al- most unbelievable sum of $30 a foot. Essay Winners Announced. Victor B. Deyber, District Bankers nounced this morn at Hulbert T. Bisselle of Riggs, William M ¥y of the Federal-American und ¥ E. Pollock of the American Trust Co. would accompany the ciation as its guests o annual con- vention to Hot Springs the latter part of this month, their reward for hav- ing submitted the best banking essays in the annual contest. The subject chosen competition was “Opportun Employes to Get New B Create Good Will for the committee of judges to s ners consisted of John B. Larner of the American Security & Trust Co. H. H. McKee, president of the Natio; Capital Bank, and Walter H. Klopfer of Park Savings. While the reward to w testants is sufficiently attr: president of the ociation, an- for this structive thoughts brought ou papers and later adopted banks in this for the comparatively small incurred in entertaining the winning authors Trading Local Security levels w changed on the luc {ing. Commercial National ld at its high chunging hands at and while Railway preferred was firm 83 on sales of 117 shares. Capit: Traction was pegged at 95%, and Washington Gas eased off fractional- Iy to 58 on oddlot sales. Fewer Failures in May. R. G. Dun & Co., calculates country’s commercial failures in at 1,767, with liabilities of $37,026 compared with \ April, and in- debtedness of In May last 1 ing on Board e firm bu al board this Bank 16015 share: the New Directorate Named. Columbia Phonograph ( Inc, has elected the foliowing directorate for the ensuing year: George R. Baker, Mortimer N. Buckner, George L. Burr, Henry . Cox, William C. Dickerman, William C. Fuhri, Fred W. Shibley, Louis Sterling, H. Mercer Walker and Horatio L. W hitridge Officers of the company, cently named, are: Louis chairman of the board; H. president; W. ( h F. J. Ames, and T. Allan 14.|.JIAI tary and a I C. C. Note Approval Asked. The Southern Pacific Co. asked Interstate Commerce Commission day to approve an issue of $10,451.00 in equipment trust _certincates finance a purchase f $15,000,000 new rolling stock. The carrier to obtain i3 locomotives, about freight cars and miscellaneous other equipment. LESS COTTON SHIPPED ABROAD DURING MAY W ORLEANS, June 2 (#).—S retary Hester of the New Orleans Cot- ton Exchange today announced that United States cotton exports to foreign countries, exclusive of Canada, totaled 286,127 bales during May, against 291,- 023 bales during M: DAIRY PRODUCTS. BALTIMORE, June 2 (Special). Live poultry—Spring chickens, pound, 35a50; Leghorns, 28a40; old hens, 28; Leghorns, 23 old roosters, ducks, 15 oung ducks, 30 pigeons, pair, 35a40; guinea fowl, eac 50a75. Eggs and nearby 31%. Butter—Good to fancy pound, 3%ad4; prints, 44a 31; store packed, Z 28a30; rolis, 28a30; BANK CLEARINGS TP NEW YORK, June 2 (#) clearings throughout the co: week, as compiled by the Commer and Financial Chronicle, reac 693,893,256, an increase of cent compared with the same perio last year. New York City gained 17.9 per cent. 18 982 cases. offered at, Receipts, firsts, Nativ dozen, creamery| 30a) y prints, butter, 33. PORT BUSINESS GAINS. BALTIMORE, June 2 (Special). Imports and exports through the port of Baltimore last week both showed big increases as compared with the previous week, according to the report of Charles H. Holtzman, collector of customs. D. & H. SURPLUS IMPROVES. NEW_YORK, June 2 (#).—Surplus of the Delaware and Hudson Co. for the first quarter of 1925 increased to $703,972 after charges, compared with $218,128 in the same period last vear, This is equal to §i65 a share on the capital stock, against 61 cents a share a year ago. PARI® BOURSE STRONG. PARIS, June 2 (®).—Prices were strong on the Bourse today. Three pe cent rentes, 44 francs 50 centimes. ¥x- change on London, 98 francs 20 cen- times. ¥ive per cent loan, 53 francs 70 centimes. The dollar was quoted af 20 francs 18-centimes.