Evening Star Newspaper, June 18, 1925, Page 28

+FIN SHARP DECLINES IN LATE TRADING Many New.Highs Earlie!‘ in Day—-Bell Telephone and Pierce-Arrow Features. BY STUART P. WES Special Dispatch to The Star. W YORK, June 18—The stock + differed from that of Wednesday in the fact that advanees in individual stocks were quite even- Iy balanced by declines in others. There was heavy profit-taking in re- cent leaders among the high-priced industrials and the rails. sh Breaks 20 Points. Motor broke over 20 points. Signal, which for t two weeks has been such a feature, w under pressure, and so was Havana Elecrtic. The move in the New York City Tractions gvas 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- w equipment industry Independent steel shares, with the short interest partly”eliminated, again showed sensitivens to the uncertain: ties of the trade situation. Crucible broke over a point. and so did Repub- lic 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 in 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 ye: The upturn resulted from steady investment buy- founded upon the attractiven of the yield under current money con- dition; There were the usual crop of new high reco All three classes of Pierce-Arrow stocks were included in . and in addition to American Telephone and Telegraph there were Newport News and Hampton Railway, New York Canners, Federal Light and Traction, Stands Milling, Interna- tional Combustion, Tobacco Product: A. Robert Reis, General Railw Signal preferred, Famous Players pre- ferred, Goodyear preferred and Ha- vana Electric preferred. The last named stock had not : and the sales at 113 sented an advance of sc T. »me 30 points. ht Stock Popular. special buying of Wright Aeropautical on the recent develop- me! looking toward a larger use for the airplane in the commerc field Burns Bros. A rallied over 2 points, and United Cigar Stores had a further gain of over 2 points. La- clede Gas jumped more than 5 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 13%. 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 3 poi following the annual report, which showed after the divi. dend on the preferred a surplus of $1,296,000. Busy Day on Exchange. French francs went lower again and around 470 cents were pretty close to the hottom of the year, which was reached two weeks ago. The selling of Italian lira continued, carrying the rates to the lowest so far established. Some manths 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 npw the explanation apparently lies in economic conditions. MARKET CLOSED HEAVY. Special Issues Crumble Sharply in Final Trading. NEW YORK, June 18 (#).—Stock prices turned reactionary today de- spite professional attempts to buoy up the market by bidding up low- priced motor issues and other pool favorites. Most of the rails were de pressed by the check to the Nickel Plate merger plans. Sales approxi mated 1,500,000 share The closing was hi Construc- tive efforf s of the list were abandoned as the price of speci issues crumbled sharply under hea selling pressure. Havana Electric broke 9% poi , Cast Iron Pipe 7 s/and Nickel Plate and General Elec- tric almost 4 points each. Pierce-Ar- réw prior preferred, however, soared over 25 points to 170. o Markets at a Glance NEW YORK—Stocks, heavy; Pierce Arrow prior preferred soars 25 points. Bonds mixed; American Telephone 6s at high record. Foreign exchanges easy; lira falls below 3.60 cents and then recovers. Cotton firm, high tem- perature Southwest. Sugar lower, easier spot market. Cofee easy, in. creasing domestic stock. CHICAGO—W heat lower; black rust reports exaggerated. Corn easy; bear- ish crop reports. Cattle firm; market at season’s mark. Hogs higher. ELLIOTT FINDS BUSINESS RATHER QUIET IN WEST NEW YORK, June 18 (#).—Howard Elliott, chairman of the Northern Pacific and a director of the Chicago, Burlington & Quincy, found busine: quiet in the West on a recent trip of inspection over the Burlington lines. This condition was not alarming, he said, and reflected merely a general hesitation pending final results of the ygar's crop. SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) ——Noon.—— Adirond. P. & L. C. 6s 1929. Alum. Co. of Amer. 78 193 American Sugar 6s 1937 Amer. Tel Baltimore & Ohio 6s Bethiehem ~Steel 58 19 Central of Georgia 6s 19 Chi.. A Chi R. 1. 5 City’ of Lyons 6s 19 Colum. G. & E. lst b8 Continental G. PP Open. 70 10% 102% Abitibi Pow (4). Ahumada (11). Alr Reduc (4). Ajax'Rubber. 14 Allled Chem (4). 91% Allied Cm pf(7). 119% Allis Chalm (6). 81% Allis Chal pf (7). 107% AmAgriculChm. 19 Am Az Chmpf.. 51% Am Beet Sug(4). 41% Am Bosch....... 34l Am Brk Shoe(5) . 103% Am Can (17).... 18T% Am Car&Fdy (6) 104% Am Chiclerts... 3 Am Drug (60c).. 5% Am Express (6). 136 Am & For Pow.. 45% Am&FPpf (7). 91 Am&FP 25% (7). 130 Am Hide & Ipt.. 70% AmIce (7)...... 110% Am Internatl.... 83% Am La Fran (1). 12% Am Linsd pf 3% . 72 Am Loco (118).. 118 Am Metal (3)... 474 Am Radiator (4) 96 Am Republic. 66% Am Safety R (3). 56l Am Ship & Com.. 8% Am S & Ref (6).. 104% Am Stl Fdys (3). 38% Am Sugar. .. 644 atra 9 Am Tel&Tel (9). 143 Am Tobacco (7). 96% Am Toba B (T).. 95% Am Typ Fdrs(8) 119 Am WW&EI 1.20. 677% A WW&EI pf(6). 107% Am W W 1st (7). 101 Am Woolen. . 37% Am Wool pf (7). 7% Am Zinc. 7% Am Zinc of. 275 Anaconda (3) 38%% Archer-Danlels.. 384 Armour Det (7).. 96 Armour L1 A(2). 21% Artloom Corpn.. 3913 0 Dry G(23%) 51t 0 O11 (2) . 39% hison (7) 118 Atchison pt (5).. 961 Atlantic C L(18). 162 AtIGuIf & WI.. 50% AtIGulf & WIpt 49 Atlantic Refinz. . 114% Atlan Ref pf(7). 1174 Atlas Tack 11% Baldwin L (7)... 112% Balto & Ohio(5). 77% Bal & Oh pf (4).. 64% Barnsdall A 26 Bayuk Cigar. 43 BeechNut(2.40). 68% Bethlehem Stl... 388% Briggs Mfg(3%) 407% Bkl Edison (8).. 135% BkI-Man Tran... 53% Bk-Man T pf(6). 80% Bkl Union Gi4).. 88% Brunswick (2.60) 26 *Buff Reh& P... 178 Burns Bro (10).. 107 Burns Br B (2).. 284 Bur Add Ma (3). Bush Ter de (7). Butte Cop (50¢). Butte & Sup (1). Butterick. . Caddo Central Cal Packing (6) Cal Pete (1%)... Calif Petrts. ... Calif Pet pt (7). Callahan Zinc. . . Calu & Ariz §2.50 Calu & Hee (50c) Can Facific (10) Case Threshing. Cent Ieather. ... Cent Leather pf. Century Rib (2). Cero d Pasco (4). Certain-Teed (4) . Certain-T 2d (7). Chandler (3).... + 37% Ches & Ohio (4). 94% Ches&O pf(6%). 108 Chi & Alton. . 5 Chi & Altonpf... ~'8 Chi&Eastlll... 34 Chi Great West.. 12% Chi Gr West pt.. 24% Chi MI1& StP... 8% Chi Mil& StP pf. 15% Chi& Nwn (4)... 68 ChiRI&Pac... 45 CRI&PDf(6). &4 CRI&PDS(T). 93% C StPM&OpPL(5). 83 Childs (12.40)... 57% Chile Cop (2%).. 33% Coca-Cola (7)... 118% Col Fuel & Iron.. 40% Colo Southern... 58 Col G & E (2.60). 65 Col G & E pf (7). 109% ColCarbon (4)... 49% Congolium (3). Conley (sta) . Consol Cigar. Consol Distribut. Consol Gas (5).. Consol Textile. Cont Can (4).... Cont Insur (6).. Cont Mot (80c).. Corn Prod (2)... Crucible Stl (4). Cuban Cane Su. . Cub Cane Supf.. 5l% Cub Am Sug (3). 29% Cuban Am pf(7). '97 Cuban Domin... 4% Cuban Dom pf... 30% Cudahay Pkg (7) 98 Cushmans (2)... 79 Cuyamel Fr (4). 5% Daniel Boone. 24 Davison Chem 34% Del & Hud (9)... 145% Del L & Wn(17). 143 Detroit Ed (8)... 124 Dodge Bros (A). 23% Dodge Bros pf... 81% Dome Mines (2). 144 Dupont (10) 176 Eastman (18) . 107% Eaton Axle (2).. 18 Elec Power ctfs. 35% Elec Powr pf (1) 92 21 PELt 40% pd. 108% 108% 64 1% 67% 28 36 343 38% 103% 114 32% 56% 69% 19% 114% 208! 121% 2% 47% 13% 139% 86% 2% 644 117 10% 35% 66%3 12 P&Lt full pd. Elec Str Bat (4). Ismmerson Brat. End-John (5). Fairbks (2.60) Famous P1 (8) Famous pf (8).. Federal Lt (*7 Fed Min pf (7).. Fisher Body (5). Fisk Rubber. ... Fisk 1st pf (4)... 104 Fleischmann(4). 83 Foundation (8).. 114% Ereeport-Texas.. 17% Gardner Motor.. 10 Gen Am Tnk (3). 46% Gen Asphalt.... 53% Gen Baking (6).. 146% Gen Clgar (8)...' 88% Gen Electric(8). 289% Gen El spec 60c.. 11% Gen Motors (6).. 6% Gen Mot pf (7).. 110% Gen Petrm (2).. 57 Gen Ry Sig (6).. 170 Gen Ry Spf (6). 95% Ginter (13%) 3T Glidden Co 20% Gold Dust.. 39 Goodrich...... b2% Goodrich pf (7).. 99 Goodyear pf.(7). 101 Goodyear pr (8) 105% Granby Consol.. 154 Grt North pf (5). 69% Gt Nor Ore (1).. 27% Du_ Pont 7is 1631 Federal Sugar Ref. 6s 1033 Federated Metals 7s 1930, Goodyear T. & R._ 8s 1 Great Northern 7a 1936. Guit oif Corp. a5y 10 Hock. Val. R. R. C. Humble 0il 53% Lehigh Pow. Sec. C. M. SLP. &S S M Oregon Short Line 4s 1929 Penna. R. R. 7s 1930. Pure Oil 5% Swift & Co. Tidewater Oil 63%s Union Pac. R. R. C. TUnion Tank Car U. S. Rubber 7 A Western Union 83%s 1936 Westinghouee E&M. 78 1031 sS85 5.2, 3232832383333 82S2%23 5 R REE F SRR S S i 110 108. Grt Wstn Su (8). 104% Gt West Spf(7). 114 Greene Canan... 18% Gulf Mo & Nor.. 28% Guif States S(5). 81% Gulf Sta 1st (7). 106 Hartman (2%).. 26% Havana Elec (63, 177 Hayes Whi (3)... 36 Hays W pf(7%). 108% Household P (3). 34 Houston Ofl...... 77 Howe Sound Co 17% Hudson Mn 2% 30% Hudson Mot (3). 63% Hupp Mot (1)... - 17% High. 0% 11 102% 15% 91% 119% 81 107% 19 52 41% 34% 103% 187% 105 * 5% 137 45% 914 133 70% 110% 33% 12% 72 118% 93% 83 67% 33% 118% 42% 584 65% 109% 49% 26% 87% 3 64% 117% 10% 35% 34% 38% 103% 114% 35 56% 69% 19% 104 83 114% 1% 105% 4% 54% 145% 89% 289% 1% 7 110% 57% 176% 95% 37% 20% 39 63% 99 104% 105% 15% 69% 28% 109% 114 13% 28% 81% 106 27% 177 368 108% 36% 77 18% Low. Close. 70 704 10% 10% 102% 102% 146 16% 90% 9O0% 119% 119% 9% 9% 1074 107% 1 19 51% b1% 4% 41% 33 34 103% 103% 184% 185% 101% 103 W% 5% 5% 136 137 42 43 89% 89% 180 183 70 70 109% 109% 32% 33 12% 12% 1% 1% 117% 118% 47 47 96 96 65% 65% 56 56 8% 8% 103% 104 384 88% 64% 9 144% 85% 95% 118 65% 106% 101% 35% 24% 8% 15% 56% 43 83 934 83 57 33% 33% 17 117 40% 41 58 58 64% 65% 109 109 49% 49% 26% 26% % 38% 4% 86% B6% 2% 3 64% 64Y% 115% 115% 10% 10% 35% 354 65% 664 1% 12 51% b61% 28% 29 97 97 4 4 30% 30% 98 98 9 79 54% bd% 2 2 38% 83% 145% 146% 142% 143 124 124% 23% 28% 81% 82 14% 14% 173% 173% 107% 107% 18 18 33% B4% 92 93% 108% 109% 108% 110% 62% 63% 1% 1% 67% 67% 27% 27% 35% 385% 34% 34% 38 37% 102% 103% 114% 114 32% 3434 54 54 68 68% 18% 18% 1084 1034 83 83 114% 1140 16% 16% 10 10% 46} 4Ty 52% 55% 142% 143 88% 891 285% 285% 11% 113 T6% . T6% 110% 110% 54% 56% 167 176 95% 95% 36% 36% 20 20 39 39 62% . 63 99 99 101 108% 105% 105% 15 15 68% 69% | 27% 28 104% 109% 114 114 18 13 28% 28% 80% 81% 106 106 26% 27% 170 172% - 86% 35% 103% 103% 36 36% 5% 76 17% 18% 30% 30% 62%. 62% 1% 19% .| Submarine Boat. HE" EVENING 'STAR, WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private ‘Wire Direct to The Star Office | 1itinots Cen (7). 11l Cent pf (6)... Indep OIl (1).... Ind Ol rights. Indlan Motorey . . Indian Refinin; Inland St(23%). .. Insplr Cop (50c). Interb Rap Tr... Internat Agri. .. Int Bus Mac (8). Int) Bus Ma rts. . Int Cement (4).. Int Com Eng (2). Internat Har(5). Int Mer Marine. Int Mer Mar p Int Nickel. Int Paper £ Int Paper pf (6). Int Ry CA pf(5). Int Tel & Tel (6) Intertype (11%). Jones Bros Tea. . Jordan Mot (3).. KCP & L 1st (7). Kan City South. . Kayser (Julius). Kayser 1st pf(7). Kelly-Spring. . .. Kelly-Spring 1st. Kelly-Spring pf. Kennecott (3)... Keystone T& R. Kinney G R (4).. 83% KresgeDS pf(8). 96 Laélede Gas (8). 155% Lee Tire & Rub.. 14% Lehigh Val(33%). 79% Lig & My B(t4). 61% Loews Inc (2) 29% Eote. 10,20 Lorillard (3) Louistana Ofl. Louls & Nsh(6). Ludlum (2). MclIntype P (1).. Mack Treks (6). Mackay (7) Macy HR & Co. . Magma C (75¢).. Mallison & Co. .. Manati (5)...... Man E1 Sup (4).. Man E md g (5). Man Elev gtd. ... Man Shirt (1%). Manila El (23%). Maracaibo Oil. .. Marland O(75¢). Malin-Rock (1).. Martin-Pry (4).. Mathleson AJka. Maxwell(A)ctfs. Maxwell(B)ctfs. May Dept St(5). Metro Ed pf (7). Metro G pf(1.89). Mexican Seabd Miami Cop (1) Mid-Continent Middle States. Midind Pr pt(8). Minn & St Louis. Mis Kan & Tex MK&T pt (5) Missourt Pacific. Missour! Pac pf. Mont Power (4). Montgom Ward. . Moon Mot (3)... Mother Lode 75c. Motor Wh11.60. . Nash Mot (11). Nat Acme (sta). Nat Biscuit (3).. Nat Cloak (4). Nat Dalry (3). Nat Dpt Stores Nat Distillers. NatDistillers pf. Nat Enamel & S. 113 116% 40 1 1% 9 39 26% 28% 10% 123% 1% 68 44 109% 8% 34 291 68 79% 64 114% 23% 15% 39% 104 81% 32 97 18% 66 69 51% 2% 110% 35 17% 180 114 119% 112% 104; 20 15% 9% 34% 2% 111 2% 32% “81% 334 7% 410 % 69% 71 b54% 42% 36% 67% Nevada Copper. Nwpt U Gas (5). Nt N G&E pf(7). NY Afr BrA(4) N Y Canners(2). md6% N Y Central (7). 116 NY C &St L(6).. 120 Y Dock pf (5). 67T% Y & Lack (7).. 102% Y NH & Hart 32% Y On & Wn(l). 23% NY Rys part cf: 11% N Y Shipbld (2). 26% Niag F pf(1%) 28% Niagara Lockpt.” 107% Norfolk South... 34 Norf & West(7). 127 North Am (3.40). 46% North Am pf(3). 49% North Pac (5)... 66 Orpheum (1.80). 26% Otis Elevat (6).. 114 Otis Steel. . 13% Otis Steel pf. 73 Owens Bot (3)... 48% Pacific Gas (8).. 116% Pacific Ol (3)... 58% Packard (11.70). J28% Paige Mot(1.20). 20k Pan-Amer (6)... §76% Pan-Amer B (6). 78% Park & Tiiford.. 30% Parish & B sta. 1% Penick & Ford... 21% Penn C & Cke.... 14% Pennsy R R (3).. 45 Penn Seab Steel. 1% Peoples Gas (8). 118% Peoples Gasrts.. 1% Pere Marq (4)... 62% Pere Mar pf (5). 70% Pere M prior(5). 80 PhlaCo (4)..... 66% Phlla&g RC&I.. 40 Phillip Morris... 16 Phil-Jons pf (7). 81% Phillips Pet (2). 46% Phoenix Hosiery. 26% Plerce Arrow.... 29 Pierce Arrow pf. 84 Plerce-A prior 8. 150 Plerce Ofl. Plerce Ol pf. Pierce Petrol Pitts Ut pf 11.20. Pitts U cfs 11.20. Pitts & West Prod & Refiners. Pro& Rpf(3%). Pub Ser NJ (5). Pub Serv NJ rts. Pullman Co (8).. 138 Punta Al Su (5). 41 Pure Oil (1%)... 30% Radio Corpof A. 53 Ry Stl Spg (8)... 126% Ray Cons Cop. 12% Reading (4)..... 88% Reading rts 18 Robert Rels 24% Remington Type. T75% Rep Ir & Steel... 44% Reynolds Sp (1). 10 Rey Tob B (3)... 76% Rossia Ins (6)... 86 Rossia rts.. 3% Royal D (4.42%) b52% St Joseph Ld(2). 49% StL&SanF(5). 80% St L Southwest.. 45 StLSwnpf (5).. 71 Savage Arms.... 54 Schulte (*8)..... 110% Schulte pt (8)... 111 Seaboard Air L. 31% Seabd Alr L pf.. 41 Seagrave (1.20). 14 Sears-Roebk (8). 172 Shattuck FG(2). 64% Shell Trad(2:06). 424 Shell Un (1.40).. 25% Shell Un pf (6).. 101% Simmons Co (2). 42% Stmms Pet (1)... 26% Singlair Ofl 22% kelly Ol 29% loss-Sheff (6).. 87 Sloss-Shf pf (7). 93% South Port S (6). 71% | South Pac (6)... 99% i Southern Ry (5). 96% Spicer Mfg...... 20 Spicer pf (8).... 116 Std Gas & EI(3). 52% Std GEEL pf(4).. 58 Stand Mill (5)... 79% StOll Calif (2).. 60% StOINJ (1) 45% StOf N J pf (7). 118 Sterling Prod(4). 64 Stew-Warner(5) 67 Stromberg (6)... 6% Studebaker (4).. 45% Studebak pt (7). uz Superior Ofl..... Symington...... 15 Symington A(2). 21 Telautogph 25¢., 13% Open. High. 113 116% 40% 1% 1% 9 393 26% 28% 10% 123% 1% 684 45% 109% 8% 34 29% 68% 794 64 114% 23% 15% 424 104 82 32 97 18% 66 69 51% 2% 84% 96 157 14% Low." Close. 112% 115% 38k i 1% 8% 39% 25% 27 10% 128% 1% 67% 43% 108% 8% 33% 29% 65% 9% 64 112% 23% 15% 39% 104 814 30% 97 17% 66 69 112% 115% 39% 1 1% 9 39% 257% 27 10% 123% 1% 68 44 1087 81 33% 2014 667 9% MOVES RE MIXED * INBOND MARKET American Telephone 6s Ad- vance—Merger Rails Draw. Attention. BY CHARLES T. HUGHES. Special Dispatch to The Stas NEW YORK, June 18.—Unaffected by the irregularities in stocks, the in- vestment market was firm again to- day and high-grade bonds were in demand. Attention was attracted by the strength in the market for municipal bonds and -other tax-exempt issues. New high prices are being paid .for obligations of all the larger cities, in- cluding those of New York. Railway Issues Active. Among speculative bonds more attention was pald to raflway issues. Wheeling and Lake Erie bonds were among the leaders, the 43s advancing a point and -the 4s making a smaller gain. Chicago, Terre Haute and Southeastern incomes were active and strong. In the outside market in- quiry was reported for Toledo, Peoria and Western 4s of 1917, the obligation of a road in receivership, but con- trolled by the Pennsylvania and the Burlington. It is understood that steps toward foreclosure and reorgani- zation are being taken. Sugar bonds were prominent among the industrials, eastern Cuba 73%s being especially active and higher. Transit- Bonds React. 5 Convertible oil bonds were generally lower. Brooklyn Manhattan Transit 6s made a new high above 91 and then reacted. Interborough issues made little further gain. Pierce Arrow 8s were .up. fraction- ally, and what appeared to be inve: ment buying came into the usual inactive American Chain 6s. Foreign bonds were dull and inclined to dray. French issues were distinctly heavy. One of the exceptions was City of Copenhagen 5%s, firm and higher. Today’s New Offerings. Among the day's important new of- ferings were $10,000,000 City of Phila- delphia 45 to yield 3.93 per cent to the redemption date in 1945 and 4 per cent thereafter, and $2,000,000 Iowa Power and Light first 6s to yleld 5.93 per cent. DIVIDENDS. Payable. June 30 July 13 Aug Jun: July 1 June 30 June 30 July 15 July 1 July 1 July Aug Creamy Do. pf. Connor (J T} me 2 Fidelity Int Tr.. Gen! Fireprting Do AT ¥ Sou pi Mann_ Maxwell & Moore 1 Bank June 20 Sept 30 Aug 17 July 9 July 1 June 20 July "R Sept 9 July 10 July 18 July 1 Jun. June 23 Do Class A... Royal Typewrit o par.. Do. pt. Tenn Elec firs p Cip Do. pf. Init $1.00 An 7% - Q s150 SHORT-TERM SECURITIES. (Quotations furnished by Redmond & Co.) ~——Noon.— 1085 1078 1023% i6d" " Adirond, P. & L. C. s 1020 Alum. Co. of Amier. 7a 1933. American’ Sugar 6s 1047 Amer. Tel. & Tel. 0a 1025 Anaconda’Copper 6 1020 Associated Oil 6s 1035 ... Baltimore & Ohio 8s 1020.. Bethlehem ' Steel 54 1936 Central of Georgla 6s 1920.. Chi. Ml & St P._ 6s 1034 Chill R T ‘& Pac. 5i4n 1926, City' of Lyons 6s 1034 . Colum. G & E. 1st bs 19 Continental G. & E. 58 192 Du Pont 7%s 1831, . Federal Sugar Ref. s Federated Metals 7a 19 Goodsear T. & R, fa Great Northern 7a 1036 Co. Pa. 5%s 1928 Hock Val. R. R. C. ba 1926, Humble Oil 5348 1032, . " Lehigh Pow. Sec. C. 6s 1027, M.SLP &S.S M. 8y Morrig & Co. 7l4s 103 45 1 1630.. . Auve. 1925 By 103z, 333538333 52555253 FRLLLLTEE FRRFEEPLEPFECR ~zon' Short | Penna. R. R | Pure Ol 53s, Swift & Co 3323I322823225533%2 9222335595! o 33 freety U, S. Ruhber 7is 1930 Western Union 63%s 1936 Westinghouse E.&M. 7s 1931 11% 52% 105% 161 48% 41% 80% 102% 5 63 44% 51 39% 136% 74% 126 25% 79% 122% 218 28 161 334 34% 88 114 130 47% 102% 35% . 116% 124% 36 90% . 28% 14% 118% 14% 28% 664 16% 63% 104% 45% 98% 134% 19% 41% 131% 106 1% 86% 23 16% 29% 28% 1% % 11% 52% 105% 16% 48% 41% 80% Tennessee Cop. . Texas Co (3).... Tex Gulf S (7%) Tex & Pac C& O. Tex & Pacific. ... Timken R B(14). Tobac Prod (6). . Tob Prod A (7). Transcont Oil. .. Twin City (4) Underwood (3).. TUn Bag & Paper. Union Of1 (1.30). Un Pacific (10). . Un Pacific pf(4). Un Tank Car(5). Utd Alloy Steel. . Utd Clgar(13%) . United Drug (6). Utd Fruit (10).. Utd Ry Invest. US CastIronP.. U S Distributing. U S Hoft (2)... U S Ind Alcohol. U S Ind Al pf(7). Realty (8).. Rubber..... S Rub 1st (8).. US'Smelting(3). U S Steel (17) U S Steel pf (7) Universal Pipe. . Utah Copper (4). Vanadium. . ‘Va-Caro Ch pf. Va Ry & Power. Vivadou........ Wabash. o ‘Wabash pf A(5) Waldorf (1%). ‘Ward Baking B.. Ward Bak pf(7). Warren 18t pf(3) West Pen pf (7). West Maryland. . West Md 2d pf. . Westn Pac (5a) West Unlon (7) West Air Br (6). Westinghse (4).. ‘Westhse 1st (4). Weston A (2)... Wheel & L Erle Wheel & LE pf.. White Eagle (2). White Mot (4) . Wickwire Spen. Wickwire ctfs Willys-Overld. Willys-0d pf(7). Wilson & Co. . Woolworth (3). Worthn Pump. Wright Aero(1). Wrigley (13%).. Youngstown (4). *04d lot. e rtly extra. $Payal m'vfa'm? rates as given in tl ual Eor A st 11 51% 52w 104% 105% 15% 16 7% 475 0% 407% 79 79% 102 102 4% 5 63 65 43% 434 50 50 38% 38% 135% 135% 4% T4% 126 129% 25% " 25% 76% 79 122 122 213 214% 28 28 166 166 82% 32% 34 34 86 86% 114 114 129% 129% 17y 46% 102% 102% 35% 85% 116% 116% 124 124 34% 33% 90% 90% 28% 28% 13% 13% 117% 117% 14% 14 27% 28% 66% 66% 16% "16% 60 61 104% 104% 45% 45% 9% 9TH 13 13 19% 19% 4% 41 130% 130% 105 105 % 1% 86% 864 23 28 16% 16% 29% 381 28% 283 0% 71% % % 4 4 19% 20% 103 104 5% 6% 183% 134% 89% 39% 26% 28% 51% B51% 64 64% stoek. et rations. e S uUs Us jid 104% 45% 98% 13% 19% 41% 131% 106 % 864 23 17% 31% 28% 1% % 4 4 19% 20% 108% 104 5% 5% 135 135 40% 40% 26% 28% 51% b51% 64 64k intest I ON NE' B UNITED W YO! Recelved STATES BONDS. (Bales are in $1,000.) Lib3%s Lib 1st 4 <Eib.2d 4. . Lib3d 4%s. Lib 4th43s 1US 431944, *US4%s 52 s ' Argentine 65 wi. Argentine 65 A Argentine 6s B Argentine 75 Austria Bank of Japan Belgium 6 Belglum 6%sw1.. Belgium 78 wi Belgium 7%s. Belwium s Berne 85" Bolivia 85 Canada 55 1926. Canada 58 1931. Canada 55 1962. Canada 6%s 1929. Chile 75 1343 fle 85 1946 Chinese Gov y Christlania 8s..... Con Pow Japan 7s. Copenhagen 53%s. . Cuba 5¥%s... Czecho 8s 1951 Czecho 88 1952 Danish Munic Dantsh Munic Denmark 6s. Denmark 8s. DEI5%s Mcl DEI5%s No Dutch East I Dutch East I 6: El Salvador 8s Sales. High. Low. “Close. 36 1016 1011 1012 27 102'23°102 20 102 238 178 101,16 101 14 10116 95 101 30 101 27 10129 264 10231 10228 102 31 124 10315 1035 10313 *10 10712 1075 10712 FOREIGN. - Sales. High. Low. - Close. .4l 9% 96% 961 .67 96 95% 96 .19 96° 95% 95% .110 103% 102% 103 . 16 98% 98% 98% L1 99% 99%4 37 86% 864 31 92% 92% 984 9844 108% 108% 1073 102% 109% 109% 95 85 83% 9T% 100% 103 104 102% 102 108% 43 110% 91k 9x14 t.. ssA. 8sB. 62 '48., Finland s f 6s'45. . Finlands 7s. Framerican 7%s. French 7s French 7% French 8s’ Ger El 6%3 50 German 7s Ger Gen Elec 7s. Greek 7s. Hait! 6s Hungary Japanese 4s. Japanese 6% 11 16 92 57 78 7 148 9 3 35 10 SAe .238 wi. Jergens U M 6547 11 Lyous 6s. . Marseille 6s. Mextco 45'10 a Mexico 5s asse: Montevideo 7 Netherlands Netherlands 6572 5%s wi. Norw: Norway 65 194; Norway 6s 194 Norway 65 1952. Norway 8s.. Orient Dev del Paris-Ly’s-Med 6s. Paris-Ly’s-Med 7s. Peru 8s. . Poland 6s 40 Poland 8550 wi. Pragne 7%s. .. Queensland 6s Queensland 7s. Riode Jan 8s 1 Rio de Jan 8s 1 Rio Gr Do Sul 8s Sao Paulo City Sao Paulo Stat Stof S Paulo r Seine Dept cf 7 Serbs Crof Slo Soissons 6s. .. Sweden 5%s ct Sweden 6s. Swiss 6%s 194 Swiss Confed 8 Ud Kingm 5%s'29 Ud Kingm 5%s'37. Uruguay 8s. . Am Agr Chem Am Agr Chem Am Chain sf 6s " Am Repub deb Am Smit&R 1 AmSmIt&R 6 Am Sug ref 6s. AmT&Tecltr AmT& Tl tr AmT&Ts{5s. Am T & T deb AmT&Tcvss.... Am Water Wks 55, Am Writ Paper bs. Anaconda 1st 6s. .. Anaconda cv db 7s Andes 75 25% pd.. Armour & Co 4 Armour Del 5%s. . Assoclated Oil Atlantic Refin Barnesdall s £ Bell Tel Pa 63 Beth Steel pm Beth Steel rf 5s. Beth Steel 5%3 53 Beth Steel s f 6s. .. Brier H St 1st Bklyn Ed gen 5s. .. Cen Leth 6s "45 cfs. Chile Copper 6s. Col Gas & El 5s sta Commonwth P Con Coal Md 1st §s. Con G NY 6%s wi Consumers Pow cv s Cuba Canecvd 8s Cuban Am Sug 8s. . Cuba Cal Denver Gas bs. Dery (DG) Ts Det Edison b: Det Edison ref 6é: Dodge wi 6. Du Pontde N Dugquesne Light Est Cuba Sug 7%s. Empire G & F Fisk Rubber 8s. Francis Sug 7%s.. Gen Refractres Goodrich 6%s. . Goodyear 85 1921. Goodyear 85 1941. Hershey 65 1942 Hoe & Co 6% Humble C& R Illinois Bell 1st 5 Illinois Steel 4 Int Mer Marine 6s. Inter Paper 55 Inter Paper 6 KCP&Lt5sA'S2 Kan G & El 65 Kelly-Spring l: Keystone Tel Lackawa S 58 Laclede G 5%s '53. Liggett & Myrs 6s. Lorillard (P) 5s. .. Loulsv G & E 55 ‘52 Manati Sug sf Midvale Steel b: Montana Pow 6s. Mor’s & Co 1st New Eng Tel 58. ... N Y Edbs’44 wi N Y Tel 4% NY Tel 65'41. Y Tel 65’49 North Am Ed §%s Nor Ohlo T & L 6s. Nor States Pow 65, Otis Steel 7%s. Pacific Gas & El 5. PacT & T 58°62... Pan-Amer Pete Puu-Amer Pel Phila Co5%s Phila Coref $8 A.. Phila& RdC & 16s Plerce-Arrow 8s. Publie Service Pub Serv Elec PServGash P ServGasbi Punta Alegre 7i Remingtn Arms Rep Ir & Steel Stnciair Oil Sinelair Ofl 6% Sinclair Ol 7s. MISCELLANEOUS. Ajax Rubber 8s. 2 sntd 24 nted 95% 103% 106% 96% 100% 100% 100% 110% 85% 7% £6% 100% 70 89% 94% k. 104% 110% 95% 95 96% 100% 102% 99% 88% 88% 85 100% 104% Y% 102% 4 114% 4 -68% 116% 105% 110 3.. ‘. 946 947. 8s.. e 8s. ts. s. 8s.. .40 12 1 101% 101% 6 102% 102% 8 102% 102% 22 99 98% 6s.. 2 96% - 96i st5s 24 98% 98 s.... 1107% 107% « 19 102% '102% 4s.. 46 97% 97Y% 5s.. 31 102% 101% -128 97% 97% 51s. 32 104 103% 6 135% 134 12 96% 96% 16 63 - 62% 56 100% 100% 19 101% 1014 25 97 ,96% 90 89%, 63 94% 94y 103 103 100 - 100 105% 105% 103103 93% 93 95% < 95% 874 87% 94% 943 100% 100 1024 102% 101 100% .17 107% 10T% .2 100% 100% 101% 101% 81% - 81% 104 108% 99% 994 95% 95% 101% 101 108 107% 95% °95% % 17% 101% 101% 107% 107% g 97% . 973 % 1084 108 106% 106 105% ‘105 105 104% 118% 113 106% 106% 101% 101% 106% 105% 109% '109% 120% 120% 108% 108% z 108% 103% 5% 102% 102 101% 101% 94% 941 87 87 98 ‘93 97% ' 97 100% 100% 102% 10214 102 ° 101% 92 ‘92 93% 98% 101% 101% 190 100 97% - 97% 98% * 98K 100% 100 98% 97% 92 91% 99% ' 99% 844 84K 101% 101% 101% 101% 115 98 107% 1104 10M% 106% .95% 98% 106% 97 9% 99% 111% 106% . 99% 104% 100% 104% 99 107% 104% 104% 106% 88 - 96% 55... 7 %8, 6s.. 58... ss 5s. 5%s. 40.. T%s %s ‘47, '52.. 50. . 22 2 25 12 2 72 10 1%s. 40 4%s 64 6s.. 35 164 9 & L2 C., 'THURSDAY, JUNE 18, 1925. RK ONDS STOCK EXCHANGE I by Private Wire Direct to The Star Office, Sales. High. Low. Close. 101% 101% 101% South Bell Tel 5 So Por Rico Sug Southwest Bell Tenn Elec Pow 6 Tide Wat Of1 6 3%s. Zoledo Edn 1st 7s. United Drug 6s. U S Rub Ist rf 6s. U S Smelter US Steel s £ 5s. Utah Pow & Lt 5, Va-Car Chem 7s Va-Car Ch 7ts w Vertlentes Sug 7s Warner Sug 7s'39. Warner Sug 7s '41. West Elec 55 Westinghouse 7 Willys-Ov 6%s '33. Wilson & Co 1st 6s. Wilson & Co cv 6s. Wilson & Cev 7343, Winchester A 7%s. 11 9 1 1 106 101% 108% 106 101 103 106 101% 103% 103% 103% 103% 109% 109% 109% 108% 103% 103% 89% 100% 105% 98 96% 67 92 83 94 100% 107% 102% 9% 69% 68% 101% Youngstn S & T 6s. 85 100% RAILROADS. Ann Arbor 4s. ..... Atchison gen 4s. .. Atlantic C L cl 4s.. Atlan CL 4%s '64. Atlzntic C L 1st 4s. B& O gold 4s B&Ocv4Ys. B&Orefbs..... B&O1stbsct... B&O6s.... B&Orfimp bs. . B& O PLEWYV 43 B&O Sw Div 5s cfs. B & O Toledo 4s. ... Bklyn Manhat 6: Buff R & Pitt 4%s Canada South 5s. Canad North 7s. . Canad Pac deb 4s. Car Clinch & O 68 Cent of Ga 6s. .. Central Pacific 4s. Ches & O cv 4% Ches & O cv 58 Chi & Alton 3%s. Chi B & Q 1st rf 5s. CB& Q-Olldiv 4s. Chi&E Ignés. Chi Great West 4s a = [ ] g = 5 @ a o St P4s'25. t P dL 4s. Qgaaaqaaaaa Ch1 & W Ind cn 4s. C& WIbE%s 62 CCC & St L 68 Clev Term 5s. Cleve Term 5%s. Colo & Sou 4%s. Cuba R R 6s. . Del & Hd 1st rf 4s. Del Hud cv 5s '35. Del & Hud 5%s. Den & Rio G cn 4s. D & Rio G Wst 58 Det United 414s Erie 1st cons 48 Erie gen 4s. . Erie conv 45 D Erie conv ext 7s Erie (Pa) cit tr 4s.. FlaEC5s'74.. Gr Trunk sf db 6: Grand Trunk 7s Great North 5s. Great North 5%s. Gr North gen 7s Havana ERL&P '50 Hud & Man ref 5s Hud & Man aj 58 111 Central ref 4 111 Central 5% 111 C-C St L&NO s Int Rap Tran bs. .. Int Rap Tr 5s stpd. Int Rap Tran s Int Rap Tran 7s Int & G Nor 1st Int & G Nor aj 6: Towa Cent rf § Towa Cent 1st 5. Kan City Ft S 4s. Kansas City S 3s. . Kansas City S 5s. .. 4 9 5 5 6 12 87 12 20 6 63 o P CR=TSFN- - T Ie o) o oo 288 -5 s 57 11 29 15 5 29 12 1 7 12 98 237 Kan City Term 4s.. Lake Shore 4s ‘31 Lehigh Valcn és Lehigh Val 55 2003. Louls&N5sB.... Louls & Nash 5%s. Louis & Nash Ts. .. Manhat Ry cn 4s. .. Man Ry 2d 4s 2013. Market St Ry 78 MIIElRy & L5 M&StListre4s.. M & St L rf ex 5: MStP&SSMe StP & SSM 6%s. T 1st 4s. T4s2, T adj bs. M TprinssA. MK&TG6sC...... o Pacific gen 4s Mo Pac 55 1965. Mo Pacific 6s. Mo Pac 6s cfs Montrl Tm 1st 6s. New Or Term 4s. N O Tex & M inGs. N O Tex & M58 B NOT&M 5% NOT&Mb5%sn N Y Cengen3k%s N Y Cent 45 98. N Y Cent deb 4s NYCentribs N Y Cent deb 6s M StP MK & MK& MK& K& - e NYC&StLdbis. NYChi &St L5%s New Hav d 4557 New Haven c d 6s. NY W & Bos 4%s Norfolk & W cv 6s. Northern Pac 3s Northern Pac 4s. Northern Pac r 1 63 Ore'Short L ref 4s. Pennsyl con 434s. . ©ennsyl gen 4%s. Pennsyl gen 6. Pennsyl 55 '64. Pennsyl 6%s. Pennsyl gold 7s. ... Peoria & E inc 4s. Pere Marq 1st §s. Reading gen 43%s. Rio G West 1st 4s Rio G West cl 4 St L IM&S 4s°29. St L IM&S R&G 4: StL&SFpl4sA S Fprinbs. 85 34 9 25 StLS W con 4s°32. StP & KCSnL 4%s Seabd A L 4s. Seab'd AL 4s Seabd A Liref 4 Seab'd A L adj 5 Seab’d A L con 6: Sou Pacific 45 °29. . Sou Pacific clt 4 Sou Pacific ref 4 Southern Ry gn Southern Ry i Southern Ry 8sct.. Southern Ry 6%s. Sou Ry Mobile 4s.. Term Asso St L 4s. Texas & Pac 1st b: Third Ave ref 4s. Third Ave adj bi Toledo Trac Union Pac Union Pac Union Pac 4s ‘27 Union Pac cv 6 Virginia Ry 1st 5s. Va Ry & P 1st s, 21 89 100% 105% 97% 96% 67 92 83 98% 100% 107% 102% 99 69% 68Y% 101% 9% 73% 91% 89 95 934 90% 93% 9134 103% 103% 4 103% 88 98% 7% 90% 87 103% 116% 807 107% 103% 89% 9T% 106 52 4 102% 9234 75% 48Y% 49 4814 80 48% 90% 49 49% 103 95% 110% 106% 76% 847 88 89% 931 117% 81 995, 99% 4 100% 106% 95% 884 91 107 101% B4l 56 89% T1% % To%h 108% 96% 963 107% 116% 95% 102 109% 101% 102% 108 107% 62% 65 99% 91% 23% 15% 85% 103 854 784 851y 954 1034 65% 90% 102 101% 98Y% 841 974% 97% 102 102 9 86% 95 102 109 95% 98 584 92% 69% 5% 31% 66% 67% 129% 61% 86% 107% 9% 991 93% 102% 9816 110% 107% 3d% 1004 100 95 87 T4% 96 89% 1% 92% 100 90% 88% 108% 82% 89 87 80% 79 1% 81 94% 97% 86% 9% 80 103% 106% 110% 87 84% 102 58% 43% 100% 93% 88 99 103% 100% 98% 99 97% 93% 91% 6% 914 102% 100% 67% 67% 1 91% 104% 3% 22% 61% 87% 3% 92 87 96% 81% 101% 103 108 107% 621 55 99y 91% 23% 16% 85 108 854 8 85% 95 103 65% 90 101% 101% 98% 84 97% 97% 102 102 9 86%% 95 101% 108% 95% 98 584 91% 69% 5% 30% 66% 87 129 61% 8614 106% 97% 99% 93% 102 98% 110% 107% 34% 1004 99% 94% 87 4% 96 89% 1% 92% 9% 90% 8814 103 82% 8954 7 B6% 80 8% 1% 804 944 9T% 867 9% 80 103% 106% 110% 87 84% 102 58 42% 100% 98U 87% 994 103% 100% 98 293¢ 7% 89 100% 105% 97% 96% 67 92 83 93% 100% 107% 102% 99% ' 69% 6815 101% 100% 74 91% 89 95 931 907 935 91% 103% 103% 103% 88ls 98% 76 90% 87 103% 116% 81 1074% 108%, 8914 97% 106 52 102% 92% 75% 65% 87 80 9 % 81 94% 97% 86% 9% 80 103% 106% 110% 87 84% 102 68 42% 100% 93% 87% 994 108% 100% 98 29 97% 661 66 664 9% 95 95% 84% 84% 84% . "FINANCIAL. Dodge Directors Declare Dividend On New Shares By the Associated Precs. NEW_ YORK, June 18.—Direc- tors of Dodge Bros., Inc., the new automobile company, whose shares recently were offered to the public by Dillon Read & Co., today de- clared an initial quarterly dividend of $1.75 a share on the preference stock. The dividend is payable July 15 to stock of record July 1. LIFT WHEAT PRICES ON RUST REPORTS Traders Again Take Buying Side Today—Corn Mar- ket Lower. By the Associated Press. CHICAGO, June 18.—Higher prices for wheat went hand in hand early today with reports that black rust had been discovered in Soutk Dakota a8 well as in North Dakota. The new black rust reports came from Huron, S. D., and said the infection had already in some cases appeared both on the stems and the leaves of wheat. Weather conditions North- west, however, were cool and dry, the exact opposite of what would tend to spread black rust. Chicago opening prices, 14 off to 1% higher, July 1.55% 1%, and September, 1521 to 1.53%, were followed by an irregular additional upturn that carried July to 1.56% and September to 1.54%. Estimates that corn acreage had been increased 53 per cent and that the crop condition about the usual average tended to weaken the corn market. After opening at % de- cline to % advance, September 11% to 12, corn showed fractional gains all around, but then sagged to well below yesterday's finish. Oats eased with corn. Starting un- changed to % higher, September 513 to 51%, oats underwent a moderate general setback. Provisions were firmer, sympathiz- ing with an upturn in hog values. WHEAT— Open. Low. Close. July . 1.55% 55 3 1 September 15 1 1 1 September December . RYE— July Sent October .. RIBS— July - September CHICAGO LIVE STOCK iIARKET CHICAGO, June 18.—(United States Department of Agriculture): Hogs— Receipts, 24,000 h 10 higher than | Wednesday’s best prices, or 10 to 15 higher than average; light and slaughter pigs, 25 up, desirable 210 to 340-pound butchers largely 12.80a 13.00; top, 13.10; bulk 160 to 210 Ibs.! weight, 12.65a12.90; majority 140 to 150-pound selections, 12.25a12.50; packing sows, largely 11 200; strong weight slaughter pigs, mostly 11.65a12.00; heavy weight hog: 13.10; medium, 12.50a13. a13.00; light light, ing hogs, smooth, 11.8 hogs, rough, 11.50a11.80; pigs, 10.75a12.09. Cattle—Receipts, 7,000 head; steers and yearlings strong to higher; mostly 15 to 25 up; spots more, killing quality and water fills considered: recent decline on better grade steers on all weights regained market back to season’s high mark no strictly choice yearlings or weighty steers here; best heavies 11.35; average weight, 1,495 Ibs.. sev- eral loads of less desirable offerings. 10.85a11.15; strictly choice 740-pound yearling_heifers, 11.50; small packing of yearling steers, 11.65; bulk fed steers and yearlings, 9.50a11.0 ter grades fat she-stock and dry- kind strong to 15 higher; grassy kinds low, barely steady; little change in bulls; vealers, improved qualit sidered strong: mostly 9.00a8 packers; outsiders paying 10.00a10. country demand of stockers and feed- ers showing some improvement; prices steady; lower grade kind pre- dominating; mostly 5.50a7.25. Sheep—Receipts, 13,000 head; fat lambs opening active, strong; five doubles of choice Idahos, 16.25 with- out sort; several decks of desirable natives, 15.75; nothing done on sheep; one load of good to choice Navajo yearlingsy 13.50. FAR LARGER MARGINS CARRIED BY TRADERS Days of Five Points on wild Stocks Passed—Fewer Ac- counts Wiped Out. - slaughter fed By the Associated Press. NEW YORK, June 18.—Brokerage houses report that their customers are carrying stock on larger mar- gins than ever before in the history of Wall street, one firm's average be- ing about 60 per cent. This has aid- ed considerably, it is said, in strength- ening the situation in brokers’ loans. The days of 6-point margins by high- ly speculative traders are believed to have passed, eliminating the wiping out of scores of accounts through a small drop in the market as was the case years ago. HUNGARY’S REVENUES REPORTED TRIPLED NEW YORK, June 17 (®).—Speyer & Co. announced that the Aprilireport of Jeremiah Smith, jr., commissioner general for Hungary, to the League of Natfons, shows that receipts from revenues piedged for the 7% per cent loan aggregated $17,018,000 for the first four months of 1925, about three times the amount for the correspond- ing period of 1924. GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) Bid. Asked. Ger Gt (wln) bs 1914-18 1025.00 1075.00 Hamburg 4%s 1919.... 1756.00 200.00 Ger Gt 4-5s (forced loan) 1150 " 14.00 (Quoted in dollars per thousand marks.) Ger Gen Elec 43%s pre-w 19.00 Ger Gen Elec 4%s 1919 225 Berlin 4s pre-war,...... Ham 36, 3148 & 46 pre:w Hamburg Amer Line 4%s North German Lloyd 4%s North German Lioyd oy 2000 o 10] Prussian Consols 3% Krupp 08 1921 Duskeldort s Prankfort a-M 38 pre-war Munich 45 pre-war- .. .. Badische _Aniiin. ; 2 AE'G (Ger Ge ‘Eleci: Commerz and Privat Bk to Gellschat.. . Betfischo Bank. teche 2 Darmstasdter Banic Mercur Bank Vienna. .,_, P 2B S NI NDNNDDD 3585aas0k e HRBEE ) ey OSSR B R A MO O 838233 88833528823238222232 | finkel, W.R.&E.COMMON TOPAY 20PER CENT Special Dividend Declared to * Reimburse Holders for Four Lean Years. BY CHAS. P. SHAEFFER. Shareholders of common stock of the Washington Railway and Electric Co. were awarded $20 share on their holdings at a special meeting of the board late yesterday, payable on July 1 to stock of record June 22. The payment, which will total $1.- 300,000, assumes the aspect of a back dividend at the rate of 5 per cent per annum for the four years from 1919 to 1923, when earnings of the utility were at a minimum, necessi tating passinug of disbursements on the common fssue. The action of directors definite sets at rest many and varied rumo: as to disposition of the company’s share of Potomac Electric im- poundage. This fund, created by fu- tile litigation , covering about six years, had amounted to $6,358,44 when ended last December by courts, which ordered $500,000 set aslde for the purposes of paying Fed- eral and District taxes, leaving $5,88% - 445.52 to be distributed equally n consumers of lighting fuel and the company. Dividend Expected. The payment came prise in the financial di had been known for some a disbursement would made. Prognosticat. amount of the div where from 15 to The North tually to the idend ranged any- 30 per cent. American Company, a powertul utility holding company, will profit most by the dividend action, as their interest in this particular fss approximates 47,000, a majority of the ing. It considerable 5,000 shares outstand lled that several years ago the North American’s entry into local transportation _interests was heralded by a purchase of 00 shares of Railway common at a price around 6215, Action of Railway common on the local market has long since discounted yesterday’s dividend declaration. Quots ed today at 125, the stock'represents a § per cent issue having a market level of 20 points less, or 105. The entire directorate of the Wasn- ington Railway nd Electric Co. Wwas present yesterday with the excep- tion of Charles J. Bell and Julius Gar- both of whom were inaces ble. The action was not unanimous by any means, as a decision was not reached until 6 o'clock, representing two and three-quarters hours of dis. cussion. Ham Makes Statement. The following statement was issued by President W. F. Ham following the meeting: “At a special meeting of our board of directors, held today, consideration was given to the disposition of the company’s share of the Potomac im. pounded fund. The total of this fund amounted to $6,388,445.52, of twhich $500,000 . by order of the court, set aside for the purposes of paying Federal and District taxes, leaving $5,888.445.52 to be divided equally be- tween the consumers and the com. pany. Distribution to consumers be. gins on July 1, on which date over $1,000,600 will be returned to the con- umers: and the balance about 2,000,000 will be paid st as claims are proven, of 2.76, § 000w common stockho a special dividend to compensate them at the usual rate for the period during which dividends were suspended, leav. ing a balance of $1,644,222.76 for the general purposes of the company. This special dividend, amounting to $20 per share, is at the rate of 5 per cent for each of the four years during which dividends were sus- pended and will be paid on July 1, 11925, to stockholders of record on | June 22, 1925. { Only Action to Take. “The board of directors was con- vinced that the payment of the spe- |cial dividend to common stockhold- jers w under the circum ances, | the only fair thing to do. Common tockholders went without any divi- dends for a period of four vears, due largely to the reduction rates made by the commissi n a_theory of | valuation which w decided by | the courts to in error, and the |court in its decree of Decemb: 1924, determined that substantial justice wouli be done by divid the impounded fund equally le tween the consumers and the com- pany. It will be observed that the company is reserving for its g 1 corporate purposes more than one half of its share of the impounded fund.” e Trading on Local Board. Directors of the Security Savings and Commercial Bank have declared an extra dividend of 1 per cent in addition to the regular quarterly disbursement of 3 per cent, both pay- able June 30 to stock of record June The Washington Mechanics Sau ings Bank has declared the regu quarterly dividend of 4 per cent, p. able July 1 to stock of record June 30, Riggs National Bank stock enjoyed a sharp upturn on the local market this morning, sales of 42 shar rying the price forward to 3531, or 1% points under the best price rec- ord for the issue. The session's strength was also manifested in Gas, which held the firm level of 60; Cap- ital Traction at 98% and Railway preferred at 83. Bonds were firm, but sparsely trad- ed in. s ompany’s share of s ordered ers as a — FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.\ Nominal Selling checks gold value. ~_today. London. pound. $4.8665 $4.86 Montreal, dollar Brussels. rafnc. Berlin, mark .. Rome. lira. . Zurich, franc. z 01651 1458 00001415 02084 a30" 1908 1685 Stockholm, crown 2676 NEW YORK, June 18 (#)—Foreign exchanges irregular; quotations in cents: Great Britain, demand, 485 9-1 cables, 486; 60-day bills on banks, 4819-16. France, demand, 4.71%; cables, 4.72. Italy, demand, 3.70%; cables, 3.71. Demand: Bel- gium, 4.67%; Germany, 23.81; Hol- land, 40.06; Norway, 16.95; Sweden, 26.73; Denmark, 19.05; Switzerland, 19.42; Spain, 14.56; Greece, 1.66; Po- land, 19%; Czechoslovakia, 2.96; Jugoslavia, 1.75%; Austria, 14%; Rumania, 46%; Argentina, 40%; Brazil, 11.20; Tokio, 41; Shanghai, 77%; Montreal, 100. TREASURY CERTIFICATES. (Quotations furnished by Redmond & Co.) Nt~ Bid. Offer. 29-32 100 99 9915-16 100 100 19-32 100 21 018 10 18118 18 102% 2: 3 3 4