Evening Star Newspaper, June 23, 1925, Page 22

22 - STOCKS SELL OFF " INFINAL TRADING Pennsy Shares Cause Sur- prise by Rise—Rubbers Are Strong—Weak Spots. BY STUART P. Dispateh to The St NEW YORK. June able impression creuted by further new high records and substantial ad vances in shares of the spec class on the Stock E: set today by the evidence of declin ing public inte Weankness the stee’s and equipments was an npsetting influence us the afternoon wore on. There was & mixture of gaing and losses, the most notable among the litter heing the heaviness the railwey equipments. One or d4wo of the motors and of vent higher, and buying came 1 few of the public utility sha in. Equipment Shares Drop. There was nothing new in the rail- cquipment situation. American comotive had sold dividend of per cent lust wee's. Tha stock had d Monday at 1141, It went down v on light tran fons below 113. This did not imply any considerable Volume of liquidation, but it did indi- sport, which w v the way in which the stock has heen taken care of for the last verr or more. Baldwin Locomotive and Lima went down svmpathetically. The litest informa- 1ion regarding the equipment ind - is that operations are being conducted At around 50 per cent Spect Pennsy Stock Advances. fhe advance of over point Pénnsylvaniz was an unusual “ecurrence. The zinck went at one time up to 470, which was the high- e<i reached in the recent trading. “Phe remarkable feature was that it was an independent move and not irt of any zeneral raflway advance. Still, the Manation was that it was an adjustment to money and in- vestment conditions rather than to any expected developments in the railroad field. A ngmbher urr in of individual advances in the foreaoon, but in the on the market sold off as a rule. In the course of the rise General Mctors common and 7 _per cent pr ferred made new tops There were also new highs ir +rs. in Mackay Compant up nearly 3 points, and In Kansas City PPower preferred Rulber Share The rubber St Strong. were strong for a thme under the lead of United States Rubber and Kelly-Springfield. Interna tional Telephone and Telegraph jumped nother point and 4 haif, and Founda- tion Co. nearly 2 points, while there were advances cf a point to a_point and a balf in International Paper, Fisher Body, American Bosch Mag. neto and Pan-American B. General Petroleum at cne time was up 2 points and North American was an outstand- ing feature, with and a rise of near While other sto were wising a number of weak spots appeared. FEastman Kodak made a new low for the year and Marine preferred sold below 32 for the first time. A block of 1.100 chares of Havana Electric was offered for sale ané it took omly this to put the stock down nearly 7 points. Houston Ofl hroke nearly 2 points and Independent Ofl and 21, points. the latter rallvinz a point. subsequently NSouthern More attention prospective deciston Rallway preferred stockholders’ suii now pending before the Law and Equity Court «t Richmond. Va. ferred stockholders have sued for The pavment of mone: : claim is due them on account ack dividends. Tt was tho at, in the event of @ decision favorable to the holders of the common, buying of the entire zroup of Southern transportation shares would be stimulated. MARK CLO: HEAVY. Maovre Active. :x “paid to the in the Southern Far East Situation Drawn Into Wall Street Gossip. NEW YORK, June 23 () —Stock prices turned reaction: today, but trading was in relatively light volume. Tn some quiriers there was a tend- on to attribute the selling to repor's of m merions disturbances in the Far East and stiffer call money rates, Lt there was alse a widespread be lief that the reaction was a natural rrection of an ove it condition. Total sales approximated 950,000 ares. closing was heavy. American Can rallied sharply on short covering in the final hour, but the main body of stocks drifted lower, with General ectric, American Waterworks, Tide: er Oil and Maxwell B certificates seiling 3 points or more below yester- day’s final figures. Markets at a Glance NEW YORK rine preferred steady: United Stat snes at new highs. F frregular: Italian lire heavy. Cotton Spot house buying. Sugar sed ofterings of spot. Cof- heavy: Ma- low. Bonds overnment is- ign exchanges firm: fears black nd Dakotas. Corn with wheat. Cattle hippers active. steady: b sympathy i} firm BUTTER LOWER TODAY. CHICAGO. June 23.—Butter lower; receipts 28933 tubs. Creamery e : standards, 43; extra , 10a31: firsts, 3%a39; seconds, 351 higher; receipts, 33,844 case: ordinary firsts, 283 pack, extras, 31%; firsts, 31%. WOOL MARKET SLOW BOSTON, June 23 (Specia inz in wool today was confined mostl tn fleeces. with som tered b ness reported in ter ades. De- Jaines \were quote 35 cents a peund. Quart wools ranged from 5 0to se were the | two grades cnlefly in demand CLOTH UNCHANGED NEW YORK, June (Special).— The market for cottoa tremely quiet to es unchange ¢ silk retained all its lh’n:ih. the 1one firm both here and in Yokohgma and prices unchanged ioths was WALL STREET NOTES. NEW YORK, June 23 (#).—Chinese buying to cover short contracts, cou- pled with the increased demand re- sulting from disturbances in that country, sent bar silver to a new high price for the year today, at 70 cents an ounce, an overnight gain of 3 of a cent. Directors of the Prophylactic Brush Co. today declared an extra dividend of 25 cents on the common stock, in addition to the regular quarterly divi- dend of 50 cents. |n, FINANCIAL. Abitibi Pow (4). Ad Llumley pt(3) Ahurcada (11).. Alr Reduc (4) Ajax Rubber. Ailfed Chem (4. Allied Cm pt(7) . Allix Chalm (6). AmAgrienlChm Am Az Chim pf.. Am Beet Am B'Su jAm Can ¢ Cn v Am Chicle., Am Chicle Am Dra= (80c).. Sxchange was ofl-: Am Kxpress (6). Am & For Pow. AT & F P (7). Am Hide & Ipf.. AmJce(T)...... Am Tce uf (6). .. An Internat, | Am La Fran (1), Am Linsd pf 3% Am Loco (+18).. 1 Am Loco pf (7). Am Metal (3)... Am ator (4) Am Safety R (3) Am Ship & Com Am S & Ref (6) AmS& I pf (7). | Am Snuff (12) | Am Stl Fdys (3). Am Sugar. Am Sugar pf (7). Am Tel&Tel (9). Am Tobaceo (7). Am Toba B (7).. Am Tobac pf (§) Am Typ Fdrs(3) Am WW&FEI 1.20 A WWA&EI pf(8). Am W W ist (7). Am Woolen Am Wool nf (7) Am writ Pap pf Am Zine. Anaconda (3) . Ann Arbor pf.... Archer-Daniets .. | Armour Det (7). Armour Il A(2). Arn Cons & Co. . . Asso Dry G(2%) As=o Ofl (2).. Atchison (7) B Atchison pf (5).. All Birm & At... Atlantic C L(18). AtIGulf & W I Atlantic Refinz. . Atlus Powdr (4). Atlas Pow pe(6) . Atlas Tack Austin-Nicho Auto Knitter. Raldwin L (7) Balto & Ohio(5). Bal & Oh pf (4). Barnet L pf (7) Barnsdall A.... Bayuk Ci Beech ) sethlehe Peth Stl pf Booth Fisheries Briggs Mfe(313) Bk1 Edison (8) Bki-Man Tran... Bk-Man T pf(6). Bkl Union G(4) . Brown Shoe (4 Brunswick (3. 0) Burns Bro (10). large turnover | Burns Br B (2). Burns Brpf (7). Bur Add Ma (3). Bush Terminsl. . Bush Ter de (7). Butte Con (50¢). Butte & Sup (1) Butteriek...... Caddo Centra) Cal Pete (1%). Callahan 2 |c: | e | | G 8\ Calu & Ariz § Calu & Hec (50c) 1 Pacific (10) nt Teather. . ant Leather p! Century R pf(7) Cerod P’msco (4) Certain-Teed(4) Chandler (3).... Ches & Ohio (4. Chi & Alton Chi & Aiton p! Chi Gr % Chi Gr West pf. Chl Mil & StP. Chi M11& St pt. Chi& Nwn (4). Chi & Nw pf ( Chi PneuT (5) Chi R I & Pac CR1&P pf (7). 1ds (2.40). Chile Cop (233). Cluett Peab (5).. Coca-Cola (7). Col Fuel & Jron.. Colo Southern Co! G & E (2.50) ColG & Epf (7). Congolium () Consol Cigar. Consol Distribut Consol Gas (5) Consol Textile. .. Cont Can (4).. Cont Can pf (7 Cont Insur (6). Cont Mot (80c) Corn Prod (2). Crucible Stl (4). Cructble pf (7). Cuban Cane Su Cub Cane Su pf Cub Am Sug (3). Cuban Domin Cuban Dom pf. .. Cudahay Pkg (7) Cushmans (2)... Cuyamel Fr (4). Danlel Boone. Davison Chem. .. Del & Hud (). .. Del L & Wn(i7). Detroit Ed (8). .. Dodgze Bros (A). Dodge pf (7).... Dome Mines (2). Dugont (10) Iastman (18). Eaton Axle Elec Power ctfs El Pwr ctfs pf. .. El Pwr 40 pd (7). El Pr full pd (7). End-John (3) Erfe 1st pf. Erfe 2d pt Fairbanks Co. .. Falrbks (2.60)... Famous Pl (8) Federal Lt (*7).. Fed L & T pf(6). Federal Mines. .. Fed Min pf Fid Phoenix (6). Fifth Ave (64c). Fisher Body (5). Fish Bd O pf(8). Fisk Rubber. . | Fisk 1st pf (4) . . Flelschmann(4) . Foundation (8).. Freepori-Texas. Gardner Motor. . Gen Asphalt. . Gen Asph pt (i) Gen Baking (6).. h print cloths | Gen Clgar (8) . Gen Elect D i Gen Motors (6).. Gen Mot pf (7). Gen Petrm (2) Gen Ry Sig (6).. Gen Refrac (2).. Gimbel Bros. . Ginter (1%). Glidden Co. Gold Dust. Goodrich. . Goodrich pt (7).. Goodyear pf (7). Goodyear pr (8) Grt North pf (5) Gt Nor Ore (1) Grt Wstn Su (8). Gt West 8 pf(7). Gulf States S(5). ble | Hareman (A%). . Open. High. 67 525 10% . 100% 143 90% 18% 50% 137% 140 170 53, 5214 9% 102% 105 70 27% 109% 114 80 671 52% Low. 66% 52 v 119% 81 17% 49 41% 87% 16 109% 17% 102 8315 115 16t 10 52 9435 5 140 ~ 281 o111 114% 80% 87 11% T9% o4 162 48 56% 86 18% 38% 51% 97% 101% 105 69 27% 108 114 9 Close. 661 | B52% 1 100% 141 90% 119% 56% 36 19 38% B1% 97% 101% 105 69% 27% 108 1144 9% M 2% T 27U 2Th THE EVENING ! Open. Hizh Havana Elec (). 165% 169 Huyes Whi (3) Hoe & Co A (4) Household P (3). Houston O1l. . Howe Sound Co. . Hudson Mn 2 Hud Man pf (5). Hudson Mot (3). Hupp Mot (1)... Ilinots Cen (7) Indep OIl (1). Ind Ofl rights Indian Refining. . Inland St(2%). . Inspir Cop (50c) . Interb Rap Tr Internat Agrl .. Int Cement (4). Int Com Eng (2). Tnternat Har(5). Inter Har pf (7). Int Mer Murine Ini Mer Mar pf Int Nickel Int Paper. . Tnt Paper pf (6). Intl Paver pf(7). 28 1% 6413 4215 108'% Int Ry CA pf(5). Int Te! & Tel (6) Jones Bros Tea. . Jordan Mot (3).. KCP & L 1st (7). Kan City South Kan C So pf (4). K s & Gulf. . ser (Juitus). Kayser 1st pf(7). Kelly-Sprinz. Kelly-Spring 1st Kelly-Spring pf. Kelsey Wh (6).. Kels Wh pf (7) Kennecott (3). .. Keystone T & R Lee Tire & Rub Lehizh Val(31) Liggett & M({4) Lig & My B(14). Liz & My pf (1) Lima Loco (4) Loews Inc (2). Tott. s . Lorillard (3). Louts & Nsh(6). Louisiana Oil Ludium (2) Mcintype P (1).. Mack Treks (6). Mack T 18t (7). Mackay (7) . Mackay pf (4) Macy H R & Co Magma C (73c) Mallison & Co Manati (3)...... Man Ei Sup (4). Man Shirt (132) Mantla EI (2%). ! Muracaibo OI1.... Market St prior. Marland O(75c). Malin Jaxwell(B)etfs. May Dept St(3). fexican Seabd. . ami Cop (1) . Mid-Continent. . Midd'e States. . Midind Prpf(8). Mis Kan & Tex. Missonri Pacific Missourl Pac pf. Mont Power (4). Montgom Ward. . Moon Mot (3)... *Mo&Essx(3%). Mother Lode T5¢. Motor Whi 1.60 Murray B (12.40) Nat Acme (sta). Nat Biscuit (3) Nat Cloak (4)... Nat Dalry (3) Nat Dpt Stores. Nat Distlllers Nat Distillers pfa Nut Enamel & S. Nat Lead (8).... Nat Lead f ( Nat Supply (3) Nwpt U Gas (5). Nevada Copper. N ¥ Central 11! NYC &St L(6). NYC&StLpf(8). N Y Dock..... N ¥ Dock pf (5). NY NH & Hart. NY On& Wn(1). NY Rys part cfs. N Y Shipbld (2). Norfoik South. Norf & West(7). North Am (3.40). North Pac (5) Orpheum (1.80). Otis Ilevat (6) Otis Steel. Otis Steel pf. Owens Bot (3)... Pacific Gas (8).. Pacific Ofl (3)... Packard (11.70) Paige Mot(1.20) Pan-Amer (6)... Pan-Amer B (6) Panhandle Penn C & Cke Penick & Ford. . Pennsy R R (3). Penn Seab Steel. Peoples Gas (8). Feoples Gas rts. Pere M prior(5). Phla Co (4)..... Phila& RC&I. Phillip Morris. Phil-Jons pf (7). Phillips Pet (2). Phoenix pf (7). . Plerce Arrow . Pierce Arrow pf. Pierce Of Pierce Oll pf. Plerce Petrol. Pitts Ut pf $1.20. Pitts & West Va. Postum Cer (4) Press Steel Car. Prod & Refiners. Pro & R pf(3%). Pub Ser N J (5). Pub Serv NJ rts. Pullman Co (8).. Punta Al Su (5). Pure Ol (1%)... Radio Corp of A. Ray Cons Cop Reading (4) Readingrts... .. Reading 1st (2). Reading 2d (2).. Robert Res. . Rels Robt 1st pf. Remington Type Replogle Steel. Rep Ir & Steel Reynolds Sp (1). Rey Tob B (3) Roseia Ins (8) . Rossia rts. Royal D (4.42%) St Joseph Ld(2). StL&SanF(5). StL San F pf(6). St L Southwest Savage Arms. . Schulte (*8) Seaboard Air L.. Seabd Air L pf.. Seagrave (1.20). Sears-Roebk (6). 168 Shattuck-Ariz Shattuck FG(2). P { Shell Trad(2.06). 41% Shell Un (1.40).. 24% Sher-Wil pf (7). 10413 Simmons Co (2). 44 Simms Pet (1).. 24% Sinclair Ofl. ... Sinclair pf (8)... Skelly Ofl. Sloss-Sheft South Port S (6). South Pac (6)... Southern Ry (5). South Ry pf (5). Spear & Co...... 8pear&Co pf(7) Spicer Mfg...... Std Gas & E1(3). Std G&EI pf(4) i Stand Mill (5) . St Ofl Calit (2). StOUNT (1)... StONINJ pf (7). 70% 1167 48 26 445 68% =% 140% 85 3 99% 95 36% 20% 90 20 52% 53 kil 59'a 444 1us8 52% 53% 8 59% 44 us NEW YORK STOCK EXCHANGE Received by Private Wire Direct te The Star Office Low. -165 87 46% 374 T4 19 307 70 62% 18% 12% 36% L 49 26% 26% 11% 633 411 108 117% Close. 166% 37% 2| standing the current low STAR, WASHINGTO. U. 5. ISSUES AGAIN Conflicting Price Moves Mark Today’s Trading in Bond Market. BY GEORGE T. H Special Dispateh to The Star NEW YORK, June Continua- tion of the upward movement in United States Government bonds was agal the feature of the investment market today. 3 New high records were made by the fourth 41 Liberties, the Treasury 418 and the Treasury 4s. This re- markable demonstration brought con vineing proof that bankers, who are almost the whole purchasers of Gov ernment securities at present levels, do not expect higher money. no matter what the temporary fluctuations in call rates. Railroad Bonds Uny The fourth 41, Liberties mature in 1938, but are callable in 1933, so may be regarded as medium term. but both Treasury issues are long-term investments, the 4ls not being re deemable until 1947 and the 4s not until 1944, It is significant then that this demand expresses itself just as strongly for -the longer maturities. | The third 41 Liberties, due in 1928, now the short-term Liberty bond, was simply steady around or just below | the high of the vear. The vield in this case is only a small fraction over 3. per cent. Investment inferest Government honds ws in the highgrade rails, other hand. there were no bhonds pressed on the market for sale and quotations were practically changed. Poland Eights Run Up. The feature in the foreign group was a run up in Poland 8s. Originally offered in February at 95, the price broke upon the dissolution of the syndicate to a low of 87. The bonds sold in a large volume today aubove 90, one block of $125,000 par value |being taken at 90%. French bonds exhibited noteworthy stability in view fof the recent extreme weakness in French francs Sugar bonds attracted the high yielding domestic group. Cuba Cane 7s at 9612 were up # point trrom their recent low Notwith for ation is GH ged. evident in not marked but. on the attention in sugar the Cuba Cane Corpo lin a strong financial position 7 issue included $5 Upper Austria 7 per cent 000, due 1945 1o v *‘NICKEL PLA.TE" ROAD HAS LARGER EARNINGS NEW YORK. June 23 (#).—The York, Chicago and St. Louis, ‘kel Plate.”” second road to report y earnings, shows an increase of 69,393 in surplus after charges over May last year amounting to $523,870. For the first five months of 1925 |surplus was $2533.916, a gain of $591.140 over the corresponding period of 1924, ;CUBA S SUGAR OUTPUT +|. AHEAD OF LAST YEAR NEW YORK. .June 23 Natfonal City Bank estimates Cuba’s suger production June 15 at 4 963583 tons. with 160 mills Ifinished grinding. This compares with 14.025.445 ind 170 mills stopped lat the end the same period last vear SALES UP 23 PER CENT. NEW YORK, June 23 (®). asonal slump in the radio in- stry and the usual slackness in the al _equipment business the Weston Ilectrical Instrument Cor- poration has been able to keep its sales above the 1924 mark. Sales for the first quarter increased > cent over the same period nd daily sales in April ned 1 ner ton of t vear, SterlingI'rod(4). Stew-Warner(5) Strombersg (6) .. Studebaker (4).. Studebak pf (7) ubmarine Boat. | Superior 01 Symington. Symington A Telauto: Tennessee Cop Texas Co (3) Tex Gulf S (7%) Tex & Pac C& O. Tex & Pacific. ... Tide Wat Of1(4) . Timken R B(14). Tobac Prod (6).. ‘Tob Prod A (7). Transcont Oil. ... Underwood (3).. Un Bag & Paper. Union OI1 (1.80). Unton Ofl (1.30) . Un Pacifie (10).. Un Pacific pf(4). Un Tark Car(5). Utd Alloy Steel.. Utd Clgar(13%). Un Cig Stpf (7). United Drug (6). UtdDrug 1st 3% Utd Ry Inves pf. U S Cast Iron P.. U S Distributing. U S Distr pf (7). U S Hoff (2).. U S Ind Alcohol. U S Realty (8) Rubber..... Rub 1st (8). Smelting(3). U S Steel (7). U § Steel pt (7). Universal Pipe. . Utah Copper (4) . Vanadium. .. Va-Caro Chem Va-CaroChem B. Va-Caro Ch pf... Va Iron Coal&C. Va Ry & Power... VIvadou.......o Wabash. .. 3 ‘Wabash pf A(5). 65 Wabash pfB. ... 4T% Ward Bak pf(7) 105% ‘Ward Baking A.. . 155 Warren 18t p{(3) 433 Weber (4). 55 West Pen pf (7). 98% West Maryland. 13 West Md 2d pf 19 Westn Pac (52) . 414 ‘Wesn Pac pf(6a) i 89% West Union (7). %% 131 West Air Br (8). 102 Westinghse (4). 70% Weston Elec. ... 11% Weston A (2). 22% Wheel & L Erfe.. 16 ‘White Eagle (2). 27% White Mot (4)... 1% Wickwire Spen. . e Wickwire ctfs. .. 3% Willys-Overld. .. 18% Willys-0d pf(7). 10154 ‘Woolworth (3).. 134% Worthn Pump. ... 38 ‘Worthton B (6). 61% Wright Aero(1). 2% wrigley (13%).. “51% Yellow C (2.52).. 39% Youngstown (4). 64 *0dd lot. {Pa extra, tPayabl Ditidond rates as given i , Sbove table are the asnual cash payments based on the latest quarterly or rly ~declarations. therwise noted, tra ot epecial ritenes'are mot inciedss: s s s s U U u 3% T4% % 19% 101% 134% 38% 61% 28 | 51% . 39% 64 19% 102% 135% 38% 62% 29 Bl 39% 64 101% 134% 38 61% 27% 51% 39% 61 ferred stoek. " e REACH NEW HIGHS, ®). The | ha !‘LlAm {Am Despite | | Inafana Steel 5s D. C, TUESDAY, JUNE 23, 1925. Received by Private Wire Direct to The Star Office. UNITED STATES BONDS. 1 (Bal = Low. Close. lOII 100 31 100 31 16231 10227 10228 101 18 101 16 10118 102 10130 101 30 103 8 103 1033 U S4s1944. 344 10328 103 22 103 26 US4%s’52 235 107 27 107 16 10716 FOREIGN. Sales. High. Low 961 96 96 957 96 95% 103 Sharon Stl H 85 10 106% 106% Sinclair Oi1 6s.....135 114% 113% Sinclair Ol1 63%s... 7 B89% 884 Sinclair Ofl 7 <17 94% 9N 8inCOPL 6s'28.. 27 101 loou Sin Pipe Line 5s... 11 87% Skelly Ofl 6%s.... 99 118% us South Bell Tel 58 9 101% 101% So Por Rico Sug 7s. 1 105% 105% Southwest Bell 55. 116 101 100% Sug Est Orient 7s. 96 96 Tenn Elac Pow & 103 1024 Tide Wat Oll 6% 103% 103% “oledo Edn 1st 7. 109% 109% Union Bag & P 6s. . 96% 96% United Drug 103% 102% U S Rub Istr 89% 89 U S Rubber 7145 106% 106'% US Steel s £5s.... 105% 105% Utah Pow & Lt bs. 97% 974 Va-Car Chem 7s. 98 97 Va-Car Ch 7148 w. 674 K% Vertientes Sug 7: 911y 92% Warner Sug 7s'38, 82% B2% Warner Sug 78 "41. 94% 94 West Blec 68 100% 100% Wastn Union 614s. 110% 110% Westinghouse 7s. . 1074 107% Willys-Ov 6%s '33. 102% 102% Wilson & Co 1st 6s. 99 99 Wilson & Cocv 6. 1% T1% Wiison & C cv 70% Younzstn S& T ¢ 100% RAILROADS. Ann Arbor 48 Atchison adj 4s Atchison gen 4s. .. Atiantic C L cl 4s. Atiantic C L 1st Atlan C L 435 '64. Lib 3% Lib 1st 4% Lib 2d 4%4s. 138 Lib3d 4%s. 58 Lib 4th4%s 532 35 32 Close. 961y 96 Argentine 6s wi, Argentine 6s A Argentine 6s B. Argentine 7s. . Austria7s. . Belgium 6s Belgium 6155 w 1 Belgium 7s wi. Beigium T%s Releium 8s. . Cerne 854 . Eolivia 85 Bordeaux 6s. Grazil Ts. .. Brazil 7% s Canada 5% 1929 Chile 751943 Chile 8 191:0. Chile 8s 1941, Chile $5 1946 Chinese Gov Ry 5s. CHristiania 8s Danish Munic 85 A. Danish Munic 8s B. Denmark 6s. .. Denmark 85 DEI5%s Mch '53. DE15%s Nov's3. 11 Dutch Bast 1 6847 12 Dutch East I 6s'62. 47 Finland s f 68 '45.. 1 Fimlands 7s. . 1" French 7 156 rench 172 rench 8s. ... 1. 42 Ger E16%4n°50 wi. German 7s. .. Ger Gen Elec 75 Greek 7s Haiti 6s. 5 Holland-Amer §5. . flungary 634 Japanese 4s. . .. Tapanese §1;s. Lyvous s Marseilie 6s Mexico 45 "04 Mexico 45’10 asntd Montevideo 7s. Netherlands 68 '54. Netherlands 6 '72. B&OPLEWYV 4 B & O SW div 3%s. B&O Sw Div 5% cfs. 60 B & O Toledo 4s. .. Bklyn Manhat 6a. . Buff R & Pitt 4%s. Canada South 6 Canad North 7s. Canad Pac deb 4s.. ar Clinch & O 6s. “ent ot Ga G % Ches & O cv 4% Ches&Ogn4% Ches & Ocv5s Chi & Alton 3a. Chi & Alton 3%s ChiB& Qgn s’ Chi B & Q 1st rf &s. CB&Q-Olldiv4s. 6 Chi&EIgnbs.... 18 Chi Great West 4a. 41 9 Norway s's 1944 Norway s 1952. Norway fs. Paris-1 Med 75 Orleans 7s. . Poland 85750 wi Porto Alegre Ss Prague Tlgs. . i<jo de Jan 83 194 Rio Gr Do Sul 8s. .. Sao Paulo City 8s. . Sao Paulo State $s. Stof S Paulo rts Seine Dept cf 7s. .. Serbs Crot Slo $s Sweden 5%s ct. Sweden 6s. .. Swiss 5% 3 194 Swiss Confed Ud Kingm 5%s '29. Ud Kingm 533 °37. 91 Ud Steam Copen 65 44 Uruguay Ss. Zurich §s Chi Un Sta 6%s. .. Ch1& W Ind cn 4s. C&EWISsks CCC&StL s CCC&StLrr6sA. Clev Term s Colo & Sou 4% Del & Hd 1st rf 4s. Del & Hud 5%s, Den & Rio G cn 4s. D & Rio G imp D & Rio G Wst Erie 1st cons 4: Erle gen 4s. Erie conv 4s A Erie conv 4s B. Erfe & Jersey b Fla E C 55 '74 Gr Trunk sf db 6s. Grand Trunk 7 Great North 5s.. .. Great North 51s. . Gr North gen 7s. .. Green B& W db B G Mob&N 105 106% 95 94% 110 109'y 109% 109% MISCELLANEOUS. Ajax Rubber 8s. 101% 101 Am Azr Chem is Agr Chem Ti:s Chain <f 65°33 SmIt& Rists Smit& R 6s. .. Am Suzref s, .. Am T & T el tr 4s Am T & Tel trbs AmT&Tsf5s. .. 214 Am T & T deb5lzs. 49 AmT&Tcves.... 28 Am Water Wks bs. 2 Am Writ Paper 6; 5 Anaconda 1st 6s... 51 Anaconda cv db 7s. 53 Andes 78 25% pd.. 49 Armour & Co 43;s.. 21 Armour Del 5% 13 Associated Oil 63 Atlantic Refin 5s. .. Barnesdail s f 88 Bell Tel Pa 5s. . Beth Steel pm 55 Beth Steelrf5s.... Beth Steel 5145 53. Geth Steel s {6s. .. Brier H St 15t 5145 Brook Bush Calif Pete 6%s. {Cen Leth 63745 cts Chile Copper. Am Hud & Man ref 5. . Hud & Man aj bs. Til Central ret ds. ., 111 Central 5%s._ . 111 C-C St L&NO 33 13 ™t Rap Tran 6s... 11 Int Rap Tr 5s stpd. 11 Int Rap Tran 6s. .. Int Rap Tran 7 Int& G Noraj 6s.. Towa Cent rf 4s. Kan City Ft S 4s Kansas City 8 3s Kansas City S 5s. Kan City Tei Lake Shore 4 Lake Shore ¢s°31. Lehigh Val en Lehigh Val 5 2003 Louis & N uni 4s. Louis& NGs B Market St Ry 7s... M& St L 1st rf ds. Ml El Ry & L 68 M St P& SSMcn 4s 2 M StP & SSM 6%s. MK&T4s2 MK&Tadjbs MK&ToprInb MK&T6sC... o Pacific ger 4s., 81 Mo Pac 55 1 Mo Pacific 6i Mo Pac ésefs. ... Montrl Tm st 6s. . 31 5 sta Commonwth P 6s.. 1st 58, Con G NY 5%as wi. Consumers Pow &s. Cuba Canecv 7s. .. Cuba Canecvd3s.. Cuban Am Sug §s.. 2 Denver Gas b Dery (D G) Det Edison 6s '40 Det Edison ref 6s.. Dodge wi 63 Donner Steel 7s. j Du Pont de N 7%, Duq L& P5%s'49. Duquesne Lizht 68 Est Cuba Sug T%s. Empire G & F 7%s. | Fisk Rubber 85 Francis Sug 7%s.. Goodrich 6%s. Goodvear 85 1231 Goodyear 85 141.. | Hershey 65 1942, Hoe & Co 6% Humble O& R 6% 3 | Illinois Bell 1st 6s. | Tllinols Steel 4%s.. Cent deb 4s. Centriss N Y Cent deb 6s. N Y Cent LS ¢l 813, NYChi & StL5%s New Haven c d 6: NY Ont W 1st 45 42227222227 NY W & Bos 4%s.. Northern Pac 3s Northern Pac 4: Northern Pacr 1 63 Ore Short Liref 4s. Ore-Wash 1st rf 4s. Pennsyl con 43%s. . Pennsyl gen 41;s. . Pennsyl gen b8 ‘Pennsyl 58 '64. Pennsyl 63%s. .. Pennsy! gold 7 Peoria & Einc 4s.. Pere Marq 1at b Reading gen 4s. Rio G West 1st & Rio G West ¢l 48 RIArk& L 438 St L IM&S 4329 St L IM&S R&G 48 StL&SFplésA Int Mer Marine 63. Inter Paper 55 '47. . j Inter Paper 6s..... KCP&Lt53 A2 | Kan G & E16s°52.. 1. Kelly-Spring 8s Keystone Tele 6 Lackawa S 6s '50 Lacl G ref 58’34 Laclede G 5%s '53. Liggett & Myrs 5s. Liggett & Myrs 7s. Lorillard (P) 6s. .. Louisv G & E 55’52 Manati Sug sf 7%s Mid-Con 612, *40. . Midvale Steel 55. Montana Pow 5 Mor's & Co 1st l‘fi! N Y Ed 5844 wi. NYG EL H&P 4s. .. NYG EL H& P 55.. Y Tel 4148 Y Tel 65 41 N'Y Tel 6549 North Am Ed 6s.... North Am Ed §%s. Nor Ohio T & L 6s. Nor States Pow 6. Nor States Pow 5. Otts Steel T%s. Otis Steel 8s...... Pacific Gas & E1 5s. PacT&T 15t PacT & T 585 Pan-Amer Pete Puu-Amer Pete 7s. Phila Co ref 6s A Phila & RAC& 158 Plerce-ArTow 8s. .. Producers & R 85 w Public Service 5s. . Public Servic Pub Sery Elec 63 P Serv Gas b%s '59 P Serv Gas 535’64 Remingtn Arms Rep Ir & Steel bs Saks & CosfTs.... 915, 100% 84 101% % 90% 103% Y 98% v 107% 3 110% % 1015 105% 95 98% 105% 97% 102 98 v 101% 99 111 106% 104% 100% 105 114% 5 104% 99% 107 105 104% 104 88 _" & 97 106% 10 Seab'd AL 455 Seab'd A L adj Seab’d A L con Sou Pacific 48 °29.. Sou Pacificclt 4s. . Sou Pacific ref 4 1 Southern Ry gn {Southern Ry 1 Southern R Southern Ry 6% Sou Ry Mobile 4s. . Term Asso St L ds. xas & Pac 1st 58 Third Ave ref 48 Third Ave adj Union Pac 1st 48 Union Pac. 48 27 | Virginia Ry 1st 5s. Va Ry & P 1st 8 ‘Wanbash 1st b ‘Wabash 24 6s Wabash 6%s ‘Western Md 4 ‘Waestern Pacirie 5s. 14 ‘Went Shore 1st ds.. 11 ‘Wisconsin Cent ¢5. 15 - S TR @6 - e B nSE-SenananB3laSn aann 95% 85% 80 [ox v BONDS ook o] Sales. High. Low. Close 102% 98% 110% 108 34% 100% 95 86 5 88% 98U 89% % 1% 99% 904 88% 103 82% 904 101% 844 8% 80% 9% % 86% 9% 79% W 103% 106 11 87% 84% 102 58 42% 9344 998 100% 8% 10244 99 97 66 5% 85% 80 FINANC C. & 0. DIRECTORS ARE RE-ELECTED - i Stockholders Opposed to% Nickel Plate Lease Fail 1 in Protest AN iR | By the Associated Press. | RICHMOND, Va., June 23— The en tire board of directors of the Chesa- peake and Ohio Rallway was re-elect.| ed at the annual meeting of the stock- holders here today. The proceedings of the sescion were contested from the start by representatives of minor- ity stockholders who are fighting the lease of the railway to the Greater Nickel Plate. W. C. Faulkner, for the Scott pro- | tective committee. presented a protest against the holding of the annual mesting. He sald the protest was| made bacause it was understood that directors would be elected and acts of directors since the last annual meet- ing approved. Attorneys for the mi nority, now engaged In preparing briefs for the hearing before the Inter- state Commerce Commission in Wash- | ington tumorrow, wished to appear in person, he declared. He slso protested the ratification of | the action of directors in leasing the Chesapeake and Ohio to the Nickel Plate. WHEAT IS HIGHER IN TRADING TODAY Liverpool Rise, Rust Reports and Too Much Rain in | Spots Help Values. | By the Associated Pre: CHICAGO, June 22.—Owing large- ly to an unexpected advance in| wheat quotations at Liverpool, the wheat market here took an early | swing today. Further reports of | black rust infection of wheat fields | in South Dakota ere received. | There were also advices at hand feli- ing of too much rainfall in some sec- tions where harvestin of Win wheat is in progress. especially parts of the Southwest and of the Ohin| Valley. Opening prices, ! G 15 higher. Jui q | September, fol- | lowed by n and t and lo % Corn and oats sympathized with whesat strength. Opening unch nged to 114 higher, September, 1.06% to| 1.06%, the corn market later advanced | all “around, September touching | 1.073%. Oats started at 1 to % gain, Sep-| tember, 48%. Later additional up- | turns took place. * In line with hog values and the provision market wus firm something a rise to 1. or reuct Jul grain 1043, 10675 1.06 1.07 o0 Septeriba; Decembar OATS July Sentembec 1.06% 1083 | 11 CHICAGO LIVE STOCK MARKET' CHICAGO. June 23 (United States | Department ‘of Agriculture).—Hogs— | Recelpts, 22,000 head: opened fairl active to shippers, vard traders and | a_fow smail packers. unevenly 10 o) 25 higher; big packers inactive, bea ish; bulk desirable. 225-pound ave ages and upward, 13.60a13.65; extreme top, 13.70; better. 190-to-220-pound aver- ages mostly, 13.45a13.55; bulk desir- able, 150 to 180 pounds. few ' desirable packing sow. voa | 12.40; slaughter pigs scarce: desirable | strong weight mostly, 75213.00: | 13.00a13.70: me. | .65: light. 12.40a 11.60a13.40: packing hogs smooth, packing hoz rough. G slaughter p..«l 11.50a13.00. 1 Cattle—Receipts, 2000 head: most killing classes active: 15 1o 25 highe practically all weights and grades fod steers and vearlings showing advance: ! 12.00 paid several times for vearlings scaling $72 to 1.081 pounds; medium weight and heavies at that figure latter averaging 1.389 pounds several loads heavies, 11.25a11.85; Some me- dium weight held above 12.00; grassy natives and Southwestern offerings sharing upturn in most instances; sev- eral loads, 6.50a8.00; she stock very scarce: canners and cutters, 10 to 15 up:; largelv 3.15a3.35 for strong weight; few 3.50; thin fleshed wet Texas cows, 4.00: bulls steady to strong; mostly 4.85a5.25 for bolognas: vealer. higher; packers pa ing_upward to 11.00, mostly 10.50: stockers and feeders scarce: couniry demand continuing slow; bulk, 6.00a 7.00. Sheep—Recelpts. 10.000 head: de- sirable fat lambs and yearlings strong to 25 higher; cull native lambs ac- tive, spots 50 up; bulk desirable na- tive, 15.76: few decke, 16.00: most cull natives, 10.50a11.00: six doubles kind 82-.pound Idaho lambs, 16.50 straight: 0dd lots fed yearling wethers 13.50; medium Texas wethers, .01 average weight around 85 pounds several off lots fat native ewes, 7.00. I.EAD OUTPUT GROWS. NEW YORK, June 23 (#).—Pro- duction of led in May by countries that furnished 39 per cent of the world's output in 1924, amounted to 104,451 short tons, against 102,737 tons in April. The May output in the United States was, 48,661 tons compared with 49,209 in April. Mex- ico’'s output was 17,028 tons, against 18,425 the month before. light Tight, (Quotations furnished by W.B. Hibbs & Co.) Nominal Selling checks xod value. todav. London. pound. ... . : Montreal.” dollar Parin franc.... .. Brussels. franc. . Berlin. mark. Rome. tira. . . Zurich, franc. NEW YORK, June 23 (#). - eign exchanges, ‘steady. Quotations (in cents): Great Britain, demand, 4.85 11-16; cables, 4.86%5; 60-day bills on banks, 4.81%: France, demand, 4.68%; cables, 4.69; Italy, demand, 3.71%; cables 3.72. Demand—Bel- glum, 4641%: Germany, 23.81; Hol- land, 40.07; Norway. 17.17; Sweden, 26.78: Denmark. 19.36; Switzerland, 19.41; Spain, 14.51; Greece, lGfl‘i Po- land. 19%; Czechoslovakia, slavia, 1.72; Austria, 14% Rum‘nfl. 46; Argentina, 40.25; Brazil 11.12: To- kio, 90%: Shanghal, mominal; Mon- treal, 100, I cent. Iroads | Coal ! Ry ihe Awnnci IAL. RESERVE MEMBERS EARN 804 PER CENT 1924 Return Compares With 7.69 in Previous Year. Other Local Notes. BY CHAS. P. SHAEFFER ‘The approximate 9.650 member binl s of the Federal reserve system had net profits of $361.343,000, equivalent 1n 8.04 per cent on average capital in vestment, for 1924. the Treasury De partment has announced. The net represents an increase of almost §. 000,000 over the preceding vear. the rate of return was only 759 por Gross earnings of members wera #boutl $65.000,000 greater than in 192 due muinl: o larger earnings a and increased income other than terest. These factors were offset certain degree, by materially low rates prevalent during - part of the period The gross income of members w subjected to larger expense d this item amoun<ng to $1 . a4 gain of approximately $47 000,000 during the 12 monthe. The eA pense increase took the form of larger interest payments on materally in creased deposit items. Aimost hs the expenses for the vear sccrued fr interest on deposits, whi wages accounted for es and other expenses a 05,000,000 10 A in- 1ha na dum % Trading on Local A stronz tome perais curities. At todavs = Washington Stoek Fxchange 140 records were establiched 1 other i almost equ: s neak Washington Gas | began a spurt severa carried to 603 in today's fractional in over the heretofore recorded tbis shares changed hands hich represented all inge. Washington Loan and advanced 2 full points ov vrevious high level, (o 406 n odd sale of 2 shares seliing at this pr Holders of the trust compuny wtocs promptly raised 1 price 113 following the « Washin and préferred broug odd ders. wiile the sold o 101 ynal rough Capi of Mort sold issie Froigh: tr hest vear at this fi Tn Flectric lot o upw for Bana ional & st oner seli ith the pre-edin n total Increase responding |decrease of With that week in 15 All cla of and misceilaneous freiz the decrease from the radinzs, v increased waek vear, bur 12 ears, as compare except coa! wrs respectivels two weel ere Home Tiie issue § The funds will the former read toward constructi old b for mad 1 of new lines NEW HEAD ELECTED FOR NORTHWESTERN Chairman Hughitt, Now 87, Also Follows Finley in Putting in His Resignation. 4 Preas. NEW YORK. June William 11 Finley todav resigned as presiden: ¢ the Chicago and Northwestern F WAY Co.. and Fred W. Sarzent. here tofore vice presidani and general counsel. was elacted president to suc ceed him. At the same time Marvin Hughitt, veteran chairman of the Northwestern and also of the Chicag: St. Paul. Minneapolis and Omah, Railway, resigned from both offices Tl health was given as the reason fo Mr. Finley's resignation as presi dent. To some extent the same mo tive influenced Mr. Hughitt who was nearing his £8th birthday ann versary. to relinquish his executive responsibilities. Born in western Towa in 1576, Mr Sargent spent his boyhood davs om a farm and has retained his interess in agricultural problems throughoi® the territory served by the Chicazm and Northwestern. GERMAR BONDS AND STOCKS. lQuMed in dollars per million marks Ger Gt (win) 58 1914-18 860.00 92 Hamburg 4138 1910 §50:00 Ger Gt 4-56 (forced Toan 10.00 (Quoted in dollara per thousind Ger Gen Elec 4138 pre Ger Gen Elec 4135 1010, Berlin_4s pre-war Ham 3w 3138 & 48 prew Hamburg Amer Line 4158 North German Liosd 4138 North German Lioyd Prussian Consols 3%+ Rrupp 58 1821 Dusseldort 4s p Frankfort a-M 4s pre-war Munich 4s pre-war. Badische Anilin._ . E G (Ger Ge Eieci mmerz and Privat Bk Disconto_ Geliachatt Dresdner Bank Deutsche Bank Darmstaedter Bank . Mercur Bank Vienna SHORT- TEBH SECURITIES (Quotations furnished by Redmond & Co 1300 Adirond. P. Alum American &1 C . of Ame. Sugar Baltimore & Ohio fix Bethlehem ‘Steel 55 19 ntral of Georgia B 10 . Mil. & St P, hil R. I & Pac. 3 I of Tvohs [ & DU Pomt Fse Lot Federal sufi.r Ref, Gulf Of1 ¢ Hock. Val. Humhle Oil 5ds & Lehigh Pow, Se Co. 8 1 Morrig & Co. New York Cent Oregon Short Pennx. R. R. Pure 6il B S’ oy Yhdz Tidewater Oil 83%s 1031 Union Pac. B, R.C. 48 m estern U Westinghouse K. LIVE POULTRY HIGHER. ONJCACO, June 23 (#).—Poul Altve, higher; fowls, 3 35a38,