Evening Star Newspaper, May 16, 1929, Page 13

FINANCIAL,” NEW,YORK CURB MARKE CURB SHARES FIRM - AFTER EARLY DROP Easing of Money Rate Stops Reactionary Tone of Market. BY HARRY H. BECKER. @pecial Dispatch to The Star. NEW YORK, May 16.—Reactionary tendencies reappeared on the Curb Ex- change today, but there was no exten- sive liquidation, and when money rates relaxed from the 14 per cent renewal figure, the list firmed. ‘The tryes was rather indefinite most of the session, with the trading element inclined to await the publication of the brokers' loan statement after the close. Despite the general irregularity there was brisk demand for certain miscel- laneous industrials, among them Sentry Safety Control, on estimates that net profits this year will be equal to $5, and possibly more, a share. Utilities were subjected to frequent quick changes, but displayed more ani- mation on the recovery than when the trend was downward. Those issues which have been leaders in activity all along moved ahead when the selling ran its course. A spirited rally in Elec- tric Investors wiped out an earlier 10- point decline, with Electric Bond and Shares, United Gas Improvement and one or two others also strengthened ma- terially, but were not so active. Great Atlantic & Pacific was again a feature on the up side, soaring 45 points to the highest since it was listed, and reaching 400 at the close. The investment trust issues were in better demand, although they did not make much headway, and good support during the initial reaction ¢ was also accorded Memphis Natural Gas. Thompson Products A, Hazeltine, Ainsworth and most of the recently prominent aviation and oil issues. Bendix Aviation continued to be well bought on its merits alone, which seem to have been improved by the belief that a General Motors subsidiary is heavily interested in its affairs. Fokker was especially sensitive to pressure for time, but there was no reduction in speculative activity in the stock, which seems to be based on the general pros- perity of the industry and reports that important market, operators are behind it. " Niles-Bement-Pond was weak, and there was a rather well defined reac- tionary tendency manifest in Douglas, Aviation Corporation and Sikorsky. JEWEL TEA DECLARES . EXTRA STOCK DIVIDEND By the Associated Press. NEW YORK, May 16—A stock dividend of 75 per cent in common stock, and extra cash dividend of $1 a share and the regular quarterly dividend of 75 cents a share were declared today by directors of the Jewel ‘Tea Co. The stock dividend is payable June 20 to stock of record June 3, the extra cash dividend on June 15 to stock of record June 3, while their quarterly dividend s rCYIble July 15 to stock of record July 3. ‘The 75 per cent stock dividend wil increase the company’s outstanding stock from 160,000 to 280,000 shares. Directors also. announced that in the future the regular quarterly dividend would be at the rate of 75 cents a share. Previously the company has beén paying $1 a share on the 160,000 Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., May 16.—Pota- toes, white, 100 pounds, 1.00a1.50; new Ppotatoes, 3.00a6.50; sweet potatoes, bar- rel; 2.00a3.75; yams, barrel, 2.00a4.00; asparagus, dozen, 1.25a3.50: beets, 100, 6.00a7.00; beans, bushel, 1.25a2.50; cab- , hamper, 75a1.00; carrots, crate, 2.50a3.25; celery, crate, 2.50a3.75; cauli- flower, crate, 1.75a2,00; corn, bushel, 2.00a2.50; cucumbers, bushel, 1.25a3.00; .00; kale, bushel, lima 1.50a1.75; Spring onions, 100, 1.25a1.50; ‘hamper, 2.00a3.50; peppers, crate, 1.50a 3.00; radishes, 100, 1.50a3.00; squash, . inach, bushel, 30a75; toes, crate, 1.25a5.00; apples, bushel, 1.25a2.75; grapefruit, box, 2.25a 3.78; oranges, box, 2.00a4.00; strawber- ries, quart, 7a12';; watermelons, 50a75. Dairy Market, Poultry, alive— Spring_ Chickens, | und, 35a4! horns, 30a40; poor d thin, 25a28; old hens, 35a36; Leg- s, 30a32; old roosters, 18a20; ducks, 5; guinea fowl, each, 50a1.10; pig- , pair, 35a40. gs—Receipts, 1875 cases; native nearby firsts, dosen, 2912a30; cur- rent receipts, dozen, 20a22. Butter- to fancy creamery, pound, 42a45; prints, 46a47; blocks, 45a 46; ladles, 35a38; store packed, 31; rolls, 33a35; dairy prints, 33a34; process butter, 38a39. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.09%; May delivery, 1.09%. Corn—No. 2 export, May delivery, no quotations; No. 2 yellow, domestic, spot, 1.02a1.03; cob corn, 5.2525.50. Oats—No. 2 white, domestic, spot, 58a 859: No. 3 white, domestic, spot, 56a57. Rye—Nearby, 1.00a1.10. Hay—Receipts, none. While hay is arriving here in limited quantities only, it is more than enough for the demand, ‘which is being supplied mostly by truck from nearby points, a few carloads being received. There is not enough business passing to establish prices on the various kinds on merit at a range of 14.00a16.50 per ton for timothy or clover hay. Straw—No. 1 wheat, 12.00a12.50 per ton; No. 1 oat, 12.50a13.00. METAL MARKET. NEW YORK, May 16 (/) —Copper quiet; electrolytic spot and future, 18. Iron steady, unchanged. Tin spot and futurey 44.00a44 steady; spot New York, 7 Louis, 6.70a6.75. Zinc . Louis, spot and future, 6.6026.65. Anti- mony, 8.87. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks London, pound Madrid, peseta... Budap Gelo."crown’ Stockholm, cro FEDERAL LAND BANK BONDS NEW YORK, May 16.—(8pecial) — Bid. Asked. ank 4s May 1968-38, ¥2's 93V 4125 Nov. 1 414s Jan. (268515 ‘267113 B B Baj 2 T'gnd Bank 55 Nov. 1800 Bank s Moy 19410031 o More than $2,000,000 of worth ‘| bananas were imported into the Ugi_};g | hiatessinatis; 8st, 12, 0000 NEW YORK, May 16.—Following is a list of stocks and bonds traded in on the New York Curb Market today, with the volume of sales and prices up to| and including the close of the market. Final curbs. 8a o5 INDUSTRIALS in hundred: Hi <. 1Acetol Prod A.. 37 Acoustic Prod. ! 28 Aero 0 Miz B 0. 2 Akia Ancoo. 12 Ainsworth A Gt South ed P & L pfd. llied P & L'1st pfd ilison Dr B......... lum Co Amer 2 jum Co Amer pid. . 1Alun: Ind...... 4 Alum_Ltd 93 Am & For Pow war. 17 Amer Beverage 2 Amer Br Bov El F. 1Amer Chain ... 2 Amer Cities P&L All § Amer Cit PAL B.... Comw P op war Cyanamid B n ¢ Chem .. 30 Sta Pub Ser A 27 Superp A...... 184 perp B.. :_Ka: 18 Bendix Corp n. 179 Bendix Aviation 1 Bendix Corp cas! 19 Beth Steel rts 3Bliss E W. 7 Brivn Ghy R R. iy 2 §Budd Mg ... 1Budd Mg ris 10 But Ni E 4 Bul Ni /55 1Clark Lighter A ... 1Cleve Elec 1N .. 0.0 i s Wil re 1 Commonw P pfd . 30 Cons Alrcraft . 13 Cons Auto Mer vtc.. Dairy P .... 31 T 1 Crowley Milner 14 Gurtiss Amen sie ™ 3 o 2 S:Yllll Reid 33 § Daveen Tac. Deere & Go s hooih Do S EE ing 4 vans Wall Lead. 8 Fairchild Aviain Fandango Corp 2Fed Metals ct. 7 Federal Water i 3 WddEE FEE B 2.2, ) 9t 1 nat. HoyLey! 5 ooy 23822855 o & s ESREIRY FEFE & o n Real ny e 152 Gold Seal Elec i 11 Goldberg Stores 51 Goldman Sachs n’ 12 Grea 355 Mo ot NEENa N er n 1Hiram Walk G & Walk G&W ris Minne Hon Reg 19 Minn Mol P T wi 42% 2 Min M P 1 con pf Wi 102 * 10 Missouri Kan P ... 36% B8BTS aanw S Screen THE EVENING STAR, WASHINGTON, D. iles Be 103 Noma Efec .. 1 Noma Elec 8 7d.. .. 92 Nor Amer Avietion 33 Nor Am Utility 1 Nor Am Ut 1 480 Nor Eastern Pow.... 5 5 Nor 8ta P A § CENE S S SEF IS 3 4215 d B 10314 er iy Sierra Pac E. 1q Sierra Pac E pfd 11 Sikorsky Aviation.. 2 8ilver I & Bros. 13 Southw Bell nfd.. 7 Southw Strs . 3 Spanish & Gen rets. | 1Stand G & E pr pfd 4 Stand Inv . 304 Stand Mot 6 Stand Stl Prop. 3 Starrett Corp . 3 Stel 3 Sterling Sec pfd alt . 3 1 Stromberg Carls Tel. L Mot 18 &) RS usSagseiaazs, Rub Rec] 3 5 ggacadaqaaa £ 3 555 v & gogg et thl s 52 2. 53 EnE-Tag 2 3237 B mwSns Bon B smon, SEZREE . o ey SR [z v o .. 2o sy ceey 33 Ariz Globe C. 1 Carnegie Metai 107 Com Tun & Drain n. 14 Cons _Cop Min o wEETE 2. 5 17 Walker Mines 15 Wendon Cop Sales INDEPENDENT OIL STOCKS. in hundreds. 2 Am Maracaibo Co .. 83 Carib Synd n Ofl .. 8 Columbia_ 8ynd 34 Creole "Pete . o 7 Magdal Synd 14 Mex_Seaboard 15 Mount Gulf 1Mount Prod . 2 Nat Fuel Gas [ o aNauBaaiSoa 2 Plymou 11 Reiter-} 3 Venezuelan Pet . 2 Woodiey "Pet L Y Sales in units. 200 Atl Lobos ... 400 Atl Lobos pid 3700 Contl Ol .. 10 Gal 8 O STANDARD OIL ISSUES AND FOR- MER SUBSIDIARIES - STOCK. 1Am Aggre Cor 6: 63 Am Comw 8 4 102% 4Am Gas & £l 553038 0830 ow 1 Sug RNJn Theater Sup e ae e w0, 352 A3R el & B S Sucarus . o IR LI A AL INBEIDE L. $_ozeTascasenusse avanas o 20 Am Pow & Lt 6 2016 108 1Am Ra 4'as '47 96 15 Am Roll Mill 8y 17 AD{II El Pow 3 AT e Received by Private Wire Direct to The Star Office 1Boston & Me 65 M '33 1011 78 E '38. 1073 3 7Cp 55 53 98t = Ty pire brics b ki) N Lineau Pow :Hh!‘lvl Pow 65 41 3aen 8.8 A 2108, h fnd Alc 8128 "44 103% 3 Gen Laun Ma 675 '37 100 . 100 it 4 ja Pow 5s '67.. 3 AGh Pen B 37 7 Guif Oil Pen s '47 1 Houston G G 8 4 271nd Ol & G 6% 13 Indian P&L 55 8 Am 85 ey 20w ":N'T 81" Nar _E 8 Na Strauss Inc £ Nat Pub Serv 5 5Nat Rub M _6s 5 Nat Tcll Bridge 6s I Nat Trade J s 78 138 1 a P M 6135 '33 ¢ 5 ‘87 R o 5 > FeveTeee £73 3 2 03: a0 L s aon g 7Texas Gas By - 1Texas P & L, 5t Thermold 68 "4 Vas 37 Sias A 'S7. 126 FOREIGN BONDS. s 1 Res Mtg 65, rst Boh Wks 75 ‘57 Free 8t Pru s '52 1Gelsen Min 6s '34 1 Ger Con Mu $s 41, Gu & A 'S8 1Hamburg E ambu 22558332322 23883 a le 65 '31. 97V M Bk Denk Bs '73 ix 98ia Netherland 65 B '72. 10434 Rubr Gas 6lis A '83 817 4 Rumania Inst 78 '59. B4la 5 Ru 158 '19 cfs 1 1ele 2 2 Banta Fe City 75 '48. 3 Bantiago 75 49, 2 7 Stinn Hugo 7s ‘38 wa 93% 39 Stinn Hugo 7s '46 wa 90 18wiss Govt Stes ‘29 . 993 2 Uni Elec Ser 7s A 86 11 38Un EI 8 7s A ww '88 9 1Un St Wks 6l2s A '47 xd—Ex-dividend. wi—When issued. n—New. ww—With warrants. Markets at a Glance NEW YORK, May 16 (#).—Stocks irregular; utllities rise to new top on drop in money rate. Bonds irregular: high money depresses prices. Curb irregular; aluminum company at new top. Foreign exchanges irregular; sterling rallies. Cotton higher; fore- cast unfavorable weather. Sugar steady; trade support. Coffee lower; disap- pointing Brazilian markets. CHICAGO, May 16 (#).—Wheat easy; bearish Texas estimates. Corn barely steady; large Argentine exports. Cattle steady. Hogs lower. 528282222225 E FEESENE —— WHEAT CLOSES LOWER. CHICAGO, May 16 (#).—Selling of wheat against purchases of corn today had much to do with sending wheat prices lower and giving firmness to the corn market. Officlal reports showed corn planting in Towa was eight days late and in Kansas two to four weeks behind. Meanwhile, favorable weather for domestic Winter wheat was re- ported, especially in the Southwest, and Spring wheat seeding was reported vir- tually completed in the United States and Canada. ‘Wheat closed weak 4 to 7; net lower; corn at % decline to 1 advance; oats 1 off to a shade up, and provisions unchanged to & setback of 5. July September July September RIBS— May . July 0 Beptember COTTON CLOSES HIGHER. NEW YORK, May 16 (Special).—The cotton market showed steadiness all day today, with the close 15 to 27 points net higher. The spot market was 15 points higher at 19.75. Cotton range: TREASURY CERTIFICATES (Reported by J. & W. Bell ) m\e:/—!n‘u:lurl Bl ".°°%r £ 1033 Bept. 15, 1932. 3i2s Dec. 15, 1932. _ THURSDAY, MAY 16, 1929.° FINANCIAL, B 188 POPE'S TALK SEEN AS REPLY T0 DUCE Pontiff Addresses Students and Teachers on Ideals of Education. By the Assoclated Press. ! VATICAN CITY, May 16—A con- trast between the generally accepted conception of the Fascist doctrine that the individual exists for the state and Catholicisms conception of the role of the individual and family, notably in the fleld of education, was revealed yes- terday in an address delivered by Pope Pius. The text of this was published in Osservatore Romano. yesterday evening directly quoting the pontiff as he spoke to pupils, alumni and the faculty of | Mondragone College. In his talk the pontiff. without men- tioning the Italian Government directly said: “The state is not made to absorb. | swallow and destroy the individual and family; that would be an absurity which would 'be against nature seeking that the family comes first in society and in the state.” Sees Error in Program. One paragraph, which was of particu- lar interest in political and ecclesiasti- cal circles, was as follows: “It will not be for us to say that in order to accomplish its work in the field of education that it would be necessary, convenient and opportune that a state should bring up con- querors and train for conquest. which was done in o tate might well be done all over the world. And if all | states trained for conquest what would \happen? In this way nobody would eontribute to general pacification, but rather to general conflagration. Unless, of course, that can be interpreted as sapyng—and perhaps that is the inten- tio—that one intends to train for the case we are perfectly agreed. 'But where we can never be agreed is in all that would xestrain, diminish or nullify that right which nature and God has given to the fumily and the church in the educational field.” “We do mnot want to call ourselves intractable,® the Pope continued, “be- cause intrac\ability is not a virtue, but merely say tat we are intransigeant, just as we could not be itransigeant | —— New Issue may from time to DaviD BerNSTEIN, ‘WiLriam Fox, President, Fox Film E. G. Long, K. C,, | holders of Burroughs Adding Machine | Allis-Chalmers Co 5s 1937 That | } conq\test of truth and virtue, in which | G; syndicates and underwritings, if asked how much are two and two. That makes four and it is not our fault if it is not. " See Political Possibilities. ‘The pontiff’s remarks concerning the education problem were studied with keen interest in political and ecclesias- tical circles. Somte observers saw in the re-opening of the question of the dissolution of the Catholic Boy Scouts by Premier Mussolini last year. The possibilitly of again bringing up the question with a possible threat to final ratification of the Ilateran treaties signed in February. It was understood on the best au- | thority that the pontiff and his en- tourage were considerably discontented | by Premier Mussolini's purely objective treatment of Catholicity in his speech on Monday before the Chamber of De- puties, notably by that passage in which’ the premier appeared to say that the church owed its world-wide spread to its removal to Rome. It was felt that the pontiff had taken the oppor- tunity at the reception to the students to reply in directly to this, in order to show the church’s independence of the state in unequivocal fashion. Stock Increase Proposed. NEW YORK, May 16 (#)—Stock- | Co. will vote June 10 on a proposal to | increase the authorized stock from | 1,000,000 to 6,000,000 no par shares to provide for a 5-for-1 stock split-up. PRl Despite recent denials, there is still talk of a merger of Paramount-Famous- Lasky and Warner Bros. Postum is planning the absorption of | additional food companies with nation. ally known trage marks. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) | Bid. Offer. | 2 w34 | Aluminum Co. of Amer. 55 1982 1003, 1071, Gulf Oil of Pa 55 19 Humble Ol 515 1 947 (551938 1953 . Western Electric_Co. 5¢ 1944 101 Wheeling Steel Corp. 51,5 1948 98 Salmon Industry in Good Shape. A few years ago the salmon industry d the result of this has ARNISHES s . Ay been that the season last year was one of the most satisfactory in history, and the future is assured. It is entirely of the Pacific Coast was threatened by |Jikely that these reguiations will take the prodigal methods of the fishermen, | the form of legislation for the protec- but realizing the conditions that con-|tion of the trade. Fishing ranks third fronted them the management of many | of the Canadian industries. of the larger plants of Canada and some of those of the United States entered into a voluntary agreement to regulate | the fishin An Anglo-American club has been formed at Menton, France. QUALITY PAINTS For Every Purpose\ GLOSS INTERIOCR ENAMEL FINISH Where a beautiful, durable apply enamel finish is_desired, give the greatest possible satisfaction. and water without inju 10018 . . oos GLOSS ENAMEL to the finish. . washable, high-gloss, easy-to- ou will find this gloss-enamel to Can be washed with soap Per ga Up FOR FURNITURE CARMOTE MEDIUM GLOSS ENAMEL produces beautiful results on bed and breakfast roc kinds. It can be washed repeatedly »m set, chairs and furniture ofiall hout injury to the surface, and gives the desired hand-rubbed finish which in the past has only becn obtainable by rubbing. tractive colors. Pints 85¢ AUTO ENAMEL B. P. S. AUTO ENAMEL flowing together without brush marks. duces a beautiful brilliant luster . your auto new life and a finish that equals its original Pint . PAINT FOR beauty. drics hard over night—self levels, Covers one coat, and pro- . . lasting a long time—giving C up THE HOUSE B. P. S. Paint has been tested against hand-mixed lead and pared paints, and these tests have . It combines the greatest wear- $4.00 ., Inc. oil and all other mixtures of pre; proven our claims of superiority, ing quall gallon s BARBER Cor. 11th & ROSS, Subscriptions having been received in excess of the amount of this offering, This advertisement appears 500,000 Capital s a matter of record only. Shares Stock (Without Par Value) CAPITALIZATION Capital Stock (without par value)...eveeeeeeean ... 3,000,000 shs. Transfer Agent Manufacturers Truse Company time determine. Director and Treasurer, Loew's Inc.,, New York. CHarvres B. H. DeLLER, Investments, New York. WiLtiam C. DUrRANT, Chairman of Board and Director, Liberty National Bank & Trust Company, New York. Corporation, New York. Director, Mutual Life Assurance Co., Toronto, Canada. KenNETH F. MACLAREN, President, K. F. MacLaren & Co, Ltd., Investment Bankers, Toroato, Ca Authorized y. the greatest covering capacity and the finest finish of any paint manufactured. Per and G Sts. Ungerleider Financial Corporation 4 portion ‘of this stock has been reserved for distribution in Canada, England and Continental Europe Present Offering 500,000 shs. ki Liberty National Bank & Trust Company in New Yok Louts S. PosNER, Ungerleider Financial Corporation has been formed under the laws of Delaware to buy, sell, trade in or hold stocks and securities of any kind, to originate and to participate in and act as manager of nd to exercise such other of its charter powers as its Board of Directors It is expected that the Corporation will commence business with $25,000,000 in cash, arising from the sale of 500,000 shares of its capital stock, and as Samuel Ungerleider & Co. will pay all of the expenses in connection with the organization and the issue and distribution of this stock, the above sum will be net o the Corporation. Of the shares being issued, 50,000 shares are being purchased by Samuel Ungerleider & Co. at $50 per share. The Board of Directors of the Corporation is composed of the following 1~ Jonas & Neuburger, Attorneys-at-Law, New York. W. C. Ranbps, Director, First National Bank, Detroit, Michigan. Hiram S. Rivitz, President, Industrial Rayon Cos Director, National City Bank, SamueL UNGERLEIDER, tion, Cleveland. eveland. Samuel Ungerleider & Co., New York. Eowin L. Weist, Keehn, Woods, Weisl & Keeley, A. S. WHITE, Chicago, Illinois, Vice President, The Bankus Corporation, New York. The Corporation has entered into a management contract with Messrs. Samuel Ungerleider & Co. under the terms of which that firm will receive no compensation except standard commissions on brokerage annual earning of 3. any class, This offering is made acce] by us end subject to 4 Dueoir & E50° The Corporation has agreed to make application to list these shares on the New York Curb Market. net profits of 8! Price $52 per Share subject to allotment or prior sale end in all proval of our counsel, Messrs. Jonas & certificates will be made wey, New York, N. T. when, as end ?'(Mmblvta. It it.c on or about May 22, 1929, e against payment ther SAMUEL UNGERLEIDER & CoO. of tomed o o efor in New York funds. transactions unless the Corporation earns annually in excess of 8% on its capital and surplus as of the beginning of each year plus appropriate adjustments for capital added during such year; in any year in which the realized net profits exceed this 89, the firm will be entitled to receive an amount equal to 20% of the net profits but only to the extent that the payment thereof will not reduce the net profits below i . For the year 1929 the firm will become entitled to compensation, on the basis stated, when the Corporation shall have earned at the rate of 8%, per annum on its capital and surplus for the portion of the year during which the management contract shall have been in effect. The requirement for the /» shall be cumulative, so that if in any year the Corporation shall fail to have net earnings of that amount, the deficiency must be made good in subsequent years before the firm will be entitled to receive compensation. The certificate of incorporation and/or the management contract contain provisions to the following effect, among others: 1. All stock now issued or authorized is of the same class, and all shares have identical rights as to voting, dividends and otherwise. The stockholders, by a majority vote, may terminate the management contract at any time. If any director shall be elected to the Board of the Corporation without the approval of Samuel Ungerleider & Co., that firm may terminate the management contract. management contract, the Corporation shall, at the request of Samuel Ungerleider & Co., change its name 80 as to eliminate all reference to that firm. No stockholder shall, as a matter of right, be entitled to subscribe to any additional stock of pon termination of the The Corporation will not take over any securities now owned by Samuel Ungerleider & Co. That firm may deal freely with the Corporation, but in any transacti>n between them, Samuel Ungerleider & Co. will accept responsibility for the fairness of the transaction. There are no options on any unissued stock, nor has the Corporation any other agreements except those herein referred to. The above is subject to the more complete statements contained in the certificate of incorporation and the management contract, copies of which may be obtained from the undersigned upon request. ey ‘Samuct = ot