Evening Star Newspaper, September 16, 1929, Page 12

12 ded CURB SHARES FIRM | INAGTIVE MARKET 0il, Utilities and Investment Trust Issues Are Trad- ing Favorites. Epecial Dispatch to The Star. NEW YORK, September 16.—Petro- leum, utility and investment trust shares stood out in the Cub trading to- day. Although Standard Oil of New Jersey subsidiaries attracted attention in the ofl list, the miscellaneous oils and pipe line companies reccrded the widest fuctuations. Natural gas stocks again were favored in the utility division, where pressure on some of the Morgan shares gave power and light issues in particular and the whole wtility list an appearance of irregularity. Investment Trusts. Investment trusts were active, but price”trends were mixed. Some of the outstanding shares, such as Reliance Management, suffered because of switch- _ing operations. The National Investors group likewise moved at an uneven gait. National Investors, which frequently jumps 10 to 20 points between sales. on _one occasion gained only a fraction. Industrials were in fair demand, with buying rather evenly distributed over a wide number of stocks. Some of the higher-priced specialties such as Deere advanced. Radlo stocks were reaction- ary. Powdrell Alexander reached a new high, while Pepperell Manufacturing ‘went higher. Over in the mines division Newmont brought out brisker bids, but the rest of the list remained virtually unchanged. Ford Motors Limited led the motors. while Fokker assumed leadership of aviation issues. ‘United Gas, which is negotiating for a number of companies in the South- west, and in the midcontinent field, was whirled to & new peak. Arkansas - ural Gas and Memphis were reactionary after higher openings. Prospects of an investigation into the entire power situation in New York State caused selling of some of the Morgan utility securities. This selling converged around Commonwealth Southern, Niagara Hudson Power und Niagara Share Corporation. A few large blocks of’ these stocks appeared on the tape at lower prices. Humble Oil and International Petro- leum were among the leaders in the advance of Standard Oil of New Jeisey subsidiaries. Missouri-Kansas Pipe Line furnished the most interesting move in the pipe line group. It recently Cis- covered oil in the new Kentucky field. Frequently it has been mentioned in merger tales, but the company has never confirmed or denied any of these efforts. Other Advances. Ground Gripper Shoe, which was pushed to a new high recently follow= g an extra dividend declaration and of acquisition of another company, gained after an early declin2. Com- mercial Investment Trust new was taken at advancing quotations, Declaration of an initial cividend on Godchaux Sugar preferred brought about a resumption of buying in the Common, which, as & result. earlier prices. =~ Blaw Knox opened higher following the offering of rights, | but later encountered profit taking. Special Disoatch to The Star. BALTIMORE, Md., September 16.— Potatoes, white, barrel, 1.50a4.50; 100 pounds, 2.75a3.25; sweet potatoes, barrel, 1.00a1.50; yams, barrel, 2.00a2.50; beets, 100, 3.00a4.00; beans, bushel, 50a1.00; cabbage, hamper, 50a75; carrots, 100, 4.0025.00; celery, crate, 1.25a2.25; corn, dozen, 10a20; cucumbers, hamper, 60a9( eggplant, hemper, 25a35; lettuce, crate, 2.5024.25; lima beans, hamper, 60a1.00. onions, 100 pounds, 1.75a2.10; peppers, hamper, 20a30; peas, crate, 4.00a4.15; squash, hamper, 15a35; tomatoes, hamper, 30a50; canners’ stock, bushel, 75a90; apples, bushel, 1.0082.00; crab apples, basket, 50a75; cantaloupe: hamper, 50a1.00; grapes, basket, 30 peaches, hamper, 1.00a1.50; pears, bushel, 3.00a3.25; watermelons, 10a40. Dairy Market, Poultry, alive—Spring chickens, pound, 25a32; Leghorns, 24a28; poor and thin, 18a20; old hens, 25a31; Leghorns, 21a24; old roosters, 18a20; ducks, 20a22; guinea fowls, each, 40a65; pigeons, pair, 25. Eggs—Receipts, 1,620 casts; native and nearby firsts, 39a40; current re- ceipts, 35a36; hennery whites, 48a50. Butter—Good to fancy creamery, pound, 42a4’ ladles, 35a36; store packed, 30a31; rolls, 31a32; process, 40a41. Hay and Grain Prices. ‘Wheat—No. 2, Ted Winter, spot, 135%4; No. 2, red Winter, spot, Sep- tember delivery, 1.28%; October dellv- ery, 1.20%; N red Winter, garlicky, 4 Bag lots of nearby, 1.158 Cargoes on grade—None. Corn—No. 2, export, September de- Jivery, no quotations; No. 2, domestic, yellow, 1.21; cob corn, 6.00 per barrel. ‘Oats—No. ‘2, white, domestic, spot, new, 57a5715; No. 3, white, domestic, spot, new, 56a56%%. Rye—Nearby, 1.00a1.10. Hay—Receipts, none. Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to establish quotations by grades. Where in good order new hay sells at from 13.00 to 16.00 per ton, according to its quality and condition, receipts by truck taking care of most requirements. Straw—Little demand for straw. Re- ceipts generally ample. Wheat straw, No. 1, per ton, 9.00210.00; oat straw, No. 1, per ton, 9.00a10.0¢ MONEY AT PRESENT HELD DEAR, BUT NOT SCARCE To affect the stock market unfavor- ably, money must be not only dear but scarce. The word “dear” is purely relative, says Barron's Weekly, and it1{ s much more important to note that throughout the greatest bull market in the history of Wall Street money has not been scarce. e forts to make it scarce with a view to curbing sgcuhuun and directing finan- clal assistance into other channels have failed conspicuously. When re was_brought to bear upon the national banks to curtail their loans in the call market, private lenders stepped in and established a condition which the banks could not control. | If the speculative market is in a sanguine mood, high money rates will not check its activities, so lonf as money can be obtained dependably at some quotabie prices, Barron's asserts. CLOTHING ORDERS GAIN . IN CLEVELAND AREA Special Dispatch to The Star. CLEVELAND, September 16.—Manu- facturers of clothing in the fourth dis- trict report sales in slightly larger volume than they were & year ago. Prices of wool and woolens have been reduced from 2% to 5 per cent and there have been no material increases in production ‘costs. These two_ things determine the selling price of finished garments and are low enough to pro- mote sales by retailers. Reports seem to indicate, however, that there is very little advance ordering being done. For some time past, it has been possible to secure goods on short notice and dealers have been buying only enough for present demands. Orders are, how- - ®er, in larger volume than in 1928, FINANCIAL. e TN, Speciil Dispatch to The Star. NEW YORK; September 16—Follow- ing is a list of stocks and bonds traded in on the New York Curb Market today with the volume of sales and prices up mmd‘heludlnxthschuotm markst: sg 0 INDUSTRIA Aero Indust it Ao 5’.‘\%“&: Underw h M 43 SR .-:a:gu:s:w.s::: 55 o) U3Z ot " e 9 S A 55K I3 LS 285 BosRa3aGTNES B! SASLREE, e s 355! T STV g 5 1 Carman & Co A. 20 Caterpil Tract an Cor Am. o m iy - e S8R e nwa Rl 8N 1 Co ptd 248 Cities Ser n 2Citles Ser pid 2 Citles Ser B pf SesSE &L 1 Colt's 7 Columbia 33 Commerclal In Tr ‘wi . ; 'andango Corp 2 Fed 14 18 m"fi'«:.' . i & 12 Fis 4 Flbanctal inv’ N'¥ v ’,'1’ Pirestone Tire. Forhan Co A.. 3 Foundation For 24 Fourth sEraNNeieg » =3 82 3 1 p 25! SE5els: SR et FRESS aSE s:zg:!::a:fi PR 28! r) Hazéitine Gorp Hercules_Motor. ST S SARRRESARSES BF aF SEugsaEay! R BN RS SR B o NS BRSS! REe 2y = SBELS! LS Wl Ve i Buoudee Pl st B as! L o T30l S _ BIRNssussNEg. R £ EE, . 228! 222 ErEECEEECH pyegsmny .,, Saysfyend 2! 27 B ZZZZAZZ RRZR = B SR Bl SR RS R e or et e e eSS so Su e anew- 2 S 2 ®FESF gl e g asaaases! 3 -‘F-E;f. RS et wulls, 45y S e ance Managem lance Store: ynolds Metal A Metal Took & Hardw 1% Inc 26 td. . he 18t pd 9% Stores 17 2282 thw Dairy Pro: ithw Dairy Prod pi hw . Gas. Ul s2ie ) §Ei h & Gen roty g M_Stern 4 TN r SR 23 k3 SaR2L83383, S i) Taggert _Corp. 21 Tampa Lo, 18un pEEEC S ] ux LPSA 13% Cont Allied units 101% nt Corp. . 109" Tilities. .. i iplex_Safe” Gi' 'Lid 13% Stores.... 3844 3 g;zfiz 233 i S g ) W Amer invest. 31!'//: % ....;!.......-J....- 3 ssgdss Ho0aH08 o8 24380752 EEEEECE] IR £ LEEEEECECS FEEELSIEE 8 §5s! S5 Bascsn B s i B 8! gi.'.;'! , o caadacaqagaa ligufiulnm Hatist o g :ess:::s::,-.‘:xgs.;’-.l.:fis.:==...s ot gagees < b A fifiif\is T < 5 i ) phii flgg!!i £E red [ R £ 853 .6EE82. 083,38 4: idlar -Food inter B J. & FEEr H o3 tinya ueRuIgLsEs [ & 8 0 0000 08 34 o S0 1 8338 B = SR SRR 53 B35 g HEe £e 29 For =R e 33 ois Zallgu ; g3 i - = % E4 H 9 B 9 3 T 5 i 7 o § St g oSEg . H ki 8 Pfl RISV Serigaunede,.degus,ouns = T WY 23 i{ 2 HEREEBRARTSN . 55 e ;ML o BaunBulliBhe ‘eut Re R | Egehy "“Received by Private Wire’ Direct to The Star Office is% }!% g% ';:,m ”&l 21% 5 . i s B 921 uo'/: # 1 22 o ) > e 52 SR 2 - fi B ueunuaiios maeo! 3 _:: o Buedaleuwns Bl aues bl gesEysEas e G5 55 * i FEESE 28538283828 2 & Rt B uBmiain 99090008 BaY 5% aeetneesiEs] EngestSEERES FFESR RS o 00 53 st SIS EudzesSssavata 222333282288 S 00" 93898e00y B2siiaesieanisisnnnisasat ~3 28353 S 333 ki ade 997 Oll & G 6s 'y 12 Indinap_P&L 55 0N 2 Int’ 3 4 McCord Ra 4 10 Memphis N G 6s '43. 9913 99'2 iss Riv Puel 65 "44 114% 87, 96°. &S i o534 L. 9% ot somenns 25 BP0 0D Ty DD Y Py i e 5 ‘=_:__l">u4 22 Co 68 n Am Inv Ss A ni Lt & Ra 538 Uni Lt & S Rul s Bl O oo 22828332388 HEET 1 & P 88 A /35 estv Chlar 88 37 FOREIGN BONDS. K Prussia_6s '30 97% nos Altes T8 82 < gagece W 3 5 984 100 1 -+ 8 B °F £3 55 & gou 35 £ 0 o 5 2 2 3 =egz3Eapas Faisasaaang EERRN R =, ISIEGGESES EH 2223322222382 SRR ...;.zs_.,.:::'.‘......_.__.....,..q....u et BERNRRRREREE 3 * e ES §z23g9nsgnsesanengenss, S o LY EPPRETTE T = F IS 88583323 & 3 2288383823280 s A Markets at a Glance NEW YORK, September 16 (#).—Stocks firm; American and Foreign Power touches new top, above 180. Bonds ir- regular; International Telephone con- vertibles n? Curb irregular; Alumi- num -Co. of America drops 10 points. Foreign exchanges' irregular; yen rises to new 1929 higl steady; steady; Cuban support. steady Brazilian cables. CHICAGO, September 16 (#)—Wheat weak; increased visible supply. Corn easy: forecast rain, Kansas. Cattl r. - Hogs higher. 3 -— Steel Mill Activity. NEW - YORK, September 16 j— Operations in the Mahoning \mley steel plants last week averaged 82 per cent of rated ugucny. Forty-five out of 51 open hi furnaces were melt- ing and 112 out 130 sheet mills were under power, and 15 of .the 21 tube ere_active . 3 H 4 & & 153 RS EEEE eEE : We Buy Illd Sell : | Liberty Bonds ‘Treasury Notes Bond Department The Washington Loan and’ R Trust Company ©'900 F Street - 620 17th Street. ¥ RIBS September October .. September . 1s] tober Rumania plans & downward revision of import duties and the eventual abol- hment of those on L FEES Like the Experience Gi ws charge of your properties and see what a re- lief it will be to.you—espe- cially apartment house proper- ties. 5 &8 5 Our service more’ than pays for itself. - el Is It Worth the Risk? " REALESTATE 4" | MORTGASE & GUARANTY .CORPORATION Capital Resources $3,400.000 2¢ JACKSON PLACE B. F. SAUL CO.. Nat’ 2100 ‘925 15th St. N.W. "JHE savings that you have v i aside . which years“to ‘aceu- mulate . can’ you afford i Tisk it ail waiting for auick rofits?. Or fl you h'm] ‘Guarant mortéage notes And that Day. you.6%? first | bonds in safe vestment that always ABOVE PAR: HOOD TIRES.” baci ton Pang it subures and safegunrded by our 33,400,000 | Tesources. On partial peyments, too! Denominations from $250 up Booklet, The Success Plan, on request. 1636 Conn. Ave. N.W. SILVER QUOTATIONS. NEW YORK, We recommend— Langendorf Bakeries, " sent from Japan to the r wel Dnited 8 ast; year were valued at THE. INVESTMENT “Trusteed Shares” o tiocks ST160 eaalne Rieriens o, of investment T e Sty 1620, and o bonis 108 The Tamplere. pons ands K 1ly. It.lm- at l.‘l rate of 9%. ered by The Standard Collateral Copnias Shares C i Meirspolitan 3165, Foodwara Bids. Tresk & Co, Carelessly s metal worker in s small Chicago shop tossed a box of chemicals tsward a shelf. The box slipped—fell into a molten pot of aluminum. One . hundred” pounds of valuable metal was ruined—supposedly. i As it cooled the “spoiled behaved queerly. The shop owners, Girard & Messlein, did mot throw it away—they saw a chance, gnd tested it. The metal proved more like steel im. strength;. it would not tarnish; it could be soldered. Girard & Messlein discov- ered it conld be electroplated upon iron '—Ild behold!. They had a substitute lor tin. “Tinless tin cans” are now being ufactured—and proving. to be cheaper. Girard & Messlein, by careful 3nd scien- tific study, had turned a mistake into sn opportunity—just as many a man who - makes a mistake in finance is - stim lated to make a-careful study of inv: turns . his ¢ minum” through the Swartzel Rheem & Hensey Company. Paying unfailing interest returns through sixty years of widely varying conditions, these Notes have built for th:n-l‘:l: of our :llielll- un{mnl; a wi inco! wit! assured nl:ly':‘; u‘)ital. -'Ie'l:;y are sold in denominations as low az $100. - SWARTZELL, MORTGAGE BANKERS T27 85 STREET NoWo/ WASHINGTON D.C. 1,000,000 Shares The Lehman Corporation Capital Stock CAPITALIZATION Capital Stock: Ne Par Valis) - ORGANIZATION . ¢ The Lehman Corporation has been organized by the firm _ of Lehman Brothers under the laws of Delaware to en- gage in certain financial activities and in s wide range of investment and other activities. 3 The Corporation will receive $100,000,000 in cash after all expenses as the proceeds of the sale of the 1,000,000 shares of Capital Stock presently to be issued. One hundred thou- sand of these shares will be purchased by the firm ahd the partners of Lehman Brothers for their own accotint for $10,000,000 cash. No options or warrants on Capital Stock will be outstanding upon completion of ‘this financing. All of the shares of Capital Stock authorized and presently to be issued are identical as to voting, dividend, and other rights, and carry no preemptive rights. The firm of Lehman Brothers saay, and.it'is intended that it shall, deal freely with the ’C?rprition. - MANAGEMENT AGREEMENT The Corporation will enter into a Management Agree- ment with the firm of Lehman Brothers under which:the - firm shall be entitled to receive semi-annually 12%% of the net realized profits of the Corporation. The firm will, upon receipt, use this compensation to purchase from the Cor- poration common stock taken at its book value per share (as defined in the Agreement). , Such compensation shall be paid only to the extent that the net realized profits of the semi-annual period then ter- Authorised 5,000,000 Shares Presently to be issued 1,000,000 Shares minated shall exceed a sum equivalent to (1) 6% per annum upon the invested: capital (as defined in the Agreement) - for the period, plus (2) any deficiency in net profits of any prior period below 6% per annum upon the invested capi- _tal. The payment of any balance of compensation shall b ‘ deferred and added to the comperisation payable for suc- Um-nlluq profits will not be taken into consideration in - determining the above-mentioned compensation or the book value of commion stock purchased; but upon the ter- mination of the Agreement the firm will receive 1248 2 of _thc unrealized profits (subject to certain deductions as * se¢ forth in the Agreement) and, out of the remainder of * such-unrealized profits, any balance of compensation the paymentof which may have been deferred. The firm may, at its option, apply such final compensation to the purchase of common stock on the basis sbove mentioned. DIRECTORATE The initial Board of Directors and officers of the Corpora- tion will consist of partnersofthe firm of Lehman Erothers and certain of its staff. No partner of the firm of Lehman Brothers will be entitled to any compenmetion s a member of the Board of Directors or as an offiser of the Corporation. Upon the termination of the Agreement, or if a director is elected to the Board of Directors of the Corporation without the approval of lehmar. Brethers, the latter may require the Corporation to changes its mame 80 a8 to eliminate all reference to Lehman Brothers, and upon the election of such director without the spproval of that firm the Agreement may be terminated. E The above is subject to the provisions of the Certificate of Incorporation and the Managemens m:.mqwn,ummmmumwumnqm. " Price $104 Per Share . This offering is made subject to allotment or prior sale, and in all respects when, as and if issued and acceptes 2 by us and subject to the approval of counsel. It is expected that delivery of tewsporary stock cevtificates . % )fill be made ow’or ahout September 24, 1929 at the office of LEHM AN -BROTHERS, R - One Williaws Street, New York, N. T., against payment in New York funds. . LEHMAN BROTHERS , September 16 sflver ué. Mexican dollars, -/!E @) —Bar I’V’" United Ine. at the market Analysis on Request Irving & Johnstom Woodward Bldg. National 8973 Membars Wash, Steck Ezchany RHEEM & HENSEY CO.