Evening star., 1933-07-01
DALI NEW PARTNER
{ IN BROKER HOUSE
Fenner, Beane & UngerIeider
Nod Presidents Son.in.LaW
Il 10 New York Staff.
BY EDWARD C. STONE.

dent Roosevelt and a member of the
New York Stock Exchange, has become
. general partner in the brokerage firm
of Fenner, Beane & Ungerleider today,
according 10 announcement by the COM
pany's Washington Offices. He will,
however, make his headquarters in the
New. York office.
In addition to his membership in the
New York Stock Exchange, he also has
seat on the New York Cotton Ex-
change and the Chicago Board of
Trade. He has been carrying on a
brokerage business under the firm name
of Curtis B. Dali g. Co., but has de-
cided he would rather be connected
with large firm that has branch offices
in so cities outside of New York.
As already announced, the same firm
has taken on new Washington resi-
dent partner IN the person Of Louis w.
Laudick, who was connected with the
Buick Motor Car Co. for 18 years as
district manager for Virginia, West
because of i'll health and more recently
has been connected with the shipbuild-
ing industry. John D. Mothershed will
remain manager of the local Office and
Richard p Davis as assistant manager.
Investors Trust Makes Report.
A. S. Goulden & Co., woodward
Building. is distributing to clients the
thlrty-sixth quarterly report OF MaSSa-
chusetts Investors Trust. The company
has Just sent out the June 80 quarterly
dividend checks at the rate OF 19 cents
per share.
The investments of the trust are now
diversified among y corporations in 16
1&%t1 u
ing the dividends checks says: THE
new Federal securities law uShers in a
new deal in the merchandising of
stocks and bonds by requiring the full
est possible publicity regarding new
issues. Your trustees are and al
ways have been in full accord with
the objectives of this new law. Your
trust, now in its tenth year, has
unique record as to publicity rendered
shareholders regarding its operations.
which is notably consistent with the
spirit and purpose of this legislative
enactment. In addition to its detailed
annual reports, this trust has always
rendered quarterly reports disclosing IN
detail not only the securities owned by
1t, but the cost price of each, together
with a statement of all securities bought
or sold during the quarter
The net asset value per share March
IS was 14Ol (the low point for the
year was 1890 on February 2O. The
net asset value per share June Is was
17.74 During the period March IS to
June Is the market value of the assets
increased $5573,907, CT which $1,596,-
$50 was new capital paid in.
Local Man Writes Dictionary.
Silver, the youngest member of the
family of commodities traded in on the
Commodity Exchange in New York. is
the subject of a 202-page dictionary
Just issued by the exchange, entitled
'Silver Market Dictionary" and pub
lished by the exchange as a cloth
bound volume. The dictionary. which
has been written and compiled by
Herbert M. Bratter of Washington, is
believed to be the first compendium of
its kind, and it is replete with infor-
nation for commission houses, mine
owners, refiners, bullion dealers, ex-
change bankers, arbitrageurs, foreign
traders, students and, from the none
tary standpoint, the general public.
In a foreword by Jerome Levine,
president of the exchange, it Is pointed
out that the dual use of silver in the
industrial arts and as metallic cur
rency requires of the trader an acquaint-
ance with the subject not ordinarily
associated with other commodities.
The volume embraces the TECHNOLOGY
of silver in manufacture, as money,
of the foreign exchanges and of the
futures market, as well as valuable sta
tistical information.
Stability VS.. Gold Action
while it is clear that our departure
from gold" says the Bankers Magazine,
was not impelled by immediate neces-
sity, the action is being defended on
the ground of expediency. There are
stout denials from Washington that this
step was taken with a view to coercing
certain foreign countries into agreeing
to our position respecting international
problems. Equally impressive protesta-
tions come from London that the
doubling of the sterling equalization
fund was not for the purpose of fight
ing the dollar.
Additional justification for our ac-
ton Is that it tends to put us in more
favorable position for exporting In
competition with other countries that
have abandoned gold. But the ex-
perience of England with a similar
policy Is far from convincing In this
respect At any rate. we are seeing
that the game of currency depreciation
is by no means one-sided. Just where
this currency duel may end, no one can
with safety predict
Stable currencies are considered to
be requisite to international trade.
Whether this stability will be hastened
by the gyrations of the dollar may well
be doubted"
Cash Collections Improving.
Total June cash collections of the
;ctv of Co1IIpnhia O nf the MIL
tual Benefit Life Of New Jersey were
s44, 4,790, a decrease of only per cent
from June, 1882 This compares with
a 5 per cent decrease in May. Indica-
tions are that July cash collections will
show an increase over last year, OIL
GERS say.
New business written by the same CT
fee amounted to $685. 900, an increase
of 16 per cent over last year. John H.
Snyder and James A. de Force are the
agency leaders in volume for the first
half Of 1898.
Railroad Earnings Improve.
Western Maryland Railway reports
for five months ended May 81, 1888,
net income of S17,529 after taxes and
charges, equal to 10 cents share on
177,420 shares of TO first preferred
stock on which no dividends have been
paid. This compares with $151,073. or
IS cents a share on first preferred
stock in first five months of 1882.
May net income was $15,808 after taxes
and charges, against net income OF
: IS 1892 in May, 1882.
u The report of Commercial Credit Co:
and subsidiaries for five months ended
May 81, 1888, shows consolidated net
income of S662,451 after interest, Fed
eral taxes, minority interest, preferred
dividends of subsidiary. ETC., equivalent,
after preferred and class A dividends OF
Commercial Credit Co., to 6 cents a
share on 100000 no-par shares OF
common stock.
Financial District Notes.
A semi-annual dividend of 81 share
has been declared by Compania Swift
International. The dividend Is pay