Evening star., 1928-12-18
PRODUCE T|CKERS
START TOMORROW
New Service in Securities
Has Aroused Much Interest
Among Traders.
BY LEMUEL F. PARTON.
.ial nisnatch to The Star.

Special Dispatch to The star
NEW YORK, December 18.-The
New York Produce Exchange, feeling
its OATS" so to speak, with all these
big goings on down in Ticker Lane, will
open a general securities department to-
morrow. and possibly, but not certain
ly. start some Scrambling and blcKer-
ing among curb and overtime counter
dealers about what goes on the new
list.
nronhesies of a spirited row, to be stirred
i'm nv dealer organizations and others
now living happily in the margin be-
tween bid and asked prices. Executives OF
the produce Exchange strongly discount
anv possibilities of discord and, any
wav. they have listed 1873 industrial
and miscellaneous stocks, AZ banE
stocks. SO insurance stocks and SO cou-
pom bonds.
Interest i'm Innovation.
The new department will be hooked
I'D to the Western Union ticker service,
with regular notations OF DIGS ana Oh
fers. It will be the first sucn lnnova-
ton by any produce exchange III the
country, and the Street Is intensely III
terested and curious.
This hannens lust at a time when
the Cotton Exchange is appointing a
committee to launch a plan by Wnlcn
the exchange will deal in textile mill
stocks. starting January l. All the spe-
cjal exchanges have been Vltallzed py
the strong upward movement In stocks.
Two or three years ago, New YORK
Produce Exchange seats were selllng lot
S3 600. Recent sales have reacheo S53,-
50n an even greater proportion OF IN
crease than that registered by the bull
market in the Stock Exchange. There
has been no sale of seats since the an
no,lncement of the new department., put
If the securities branch gets away TO
a fast start it is predicted that the
price of membership will go even
higher.
The inclusion of 48 bank stocks among
some of the most conservative OF tnls
kind of securities caused some suprlse
ond inquiry in the financial district, IN
view of nrevious banker opposition to the
listing of their stocks. Among the others
are Chase National Bank and National
Citv Bank, both of which previously
were withdrawn from the Stock Ex-
change.
MitchelPs Statement.
In connection with this withdrawal,
Charles E. Mitchell, president OF tne
National City Bank, made a pupnc
statement, in which he said:
ct think 1t is unwise for the securi-
ties of credit institutions to be traded
in markets that are speculative ana
which feel the influence OF speculative
trends. NV attitude has not changed
since I went on record as being. op-,
nosed to the listing of the Natlonal
City Bank on the Stock Exchange.
One of the officials of the Produce
Exchange. asked about President MUCH
eIl's statement and the subsequent !1st-
ing of National City on the Produce Ex-
change, said today:
eve have made up our list to meet
the requests of dealers who want Ger
tain stocks to be dealt in. 1t STANDS 10
reason that we are not going TO 1nyite
the opposition of the National Cty
Bank, or any other such lnstltutloIi.
There was no legitimate reason why We
should not list any stock we pleaseu'
but of course we Will Work Will eile
financial community.
'"It. is possible that investment trusts
and Others who have developed ex-
tensive dealer organizations Will see
something to oppose in our listing OF
certain stocks, but this is all subject 10
later adjustment.
$50 Securities Listed.
seThe Produce Exchange is corpora
ton, the only one OF its KIND IN the
country I believe. The certlncate OF
membership is subject to changing
price values, like Stock Exchange seat'
and the price has been steadily upward.
we will deal In great many out-of-
town securities, including many Can
adian lines"
The exchange has listed $50 securi-
ties so far and the machinery Is all
geared up for fast opening.