davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
CENTRAL BANK
IDEA Seen VIA
RESERVE BANKS
Policy Changes Proposed to
Bring About Dual Setup
of System.
BY RICHARD L. GRIDLEY
United Press staff Correspondent

WASHINGTON, Dec. 3.-Trans-
formation of the Federal Reserve
system into virtual central bank"
through concentration Of its powers
in the Federal Government were re-
ported under consideration today.
According to present thought the
Reserve system would be retained as
is. However, power would be sought
by legislation, or other means, to
allow selection of Federal Reserve
Bank governors by the Federal Re-
serve Board at Washington. The Re-
serve board is appointed by the
President.
Washington to Dictate
This, banking students said today
would be in effect to make central
bank" out of the Reserve system.
Policies would be determined by
Washington officials rather than
largely by the present IL regional
Federal Reserve Banks.
Management of the II regional
Federal Reserve Banks is now a
joint matter between the governor,
appointed by the directors of each
bank, and the chairman of the board
Federal Reserve Agent, appointed
by the Federal Reserve Board at
Washington.
This "duap setup results usually
in one or the other of the ranking
officials dominating policies in each
district. If the governors of the
banks were appointed by the Fed
eral Reserve Board and if New
Dealers" we're made chairmen
the boards, control over the banks
by the Reserve Board would be in
creased.
First Step Visioned
The first step in the program of
brin ging administration minded"
officials into key Craftsmanship jobs
is expected shortly in the appoint
ment of Controller of Currency j.
F. T. OConnor as Federal Reserve
Bank chairman at San Francisco.
Another change may take place at
Cleveland, where a succc~~";r' must
be found for L. B. Williams, who
resigned last week.
These changes would give
Federal Government, through the
Federal Reserve Board, closer supe--
vision over banking.
Another step might be the closer
dcterm: alton by Washingto
ffic:als of open market policies"
of the various Reserve Banks under
which they undertake to make credit
easier or tighter as conditions may
warrant.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03

measured on such old trusty yard
sticks as steel output, electric pro-
duction, farm income, automobile
sales and corporate returns. That
people the happy about it and are
buoyed up with renewed nope is
both natural and desirable.
1t goes without saying that the
psychological effect of this i'm
provement IN trade sentiment will
in itself prove a stimulant to bust
ness. When people see tangible
gains in their own business and
when they witness price increases
in their investments they will spend
more. And this spending benefits
others, spreading in an ever-widen-
ing circle.
THERE is type of ballyhoo
l. which does more harm than
good-the type which is not based
on facts. Some people respond,
only to find they have been misled.
They become overextended, and
their collapse hurts business gen.
orally.
But it is extremely doubtful that
the executives of the many large
companies which have paid extra
dividends within the last few weeks
are kidding themselves. They may
issue cheerful statements based on
thin prospects, but when it comes
to making actual cash payments
out of the treasures of their con-
Germs that is another story. If the
prospects were not favorable they
would be running the risk of get
ting into trouble later on.
Z EXCHANGE authorities in both
T. New York and Chicago are
giving serious thought these days
to the establishment of markets for
petroleum futures. Producers of
oil generally speaking. oppose the
idea on the basis that storage
facilities are not available, so that
contracts for future delivery would
be difficult to make. Some of those
in the trade would like to see such
markets come into existence, be-
lieving they would help to stabilize
prices. The exchange people. of
course, are interested in the COM
missions which might result.
1t is difficult to gauge the sound
ness of the large producers side of
the argument. AS conditions in the
industry stand now. these concerns
are able to do just about as they
wish in the matter of prices. An
active market in futures might in
terfere with that advantage On
the other hand. however. producers
could hardly be expected to provide
new storage facilities unless they
were able to make a profit on the
expenditures. And if they can't see
their way clear to build the tanks
other interested parties probably
could not justify the cost of them.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
On Commission ROIU

Quotations below are average wholesale
prices being offered 70 BUYERS oy local
commission dealers
FRUITS-Cranherrie Cape Cod, late
ffoGTnis Emperors' 27-lb box. s2.25 Per
simmons. California SOs-5OS. 81. rs.
ounces. bushel, s. Bananas. sac.
Apples. Indiana yonsthans. sl-s5; Grimes
Golden. si35ai75. Melons. California
Honey DewS So IS. Lemons. SunkiSt. 36oS
IS so: 4SaS SIS so. Grapefruit. Texas. seed
less. s. Lines. Mexican. per carton. rs,
strawberries I2-box crate 50 IS so.
California rhubarb. Sl.4o a box. Pears
Oregon Danio. box. $3.50.
VEGEIABI.kS-Cabbaee Northern Dan
Onions. Idaho. sweet Spanish large S0-lh-
$40: Michigan yellow, med. lo-lo. bag.
use: western white 50-lb- bag. 81 IS: Michi-
cans an 's ioo-lb bag. siso: northern round
white. i00-lb bag 81: OhioS i00-lo bae
Sis: Idaho RusSetS. i0o-lb. bag. 50. Sweet
potatoes Insiana Jerseys bushels Sass, 81 IS g
Beans. fai stringleSS. hamper. s. IS.
Celery. Michigan; medium, dozen; soc;
jumbo. dozen. 5se; hearts; BUNCH; 81
Endiye. dozen 4se. Esg plant. dozen. 81 50.
kale homegrown. ouShei Soc Lettuce hot
house, ls-ib. basket. soc; California Ice
crate. 50 Mint bunch. lSc Parsley.
dozen. ssc Peas. hampers. S425Gs 50.
Spinach. homegrown. broaolesf. bushel
Rouse seIS Sss4et siss TSTnips hO aSs
grown. dozen, 3se Pumpkins. dozen 81
MuSCELLANEoUS-coooanuts Jamaica.
IS for o. 50 Oysters. standards. gallon.
italian a pound. l2isc Sarghum molasses.
gallon. csc Black walnut 5O-lb bag 81
Cider. gallons 70 case 81. Half-Rallons.
All quotations subject to change. up or
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
PORKERS SHOW
STRONG TREND
Majority of Classes Rise 10
Cents; Few Grades
Unchanged.

Despite extremely heavy receipts
on hand in early trading at the local
Stockyards today, the majority of
hog prices were largely 10 cents
higher than last weeks close. Few
classes, however, remained station
airy.
The initial increase was attributed
mostly to an exceptionally large de-
mand prevailing. Receipts were es-
timated at 10000, a large supply for
a Monday session The bulk, $50 to
200 pounds. was selling at $3.50 to
$685..
Better grades on hand weighing
from 200 pounds and upward, were
salable at $5.75 to $6.40. Top prices
also held at $6.40 Light lights,
scaling 100 to 100 pounds, brought
$3.57 to $3.50. while slaughter pigs,
weighing 100 to 100 pounds, sold at
$3.50 to $3.50. Packing soWs cashed
in at IS to $575. Holdovers num-
bered 346.
Quality was plain in the cattle
market, with several classes of
slaughter steers tending around 25
cents lower than Saturday Early
bulk of steers was valued to sell at
$3.50 down. She stock showed only
a slight change. Receipts we're
1900 Vealers we're sharply so
cents lower, Salable at 81 down. Re-
ceiptS we're 500.
Initial dealings remained I'M
changed in the lamb market Bulk
Of native grades was selling at ST
down. Some better classes were
equivalent to $725. Western kinds
were inactive. Fat ewes sold at
$3.50 down. Receipts numbered
1900.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
Produce Markets

Delivered in Indianapolis prices; Heavy
hens lie. Leghorn hens. &c; coloIed
springerS. l2c. old ROSTERS, &C; ducks. &c;
geese. &C: Young guineaS. zoe. old gulneaS.
15c TurkevS-No. ! young hens. IDS;
and over. lac: young toms. Il lbs. and
over lac: Young toms. ll-l4 lbs. l2c: No.
2 crooked breasts and thin turkeys. Sc;
old toms all weights. lie. No. ! STRICTLY
fresh country run eggs; loss on. @oc.
Zach fun case must weigh SIS lbs. gross;
a deduction of l0c a pound for each
pound under SIS lbs Will be made. Butter
No ! 3OG3lc. Butterfat-26c. Quoted ov
the Wadley COMPANY
(By United Press
CHICAGO. Dec. s.-Esgs-Market steady;
receipts T6S cases. extra iTStS. 29c. ireSh
graded firSts. 26c, current receipts. 24tt
2Sisc dirtieS No. /. 20izc; No. z. lsc,
checks. No. /. Isisc. No. >. l6c. Butter
Market. steadC. receipts. 1870, extra nrStS
te0-9lis scorel. 27i- @ 29c. extras lS2 Scorel
aec. firsts $780, Scorel. 25's q 90 &C:
seconds ts6-S7is scorel. "a a Csc. specials.
2sis soc. standards. 2Sc. Poultry-Market
steady. dull receipts. Il trucks. ! car,
cars due. SpringerS. heavy. l6Ul6i c. hght.
1871 q i4c. ducks. y l5e. geese. lie; tur-
KEYS. l7c: hens. 9is lsisc eapons. s 10
CheeSe--Twins 13'. lac: daisies ~.
supply moderate; demand and trading
Slow: market dull: Michigan round whites.
7Tisc. wisconsin round whites So S5c p.
Idaho RussetS. 81 500i55: L. S No; 2.
Sis. combination grace. 81 -2oei - :
Colorado NcClureS. 81 90Gl95 Arrivals
%. on track 260. shipments sos Saturday.
90. SUNDAY
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
REvAMPINC OF
CARRIERS NEAR
Stage Is Now Being Set for
ReOrganizationS, Study
Says.
By Times Special

bV tmcS special
NEW YORK, Dec. 3.-For over
two years the government has sup
ported a number of leading rail-
roads, which otherwise would have
passed into receivership, but now
there are definite signs that the
stage is being cleared for orderly
receiverships, Poor's Review de-
clared today.
When Congress meets next Feb
ruary." the study continues, 1T will
probably be asked to revise the
bankruptcy law in an effort to
facilitate the reorganization Of
railroads. Two major changes
among others have been proposed:
reduction of present 81 % per cent
minimum assent requirement OF Sc
curity holders needed to sanction
changes; Set-up of capitalization
pattern Of so simple a form and so
drastic in nature that subsequent
reorganization should be permanent.
Apparently. the Administration
desires these changes, all of which
should speed up reorganlzations. be-
fore it allows any new receiverships.
Preliminary steps have already
been taken to speed the Missouri
Pacific reorganization with the
meeting of the creditors. bankers,
owners. and Government represen-
tations in the roads trustees. SINH
larry, hearings on a plan of reorgan-
ization for the Chicago & Eastern
Illinois are scheduled to begin be-
fore I. c. c. some time in Deem
Der.
Starting action on these reor-
carnations will aid both in future
organizations and in aScertaining
the type OF change needed in the
law"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
1900
NEW MEMBER ADDED
4. ID. Thrasher Joins McTarsney
e. Brown Co.

A. D. Thrasher, formerly with the
L. B. Calvelage Co., has joined
firm of McTarSney G. Brown. west
side real estate and insurance
agents, it was announced today.
Mr.. Thrasher has been connected
with the latter company for the
pas twenty-five years. McTarsney
& Brown believe the addition of
NJ. Thrasher will make their firm
more adequate in handling real
estate deals, and also in carrying
on their insurance business.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
900 MILLIONS
IN NEW FUNDS
SOUGHT BY U. S.
Treasury Offers Equal Sums
of Long and Short Term
Securities.

BIZ United Press
WASHINGTON, Dec. 3.-Nearly a
billion dollars in new money was
sought by the United States Govern
ment today to meet the expected
heavy costs n the recovery program
in the first three months of next
year.
Although budget experts are
studying means to cut Government
costs, the Treasury figured it need
ed at least a billion dollars of new
money TO run until March. It.
sought to obtain this cash today in
borrowings from the public.
The new funds are to be secured
through an offering to the public at
par of $3.50. 100000 of 3Is per cent
Is to 13-year bonds and S450,000 900
of rs per cent 18-month notes.
Refunding Offer Made
Along with the sale of the $780,
100000 of new securities the Treas
ury offered to refund in another
transaction 1892, 496, 500 of certih-
Gates falling due Dec. Is. Holders
have the optlop of exchanging these
for rs per cent 18-month notes or
rs per cent 412-year notes.
Sale of the new securities, together
with S745, 033,82 cash now in the
Treasury, will give the Government
81 ,645 ,033, 1924 cash to finance itself
until March. This sum is in addi-
ton to expected heavy tax collec-
tons over the next three months.
The fact that less than billion
dollars in new money was sought
indicated to some observers that the
Government was preparing to exer-
else more economy" at a period
when relief needs have reached new
peaks.
Under-Secretary of Treasury
Thomas Jefferson Coolidge in an
nouncing the financing today, said
no additional new money would be
needed before March Is, and that
special efforts to sell the bonds to
small investors would not be used.
Debt Sets Record
Sale of the 5000 100000 of new Sc
curities will carry the public debt
to a new record peak of $28,201 ,317,-
500 from the present level of ST.
3O1 317,389 At this level it will still
be far under the S31 1884, 100000 out
side limit" set by President Roose-
welt in his preliminary plan to lick
the depression.
While the Treasury was borrowing
new money today, other Government
officials were studying steps to bring
down Government costs so that the
budget might eventually be balanced.
One way to reduce costs may be
the separation of thousands of gov
eminent employees from the swollen
federal pay roll. Government en-
ployment, the Civil Service Com
mission reported today, reached a
peak of 68O,181 at the end of Oc-
tober and showed a gain of 1864
workers since President Roosevelt
took office March 4, 1888. 1t was
the largest federal pay roll since the
wartime force was diSbanded in
1920.
Most additions have been in the
emergency" organizations and
these would feel the brunt of any
economy. More than a thousand
workers have already been dropped
from the Department of the Inter-
ior. The Agricultural Adjustment
administration has lost 600 and sew
eral hundred have been dropped
from the Federal Deposit Insurance
Corporation, and the Office of the
Controller of the Currency.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
ADVERTISING BY BANKS
WILL BE STIMULATED
American Bankers Assn. Maps
Three-FOld Program.

NEW YORK, Dec. 3.-Plans for
stimulating wider use of informal
tive newspaper advertising by banks
in promoting public understanding
and confidence in regard to exist
ing banking conditions and methods
were announced here today by R. S.
Hecht, president of the American
Bankers Association, as a part of his
organizations activities in aid of
general business recovery.
Three-fold lines of activity in this
connection in cooperation with
member banks are being followed,
Mr.. Hecht said.
A general groundwork was pre-
pared through a nationwide survey
of advertising by banks relative to
their willingness to extend justifi-
able loans to industry and trade,
and this. he said, revealed that a
large number in all parts of the
country are pursuing aggressive
policies along this line.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
Other livestock
CBy Times Specially

LOUISVILLE. Dec. :-Cattle-Receipts,
geo; government. $50; slaughter classes in
light supply: market active. Csc To soc
higher: most advance on medium and
lower grade steers and heifers; bulk COM
mon to medium steers and heifers. $3.50
as: better finished kinds. s5.50G $50; top
$685. for twenty-six head l03o-lb. steers;
bulk beef COWS, S250G3; practical top.
So IS; low cutters and cutters. s125G2.25;
bulk sausage bulls, s2.50d3; stockers in
better demand mostly kinds of quality
TO sell from $3.50 down. Calves-Re
ceipts. 400; market. steady; bulk good to
choice vealers,. s5ds; strictly choice. $3.50;
medium and lower grades $3.50 down.
Hogs@Receipts 400 including II direct:
market SC lower than Saturday or 1oc
higher than Friday; TOP and BULK de
Sc 10: 3O5 lbs. up. SIS 80, lsO-1s5 lbs.
IS so: l60-175 lbs Sass: l40-155 lbs. S4o5;
l20-l35 lbs. s335: sows. $3.50. Sheep
Receipts $50: market. steady: bulk me-
dunn TO good lambs, s5.75M6-25: choice
absent quotable higher; most bucks, s4.75
1925: common hEflt throwouts So so:
better fat ewes, ST5062.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
BONDS ARE CALLED

BIZ M g Npectnt
NEW YORK, Dec. 3.-The Chase
National bank of New York is noti-
flying bondholders Of the Union
Electric Light and Power Company
of Illinois first mortgage 5ls per
cent issues, series A. due Jan. l, 1854,
that $4,000 principal amount OF is
sues, has been drawn for redemp-
ton on Jan. l, 1885, for account OF
the sinking fund.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
EARLY BUYING WAVE
PUTS WHEAT HIGHER
Opening Quotations Almost
Full Cent Up.
By United Press


CHICAGO, Dec. "a wave of
buying broke out in the wheat pit on
the Board of Trade today, when
cables reported strength at Liver
pool.
At the start wheat was y to Is
cent higher, corn was unchanged to
q cent higher, oats were up q to
a cent, and rye was u to cents
improved
Weather continued unfavorable
to wheat in Australia, Argentina and
India, and only liquidation was able
to check sharp advance at Liver
pool.
The trade paid little attention to
heavy precipitation over much of
the domestic belt In the corn pit
buyers snubbed the nearby futures
and centered their interest in May
and July.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03

By Times Special
SAN FRANCISCO, Dec. 3.-The
municipalities and the states must
very speedily abandon the idea that
the United States Government is a
very convenient place to deposit
burdens which they themselves are
in a position to bear, Winthrop A.
Aldrich, chairman of the Chase
National Bank of New York, de-
clared today before the Common
wealth Club of San Francisco.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
CRUDE OIL STOCKS DIP
BY 1,353,000 BARRELS
Government Report Also Shows
Gain in Consumption.

ny CUtttU FTeS8
WASHINGTON, Dec. 3.-The De-
partment of Interior announced
today that domestic and foreign
crude petroleum stocks totalled 1885,
$4,000 barrels at the close of the
week ended Nov. "a, a decrease of
1,353,00O barrels from the previous
seven-day period.
The report showed crude oil pro-
duction is decreasing and consump-
ton increasing. Daily average pro-
duction amounted to about 100000
barrels. or about $4,000 barrels less
than the average for the previous
week.
Crude runs to stills showed an in
crease of 10000 barrels, with the
daily average set at the 2,580,OO0-
barrel mark.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
TRAFFIC GAINS SHOWN
FOR UNITED AIR LINE
Passenger Volume Up II Per Cent,
Express 142 Per cent.
By Times Special


CHICAGO, Dec. 3.-Passenger
business of the United Air Lines
during the first 10 months of the
current year increased II per cent,
and air express 142 per cent over
the same period of 1888, according
to w. A. Patterson, president.
The company carried 127,237 reve-
nue. passengers this year, compared
with 108,713 in the previous year.
Express tonnage amounted to 444
tons, against 181 in the correspond
ing year. The United Lines now are
carrying approximately so per cent
of all United States air mail.
New winter schedules calling for
flying of approximately one million
miles a month, have been an
nounced. Nearly 40 per cent of this
mileage is without mail pay. Re-
duction of rates recently has in
creased both the volume and the
income, it was reported.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
L. & N. BUSINESS RISES
Rate Reduction in Passenger
Service Increases Rail Traffic.

By Iimes Specidt
NEW YORK, Dec. 3.-T'he Louis
vile and Nashville Railroad, after
making drastic reductions in rates
to the Gulf Coast, is now enjoying
the heaviest business southwark
for the last four years, it was an
nounced today by officials of the
company.
On every run, the luxurious Pan
American, L. g. N. Gulf Coast flyer,
since the rate reduction became eff
fective, IS now carrying a record
crowd to resorts along the Gulf Of
Mexico between New Orleans and
Pensacola, IN western Florida.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03

should have had
their fill of gloom
during the last few
years and now
should be ready to
crawl into their
shells for a while.
The truth of the
matter is that bust
ness is better-con-
Siderably BE- tt e r.
This fact is just be-
ginning to dawn
upon a great many
people. And the
hettern1 ant ran he
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
AMOS NAMED EXECUTIVE
By Times Special

CHICAGO, Dec. 3.-Frank B.
Amos has been appointed account
executive of MaXon, Inc, according
to an announcement made today by
Lou r. Maxon, president. The
appointment becomes effective at
once. Mr.. Amos was formerly con-
nected with the Studebaker Corp.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
NEW OFFICIAL NAMED
Fowler Mccormick Is Promoted by
International Harvester.
By Times Special

. = IUtt8 > ptCtII
CHICAGO, Dec. 3.-Election Of
Fowler Mccormick as vice-president
Of the International Harvester
Company, was announced today
following a meeting of directors. He
also will have charge of the COM
pany's foreign sales.
Associated with the company for
the last ten years, Mr. Mccormick
joined the manufacturing and engi-
neering department in 1925. He is
80 years old, and is the son Of
Harold Mccormick and a grandson
Of John D. Rockefeller.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
CHEVROLET WINS AWARD
United Press

WASHINGTON. Dec. 3.-Ma jor
General Louis H. Bash, quartermas-
ter-general Of the army. today an
nounced approval of a contract
award TO the Chevrolet Motor Co.
for the purchase of thirty H.
ton light trucks at a unit cost Of
Sl.347 SO. The total cost of the con-
tract was SIC,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
HOLT GETS NEW JOB
By Times Special

MONTREAL, Dec. 3-Relinquish-
ing the presidency of the Royal
Bank of Canada. after serving
twenty-six years in office, Sir Her
bert Holt will become chairman Of
the board and chairman of the
executive committee, it was re-
ported.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
Wall Street
BY RALPH HENDERSON,
Times Special Writer

NEW YORK, Dec. 3.-The charge
~ is being made in some quar-
tiers that the Administration in
Washington and the business lead
ers are indulging in more ballyhoo
about the business improvement
than is justified. In all probability
we always will have the pessimistS
with us, but it would seem that they
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-03
FINANCIAL DATA

During the twelve months ended
June 80, preferred stocks were re-
duced by $1,6000O0, while funded
debt was about 100000 less, and in
vestmentS decreased $15,900,O00. In
ventorieS increased nearly $21,000,-
900, while net working capital
gained $16,OO0,0OO. SURPRISES, how
ever, totalled $5,700O0O less. On
June 80 last the current ratio was
514 to l, while the book value of
the common stock was $45.66, or
$3.50 more than year previous.
American Smelling operated in
the red in 1881 and 1882; in 1888,
however. earnings picked up to II
cents, while SLOT was earned in the
first half of 1884.
With the payment on Dec. l of
S425, all back dividends on the 7
per cent preferred lave been cleared
up. No dividends have been paid
on the common since early 1882.
American Smelling was incor-
porated in 1899 in New Jersey. Both
classes of stock are listed on the
New York Stock Exchange The
common is currently selling for
around 3612.
fAll Rights Reserved winchester Institute
of Finance. Winchester MasSD