davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
SWINE PRICES
RISE SLIGHTLY
VeaIerS Sharply so Cents
to ST Higher; Cattle,
Lambs Steady.

The pork market, still resisting
pressure from recent heavy supplies,
maintained a firm undertone in
early trading at the local livestock
exchange today. Prices were steady
to generally cents higher than
yesterdays average.
The slight increase, however,
again came in face of fairly heavy
run of receipts. Supplies were esti-
mated at $500, slightly lower than
in the two preceding sessions. The
scarcity of hogs at several surround
ing livestock markets was again re-
ported today, indicating brisk de-
mand at the local yards.
The bulk of 100 to 275 pounds
was salable at SO to 1920, while the
top price was reported at 1925 for
few extreme good and choict
weights. All classes of heavy weights,
scaling from 275 pounds and up
ward, sold at $685. to $685.. Medium
kinds, weighing from 100 to 160
pounds, cashed in at 1925 to SO.
In the extreme lightweight divi-
sion, hogs scaling 100 to 100 pounds,
were selling at ST to 8. Good grades
of packing sows ranged from S7.75
to $685.. Slaughter steers showed
only g, slight change in the cattle
market and prices were mostly
steady. Few early sales of steers
held at $3.50 to S13.25. Receipts
were 1900.
An extremely strong demand fea-
tured trading in the veal market
and prices moved around so cents
to 81 higher than the previous
close. Bulk sold from $3.50 to $40.
Receipts were 300. With no choice
kinds available, lamb prices were
quotably steady. Few clipped grades
brought ST. Receipts were 400.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
On Commission ROIU

Quotations below are average wholesale
prices being offered 10 buyers by local
Commission dealers:
fruits Bsnqnss 4''s R., l6 APPlssSs
Lemons. SunkiSt. 26oS. S42 Grape
fruit. Texas. SeedlesS, So so. Florida. seed
less. S225 Lines Mexican, per carton.
l2s, zoe. Byram, seedleSS. per hundred;
M4sO crate Mississippi. s450a ! IS.
Apricots. "a crate. Grapes. South America,
white. 20-lh. box. S2-75- CantaloupeS-
Honey DewS. South America So Jumbo $
Ss7s a crate. standards. S4.75 crate.
NectarineS. South America. box. $3.50.
Vegetables - Cabbage. new Carolina,
hamper, SO IS: medium, hamper. 81 %
new rcd Texas. hamper, So Onions; west
yellow 50-lb bag. So. new Texas yellow,
5O-lb. bag. 1925: new Texas boiler, 50-lb.
has 81 IS: new Texas white. S0-lo. bag.
So SO. Potatoes. Green Mountains i00-lb.
s. so: northern round white l00-lb. bag.
Sis. OhioS. l00-lb. bag. 81; Idaho RuSSetS,
1oo-lb bag. s2.75: new Florida Triumphs,
.lsT stSi Sushel $50. medium OF seed.
81 10: Nancy Hall. buShel, Sis. Beans,
round String .eSS. hampers. s. sou us. Celery
washed and trimmed. medium, 6oz. soc:
cnmbers hot house, doz.. 81 Is; doZ. box,
So Endiye. California. dozen. 81. Esq
plant si.5oG2 dog. Kale. bushel. soc.
ATizcna Icebers head lettuce, 81 so Man
Mint. a 6oz. 81. Parsley. doz.. 3Se. Peas.
hamper, 50 SoI37S Spinach; TeXsS
Turnips. bushel sc. Parsnips. 6Gshel.
ST. Beeis. crate new Texas. si.7562
Carrots. rev 50 bag. 81; i0o-lb. sack. 81 IS
Rhubarb. hot house s-lb. carton SO: dog
All quotations subject to change Up or
down.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
Produce Markets

Delivered in indianapolis prices: Heavy
breed hens, Ice; Leghorn hens. lac;
broilers 2 lbs. and up, zoe; Leghorn broilers.
COCKS and sg 5 &c. D4cfs FIJI S
and fat, &c; geese full feathered and fat,
&C.. All classes of guineas, 15c: No /
i9c. Each full case must Ht Weigh S. lbs s.
gross a deduction of 10c a pound under
50 lbs. will be made. Butter-No. / SO
tq39c; butterfat soc. Quoted by the Wad-
(By United Pressl
CHICAGO, April IL Eggs,-Markeet,
easy easy; t receipts 22 gag cases. extra flrsts
receipts &c; drties 2os4c; checks. 2o{4c.
Butter--Market, weak; receipts. 1914 tubs;
extra 1rsts (9o-9112 score(, 311a@3194c;
Scores scores a ifCfe seconds ssS
3Ol2c; specials, 321a@33c; Standards 32c
Poultry-Market. steady receipts 10 trucks,
no 1sS car; capons 25q26G; hens 2Oc broilers
@25c; turkeys, 23627c old roosters, 1412
S@a1I5l2c; stays, no quote; ducks, mag
2212c; geese, 13014c; Leghorn hens. 136
1874 @17c; Longhorns,. 1694 @17c. Potatoes
old - stockE;supply LIBERAL; demand and
ias SG round Mhtss SR
asking. no sales reported; Michigan round
whites. 9oc; Nebraska bliss triumphs. 81 80
s2S Unt edn States No. aew
sstock-,Supply light; demand and trading
limited: market, steady; Florida bushel
crates bliss triumphs, S3156325: Spauld-
ing rose, United States No. l, SO. So Ar
rivals SO, on track 1888, shipments 500.
CLEVELAND. April -Butter-Market,
weak; extras. sec; standards, sec Eggs
Market. steady extra. whites, 23c; current
receipts, 2212c. Poultry-Market. weak:
fowls under lbs, Csc; ducks, young, %
q 2Ac: ducks, old, 19c Potatoes-Maine,
s125G1.35 a 1e0-lb bag; Ohio best. mostly
60G75c; Michigan. soc: Florida Bliss Tri-
umphs, No. l. s2.6002.65.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
Other Salaries Shown
BIZ Lnitcd Prcss

~ JHifCd Press
WASHINGTON. April 17.-An
annual salary of $4,000 plus $4,000
for expenses is being paid to Ed
ward A. Deeds, chairman of the
board of the National Cash Regis
ter Co, it was disclosed today in
the companys registration state
ment filed with the Securities and
Exchange Commission.
F. B. Patterson, president. re-
ceived $4,000, and S. c. Allyn. vice
president, $4,000. j. H Barringer
received $4,000 ION account of OBJ
legation to former officer under en-
ployment contract provided for out
of earnings of prior years" Mr..
Deeds held $4,000 shares and Mr..
Allyn, 12,050 shares of common
stock
The Jewel Tea Co., A. M. Byers
Co. and South Puerto Rico Sugar
Co. refused to report their salaries
publicly, but submitted them to the
commission confidentially.
Lehmans Largest Stock Holders
Lehman Brothers were shown to
be the largest stakeholder of Jewel
Tea Co., holding AIS shares of
common stock or 112 per cent on
Feb Is.
L. E. Boyd, president of the Boyd
Richardson Co., st. Louis. received
$4,000 last year in salary and
owned 725 shares, or 1868 per cent
of the issue. K A. Schrader, vice
president, received $4,000 and N. E.
Spilker, vice president, $4,000.
E. w. Silk, president of the Rice
Silk Dry Goods Co., st. Louis. re-
ceived $4,000 salary; F. B. Eiseman,
vice president, and A. S. Rauh, vice
president. S31,789 each.
E. j. Miller, president, st. Louis
Screw and Bolt Co. received S1O.-
900; Edward H. Miller and A. E.
Krug, vice president, $4,000 each.
D. P. Hamilton, president. Root
Refining Co, received $4,000 and
H. Canon, vice president, S7275.
Day Receives $4,000
Addison B. Day, president, Los
Angeles Gas and Electric Corp, re-
celved S36,960; H. L. Masser, vice
president. SIT, 140 and w. E. Hough-
ton, vice president, $4,000.
I. G. Turper, president, Securi ties
Investment Co., st. Louis, received
S24,375, and j. F. Boyce and c. H.
Schneider, vice presidents, s1O,700
each.
c. H. Wright president, Sunray
Oil Corp, received $4,000 and w.
E. Hightower, chairman, $4,000.
T. H. Borton. president, Lion Oil
Refining Co., received S19,999; T. M.
Martin, vice president. SHOOTS, and
j. j. Allison, vice president. $500.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
DUN'S WITHDRAWS
BUSINESS FORECAST
President issue Statement Saving
Rosy Outlook Unwarranted.

President Issues Statement Saving
Rosy Outlook Unwarranted.
By Times Special
NEW YORK, April 17.-Dun g.
Bradstreet, Ire, through its presi-
dent, A. D. Whiteside, today had
withdrawn its rosy prediction con-
tanned in the weekly Dun 81 Brad
street review last Friday that the
immediate future is to bring the
sharpest rise that has been wit
messed in business in the last quar-
ter of a century"
Mr.. Whiteside, in a signed state
ment, said: NO significant infor-
nation justified the inadvertent and
unauthorized departure from our
policy Of not making predictions as
to the future business trend which
was evidenced in our weekly review
Of business released under date of
April II"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
FRUITS AND VEGETABLES

TbT NIsllNN lEsHI
CHICAGO April iT.-Apples--M Michigan
spies nuShei 81 Seal 6S. Illinois Jona-
thans. 81 5osii SIS CarroIs-TeStern crates
So SOFAS. Illinois. Michigan bushel s5c
81 Turnips-Illinois and Michigan,
buShel 25G soc Sweet potatoes-TenneS-
see bushei sScG 81. Indiana. 81 2Sei 40
Lettuee-WeStern crates. S3.Soa425 1--WE
dozen, leaf, 10 lbs. Illinois. sal 10. Beans
Florida. euShel. S2egS. Spinach-TexaS.
hushel. 75cISi.15. Cabbage-california
crates. s3.7Ssss. Onion sets-Illinois
= g saeSs sashel Ne yellow.
S1.Ts43 TomatoeS-FIcrida Tugs sim
] so. Rhubarh-Michigan 5-ib cartons
3s43se: Illinois. 90 lbs. s2isQ22s.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
PACKARD OUTPUT UP
Current Production Is Estimated at
1000 Cars Weekly.

DETROIT, April 17.-Current pro-
duction of the Packard Motor Car
Co., since entering the low priced
field, is estimated at 1000 cars
weekly, Alvan Macauiey. president.
reported at the annual stockholders
meeting here this week.
We still have several untitled
orders" Mr.. Macauley stated, land
our foreign market is especially
promising. Packard has doubled its
dealer organization since the first
OF the year and further expansion is
under way. Our Diesel engine de-
velopment is in state Of suspended
animation"
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
A. T. & T. NET INCOME
TOTALS $3O,O97,288
Earnings in First Quarter Equal to
S1.61 a Share.


By Times Special
NEW YORK, April 17-Despite
an increase in the number of tele-
phones in use during the first quar-
ter of the current year, net income
of the American Telephone and
Telegraph Co., due to higher pay
rolls, was slightly under that of the
same quarter in 1884, according to
a report released today by Walter S.
Clifford, president.
At the end of the recent quarter
net income of the company amount
ed to $30,097, 288, equivalent to $1.61
a share on 1862 PTS shares, COM
pared with an income of $50 1892, $40
or SLIT share in the same quarter
of the preceding year.
The report, for the first time,
containing a statement of CONSOLE
dated earnings of the Bell System
American Telephone and Telegraph
Co. and its "a associated telephone
companies, showed net income ap-
plicable to stock of the parent
company at $18,616,727.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
GRAHAM NETS S12O, 397
By Times Special

BIZ Tunes NpectdI
DETROIT, April H. - Graham
Paige Motors Corp. reports s120,39
net income for the three months
ended March 81, equal to 4 cents a
share On 2,371,773 common, COM
pared with S15.142 or ST a share on
$4,000 preferred in the first quarter
of 1884.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
Other Livestock
lRY United PreSsl

lBy United Press
FIT WAYNE. April 7-Hogs-Steady 70
So. 26o-225 lbs. sss5: 1850 lbs. ss.ss:
25o-5Oo lbs SIS: soo-S50 lbs. SIS: 100
leo lbs ss.75: lS0-lSO lbs. So. so: l30-l4C
S725; roughs SIS: stays. Sc Calves So
Wooded lambs. IS. Clipped lambs. 81.
LAFAYETTE. April -Hogs-Market.
steady 10 iOc higher: 10000 lbs. So 10:
200-23s lbs. So 225-7s5 lbs. IS e5. asS-250
SIS so: soo-s75 lbs, ss.is: ieo-iso lbs. s.:
iso-l60 lbs ss75: i4O-l5o lbs $3.50: 1885,
40. lbs Sass; l00-i35 lbs, S675ns;
Tcughs. So down Calves. soc higher: TOP,
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
GRAIN PRICES DROP
FRACTIONS AT PITS
BeariSh News From South
west Reduces Values.

By United Press
CHICAGO, April 17.-(jrain prices
were fractionally lower on the
Board of Trade today as the result
of bearishneSs from the Southwest.
At the start wheat was unchanged
to Il cent lower, corn was off Is
to S cent, ats were i 20 IS cent
lower and rye was unchanged to Il
cent lower.
Reports of scattered rain in the
eastern Kansas and unresponsive
cables from Liverpool dampened the
bullish enthusiasm which has been
prevalent in the wheat market.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
Utility Holding Company
Bills Drastic Provisions
Slated for Modification
Thousands of Letters and kilograms of Protest Pour
Into Capital; Wide Differences Shown on
Aims to Prevent Abuses.
BY DUANE WILSON
United Press stan Correspondent

WASHINGTON April Rehabilitation drastic
utility holding bill indicated today the
Senate Interstate Commerce Committee resumed
companies
House Interstate Committee which held
the bill debate
week The 10 Democrats Republicans
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
TOURIST TRADE JUMPS
Foreigners Spent S1S1,OOO.OOO in
Canada During 1884, Report Reveals.

hW tmtS Spfttut
OTTAWA. April 16. - Foreign
tourists spent a total of S131, 000,-
600 in Canada during 1884, COM
pared with Sl17000000 in 1888, a
preliminary estimate issued by the
government reveals.
United States tourists. entering
by automobile and boat, spent more
than Sl2l 100000.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
Wall St.
Investment Banking
Firms Accepting
New Act.
by RALPH MISUNDERSTOOD
Times Special Writer

NEW YORK. April IA SUI
~ fcient number Of new bond
issues have been placed on the
market during the past month or
so 70 indicate beyond a doubt that
Wall Street investment bankers
have accepted the new Securities
Act and are ready and willing TO
do business under its provisions.
Virtually every important house in
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17

the Street has
either headed or
participated in
an underwriting
operation
II can not be
said. Of course,
that they look
upon the law
with favor. Most
Of them still are
critical of it. al
though S o m e.
what less so than
when it was first
enacted. Nor are
they entirely GER
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
New Business Books
Available at | library

The following new books are
now available at the business
branch of the Indianapolis
Public Library.
LIQUID CLAIMS AND NATIONAL
WEALTH (hy Adolf A. Berle Jr. and
V. J. Pederson) Men do desire.
somehow or other, TO have part or
all of their worthwhile goods avail
able for immediate use on the in
slant"
CLOSED AND DISTRES SED
BANKS; A STUDY IN PUBLIC ADJ
MINISTRATION (bv Cyril Il. Upham
and Edwin Lamke)-Not the causes
of bank failures but the problems of
administrative control in the re-
organization and liquidation which
follow bank supervision.
THE MARKETING INSTITUTION
(by Ralph F. Breyerl-"The market
ing institution is not a device for
governing industrial profits. but a
social instrument designed for the
best interest of the public at large"
THE BRITISH ATTACK on IN
EMPLOYMENT (by A. c. c. Hill Jr.
and Issdore Lubinl-'The successes
or failures which have marked the
experience of other nations mold
much OF value to the United States"
THE SPIRIT OF LIFE UNDER
WRITING Thy Walter ClufD.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17

All Numbers of the committee have
agreed abuses which have spring up
in connection with operation of the
$4,000, 100000 OBJ holding company
system should be eliminated. But
there the agreement ends. There
are wide differences as to the best
method of accomplishing this.
Rayburn Asks Elimination
Rep. Sam Rayburn Cd, TeX0, CO.
author, believes outright elimination
of holding companies, as provided in
the original draft of the bill, should
be enacted into law. Representing
the opposite view was Rep. Charles
A. Wolverton (R., N. W, who be-
lieves the bills provision should be
limited to legislation correcting the
abuses testified to before the COM
mittee.
The House Committee has recessed
for several days to permit the print
ing of records of the public hearings.
Rep. Rayburn said he PLANNED to
start the executive discussions later
this week.
Indications were the committee
would be compelled to continue in
executive session for several weeks
before it could whip the bill into a
form acceptable to majority of the
members
The committee completed it's open
hearings on the bill Monday when
DR.. Walter M. w. Splawn, one
time Texas University president, vino
is now an Interstate Commerce
Commissioner, renewed his plea for
elimination of the holding compa-
MES.
Executives Argue Case
Hearings have been in progress
for more than a month. Executives
of the great holding companies
argued their organizations should
not be ruthlessly eXterminated
Wendell L. Willkie, aggressive head
of the Commonwealth and Southern
Corp, continued enactment of the
bill in it's present form would ruin
the market for utility securities,
prevent the expansion of the in
dustry, destroy the investments of
hundreds of thousands of innocent
security holders and so burden the
industry with regulation that it
would eventually result in public
ownership without compensation.
The principal arguments in be-
half of the bill we're advanced by
Splawn and Dozier A, De Vane, So
licitor for the Federal Power Com
mission. Splawn confined his case
to. title one of the bill, which con-
tains the elimination privisions. De
Vane argued in behalf of title two,
which includes the regulation leg
islation.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
by James E. Bennettl

LOCAL CASH MARKET
City grair elevators are paying % cents
for No. soft red wheat. Other grades
on their merits Cash corn No. yeloT.
50 cents. and cats 81 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
FARM PRODUCE
MARKETED HITS
FRESH BOTTOM
Prices Up Sharply, but
Further Rise Needed to
Maintain Income.
Ru Timer Sneciol

NEW YORK, April 1.-THE
quantity of farm products marketed
in February dropped to the lowest
figure for any month Of the de-
preston, according to the Alexander
Hamilton Institute. The index for
February, based on 1929 as 100, was
ST. this year as against IT'S last
year, a decrease of 26.3 per cent.
For the first two months of this
year, the quantity marketed was
| 271 per cent lower than a year ago.
This curtailment was the result of
the drought and the government s
| acreage restriction measures in 1894
Offsets Price Rise
The drop in the quantity of farm
products marketed in February as
compared with the corresponding
month last year more than Offset
the rise in the price index of farm
products from 56.8 to 100, an in
crease of 1873 per cent. This was
also true for the first two months
when the price level was 1868 per
cent higher than a year ago.
On the basis of the 2l6 per cent
decrease in the 1894 harvest as COM
pared with that of 1888, the quantity
of farm products marketed this
year will provide the same receipts
as in 1894 only if the price index of
farm products during the last nine
months of the year averages 80.6.
In other words, the price index
must average 89 per cent higher
than in March when the index was
TAO. An even greater price increase
may be necessary since the size of
harvest does not measure exactly
the following years receipts from
marketings.
Receipts this year are likely to
show more rather than less of a
decrease than that indicated by last
years harvest since the quantity
marketed last year was unusually
large in relation to the previous
harvest. The fact that the quantity
marketed during the first two
months of this year was 27.1 per
cent lower than a year ago suggests
that the quantity marketed this
year will show a greater decrease
than the 216 per cent decline indi-
Gated by the 1884 harvest.
Depression Effect Seen
1t is possible that farm prices this
year will not show the rise necessary
to provide as large an income from
marketings as in 1884. If the 1885
farm income is smaller than that of
1884, this will have a depressing
effect on business unless the prices
of manufactured goods are lowered,
which, at the present time, does
not seem likely in view of the small
margin Of profit already prevailing.
On the other hand, if the prices
of farm products rise sufficiently to
provide a greater income than last
year, such rise will tend to be re-
f1ected in higher prices for manu-
featured goods which will also have
a depressing effect on business. Thus
in either case business can not
escape the retarding influence of
last years poor harvest on the re-
covery movement.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
Money and Exchange
INDIANAPOLIS STATEMENT
TREASURY STATEMENT
nv limited presSl

WASHINGTON, April 17.-Government
expenses and receipts for the current rs
cal year to April IS. compared with the
year:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17

TINE fact, however, that the
Il commission has approved a
security offering is no guarantee
to the investing public that the
statements contained in the pros
pectuseS are accurate. 1t would be
impossible for that organization to
check on such statements. And the
Government would not put itself in
the position of guaranteeing the
safety of an investment under any
circumstance.
1t may be argued that invest
ment houses should not be obliged
to accept all of the responsibilities
provided by the Securities Act, but
it would be difficult to insure the
protection to which investors are
entitled in any other way. So long
as the public is invited to play the
investment game. it should have
the assurance that the cards are
not marked in any way. 1t can not
and should not be guaranteed
against loss. however.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
Revision Ad Infnitunt

The city again has amended the resolution calling
for bids on SS00000O bond issue to take orer the C
GEMS Gas Co. TCo sets of rersos hare been made since
the original 'cGs drawn up April 5.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17
NeW York Curb
(By Abbott, Proctor & Paine)
II (NOOnl
". Y. Bonds

Reprinted from yesterday
(By Abbott. Proctor & Painel
40 DAILY BOND INDEX
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17

TITO assume that the Securities
= Act had added much to the
safety of securities placed on sale.
though, would be a huge mistake.
The safety of securities always will
depend on the business success or
failure of the companies which
issue them. 1t probably will be as
easy to lose money on security in
veStments in the future as it has
been in the past. About the only
safeguard the new law will pro-
vide is against the misleading
statements or Overstatements. 1t
will, of course, guard against in
complete statements also.
The underwriters are not so much
opposed to the restriction against
misleading statements as they are
to the provision of the law which
makes them liable if they fail to
tell all. They fear that if they
happen to overlook some minor
factor or consideration some shy
Ster lawyer will be able to put them
ION the spot" for it at some later
date To the extent that they will
be dependent on the fairminded-
ness of the public and the judicial
branch of the government they are
taking chances in engaging in I'M
derwriting activities.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-17

tain that they are not making a
mistake in participating in new
financing with it on the books. To
very important degree they are
taking the word Of Joseph p. Ken
nedy. chairman Of the Securities
and Exchange Commission, that
1t is safe for them to 90 ahead.
On the other hand. however. in
vestOrs are getting a better deal
than they ever got before. The fact
that the underwriters are obliged
to reveal fully the terms Of all con-
tracts with the borrowers and
others involved in the transaction
has had the effect of reducing the
toll collected by them. Whether the
benefits will prove permanent re-
mains to be seen. 1t is possible that
as time goes on underwriters will
become careless again, particularly
when it is felt that investors do
not 90 to the trouble of reading the
material they are Obligeo to pre-
pare.