Indianapolis Times, Indianapolis, Marion County, 18 June 1936 — Page 26

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-1929-31 average, ment stere sales are 20 per cent E H Tel |

by Ts ca oosgherties,

L renas

| mits F. D. R's Plan

mes on

to about five billion dollars,

PAGE 26

“THURSDAY, JUNE 18, 1936

In rot Years the hardware ‘business amounts

The magazine said there are 33,000 retailers and around 500 wholesalers in the trade.

Hardware Age announced.

~ for Social Security.

BY JOHN T. FLYNN coe YORK, June 18.—A fre-

are not as intelligent as those of There can be little

doubt on thas point. the Republican plaitarm

Pp course an intelligent conservative will see plainly that his system can not endure unless it makes

ERISA

reason or another, are thrown out of its producing machinery from time to time, either through tnemployment or advanced age. The German ¢ 0 nservative Bismarck saw this 50 years ago. The English saw it 20 years ago. For some reason the American conservatives did not get around to it until last year and even then, Mr. Roosevelt said he feared the time was not ripe for old-age pension legislation. This is almost incredible but it is true. However, now some intelligent conservative has forced into the Republican platform a social security plank on old age pensions which is far in advance of Mr. Roosevelt's backward and bungling proposals. ” J 8

R. ROOSEVELT'S plan eXxcludes persons in agriculture, the professions, domestic service, all government services, etc. It leaves out at least half the em-

- ployable population. The Republic-

an platform wisely demands that it include all. Mr. Roosevelt's plan provides for raising the funds to pay old-age pensions by a tax on pay rolls entirely—paid partly by employers and partly by employes. The Republican platform provides that the funds for old-age pensions should ‘be raised by a direct tax—which means an income tax, widely distributed. The economic soundness of this can not be contested and it is in line with the best thought on the subject. After all the aged among us must be cared for, no matter how we arrange it, out of what we produce . annually. Those under 65 must produce enough for themselves and for those over 65. We must pay the bills out of our annual production. Hence a direct tax to take care of the burden is far the more realistic method. ” ” ” NDER Mr. Roosevelt's plan the pay rolls taxes are made so large that only a modest part of the taxes collected will be used to pay pensions. The balance will be allowed to accumulate as a fund— reserve fund. It is proposed after a number of years to build this fund up to 47 billion dollars. ‘This is indeed a grotesque scheme condemned by every authority on the social and financial aspect of oldage pensions. The Republican

platform vigorously denounces this ~ fantastic device.

There are two points on which the platform leaves cause for misgiving. The first is that it wishes to organize old-age pensions as a state system. The Roosevelt plan makes it national, supported by a Federal pay roll tax and administered entirely by the Federal government. The Republican platform wants state plans, administered by the states, partly supported by the states and partly by government grants in aid. The national system seems to me to be the best.

The second source of misgiving is !

the feeling which the plank gives that the benefits contemplated are small and dependent on proof of indigence, which is really not in line with the best opinion. But this marks a great forward step in conservative doctrine in Amer-

ca. 2 (Copyright, 1936 NEA Service, Inc.)

- RURAL SALES EXPAND

Current Level About 10 Per Cent Above 1929-31 Average. Times Special BOSTON, June 18.—Sales volumes in towns and other localities of less than 30,000 population have risen more than retail trade in citjes, the United Business Service reported today. The current level of rural sales is 10 per cent above the whereas depart-

under this base period. - A review of city trade volumes as compared with the country since 1929 reveals that rural sales dropped - off much more than urban sales

the first four years of the during . At the low point in |Mon a

March, 1933, sales in rural periods

were 52% per cent below the 1929-

31 average, whereas sales of urban deplirtment stores were down 44 per cent.

On Commission Row (Quotations below Subject to ch

Satng of affefea is to commission deale:

wherries, Inaiana.c

cherries. California. Bibs Bags. i

vo ) Lemons— ER al a : fh Br 2% w= i $3.

CREDIT BUYING FOUND SOARING AT RAPID PAGE

Return of Confidence Shown by Spending of Consumers.

T'imes Special NEW YORK, June 18.—American spending habits are changing to those characteristic of the days before the depression, information gathered from many quarters disclosed today. Instead of pinching purchases to bare needs, as consumers have done for the last six years, many have started in recent months to spend more than they are earning—beginning to elongate their lines of credit.

In their new determination to spend, consumers are reported to be rapidly expanding department store credits, shoving up the figures of automobile financing, and creating a rising tide of time-purchases of household appliances such as refrigs erators and vacuum cleaners.

Similar to 1929 It was a similar condition before the crash of 1929, which many believe led industry to over-estimate the nation’s purchasing capacity, and to expand its plant for greater

AD,

Inctaluont Buying Gains

{ALL ITEMS)

CONSUMER EXPENDITURES

sey

—rpiz—

UMER INCOME

The rise in 1936 of the curve for consumer expenditures over consumer ‘incomes suggests to A, W. Zelomek, president of the International Statistical Bureau, Inc., which prepared the chart above, that retail credits are being widely extended. This is believed to be due largely to instalment buying. The extension of consumer debt today is not for emergency purposes or from savings as. in the downswing, bay because confidence is becoming more firmly established, authorities assert.

production than buyers could absorb. ; Managers of credit corporations and other leading agencies see the key to the long-awaited recovery of trade and industry in the increased willingness of the consumer to spend. But certain cautious department store executives, who remember losses taken during the early years of the depression, are less enthusiastic.

Fear Evaporates

All, however, agree that readiness to untie purse strings is based upon that loosely used term “confidence” —belief that income will continue to flow into the family exchequer, dissipation of fear that the job may evaporate overnight. Continued income security over a considerable period, the sight of friends who long have been out of work finding new jobs, cumulative , increases in pay envelopes—all these gradually are influencing mass psychology favorably, just as fear produces the opposite effect, say analysts.

Consumer Debts Mounting

New York Stock Exchange Prices

(By Thomson & McKinnon)

Oils—

Atl Rig Barnsaall

Houston (new) .. Mia Cont Pet .. Ohio Oil

28%

pulps Pet sves

Pure Oi

jieabioard Oil ... &

SO ‘texas Corp Tidewater Assn . Un Oil of Cal...

Steels

Am Roll Mills 2

8 Stee J S CsSteel pid... warren Bros ...

Yngstwn 8 & T. 65%

Motors—

Gen Motors .... Graham Mot ...

Reo Headebaker xeuow Truck ...

Rolf Nugent, Russell Sage i Foundation remedial loan depart-" ment director, has studied all avail-| | able data on retail credit. “The | Itrease in consumer debt,” he said, “is today more rapid than at | any other time on record. The { volume is still considerably below | that of 1929, but it is mounting rapidly. The creation of new- debt appears to indicate a return of confidence.” Business charts kept by the Commercial Investment Trust, Inc, show a growing tendency to automobile and household equipment purchases on instalment. company is among the largest firms financing such purchases. The National Automobile Chamber of Commerce revealed a gain in proportion of cars bought on credit but said the 1935 ratio is not up to the 1929 level.

One Warning Issued

In the department store field there is some alarm. Ben S. Wright, credit management chairman of the National Association, said recently that a survey showed not only that instal-

1935 were a greater proportion of : all sales than in 1929, but that the actual dollar volume throughout the United States was approximately: $8,000,000 more than in the halcyon ! pre-depression days. This despite} an estimated total sales volume of $800,000,000 less than in 1929. “These figures show a tendency in retail expansion which is becoming increasingly expensive and less wholesome because of its many col- : lateral problems,” Wright. “It represents a distinct

habits to time payments. »

Local Securities

(By Indianapolis Bond and Share Corp.) The following auotations d - resent actual bids or ey Os neers Indicate the approximate market level based on buving an selling inquiries or recent. transactions.

Bid. Ask. giz

Pp foul fh ph fo pd ot ph fh

23 8 BEsERERRaRE,

Pd pt ont pooh

H Water Worl 49 Trac Te rminal co en 57

Belt £3

5m +

fk put

aBmsaungees oa

ENE pub Serv ey =»

Eitan = a

wm I

Hes =

This |

warned Mr. Penn

Sou shift from the old 30-day paying | gion Fac -..--1

Motor Access—

Bendix gore Warner cea

riggs Buua Mig Budd Wwneel ... maton Mig

kilec Auto Lite.. 3

Greyhound * Houdaille Murray Body .. Stew Warner ... Timken Roll .. Timken Det Axle:

Mining— Alaska Jun ....

ant Nickel Kennecott - Cop Mcintyre Mine .. Phelps Dodge ... Park Utah io Joe Lead Vanadium

Amusements

Crosley Radio .. Loews Inc sn oe Radio Corp warner Bros . Tobaccos—

Tob “B”

16%

13%

S Smelters .. 19

Am 97% ‘Lig & Myer 5 [109

Lori

Rails Atchiso

ment sales by department stores in B&O.

hi Chi N W Dela &

ie pfd Gt Northern pid Ill Central KC

N Y Cen Nor Pacific ETE N Y Cent Nor Pacilie RR. Sou u Pac ae

Equipments— West Air Br ... Westingh Elec .

Utilities— Am & For Pwr

Retail Dry Goods Enillp Mortis .. Bo

20% an 21%

S17

Noon

High Low N.Y.

12-

NSEEE 2u3sy Xo

833 RE

Prev. Close

Assd Dry Gods.. Bes Kaa

aks Aviation Corp .. Boeing Aircft ... Curtiss Wright . Curtiss Wr “A” Douglas ‘Air . +8 Som Am, bud .e Sperry Unit hireft Pew. Chemicals—

Am Com Alc Col Carbon

Du Pont Liquid Carb . Monsanto Chem. HER

Schenley Dist .. 44% Tex Gulf Suiph. 35% nion Carb .... 90 S Ind Alc .... 37%

Drugs— Coty Inc Sterling Prod .. Financial— Adams Exp Am P.... Chesa Corp vase Transamerica

oe 14%.

ud 5 47%

% 24"

22Y, 12% 16

11% 3 10 69 14

DAILY BOND DEX

20 20 Inds, Rails 8 93.3.

Yesterday : Week ago .. Month ago

936 low (Copyright. 1936, by Stand

U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine)

Treasurys

sessesssnsss one

sssevessssssrsce

DOMESTIC

Close.

58 '44........c0000. 93% Alleg Corp 5s 3%

Alleg Corp 5s '49 Am Frgn Pow Am Frgn Pow 5s 2030.. & Tel 5s '43 1 5s ’65..

Buff Roch & Beth Steel 4Ys Chi Milw

& St P 5s "5.

5s 2030. asin

Chi Milw & St P 55 2000.. te

4 Cleve Un Term 5s 73

Cleve Un Term i "eae wees]

ni 7% Nor West 4%s ’49.

Con Gas 5s '57 Chesa Corp §s

Del & Huds 4s ys, ich Y ireeeesaaecBllG

nternt

Interntl Interntl

N. Y. Bonds (Reprinted From Late Times Yesterday)

vel, Bonds 105.7 6.6 |

96.5 96.2 95.7 88.8 97.9

93.3 Td 1 istics)

101.28

101.13 102.21

104.11 102.28 103.24

nt Linky Os Gls Sk y 2

Humble Oil

: Gold res..

Tr Contl Corp.. Building—

Am Radiator .. 21% halt .... 25% Fulnace 317

9% het 48

U 8 Gypsum 93 Household— Col Pal Peet.... 13% Kelvinator ...... 19% Servel Inc Simmons Bed....

Testiles=

1 Am Woole

Celanese Corp Collins Aikman. . Gotham Hose .. Indus Rayon -..

Chicago

(By Atkins, Hamill & Gates) Noon

- 5

Prev.

Advance off

Crane

General Househol Godchaux Sugar Grt Lakes Dredge Katz Dru McGraw ic Musk Mot Sp

Zenith New York Curb

(By Atkins, Hamill & Gates) 1:00 P. Mm

N.Y Aluminum Co or Americs e122’ gq * Venaassene 98 veces 40Vg 87% 2% 6Ys 12% ver: 11Y

m TD Ark Natural Gas “A” Atlas Cor Carrier Corp Creole Petroleum Corp . 25% ocker-Wheeler . 10% B 21% 5%

Elec ond = Share irirsesee .e Risk Rubb Ford Motor TCansda SAY Gulf Oil Corp of Pen . 8 Refining Co .. Int Vitamin

rial oil of Canada, Min ‘

8S! . Niagara Hudson pwr ead Pennroad Corp Reliable Stores S Corp « Root Petroleu Segal Lock Standard Oil of O sive Stutz Motor gar Ohi am mer .... Technicolor Wayne Pump

Money and Exchange

INDIANAPOLIS STATEMENT Clearings Debits

TREASURY STATEMENT (By United Press) WASHINGTON, June 8.—Government expenses and receipts for the current fiscal year to June 16, as compared with. a year ago.

This Last Bxpenses.., $8,574, 3, EH 96. se $7,000, ng 841. a8 Receipts. . 3,887, 330,977. 36 3, 629, 769.293.5

894.73 10,501,522,015.30 9,078,841,

toms. . 372,266,173.96 331,828, 754. 42

41 JULY BOND MATURITIES

TO TOTAL $186,300,000

15 of 137 Issues Are for Million Dollars or More. Times Special NEW YORK, June 18.—Corporate bond maturities during July are to total $186,300,000, according to Standard Statistics Co. “The number of bonds and notes making up ;5 the total is 137, of which 15 amount

4 | to $1,000,000 or more as follows:

Beech Creek R R 1st 4s Beth Steel Co PL & & Imp 5s. . Chesapeake & O Ry Bq “V” Chic, N Sh & Milw R R-“A” 5s. Chic, N Sh & Milw R R “B” 6s Colum Ry, Gas & El Co 1st 8s.. Com-Larabee C 1s

: Cen Interstate Nat Gas 1st 6s

1st Gls. . Tam; OE Re RR Br tst se w og & Seashore R R “A” 4 1307000

June maturities amounted to $42,- |

766,500 and the 76 issues and por-

Hons of Sues Sling due In August

total $49,406,000.

DIVIDEND IS DECLARED Times Special

' AKRON, Juric 19. Directors’ of |

the General Tire & Rubber Co. have

} | declared the regular quarterly divi- |3 dend of $1.50 a share on preferred,

stock, payable June 30 to stockholders of record June 20, it was an-

. siwugher

SWINE PRICES

MOVE 5 T0 10 CENTS HIGHER

Cattle, Veals Unchanged; Lambs Sharply Lower at $11 Down.

‘With a brisk demand prevailing for medium gnd heavyweights, porker prices, except for light slaughter pigs, were generally 5 to 10 cents higher active trading at the - Indianaps Union Stockyards today. : The full extent of the moderate upturn was limited mostly to the heavyweight division. Light slaughter pigs continued stationary. An improved demand also was reported at surrounding livestock markets, which resulted in higher prices.

Receipts Total 6000 -

Total receipts at the local exchange were estimated at 6000 today, compared with 5500 on hand yesterday. Holdovers numbered 159. The top and bulk of god and choice hogs, scaling from 160 to 225 pounds, held at $10.35 to $10.45. Bulk of medium classes, weigh ing 225 to 260 pounds, cashed in at $10 to $10.35, while extreme heavies, ranging upward. from 300 pounds, sold at $9.25 to $9.70. Light slaughter pigs, from 130 to 160 pounds, brought $10 to $10.25. Good classes of packing SOWs were salable at $8.10 to $8.85.

Steers Are Soars e

Only a slight change was evident in trading in the cattle market. Steers were scarce and steady with the top price holding at $8. Heifers and beef cows also were unchanged. Small lots of steers brought $6.50 to $7.50, while the bulk of heifers ranged from $6.50 to $7.50. Receipts numbered 700. Veals still remained stationary, selling at $8.50 to $9. Receipts were 700. Lambs were generally 50 cents lower than yesterday. Spring classes sold at $11 down. Sheep were largely steady—native ewes sold -at $3.50 down. Receipts were 8

HOGS Bulk.

[email protected] "io 15 13 25

Receipts.

6500 1500

5500 7500 5500 [email protected]

60 b Light lights 140-1 [email protected] edium [email protected] . [email protected]

June.

choice. . 10. choice. . 10. 05a 10. 35 9.70@ 10.05 9.25@

choice. . choice. :

® ©

82 325338 3

) Goo . (275-350) Medium .c.occoeee "Eo od and choice...

ped ©S mom

09 8398

Medium Cattle * —Receipts, T700— (550-900) Choice ....... Saves $ Good

DI ~3en da BI ~Ien dD

Senos aaa Kao

999399989000 0900-30000 1-303 00 Oh 23030 Subabmamiaaatnioa

SON IODN-IVDHNID oO

Heifers

1550-750) Choice ......... vein $ good mon and mediu (150-300) Good and choice. Common and mediu .

300-19 0 thao 853388

Good wees Common and medium ........ Low cutter and cutter Bulls, good Cutter com. and med. buik.. VEALERS —Receipts, 700— Cool and ¢hoice

SERSH

onsoa

00998 ©9383

83332 32323

833 Swe 288

o 3

1350-500) Good and choice ... Common and medium Feeder and Stocker Cat (500-800) Good and choice. Common and medium

oma; 2338 Awan an

0 ©8390 09 698

ge < 38 Susy 1

or ni

SHEEP AND LAMBS —Receipts, 800— ee lambs cheice

*96-170) Good and Shale. . Common and m (Sheep and amb auotations pasts ) > : Note—Effective June 1, lambs #orn in the spring of 1935 classi classified as ye:riings.)

Other Livestock

(By jonited Feess)

CHICAGO, =Hogs—Reve pts includi J 000 door airly active oe dc" ni gt. than Wednesd x5 ayer-

if sli

CC esssmineee

Re ae.

oom

Busigraphs

TOTAL CORBORATE FINANCING

CORR. GENERAL INCORPORATED INVESTORS

Total corporate financing in April jumped to the highest amount for any April since 1928, but as in previous months, refunding predominated with only 18 per cent in new capital. Public utilities led by far in refunding operations, industrials were second, and rails third. Many utilities by reducing fixed charges through refunding are in a stronger position. Total corporate financing

in the first four months of this year was 5% times that in the same 1935 months.

New Bond Issues

(By Lyons & Co)

s C and Rap Imp 3Yas Chica Se Un 3 ae ’83 .. oh est In 4%s nn Un Term 14 71 Clove Elec Illum 33s 65 Columbus Railways 4s '65 . Columbus Railways 4s 65 . Conn River P & Consolidate 8 Consoliated Ed shea '56

3%s '65 .. . . Fairbanks Morse Deb 4s 56... owa South Util 5%s '50 Jones & Jaughiin ths 81°. Kansas P L 4 Los Angeles s % . 2 70 . aine Cent 4 etro Ed 4s eso inn Gas & Gas Lite 4s ’50.. fonon W Dr 42s ’60

Santiago G & 30 Cal Gas s '65 30 Cal Edison 4s 60.

So West G E 4s ’60 ... Texas Corp 3%

Investment Trusts (By Thomas D. Sheerin & Co.)

Administered pond hi es Affiliated Amer nd Basie. Amer Business Shares Bullock Fund Ltd : 8:00 *Broad Street Investing.. 29. ” Century Shares Trust 26 Collateral Tr Shs “A” Corp “A” or “acc” (mod) Corp “A” or ‘‘acc” (unm) 2.73 Corp Tr Shs (orig) oo 2.8115 Diversified Tr Shs “B”.. - 10.00 *Diversified Tr Shs “C”.. Diversified Tr Shs “D”... Dividend Shares, Inc Gen Investors Trust Incorporated Investors, - Investors Fund Ame Market St Invest Corp. Maryland Fund Massachusetts Investors .. Nation-Wide Sec Co “B”. *Nation-Wide Voting N Amer Tr Shs 1955 N Amer Tr Shs 1956 N Amer Tr Shs (orig).. Quarterly Inc Shares Sel Amer Shares, Inc ... Sel Amer Shares (orig).. *Sel Cumulative Shares.. ; *Selected Income Shares . 4.9 State St Investment Corp a i Super-Corp of Amer “AA” 902 Super-Corp of Amer “B” Super-Corp of Amer “A” Super-Corp of Amer ¢B” Super-Corp of Amer “C”. Supervised Shs, Inc {pe} Tr Stand Oilshares Cun : Tr Stand Oilshares “B’ Tr Stand Investment “C”.. Tr Stand Investment “D”. United Stand Oilfunds.... Uselps “‘A” . Uselps “B” ....... BIPPA *Uselps Voting .. *Ex-Dividend.

Other Livestock

(By Times Special)

LOUISVILLE, J 18.—Cattle—Receipts .500, including 108. Bo: slaughter oa in moderate eth demand improved; market more active, but generally steady with Wednesday's lower close on medium and lower grade slaughter cattle; bulk common to medium grade steers and heifers, $5.0@5- 75; some desirable around 950 1b. dryfed steers held above cutter grades quotable down to ‘$5 bee cows mostly [email protected]; Prac. tical top, * $5: some distillery mash fed cows eligible h Bigh er; most low cutters and Cues, $13 RL jSausa e bulls, ockers e hel er; s rs mostly [email protected]. Baers Calves —Receip is, 300; arket about steady; bulk good to choice rh, $7.50 @8.50; - few strictly choice. held Highe er; medium and lower. grades, $7 down to $5 ang less for Inn 1 ne cn t je higher;

bs., $10.20; 9.90; 255 to 3 LL 130 to. 165 Ibs, $9.35; unfinished hogs subject to a

ts, supply moderate; of “amb pr Ty consider-

Dak “han otable Ie eheady to

fucked i ut ri 11. fo, Ah

.50 with light culls .as 9 | tn as $5; slaughter ewes mosily $1.50@

6. 8 3.40

5.06 103.75 2.93% 2.97 4.30 4.49 14.62

“ese

305 lbs. We 3%. a

So _Receip genera, aay ably improv n or more

TIRE SHIPMENTS DROP Times Special NEW YORK, June 18. — April shipments of pneumatic casings

*] in March, but 4.7 per cent below the | 5 total of 5,143,509 units in April, 1935, the Rubber Manufacturers Associa-

Te | totaled 4,902,721 units, an increase | Hom of 27.1 per cent over the 3.855970

FURTHER STEPS || TONARD LOWER INTEREST SEEN

7 Firms Expected to Refund Their Preferred Capital Positions Next.

BY RALPH HENDERSHOT Times Special Writer

NEW YORK, June 18.—The past year has witnessed the conversion of millions of dollars worth of highe coupon bonds into bonds carrying lower rates of interest. This move-

ment undoubtedly will continue, but probably at a slower pace. It is expected, however, that core cor por ations throughout t h e country will be-. gin seriously in the near future to revamp their positions to take advantage of the low rates for money. An added incentive to capital reorganizations is provided in the case of many companies which have accumulated preferred stock dividends. The history of corpore ate performance shows that only a small percentage of concerns ever pay such accumulations, others ree funding them primarily through the issuance of additional stock, The present is expected to be no exception.

Preferred Stocks Doomed Those who have been watching developments closely say that the

3, 4 tendency will be to get rid of pre-

ferred stocks wherever possible in the approaching refinancing period. This will be achieved by providing attractive conversion privileges, it is said. New preferred stock, for instance, will be offered for old, and while the former will carry a lower dividend rate, provision will be made whereby it can be changed for common.

The time certainly is propitious for such operations. Not only do we have low money rates but we seem

4d to be on the verge of a period of

excellent business conditions. Those who have held preferred stocks dure ing the depression without receive ing dividends are apt to see little advantage in those stocks over come mon stocks.

“Slight Advantage Seen

Buf, whereas the preferred posttion where dividends are concerned has been proven to be rather slight in times of depression in the case of preferred stocks, their disadvantage in good times by reason of the limit paced on dividends is such as ‘o

encourage conversion into common

American Woolen €o. is expected to be one of the first of the larger companies to refund its accumulated preferred dividends, which now amount to $58.50 a share. The com=pany’s earnings have been improve ing rapidly—1935 sales amounting to $70,317,000 as against $48,711,000 in 1934—so it is in a position to offer a proposal which is likely to appeal to the holders of such stock. After having sold at as low as 15% in 1932, the stock recently pushed above the 70 mark. United States Steel may well be expected to join the procession at some later date. The big company has accumulations of $17.50 a Share on its senior stock, and Myron C. Taylor, chairman of the board, stated at the last annual meeting that the subject had been discussed. He added, however, that the mane agement desired to see a little furs ther into the future before commite ting itself to any plan.

OVERSEA CAR SALES UP Times Special YORK, June 18.—Sales of General Motors cars and trucks to

50, dealers in the overseas markets

amounted to 31,018 units in May, it was reported today. This volume was ‘139 per cent over the same month a year ago and 5.6 per x cent above April this year. ;

Unlisted Stocks

(By Bivth & Co.) NEW ¥ORK STOCKS

Bid. Aner aust srnenspiansie 08 entra NOVEL eacevss oosnne trsimene 42%

8% 115 44%

carvers sesesecsesacs.2300%2 208% Retinars’ lL 15%

Nations]. Ci City

6 *Pirst National Xoston cv 45% National Shawm 27%

*Aetna Pire Ins 53% Ameri SHean Ins of Newark eine 19 Baltimore American .......... 8 City of New York .......,.... 28% sPedera

fy 36%, cavesisssnsssnsasenes T4Ye

73%

sesegsesns

ressssessesseenessn

e of A. National Liberty 8a North River TTL ae BME errternaaolly, Westchester PIC® .cvvocviveis 33% *Ex-Dividend.

ssssessscevssentn

“ses sssn seven

tion reported today.