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Show I WALL STREET VIEWS I By James McMuBin. Financial Obtorvor holdcra could be forced through. Further; if a road Is in position posi-tion where auch adjustments are necessary, ths stockholders aren't ,.mrt ny return en their In-vestment In-vestment and aren't likely to get any for a long, long time. With few exceptions, railroad atock-holdera atock-holdera have already been thoroughly thor-oughly laundered. The real point of the measure is to prevent a small minority of bondholders from blocking needed adjustments by holdup tactics, and thus forcing a road Into bankruptcy. bank-ruptcy. For this reason, most important im-portant bondholding interests insurance in-surance companies, savings banks, trustees for estates, etc. favor lt passage. They concede that control of a railroad which is thus enabled to avert receivership will remain with the present stockholders Instead In-stead of passing Into their hands via financial reorganisation. But they don't want the headache of running a railroad under any circumstancesso cir-cumstancesso that is okeh with them. The Chandler bill won't solve any fundamental railroad problems, prob-lems, but it should enable a number num-ber of roads Baltimore and Ohio, Lehigh Valley and probably aev-. aev-. zraXither key systems to avoid financial catastrophe. A large brokerage house with branches sll over the United States asked about 20.000 Investors, Invest-ors, all of them at least reasonably reason-ably prosperous, whether they intended in-tended to visit the New York world's fair this summer. Ten per cent of them said that they did and I per cent more said that they might Comment runs that Grover Whalen had better find aome way of overcoming the disinterest of the moneyed class if he wants to get his show out of the red by Christmas. Copyright 183 McClure Syndicate NEW YORK A rise of 15 to 4T per cent in sales of heavy electrical elec-trical goods Is cited in published reports aa indicative of renewed business luiifldcmo. Intuiiiicd New Yorkers snicker at this interpretation. in-terpretation. The Increased purchasea of new motors and generators for industrial indus-trial plants trace largely to the government's rearmament program. pro-gram. A number of factories are being given experimental orders to prepare them for war-time assignments. These frequently involve in-volve the installation of new machine ma-chine tools and equipment, which the government helps to finance en a quick-amortisation basis. Plainly an upturn in business founded on armament orders is transitory. Financial insiders ars convinced that one of the primary pri-mary motives behind the president's presi-dent's stress on national defense is to keep the industrial machine functioning and thus avoid a serious ser-ious slump before the 1940 election. elec-tion. They contend that only thus can the administrstion hope to keep the public from becoming aware of the economie consequences conse-quences of its mistakes. Utility chiefs aae keeping a watchful eye on the Rankin bill to ait up Mi gar power authority, similar to the Tennessee valley authority but on a much smaller scale. If enacted, it would socialize social-ize the power resources of the Niagara river and pave the way for revival of F. D. R.'s pet St. Lawrence project Floyd Carlisle's Niagara Hudson power would be the only big utility hit directly, but the implications of the spread of public ownership are alarming to the whole industry. Congressman John E. Rankin (Mississippi), who introduced the measure, is an outstanding enemy ene-my of the "power trust" Ha hasn't much Influence on capltol hill in his own right, but the silent weight of the administration ia behind him in this instance, although al-though the White House hasn't officially demanded passsga of the bill. The federal power commission commis-sion and the New York power authority have Indorsed It The bill is bottled up at present In the house military affairs committee com-mittee and the utilities, though not fighting It publicly, hope to keep it there. Congressman Andrew An-drew J. May (Kentucky), chairman chair-man of the committee,, is understood under-stood to be hostile to it If it gets to the floor, there will be a battle royal that Is likely to split the Democratic party from end to end. The Chandler bill to facilitate adjustment of interest rates on railroad bonds by consent of the bondholders is viewed with suspicion sus-picion in some Wall Street circles. Critics contend that it would result re-sult in disproportionate sacrifices by bondholders while leaving atockholders untouched. The best - posted financial sources say this is the bunk. They note that if the bill ia enacted, the approval of holders of 75 per cent of sll bonds must be obtained before' an adjustment plan can become effective. Therefore, no plan flagrantly unfair to the bond- |