THE SPRINGFIELD WEEKLY REPUBLICAN: SPRINGFIELD, THURSDAY, FEBRUARY NEW YORK STOCK MARKET Sales in 100. High Low .40 Col South 36 37 1.10 Do pt 33 33 1.30 Do pl 32 Colum Br'cast A 43 42 319 Colum: El 117 .30 Do pf Do pf 1104 Pict 28. Colum Carbon 39 Comi Credit 52 Do pt 112 112 Comi Solvents 104 Komwith Edie 32 148 1 Do pi 4 126. 11 Congoleum-Nairn 35. 34 Consol Cigar 42 41 18 Cons Coppermin 56 Cons, Edison 34 8 Do 5 Cons Laundries Cons Nat Gas 48 45 pl 89 Cons Vultee 28 Do pt 33 32 Consum Pow pi Container Corp 42 25 Cont Bak 14 19 Cont Can 44 Do 113 113 19 Cont Diam Fib 17 11 Cont Ins 134 Cont Motors 25 Cont Oil Del 8 Cont Steel 56 Conper-Resa .21) Do pf 54 Copperweld St 22 21 .80 Do pi 53 57 2.80 Corn Exchange 64 8 Corn Products .10 Do pi ..202 202 25 Cornell-Dub El 10 Corning Glass 35 Coty Inc 12 Coty Internat 24 Crane Co 40 Crosley Corp Crown 8 55 521 6 Do $2 pl 13 Crown Zellerh .30 Do pt 109 18 Crucible Steel 51 Do pt 112 .10 Cuba RR pl 41.
41 28 Cuban Am Sug 23 Cudahy Pack 44 44 Do pt 104 103 6 Cuneo Press 61 Curtis Publishg 2284 211 10 Do pt Do pr 325 Curtis Wright 1034 33 Do 3016 Cutler Hammer 39 38 3 Davega Stra 26 13 Davison Gem Dayt pi xd 112 112 Decca Records 56 33 Deere Co 47 1. pt 40 00 Deigel-Wem-Gil 3.3 33 Hudson 46 39. Del Lack West 14 13 39. Detroit Edison 26 Devon Ray 34 33 Diamond Match 43 1 Do pt 47 Diam Motor Dist Corp-Seag 4.70 Dixie Cup A 34 291 22 Dome Mines 19 Douglas Aircraft 95 Dow Chem .158 153 38 Dresser Indust Do pi 111 111 Dunhill Int 27. 2 Daplan Corp 34 .16 du de ..197 1 du Pont pt 16 Eagle-Pich 18 Eastern Air 108 102 Eastman Kodak 239 .20 Do pf 196 3 Eaton Mfg 68 18 Edis Bros Stra 32 8 Ekco Prod 3614 35 Elastic Stop 14 EI Auto-Lite 75 14 Elec Boat 20 Mus Ind El Power lt 201 3 $6 pf 148 148 3 Do $7 pt 135 3 El Storage Bat 51 544 53 NatGaa Emerson El 18 Emer Rad Ph 31 29 10 Eng P.
33 .10 Do $5 pi .20 Do pf 106 68 Equit On Bide 133 Erie RR 19 2 Do pt 8.5 85 20 Eureka Williams Evans Products 294 294 NO Ex Exchange Cell Buffet 56 54 6 1 Fairbanks Morse Fajardo Sugar 87 Farns Tel. 18 235 Do rts 3 Fed It Trac 23 Fed. M. Smelt 51 51 2 Fed Mogul 28 15 Fed Mot Truck 17 Federat Stra 61 61 .80 Do 107 Ferro Enam 33 3214 Fid 'P Fire Ins Firestone 76 Do pt 108 108 2 First Nat 61 Flintkot 40 38 Florence Stove 48 48 Florida Pow 174 Florsheim ShoeA. Follansbee Sti 18 .60 Do pf.
84 83 Fair Stra Food Machinery 76 73 13 Foster Wheeler 41 Francisco Sugar 33 321 3 Freeport Sulph 26 Fruchaut Tra 41 10 Gabriel Co 106 Galr (Robert) 9 Do pf 20 259 Do Rts Gamewell Co Gardner Denver 26 25 58 Gar Wood Ind Do pt 62 62 Gaylord Cont 43 33 Gen Am Invest Gen Am Trans 66 18 Gen Baking 1314 13 Gen Bronze 23 54 Gen Cable 14 13 Do 39 Do pi 146 Gen Cigar 341 34 Gen Gen Do Elec Foods 176 176 Gen Mills 463 165 Gen Motors 15 Gen Out Advt 21 Gen Prec Eq Gen Pub Service 96 Gen l'ub Ut 20 19 114 Gen Real Util 10 Gen Referact 31 8 Gen Shoe 37 2.30 Do pt 122 10 Gen Tel 36 34 Gen Time Inst $014 15 Gen Rub .36 Gillette Sat 31 29 Do pt 106 105 23 Gimbel Bros 12 Glidden Co 31 Goebel Brew .20 Gold St ...130 130 16 Goode ll Sant 38 12 Goodrich 77 72 16 Goodyear 641 Do pi ..110 109 Goth Hosiery 4034 317 -Paige 14 Granhy Con 20 Granite City Stt 23 Grant 31 10 Gt Nor Tr Or 20 33 Northn Ry 58 10 Gt West Sug 32 .30 Do pi 175 175 Green 80 Greyhound Corp 35 33 Grum Airc En 46 44 at Guantan Sugar 1.10 Do pt 98 96 20 Gulf 24 Do 00 Guit Oil 62 60 6 Hamil Watch 247 .30 Do pl 115 Harb- Walker Hart 42 3 Hat Corp Am A 20 Do pt 102 102. 8 Hayes Indust 50 Hayes Mig .10 Hazel-Atias Gi 131 131 1 Hecht Co .60 Do pt 108 .20 Helme (GW) pt 186 186 8 Hercules Motors 35 33 1 Hercules Powd 122 .10 Do pi 135 135 2.20 Hersh Ch cv pl 135 2 Hewitt Rub 8 Hinde 35 Hires (CE) 32 31 Holland Furn 60 39 Hollander Son 25 Holly Sugar 31 25 Homestake 52 23 Houd Hershey 25 Do pi Househod Fin 33 32 Houston 88 88 33 Houston Oil 13 Howe Sound 15 Hudson 11 9 Hudson 37 60 Hudson Motor 31 29 Hupp Motor Idaho Power 12 42 43 lilinoia Central Do pt 18 Term RR 10 Indpls Pw It 27 8 Indust 'Rayon 16 Inger-Rand 133 '133 Inland Steal 108 12 Inspirat Con Cop 21, 1946 FINANCIAL 13 SUFFERS ANOTHER DROP WITH MORE DUE Industrials Get 'Worst Setback Since 1940-Investors Fearful New U. S. Policy Won't Work Wall Street Correspondence Of The Republican 4 New York, Feb. 19-Today's decline of 5.50 in the closing average for industrial stocka, Added to the lows of 2.78 yesterday, makes the setback in this group the last two days the worst for any similar perlod since the had war News of the early summer of 1940.
For ails, the closing average today WAS down 3.41 against decline of 1.58 yesterday, making loss of 3.99 points in two days. From the opening this horning, to the last hour there was steady tion in the market. 'There was A alight rally in the last hour, but the top prices reached then did not hold, indicating that perhaps the low prices for this particular market trend have not been reached. More Trouble Expected Many people interested in the market have become uneasy over what Chester Bowles has had to say" the last two days about the inflation situation, especially in the market. Yesterday's decline, however, started from widespread feeling that the revised wage-price policy at Washington is not the answer to the reconversion problem.
In his annual report. the first to be published by of the larger railroads for the fiscal year ended in December, President Clement of l'ennsylvania paints a picture which undoubtedly will be copied by other railroads A8 their 1945 reports are made public. Pennsylvania's gross for 1945 $936.000,000. This compares with 010,000.000 for 1944, the all-time high. For 1943.
gross WAR $979.000,000 and for 1942, $838.000,000. To understand the railroad situation and outlook it is neccessary to make the foregoing comparison of gross earnings. Pennsylvania's net income for dividends for 1945 is reported to shareholders Ag $49.008,000 or $3.72 A. share. This compares with $64,720.000, or $1.91 a share, for 1944; with 000.
or $6.49 a share for 1943. Grose for 1945 is slightly than for 1944. But most of the loss occurred in the month of December when the decline compared, with year-end 1944 Was 17 adjustments per cent. had of $12,618.000. But the company's net much to do with December met, loss 1942 n.
hame high while gross earnincome been declining from the continued upward. Now grOSS has turned downward. This is what Pennsylvania's president had in mind when in his annual report he told the shareholders that the railroad are entering a period when large expenditures must be made for rehabilitation. especially for passenger and freight cars and motive power. After the first World war, he recalled money for rehabilitation came from borrowing "a condition that adversely affected the industry during the depresison of the 30s.
The money needed for rehabilitation after this war must come largely from earnings and depreciation charges." Then came the message Clement wanted to get across. "To meet sharply increased expenses and to avoid operating at a loss," he said, to seek higher freight that "the railroads will likely be on forced all of the rehabilitation from the war strain "will call for lot of that "money requires credit and credvery much affected by the rates at which the business is that "as the situation appears to be developing, it will probably be necfor the railroads to petition the Interstates Commerce commission for in freight rates greater than the 5 per cent increase granted in May of 1942 and suspended a year later." For 1938, the year before second: World war started. the railroads 88 'a whole had gross earnings of $3.365.000,000 with Axed charges unearned by $123,000,000. To meet this situation the railroads petitioned the for an increase in freight rates, The petition was granted. But then when the war broke out gross earnings began to climb, reaching an alltime high for 1944 at $9,436,000,000.
The ICC canceled the rate increase but. said that the case would be reopened if changes occurred in the railroad picture. The railroad picture 1s changing. Gross earnings of the carriers just reported for 1945 foot up 000, down slightly from the 1941 alltime high but with the downward movement greatly accentuated during the last month Railroad workers, with wages increased during the WAT' 10 An all-time high are now demanding another increase to offset the higher cost of living. if they win and gross earnings of the railroads continue to decline, freight rates are likely to be increased.
Higher railroad wages and higher freight rates would he another step in the inflation spiral: Cost ot living higher, wages raised offset the higher coat of living. prices higher, cost of living higher, higher R. I. BARNUM. Montreal Exchange Sets New Margin Requirements Montreal.
Feh. 16 (AP) The Montreal Stock exchange and Curb market today announced that with the opening of trading Monday their minimum margin requirements on new selling business $1 A will share he and cash on under stocks at. 50 per cent of selling price, with minimum margin at $1 which must he maintained, on stocks selling more than $1 a share. Deals in mining and oil issues not on any recognized stock exchange alan. call for cash payments.
The announcement. said present loans are to be put on the new minimum marina basis by June 18. Boston Produce Market a dav (with, ivere: wholsale prices, in parentheses; Butter, grade AA. 47.31: grade 48.81: B. 46.56; grade C.
46.06. Eggs, large. extIRS. 42-14 (40); medium, extrAS, 38-39 4460 pullets, extras, 32. Flour.
short patenta, 3.84-8.87. Corn, all rail. No. 2 yellow. 1.16.
all rail, 40) pounds, poultry. not quoted Hay. No. 2 timothy, Potatoes. Green mountains, 3.00-3.10, Beet aides, 4001 to choice.
good to choice. 25 Veal. good choice, Poultry. choice dressed fowls, 34-3; fancy live fowls. 26-28 Sugar, Ane granulated, 100 pounds, 6.60.
Porkloins, 8-12 pounds, 25 Roston. Feb. 18. -(Al') Jobbing prices Foreign Exchange Yew Fork, Feb. 19-(AP) -Ologing foreign rates follow (Great Britain In dollars.
others in Canadian dollar in New York open markat. 9 3-16 per cent. discount 'or' 90.81¼ U'nited States centa, each. Europe: Great Britain. $4.034.
changed: France (fran). .845. unchanged. Latin America: Argentina free. 21.48.
off ot. cent; Brazil free. Mexico. 20.0. New York.
Feb. 19-(AP)-Directors of C. Penney Co. today declared dividend of 35 cents per share of new common stock. payable March 30 to holders of record March 11.
This was equivalent to $1.05 per share on old common, which WAR re. cently split 3-for-1 and on which 75 cants quarterly WAS paid plus extra of $2 December 22. TREASURY TO CUT NATIONAL DEBT BY BILLIONS About 276 Billion Will Remain After Redemption of Securities for First Time in More Than 15 Years Washington, Feb. 13 (AT') The first big reduction in the nAtional debt in more than 15 years projected by the treasury today as the debt rolled to A record high of $279.496.766.104.49 an average of $1991.32 for each American. The reduction amount to 779,720,600 1 per cent of the 'total and will be accomplished in the neat 30 days by -redeeming government securities with cash, the treasury announced.
Nothing like it has happened since the late 1920s, officiala said. 'resident Truman in his recent lower the debt about $7,000.000.000 hy budget message NO announced plans to June 30. 1947, by dipping into the treasury cash balance, which stood above $25,537.000.000 today. 'The administration gave no hint of any policy change on (the muchdebated question of interest rates. Along with the redemptions, the treasury said it would merely offer an identical exchauge for 000 in low-rate one-.
car certificates. The treasury proposal conformed to some recent demands in Congress for cutting down balance so Ag to reduce the interest must be paid on the thumping "idle" sum. But it ran headlong into, Federal board criticism Presi' dent's proposal to use the treasury in paying off government oblirations. The reserve board's monthly publication said chis would be "more inflationary in its effect than increasing the public debt through the sale 0. additional securities to nonbank buyers." Net profit of the United States Envelope Co.
for the year ended December 31 was listed as $819.193.62. an increase of $27,963.63 over net profit for 1944, in a report made at the company's 48th annual meeting yesterday. A special $3 a share dividend in addition to a $2 a share dividend on common stock was declared payable March 2 to holders of record the 21st. This $5 A share total is compared to $4 for 1944. A dividend of $3.50 a preferred share was declared payable March 2 to holders of record the 21st.
During 1945, dividenda of $7 a share were paid on the cumulative preferred stock and $7 a share on the common stock. profit listed is after a charge to operations of $276.631.44 for depreciation on buildings, machinery and equipment and after a provision of $2,180.000 for federal income taxes. Renegotiations of 1944 federal war contracts resulted in a $94,074.45 reduction for that year. it was announced. Sales of 1945 were reported 6.5 per cent below those of 1944 and net current assets December 31 amounted to $6,135.263.32 with a ratio to current liabilities of 7.9 to 1 as compared 5.1 to 1 at the close of 1944.
Postwar PXcess profits tax refunds totaling 536.84 were added to earned surplus. During the year the company spent $200.782.62 for machinery and equipment and $113.246.20 for land. Addition to a company plant at Los Angeles totaled during the $186.845.84. year Taxes amounted of all to types $2,180,000 paid compared with $3.535.000 for 1944. In November, the land and building occupied by the company's San, Francisco division were sold and a tract of land was purchased across the bay where A.
new one -story plant will be constructed this year. According to the report, land has been purchased at Atlanta. where a plant to serve the Southeast will be constructed. and a plant has been purchased at New Orleagato serve program the of Southwest, new plant construction and equipment building will call for the expenditure of considerable funds during the next two years," it was stated. "When these projects Are completed our manufacturing facilities will he materially strengthened and our ability to give efficient service to customers in all parts of the country substantially improved." U.S.
ENVELOPE CO. PROFIT INCREASES Special $3 Dividend Plus $2 Dividend On Common Stock Boost Total $1 Over 1944-Expansion Outlined MAY WHEAT TRADING STOPPED AT CHICAGO Chicago. Feb. 19 (AP) The Chicago Board of Trade today stopped trading in May wheat. except for liquidating of outatanding contracts.
and said the action was necessitated hy the government' new wheat conservation order. The prohibiting on making new commitments in the May wheat future is effective at the opening of trading tomorrow. At the same meeting, directors ordered th.at on Saturday, the 23d, there be no trading in futures contracts in any commodity or securit and that trading that dav on. the exchange floor be limited to cash grain and cash commodities only. Settlements to Six Banks Authorized for New Haven New Haven, Feb.
19-(AP)Federal Judge Carroll C. Hincks today authorized the trustees of New York, New Haven Hartford railroad to pay $3.060,000 in cash settlements to aix hanks holding collateral or promissory notes. The payments approved Merchants National bank of Boston, Bank of Manhattan 200.000: Rhode Island National bank, First National bank' of Bogton, Shawmut National bank of Bogton and Chase National bank; 000 each. Judge Hincks also approved expenditure of $1,085,280 for 17,920 tons of steel rail. New York Wool Market New York, (AP) Wool tops futures broke more than three cents a pound today in sympathy with outside markets.
Volume of trading was light, however, and the decline was accentuated ver a lack of buying orders in the market. Estimated sales of wool tops were 175.000 pounds; wool futures, 150,000 pounds. Wool futures were also easy with a decline of more than three cents a pound registered. Wool futures closed 2.6 to 3.1 cents Low Last March, 1947 94.5 94.5 Mav, 1947 91.5 92.0h July, 1947 91.0 91.3 91.3b Certiticated wool spot. 90.5n.
Wool tops futures closed 1.6 to 2.1 cents 1.0 W. Last December 130.8 129.5 129.0b March, 1047 126,0 1:6.0 127.5b May, 1947 128.5 126.3h July, 1947 1:8.0 125.0 126.0b Certificated spot wool tops, 130.0b. b-Eid; n- -Nominal. Sale of Stocks New York Stock 2,800,000 New York Carb 980,000 Boston Stock 86,490 Not Sales In 100s' High Low Clone Chg. Abhott Lab A5 95 00 20 Do pl 1111 21 ACE-Brill Mot Acme 8tl ad 34 34 12 Adama Exp 22 21 18 Admiral Corp 18 Ad 20 Air Reduction 36 54 55 50 Alaska Juneau 10 101.
320 Alleghany Corp 13 Do pl Do pr Allex Lud 43 Allen Industries 33 23 3 Al Allied Chem Kid Dye 201 199 25 199 Allied Mills 1 31 36 Allied Stra Do 107 107 107 40 Allis Do Ch MIx 124 124 6 Alpha Cem 34 34 18 Amal Leather Amerada l'et 135 135 135 Am AgCh Del 42 42 21 Am Airline 761 73 75 A Am Bank Note 36 33 Do pt 79 74 7A Am Bosch 26 25 25 13 Am Brake Shoe 53 24 103 Am Cable Rad Am CAn 97 96 96 Do pf 204 203 203 10 Am 60 2 Do pt ...129 128 128 Am Cable 37 .10. Do pt 139 189 139 A'm Chicle 142 Am Colortype 25 .60 Am Crystal 'S pr 108 108 108 Am Distill 53 51 52 25 Am Encus Tiling' 10 Am European 20 10 Am lixport 1. 40 110 Am For Pow 12 11 Do Si pt 114 110 110 1 pt 119 119 Do pt 37 30 361. 50 42 An Hide lea 10 6 Am Home Prod ..1104 109 1 38 Am lee Am. International 14 Am Invest Ill 13 13 Do pt 50 501 50 Ani Locomotive 37 Do pt 118 118 118 18 Am 38 361 36 Met Am Metal 38 35 35 Am News Co 81.
82 Do pi 143 143 143 145 Am Pow Do $6 pt 107 12 Do $5 961 92 92 6 288 Am 224 112 A Roll "Mill 33 311 No pl 99 9814 99 2 Am Am Sate Seating Razor 31 30 36 30 CAr tAm Ship Bidg 481 22. Am Smelt 1.90 Do pf 178. Am Snuff. 49 $0 .10 Am. Do St pi Fdrs 48 165 46 CIA Am Stores 31 30 30 Ami Store 33 341 5 Amt Sugar.
Ret 53 R3 Am Sumat Tob 501 28 Am Tel Tel 191 192 24 Am Tobacco Do 84 823. 1.10 pf 162 16114 162 33 Am Type 26 23 6 Visoose 69 67 68 Am Wat Wks 2514 67. Am Woolen, 43 40 Do pt 142 142 3 Am Zinc 12 13. Do pr pt 81 81 81 98 Anaconda Cop 49 461 414-- 1.30 Anacon 52 4 52 52 Anchol Hock Gl 44 4 43 Anderson Clayt 47 4.5 Andes Copper 23 A Prod 914 14 Arch Dan 29 2834 284. 133 Armour Co 13 2 Do pr pt 131 130 4130 .20 Do pi ......188 138 138 Armstrong Cork.
54 55 Arnold Conat 25 24 24 Artloom Corp 03 22 Assd Dry Gds Do pt .....141 14t 141 30 Atch 100 Do pt :119 119 1,19 AtI Coast Line 70 70 AtI Indies 38 38 38 32 Atl Refining 3.5 50 Do pf ....118 21 Atlas Corp 27 27 Do 554 651 1.30 Atlas Powd S6 5 Aust Nichols 1714 17 .40 Do pr A 108 108 Autorar Co 344 311 347 Aviation Corp 1214 10 Do pf 76 94 Bald Toco 33 33 161 Balt Ohio mi 30 Do pi 43 43, Bangor Ar 22 204 .50 Do pi 1914 79 79 Barber Asph 4034 40 40 34 Barnsdall Oil 231 Barker Bros 53 481; 68 Bath Ir Wks 37 35 Bayuk Beatrice Cigars Cream 42 43 58 43 58 Fo .10 Do pt 109 1091 Reck Shoe pi .105 Beech Aire Belding Hem 1 204 01 1ti Bell Aire 30 ti Bell Howell 29 3 Bell How pt 3714 19 Rendix Aviat 33 5 Benefind I.n 3114 301 30 2 Co 37 16 Best Foods 231 93 Beth Steel 107 Do pt. 160 160 160- 2 Bigelow Sanf 71 71 Black Decker 39 39 30 104 Blaw Knox 43 Roeing Airplane Bliss Bohn Al Laugh, Br tiT 65 fi 32 Ron Ami A ....107 107 107 Do 63 621 14 Bond Stre 39 39 10 Borg Borden -Warner Co 5014 50 48 8 Boston Maine 91 Rower 59 57 57 31 Branitr Airw 28 281 51 31 Bridgeport Brass 19 Briggs Mig 30 Briggs Strat 56 36 36 3 Bristol Myers 43 43 8 Rklyn Un Gas Bucyrus Erie 91 .30 Budd Do pt Mfg 9634 41 Budd Wheel 2.5 3 Bullard Co 41 Bulova Watch 43 42 42 Burling Mills 41 130 Burr Add Mach 18 10 Bush Terminal .30 Bush Ter Bd pl 88 87 87 8 Butler Bros 29 281 28 33 Butte Cop Zinc 9 :0 Byers A '32 30 70 Do pr .108 1071. 1408 3 Byron Jackson 3214 A Calif Packing .50 Do pf 54 56 139 Callahan 7. Lead 6 08 Calumet Hec 11 11 6 Campbell Wyant 33 2 1: Can Dry Ale 43 44 1 44 .40 Do pi 213 Canad Pacific 21 2 Cannon Capital Adm Mills 19 64 64 3 1.20 Caro 133 133 3 Carpenter Stl 51 49 49 29 Carrier Corp 301 Do pt' new 11 Carriers Gen 9 Case (J1) Co 46 44 Caterpil Tracior 31 11 32 Celanese Corp 6054 50 .30 Do pf Do 1st pf 18 Celotex Corp 261 2.30 Do pf 2114 Cent Aguirre 26 24 43 Oent Foundry 12 Cen Hud 8 Cent RR NJ 20 1 3 Cent Century Violeta Rib Sug 401 29 40 40 1 16 Cerro de Pas 443 3 163 Certain -teed Prod 19 18 Chain Belt 30 38 38 Champ Pap 49 10 Do pl 113 113 113 Checker Cab DA PS 4: Ches Ohio 61 5914 10 Chi 15 Chi Do Grt A West 13 131 13 Do pt 31 147 Chi 3 1 Chi Mail Order 381 29 Chi 31 pt 77 36. Chi NW 38 13 Do pi 741 73 10 Chi Pneu Tool 35 Do $3 pf 37 57 67 10 Do pi 67 67 3 Chickasha Cot 0 Childs Co .20 Chile Cop 63 Chryaler Corp 128 CIT Finan 52 City Ice Fuel 34 :3 33 .10 City Invest 80 80 80 001 Oity Clark Stores Equip 63 64 64 03- 10 Clev El Illum pt 3 Clev Graph Br 14 64 2 .10 Clev.
Pitt spl 664 26 Climax Molyb 39 4 39 Cluett Peabody 56 53 53 Coca-Cola A 6.3 87 63 21 Colgate-Palm Collina Aik 53 49 .50 Do pr Col Fuel 22 22 091 12 Do' pt Close Cha Net 37 42 2 12 27 112 128 34 34 108 32 43 113 26 54 57 63 202 3.5 11 40 36 109 112 41 39 1 104- 112 56 394 33 87 54 27 137 27 111 27 191 34 239 196 ti8 3 37 21 146 133 53 50 -N- 1051 106 194 83 19 54 13-16-1-16 23 51 28 16 61- 65 73 108 38 59 48 52 38 38 83 62 13 13 39 3 146 176 36 3 331 2 122 106 130 38 109 1014 31 57 31 177 81) 11 96 73 2 115 1 102 15 131 35 186 122 135 131 1 31 FAR 50 25 52 88 33 37 27 133 Net Net Sales in 100' High Low Ohg. Sales in 100's High Low Close Ong. Insuransh Ctf pf 96 117 96 '3 Interchem Corp Do pr pt ..117 117 .10 Do pt 16 Petroi Corp 12 11 Intercon Rubber. 111 3 Pfolffer Brew 13 116 Interlake Iron 21 Pfizer, Ch Co 39 34 Int Hydro- Elec A Cuties 14 Do $1 pref 29 28 15 2 Int Int Do Bus pf Harvester Machine 205 196 203 1.80 16 57 Phila' Phila Phelps Co Elec Dodge 6pf 73 Int Minerals 304 30 1 .20 Do pi ...121 'Int mining 10. 48 Phil Rdg Cal 17: 17 90 Int Nick Can 39 23 Philco Corp 404 10 Do pf 140 140 140 3 100 Philip Morris 501 50 38 Int Paper Do pl .108 108 108 Do 114 Phillips Pet 54 6 Int Ry Cen Am Phoenix Hosiery -88 38 38 .60 Do pt A Milla 32 32 310 Int Ttel Tel 28 1 12 Pitt Conn Coal 22 2 Int Salt 67 Pitt co*ke Ch 14 Int Shoe Do pi 104 26 Do pf 27 27 1 5 Pitt Forging: 29 29 Interst Dept Strs 41 41 .10 Pitt Ft Way pt 205 205 205 Intertype Corp 45 Pitt Plate GI 2 Island Crk Coal 44 75 Pitt Ser Bolt.
'13 .10 Do pl 155 153 155 27 Pitt Steel 18 1.90 Do 5 pi 87 88 34 Jacobs, 22 50 21 Pit West 30 .20 Do 90 1 17 30 Jewel Johns-Manville Tea 132 145 145 Pittston Co Do pi 136 136 136 Pond Creek Poc 38 38 38 Plymouth 011 Jones si. Rtl 50 Poor Co 24 Do pf A 28 29 Pressed Sti Car 105 6 Joy Mfg Do pi 611 61 61 31 Kan City South 62 Pub Svc NJ 26 6 Kalam Stove 32. 30 30 17 Pub Proctor Svc Col Gam 35 Do pi 62 62 62 .60 Do pi 147 2 Kaufmann Dept 39 39 39 2.20 Do pt 133 16 Kayser (J) .70 Do p6 pr 121 121 6 Kelsey-Hay WhA 32 32 32 1.70 Do $5 pt ....111 109 111 Do 36 Pulman 63 08 2 Kennecott Cop 54 53 3 45 Pure Oil 22 21 2 Keystone 33 35 1 Purity Bak Kimberley-Clark (G R) Co 63 18 62 Kinney 89 Do $5 pt 90 90 222 Radio Corp .10 Do pi 10A 109 109 135 Radio Keith 13 Co 39 39 5 Radio pi 91 SE Kresge DeptStra 8 Raybestos Man 46 Kresge (8 37 31 .10 RR I 34 tress (8 H) 47 13 Rayonier Inc 8 Kroger Grocery 1 Do pl 38 14 Reading Co 29 29 171 Ladlede GAR Do 1 pi '5 Lambert Co 14 .60 Rela Real (R) Silk Hos pt 113 25 25 25 lane Bryant 43 Lee Rub Tire 703 3 Reliable Stores 30 30 30 34 Lehigh N. Reliance Mfg 501 Lehigh Port 80 Reming Rand 37 87 Lehigh Val Coal Do pt .102 102 102 12. Do pt 58 2 19 Reo Motors: 27 27 29 Leh Lehman Val RR Corp 53 14 134 33.
13 151 57 Repub Repub Avia Steel 19 35 Lehn de Fink 27 37 Rev Cop Br Lerner Stores 33 1 14 Reynolda Metals 374 36 23 Lib-0-F Glass 65 66 1.60 Do pl 12 Libby, 133 13 14 Reynolds Spring 24 life Savers 33 Reynolde Tob 39 38 Liggett Myers 91 Do pt 107 Liggett My 1 16 19 Rheem Richfield Mfg 23 Do pl 198 198 198 Oil .19 13 Lily Tulip 571 Roan Ant Cop Lima Locomotive 77 73 73 10 Royal Type 27 27 Link -Belt 621 621- Ruberoid Lion Oil 30 29 3 3 Ruppeit 27 27 Liquid Carbonic 38 38 32 Lockheed Airc 39 381 12 Safeway Stores 27 21 59 Loew'a Inc 37 35 35 .60 Do pi 23 Lorillard (PI 26 287- 2 Scott. Paper 57 56 56 .10 Lorrillard (P) pf1934, 1931 .10 Do of 108 108 108 13 Lukens Sti 26 261 6 Seaboard Oil 29 28 Lone Star Cem 69 69 69 19 St. Joseph Lead 61 39 RO Loose- Wil Biscuit 15 74 53 Sohenley Distil 107 Long-Bell Lbr A 281 281 31 Savage 16 15 Louis A 3016 29 13 Seab Al rr wi 5 SeabAIRR pt wi 11 1 71 1 Mac And Forb 2 Seagrave Corp 141- 12 Mack. Trucks 70 100 Sears Roebuck 41 Macy (RH) 47 47 32 Servel Inc Mad Sq Gar 35 35 35 1 Do pf 1121 Magma Capper 14 Shamrock 5 Manati Sugar 15 14 14 Sharon Sit 38 34 1 Mandel Bros 34 1.10 Do pt 105 104 105 6 Manhattan Shirt 40 39 4 31 Sharp Dohme 8 Maracaibo0 Epl 8 Shattuck (FG) 23 72 Marine Midland 10 101 .10 Sheaffer Pen 75 1 2.30 MarketStRyprpt 43 41 13 Shell Union Oil 30 30 19 Marshall Field 66 SilverKingCoalit 13 26 Martin (GL) 40 39 6 Simmons Co 48 37 Martin Parry 25 Simonds 44 44 44 12 2 Master Masonite Elec Corp 60 3814 38 38 58 149 17 Skelly Sinclair Oil Oil 57 10 Mathieson Alk 3114 13 Sloss-Shef St 25 23 May Dept St 56 1.20 Do pf 24 24 24 16 Maytag Co 12 Smith (AP) Corp 81 75 Do pt 50 50 30 Ty 36 36 36 McCall Corpo 5814 581 186 Socony-Vacuum 16 14 McCrory St 36 34 123 Sou Am .80 Do pt 8 So Rico Sug 3 McGraw Elec 38 37 37. .10 Do pf 1791 12 McGraw Hill So'east Greyh 33 2 McIntyre Porc 67 Sou Cal Edison 37 36 36 14 McKess Rob Sou Nat Gar 2614 26 5 McLollan Stre 27 27 147 Southern Pacific 60 58 69 .20 Do pt ........120 120 120 38 Southern Ry 1 McQuay-Nor 28 26 26 12 Do pt 87 6 Mead Corp 22 22 .20 Sou Ry 96 96 98 Melville Shoe 48 48 48 6 Spalding Bros 21 9 Mengel Co 26 39 Sparks Withing 2 Mesta Machine 36 56 Spear Co .60 Metro Edis pt ..111 111 111 Spencer Kell 418 46 Miami Copper 154 16 Sperry Corp 36 16 Mid-Cont Pet 321 32 Spicer Mfg 81 18.
18 6 00 Midland Stl Prod 33 28 Spiegel 23 Do 1 pt ...163 160 162 2.60 Do pf PR Minn-Honey Reg 53 1 Square Co ti6 67 10 Minn Mns Ar 46 45 45 Squibb Sons 37 37 70 Minn-Moline 12 Stand Brands 44 44 16 23 22 Do pi 113 113 113 31 Mo-Kan Texas 15 14 6 Do $7 pr pf 13t 129 3 6 Mission Corp 313 303 27 Std $4 pf 39 37 38 Do pt 42 35 Stand Oil Cal 46 45 Mohawk Car pet 50 50 Stand Oil Oil Ind Mojud Hos 40 394 38 1 49 18 Stand Stand Oil NJ Ohio 85 3 Monarch Mch .10 10 Do Monsanto pt .....111 111 Starrett (LS) 481. 139 137 137 Std Stl Sprg 91 Montgom Ward 811 Sterling Drug 24 43 42 18 Moore McLin 21 -Warn 22 23 Do pt 58 58 38 26 Stokey-VanCamp 33 32. Motor Products 297 29 Do pt 22 21 21 Motor Mueller Wheel Brass 55 54 541 Studebaker Corp 28 1 1 Stone Webster 19 Mulling Mfg 19 173 Sun Chem 67 67 18 87 18 1,10 .10 Murphy Do pt pt 112 112 112 Sunray' Oil 107 107 $7 Murray Corp 19 53 33 18 Sunshine Superheater Mng 31 30 18 30 7 Do pi 55 2 Sup Oil Cal 123 1 110 Nash-Kelvinator 3 9 Superior Sutherland Steel Pap 404 40 1.30 Nash 23 Swift Co 39 5 Nat Acme 29 14 Swift Intl 12. Nat Airlines 31 18 Sylvan El Prod 38 39 06 Nat Auto Fib 51 Syming Gould 14 19 Nat Aviation 25 25 41 Nat Biscuit 33 4 32 32 Talcott Inc 15 Nat Nat Can Cash Reg 20 41 34 84 38 5 5 Tenn Corp 194 18 00 Nat 28 28 28 Telautograph Nat Container 28 21 27 43 Texas Gulf Prod 10 101 27 Texas Co 57 Nat Cylinder 19 Texas GulfSulph. 62 37 Nat Distillers 69 68 69 18 Thatcher Mfg 32 32 2 14 29 Nat Nat Dept Dairy Strs Prod 40 44 39 44 11 Tex Tex Pac PacificRy 0.
48 25 244 2 Nat 60 59 28 ,10 Do cv pt 61 61 61 48 Nat Gypsum 2 The Fair 17 16 .30 Do pf 35 16 Thermoid Co I .16 12 Nat Lead .30 Do pt 67 67 2 .10 Do pt A .200 200 200 Third Ave Tran 12 123 .10 6 Nat Do pt Linen Svc 167 23 38 Thompson Thompson Prod (JR) 3 13 Nat 37 Thompson Star 12 Nat Oil Prod 57 57 57 Do 76 Nat 11 36 Tide Wat A Oil 20 13 Nati StI 871 Do pi 111 29 5 Nat Nat Sug Supply Ret 321 21 Timken Timken Det Bear Axle 48 62 43. 45 4 27 3.10 Do pi 105 1041 Transamerica 19 Do $2 pt Trans West A 62 Nat Tea 21 Transue Will 31 30 14 Nat Vulcan Fib 18 19 Tri Truax Cont Traer Corp 183- 30 14 Nehi Natomas Corp Co '14 114 Twent Fox Neisner Bros 58 38 58 8 Twin Do pf City 18 15 Newberry Min 43 42 43 3.40 Do pr pf 58 574 12 Newmont 10 Twin Coach 22 3 Newport Indust 16 Newpt News Sh 28 13 Air Br 64 81 62. 6 Underwood 72 71 268 Cen RR 31 8A 14 Union' Bag Chi St 471 18 Union Carbide ..108 10.1 Do nt 124 123 123 .60 Un El Mo of 114 114 5 NYC Omnibus 36 36 23 Union Oil Cal 25 25 .10 Harlem 323 323 326 15 5 Union Pacific ..155 133 153 2.60 Pw Lt Union Tank Car 38 39 39 35 NY Shipbuild 28 25 26 51 United Air 1. Noblitt Sparks 50 50 50 Do pt 148 146 146 3.70 Nort West .272 202 262 -11 31 United Aircraft 41 No Am Aviat 1516 13 United Carbon 81 36 North Amer Co 128 Un Cig 131 13 89 Northern Pac 31 30 Do pr pf 25 05 .30 Nor Sta Pwr pt 114 657 United Corp 8 Northwest Airl 13 Do pt 51 51 3:30 Northwest Tel 54 51 ,54 20 United Drug 29 Norwalk 16 United 2 Norwich Pharm 2 Do pt 79 0 United Elec. Coal 21 United Eng Fdy 49 48 48 50 Ohio Oil 21 21 10 United Fruit ....114 112 113 14 Oliver Corp 13 United Gas Imp 26 .10 Do pf 9 United 32 31 Omnibus Corp 13 3 United Paperbd 121 .10 Do pf ...120 120 190 16 For Sec: 28 27 5 Oppenheim Col 291 34 29 6.10) Do pl 107 107 13 Otis Elevator 34 Freight 25 24 Outbd 313 Gypsum 114 114 .10 Outlet Co ....100 100 100 Hoffman Mich 10 Owens GIAR 88 1 3 8 Indus.
Chen 57 56 56 2 Leather 12 12 Pac: Am Fish 18 18 18 Do A 41 40. 1 40 40 Pac Coast 22 22 Lines 113 .70 Do 1 pf Do pt 12 1.70 Do 2 pt 41 3834 40 Pipe 58 16 Pac Gas Elec 437- Play Cd 67 67 3 Pac Lighting 64 64 64 10 Plywood 43 43 Pac Mills 76 36 76 29 Real Imp 20 Pac Tel Tel 130 150 150 8 Rubber 69 68 42 Pac Tin Cons 10 Smelt 75 76 44 Pac West Oil 25 25 148 8 Steel 320 Packard Motor Do pf ...161 161 161 136 Pan Am Airways 03 23 9 Tobacco 1 Pan Am Petrol 18 18 18 .90 Do pf 30 30 10 Panhand EPL 46 46 28 United Stoekyds 8 53. Panhandle R' 101 1 28 United Stores 3 Paraffine Con 80 78 18 Univ Cyclops Sti 234 96 Param Pictures 64 65 16 35 Univ Lab 6 Park Tilford 604- 20 Do pt 76 71 14 68 Park Utah Con .30 Univ leaf Tob 100 TI 12 Parke Da vin. 39 4 .20 Do pr 194 194 194 Parker Rust-Pr. 32 32 19 Univ Pict 2 Parmelee Transp 17 15 16 Patino Penick Ford 73 13 73 3 Van Norman 22 21 Mines 20 Penney (JC) 36 53 53 Van Raalte 32 34 30 1 22 Penn-Cent Alri 40 40 24 Cp 23 33 23 5 Penn Coal 14 14 Vert Cam Sug 3 Penn-Dix Cem Vick Chem 80 80 80 2 Penn Gl Sand 30 30 30 .20 Vicks Sh Fac 1114- 25 Penn Pow Lt 23 Vic Ch Wks 9 66 Penn RR 421 Do 5 pf 4R 41 Va-Caro Chem 2 Penn Salt 93 .30 VA F1 pt 121 Peoples 93 93 3 Virginian rRy 51 51 3R Peoria East 4..
41 41 35 30 29 29 1 Wabash RR pi 84 84 -Cola Pore Marq 1 4 ANDERSON CITES PROBLEMS FACED BY AGRICULTURE Secretary Sees High Employment Level and Good Pay for Consumers Necessary to. Protect Farmers Washington, Feb. 16-(AP)-Secretary of Agriculture Anderson looked beyond the current period of world food shortages today to plan for the time when American agriculture again may be confronted pricedepressing crop and livestock surpluses. 1 He saw high employment at good pay. for consumers as the solution for the problem, with development of exports and of industrial uses for farm products as other necessary factors.
"Now that the war is over, we are Iona moving position hack," of be virtual said, security "toward in the our matter of the food supply. 1946, it will he difficult to meet total requirements for American farm products; the relief demand, commercial exports, and our needs will substantially exceed the supplies availahle. This, however, is just the current outlook." Expanded Capacity The secretary, in his annual report to the President, went on to say that the present demand situation "is not necessarily A sign that agriculture will permanently have adequate markets." He explained that agriculture emerges from the war with an expanded productive capacity, and added that such capacity does not readily contract. "The story of the wartime increase in capacity thus a warning," he declared, "that in the future we must work constantly for the expansion of demand." Anderson expressed the view that if agriculture is not to suffer, economically from this increased productive capacity, it must help see to it that employment at good wages is maintained for those working outside: of agriculture and that steps are taken to hold a "considerable" portion of present export market. "Like the rest of our economy, agriculture faces difficult reconversion problems.
In order to deal with them it must look back and look ahead. The look back will show how war has changed agriculture--how it has altered the volume of production, the production capacity, soil and other farm resources. 'Price Spread Too Large "These resources," he said, "must now be fitted to the tasks of the Among the needs of the future, the secretary said, are changes in the marketing system to narrow the spread between prices received by farmers and prices paid by, consumers. One enlarged market possibility for farmers by Anderson is expanded utilization of farm products. Development of such a market will depend, he said, upon a high level of industrial activity, technological advances, and the formulation of pricing policies that would industrial use of: farm products.
"To Hind a market in industry." he said, "farm products must sell at prices that would make them the cheapest source among alternative raw materials." Anderson said export markets for farm commodities will depend upon the "kind of world we help to build." "Ag the world's most powerful nation, we have a large responsibility for developing adequate world trade arrangements. Possibly we can exceed the prewar volume of exports in some farm products if we are willing to accept payment. in the form of commodities from other countries." Government Policy Anderson said it is the policy of the government to protect farmers against undue declines in their prices readduring the postwar period of justment to peacetime markets. "It (this policy) expresses A determination." he said, "to safeguard farmers against such a slump as occurred after World war 1. and for this purpose provides procedures comparable to those provided for urban industries under war-contract termination laws." The secretary reported that agricultural production had risen more than a third above prewar levels.
this Principal factors contributing to increase, he said, were favorable weather during the war years. increased mechanization, use of more improved varieties of fertilizers, crops and better livestock feeding Anderson said protection from the practices. danger of inadequate prices of cannot time be had for any length through production controls. "The total volume of farm produccannot he restricted." detion clared, "unless farmers are greater willing to subject themselves to a of regimentation than has degree ever been experienced in this coun- try." EXCHANGE SEAT DROPS New York, Feb. 18 (AP) Ar- rangements were made today stock for sale exof change a at membership $95.000, a on the decline ne of $2000 from the previous transfer.
Net Sales In 100s High Low Close Chg. Waldorf Sys 3 Walgreen Co 103 440 10)4 40 Do pf 21 21 21 Walker 58 Walworth Co Ward Raking .40 Do pt 101 107 142 Warner Bros Pic 38 36 Warren Warren Fdy Pet 43 21. 4: 201 Wash Gas I.t 32 Waukesha Motor Webster Tob 2 Wayne Pump .40 West PennEl Ei-8: 119 119 21 West Wesson Ind Sue 38 38 dE Do 6 pf WestPenn Pow Va Western Airl, 30 30 30 West Auto Sup 68 39 26 West Maryland 11 Do 2 pt 27 West Pac 51 Do pl 93 93 19 West Un Tel.A 49 49. 18 Westing AirBr 34 33 93 Westing Elec 37 33 4 1.50 Do 44 43 Weston El Inst 2 Westvaco Chlor 58 38 38 1.30 Do pi Wheeling Steel 32 3 20 White Do pr Motor bf 40 103 38 103: White Sew Mach 13 Wilcox Oil 32 Willys Overl 21 4. 20 Wilson Co 18 Do pt.
1(M) 11 Wilson Jones 21 381 Woodward Iron 28 Woolworth PW 33 'P 22 .30 Wyand Wrigley WrightAero Wor Ir 30 8014- 9R 9. 9.3 6 Yale Towne 43 45 20 York Corp 23 Young Spg 31 30 45 Youngst RA 67 3 24 Youngst Dr 27 27 7 35 Zonite Prod 12 -1 Zenith Radio 39 38 381 INDUSTRIAL RISE SINCE NOVEMBER CAUSES SURPRISE Recent Market Decline Secn as Merely a Technical 'Easy' Money Aiding Inflation Wall Street Correspondence of The Sunday Union and Republican New York, Feb. 16-For. eight consecutive sessions ending last Wednesday, with one exception when there was A. recovery of .77.
the closing average price of industrial stocks declined, the net loss amounting to 8.5 points. A loss of this extent for such a short period called for the recovery starting at the opening last Thursday if for no other reason than to correct a temporarily oversold nical market position. General Motors has been shut down since November. 20 when the strike started. GM on November 20 sold at and on that day the average closing price for industrials was.
192.12. After November 20, GM made a new recovery high As recently as February 2 the closing average for industrial stocks made a new recovery high at 206.97 against the November 20 closing. Decline No Surprise In view of the increasing seriousness of the labor situation since November 20 affecting the earning powen of GM, United States Steel. General Electric, Westinghouse Electric and other companies, surprise, stockmarketwise, is not the point decline that occurred in ly a week but that February the closing average compared with Novemher 20 was up 14.85 pointe. Belief that more inflation 15 ahead is not confined to the publi: which is speculating in the stock market.
In its February bank letter published last week, National City here went ON record with the statement that the continued government eAR money policy "is adding fuel to the inflationary that this is heing done when "inflation is already rampant." Rampant, according to Webster's dictionary means, "threatening, extravagant, or unrestrained in bearing. Exuberant in growth or spread. Rearing hind legs with forelegs extending." A bank with the standing of the National City in discussing the existing inflation situation and outlook dues not carelessly use the word rampant. This weck, Leonard P. Ayres, one of the country's outstanding economists and bankers, pointed out that have "growing commodity price" that have farm price and urban properties that "we have inflation in the costs and prices of that "we have serious and rapidly growing wage indation which can be counted upon to augment the commodity price that there is "flourishing in both: the bond and stock markets; that the most dangerous feature of the commodity price indation is that is flourishing in company of a number of other inflations which in combination can cause a lot of trouble." He blamed inflation in the securities markets to the government's continued easy money policy.
Later this week in Its regular monthly bulletin the Federal Reserve board at Washington warned that permitting a "sharp rise" FiT now in prices, such AR has occurred in the aftermath of other wars. would undermine the basis for a stable peacetime economy, In the Summer Yale 1943 Review, R. C. Leffingwell, one of street's outstanding international bankers, in discussing existing inflation in connection with our national economy said: "Nobody has ever yet invented a way of stopping an in inflation' without making money dear." this week the treasury at Washington announced that 000,000 worth of and 3 per cent bonds of 1946-49 would he called for redemption June 15. Unless the government's easy money policy is changed, the bonds will be refunded with A.
lower interest coupon. Independent banking authorities are agreed that the government's easy money policy has and is making bonds less attractive and common stocks more attractive to the public. In this week's statement Ayres says that inflation in the securities market is "the direct and indirect result of the artificially low interest rates enforced by the government in order- to facilitate its borrowings at low. coupon rates." Wild postwar inflation was checked when the Federal Reserve banks in January of 1920 established a 6 per cent rediscount rate followed in June by a rate of 7 per cent. But the result was deflation and depression.
In 1921, the Federal Reserve relaxed its 1920 dear money policy and by its open market operations pursued first gradually and then actively an PASY money policy. Wild inflation WAS the result. In August of 1929 the rediscount rate was raised to 6 per cent. But this action in making money dear was ton late. A stock market panic and the worst depression in the country's history followed.
With the government's debt at its existing unprecedented level it is not likely that the action taken by the Federal Reserve in 1920 and again in 1929 will he repeated. But the government, if it. really wanted 10 inflation. could end its long continued easy money policy and stabilize interest rates at the existing level. that is not done, the outlook is for crazy.
inflation. Crazy inflation never ends but in one way- -sooner or later--by painful deflation. K. 1. BARNUM.
A Employment Increases In Heavy Industries Washington. Feb. 16-(AP)-The labor department reported today that employment in the construction, manufacturing and mining industries increased between December and January. This. WAS against the seasonal trend.
It was largely responsible for smallest decrease since 1935 in the number of nonagricultural workerg employed in January. The total of such employes in January was 35,706,000, about 2.250,000 below that of January. 1945. and 633,000 below last December. New York Grain Market New York, Feb.
-Cash wheat, strong: No. dark northern spring CIF NT. nominal: No. 1 northern Manitoba FOB- NY. 1.16¼.
Corn strong: No yellow CIF NY. 1.33%: No. 2 yellow. Rve 2.53½; No. No.
A American western GIF FOR NY. 2.31½. Oats strong: No. 2 white CIF NT. Barley strong; No.
2 domestic CIF NT. 1.03½. FORD WILLING TO TALK Los Angeles, Feb. 19-(AP)-Henry Ford 2d said today he will appear before the House banking committeein Washington whenever it asks him to do to discuss his disagreement with OrA over automobile prices. He declined comment on testimony" todav by Chester Bowles, OPA chief.
Ford plans to leave here next Friday for Detroit..
