Decatur Daily Democrat, Volume 35, Number 308, Decatur, Adams County, 31 December 1937 — Page 2

PAGE TWO

Business and Financial Outlook For 1938

By ROGER W BABSON Babson Park, Massachusetts, December 31, 1937—W0 are not entering * major depression; 1938 will see a resumption of the upward trend which began tn 1933. The first quarter may be poor —’ much worse than the early months of 1937; but later in the year I look for a substantial revival. Do not confuse this current sharp recession wth a major depression! Payrolls, prices, stocks, real estate and jobs should all be on their way to new highs by the end of 1938. ' This December presents a tremedous contrast with a year ago. Then, the old year was riding into the history books on a great wave of optimism and hope. "Good times" lay over the horizon of 1937. The dark years of 1929-1935 were drowned out in a hurricane of wage boosts, dividend extras, and gigantic Christmas trade. My forecast at that time was: “1937 will be the first year of real prosperity since 1929 . . . The entire year's gain should average seven to eight per cent above 1936." 1937 Year of Prosperity Prosperity did come. Business average 7 per cent above 1936. This past August the Babsonchart stood at 8 per cent above Normal, higher than it had been for seven years. But after Labor Day the squall, which had been brewing all year, suddenly struck. High taxes, political muddling, labor agitation, and thin stock markets created a tornado of distrust and fear. The result has been one of the sharpest business declines on record. The Babsonchart is now 19 per cent below normal. The current gloom will continue to hurt business during the early months of 1938. But while activity will average at least 15 per cent below the first quarter of 1937, it should not fall much below current levels. During this discouraging period the base for a seumption of the upward trend will be laid. The Spring rally in 1938 will be much stronger than seasonal. Good 1933 Trend By the next Fourth of July, business should have recovered from a third to a half of its late 1937 loss. The revival will pick up momentum during the second half. How far it will go, it is, of course, impossible to say no Nevertheless, as a Jong shot, it would not surprise me if the 1937 peaks were equalled before next Christmas! Because of the poor first quarter of the new year, the average of general business for 1938. however, will be slightly under — roughly of 10 per cent below — the average for 1937. The important point next year is the trend. A poor start (but not much lower than current levels), an improving second quarter, and then a sharp upward surge during the final four or five months is my idea of the 1938 business pattern. Business Needs "Relief" In making these estimates I am counting on cooperation from Washington. A year ago ray optimism for 1937 was tempered by the labor issue. I said: “If this issue (labor) is not handled properly, business could receive a very, rude setback.” Now I am ing my 1938 optimism by saying that Congress must cooperate with I business or this present slump continue for some time. Many of our current troubles come from fear and distrust. They ! are largely psychological. Congress , today must treat business as a doc-1 Scolding, harsh diets, enemas, and tor should treat a neurotic patient. • the like are “out”. A few sugar- i coated pills in the garb of kind words and a complete rest from new laws is the prescription which 1 Congress must write for business. - Congress Will Help I am quite confident, too, that Doctor Congress will help his patient. No one is quite so shrewd an appraiser of public sentiment as the average Congressman. When he has his “ears to the ground,” i he is as keen as robin hopping about a lawn listening for worms. The solons were home for several months this Fall, getting their constituents' reaction to “reform" legislation. So with every Congressman and every third Senator up

THIMBLE THEATER NOW SHOWING—MIXED SIGNALS By SEGAR r- soTTGenTout on XJ Kso i threw out my\ Kano i promise you N / and what do you M swell, when they L/OH,MY GORSH'.! \ THE PALACE CONY CHEST AND SAID. SUNSHINE WHEN YOU ) ( SUPPOSE HAPPENED WANTED RAIN THEY \ 1 C/SomT-U)IMDV'G ANO CALLED MY PEOPLE “DEAR PEOPLE. VpROMISE [WANT SUN3HINE>7 ? ' JJ TOGETHER - I FELT HIGH YOU RAIN WHEN YOU . jj —<v <-J W^ NTED 71 GtT TIN HUNG , ANO MIGHTY FROM WANT RAIN . « ( M v^O—< ,I—4 > THE RED WINE ■ / -W' /r'A'Vn 2t Ai w t r w® 4 B 1 v '•'-. ~ fL_±l ML ?- 1 - 1 "~ ~ — My Mother RESOLVES to feed me ONLY Blue Creek - # perfectly PASTEL RIZED MILK during 1938. She MaU6 - knows that PASTEURIZED MILK is safe from all < contagious diseases which might be carried in milk. PHONE 359

for reelection this coming Autumn. I believe that business will be given the psychological relief that it needs from Capitol Hill The biggest aids could be lax revision and a utility "armistice". ! i The Undistributed Profits Tax will | be thrown out in everything ev-1 cept name. New tax measures will | be passed, easing up on capital j gains levies and perhaps cutting down on the high income bracket assessments. A lot of talk will be ■ heard about a general sales tax, 1 but it will not be passed. Extending the income tax Into lower brackets will be proposed, but killed. Spending To Continue I look for a truce between the Government and the utilities. More ’ farm control legislation will be passed, continuing the huge feder-1 al farm outlays. Wage and hour legislation may go on the statute books, but in a milder form than originally proposed. The President will get only crumbs from his Government reorganization propos-! ; al. Generally speaking, the marital status of Mr. Roosevelt and his i big Democratic Congress will reach the legal separation stage — just short of Reno divorce proceedings The increase in unemployment relief and new pump-priming measures will keep public expenditures at a high level. Budget balancing cannot now be hoped for until the end of the 1939-40 fiscal year at the earliest. Hence, the trend of the past five years toward inflation will continue. It is vital that everybody remember this. Just because inflation is not making headlines now, do not conclude that it is not making headway. Inflation is the biggest factor in the longpull business and investment outlook today. Prices To Increase Inflation is not simply a domestic issue. It is a world wide influence. It is one of the reasons why I look for some increase in prices in 1938. The sharp drop in both farm and industrial commodities since August makes it easy to forecast the price trend next year. Sensitive commodities should begin their rise some weeks before business. They are at. or close to, their bottom now. But I doubt if the 1937 commodity price peaks will be broken next year. In fact, next December an index of 784 raw and finished materials should average only around 5 per cent above the current level. Industrial commodity prices will be the strongest. Farm product prices do not promise as much action. Leading the rise will be non-fer-rous metals, steel scrap, and hides. The readjustment between supply and demand is quicker in these industrial materials than it is in farm products. But the latter will move upward somewhat from present quotations. Far Outlook Fair 1938 will see sharped control over cotton, corn, and wheat average Prices will end the new year well above today's levels. Without a crop failure, however, present carry overs are so large that they can prevent any wild boom in quotations. Moreover. I expect to see ! a further drop in beef, hog, and J lamb prices. Butter, milk, eggs, I and poultry will also be cheaper 1 next year, due to lower feed costs. ! It would be foolhardy to attempt I any fixed forecast of farm income, i Barring crop disasters, however. Imy estimate is for total agricultural receipts next year to drop 5 I to 10 per cent under the 1937 figures. Profits are also going to av- ' erage below those for this past year. The goods which farmers i must buy will not be much cheap--1 er than they were in 1937, while farm prices will actually average lower than they have during the past twelve months. Because of the above situation, farm land values will show little change for the year. What About Wages and Strikes? Industrial workers, after getting I away to a poor start, should have a fair year. During the first few i months, unemployment will be seri ious. Hundreds of factories have slowed down or closed completely, jobless since last Labor Day. Rut There are probably a million more

’ Sa » ribI’ , ! Roger W. Babson the Unions are clinging to their wage scales as desperately as an antique collector to a family heirloom. Despite poor business in the first quarter, I do not foresee any material change in industrial wage rates next year — certainly none I on the upside! One of the features of 1938 will be the sharp decline in labor's influence. After a year of almost constant bickering and turmoil, workers will quiet down. The labor cycle has passed its peak Just as 1936 saw the zenith of the high grade bond market, so 1937 witnessed the pinnacle of labor's power for this cycle. The reaction of the public and the current slump in business have given the labor movement a rude set-back. More Jobs In Fall Employment will improve as 1938 works along, but should average less than hi 1937. The reasons? First, business activity opens the year 23 per cent below last January. Second, labor-saving machinery is being installed everywhere. Third, the railroads will employ less workers. Finally, "merit rating” systems in state unemployment insurance laws will militate against hiring temporary help. Hence, by next December, the number of jobless should total about 6.000,000 against 6,500.000 now and 5,500.000 at the 1937 business peak. Taken as a whole. 1938 will not be as good a year for salesmen, merchants, and advertising people as 1937. Things are pretty slowright now and will continue poor into 1938. However, as the months should blow off and by late next tick away, the resistance clouds year the seller's market should be on the way back. Then advertis- ' ing linage will have another surge and commission checks will again bulge. The 1937 national income—estimated at $70,000,000,000 — will not quite be equalled despite 1938's | strong second-half sprint. Retail Sales. Living Costs Lower The national income roughly de- ■ termfnes the volume of retail trade. Hence, I expect retail sales will average less in 1938 than 1937. They will be slow during the early months; but they will follow the strong business uptrend as the monthly pages are torn off the 1938 calendar. By next Christmas, volume cf retail trade will have a good chance of breaking ail records since 1929. Shading of pricetags between New Year's and Easter will help to boost sales. This drop in retail prices is good news for the householder. It looks now as though the cost of living which has been rising seadily since 1933 will give ground early in 1938. The average for the New Year, however, should show | only a minor drop as food prices - may touch off a new rise along a- j bout Labor Day. From cuerren lev-1 els, your clothing will register a modest decline by next Christmas; I food should be up slightly; coalwill show little change; fuel oil will be firm to lower; and rents I will be unchanged. Why Building Slows Down One of the major cogs in this current business recession has’ been the sharp letdown in con-j struction. Building material con-1 cents and building workers both, shoved up costs out of all reason ’ i during 1936-37. A house which cost j

DECATUR DAILY DEMOCRAT FRIDAY. DECEMBER 31,1937.

$5,000 to build in December, 1935 would ost nearly $6,500 today. Naturally. demand for now homes has slowed up in face of this unwarranted boosting of costs. Home building is down 20 per cent from the 1937 peak, ts below a year ago. and is still falling. My thought is that it will continue to drop until after business has begun to retrace its steps late next Spring. Sometime next year, however, home building should again be humming along. The 1937 peak may even be topped so that the average volume of new homes for the New Year could be above last year's level. The new Government housing program could also give the industry a big lift. It is even possible that the home building boom which I really expected to develop In 1937 will start late this comtng year. Real Estate More Active Private non-residential construction. on the other hand, will be lower. I now see little Incentive for new plant expansion next year. Public utility work, however, may take up the slack caused by PWA pulling in its horns on public works projects. A decline in building cost should help volume In the early months; but before 1938 closes costs will reverse their field again and be on their way to a new peak. These higher costs will help real estate values. New home prices, which are now being shaded here and there, will strengthen. However, 1 hold little hope for an increase in old house values, barring drastic inflation. Good vacant property and modest well-lald-out modern homes are among the best investments a person can make today. For that reason I feel that 1938 is going to be a good year for realty men — with a slow start and an active finish. Stocks To Rally This same plan should also hold for stocks. I expect to see the markets fly the revival signal tiefore 1938 is too old. It would be silly to predict they will, or will not. break through their 1937 March peak It makes little difference whether they di or do not. for good stocks at current prices, in my opinion, offer excellent profit opportunities. Furthermore, while selection will again be important, diversification will be the vital point in 1938. Some groups will, of course, do better than others. If I had to guess the outstanding industries of 1938 from a market standpoint, I would pick the METALS. OILS, BUILDING MATERIALS. AIR CRAFT MAKERS. SJTEELS. ELECwnJC‘L EQUIPMENTS. CHEMICALS, and MAIL ORDERS. The UTILITIES may surprise investors and the RAILS are so low that any good news could give them a tremendous percentage increase in value. The MOTORS and Rl BBERS offer less promise because auto assemblies will be below 193<. Feature of Bond Market The bond market will be influenced more by business in 1938 than it has been during late years. Medium grades have registered a terrific drop this Fail and I look for price increases in this group to feature the bond market in 1938. Gilt-edge issues are down much less than these medium grades. This situation offers a good opportunity to make a few trades to improve yields and increas profit possibilities. I make this statement for I believe that the long-term trend of high-grade bond prices is definitely downward. Sound medi- : um-grade bonds should be a bet-, ter purchase for the next few months than senior obligations. When money rates start rising, high-grade bond values are going to filter away slowly. Trend Toward World Inflation One of the major reasons why 1 am so confident that higher money rates are inevitable is the world outlook. None of the major nations and few of the minor powers are today operating on a balanced budget. Billions of borrowed dollars, yens, marks, and francs are being spent in a mad armament race- National currencies are destined to become steadily cheaper in terms of goods. Furthermore,;

there seems to be only a remote chance of averting world conflict: I Through reciprocal trade agree-i , ments — and a genuine spiritual revival! President Roosevelt and Secretary Hull have done more for • world relations in the last five years than all the international peace conferences of the past two decades! In spite of terrific pressure from groups at home, the I State Department has pushed steadily ahead with its trade agreements. They have negotiated sixteen treaties and are now working on the most important of all — with Great Britain. Vast amount of data have been culled over and the treaties have had as theii? sound goal “the most good for the bifcger number." World Trade Outlook As a result, our share of foreign commerce has shown a much sharper increase than that of the world at large. In 1937, for instance. our exports and imports were 34 per cent higher than in 1936, while the total world trade was up only 25 per cent. Thia year there should be a modest gain In overseas commerce, .but the rate of increase will slow up. I expect that Scandinavia. South America. Great Britain and her Dominions will again he our best markets. International relations will not improve noticeably in 1938. I think that gangster diplomacy will continue in vogue for another year at least. But I am convinced from my trip abroad this Fall that 1938 will see no general war. 1 am not very hopeful over the long term future, however. A bitter conflict seems ( inevitable unless a new Christmas spirit invades the hearts of men all over the world. Great Bargains Today The above is a good outline of what I feel readers can expect in 1938. We have come over a long hard road since 1933. I am confident that we are not going back to those depths this year! America is suffering just now from an attack of business indigestion complicated by a severe case of jitters. The ups-and-downs of business seem to have been growing deeper rather than shallower during the past ten years. This is because the country is swept by succeeding waves of emotional distrust and confidence, due to a weaker spiritual foundation. Just as in the Fall of 1937 optimism changed overnight into black pessimism, so the current gloom can be transformed into confidence again by the stroke of a pen. For that reason, 1 believe that there are now some wonderful buying opportunities. Stocks and bonds, homes and furnishings, food and clothing, are, or soon will be, on the counter. Hence, my closing message today is: Work ior a more honest ana less seiiish America; but do not let present timidity scare you away from today's great opportunities. NOTH E <«•' FIX VI. XETT4.EWKXT OF ESTATE XO. 3J4« Noti- e is hereby given to the creditors. heirs and legatees of David Soldaer, deceased, to appear in the Adams Circuit Court held at Decatur. Indiana, on the 14” day of January, 193 k. and show cause if any why the Final Settlement Accounts with tile estate of said decedent should not tie approved and said heirs are notified to then and there I make proof of heirship and receive their distributive shares. Edwin Uhman. Executor Decatur. Indiana. December S 3. IS3, l.nhnrt. Heller A schurger. Attys _ Dee. 31 Jan. » . Dance Tonight. Sunset. Our entire line of FURNITURE, RUGS and PIANOS -is styled and priced with the idea of offering our customers better merchandise at lower prices than they paid a year ago. Let us show you the new 1938 line. We save you twenty to forty percent. Why pay more? SPRAGUE 152 S. 2nd St. Phone 199

AWADS'

" RAT E S One Time—Minimum charge of i 25c for 20 words or lets. Over | 20 words, IJ4e per word Two Times —Minimum charge of 40c for 20 words or less. Over 20 words 2c per word for the two times. I Three Times—Minimum charge of 50c for 20 worda or less. Over 20 words 2'/*c per word I for the three times. i Cards of Thanks 35c | Obituaries snd verses. — - H.OO Open rate-dlsplsy advertising 35c per column inch. ♦ ♦ FOR SALE NOTICE — Rawlelgb's household products for sale by A. J. Zelt. 103 No. Eighth Street. Phone 274. 264-ktf FOR SALE — Farm lease blanks, three for sc. Decatur Daily Democrat, 106 No. Second St. 275<f FOR SALE. USED FURNITURE 2 Used Living Room Suites, $25 and S4O; 3 Davenports, 75c to $3; 1 Straight Piano, good condition. $50.00. 4 Dining Room suites.. sls to S6O. 1 9x12 Axminster Rug i $3.50. 1 Wooden Bed. $1.50. — Sprague Furniture Co., 152 So. 2nd st. Phone 199. 308t3 FOR SALE— One 1926 Chevrolet school Ims. Will receive bids to 10 a. m. Saturday, January 8. 1938. Ben McCullough, trustee, St. Marys township. 307a3tx * Save money — FOR SPECIAL ; JANUARY Sale Prices, on Radios, Refregerators and Washers. Call R. E. Strickler, Monroe 12, Sales Representative of Sears-Roe-buck and Co., Fort Wayne. 30~a3t FOR SALE —Apples 30c per bushel • and up. We do custom butchering. Ralph Shively, 118 So. 11th I st., Decatur. Phone 1114. 307k2t j FOR SALE—Baumgartner's Super Quality Bloodtest Baby Chicks every Tuesday. Order now. Baum gnrtner Hatchery, 6 miles west and 9 miles south of Decatur, | Craigville phone. 250 T. F. j FOR SALE—Shepherd collie pups. ' From pure-bred heel-driving par- , ents. Victor Byerly, half-mrie east Kirkland high. 3<“9-3tx o WANTED WANTED — Experienced girl to ‘ assist with house work in conn- j try home. References. Box I H.P.S., % Democrat. 306g3t WANTED TO RENT—Farm, from 80 to 160 acres, of black corn land. Will furnish new modern equipment. Edward Scheiner, Phone G-869. ' 307-3tx WANTED —Loans on farms. Eastern money. Low rates. Very liberal terms. See me for abstracts oi title. French Quinn. 152 m w f DR. C. V. CORNELL Veterinarian Office & Residence 430 No. Fifth st. Phone 102. | | LLJ |— - Buy Y r ourself A GIFT with that Cash Christmas present WE SUGGEST FOR YOUR OWN PERSONAL USE: CEDAR U P CHESTS SAMSON CARD TABLES sle9S and s2.9S OTHER CARD TABLES * TABLE Cl fiQ "P LAMPS ___ ZWICK’S Phone 61

FOR RENT FOR RENT—Two rooms, suitable for light housekeeping 1203 West Monroe St. or phone 669. 305-31'.; FOR RENT — Sleeping room in modern home, 315 North 4th st Phone 783. 307g3t FOR RENT — Modern furnished apartment suitable for two. Also garage. Close to G- E. Rent teas onable. Box 874, care Democrat. 306-3 t MISCELLANEOUS NOTICE — Parlor Sults recovered We recover and repair anything, i We buy and sell furniture. Decatur Upholsters, Phone 420. 145 South Second St. 296-30 t o • < I Test Your Knowledge | Can you answer seven of these ten questions? Turn to page Four for the answers. • S 1. Where is the famous city of Messina? 2. Was President Roosevelt connected with the U. S. Navy during the World War? 3. Who wrote the “Tarzan" 1 stories? 4. What organization is represented by the initials UAWA? 5. Name the fifth book of the Pen- t ta teach. I 6. What is the state flower of | Pennsylvania? 7. Name the Russian monk who is supposed to have exercised mysj tic powers over the Czar and Czar- . ina. 8. In what country is the Godavari ■ river? 9. In what country is Greta Garbo ■ vacationing? i 10. Name the great desert in JMrica. I « TODAY'S COMMON ERROR Never pronounce room—rum: I say. room. ]♦ * MISMOX EK* CLAIM* I O BE ALLOWED JIXI 4111 », l»:i* Ml*,-<-llnne*»Hi* ' Fort Wayne I’tg Co. of. Sup. «*.''•; IDeatur Democrat Co. legal# 37.1t:.' G. Remy Blerly C. of Venue 4" "" .Kiger & Co. Clerk's exp 40.10 G. Remy Bierly Insanity inquest I ' Dr. C. R. Price do ’ J" Dr. R. E. Daniels <lo -" I" Dr J. M Miller do J. 10 , G. Remy Bierly do ■>" Dr. R. E. Daniels do •> 10 IH .1 M. .Miller do I Dr. Ben Duke do ... ;■. o' I i-eterson Clothing Co. do ->-■■■■ I Douglas Co. do • -?'• Dallas Brown do J " Dallas Brown do -* !’ 1 Florence Bierly do • >' ; ’ Jeff Llechty Treas. 3% fees .... 9- ; >i , Hlrschv Ins. Agency Trees B. ....l.i G. O. Stauffer do 1 Underwood Elliott Fisher 1 o. Recorder's Kxpense ■'? D. D. Habgger Ditch e«P \ A. E. Voglewede Pros, exp -'J ;' K. J. Zwick Inquest G r Ira Fuhrman Official Bonds I. ■' Ed. F. Berling do - ■' G. O. Stauffer do -7 Sprague Furniture Co. J. room ]■' . CHy of Decatur. e4ec. power 'V'Berne Witness Co. legal* J J S K Black Soldier s burial ... James Ivetlch tax refund ... - Co. Infiriiiar? Stutts Home Grocery op exp --- S E. Black do , 1,0 llighwax Hepalr Dierkes Auto Parts Op exp ‘ Runyon tk Son Garage do Certified this 30th day of Deii.ni , ter 1937. jqhn TYNDA LL Auditor Adams County Dec. XppotnliHent of Administratrix NO. 3433 Notice is hereby given That t>e undersigned has been appointed A ' mlnistrator of th* state. of Alb*rt Burke. late of Adams bounty, de ceased. The estate is probably sol Ven, Lavlna Burke, Administratrix Hwbert H. MeClenahan. Xttorney Dec. 15, 1937 N. A. BIXLER OPTOMETRIST Ey«« Examined • Glasses Fitted Saturdays. 8:00 p. m. Telephone 135. HOURS 8:30 to 1130 12:30 to 5:00 CHANGE OF ADDRESS Subscribers are requested to give old and net* address when ordering paper changed from one address to another. For example: If you change your from Decatur R. R- 1 »« Decatur R. R- 2. instruct US to change the papc' from route one to route two.

Dailv repoT: eal ‘ receit %!»* J ibr" Ils ibs >'• lb* :i "" '<> 350 ib ß Kyis* Houghs S'aw Kred EAST Buffalo -’ll. r - Ctte tri* Ml . '■ KiFAI ’"•Ills U. 254% ’ Sh'" '!•: ' l" 1: INDIANAPOLIS i-'s r .?Kg InrstiHh “Wag H"us. 1 .51111; h'iidovf's. A '' Ibt.dKg • ir I'* I' 1 '.); H'S, s'4j; lbs., p. 31; $8.05. 2:15-250 lbs . rsjKw lbs.. $7.55; lbs. Uli, tbs.. ■ '■ im calvea "lid iris I»n sale. MtlkM > i - a:ol 1 • ifrrs: art *Ol and t Ily steady: . u"- 1 ituKat r"- d ur. I 1 lniii*. 1124.. |j| Sheep, I.5W* -t. tidy. r"i"i and -toialjß :■ d r- 11 ■- CHICAGO GRAIN Cl|H Dw. '■ H Wheat K CLEVELAND PROlufl Cl'U-lan.l ti.Uet.l-O Produce: R Hutti-:, unstUMl si.'.iniards. I'' l '" 1 Egus, tins*tiled: '“it® clean. extras® ~at r.-i' ipts. '••■ w |ll Live poultry, firm; 25< ; din ks, fancy, i inoscora and fat. 21c; ordiawM y~. y.r.tiu heavy. : old Iriis. 2u< Xo. 2 turkeys, 1* H Potatoes. Ohio mostly. $1.25-1.30 lOOMM b , lk ,. rs . sets. $1.20-sl-25. yiuuiitains. $1 '■ p.-w.is. $i -5; sl-30- 11 Fort Wayne L<«“J Knit Waytit. .1 . - k HegS-W"® : ( . r; 140-160 lbs- 8.»5 : ™ J. 45; I'o-200 lbs. sA.JB I x 20; 225-250 H*. ‘ 275-300 Ibs. 7 120-140 lbs. Roughs 6.5«: StaS ß *' s ® DO lambs 8.25. ‘j 9 LOCAL BURK ELEVATOR Corrected Prices to be t * l? J I No . 1 Wheat, 60 lbs-«J No. 2 Wheat, etc. —•■•Jj New Corn. 20% New No. 2 Oats -- New No- 2 Soy Rye < central sova*. New No- 2 S»y Markets At» Stocks: irregnb>r» , ! quiet- . r „„,,|ar and”'; uonds: . reguUi government > 8 higher. aregiiU' - cnrb S tOCkL 0 J C , h ' C t g n ° e channe: d Foreign px . : reßularin i 8 CotW,n : wheat 100*4 p‘ Sil ver btu i chauged ‘“for "fo reipi; ' 1 fine ounce Wi