Indianapolis Times, Indianapolis, Marion County, 23 July 1936 — Page 25
Possible.
PAGE 24
BY JOHN T. FLYNN comes)
y YORK, July 23.~In Virlast week, at the Ins of Public Affairs the University of Virginia, a ple week was devoted to disdon of business and finance. s round-table discussion was ed by the New York Exom and every day for a week a parade of financiers and stock prokers apon the platform denouncing every phase of the movement to control Wall Street. I have .already com-=-mented on the singular spectacle of a great university turning over its institute to the New York Stock Exchange. The university an - nounced that t he discussions were to be by able and impartial leaders and ‘ after this guarantee put the Stock Exchange in charge of the discussions with the exclusive right to invite those who were to do the discussing. But here I want to call attention to one of the themes which were trotted out at the institute. It was that control of credit is impossible. Of course the basis of all the discussions was that control of anything in connection with finance and the Stock Exchange and the banks and Wall Street generally is impossible. :
. 8 # HIS was a singular position in
/
view of what was happening at
that very moment. Little or no at- ~ tempt has been made up to now to ~ gontrol credit in the interest of society. All sorts of controls have en set up, but they have been pr hands of private institutions. And such controls have been exercised in the interest of private persons and objectives.
But in 1935 a new Banking Act was passed. Many will remember the abuse showered by the bankers "on that act. One section of the met gave the Federal Reserve ‘ Board a very important power . pver credit. It provided that the ~ board could raise the reserve re- ~ guirements of member banks. That 18, the board could compel member ~ banks to deposit with the Reserve bank such percentage of their degmand and time deposits as the Reserve Board might deem neces‘gary. Thus sterlizing bank depos"its in a period of dangerously expanding credit, the Reserve Board can put a check upon credit ex-
pansion. 8 8 8
LMOST since that act was . passed bankers have been de‘mending that the Reserve Board ise this power. In other s, men who fought the act and men who continually assert that no ~ effective control over credit can be exerted, have been demanding for a year that the government exercise this very control which they say is impossible. At the very moment when the Stock Exchange sympbsium was _ declaring that the control of credit was impossible, the Reserve Boari invoked the powers under the new Jaw to control credit and raised Teserve requirements.
F course nothing could be more inconsistent than for the ‘Stock Exchange to insist that controls on credit and speculation and ‘stock trading are impossible. What Ss the Stock Exchange? It does ‘not speculate or trade. It is an organization to do the very thing says is impossible—regulate trading and speculation. It makes elaborate rules and enforces them. The only trouble is that it regulates trading in the interest of the speculators and not in the interest of the public. If it can be done by the Exchange in the interest of speculators and gamblers, why can not it be done by the,government in the interest of ety? (Copyright, 1938, NEA Service, Inc.)
NEW YORK STOCKS ADVANCE IN VALUE
50 Issues Gain $7,240,004,625 During Last 12 Months. es Special NEW YORK, July 23.—The marvalue of 50 representative stocks
ed on the New York Stock Ex- | change at the close of: business July 18 was $20,877,062,000, an increase of 5,368,625, or 1.93 per cent, as comed with the market value of 20,481,693,375 at the close of the receding week, Paul H. Davis & Co.
‘said today. At the close of the corresponding week a year ago, the same 50 stocks had market value of $13,637,057,375, pdicating an increase during the of $7,240,004,825, or 53.09 per
8 Special CHICAGO, July 23 Twenty-five
Stock Exchange value July 18 of $997.714,250, an pase of $6,918,000, or 0.70 per
sed for the year 63.33 per cent, 865,500 =
Unlisted Stocks
(By Blyth & Co.) NEW YORK STOCKS
Bid. Rei
SeRsssversastasen
ses asRITELARIISRnS Sersessntenen,
sassasssanene sass sven.
[REDUCTION SEEN
IN FINISHING OF LAMBS, CATTLE
Activity Blamed on Drought.
Shipments of lambs and cattle
{feeding lots apparently is to be curtailed about 50 per cent this year because of the drought, Otis Wall of Advance predicted today. Mr. Wall books orders for Western lambs for the Indianapolis Producers Commission Association.
ceiving unfinished lambs from the West about Aug. 1, Mr, Wall said. The peak of the movement ordinarily falls between Sept. 1 and Oct. 20. There has been no inclination, either by Indiana feeders or West-
up to the present time, Mr. Wall said. Farmers here have seen the drought burn up their pastures and fear that the corn crop will be a failure, and Westerners are holding
certainty. Native Lambs Thin
The bitterly cold winter greatly reduced the native lamb crop. The effects of drying pastures in the state have been distinctly noted in native lambs sold at the local livestock exchange, Mr. Wall said. The
those that have been marketed are thin, grading mostly as mediums and culls. A similar state of affairs exists among cattle feeders, according to Edmond 'C. Foust, Hoosier Farmer editor. He said that reports from the range territory indicated that many cattle and lambs are in such good condition that they can be marketed without being sent into the corn belt for finishing. © Mr. Foust also believes that many unfinished hogs are to be shoved on the market because of the high prices being paid .for corn in the face, of a partial failure of the present crop.
Hay Crops Short
Feeders have deen influenced in their plans, Mr. Foust said, by other crop factors. The hay crop in Indiana is reported very short in comparison with last year. The first cutting of alfalfa was good, but the second was light. The clover stand was not at all good, the crop having been winter killed in many sections. A report on a survey which bears out the above predictions was made today by A. S. Thomas, field representative of the Indiana Farin Bureau's livestock marketing division. His report follows: “Conditions in the cattle and lamb producing territory are varied. In the mountain sections the lamb crop was good and the range has been plentiful. Consequently, the mountain lambs are coming tomar-
feeders will be of good quality. The
as good quality because of drought conditions. Therefore, there will be a large supply of inferior quality, lightweight loWland lambs.
Lambs to Be Costly
“Good lambs. will cost a fairly high price. being priced at present to cost from 9 to 9% cents delivered at Indiana ints. “The cattle market is a little more stabilized, as range conditions have been favorable for the production of good cattle the past season. Cattle prices have been exceedingly high the last few months because of the demana from the range states for cattle to use the available
been the principal competitoi~of the
markets and shipped west, which under normal conditions would have | $ been available for the corn belt.
stock cattle during the last few months. “It is the opinion of cattle men that corn belt feeders will be able | B29 to buy their cattle much cheaper than last year. “In fact, the market is about $150 cheaper than three weeks ago.”
Investment Company Reports Its Position Improved,
Times Special NEW YORK, July 23.—Tri-Con-
assets of $51,701,741 as of June 30, compared with $49,478,544 on Dec.
its current position was equivalent
ferred stock, and $9.87 a share on common stock outstanding. During the six months ended
normal Federal income tax, Investments held on June 30, which |. were carried at cost of $45,350,699, had a market or fair value which was $5,644,761 in excess of cost after deducting the normal Federal income tax on the unrealized
appreciation.
On Commission Row (Quotations below sublecs to ated
are a w tor iyers by Toca! commision BicEitbotits tert. crate. 80
16-qt. crate, berries, Mich. 18-t. crate. Cherries, Mich., 16-qt. crate, $1.85.
BR
Curtailment in Indiana Farm
from Western ranges to Indiana Tex
Re Hoosier feeders usually begin re- g
lambs have gone backward and|
valley and lowland lambs are not of Ge
These good lambs are P
grass. Consequently, the West has ATEN
corn belt for feeders. A great many |C
cattle have been bought in the river Fic siooer Share
ASSETS SHOWN LARGER [suse
Amer; .tinental Corp. today reported net phuliock Fund Ltd
0 31, 1935. The firm pointed out that [SB 44
to $21,016.96 for each $1000 of de-| bentures, $195.02 a share on pre- Do
June 30 the SorperaLion realized fi be net .profits on sales vestmen of $2,893287 after provision for North Amer
RE 8
Se SE
i]
SHEER 3
Pea bes 03 Qn
hdd
FTF EERE OE aaa Ra
Un Oil of Steels Am Roll Mills... 27 Beth Ste
N &
u ern producers, to place or fill orders | Hup,
Studebaker. Yellow Truck..
Motor Accomm
on to their livestock due to the un- | Bendix
13% 13%
TF
_ ELECTRIC POWER PRODUCED (U.S. DEPT. OF THE INTERIOR) j
BILLION KILOWATT HOURS
1930 1931 1932 1933 1934 1935 1936
A TOFS nt, ARKER CORP GENERAL. DISTRIBUTORS INCORPORATED INVESTORS
3
Electric power outpuf continues
its large gains. For the fourth time in history, weekly power output exceeded the two billion kilowatt-hour mark and of these four times three have been in the past four weeks. In the first five months of this year 13 per cent more electric power was used throughout the country than
in the same months of last year. The rapidly growing use of electrical appliances is one cause for the increased use of electricity.
Chicago Stocks .
(By Atkins, Hamill &" Gates) Prev. Noon. close. Asbestos Mfg sessaseses 3 2% Associated Investors .......... 47%, Berghoft 13% Butler Brothers Cent Ill Pub Service Pfd Cities Service Commonwealth Edison Continental Steel
ket in good condition and the|g rd
0 Cra. Dion Rubber neral Household ... Godchaux Sugar “A” . Godchaux Sugar “B” Great Lakes edge c.coee Economical Drug seies 18% Jarvis Mf 22%
McG: Nouliti-Sratks : Northwest Bancorporation ose erfect Circ 362 Swift as iba) Williams Oil-O-Matic Zenith’
New York Curb
(By Atkins, Hamill & Gates)
Aluminum Co of America ... Amer Cyanamid (B)
Carrier Sok reole Petroleum Corp. .
Tr Glen Alden (1) ane ulf- Oil Corn 3 Penn Humble Oil and Refining Co..
rade This accounts for the shortage of | Na: Bellas
Niagara Hudson Pwr . PaL-American Airways . Pennroad Corp ........ Caen 4 Reliable Petroleum Corp
Investment Trusts
(By Thomas D, Sheerin & Co.)
Bid, Administered Fund 2nd Ahluaiea\Pund, Inc
BeEBse ess sILaRENR
i ii Hg
» on 3
Tr Sh 1958 seeee Noh Amer aE. eee Income |
Ces nsvEs ave
issssanne
.e ivraane
eee “ew
Gen Asphalt 14 | Holland’ Furnace 38% 3
BER She ater in ane
a; Phelps Dodge ... U 8 Emenee gh
2 s 8% . 11%
4
Dela & Hud vee 44% Del Lac & W.... 18% Gt Northern pfd 39% Ill Central 23% K C Sou 21 - 13% . 913% Ys 29% 6% N ¥ New Haven “3% ew Haven Nor Pacific ... 27% R wo 3%
. 41 30% 5
Equipments— Am Brake Shoe 50% Am Car & Pdy. 37 Am Steel Fdy.. 31% n Am Tank c an Gen Elec 42 Gen R R ‘sig. . 8% Pullman Inc .. 51%
West Air Br 41 Westingh Elec. ' 134
Uellies-
Am For Pwr 1% AR Pov & Lit.. 14
Am Wat Wks.. Col Gas & Elec 21 Comm & Sou... Sa Consol Gas -. Elec Pwr & Lit. 187 Int T &
T Iou G & E “A” 26% Nat Pwr & Lt... 13
.| Bald Loco Ge
Peoples Gas ... Pub Serv N J... 41% 30 Cal Edison..
Std Gas Be & Webster 19% United Corp . 8 Un Gas p-... 17% Ut Pwr & Lt “A” 5% Western Union.. 88%
Rubbers— Firestone Goodrich Goodyeds U S Rubbe US Rubber pid. ove
Mis¢ellaneous— Allis Chalmers.
Brklyn Man Tr.. Burigughs Add.. 20% Contl C 8% Caterpillar Tracl 15% Crown Cork 59% Curtis Pub Deere
& Co Fost Wheeler. Gillette
30 14%
47% 46%
Rem Daderns Sy BE Worthingtn Pmp 30% Foods—
Armou
4% 5 pid 6% pid’ 72
Beatrce Creamry 24 Borden Prod
% | Ward Bak ‘B* .. 4
Retail Stores— Allied Stores ... Assd Dry First Natl Stores Gimbel Bros .
Cc Sears-Roebuck. . Woolworth Aviation— Aviation Alreit. Boeing Wrigh Curtiss Wrig “3 A Douglas Noe = 8, vee a rry Corp .... United Aira N Chemicals— Air Reduction... 80% Allied Chem
ath Alkali ... onsanto Chem
Asked. | Natl Dis (new).
Zonite Prod esse Financial—
Adi 13 pm
ca... 1
I ea corp 7.108 108 Transameri p | Tr Contl Corp .. :
Am ‘Radiator ... An 3%
Jone” Msavi enS ville a a Libby Owens
i | otis u : fs wy
Pal Peet.... 14 - 14 34 ‘33%
ssa |
uy CH
‘. FER
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go
84.28 WF
nT
a
*F Jed heh * 7 ONacgua mL nant eu A SEas ETE OER EN A Rriem
5 moved at $8.75.
| Medium iants:
Year's Second Highest Top 55
Is Maintained for Sec
Sn bulk of sales were on porkers weighing betweenn 160 and 250 pounds. The price range was $10.90 to $11.25, sales being -steady to five cents lower than yesterday, All thes welghis and packing sows were
Receipts were estimated at 5500. Holdovers numbered 265. ”
Lightweights Steady
Swine scaling from 250 to 280 pounds brought $10.50 to $10.95; kinds weighing from 280 to 300 sold. at $10.30 to $10.50; and those above 300 pounds were salable at $9.60 to $10.30. The lighter kinds, scaling from 130 to 160 pounds, averaged $10 to $10.50 and the 100 to 130 pounders brought $9.25 to $10. packing sows were disposed of at $8.25 to 50.
Cattle prices were strong on negligible supplies. Most steers and yearlings sold for $7 to $8. Some choice, weighty steers brought $8.50. Heifers were active with
prices strong at 25 cents higher.
Strictly choice yearling heifers Most heifers brought $7 to $835. Cows were
% | generally steady, beef cows selling
from $4.25 to $5 and cutter "stale for $3 to $4.25. : : 700 Cattle Received Shipments were estimated at 700 cattle, 500 calves and 1500 sheep. Fat lambs were active and strong,
4
13% iz | with prices being 25 cents higher in
. Most choice fat lambs brought $10.50 to $11, with a top of $11.25. Sheep were steady. Bulk of fat ewes were salable at $2.50 to $3, with a top of $3.25.
HOGS
iE = BL
cstanssees seuss
¥ 03.5 93. (Copyright, 1038, by Dun & Bradstree
U. 8. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys
Close. cescssansesnssss 1135
1 sesssssssacses.. 107.25 1041-48 ....c..ce0cicnns +1082 1 1941-46 .. 1946-49 ..
1951-85 \iieiiaveee 1946-48 ..
oy cxrasase ne on 1 1952 Bn 1055 Federal Farm Mortgage Corp. 3Y%s 1064 .
949 3s 1942-47
JUNE EXPORTS
PASS YEAR AGO
to Tobacco, Lumber and Machinery.
By United Press 7 « WASHINGTON, July 23.—June exports including re-exports, totaled $185,188,000 compared with $200,666, 000 in May and $170,244,000 in June, 1935, the Department of Commerce announced today. General imports amounted to $192,233,000 compared with $191,218,-
1935.
1935, which amounted to 9 per cent, was caused principally by unmanufactured tobacco, lumber, machinery, iron and steel, semi-manufacures and aircraft.
Cotton Exports Drop Sharply Smaller increases were reported
3500 for meats, lard, leather, vegetables,
18 20. 21.
[email protected] Ve a [email protected]
10. S0@11. 25
ht lights wigs 1 ) “Good and choice.. $10.25 Medium 9.90
Lightweights: $309.150) Good and choice. . 0.38 11.2
11.20 10.8
(200-220) Good and choice.. 10.95 (220-250) Good and choice.. 10. 5
Heavyweights:
* (250-290) Good choice.. [email protected] : (330350) ) Good and choice. . s3goes
Packing i 275-350) fiaddss 425-450) Good ...sesiseis (275-550) Medium ... Slaughter pigs: (100-140) Good and choice.. 9.0 Medium 9.00
1.95 1%
esses
.. * =—Receipts, 700— . (550-900) Choice
Amadeo Imon-Ie Ribs aiizg ®-30800 02-3000 ¢ 380 2 Fonasunaseea
[SORISSIISISIN SINE]
B
(550-750) Choice
“sass is ase saint asst se
Common and medi
do =Tih300 ss a-100
Good Common and medium . Lo cuter and cutter......... Cutter. com. and med. bulk.. VEALERS —Receipts, 500— Good and choice . Medium
Cull and common Calves 1230-500) Good and ¢ Shoigs Common and medi '{ Feeder and har. Cattle (500-800) Good and choice .. Common and medium
ear
» 3a cabana
kh ome Set Aa gg shsk" 33 833 00 6080 09 66089 00099 998 Sh O0aNS Oa 0A0 88 Nakz \gu 833
medium Sectine Saiy 1, spring iaiibe classifica as lambs. pa sep and lamb quotation on ‘clipped
Other Livestock (By United Press) : ay 180-180 "tb 31146 15; + 1802300
bs... 95; 225-250 1bs Ee 275-300 bs., + 140-160 0.50; 160-
38 stocks and fur skins.
Sugsy 3838z
cotton manufactures and chemicals. Exports of feed, fruits, nuts and
holding up during “the year, fell off
5 | slightly.
The largest decline reported oc- ? | curred in unmanufactured cotton, which because of a sharp drop in
105] pussian and Italian demands, fell
from 193,402,000 pounds, valued at $23,280,000, :to 168,490,000 pounds, valued at $19,707,000. ‘Imports for consumption amounted to $192,972,000 compared with
in June, 1935. Principal increases in imports were sugar, crude rubber, paper base
Local Securities
By Isgianaveils Bond ana Share Corp.) wing quotations do not ok LS Jollown ds or offerings, but mere indicat: 8 the approximate market level based on buying and selling inguiri recent ransactions.
BONDS
Citz Ind Tel (T H) 4%s "61 . H Tel Tel Rt W 5%s 55 H & Tel Ft
uncie Water ..103% Noblesville H L & ® Stas 41’ .101 Ohio Tel Serv 100
a d Be or , 2nd vid 3s fd 58 1 Ga Mee Pid 5 Me
T H Elec Union Title CO COM -........ 20 *Ex.dividend. 3
Produce Markets es quoted are paid for stock
ok country, while Seliversd indianspols the a is a cent $ i BL
pou ir So No. 3 JAYa@asiae. | P, Me. (By United Press) CHICAGO, July 23.—Eegs—Market firm;
a
Gain Reported Largely Due 5
petroleum products declined. Auto- a mobile exports, which had been |Z
$188,529,000 in May and $155.313,000 | c°%"%
¥ 3
=
os
A rirasaerene au So i iasanareve 8d 8s. 2030 ..0..000 78 Ys 43 1.000004
BEE 28 af
EERE Hi
Frain] pd 8 zg” 5 : : ;
Tel & Te! 1 43s 52 . nigh Valley 4s 2003 McKess & Rob 5%s
«106 Nickel Plate 4%8 "78 ......... on Nickel Plate 5%s "74 ......... Nickel Plat: Yas "74 101%
2047 . Nor States ‘Pow 5s ‘41 . Ni ns am 4s’ 5.
c G & E 5s 42 . Portland Gen El 4145 60 . Para blix 6s °’ n P&L 4%s Postal Tel oa Cab 3 '53 . Rem Ran 4Y%s °56. Shell Union vou 3las Socony vas 31s °'50
000 in May and $156,754,000 in June, xe The increase in exports over June, | v
= CROP PETS out ESTIMATES ON CORN YIELD
| Figure 400,000,000 Bush«
els Below Average Year's Production.
(Copyright. 1936, by United Press) CHICAGO, July 23.—Government crop experts surveyed the droughte ravaged agricultural states today and forecast a 1936 corn crop of not more than 2,000,000,000 busheis.
At the same time a United Press survey, based on official reports from the 14 principal corn-produc=
ig | Ing states, substantiated belief that
drought loss already has been heavy and that the yield would be substantially below the average of 2,400,000,000 bushels. A two-billion crop might bring $1,860,000,000, figured on the avererage between yesterday's Chicago prices for July and September corn. That is $66,000,000. under the aver age value of the corn crop for the last 30 years.
Drought Persists . . The drought which began around June 1 and has since developed into
89% | the second most serious in history,
has destroyed all but an alarmingly small portion of the early corn in
many sections. In most sections this drought, combined with intense heat day and night, persists and unless it is broken it will wreak serious damage on late corn. One month after the drought started, the United States Departe ment of Agriculture estimated the
| corn yield at 2,244,000,000 bushels.
Today, 30 days later, government observers told the United Press that if all the corn now growing could mature it would produce only 2,000,000,000 bushels—16 per cent less than average.
Indiana Crop Spotty A survey of the corn states,
9514+ 108 | showed:
Youngstown 9 & T 4s '61.... 99% Youngstown 8 & T She *51..111%
Foreign
Argent! cones +100 101 Austra Brazil 8s aes Canadian Govt 60, Denmark 4%s '85......45.
sesvsecsssene "201%
Rome 6%s ’52
Tokio City 5%s '61.. asians : 0%
New Bond Issues
,(By Lyons & Co.) Asso Tel 4
B Brooklyn Edison os 66. Cal Ore Pwr 4s’
Consolidated Oil 3%s ’ Consolidated Power Se 0 . Gudahy Pkg 3%s '55 Cudahy Pkg 4s ’50
Yas 1 Iowa "South Ditlities Stn 60. .1 Jones & Lau hit in, as J . =]
Narragansett Elec 3% . Niag Falls Pwr 3's RR ve Okla Natur -Gas 4%s 98%2 Okla Natay Qas Conv 5s ’46 ..100
Potomac Elec Pwr Pub Serv N H 3%s xailway & Lite as Oss 8S Pwr 4Y.s
West Penn 3% Wis Gas &
Wis Pub Serv 4s '61
WEED SEEDS LOWER ALL GRAIN VALUES
Crop Expert Reports Heavy Loss to Indiana Farmers. Times Special LAFAYETTE, Ind. July 23.—Indiana farmers have met with sharp price reductions on the grain they have marketed because of the unusually high percentage of weed seeds mixed with the grain, accord
i | gecds mized S. Fisher, extension ull | ggronomist of the United States
Fa states, but the weed seed content is bad enough,
* Mr. Fisher said. “Southern Indiana producers last year received price reductions on
Resins. 10.8% - Lig tained
Ask. 2 | in central sections.
Indiana—Late corn improved in south and west central sections where good rains fell, but deterior= ated elsewhere. Iowa—Charles D. Reed, Federal meteorologist, estimated the 1936 yield at 250,000,000 bushels, come
+ | pared to 371,076,000 last year and
438,000,000 bushels normally. “If the ears do not shoot and the silks become pollenized the damage will be greater,” he said. “Another week will tell the tale.” Minnesota—Reliable estimates are 112,000,000 to 115,000,000 bushels. compared to an average 143,000,000. Rain, soon, will provide a fair crop
South Dakota—1936" crop estimated at 12,000,000 to 15,000,000
15 | bushels compared to 41,000,000 last
year, and an average of 80,000,000, . Nebraska Crop Is Failure
North Dakota—Estimated 2,500,« 000 to 3,000,000 bushels compared to 18,000,000 bushels normally and 22,000,000 bushels last year. NEBRASKA-—T. A. Blair, United States Weather Bureau, said most of early corn is a complete failure and much of it will fail to make even fodder. A. E. Anderson, States Federal statistician, said another week of drought will complete the destruction. ILLINOIS—Crop is above average
% lin quantity and quality, but the
July 1 estimate of 330,000,000 bushels has since been reduced. 20 to 40 per cent, said A. J. Surratt, State-Fed« eral statistician. Chances for & bumper crop are fading. OKLAHOMA—State Board of Aga riculture reports corn crop ruined,
09% | failure practically total.
Michigan Drought Broken
MISSOURI—E. A. Logan, of Crop and Livestock Estimates - Bureau, said the crop is 50 per cent normal, KANSAS—State Board of Agrie culture estimates said both yield and quality have been reduced 50 per cent by insects, drought and heat. Rain may produce a fair late
crop. : : TEXAS—1936 crop estimated at 57,547,000 bushels, an average of 1314 bushels from: acres, Come pared to 89,368,000, an average of 19% bushels froni the 4,583,000 acres planted last year. MICHIGAN—Crops in central sections suffered from droughf which now is broken. WISCONSIN—Fair crop in east; but western and southwestern sec tions adjoining Iowa and Minne« sota suffering. OHIO—Corn poor in southern sections, but generally fair in north,
Money and Exchange
ol INDIANAPOLIS STATEMENT ea secassnsansssscscesanes @ BR etter SEH
i JR # i iL oll m———— —— a ea. A... u