The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-08-20

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ment bonds and the dollar rallied,
Business indices dipped L mai
steel production, Electricity output
trade gave indications of a pickup c
While rain allayed the drought
difficulties somewhat, it came too
late to do much good for the crops.
AS a result there was widespread
discussions of a sharp rise in the
cost of food. The Dun & Brad
street food index jumped sharply.
A survey of the nation showed
meats up as much as 33 per cent in
some instances.
Along the meat line, the hog mar
ket proved the sensation of the
week. The top on hogs at Chicago
reached $685. a hundredWeight,
against $40 a week ago, a gain of
% per cent. Steers and lambs,
however, eased slightly on the week.
Silver Speculation Gains
The pickup in the dollar with cor
responding strength returning to
government bonds was induced by
permission of the government for a
shipment of ST, 10000 700 in gold to
Paris on a straight exchange trans
action. That led foreign sellers OF
the dollar to cover. At the same
time it made for confidence in the
American gold bullion standard, for
it showed plainly that the treasury
was ready to sell as we'll as to buy
gold at $35 an ounce.
The silver cry toned down more
and more as the week progressed
until it was but a faint echo as the
last session approached. The silver
futures market was gone, but specu-
lation in the white metal picked up
momentum in London where the
price made a new high since late
1929. A substantial export of the
metal for the United States late in
the week had a somewhat unset
ting effect, but it was only momen-
tary. Conservatives do not like the
idea of the country paying out its
gold for foreign silver.
On the belief that Labor day
would mark the end of the summer
lull in business there was some &C
emulation in the So-called COM
modify stocks, but at no time was
there enough activity to warrant
public entrance into the market.
Building Stocks Rise
Building stocks had a runup when
the government plan for loans for
home modernization were made
public. They leveled off later but
held most of the gains. Local trac-
lions again advanced on the same
old talk of unification of lines.
Packing stocks followed hogs into
higher ground since the packing
companies would profit by the rise
in their inventories.
Railroad shares had a brief set
back when a court found against
the roads petition for injunction
against the pension bill. However,
they rallied later and held small
gains for the week.
A sharp drop in steel operations
had no visible effect on steel shares
and they closed the week slightly
higher. In the silvers losses we're
made by all issues.
Gold mining issues held about
steady although the price of gold
moved e%rratically in London.
Fertilizer Shares Prominent
Fertilizer shares we're prominent
late in the week. Attention was di-
rected to the group by the report
of American Agricultural Chemical
which showed a sharp gain over the
previous year when a large loss was
reported. The issue promptly made
a new high and took up with it
other shares in the fertilizer field.
The farmers of the nation have
been doing more concentrated farm
ing under the reduced acreage
schemes and have been large users
of fertilizer.
Official sales by days for the week
ended Aug. 18 as compared with
the proceeding week were as follows;
MI