The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-09-21
7" H E AT prices mounting
w steadily throughout the

WHEAT prices mounting
w steadily throughout the
world, sold at new highs for the
season and in Chicago scared above
the dollar mark on tt Trsday. At
one time the May delivery of
durum wheat at Duluth was the
only future in American markets
that was not above the dollar level.
Two factors were chiefly respOn-
Sible for the continued rise. Ex-
treme seriousness of the crop situa-
alton in Argentina because Of pro-
longed drouth has seriously men
aced that nations position as an
export factor AS a result, prices
in BueTOs Aires bounded up nearly
six points early in the week.
Secondly, growing realization by
spectators of the tenseneSS over
the Italo- Ethiopian situation and
probable price effects war would
have on wheat produced a substan-
tial volume of buying. Both Eu-
rope and the Orient, it is asserted,
have started to reach out for the
limited surplus supply of soft white
wheat available in the American
Northwest.
UneasineSs over the African i'm
broglio was further evidenced in
another field. In London, Lloyd's
underwriters Cancelled the war risk
clause at present included in gen.
eral policies. The move applies to
all contracts. After 10 days notice
merchants contracting with Lloyd's
must take out separate war risk
contracts if they desire such pro-
lection. the underwriters an
nOunced.
DESPITE the veXing and dis
- couraging problem of attempt
ing to stave off an impending
armed conflict, the "ague of Ma
tons Council found me to adopt
report of its econor .ic committee
urging immediate action to break
a worldwide trade jam caused by
mounting tariffs and monetary in
stability.
The councils action followed an
appeal for definite steps by George
Bonnet, French minister of COM
merce. who announced France
is ready" TO Join an international
sterilization move.
The report asserts that while
some countries have been partially
successful in eXtricating themselves
from the depression. their drastic
efforts have resulted in a break
down Of international machinery,
whose smooth working is necessary
to the normal economic life Of civ
ilized nations"
One of the latest developments
in the frantic movements of in
ternatiOnal exchange markets is
the Bank of Ne herlands action
Monday in raising its bank rate
from to per cent. a high mark
since 1873. This effort to stem the
fight of gold from Holland had
only a temporary effect.
TWO subsidiaries of the United
4 States Steel Corp. have an
nounced their intention to file
merger articles next week, bring
ing into each Of them several
smaller units of the United States
Steel empire
The Carnegie Steel Co. will bring
into its fold the Clarion Steel
Co. the Clarion By-Product Co,
the Union Steel Co. all of Pitts
burgh. and the Lorain Steel Co., of
Johnston. Pa.
The American Sheet and Tin
Plate Co. win absorb the Sharon
Tin Plate Co. a. Sharon, Pa.
Mergers c. the four concerns
with tie Carnegie firm is prelim-
mary TO Carnegie'S own merger
the first OF the month with the
Illinois Steel Co. officials an
nounced. The absorption OF Shar-
on Tin Plate by American Sheet
and Tin Plate is another of the
steps OF United States Steel to-
ward simplifying its organization.
The long expected resignation
CT Joseph P Kennedy from chair
mauship OF the Securities and Ex-
change Commission, effective next
Monday. was announced yesterday
from the summer White House at