I will na bulcher shop ownersand consumer 15 to look around forbargains in vholesals meat marl etslind retail stores this week Jive stockmen at the stockv at as Said, ester dav IPork eaters wi il find the widest seIect io 1 of prrce tags cf the cal as aresult of the unsettled condrtion ofthe markets for Iive hogs and fresh Ipork In the last few dav s ~~~~~~~~~~~~~~~~~By avoiding such purchases as top -

cuts of light fresh pork loins lightshoulders and butts all of which alebrmgmg the highest prices of the}"ar a thrlftv housewife can sene:pcrk dinners at the lowest costs sinceIast winter t \\ as said Consi mersPIe urged to buy cut from heav vloms all weights of cured hams androasts from the hea ie t fresh hamsif economy IS sough 1

Top Lnlns '1;)" a Hund re

While top glades or light porkloms SOld wholesa D up to $25 perhundred pounds the highest pnce ofthe \ ear and \\ ere extremely scarceat thiS figure choice grades 0' 16to 22 pound loms vere available tobutcher shop owners at ~1,-,;)0 to $15the lowest rates smce Iast FebruaryPaCKers obtamed $15 to $16 for porkshoulders and sola butts at $1950 to::;21 Spare nbs v holesaled at $12to $13Several factors caused the unusual

h Wide spread m POIk and hog priceslate m the week There was a scareIty of light young hogs and a surPlUS of b g weights at a time "hen \fiv e packrng nouses that buy a bigshale of the hcavv hogs on the market w ere tied u D by labor difficulttesTh is drov e top I mas higher andothers lower Heavy porx products\\ ere a burden on the ma ket Thci ewere not enough light cuts to fillorders

R 0

op GladeIgh

re ell" gatt of Year.

Averace for Hoes 81a

Packers paid an average of $845for hogs last 'leek a declme of 35cen 15 from he proceumg v cck 15cost Only one wecklv average hasbe en lower smce Hay 21 A new 19,,8peak of $102a \\ as paid Thursday forHghts The latter fimshed steady Withthe close of the precedmg weekwhile decline III medium and heavyhogs ranged from 25 to 65 cents thesharpest 10 S"S In the hea\ lest of thebu tchers and III sov. 15The range of prlce~ III cattle

liheep was not as wrde as 1lI hogsbargams In beef and lamb meat thIS"eek are likely t be harder to find It1:an m pork LIve costs of most good(attle IIlcreased I athel sharply lastweek The SIX da, steer a\ erage loseto $103,) a gC'm of 30 cents 0\ er theJlr eced pg v. eek and a new 1938 highThe top pI ce also madp a new highfOI the ~eal of ~3Ttere "as a lall\ III fhe ttade for

]pmbs after an earl, bleak la"t \\eekI nal quo'atlOns be n:; hwhest Ol the\ eek and sl1.,htl, abo\ e the pre\1ous\ eek

CHICAGO STOCKS'CLOSING LEVEL ISHIGHEST OF YEARChicago stocks made gams rangmg

from fractIOns to a full pomt yesterda, fimshmg" at the highest closmglev el of the, eal The Tnbune ave 1C'ge of t\\enh stoc", at 1161 wasup 0 56 fOl the weck to the highestdose smce Nov r 1937 Fr>day sclose \ as 1148 .•.fmc Issues madenew highs for the ,ea esterdaymakmg tift, three new highs for the'\ E'ckTradmg of $1000 par alue

bonds , esterdav made a total of $38000 for the week heaViest bond tradmg many week Sll1ce Aprrl 1935i:esterda, volume \\ as 18000

"hales same as the plecedmg Sa urda, Fo~t) one of the eighty Issuestra cd am anced m lPteen declmedand l\\er \ ere unchanged The, eek 15 \olume wa, 219000 sharescompared \ I h 161000 the week befere and 170000 m the correspondmglC37 \ eck

Th ~(!/!y feature 1-8 PI csentecL In

,., 'ponor. 10 requests for SImple ex:pIa atlol s of mattGrs concermngfinance bUSiness, and the m41 ket:;Suggc"tlons .from reader ale wel-comed ..tdlll CiS Eclttor, Eter3ldall.EconomIc, '

CommodIty FuturesTransactIOns 11 commodity fUtUleS

markets mvolve bU\ mg and sellmg ofcontracts for delivery of commoditiesIn some speCIfied monthThe c1uef functIon of futures ex

changes such as the ':hlcago Boardof 'Irade the New York Cotton exchange and othprs IS to prOVide ameans for shJftmg rrsk The rrskarISes from pllce fluctuations m commodi lies It IS shIfted from the producer merchant rna ufacturer orolher handlel of the commodIty tothe speculator WIlO makes a busmessof a"summg the nsk

The handler at commodities mmoot cases does 1 ot v.ant to speculate on pnce changes He IS contentto make hiS profit from manufacturIn;;:, storage or merchandlsmg Hedoes not want to risk an mventorylo~s which \\ould result If the cornmodlty should 1echne m price whilehe IS hold ng It In exchange he ISwIllmg to ellmmate the posslblhty ofan Inventor, plofit'Ihe process Whereby he can re

duce or ehmmate speculative IIsk ISknown as hedgmg Hedgmg con~IStS of mal mg two transactions ofopposite nature at the same time-that IS the hedgel may buy commodItles for cash fOT usc n hIS busmesssellmg at the same time an equalamount m the futures market to offI'"t the PUIchase \n example ofh€dgmg \\ III lJe taken up m the nextIIItleleTomorIf' \ An Example of Hedg

tng

Nearly Half of ForeignInvestments in U. SAre in Common Stocks UNION PROPOSALForeIgn Long Term Investments Inthe Umted States at the End of 193b

TO END STRIKESSome Issues Are ettled,

Others Debated.

Proposals by union representativ esfor settlement of the strikes at fiveChicago packing plants w ere beingstudied yesterday by officials of thecompanies The officials met at theoffice of the Miller and Hart Packingcompany m the morrung and reconvened later m the day at the Rober ts& Oake officeThe scheduled conference ye terdas

mornmg between company offtcia lsand union I epr esentatives failed to

II take place It was expected howeverthat the companies would call in the

J U11l0~ agents as soon as they reached----.---......: an agreement among themselves It

was reported that packer's \\ er e unable to reach a general agreement onone or two po nts 1Il the sc ttlementplan that had been submitted earlierby the union

Grant Some Union DemandsThe companies had granted ear ier

all the requests made by the unionsa 1 hours and \\ ages The rernammgd ftel ences to be set t.led rev olvedaround the umon demand for a closedshop and checkoff S\ stem I'he latterIssue was believed LObe dead becausethe companies have refused smce 1hebegmmng to enterta n the suggestionof collecunz dues lor the union bydeducting from the pay checks ofworkersHope of an early set.t lernent It vas

repor ed hinged on tl e willingnessof the packers to make some concesion on the closed shop Issue ThISpomt was said to be occupy mg themeetmg of officials , ester-day 'I heumon began by rcquestmg that It heallowed to install ItS own represenlat ves in the plants of flv e companiesto pass on tne hirrng' and fu ng ofworkers 'I'his was rejected by thecompanies

Asks ModIfied Closed ShopThe un on countered by asl ng a

modified closed shop system It remained uncertain late yesterday'Whether the new proposal would beacceptedThe slaugh teri ng and cutt.ing de

partments in the five p lan ts havebeen closed smce July 13 Besides thecompanies mentioned the plants afIected are the Agar Packing and ProVISIOn company Hlinols Meat company and the P Brennan Packmgcompany They employ 2 000 of the20000 productIOn v.orkers m the ChIcago stoel yalds The \Vorkers areI epresented by the Ul11ted Packmghouse Workers Industrral umon 111

4 Jg affiliate of the C I 0

.1ChIcago Bank Stocks FIrmll'f, I

48;l m Week of LIght Tradmg1~,j, I Tradmg m Chicago bank stocks wa~"l light last week A few Issues mo\( do ll~· slightly hlghel bt t most pnces fin( Ished w th no net change a ftel mmolI" fiuctuatlOns durmg the \\ eel North1:~~" ern Trust agam showed 1hp mo t

" 14 15 rength closmg With a ga n of $76 50 for the week at $532 bid $545 asked

40 " 4I ~g Merchandise NatIOnal and NatIOnal10 f, '. 13 00 BUllders shal es each rose $5 111 deal

45 85 quotatIOns

Total-$b 108000 000~....•~_~_ -;::b B.L

TORONTO S roCKSWEEKLY RANGE

on •? 009';2 BANK STOCKS

CHICAGO LIVE STOCK

135

1~~li74

"H\JR!lo(7Ii

IF om nat tBenevolent tTlavel

7

CFTTCAGO SUJDAY

EX-BRAKIE LEADSCARRIERS' FIGHT

IN WAGE PARLEY

Keeping LabOJ' PeaceHis Hobby.

men HIS entry into the union wasnot pleasant his father stormed athome and union men III those dayshad a hard lot with then employers

Fat ier was a skilled marnteartisan Enochs explained and 'ladbelonged to a uruon He became III\ olved m a stril e early III his marned days and he came out of thetrouble With a strong dislike forunions When I told him I was gomgto Jam one he would hardly speakto me

As soon as I joined tile un on theyput me on the grrevance commu.teeAnd I seem to have been on somesort of a g rrevance committee eversmce In those days the grrevancecommittee was about the mosthazardous union Job there was Whenthe committee \\ ent to see a supenntcndent there was no 15tt ing downfor the committee And the members\\ ere fired on the least excuse

Helps WIl1 8 HOUl DayEnochs advanced 111 the umon un t il

he was made secretary of the generalcommittee of the brotherhood of hisrailroad During that t me he helped111 the fight to br ng about the 8 hourday and other reform measuresIn 1916 he was persuaded to join

the managerral side of railroad w orkIn his new role he had to settle d flei ences bet \1 een the \\ or cers and themanagement Sit ce then he hasw orked h s \\ ay up to one of the keyPOSit ons on the Pennsy 1\ arua ra ilroadHe IS rept ted among h s ra lroad

associat es however to th in k like abrakeman He IS said to have themen 15 point of View while carrymgon for hIS employer

Tells HIS Polle~I have t ried to be fan

merited I have tried to see thatthe men got what was coming tothem and that the management gotIts due That 15 all any body can doThe pr esen t conferences are note

WOIthv for the spirrt 111 which themen who represent the managementand the brotherhoods meet eachother Each Side recognizes that theother has espons bi Iit ies and theytr eat each other accorrnn.g y'Ihe carrrers committee wilt resume

ItS d iscussions With the RailwayLabor Execu rves assoc ation headedby George M Harr-ison a. 10 a mtomorrow at he Palmer house I'hemeetmg w ith the Brotherhood ofRailroad 'Ira nmen headed by A .FWhitne; w l! be resumed at theStevens hotel at 10 a m Tuesday

Goldblatt Leases Buddmgas Vegetable COmmlssaryGoldblatt Bros In(' ha\ e leased

a thl ee story bUlldmg at 1,);) SouthWatel Malket for use as a commlSsary for fresh fru Is a ld vegetablesBernard Bro\\n Goldblatt attome,announced yesterua:l n e ne v quarters wh ch Will be eqUIpped \\ Itl1cold storage faCIlities Will be read;for use about Aug 15 The les<or ISthe ChI('agO Produce DlstlJct t t usllerms of the lease wele not announced

--.C__ommoditieiJFUTURES ~UMMARY

CHICAGO l' Ul'URERCRIC 'l.GO1:0 !\RD OJ! I R ~DE

I a dl Pel 100 pou ds 1

(HlUAGO MERC!\N:rIIE EXCHA~GEH des

[Ce s pc pound 1

CASH PRICES[~holo e I

CI c 00July 1$ ~,)

;1. .... ".••.•• 1" 0Jl

"I ~"1 ,,8

4 46

1

TRIB JULV 24-,

!NEW YORK CURB TRAShare. sold todar'l:ear aKO

CHICAGO~hure~ iIiOotd to lay

STOCKSl!l~8 t ~.to193 10 lule

Low00

1

°001010 )1013"

BO D~10 • Com E deb [3 c 19 S 1000 lOS 108 lOR

a ](;,n c't i'\ (' A ClCl

f-Pav.blp r .loel • Pa I laor lIecla.red th. calenlla. ;roar

'Ih e

* PART 2- PAGE 9.

MODI

1'.,:: '\\: jlndustrial U er Increa'. Their Demand.

Reflecl ing an increased demand hyIndustr-ial users Pi Ices for nonferrousmetals and rubber continued to advance III cash and futures marketslast w eel Most ot her staples WPIpstead Moderate gains were shov nbv contracts for futme dell er ofcocoa coffee and h des Wool topswei e sharply higher Sugar w aspract icallv uncha lzcdStrength III the copper mar-ket

abroad and an upturn In demand hdomestic u ers broug ht a boost of

h, I. cent a pound to 9 • cents In the1; a I spot price of domestic copper '1 fr s• was a cent higher than the lev [>1

five weeks ago Just bero! e securittosand staples began to climb Arne Ican copper for e po I \\ h c h w a~quo led In the middle of Ju 11' at 11~Icen Is a pou rd rose yester day to ash igh as 10 0 cen ts

Sales Reported Heavv

A heav \ \ olume of ales al the n» V

pile e of 9 " cents w as reported Th rstoget.l er \\ it h the strength III e po tI rrces caused some tt aders to pr e

2 d ct a Iurt her markup soon In thedornest c prrce Cop pel Jut Ul[>S\\ PIeup 030 cent for the w eek and 15cents above 1he mid June levelLead contracts gamed 010 to 015

celt 0 er the preceding week Stat sues Ior June showed that consump1 on had e eeded output for the firsttime this \ earTin futures advanced ahout i ; cent

a POt nd and spot ttn sold yesterdayat 4350 cents up 025 cent for theweel Zinc lost ground at the endof the week but closed with netgains 0 001 to 006 cent a ooundNew Yor ~ futures markets were

closed yesterday e cept for hides andcottonseed 011 HIdes adv anced 015to O?~ cent a pound III New Yorkand were up 015 cent on the ChicanoMercant Ie exchange Cains for theweek were 010 to 015 cent a poundCottonseed 011 fu tUIes ITlecular at001 cent higher to 002 cent a pound10\\ er .••esterday \\ ere Iit Ue changedfor the week

Rubber "Up a~ Cent

Ruhber wh ich has been a lea del nthe stre 1~ hen nO' commodities market In the last month climbed "•. centa pound III futul es tradmg' dUllngthe week The spot pllce of smokE'dllbbed sheels was UD to 158 cents apound ('ompal ed \\ Itll 14 96 cents a\ eek call eJ and 1225 cents on June18 j \e wee1 s earlle)\\ Itl1 v. 001 demand takIng' a Sptll t

last \\ E'E'I fut es conI rac(s for v. 011tops mO\ed 2 to 3 CE'nts a pounah her rne spot pllce of 15 andat d\\ 001 tops ad\ a nced to 8,,;; cen L~ aPOtll d flOm 813 cents at the end ofthp pr eced ng \\ eekI he Dow Jones IIldE'x of ple\ en po n

mod t fu(ure~ closed Frida at 4'1 s 1119"1 ?6 average equals 100 I 11 s\ as 006 pomts 10\\ er than the (10 ea weE'k ealller chIefly because of t11PGlOp In glaln futules \\h1ch ale heavIly weighted III the complJat on

PreyLow (;1011(> doc(>R 1 ll!ll R ~ IAll 101 f; IJ3

A 00 8 JP no fl n, f; ,

901

PIHClo e caeR 0 8MAl1 8 10, R a,

1\ ) R HI!l Ii H 03!-l17 9 Uti

Rns;eP evdoc.e/; I8 8~8 S!l' ,>IR !-ll" H7

on.