2 AUGUST 1938 
2 AUGUST 1938 
The Secretary referred to recent gains in American agricul- 
tural exports and continued: "with the return of the large 
surpluses which occur in years when crop yields are not 
greatly reduced by droughts it is unquestionably true — that 
the concessions obtained for American agriculture are becoming 
increasingly valuable. As additional agreements are concluded 
the beneficial effects of the program will be progressively 
enhanced. As you doubtless know the United States is now 
negotiating an agreement with the United Kingdom which is by 
far our most important foreign outlet for agricultural pro- 
ducts.--" 
BUSINESS 
Lumber Production 
The National Lumber Manufacturers Association disclosed yes- 
terday that lumber production during the week ended June 23 
was the highest for any week this year although twenty seven 
percent below the corresponding week of 1937. New orders 
booked during the we ek were the highest in fifteen months 
with two exceptions and were twelve percent above last year. 
Steel Operation 
The American Iron and Steel Institute today set this weeks 
steel operations at thirty nine point eight percent of 
capacity the highest rate since last November. This weeks 
rate compares with thirty seven percent of capacity last 
week and eighty five point five percent a year ago. 
Studebaker Corporation 
For the first half of nineteen thirty eight Studebaker Corpn. 
and subsidiaries reported a not loss of one million nine 
hundred forty thousand three hundred six ty dollars as 
against a new profit of one million one hundred seventy four 
thousand five hundred seventeen dollars for the first six 
months of last year. 
Stock Market 
Volume of trading on Saturday: Throe hundred fifty eight 
thousand nine hundred forty shares. Dow Jones closing stock 
averages for Saturday: industrials one hundred forty one. point 
twenty five; railroads twenty eight point forty five; utilitie 
twenty point sixty three. 
In a dull session on the stock exchange today most issues 
drifted moderately lower. Bonds including United States 
Government issues were irregularly lower as we re stocks on 
the curb and at Chicago. Cotton futures declined almost, 
fifty cents a bale, while rubber futures were easy, u Chicago, 
v/heat declined three fourths of a cent to new five year lows 
while corn fell one and throe eighths to one and one half 
cents to the lowest prices of the season. 
