23 July 1938 
U.S.S. HOUSTON 
23 July 1938 
Willy s Car Prices: 
* ✓ 
Willys-Overland motors, inc., has announced price reductions 
ranging up to $26.00 on all passenger models, effective immed- 
iately. It was reported that this would bring the Toledo price 
of the standard coupe down to $499.00, the lowest offered in 
the United States. 
Relief: 
The AAA 'announced yesterday that during the fiscal year ended 
June 30, the Federal Surplus Commodities Corporation spent 
approximately $54,000,000.00 in purchasing surplus agricultural 
products for distribution to needy persons. 
Toledo Edison Issue: 
The 
Toledo Edison Co. cities service subsidiary yesterday filed 
with the secretary a registration statement covering $30,000,000 
of 3 % first mortgage bonds due in 1968 and $6,500,000 of 4 % sink' 
ing funds debtdness due in 1948. It was announced that the 
proceeds of the sale would be used for bond redemption and to 
pay off notes owed by the company. 
Carloadings : 
The Ass’n. of American Railroads reported today that carloadings 
in the week ended Juljr 16 totaled 6Q2,300 cars, an increase of 
20% over the preceding week (which included the July 4th Holiday) 
and a decrease of 21.4% from the corresponding week of last year. 
Earm Income: 
The Bureau of Agricultural Economics estimated that farm' income 
during the first hall of this year totaled three hillion, eighty 
four million dollars, representing a decrease of 12% from the 
corresponding figure of last year. In addition government 
payments up to June 30th this year agregated 1257 ,000 ,000 .00 as 
compared with $330,000,000.00 during the first half of 1937. 
J.J. Pelley: 
Speaking before the San Erancisco Chamber of Commerce today, 
President Pelley of the ilss’n. of American Railroads was 
reported to have declared that if given equality of treatment 
and opportunity, the railroads could solve their o wn problems 
and that "once more we shall see that national prosperity is 
geared to railroad prosperity". 
Stock Market: Dow Jones Closing Stock Averages 
Industrials 141.92 
Railroads 29.78 
Utilities . 22.07 
Volume of trading yesterday - 1,810,000 shares. In moderate 
trading today, stocks made slight advances carrying many issues 
to new highs for the year. Bonds and curb stocks were irregular 
and higher with Chicago stocks higher arid quiet. Cotton futures 
rose about a quarter of a cent a pound. At Chicago, wheat and 
corn closed approximately unchanged. 
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