One-Third Down . . .

Controls. The Federal Reserve Board set Sept. 20 as the effective date for Regulation W controls on installment buying, authorized by the special session of Congress. Requirements thereafter: a one-third down payment on new or used automobiles and 20% on most household goods, payment of the balance in 15 months (if less than $1,000) or 18 months (if above $1,000). Meanwhile the trend toward higher interest rates, which the Treasury and FRB had started by upping their short-term and rediscount rates, continued; the Chase National Bank raised its rates on call money (brokers' loans) from 1 1/2% to 1 3/4%.

Stocks. After the dullest trading day in |f our years (a 460,000-share turnover), the stock market perked up, closed the week with the Dow-Jones industrial averages UP 3.97 to 183.60, rails up 1.93 to 60.72. Volume totaled only 3,075,852 shares for the five-day trading week.

Pension. The United Mine Workers, which achieved the fattest pension plan in U.S. industry after a two-year battle, announced that the first checks ($100 per month to 20-year veterans over 61) would be mailed next month.

Collateral. Packard Motor Car Co., which split its stock 5-for-1 in 1929 when it sold above 160, was ready to reverse the procedure. President George T. Christopher announced that he would ask stockholders to turn in their stock, on a basis of either i share for 5, or i for 3. It would make Packard, now selling below 5, more respectable and more acceptable as collateral.

Commerce. The Department of Commerce said that U.S. exports slumped 8% in June, down $89,800,000 from May's $1,102,900,000. Imports rose $66,300,000 to $615,600,000. Much of the import increase was due to a phenomenal step-up in British exports to the U.S. For the first six months of 1948 they ran 50% higher than in 1947, and paid for one-third of Britain's U.S. needs.

Meat. In Chicago, steers brought $41.35 per 100 Ibs., 10-c- higher than the previous alltime record; hogs brought $31.85, 35-c- over the previous record which had stood for 15 days. But the price of corn, meat's raw material, was already coming down: prospects of a bumper crop drove corn down 6-c- to 13-c- a bushel during the week.

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