Markets to Targets

Grain Prices. Despite the prospect of improved crops abroad, the U. S. Government raised its 1948-49 grain export goal to a near-record 450 million bushels, 20% more than six weeks ago. Skidding grain prices did a quick turnabout, with wheat at one time rising as much as 3-c- a bushel, corn rising 2 1/2-c-.

Management Maneuver. Montgomery Ward's management, bouncing back from a wave of resignations (TIME, May 31 et seq.), took a firm new grip on the business. The remaining ten directors voted to cut the board from 15 members to twelve, with only two new directors to be elected; stockholders would have a minimum opportunity to express disapproval of imperious Chairman Sewell Avery.

Yacht for Sale. The famed 1,969-ton luxury yacht Nourmahal--built at Germany's Krupp yards for Vincent Astor, turned over to the Coast Guard in 1941 for submarine patrol service--was up for sale to the highest bidder.

Plane Profits. For the first half of its fiscal year, Douglas Aircraft Co. had a profit of $424,951, compared with a loss of $752,307 in the corresponding period last year. For the nine months ending in June, North American Aviation, Inc. netted $1,258,185 (v. $303,847). Grumman Aircraft Engineering Corp., which had been flying at high altitude, came down some: for the first half of the year it had a profit of $1,027,707, down more than 21% from last year.

Plant Payoff. Henry Kaiser, who still owes the Government $100 million for his Fontana steel plant, thought he saw a way to pay off the debt: he hiked his prices an average of $30 a ton (on top of the $9-plus increase which he and other steelmakers had just posted). Kenneth Norris, chairman of the Western States Council, .called it "a knockout blow ... by the man who talked so loud about what he was going to do to build Western industry."

Bank Figures. The World Bank wound up its second year with a profit of $4,094,652 (on a gross of $18,703,978), which would wipe out the first year's deficit of $1,063,805 and provide a tidy addition to its capital funds.

Antitrust Suits. The Department of Justice's Antitrust Division filed suit against the Far East Conference and its members--six big U.S. shipping lines and 19 foreign lines. The charge: conspiring to monopolize trade between Atlantic Coast ports and the Far East by setting higher rates for customers who did not give them all their business. In another suit, it accused Decca Records, Inc. and its British counterpart, Decca Record Co., Ltd , of trying to divide world markets by "conspiracy and cartel agreements" in violation of the antitrust laws.

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