August 28, 1949

CHICAGO, Aug. 27 -- Calumet Farm's Ponder today ran the fastest mile and a quarter ever raced by a 3-year-old steed to win the $88,450 American Derby at Washington Park and establish himself as the champion of the year in his class.

New interest in investments in Latin America became apparent here last week with word that that troubled area's dollar problems would soon be solved.

After nine weeks of advancing prices, the stock market had its first real correction last week. Although the profit-taking was healthy for the technical position of the market, it also reflected uncertainty on the outcome of the steel-wage discussions, Congressional action on new legislation and coming developments in the international monetary situation.

Although the Federal Government so far has limited its price-support activities almost entirely to agricultural products there is a determined movement reportedly backed by the Administration to extend these to other fields. Last week the Senate Interior and Insular Affairs Committee unanimously approved a measure that among other things would set a minimum and maximum price the Government would pay for metals or minerals.

In one of the gamest uphill fights that over electrified a tennis gathering. John Bromwich and Billy Sidwell did the seemingly impossible yesterday to defeat William Talbert and Gardner Mulloy and keep alive Australia's Davis Cup hopes in the challenge round at Forest Hills.