Indianapolis Times, Indianapolis, Marion County, 22 April 1937 — Page 14

PAGE 14

RISE IN LIVING COSTS IN 1937

HELD UNLIKELY

Wholesale Prices Still 13 Points Under ’26 Level, Writer Points Out.

Times Special WASHINGTON, April 22.—Prices probably will not rise much more this year unless a major war starts, Norman T. Carruthers predicts in

the current Magazine of Wall Street. |

Carruthers points out that wholesale prices are still 13 points under

the 1926 average, despite recent ex- |:

citement about rising costs, and he ventures a guess that, “barring war, the 1926 level will prove a formidable resistance level for the commodity markets to shoot at.” “This,” he adds, “is by no means to hold that the present price advance will carry that far without interruption—but if it should why get excited about commodity inflation? We did not regard commodities as inflated in 1926.” Carruthers points out that when the rise started last November, monetary and credit conditions were just as they had been for months previous, and the armaments race did not start in that month.

Stocks Accumulate

“What happens is this,” he says. “In a great depressioh surplus stocks of commodities accumulate and a portion of productive facilities goes out of use. In recovery surpluses are gradually worked off . . . and eventually there comes a time when capital goods begin to hum, rapidly expanding demand for basic commodities. “Primary producers are surprised by the rapidity of the change in the supply-demand equation and are not prepared for it. It takes time to put long-idle productive fa-. cilities back to work. Speculators in commodities leap at the opportunity. Shortages quickly appear— and we have the abnormal and usually temporary phenomenon of a sellers’ market. “The backbone of the sharp price advance of the past five months has been a much broadened demand for commodities created by expanding activity in the .capital-goods industries—steel, building, machinery -and equipment of all kinds; this on top of a high level of activity in consumers’ goods and consumers’ durable goods, and in a setting in which surpluses had largely evaporated.

1926 Base Period

“Secondary = and contributing causes have been overrapid raising of wages in manufacturing industry and the world armaments race— both very important but nonetheless secondary. Forward buying and rampant commodity speculation, especially in the London market, complete the picture. “Go back over 140 years of .American price history and you will find that in only a dozen of those years did commodity prices go any important distance above the 1926 level, which is the hase pericd taken in the wholesale index of the Bureau of Labor Statistics. Over this period there were three violent price inflations, each caused by a major war— 1812, 1861 and 1915-1919. Each was followed by a painful deflation in which most everybody suffered worse than they had suffered through the increased cost of living while the inflation was on. “The point is this: It took four years of the biggest war the world has ever known, in which the cash cost was upward of $150,000,000,000 and in. which tens of millions of workers were withdrawn from production of peace goods. to lift the American price level 55 per cent above the 1926 average. In a very few months after that peak was at- _ tained, prices were back under the 1926 base level.

Drought Raises Prices oo ‘Looking back over that record of price fluctuation$§ this writer is impressed by the fact that production has always, and rather promptly, been able to meet any demand for

goods, without runaway price rise, |

except under conditions of actual war.” For persons to whom food is the chief item in the family budget, the

outlook is equally encouraging. High!

Funeral Set |

Funeral services for Miss Naomi Snyder are to be held Sunday in Liberty, her former home. Miss Snyder, 20-year-old beauty college graduate, died suddenly yesterday in her room, 3625 Prospect St.

CLEVELAND CLAIMS ACCURATE TIMEPIECE'

By United Priss CLEVELAND, April 22.

— Case

School of Applied Science believes |:

it owns the world’s most accurate clock. It has a variation of only 17 ten-thousandths of a second per day.

food prices have resulted from drought and abnormally cold weather in parts of the country this last winter. But Secretary of Agriculture Wallace recently predicted that larger crops will be available next fall and food will cost less. Figures recently submitted to Mr. Wallace by Louis H. Bean, his economic adviser, indicate that the family food bill is still 21 per cent below its 1929 peak. “The various processes of recovery,” Bean reports, “have increased average earnings by $187 per employed worker, of which only $69 goes for increased food cost, and $118 is available for industrial products and other nonfood expense items.”

REPORT NOTES MAJOR GAINS IN STATE BUSINESS

Payrolls and Employment Near 1929 Peak, I. U. Bureau Finds.

State business and industry showed a substantial improvement during March, compared with last year, according to a report compiled by the Indiana University Bureau of Business Research. While business was improving, payrolls and employment were increasing, the bureau reported. Drug stores, automobile sales, coal mines, steel mills, milling companies and electric generation contributed to the reported favorable trends. Despite unfavorable pre-Easter weather, department store sales in March almost equalled 1929 records, the report showed.

20 Per Cent Gain Reported General business activity was cal-

Iculated at approximately 20 per cent |

above the first| three moenths last

year and only 8 per cent less than in 1929. Meanwhile, although grain prices | declined during February, a rise in | March and predictions by Purdue | University of the best wheat crop’

during the last five years brought agriculture “favorably into the economic picture. Coupled with a 7 per cent increase in the demand for farm labor were reports of increased wages in that field. Rising above the customary seasonal losses, hog receipts gained substantially over the previous March reports, the bureau said.

Construction Trend Upward

Construction showed a marked increase over the previous first quarter, according to the report. Building permit values from 44 representative cities amounted to $3,712,876 in March, compared with $2,019,252 a month before and $2,841,493 a year ago. Bank debits were more than 30 per cent above March, 1936. and life insurance sales compared favorably with like periods during the last four years. Wholesale prices established a new seven-year high mark. The general business index, corrected for seasonal variation, was set at 128, compared with 87 in March, 1935, and 106.5 in March, 1936. The 1921-35 average was used as a base.

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THE INDIANAPOLIS TIMES

FIVE COUNTY PUPILS IN CONTEST FINALS

Vie for Latin Excellence At Bloomington.

Times Special BLOOMINGTON, Ind. April 22.— Five Marion County pupils, representing Ben Davis High School are to compete tomorrow in the final round of the 14th annual state high school Latin contest. They are Grace Whyland, Rachel Blanch, Eva Oltean, Berneice Murry and Virginia Poe. The Extension Division, contest sponsor, is to be host to 89 high school pupils, winners in the four preliminary divisions. Latin teachers are to be enter-

tained at a tea given by President '

Emeritus and Mrs. Wiliam Lowe Bryan. Winners are receive awards Friday night at a a

Miss Leona E. Massoth, Indiana | University, has been named chair- | man of the American Association of Social Workers, Indianapolis chapter. ; Mrs. Blythe Francis, social service department part time lecturer, was named vice chairman. Others elected were Mrs. Ruby Strand Inlow, nominating committee chairman; Miss Louise Kiersted, membership committee chairman, and Allan Bloom, nominating committee member. —————— NAVY ENLISTS TWO HERE Raymond Glen Rhodes, 937 Massachusetts Ave., and George Howard Shideler, 2129 E. 12th St., today started a three months training course after enlisting in the

Navy. They are at the Great Lakes Station.

KING DEATH LAID TO HEART DISEASE

Heart disease se caused the death cf Michael King, found dead in the rear of his home at 5138 W. Washington St. two weeks ago, Coroner E. R. Wilson said in a formal verdict today.’ Mr. King was 37, and

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