Indianapolis Times, Indianapolis, Marion County, 3 April 1946 — Page 7

L 3, 1946

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| WEDNESDAY, APRIL 3,

BUSINESS—

1046

| SNYDER SEES U.S.

_ IN MIDST OF 800M

Reconversion Director's” R Report W Warns of Continuing

Danger of Inflation

Setback in Economy.

By MERRIMAN SMITH

United Press Staff Correspondent

WASHINGTON, April 3

~—America is in the middle of

a boom and must watch out for inflation, Reconversion Director John W. Snyder reported today.

In a quarterly report on the national economy to President Truman and the congress, Snyder said:

“Total civilian production now stands at the highest

level ever reached by the nation, in war or peace, an annual rate of more than $150,000,000,000.” But he warned that ‘pressure toward inflation” is a “most serious threat” to . successful completion of reconversion. He called for prompt extension of price control, Despite wide-spread shortages of eonsumer and business items, American buyers found sufficient goods to keep the Christmas.boom going into the first three months of 1946, Snyder said. Production Losses “Ordinarily,” he added, “the rate of consumer and business purchases together would have fallen by $10,000,000,000 to $12,000,000,000 after a

Christmas boom as large as that of 1045,

“But this year the upsurge in demand and output was such that private expenditures in the first quarter actually equalled those of the Christmas boom, “Consumer purchases - fell, but those by business enterprise rose.” Snyder sald labor-management disputes had caused production losses during the first quarter of this ‘year. “These losses slowed .down the flow of consumer goods to the market and increased the inflationary pressures which stem from shortages in the face of huge demand,” he said. “The quarter has been sobering and difficult, but tremendous gains have been made and, as a result, we are moving steadily and swiftly toward our goal of an ever-rising standard of living, creating hundreds of thousands of new jobs as we move.”

‘Solid Gains’

Snyder reported these “solid “Major issues of wage and price adjustment have been met in a way to stimulate production without losing vital ground to the force of inflation. “Labor - management contracts established in many major industries under collective. bargaining should assure uninterrupted production. (Snyder's report was prepared before 400,000 coal miners went on strike this week. The walkout threatened sharp curtailment of steel production soon and an ulti-

MEN'S FELT HATS

CLEANED and BLOCKED

OHIO

mate slowdown industry.)

“Vigorous programs have been formulated to meet the most critical shortages, most notably in textiles and housing.”

Snyder sald “non-agricultural employment is higher now than before V-J day.” Total employment, exclusive of farm help, was 44,700,000 in February, according to Snyder. Average Unemployment “Private wage and salary payments, which dropped to an annual rate of $75,000,000,000 after V-J day, have now returned almost to the pre-V-J-day level of $82,000,000,000,” he said. . From Oct. 1, 1945, to the end of the ‘first quarter of 1946, Snyder said, non-agricultural employment went up 1,500,000. He described this increase as “a bigger rise in employment than any we experienced even during the war in a comparable period.” He pointed out, however, that while unemployment was still below 3,000,000 in February, transitory unemployment probably would ine crease during the current quarter He estimated average unemployment during this quarter at about 3,500,000. Snyder said increased production during the second quarte. would relieve the pressure of excess demand to some extent, but that the danger of inflation would continue.

of all heavy

Hoarding Incentive

increase in income promises well for the future relief of inflationary forces, but for the present the maximum rise in supply relative to demand which is possible will be far from sufficient to eliminate the upward pressures upon prices,” he said. Calling for “prompt renewal” of stabilization legislation, particularly price control, Snyder said: “The mere possibility that the stabllization powers will be weakened can undermine the program in several ways. “It gives every seller an incentive to hold his product off the market in order to take advantage of possible price increases, and it gives every buyer a strong incentive to buy ahead as far as he can. “Thus, . anticipation of higher prices creates shortages that would not exist if people knew that stability would be maintained.”

_ Snyder said today what many a

“This rise in supply without an |«

BID FOR NYLONS CALLED HIGHEST!

Pent-Up Demand Creates

Problem, U. S: Finds.

WASHINGTON, April 3 (U. P.).— Reconversion Director John W.

woman knew already—that customers are competing more vigorously for nylon stockings “than for any other product sold at retail.”

and President Truman, Snyder cited women's stockings and woolen apparel fabrics in a discuesion of pent-up demand and inflationary pressure. In nylon hose, he said, the shortage is aggravated by distribution difficulties, He estimated 1946 production at not more than 360,000,000 pairs. This would be about six to every customer, Snyder said, “if they could be equitably distributed.” Wool a Problem “The problem in wool,” he continued, “is to channel fabric supplies away from the sources of

SCHOOLS ASK FOUR SURPLUS CHANGES!

WASHINGTON, April 3 (U.P) — Representatives of 22 national education organizations today asked four changes in surplus property disposal procedure aimed at routing more surplus war goods into use by non-profit schools. They sought permission .to buy surplus goods at the cost handling plus care, 30 days vance notice of sales, a chance to purchase in smaller lots, and set-asides of certain quantitief to fill orders placed in advance with the federal

Hog Market Unchanged Here

With Receipt

SHOE REPAIR

45-47 WEST, OHIO STREET

The hog market remained unchanged here today at the Indianapolis stockyards on receipts of 5225, the U. 8. agriculture department said. The 825 cattle also held steady, and the 425 calves continued to sell

office of education.

of 5225 Today

In a quarterly report to congress|

firm, ordered to dispose of holdings

Cincinnati tool concer

be changed like a battery.

LOCAL ISSUES

Nominal quotations furnished by Indianapolis securities dealers:

A

Bid. Asked t Fin Corp co . Agent Fin Corp i *

rp 5 100 H J Williamson Inc 58 55.... 98 “ee *Ex-dividend.

NORTH AMERICAN CO. FACES DISSOLUTION

PHILADELPHIA, April 3 (U. P.). —The gigantic North American Co. with utility holdings of 17 states, today faces possible immediate enforcement of a security and exchange commission order to divest! itself of all utility operations except the single system of the Union! Electric Co. of Missouri. The holding company's four- -year | fight against the SEC order came to a sudden end Monday in the!

the legality of the “death sentence” company act of 1937. The commission now will decide whether the multi-million dollar

valued at $190,000,000, should be

given a reasonable period to comply certain how much wheat was stored or whether the SEC should appoint! away on the farms. a trustee to carry out its 1942

gp — Gets Good Milea

The midget auto pictured heré will soon be placed on the market at the lowest price in American automotive history. Developed by a the three-wheeled two-seater will sell for about $450. It travels at a speed of 45 to 50 miles an hour and averages 65 to 75 miles per gallon of gas, according to the company. The car has no clutch, and the two-cylinder motor, located in the rear, can

SEEK TO SPUR SALE OF GRAIN

WARMTH AIDS

Is Reported.

Unusually warm weather last week spurred grains and field work, the Indianapolis weather bureau said today in its weekly crop bulletin. A temperature of 82 on April 1 set a new record in Indianapolis, and temperatures reached 80 over almost {the entire state during the week.

Pears, Peaches Bloom

high. '. Meadows and pastures are

are already furnishing some feed.) Pears and peaches are blooming in central and southern Indiana, |and gardens have been started, the report said. Much plowing was reported, and some oats and clover were planted. Some potatoes are being planted in the extreme southern part of the state, and a few peas have been planted for canneries,

WORK IN FIELDS

Planting and Much Plowing,

Tests Will Land Blimps on Ocean

AKRON, O., April 3 (U, P).— Goodyear Alrcraft Corp. today announced resumption of experiments seeking to enable the ~navy's lighter-than-air craft to land on the ocean and anchor. A type “L” naval traning airship, of the same size as those in the Goodyear pre-war air fleet, has been fitted with - pontoons made of rubber instead of metal and will be used in the tests to show how evenly the blimp can ride waves in a wind, and will - also be used to try out various types of sea anchors to hold the

Wheat is reported in good c¢andi-| tion, with the best 10 to 12 inches,

making good growth, and pastures

ship at a given point. Tests will be made on Lake | Erie in co-operation with the coast guard.

SEES 509 DROP IN STEEL OPERATIONS

NEW YORK, April 3 (U, P).— The magazine’ the Iron Age predicted * today that steel operations will drop below 50 per cent of capacity if the soft coal strike continues for four weeks, or more.

.| vailed on March 31, 1046.

and’ dinner was held Sa the Lincoln hotel, with the anapolis “office and branch at Pt. Wayne, Evansville and catur, Tll, participating: Service awards went to lowing employees: Archie 20 years’ service; Ring Seorye 8. Colby, William R. nil Frank Sexton,

Brewer, Wilburn Coffey, Willig B B. Fenstermaker, Fern Gilmore, Fre«

Charles Meo, five years. president, who also

service awards,

HIKE KOSHER BEEF WASHINGTON, April 3 (U. PJ.

The treasury ruled that pay- | ments received by farmers who select a market price on or after! Jan. 1, 1947, may be reported for tax purposes as income received in 1047. * Based on Speculation

The program was aimed at break- | ing a log-jam of wheat piling up!

supreme court decision upholding |

| official said. clause of the public utility holding/|

in farm storage bins because farm- | {ers are hoping for price increases. | Officials admitted the plan was | based on speculation but indicated {it seemed the only way to get! wheat | | “Farmers have bene speculating | all along by holding their wheat - hoping for such an increase,” one > “We are offering to let them continue speculation—but | with paper, We need the wheat.” The department said it was im- | possible to estimate how much! wheat could be obtained through | the program because it was not

} {at ceiling. divestment order. I8 $. lilinois (Just Off Wash.) || The 475 sheep were unchanged. Under the holding company act, companies have one year to comply! GOOD TO CHOICE HOGS (52%) Gonder 4 STABLES with a divestment order, but if due| . a ) diligence is exercised in ing | { Butchers 800-1050 DOUNdS ............ 2.00913 50 | G18 carrying ENJOY EXTRA 120- 140 pounds ...... ooo HI S0QL Medium. uu n i a forward plans to comply with the] i CONVENIENCE: 160- 300 pounds a 18 PU b Bh TRERTOr { ui Ones: an additional year may be SR). - 330 pounds . we I granted. ‘Bank by Mail ot an Ol POUR vse. «+ [email protected] Sr 49) asm leer TAA ri 8 160- 220 pounds .....+ e000 [email protected] Good and choice ............ 14 i ELECTRICITY LESS OTL \ AR AMERICAN Sod to nies 0s Sows Common and wedium —isien 000 17. NEW YORK, April 3 (U. P).— Ine (u EI. 270- 300 POUNAS .....vverenns 14.10 J Nation-wide production of elee~ [NATIONAL BANK Balad) POUL (ueserirvines He ST a8 Slowly surted:.... 1000 215.75 tricity during the week ended March 400- 450 POUND «vererrreress 14.10 Common 1, 8008 -:-oee ee 180814 15/30 dropped to 3,902,283,000 kilowatt | '( Sapo roves Comorotan Poudre [email protected] hours from 4,017,310,000 in the preSlaughter Pigs LOCAL PRODUCE vious week, the Edison Electric InMedium to Good— stitute reported today. 90- 120 pounds . [email protected] CATTLE (825) PRICES FOR PLANT DELIVERY TRUCK WHEAT Steers ultry: Hens, 4% lbs. and over, 32¢; ae 1%; Leghorns, 18¢; springs, 4 Chole 0 pounds . [email protected] ibs, and over, 32c; 7 under, 200; Ahorna Indianapolis flour mills and grain ele-900-1100 pounds ............. [email protected] | 18¢: roosters 18c: ducks § ibs. and over,|vators are paying $1.73 per bushel for pow 7.000 18.05 t, 15c; geese, 20c; ca bs. | No. 1 red wheat ‘(other grades on their 9100-1300 pounds “rssatessnen 11001808 i over, 30c; under, 23c. merits); oats, white or No. 3 red ide Ton me rr marae He ae ae, 1% int | ne af of weet nde, 1 CE : | Yet ride a00-1100 pounds ee igs 28¢c; no grade, 325c. * white shelled corn, $1.26. Ac H 8 abba Nnner- pring 1100-1300 . iB: ! in Extra 1300-1500 pounds [email protected] Medium. [email protected] Comfort 1100-1300 POURS +. sesrenerss 14.00915.78 They are for YOU to Snooze on because they ® — FAST, FREQUENT 700-1100 POURS «+. eee vv [email protected] are the VERY BEST Sleeping Equipment B Hun that can be purchased! US SERVICE [oo 600- 800 ds [email protected] | ee ee BETWEEN + ooo 800-1000 wire [email protected] NOTICE TO HOLDERS OF This is what you get . . . NEW PORN CIICAGO f0r:100 pousas 11%08ele * Matched Inner-Spring Mattress and $ s Mediu . Box Spring. : 500 900 pounds Lie... ‘enens 13.25015.00 | PITTSBURGH:DALLAS * White or Blue Tailored LOS ANGELES C00 900 pounds ..iveiienaes 11,00013.25 % i Ti E $ & E RY i C E C & M PA M Y Leatherette Headboards. uw ano Cows (all weights) #* TWIN or FULL SIZE BEDS, OOM savin iiss snins . and Intermediate Points |(,, EE Eis 5% Debentures Due 1950 NOTE: We have Hollywood BEDS from 84930 For Inf nation utte . “en ! Canner .. : 8.50 and even have them for the KIDDIES! 239 N. Capitol Ave. Bests Bulls (a ‘weights) LL 3750 ee : Good (all welghts) ......... [email protected] pe : : . iis ape (all weights) 2 a ” Citie} Service Company is calling $35,000,000 principal D tt Medium © 1018G12.00 amount of its 5% Debentures due 1950 for redemption on aveneries . . . CALVES (426) June 1, 1946, at 102. This amount constitutes so large a pro- Gun, Kamp Jo0 oe Bods) Sommon ad meditnn eerrs I NOIT portion of the total of such series outstanding that a substan- TE NELVET— Chivisry snll ‘Bosker’ Catite ‘st oboe? tial number of the holders thereof will be affected. 95 Steers Choice $ . 4 300-300 pounds ............ 115081478) - After June 1, 1946 no further interest will accrue upon 0 = —— pT ——— i _ such Debentures as are called for payment on that date. Deferred Terms are $6 Month with bedding bdx, tailored arms, , The individual numbers of all Debentures called for redemp- and glide-trom-the-wall features tion may be obtained from the Company or from the Trustee, opening. one. of "these. You wil MerriLL LyncH, PIERCE, FENNER &B EANE The Chase National Bank, 11 Broad St, New York 15, N. Y. beautiful soles than thes. Underwriters and Distributors of Investment Securities $60.95 to $139.50 4 Brokers in Securities and Commodities

Circle Tower

}

*

0. J. HoLpEr, MANAGER

Offices in 88 cities interconnected by our private wire system. Outstanding securities research information available,

Indianapolis 4 p

Telephone: Market 6591 : t

e " " ef Te (HHA i

This motice is published as a service to all persons affected. It is mot intended mor is it to be construed as peing the formal legai notice of redemption.

CITIES SERVICE COMPANY Sixty Wall Street, New York 5, N.Y,

‘ . iota —The OPA today authorized aver- . 20 “Such a situation,” the trade greatest profit into the areas of Amer States pid ives u 25 LOANS, INVESTMENTS journal said, - “would be another age Jhereases of approximately greatest need. = = |Amer States cl B .... oy. WASHINGTON, April 3 (U. P).|blow to reconversion and to the a. eile of » cen. a) Jog “The area of greatest profit is/k i" | Certificates May Be Held —The downward trend in combined forward movement . of - the heavy owl \s effective April 3. No in women's apparel and high priced 40 : 2 loans and investments of Federal steel ‘demand and production now at oe na pie pi ito men's suits; the area of greatest - For Higher Price. Reserve system member banks in existent.” ha th n 2 ws a pound. Only need is for men's suits priced be- 3 wid : 101 leading cities continued during] The magazine estimated that the cooked a me os beef aiid and low $35 at retail.” "1 WASHINGTON, April 3 (U. P)). [the week ended March 27, with theYnation's steel mills will operate this pastrami will be allowed the maxiSnyder said that about 50 per| om |The government offered the total Off §323,000000 to 865975000, week at 87 per cent of rated capac- [PHF AT W increase of 3 contd’ & cent of wool fabric is now goin a : {000, the system disclosed today. ity, a decline of 2% points from Pp going 18% into women’s clothing. The per- 6% 7a farmer a safe chance to gamble on 2: last week. It added. however, that|Pound. Half of the ceilings on the centage. before the Wai ‘Was|ioouSius ds deckatn dick 108% future wheat prices today .in an| INDIANAPOLIS CLEARING ovis. a sharper drop is in prospect for kosher Products are unchanged by about 40, Roo Du SS, Sa © %% ...leffort to pry loose more grain for | Tosee Yond rire 16, 100.000 NeXt week. e order, Snyder cited government esti- fndpis Mich eon "hi pra: ilk 1 shipment to famine areas overseas. | — mates that te over-all demand for |p Indpis P & 1 pre @ ate 114 | Under the plan, the agriculture anapolis Water pid ..... “s 3 10.000.000, controsted win) pxoeed | tnapis Water Class A com .|.'3i 2 |department will buy up wheat for ,000,000, = |Indpls Railways com ........ 18'2 20 |immediate delivery and pay for it C L L —WR | TE a1Y. Dioguntion 4 pean Shudal Tne K 5° '3 |with certificates. The farmer may — A "0. BY A, 00,000 suits. 100 cash in the certificates any time y . Avoid Diversion - 1ii;|before next’ March 31 at whatever L] nco | n | 588 23 1 Ww. Washington St. One method of attacking the % R Mal EE daayeviest u a prices prevail at the time. The worst stocking shortage, Snyder said, is a Mastic As phalt® in C210 11 ' he can do is get the price that pre-government-developed = plan for i. 100% mn" vailed on March 31 of this year. 4 avolding further diversion of rayon Progress Laundsy com 21 .- Market Immediately WE : | ays yarn from the hosiery industry, (IUD Sey of Ig 8%%..........8 01 Although the plan does not assure are alway The most acute shortage in the|Ross Gear & Tool com 1 d to u entire textile field, the reconversion|S0 1nd G & 8 4.8% pid. 114 |the farmer of a price increase, it a ve yo L » LE TECOnversion |g; ejy.van camp pt ... 22'2 | does permit him to send his wheat director said, was in cotton broad- Stokely-Van Camp com to market immediately and take a informat or take erre Hau woven fabrics. Total production |y™g . ob ¢ |chance that prices will rise before our PHONE and for the year was estimated at 10,- Quite 23. Co 5% “*|he claims payment. ainsi man com . RTS TRININ Jerse 000 2 So - American Loan 4%s % ” leniever the lavmer decides he AlL ORDERS! BN American Lo 6... 97 :.:{would do well to accept the current | Sum abrie for domestic and ex- Bunner. Pertiiser a 54. .us.. 88. °+|price, he is simply required to notify | “Behind th d d” h id, TS Ind BE Lu gi = the Commodity Credit Corp. in| are bo oti Sn ’ e Sal elu, Sb 1148 38. .v.c.\: 3 ag writing that he wants payment on ures. R 58 56.......v.0..0 aw tol Mill te oh SUNY Djwuse Indpis P & L 3%8 90. ore. 107 ...|his certificates. | po Indpls Railway Co 5s $7... 94 ” Agriculture department spokesto their salesmen of cash payment |Ind Assoc Tel Co 3s 75...... 104 cis of thousands of dollars merely to|IdPis Water Co 3is 68 ...104% 108 | men sald farmers who fail to notify | ; y Kuhner Packing Co 4s 54.....100 .-| the CCC of the date at which they : accept an order. - Every yard of ({N Ind Pub Serv 3%s 73 ..... 106% 108% fo an int in Pub Serv of Ind 3%s 75.....108% 110 |want the purchase price pegged y po fabric, regardless of ity construction, | pup Tei «las 85 o.oo. 100 will be paid the price which o] can be sold.” Trae Term Corp 55 67 ........ 97 pre-1

These Are NOT for Your Spare Room .....

Moin

Deferred Payments are $1.00 per Month

EACH

Fenstermaker, W. W. Cart rSommer, and John LA years; Willlam A. Armand, Thomas Bailey, Thomas Bordon, Mary Jane

mont F. Keller, Milton Marks and Returned servicemen were wel-

comed by J. Ralph Fenstermaker, presented the

ne

.