Indianapolis Times, Indianapolis, Marion County, 19 September 1946 — Page 18

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"THE -INDIANAPOLIS TIMES

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___ THURSDAY, SEPT. 19, 1048 |

“Installment Buying Checkrein Faces Industry Attac

y posing Congress Make . Controls Permanent.

_ Beripps-Howard Staff Writer WASHINGTON, Sept. 19.--Busi-ness and industrial groups were mobilizing today for an organized attack against the government's five-year-old checkrein on installment buying. Representatives of manufacturing, merchandising and credit organizations have been summoned to a New York conference Oct. 17 and 18 to start a campaign for repeal or modification of the federal reserve board's controversial “regulation W.” This rule, in effect since Septem= ber, 1941, requires down payment of one-third of the purchase price on most items of consumer durable or semi-durable goods and limits ths length of installment contracts to 12 months. Bank Interests Sponsor Meeting The New York conference 2 sponsored by industrial banking interests which fear that strict curbs on consumer credit will diminish the market for many items scheduled soon to reach full production. Against the backdrop of widespread business opposition to re-

eral reserve board is proposing that it’s controls be made permanent by congress. A timely contracting and easing of credit, the board argues, would soften the impact of cyclincal swings in the national economy. The regulation was ordered by President Roosevelt just before the war as a means of combating inflation and reducing demands for scarce consumer goods. It was based on a provision of the trading with the enemy act and hence could continue in force for six months after the official end of hostilities. Some Favor Retention

= The Retail Credit Institute is on record for abolishing the rule and

Gotred Ears

Fine precision-machined parts, originally used in bomb sights and other military devices, have been made into jewelry. Buffed down and gold-plated, brass sprocket chains become chokers and bracelets, as de aluminum and bronze bushings. Earrings are made from fine coiled springs, gear wheels and bushings. At top, Ellen Brooks models earrings made of aluminum sector gears, shown in close-up below. Idéa of novel costume pieces was conceived and executed by Raymond and Marguerite Dood of New York.

against making the reserve board powers permanent. Some merchants have favored its retention, at least temporarily or in modified form, as a means of avoiding un- { bridled competition in the ex- - tension of credits. ] Rep. Wolcott (R. Mich), ranking minority member of the house & ‘banking committee, served notice ¢ he will oppose permanent credit controls for the reserve board. He called for “quick and complete”

lifting of the order, asserting that

“reasonably easy credit results in mass buying and therefore mass production and lower prices.”

ment adopted in July but the exemption was raised to $2000 about two weeks ago after the increase in automobile prices put more cars in

SEEKS HOUSES FOR EVICTEES

| Wyatt Would - Divert Part

Of Veterans’ Homes.

WASHINGTON, Sept. 19 (U, P.). —Housing Expediter Wilson W. Wyatt wants to open 5 per cent of his veterans homes to nonveteran “hardship - cases,” It was learned today. Evicted families would be the principal beneficiaries. Ex-service-men—who now are entitled to first crack at virtually every house built —would continue to claim the remaining 95 per cent. Mr. Wyatt put the proposal before his veterans advisory committee yesterday. ‘The group failed to reach a decision and postponed a vote until a labor meeting, delaying action at least a month. The five-man advisory group pre~ viously has approved hardship permits for non-veterans who are physically handicapped, for former civilian prisoners of war, and for some college professors. 700,000 Homes Started

Of close to 700,000 houses started this year, about 900 have been assigned to non-veteran hardship cases. Mr. Wyatt's proposal to extend the hardship provisions to cover some evictees reportedly drew opposition from representatives of the American Legion and Veterans of Foreign Wars. They voted with the American Veterans Committee to postpone action, The Disabled American Veterans and Amvets opposed a delay. There was some speculation, meanwhile, whether Mr. Wyatt's advisory committee would be affected by the new policy of the V. F. W. and the American Legion not to make public appearances with the A, V. C, : May Alter Stand

Omar Ketchum, V. F. W, legislative director, told a reporter V. F. W.'s position on this committee and a similar group at the war assets. administration may have to be altered. He said V. F. W. cannot continue to participate in any group in which it is ranked as co-equal with A. V. C. A Legion spokesman sgid Legion activity is not affected on government committees “which are not debating societies.” The two world war I groups contend A. V. C., because it admits as members former merchant seaman,

the $1500 range. Other revisions have exempted repairs and improvements on residences and extended from 12 to 18 months the maturity limit on loans made for purposes other than the purchase of consumers’ durable | goods, While most items require. pnethird down payments and the balance in 12 months, initial payments of only 20 per cent are required for

Rep. Wolcott, who will head the | furniture and pianos, and automo- . banking committee if his party | Piles and motorcycles can be paid

wins house control, charged -that|for in 15 months.

the rule “discriminates against lower income groups because wealthier people can pay cash for what they buy.” He cited reserve board figures showing that the lower. 50 per cent of family income groups hold only three per cent of all families’ liquid assets. - Harsh on Veterans The regulation, he added, is particularly harsh on veterans, most of whom have no savings. While the government is making it possible for them to buy homes, it is prohibiting them from financing the furnishings, he said. In January, he said, he will offer a bill exempting veterans. The reserve board rule applies to some 40 articles, including automobiles, tires, accessories, stoves, dishwashers, electrical appliances, jew--elry, radios, refrigerators, vacuum 3 washing machines, furnitute, pianos and clothing. ~The board has modified its rule only slighlty since VJ-day. In-| stallment loans in excess of $1500] were exempted under an amend-|

Listen to “BUSINESS HIGHLIGHTS’

Morrill Lynch, Pierce, Fenner & Beane

. 4 Every night % Monday through Friday

WFBM-—10:15 P.M.

| $10 or less are exempt.

‘B The regulation is not applicable 3 t

to home purchases, but OPA re-

erties, Reserve board figures show that the - regulation has reduced outstanding consimer ‘credit. from more than $10 billion in September, 1841, to $6.7 billion at the beginning of this year. It reached the low

figure has climbed since Jan. 1, which the board says is an. argument for retention of the rule,

LIFE INSURANCE

the Hoosier Farm Bureau Life Insurance Co. for the first seven months -of 1946 totaled $5,350,453, a gain of 64.58 per.cent over the same period of 1945, according to a report by Morley Ringer, manager. In addition to the increase in ordinary sales there has been much expansion in the group hopsitalization program. Twenty-one county farm bureaus now have this benefit available for their farm bureau ‘member families.

U.S. STATEMENT

WASHINGTON, Sept. 19 (U. P.).—Government expenses and receipts for the current fiscal year through Sept. 17 com[Pured with a year &go ‘his Year Last Year $ 8122,780,002 $ 20,039,911,000 7.013,976,795 8,150,365,154 1,108,803 206 11,889,544 336 16,362,762,704 262,730,751,788 20,005,079,602

Expenses Receipts Net Deficit Cash Balance 9.421,375 401 Public Debt 265,571,861, 541 (Gold Reserve 20,284, 888,247

INDIANAPOLIS CLEARING HOUSE Clearings

Debits

Watch Repair Prompt Guaranteed Service FREE ESTIMATES

ALINSON JEWELERS

Monument Circle

of LES--BURNS

May Soiege dees LEON TAILORING Co, Ave. 5% 4

§ *Stern-up” during our 1 program but we're do. | Psy us a visiti

BUSINESS EDUCATION

Strong Aoeounting Bookkeeping Btenographio and Secretarial courses. Day and evening sessions. Lincoln 8337 Fred W Case principal

Central Business College Architects and Builders Buildin Pennsylvania and Vermont Sts. indpis

1 DIAMOND

% WE BUY DIAMONDS

Items selling for b

quires a 20 per cent down payment é in the sale of tenant-occupied prop-|*

point of $4.9 billion in 1944. The!

SALES SHOW GAIN yg 2

Ordinary life insurance sales hy 3

$ 8,442,000 20.10% 00g | UNET,

"BUSINESS DIRECTORY _

an TS

* Wolf Sussman, Ins.

is not a veterans’ organization. They also question its alleged politico-economic activity.

LOCAL ISSUES

Indoor Gold Rush

While would-be prospectors are thronging to the new gold rush at Crescent City, Cal, Paulette Busse, worker at Eversharp plant in Chicago, yawns and goes ahead with her own “prospecting.” Periodically, in the department where gold barrels, clips and caps are made, she sweeps up the floor, which is literally paved with gold clippings from the finishing machines. Her sweepings are melted down and a nice “nugget” of gold is regularly recovered. FLOYD TO ADDRESS LIFE UNDERWRITERS Frederick W. Floyd, of Philadelphia, Pa., executive secretary of the American Society of Chartered Life Underwriters, will speak on “Public Acceptance” at a guest luncheon meeting Monday in the Lincoln hotel of the Indianapolis chapter of the society. Chapter officers to be installed at the meeting are Frank -A. Miller, American National Life Insurance Co., president; Grant O. Q. Johnson, Mutual Life Insurance Co. central vice president; Dr. J. Edward Hedges of Bloomington, southern vice president, and Hilbert Rust, Insurance Research and Review Service, secretary-treasurer. Committee members announced by Mr. Miller are Howard E. Nyhart, Fitzhugh Traylor, Grant O. Q. Johnson, J. Russell Townsend |

Nominal quotations furnished by Indianapolis securities dealers:

STOCKS Bid Aske Agents Fin Corp com vis Agents Fin Corp pid... . American Loan 4'32 58 American States pfd .. American States cl

% pid . Consolidated Industries com . Consolidated Industries pid.. Cons Fin Corp pid .. vay Delta Electric com . Electronic Lab com Ft Wayne & Jackson RR Herft-Jones cl A pid... Hook Drug Co com Ind Asso Tel Co 2 pfd ee B Ind & Mich Elec 4'2% pfd.. COM......r:s 2

pid.

Kingan & Saas Lincoln Loan Co 5'z pfd .... Lincoln Nat Life 5'2 pid .... Marmon Herrington com...... | Mastic Asphalt ..¢.......... | Natl Homes com .."..... J Pub Serv 5%

P R Mallory com . Ese § Progress Laundry com . oe 23 Serv of Ind com

80 Ind-G & E 43% Stokely-Van Camp pid Stokely-Van Camp com...... Terre Haute Malleable........ U 8 Machine com . . United Tel Co 5% . Union Title com .. *Ex-dividend. BONDS American Loan 4's 60 . American Loan 4'2s 55 . uhner Fertilizer 5s 54 . Ch of Com Bldg 4'zs 61 .... Citizens Ind Tél 4's 61 Columbia Club 1's 5s Consol Fin 6s 66 . . Hamilton Mig. Co. 55 56 Hoosier Crown bs 56 . Indpls P&L 3'2s 70 .. Indpls Railways Co 58-87 Ind Asso Tel Co 3s 75 Investors Telephone 3s 6] Kuhner Packing Co 4s 54 N Ind Pub Serv 3's 73 Pub Serv of Ind 3's 75 . Pub Tel 4l3s 35 ‘ Trac Term Corp 5s 57 . H J Williams Inc 5s 5%

. land Southern airlines here.

« | freight 13, | passenger sales representative

-116 ".. |sales

Jr, William A. Clabaugh, Robert I| Blakeman Jr., Joe York, Wendell] Barrett, and Edward A. Krueger,

LOCAL VETERANS JOIN

: ing the army. -

TRUCK WHEAT

Indianapolis flour mills and grain elevators are paying $1.93 per bushel for No red wheat (other grades on their

per bushel, and No. 2 white shelled. $1.84

, testing 34 pounds or better, 3c |

Threaten Your Home Every Day!

Guard against them all _ with a Grain Dealers “All Risks” Personal

LOCAL PRODUCE

Property Floater.

PRICES FOR PLANT DELIVERY Poultry: Hens, 4'2 lbs. and over, 27¢; Leghorn hens, 27c; springs, friers, broilers and roosters, 36c Leghorn springs, 33c; roosters, 16c; ducks 10c; geese, 10c, No. 2 poultry, than No, 1, Eggs: Current receipts, 54 lbs 42¢; grade A large, 50¢c; medium, 45¢c | small, J0c; grade B large, 42¢c, no grade )C

30c

| Butterfat: No. 1, Tc; No. 2, T4c,

B se

1946 dc less

to case

GRAIN DEALERS

| WAbash 2456

" FUR STORAGE Modern Vaults

Call MA-5TI7 BISHOP FUR CoO.

2nd Floor Kahn Bldg.

SECURITIES -

RE-ROOF NOW

“Immediate Application PRIX To

ROOFING AND SIDING CO

5 East Market Street

FOUNDED 19213 re

SERVING THE INVESTOR

COMMODITIES MArket 3501

11 Wall Street. New York « Branches in 35 Cities Write for our Monthly Bulletin on Current Ivivestment Opportunities

MEMBERS NEW YORK STOCK EXCHANGE AND OTHER PRINCIPAL y SECURITY AND COMMODITY EXCHANGES .

AIRLINES FIRM HERE]

No. 1 yellow shelled, $1.74

| MUTUAL AGENCY, INC. | 1740 N. Meridian St, |

FOOD CONTINUES UPWARD CLINE

Retail Prices Here 24.0% Above Year Ago Level.

Retail food ‘prices in Indianapolis keep. going—going up. Between mid - July and midAugust a rise of 6.8 has been noted here which is 24.0 per.cent above the level of a year ago, according to figures of the bureau of labor statistics. The hike in prices during the month ending in mid - August brought the Indianapolis food price index to 170.8 of the 1935-39 average. Before the elimination of subsidies and OPA controls, retail food prices on Aug. 15 were 20.7 per cent higher than in mid-June, which means that the Indianapolis house-

wife on Aug. 15 paid $12.07 for age

basket of food which cost her $10 in June. Higher prices were reported here in mid-August with jumps of 13.8 for flour, 129 for white bread, 89 for wholewheat, and 78 for rye bread. Meats, which were uncontrolled in August, rose sharply. But-

ter fell 5.0 per cent and milk and 1

eggs advanced moderately. While dried fruits moved up in that period 19.6 per cent, fresh fruits and vegetables dropped more than 8.0 per cent. Lard selling for 37'2 cents per pound, was 64.9 per cent higher in mid-August ‘than in mid-July and was more than double the reported price in mid-June. Sugar edged up 2.6 per cent and coffee 1.0 per cent.

Livestock Is Steady Here With Market Very Light

Steady prices in all classes of livestock prevailed at the Indianapolis- Stockyards today in a market:that was too light to make a price test. Yi Cattle, sheep and calf receipts dipped slightly while the 825 hogs, 75 more than yesterday, remained at ceiling.

GOOD TO CHOICE HOGS (825) Butchers

pounds : pounds ... 330- 360 pounds ... Medium 160- 220 pounds : Packing Sows Good to Cholice— 270- 300 pounds .. 300~ 330 pounds ... 330- 360 pounds ... 400 pounds pounds , poun

Medium-—= 250- 550 pounds Slaughter Pigs

to Good 0 pounds .....

CATTLE (425)

[email protected]

Medium 90- 12 . 16.28

Cholce— 700= 900 900-1100 1100-1300 300-1500 Good— 700- 900

pounds pounds

.. [email protected] . [email protected]

pounds ... «eo 18.50 30

pounds 900-1100 p 1100-1300 1300-1500

Medium — 700-1100 pounds 1100-1300 pounds

OMMmMOnN ~~ 700-1100 pounds

[email protected] 17.00 50 17.00 [email protected]

[email protected]

[email protected] 800-1000 pounds [email protected] Good— 800-1000 pounds

800--000 pounds

eese [email protected]

[email protected] YEArs.

00- 900 pounds Cows

all weights) Med Cc C Bulls (all weights)

Boga (ll weights) » Sau Oe

Goo Medium Cutter and common CALVES Good and choice

Steers Cholce—

Ewes Good and choice Common and medium SPRING LAMBS Good and choice? Medium and good Common

LOCAL REALTY

[email protected] [email protected]

13.00913.55 [email protected] [email protected] [email protected]

[email protected] [email protected] [email protected]

Feeder and Stocker Cattle and Calves

[email protected] 00@18,50

1].40g13.30 [email protected] 11,[email protected]

E. K. HAWKINS JOINS

FIRM

C. Curtis Duck,’ president of the

pounds ... “ee 18 30G30.30| Spann Co. Inc. today announced

the affiliation of Edward K. Hawkins as supervisor of the company’s

loan department.

Wabash college.

16:30 newly reactivated ‘ first mortgage

12 so@1e sol Mr. Hawkins was graduated from For a number of

[email protected]| years he was connected with the investment business here. _He was a mortgage loan broker for the J. A. Wichmann Co. for six He lives at 515 E. 53d st.

FIRM PRESIDENT

National Malleable.

Cleve ‘H. Pomeroy, vice president and secretary-treasurer of National Malleable & Steel Castings Co, was elected president of the 78-year-old foundry company at a recent meete ing of directors in New York, The company today resumed di vidend payment with a distribution of 15 cents a share on common, pay« able Oct, 12 to stockholders of rece ord Sept. 28. Previous payments, in the same amount, were made in March, June and September, 1045,

Native of Cleveland The 56-year-old native of Cleves land succeeds Charles H. McCrea, who died Aug. 24. Mr. Pomeroy be gan with National Malleable in 1920 and has held the positions of credit manager, assistant treasurer, trease urer, secretary and treasurer, and was elected vice president in charge of finances and accounting in 1944, A member of the board of directors since 1938, Mr. Pomeroy will retain his duties as treasurer in addition

to the presidency. A graduate of Adelbert college of Western Reserve univeriity in 1913, Mr. Pomeroy was engaged in the investment business prior to joine

ing National Malleable.

AULD [ .

bY a , ere TY IVY 4 Vo RR

Exactly

as Pictured

* Handsome Rich Brown Porcelain Enamel Finish! * Holds Fire up to 72 Hours! * Burns Cheapest Grades of Coal! * Patented Foot Pedal Opener! * Coal Chute for Easier Fueling! * Porcelain Enamel Ash Pan!

TAKE A YEAR TO PAY

5-Pc. Breakfast Set Coffee Tables,

Walnut Finish

Chrome Utility Tables___*11.50 3-Pc. Bedroom Suite ____*79.00

*39.50 *5.85

Pe a on? 5 Pa Nia) i in : PG.

yoy

COAL COOKING RANGES

S407 - 599

® QuaMiy built for long service

® Burns coal or wood

® Deep fire-box— heavy grates.

o Large size oven

® Selection of styles

3-ROOM OUTFIT

(iL

Sofa Bed 29.85 Kneehole Desk *19.85 Veneer Vanity *36.50 Boudoir Chairs *9.95 Throw Rugs __.*1.49, Table Lamps. . 3.95

PF RS

§ CREE DP

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TERIA Bie 2 BY FER WNT Y

Home,

VELOUR

LIVING ROOM SUIT

Durable blue or wine covers. Modern Big, deeply upholstered Comfortable, full spring

d 1 7°

and massive. soft cushions. construction. Wood trim, wale aut finish. Exactly as pictured.

CE EL LL)

Delivered and AER ET IT

NAMED FOUNDRY

Cleve H. Pomeroy Heads @

13.00@14,50 [email protected] | ; 11.00 7.00@ 8.50

; i’ HUES

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Meals

ET OO 00 OE POO Rt

Swift's! PREM

BLUE V

BUTTE NORWO COFFE BOSCUL

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Birdseye-

PICKLI}

VINEG You'll ¢

e Fully Mag: times

¢ Enlar 4x4-c

® Adjus ® Quick ® Stain ® 9-ply

builttions.