Indianapolis Times, Indianapolis, Marion County, 29 April 1947 — Page 10

‘would “use up

eho WHY EN Ta od HARE aac oy ; 4 i NE Har fag . & 3 . a i \ /

Harvard Economist

fous U.S. Public Lessens Chance of Business Recession

Tempers Opinion With

Concern for Price Rise; Backs Truman Policy

By THOMAS SCHROTH United® Press Staff Correspondent CAMBRIDGE, Mass, April 29.— Public caution has lessened the chances of a business recession in the near future, Prof. O. M. W. Sprague, Harvard

economist and

England, said today. “The mere fact that everyone

onetime adviser to the Bank of

is so much aware of the danger of

a recession seems to lessen the chances of conditions so developing as

roc mga depression inevitable,” he said in an interview. “Wholesalers and retailers are far more cautious about the dangers of accumulating inventories at high prices than they were after world war 1." Supports Truman Policy The 74-year-old economist, jong an adviser to governments and banks, tempered his opinion with a concern for the rise in prices. He supported the Truman policy of price reduction. “I am heartily in favor of the President's general program. It is highly conservative and one that should be supported by the business community,” he said. “It reminds me of what Grover Cleve-

plan” in which merchants of Newburyport, Mass., are cutting prices 10 per cent, Prof. Sprague thought it was a good idea. “But is it possible to start prices down at the retail level? It certainly will have some beneficial psychological effects. One must begin somewhere.” ‘Cautious Optimism’ Prof. Sprague termed his outlook for the economic future as one of “cautious optimism.” Once financial and executive assistant to the secretary of treasury, Prof. Sprague objected strongly to the recent tax bill passed by the house. “This is particularly the wrong time to be reducing taxes,” he said. “Taxation is tied closely to the problem of inflation. “A release of money now due to

“ lower taxes will only increase the

pressure of demand on a comparatively small supply of goods, thus forcing prices up even higher. “Probably the only effective means of securing adequate economy in the conduct of government is to associate it with tax reduction. But, instead, if we used any surplus revenue for the reduction of the national debt, we would lessen inflationary pressures. Prof. Sprague said that a $5 or $10 billion reduction in the debt surplus money which would now only be used to increase demand on scarce supplies. Later, lower. interest rates on the debt would release tax money for pur- | chases of the then more plentiful consumer goods.” Here are Professor Sprague’s views on various problems: LABOR—"“I doubt if a er | work week for labor would Weer about a further rapid increase in industrial output. To produce more, labor needs a strong motive like a war. The gain from longer hours would be weakened by less effort. There is a general tendency for

' the work week to be shortened due

to gains from technological improvements.” LOWER TAXES—“The lowering of federal taxes would have an inflationary effect by releasing more money now. If they must be lowered, the strongest grounds for it

Truman Renews Price Cut Plea

Urges C. of C. To ‘Dispel Inflation’

WASHINGTON, April 29 (U. PJ). —President Truman appealed directly to businessmen today to “reduce prices wherever possible at all levels.” In a message to the 35th annual convention of the U. 8. Chamber of Commerce, the President asked the 2500 delegates for all possible aid in “dispelling the inflationary cloud now hanging over us.” His message was read by Presidential Assistant John R. Steelman, Making it clear that he still considers high prices the nation’s No. 1 economic problem, Mr. Truman said:

“No community leaders have a graver responsibility at this moment, or a greater opportunity for service to their country, than our businessmen. “A pressing task of all businessmen today is to reduce prices whereever possible at all levels while steadily increasing production. “By careful planning, by elimination of wasteful methods and practices, by expanding facilities were needed, and by increasing productivity, businessmen can greatly help in dispelling tne inflationary cloud now hanging over us.” Mr, Truman used similar language last week when he made an appeal for lower prices in New York. He warned then of “an economic cloudburst.” The chamber’s board of directors will introduce for action today a Series of resolutions on taxes, labor and prices. The price resolution, it was reported, will take the line that prices should come down “wherever possible” but no formal indorsement was expected of the Newburyport (Mass) community-wide price cut plan,

Hog Prices Ste To 2 Cents igher 7

Hog prices were steady to 75 cents | BR er higher at the Indianapolis stock- | yards today. Top price was $23.50. Cattle trade was steady to

steady to 50 cents lower. and lambs were steady to strong.

GOOD TO CHOICE HOGS (6575)

Sutehary rresrabnees $20. 5831 %/

120- 140 pounds 140- 160 pounds

ey 35a. 50 |

«+s [email protected] | 10 ves [email protected] «es [email protected] | Cesseeensanss 20.

Speers naane

Sersescinnae

would be the need for greater reve-| = ae Sew nues in the states and cities. A low- | 270- 300 pounds ............. [email protected] ering of federal taxes would make| 300- 3% pounds ..... *evarers RUE 8 seene seveses more money available for the states| 360- 400 Pods ttrsentesanie 18. 0018.50 Good~— which are pressed with additional Good. ie en, [email protected] costs. A450. 500 pounds ...sveevee.s. [email protected] Tedi rn NATIONAL DEBT—“It would be | ‘250. 38 pounds ............. 13.50@ 17.36 | wise to reduce the debt as a safe- Slaughter Pigs guard against possible future ex- 90- 120 pounds ............. [email protected] penses. But the present cost of io CATTLE (3%) the debt is not excessi® and with | “760. 500 pounds ol an increase in productivity, the So-1100 Rounds . 24.006 26 50 burden will become lighter, The 1300-1500 pounts’ ...o0a1 24. B$en.x 00d trend should always be to lower |“ 900 pounds [email protected] the debt, of course. But the ceiling Jou.110 pounds .... 21.7524, % on the national debt depends on 1300-1500 De oe : +32 RNgn% the attitude of the people. If they |Medium— 700-1100 pounds ............ 18.00 23,50 strongly favor the purposes for | | 1100-1300 POURS ...ovaiiersss [email protected] ommon-— which it is incurred—such as the |C5mmon pounds ............. [email protected] war—it can increase rapidly with- HEIFERS » Cholce— out loss of confidence. 600- 800 pounds ........ 2525.00 ECONOMIC OUTLOOK—“T feel 20 1800 pounds ...eiviees., [email protected] hopeful that, even though industrial | 600- 800 pounds ............ [email protected] prices may not decline materially, oe 1100 pounds. ....cco00v4n [email protected] we won't have a further increase | 2% 500 POUNAR vsnevsasivine 16.50 @21.50 corresponding to that which has| Coo 900 POURKE .ouvueeiinnes 14.00916.50 taken place in the last 12 months. Cows (all weights) If the upward movement of prices | Good + [email protected] Boh Medium veviiiee.. 15.000 16.50 8 chedked we may go forward with Cutter and common .......... 11.75@ 15.00 a reasonable measure of optimism | Cenner cnt TRGB Bulls (all wel hts) in the immediate future. At present | Beet— 4 i #2 moderate tendency downward— Sausage ih 1.009178 especially In food and clothing—will | 00d ...........ooniite. Kaol12 probably give a situation with fair| Cutter and medium .. ''" 12.00@ 15.50 prospects of continuing prosperity.” CALVES (725) Good and gholcs aes . 22.507 25.50 ommon and medium ........ 11.00 5 Truck Wheat Culls (75 pounds up) 7.006 11.00 Feeder and Stocker Cattle Hh Calves Indianapaiis a ml Is apd Sein ele- | Cholce— Bleeny y per bushel for No.| 500- 800 pounds ........ essere 18.50@20,50 1 truck wheat; new No. 2 11 - a aE No. 3 “nid “corn, corn. | S0:109 pounds ...... Serres 18.00919.00 , oats testing ounds or | 500- 800 POUNAS .+...evevees. [email protected] tier. 8 ellow ploybeans, Ww per cent! 800-1060 pounds ......... F i van S00-1050 POUNAS “.u.uvesiana, [email protected] 500-1000 pounds ............ [email protected] Common PAUL E 500- 900 pound + [email protected] DO SHEEP (875) ara ose BOER vw assivs inning - Funerals Goud lo’ chaice pi eares 2 [email protected] of Character um and good .......... 16.00@ 20.50 Distinction With g TCOmmOn Leo. it [email protected] Ewes (S8horn) on als | Good a HOB. u.uusvinuies 8.00 \ Msendan, on duty a Common and medium ........ 7.00 2.90

TE fore r, IRvington' 1173

USSES

DOMINAL

20 a

i ———————————— BOOST AT GREENCASTLE GREENCASTLE, Ind., April 20.— At a special meeting, the Greencastle school board, voted to adopt a new salary schedule for local teachers. T. A. Kleckner, city school

-e. 23.25@33. so in

@%. [email protected] | Kingan & Co

Firm Appears To Have Good Chance for OK

Increase Would Be First Since 1926

“By RICHARD LEWIS

1926. The company presented its entire case for the increase before the Indiana public service commission yesterday. It was one of the briefest presentations on record for a major public ‘utility. In contrast, Indianapolis Railways, Inc, has been arguing its rate case for three years. Haven't Found Any Flaws

The public's representatives in the case—State Public Counselor Glenn Slenker and Corporation Counsel Arch Bobbitt of Indianapolis—have not yet been able to pick flaws in the company's case. They began to “study detailed financial evidence by which the company supports its plea today, in preparation for cross-examination of company witnesses and rebuttal at later dates. The company is asking a statewide rate increase in exchange and toll service rates sufficient tq produce $2,300,000 additional nef revenue before taxes. Compensates for Higher Costs This would compensate it for increased costs of operation, particularly higher costs in construction for wider service. For the 124,059 users of main telephones (exclusive of extension) in Indianapolis this would mean an exchange rate increase of 25 cents a month for residential phones and $1.50 a month for business phones. Rural business phone rates are excepted. No increase is being asked for them in, Indianapolis area. The basic minute toll rate would remain the same, but overtime rates would be increased from one fourth to one-third of the initial period. Outside of Indianapolis, rates on exchange service would be raised in seven classifications of service areas involving 75 cities with one ex-ception-—French Lick. There rates would be reduced:

FEWER STRIKES IN 47 WASHINGTON, April 29 (U. P)).

—The labor department reported today that there were fewer strikes

ars

The Indiana Bell Telephone Co. today appeared to have a clear road toward. its first rate increase since

ME,

Life Risk Session Here Ends Today

Governor Speaks At Honorary Dinner

Discussion of investment problems and safeguarding insurance funds will close the regional meeting of | the American Life convention in| Hotel Lincoln today. Representatives of 46 life insurance companies from 15 states and two provinces of Canada have been attending the two-day session. More than 100 visiting executives were honored at a dinner last night, given by the Indiana Association of Legal Reserve Life Insurance companies. Governor Gates spoke and E. Kirk McKinney, president of the Jefferson National Life Insurance Co. of Indianapolis, presided. At sessions yesterday executives reported noting a trend toward leveling off the decline of interest rates. They also discussed a wider

during the first quarter of this year than - in any three-month period | since V-J day.

Nominal quotations furnished by Indi. mel securities dealers:

STOCKS

Belt R Stk Yds SOM oeronres ds pid .

Bobbs Merril bt Bobbs-Merrill com .. Sutil Soya som +

Comwith

yne Herff-Jones on pid Hook Dru Ind Asso Tel C 2 ord. Ind Gas & Wat Jom :

| Ind is P : r Pou pid.. napolis Water pie. . dpls Water cl A com. . oo Indpls Railways com ........ 13 Jeff Nat Life com ........ vere « 13% | Kingan & Co. ia. 3%

Nat

| cially on mortgages. Indiana Stocks and Bonds

spread of interest rates, according to the risk of investments, espe-

Marmon-Herrington com .... $ 7 rssashsenvanene 9 resananane 13 107 110

sesassans

THE INDIANAPOLIS TIMES

r_—

Bobbitt to Probe ‘Mixed Gas’ Offer |

| | Schumacher Questions rc: sade

Proposal of Utility

Corporation Counsel Arch N. Bobbitt said today he would begin {an investigation of a proposal by the Citizens Gas & Coke utility to supply the city with mixed gas. The utility will open bids May 10 on a contract to

ficial and natural gas for a 20-year period. Mr. Bobbitt said his action followed a letter from City Council President John A. Schumacher requesting information on what the

city can do to assure itself there

is no better solution. The letter asked: How will the proposal affect the small and large gas users? Will the proposal cut industrial rates to the lower average paid by industries in many other cities? How will the proposal affect the! taxpayers?

How will contract Specifications,

permit any pipeline company to serve Indianapolis at a reasonable price?

18%

“{P R Mallory com aay 24%, ogress Laundry Sm . ***| Pub Serv of Ind 44 * {Pub Serv of Ind Slats 97 Ross Gear & Tool So Ind G & E 4.3% pla ORI 109% 12 «+ | Stokely-Van Camp pid ...... 20% % * | Stokely-Van Camp com ...... 16'2 Terre Haute Mal Baie. 8 ir U 8 Machine com . 1% We United Tel Co 5% 100 . U THiS COM .....ooveves 4“ NDS American Joan 4%s 60....... 2 American Loan 4%s 58....... 87 . | Bubner Sersilise: 5 $4...... 97 . Ch of Com 42s 61..... 95 . Citizens Ind A 4%s 61....103 ore Columbia C1 128 Bs ....... 91 . Consol Pin BB iu.ooveeins 97 . Delta Coll Stas 98 . ievonves 95 . Goodrich Bros. 4s deb ....... 97 Hamilton Mfg Co 5s 56..... 97 Hoosier Crown 5s 56 . 9

Indpls Brass & A 5s 86. 70

FUR 10 AY

.. natural gas?

«.| ermment expenses and .. | current fiscal year through April 25 com- .| pared with a a a

¥. S. Govt. proved Method of Gas Fumigation ad Sterilization

How can mixed gas be good for

{Indianapolis if the utility’s consulting engineer stated it was the most lexpensive kind for the city?

How can mixed gas be good for 2 Indianapolis if other cities have * abandoned mixed gas in favor of

— U. S. Statements

WASHINGTON, April 29 (U. P.).—Qovreceipts for the

INDIANAPOLIS CLEARING HOUSE

COMPANY

William Nixon,

furnish m-| dianapolis with a mixture of arti.

SAFETY CONTEST WINNERS —These drivers who won the national pofaty d contest sponsored by the National Cab Owners’ association for cities between 100,000 and 500,000 population. Indianapolis won first place in all-city competition. here are (left to right) William Aley, supervisor, Frank Kern, Arthur Kent, Sterling Tucker, Edgar Bailey, Al Flynn, Emmett Borum and

Drivers Benjamin Jacobs,

i -

3 Local Produce

PRICES FOR PLANT DELIVERY png 3 bs. and over, Ne:

de large, no grade. $3.

| |

FLOOR SAMPLES!NEW FURNITURE!GOOD USED FURNITURE!

By Our Other Stores

E-X-T-E-N-D-E-D PAYMENTS IF DESIRED

Suites Sent to Us

Labor—

that comes out of congress will

rights from a union if any of its was & Communist, or can “reasonably be reggrded” as a Communist. Senator Robert A. Taft (R. 0). said today he had no objection to the house slap at communism but that he would be just as pleased if it weren't inserted in the senate bill. He wants to use it as a conloession to the house in the trading that will go on in eventual housesenate conferences. Amends Constitution

Senator Taft is chairman of the senate labor committee and also chairman of the majority steering committee.

Support for this anti-Communist effort was increased by action of the Pennsylvania state C. I. O. industrial union council. After s hot fight in a convention at Harrisburg last week the council amended its constitution to prohibit Communists or Communist sympathizers from holding office. Several other state C. 1. O. organizations have acted in the same general diréction. But the Pennsylvania move was significant for several reasons: ONE: It is the home state of p Murray, C. I O. president. O: It is the largest C. I. O. , with more than 600,000 mem-

ase. in various unions.

THREE: Some of its local unions,

2 PIECE LIVING ROOM SUITES

‘FLOOR SAMPLES

REDUCED!

Spring. tion,

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Sturdy fry me, ene; Shions, esp g friez » ak 50 0 Flor over. 8

Saul

® Saddle seat,

finishes!

frame!

Labor Bill Certain fo Bar ‘Reds’ as Union Officials

‘Support for Anti-Communist Effort in House Bill Increased by Action of CIO Council By FRED W. PERKINS

Scripps-Howard Staft Writer WASHINGTON, April 20.—It 1s virtually certain that the labor bil

contain a provision against Come

munists holding office in labor unions. That is in sight even though the senate committee bill says nothing on the subject. The house bill, passed April 17, withholds Wagner act

national or local officers is or ever

particularly electrical workers, have been charged with Communist dome

Senator Edward Martin (R, Pa), former governor, sald today he was “highly pleased” with the state C. I. O. action, and hoped it would be extended throughgyt the O. I. O, He added that if the house ban on Communists in Labor unions is nos assured through the conference method, the senate should make sure of it by writing i into the the senate bill More than half of the 40 0. I. O, affiliates are listed in authoritative surveys as “leftwing” or “probably leftwing.” One C. IL O. internae tional union and a few units of lesser scope are headed by acknowle edged Communists, The A. F. of L., despite its reiterated anti-Come munist policy, has a few minop spots of Communist influence. The congressional ban would have greate er impact on the C. I. O. than on the A. F. of L.

The senate hopes to get to a vote today or tomorrow on a motion by Senator Wayne L. Morse (R. Ore.) to divide the senate committee bill into four parts, which would be sent separately (if the house agree) for President Truman's signature og

METAL LAWN CHAIR

$57

Exactly as Pictured!

shaped back! ® Green and white or yellow and green enamel

® All steel tubular

veto.

129%

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- TUESDAY, APRIL 29, 1947

For Phone Rate Boost Here

‘

TUESD

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PT. KN( training plar are”told from into basically However, healthier tod who weighed left the hills weighs 154, | Tough as it surprise their energy. Whe ened to have old tank par! platoon waite and requested on their free fun, “Basie’ The training consists of eig ing, 11 week artillery, ete.) weeks' unit trainee compa

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O’'ROU Ss 1.10, 91 Phone: Riley I am interest. Please send n Name.......

Address. on-