Indianapolis Times, Indianapolis, Marion County, 15 May 1947 — Page 24

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vps ol an el

area

. now « § 7 essential work in excess of the $50

ry leaders

2 ) directors, regional officers committee members represent-

n _locdl organizations and

nt Edward 'R. Carr of

amined, in conferences 'with vernm nt officials, suppliers of ng materials and labor repreitatives. High construction costs ‘labor matters will top the proMr, Carr said. ; Curbs May Be Eased there were reports

Creedon’ was preparing for another "of curbs on non-housing

million a week and an increase ‘$60 or $65 mililon was reported y as a result of improved “supplies In materials and the sag in homebuilding operations, Mr, Creedon said no decision had ‘been preached on increasing the ‘limit. Other sources, however, said ‘ the backlog of worthy non-housing 5 accumulated when the limit . was held at $35 mililon a week had 5 been absorbed; and other " limit is awaiting approval. * After a drop in March, new home “starts” in April brought the four-

months total to 200,000 as compared

By ~ "er 1ito 205,000 units begun in the same

‘period of 1946, Mr. Creedon said. "Home completions thus far in 1947

* bave totaled 230,000 as against 88,-

./000 for the four months last year.

ivy Plan Few New Projects

* Industry sources have reported * \ that many builders plan to start no new projects until prices are stabilized. - © a Mr. Creedon said homes now being started should sell for less than

earlier ones because of the improved| Completion of a 60-mile belt flow of material and the shorter | highway planned to encircle Indi-

time required for completion. i however, today = with

Industry - spokesmen, warned against false hopes that

costs can be brought down to. pre-| ~war levels. Their present aim, | g "they said, is a stabilization which | phasized, however, that though day. It is operated by the Enos 1 will remove the uncertainties build- | progress is being made the belt ers now face in starting new devel-

opments. Material suppliers and subcontractors, they explained, now

“and insist on “escolator” contracts

possible. Builders sessions were expected to renew demands for removal of rent ceilings + on new homes and for the lifting -of other government controls. housing-rent bill passed recently by Manufacturer's Representative or Broker Wanted’ A

Exclusive: Indiana Distribution for fast selling Paint Thinner MICHLIN CHEMICAL CO. 3741 Eimburst Detroit 6, Mich.

aterial Prices ct ‘New Life’ Into Lagging uction Activities Over Nation = JED BROOKS, Scripps-Howard Staff Writer a ON, May 16.~The homebuilding industry today launched ‘the high prices now threatening to dry up its market. ! ‘were summoned here for a six-day session starting "They will attempt to inject new life into activities which have

| despite sn unprecedented demand for homes. call was issued by the National Association of Home Builders

ashington said all problems now ronting the industry would be

hat housing expediter Frank R| tuded Mr. Creedon and Raymond

Commercial and in-| building is now limited to|

the house was in line with these demands. VA Official Invited Among officials invited to the sessions’ was Thomas B. King, chief | of the loan guarantee section of the}

| veterans administration. dustry has charged that VA, in| passing on loans under the G. Xa bill, has refused to accept apprais- | als of the federal housing administration. VA's lower appraisals, builders say, have discouraged them from building for the veterans’ market. ! Others invited to the sessions in-

IM. Foley, administrator of FHA and

[the rational housing agency. 130- 140 pounds $21.50621.28 | Builders said they would renew| 13o- 180 pounds I -| 180- 200 pounds 24.504324.75 their plea for removal or relaxa n pounds 3 ans tion of the rule which now limits| 230- 240 pounds H nen new homes to 1500 square feet of | 33o- 310 Dayal LI al asad se floor space. The regulation, they| 300- 330 pounds .. 220222 wl! 330- unds . 211.00021.50 contended, prevents the “balanced” Na ve “

production on which the industry depends. | Concession Critized They described as “inconsequen-

tial” the concession granted by Mr. | Good-

Creedon this week under which the

limit was raised to 2000 feet in M

certain cases. The larger size was]

| permitted to owner-occupants with | 90- 120 Da a C, [email protected] {large families, to professional per-| choice— sons using their homes partly for| 19¢- 903 pounds 3.00018 2 i business and in cases in which zon- 1100-1300 pounds ...... 34.306131.00 ling or deed restrictions prevent the Heed. Pou" NGnu {building of smaller houses. | u0-, 300 pouds : Ruan | Industry spokesmen said. they 1100-1300 pounds . 23.50©24.75 have had no reaction from labor on | J0gu1500 pounds - BI0GMUT their proposal for a #-hour work 5: 153 B2ung: nuens

{week to increase productivity and] {lower costs, Threats of increased wage demands will be discussed at next week's sessions, they said.

‘Belt Highway' Is Step Nearer

The in-|

Hog Prices Steady Here;

[A ‘port released today by. the bureau | of mines commended for generally | acal Produce

anapolis appeared a step nearer good operating conditions the 315 announcement that workers and officials of the Enos

Qa i a A i .——— aa

a SR -». STEERED LABOR BILL labor control bill are shown bill. Too

Taft (O.) and Irving M. Ive

oo Leading senate supporters of the Republican-sponsored outside the senate chamber after the senate passed the

are Senators H. Alexander Smith [N. J.), Joseph H. Ball (Minn.), Robert A. .

s (N. Y.). All but Senator Smith are now in conference

with house members to reconcile conflicting versions of the bill passed by the two

branches of congress.

Railroad Pullman

Cattle Trade Less Active Pool Approved

Hog prices were steady to strong

at a top price of $24.75,

were active while sheep and lambs

GOOD TO CHOICE HOGS (8675) Butchers :

160- 220 pounds 19.00@ 24.00

Packing Sows

Slaughter Pigs ds .

Oakland City | Mine Wins Commendation

Steers and heifers were about steady in a less active trade, Vealers| WASHINGTON, May 15 (U.P) —

remained unchanged, | Railroad operation of the nation's

a [fleet of 6728 sleeping cars today had

Common

700-1100 pounds ... ... .... [email protected]| HEIFERS Ine final blessing of the federal Cholce— government. 600- 800 pounds ...........s 24.006 25.50 | \ 800-1000 pounds ............ [email protected]| The interstate commerce com600- 800 pounds ...... ver... 22.50 24.00 MISSION sanctioned a plan under 100.1600 POUNAS wa reevtroess 22.50@ 24.00 which 59 carriers would pool earn500- 900 POURAS u.u.ieennins [email protected] Ings of the Pullman Co. which they Common— are buying for $40,202,482. The pur-

500- 900 pounds [email protected]

Cows (all weights)

chase itself has been approved by [email protected] 11.08) % ‘the supreme court.

hl 19 50620.00 Medium ae biveanes sees 12S00TT : 330- 360 pounds i: 193862000 Suties sad commen . + 1200613 | The justice department had op360- Jounts “ . 1a oa Bulls (all weights) {posed the plan on grounds that it 0.006 19.75 | G00d (all weights) ........ [email protected] |CONtiNUed a monopoly. Other oppo400- 450 po . b 19.00 Sausage— a ny. Junie pon i 17306129 banking firm, and the Chesapeake | "250-"350 pounds ............ 13.00018.00] Medium . .

Good to choc ALVES (800) sos .00|Petitive bid for the company was

Common and medium ....... 13.004 25.50 | rejected. @

> Times State Service OAKLAND CITY,.Ind,, May 15.— federal coal mine inspection re-

right of way had been: negotiated gy; mine nine miles southeast of

along the west edge of the city. Highway department officials em-

loop around the city still is “several years away.” :

Newest development was filing of ih of May 29, 1946, between © are unable to quote “frm” prices 38 deeds and easements on PrOPEItY (ne secretary of the interior and the United Mine Workers (A. F. of L.).|

along High School rd. north of U.S. 40 to make way for the circuit i road. Small portions of the belt ' including federal construction from Castleton to Ft. Benjamin Har-| rison on 86th st. and work now in’

The progress on the same street from corporation had a net

Nora to Castleton.

ness. He will be succeeded by Del-

bert Mitchell, assistant chief,

here, |

Coal Mining Co. was made in March by W. B. Dal- 37: grade A large, 4c;

FIRE CHIEF RESIGNS i". : rd { NOBLESVILLE, Ind., May 15 (U. LINK-BELT INCOME UP !P.).—Herman Lawson, who has been | The Link-Belt Co. today reported chief of the Noblesville fire depart-|a ment for the past several years, re-| isigned today to enter private busi-|

The mine produces six tons per, The inspection |

ple under the terms of the

FIRM REPORTS PROFIT —

‘at their forthcoming highway already have been built, The Stewart-Warner’ Corp. re-

ported today a March quarter consolidated net profit of $720,999 or 50 cents per common share. The loss of $142,110 for the same period last year. :

quarter consolidated net | income of $1,489,460 or $1.84 a com{mon share. The figure compares { with $372,435 or 46 cents per share {over the previous year.

WHAT'S THE

~ Qutlook for Business?

THE SURVEY PRO

o Brief analyses of . dustry groups.

bonds and common stocks for

ho ML

e A discussion of the market, business conditions, and investment policy. o A list of selected issues of tein and

Investment and specula-

That’s the problem we seek to explore quarterly in our Security and Industry Survey for the benefit of investors

The new edition is now ready—and it introduces an unusually useful feature, the

Merrill Lynch Stock Price Index Ratios.

VIDES: 74 in-

when .considered in praisal which the S

various

T. STOCK PRICE INDEX RATIOS . .. a group of charts . . . show instantly how airlines, steel, automobiles, or any of the other individual groups of stocks com- | pares with the market as a whole, repre- | sented by a composite of 540 stocks. In- ! vestors will find these charts most useful |

the light of the ap- & 1 Survey makes of

each industry group. ; i

Department G-7

MERRILL L.yncH, Pierce, FENNER & BEANE + a : Undersiriters and Distributors of Investment Securitses Brokers in Securities and Commodities

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| INDIANAPOLIS 4 |

| Common. and medium .......

Culls 75 pounds up) © 78.3067 13.00 v Feeder and Stocker Cattle and Calves The ICC found that the pooling Cholce~ Steers arrangement wolud not restrain 800 pounds ....ccenveen. 19.50621.00 competition and would be in the 300-1050 pounds ......ccunnen [email protected] interest of good service to the 500- 800 pounds .....c.ioaiee [email protected] | public, 800-1050 pounds vraee ies 17.506 19.50 aii Medium, o » . 00-1000 pounds ............ uses Says Wife Mistaken 500- 900 POMEL cerns 13.00G 14.50 Identifying His Body Cholge—. a Bn CHICAGO, May 15 (U. P.).— osely Sorted ........... .. hy { to a eRe PO 21.00622.75 Herbert Epps, 23, told police today Medium and good ............ 16.50621.00 | that reports of his death, like Mark Common . . [email protected] Twain's, were greatly exaggerated.

Ewes (Shorn) Good and choice

7.00@ 8.00 Mr. Epps said the body identified 6.00 7.00 by his wife, Clarine, as his actually was that of his brother, Frank, who was shot to death while carrying Herbért's identification papers.

PRICES FOR PLANT DELIVERY | Poultry: Springers, 3 Ibs. and over, 33¢;, w po Leghorn springers, 28c; cocks and stags, Truck heat 10c; hens, 4'% lbs. and over, 30c; under 4'3 and Leghorns, 20¢; soft meated chick-| ens, 25¢; No. 2 poultry, 4c less than No. 4 {1 truck wheat: new No. 2 yellow corn,

Butterfat: No. 1, 59¢; No. 2. 56c. 131.62 ver bughel; No. 3 white corn, $1.62 Eggs: Current receipts, 54 Ibs. to case, !per bushel; "oats testing 24 pounds or medium, 38c; no better, 9lc; yellow soybeans, 14 per cent moisture, $3.00 per bushel.

Indianapolis flour mills and grain elevators are paying $2.52 per bushel for No.

grade,

Indiana Bankers

Evansville Man Elected President - ' Robert D. Mathias, president of the Old National bank, Evansville, today was elected president of the Indiana Bankers association. ; The election was held at the 50th annual convention of the association in the Olaypool hotel. The convention was closed at a luncheon

Ithis noon at which Samuel B. Pet-

tengill was speaker, Other officers elected this morning are: Herbert ©. Morrison, president of Elston Bank & Trust Co, Craw fordsville, vice president, and Robert L. Shoulty, cashier of Stone City National bank, Bedford, secretarytreasurer, Succeeds Buesching Mr. Mathias, who was vice president of the organization last year, succeeds Charles H. Buesching, president of Lincoln National Bank & Trust Co, Ft. Wayne. Otto Frenzel, Merchants National bank president, yesterday was

elected a member of the Ameri-

legislative course will hve

ed the United Mine Workers’ chief as’ the union leader whom they most wanted to control. In this light a Democratic senator says: “The weakness of the senate bill is that its backers started out to get John Lewis—and they havent’ got him, They are trying to punish all of organized labor for the acts

Mr. Perkins of one union leaders.” But supporters of the senate

bill, which is regarded likely to set the congressional pattern im

| can Bankers association nominating committee at the first day of the convention. The convention indorsed Evans Woolen, Fletcher Trust Co. president, for vice president of the ABA, | Mr; Woolen ‘previously had been in{dorsed by the consumer credit and trust divisions of the association. Mr. Buesching was elected alter{nate member of the ABA nominat|ing committee. Vice Presidents Named

Vice presidents elected to repre-

nents were Otis & Co., a Cleveland | sent Indiana on the ABA executive

| committee were R. 8. Baldwin, vice

. [email protected] |& Ohio railway, whose joint com- | president, Fortville First National

| bank, national bank division; L. B. | Weaver, vice president, La Porte Savings bank, savings division; | George P. Coffee, cashier, Pennville | State bank, state bank division, and {Frank Clipp, president, Mutual Trust & Deposit Co, New York, trust division. Members of the IBA nominating committee are B. T. Allen, president, First National bank, Wabash, | chairman; . Paul C. Cullom, presi- | dent, Farmers bank, Frankfort, and |Qeorge 8. Anderson, president, First { National bank, Elkhart,

U. S:-Skrlements

| WASHINGTON. May 15 (U. P.).—Government expenses and receipts for the current fiscal year through pared with a year ago:

is Year Last Year $34.844 644,818 $55,913,047,671

ay 13, com-

Expenses Receipts 36.098,176,712 36,681,892,147 Surplus 1,253,531,893 ! Deficit 19,231,150, 52% ‘Cash balance 4.047,672.078 19.004,397,956 Public debt 257.684.841 184 272970,851,198 Gold reserve 20,878,056,087 20,246,788, 589

INDIANAPOLIS CLEARING HOU

ISE (CIOAPIREE (...vcvesavcinannninss $ 8,548,000 TDODIE covsvessvssianisnnrvansninn 24,876,000

conferences with the house, say Mr, Lewis will be restrained in several ways, including these: | ONE: The big Lewis union will not |be able to try nation-wide strikes ‘without risking injunctions obtain|able by the attorney general, and damage suits, TWO: The rank-and-file mine | workers would have the chance to vote on whether-they want to strike. Strikes would be subject to a delaying procedure. ! - Expulsion : Difficult THREE: The head of the union could not bring about expulsion of

It was Mr. Lewis largely who precipitated the tive control-of unions as a. result of his coal strike activities, In both house and senate debates it became clear that members generally regard.

THURSDAY, MAY 15, 1047

drive for a more effec

a member for any reason other than non-payment of his dues. FOUR: Under a combination of sections in the senate version, Mr, Lewis would be unable to enforce his policy of industry-wide bargaining and could be penalized if he refused to deal with a segment of the coal industry. FIVE: The Lewis “welfare fund plan” would be made subject to em-ployer-union direction, with annual audits and full statements of purposes. SIX: Mr. Lewis would be prohibited from organizing foremen as a part of or an adjunct to the general miners’ union, Negotiations The last three points are par ticularly important in a resumption here today of meetings under federal auspices intended to end government possession of the bituminous coal mines and return them to private operation and normal labor management relations. Point 4 strengthened the south. ern operators in their insistence upon a separate contract from that of northern and western operators, The southern operators are delaying ' their bargaining until they know the fate of the proposed new

law,

Indiana Stocks and Bonds

| | Nominal quaiations furnished by Indi- | anapolis securities dealers:

STOCKS

Bid Asked | Agents Pin Corp com ...... 1 ‘a {American States pfd ......... ™ 2% American States ¢l A ....... 32 Ie L. 8 Ayres 43% pw 08 Ayrshire Col com .... 35% 36 |Belt R Stk com. ..... . 38% 3% | Belt R Stk Yds Jd . 80 . | Bobbs-Merrill pfd ... . 75 ae iBobbs-Merrill com . cans 18 13 Central Soya com .... 9 kA Circle Theater com .... 18 asxss Comwith Loan 4% pid L100 103% Cont OCar-Na-Var ............ 2% 2% Consolidated Industries sony “3B » Consolidated Industries pid ,. 3% 3% Cons Fin Corp pfd % t 2 Delta Electric com .. : 15% Electronic Lab com ... vor 3 3% Ft."Wayne & Jackson RR pid 87 ”n HerfI-Jones.cl A pid ......c00 13% M% Hook Drug com ...... B% 1% Ind Asso Tel C 2 pd . 48% 81% Ind Gas & Wat com . ee 15% 10% Ind & Mich BE L 4% pid 108 1. Indpis P & L com . .......eo 24% 20% Indpls P & L 4% pid ........107 me Indianapolis Water pfd ......108 Indpls Water cl A com . Indpls. Rallways com ... . Jeff Nat Life com ...... Kingan & CO COM ....e.00005 3% Kingan & Co Pid «v.evvvioees 18 Lincoln Nat Life ......... « 32% Lincoln Loan Co 5% pfd ,...100

Marmon Herrington com

Stokely. yan cany Pld ciinene Stokely-Van mp com ,. **| Terre Haute Malleatae ve

Mastic AsphaM ...ccvivececes 3% Na .

tl Homes

U 8 Machine com ......

IST 1 pid: speeding

White sidewall tires, as illustrated, will be supplied af extra cost as soon as available,

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”

)

Democrat Says Union Bill 1B. Is Aimed at John Lewis

~ Miners’ Chief Restrained in Various Ways. =

Under Terms of Controversial Measure

By FRED W. PERKINS, Scripps-Howard Staff Writer WASHINGTON, May 15.—~An inevitable question among cOngressmen is whether the new union-control measure nearing. the end of its teeth enough to restrain John L. Lewis,

~~ |,

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