Indianapolis Times, Indianapolis, Marion County, 14 November 1948 — Page 55

' SUNDAY, NOV. 14, 1948

THE INDIANAPOLIS TIMES

The Week In Business

“Bankers Study Credit Closely; Tightening of Loans Reported “By HAROLD H. HARTLEY, Times Business Editor Evans Woollen Jr., president of the American Bankers

Association and chairman of the Fletcher Trust Co., and John W, Snyder, Secretary of the Treasury, will be among

Something New |

an impressive list of speakers at the American B kers| The conference then will turn tion {its collective mind to the broad Credit Conference in| : “|fields of real estate, agricultural will assemble| and foreign loans. There will be little left untouched in the credit picture. This is a month away, but the credit problem is here today. Banks are facing it. Some businesses (especially small ones) are up against the first real resistance to extended credit since the war. The day of reckoning may not be far off, although the companies with abundant surpluses, and some flexibility, have been hoarding their monetary hickory nuts for the economic winter.

commercial loans, commodity financing consumer instalment financing, farm equipment financing, small ? business loans H. H. Hartley and loans to veterans.

; # What Happened to Business Cash Inflated investments in inventory are eating up the working capital manufacturers. Until this year there was little worry about inventories. Goods sold quickly and could be coWwerted into cash. But there has been a lag in some lines as stepped up production engulfed the mountain of demand left by the war. Big banking has its finger on items which are piling up in surplus or are running neck-and-neck with demand. They are radios and record 1¢SS taxes are not coming down, players, liquors, bulk candies, 2nd rationing of shortage items] small appliances, soft goods (tex-| (With ceilings) in the hard goods tiles) and some grain products. |fabricating businesses is feared. Some banks with loan involve-| There may be more of this: ments are calling in business men Two trailer manufacturing com: and telling them to get in a!panies up in Elkhart filed bankstronger cash position. ruptcy petitions last Friday. The Loans have tightened, leaving Drexler Coach, Inc, and the only two places to look for cash,| Adams Coach and Manufacturing (1) surplus accounts, if. they are|Co. took their money troubles to large enough, and (2) the liquida-| court. And other companies in tion of inventories. {the area have laid off workers Election jitters with the pros-|recently. pects of even higher government, The things we can get along

spending all along the line have without will be hurt first. Watch not helped the credit picture. Busi- for the danger signals there. ®

Ths new Standard Grocery soon will open at 1539 Central Ave. The structure was built and is owned by O. D.gllis. The building has a sales area of 50x140 feet with an all-concrete parking lot 60x200 feet for 100 cars. It will be the last word in selfservice, even to the meat department. The Standard Grocery Co. has taken a lorig-time lease. * j

GM Folks Spotlights Indianapolis General Motars Folks, monthly GM magazine, turned the spotNght of its attention on Indianapelis in its current issue. A halfmillion readers will trace the history of Indianapolis in picture and story.

get proper welding positions. 5 » 2

Open House Set By Manufacturer

Adams Firm Completes

Expansion Program

The J. D. Adams Co., 217 8. Belmont Ave., will hold open house at the plant next Wednesday to celebrate the completion of its expansion and modernization program. The plant will be open from 2 to 9 p. m. “While the open house is being held primarily for employees and their families,” William C. Jackson, industrial relations manager, sald yesterday, ‘“‘we are inviting our suppliers and the public to see what a modern road machinery plant makes and looks like.” The manufacture of Adams road machinery dat:s back to 1885 and it has been at its present location for 40 years, Mr, Jackson said. This year a new building has been added to thegplant which increased the floor “area 20 per cent. The plant now covers 13 acres under one ropf. New handling equipment has been added in the building. This includes three overhead traveling cranes of 10-ton capacity. The plant is uniformly lighted with fluorescent lighting. The company employs approximately 1100, a fourth' of whom have been on the payroll more than 10 years. The company

‘|sponsored low-rate group insur-

ance, profit-sharing - retirement plan and other industrial benefits, Mr. Jackson said.

And in Detroit the whole auto industry is shouting from housetops. The reason: the motor car industry has just turned out its|

300 millionth car. [Americans owe their daily bread] This figure is a long journey, internal combustion transpor- | from the first gasoline-engined tation, Fifty-six U. 8. firms pro-| vehicle credited to Charles E. and|gyce 21 makes of passenger cars| J. Frank Duryea and built injgg makes of trucks and 29 makes Springfield, Mass., in 1893. |of niotor busses. Today there are 112 car and| And it may be encouraging to truck plants in 77 cities in 24|the still-car-hunrgy public to states. . {learn that the industry is turning The industry employees 9 mil- out 30 new cars and 10 new trucks lion persons and more than: onelevery minute of every working out of every seven working|day.

Designed for quick, thorough and economical motor car services, the new Rodocker Hudson Agency is holding open house today.

Latest addition to 16th and Harding industrial district.

Open House for Hudson Agency Business firms have been mushrooming at an amazing rate in the fertile industrial soil of the 16th and Harding Sts. area. They are new and inviting. Their buildings are clean, well lighted and ventilated, with well-trimmed and well-graded lawns. They show enterprise and good housekeeping. It goes in for glass block pillarless construction. The latest of these is the Ro-| ~ docker Hudson agency at 1160 W. treasurer, Price Williams, vice 16th which is holding open ‘house President and general manager; today." Lee Beldon, service manager, and

Dave Rodocker is president ‘and Jay Cox, parts manager.

@ ‘Gray’ Coal Disappears in Indiana

Plan Panel Talk On ‘Basing Point’

Sumner 8S. Kittelle and George P. Lamb of the Washington and New York law firm of Kittelle & Lamb will lead a panel discussion on the “basing point” or delivered price, problem, at the annual

Wadsworth, special assistant to Paul G. Hoffman, ECA administrator will address the as-

.lsociation:on yu Kittelle

“What We Can’ Expect from’ the

European Situation and ECA.” Mr. Wadsworth is the son of former U. 8S. Senator James W. Wadsworth of New York and has just returned from a personal survey of Eurape. John C. Gebhart, director of research for the National Manufacturers Association, will talk on “The Economic Outlook for 1949." Officers will be elected at the close of the day.

Distributing Firm Opens New Offices Van Ausdall & Farrar, Ine. local distributors of Thomas A. Edison dictating instruments, are opening new offices at 7 W. 10th 8t., Carl F. Farrar, president, -announced yesterday. Edison equipment agents for 35 years, the firm took larger quarters with the addition of the Edison electronic cylinder and disc dictating instruments to their lines. Other officers of the firm are

" The heyday of the get-rich-quick coal producer is settling into a late afternoon dusk. Coal production, as with other lines, is catching up with demand. Premium price payers are getting scarce. And they are losing their market to the old reliable producers who refused to take advantage of their customers in the frantic, highdemand days. Indiana coal merchants are - glad to see the market stabilized. Winter and it will come through Those who ballooned prices to $8/regular channels without buyers or $9 a ton at the mines simply having to see a man who knows a because some user had to have it|man who, etc. That's good for

_ are being squeezed out of the pic- the coal business. ‘ture. And the business is revert-

ing to the faithful producers who refused ‘to take their customers] over the gray market hurdles. The supply looks good for this |

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L. E. Grisso, vice president, and 0. K. Van Ausdall, secretary and treasurer.

Average $1.63 Hourly | Automobile mechanics in In{dianapolis average $1.63 an hour, {a survey by the North-Central {regional office of the Bureau of {Labor Statistics revealed yesterLENA 2

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* -

PAGE 55

n Welding

® The all-position welding equipment installed by the J. D. Adams Co. will be shown visitors at the open house in the plant Wednesday, Parts weighing tons can be raised or lowered or rolled over to

On the Farm-—-

State Tomato Production Above Average for Season

Farm Income for October Down 4 Per Cent

"From September; Gray Market Still Strong

By HARRY MARTIN, Times Farm Writer Since Indiana tomato vines were blackened by the sharp Oc-

this important cash crop, Growers agree it was a good year, although they did have a scare in mid-summer when a burning heat wave threatened to cut their yields. Overall, Indiana's tomato pro-| duction was above average tia! x2 parasiies of 6 Sam ma season, yielding about 6.5 tons of | op 0% ane» They continue to the red fruit per acre. |“bite” the farmer, charging him One darge Hancock County exorbitant prices for tractors grower, Elmer Merlau, sald his and implements which he cannot 50 acres of tomatoes produced get from reliable dealers. around 8.5 tons per acre, which| In the farmer's shoes, you or he considered “a little better than I would probably do the same.

average.” Mr. Merlau farms in| Your old tractor needs repair; partnership with his son, Ken-

you've had a new one on order

neth, and had about 150 acres in|for two years. Your dealer is peas, lima beans and tomatoes | trying, but can't get it for you. |A “gray market” operator can

this year.

get one ‘for a little extra.” Aching Back ries are good. Okay; you'll aL do it. . THE - MERLAUS have solved) papufacturers are producing

the “aching back”

phase of ¢3rm equipment in large volume. tomato picking. Sup :

Ten seasonal Byt more farmers

of Mexican ancestry, who make enough to go around. the trek each summer with dark-ig skinned wives and children, from crap

a small south Texas town. From| PERHAPS more steel would

the Merlau farm. outlet for such materials.

Down Go Prices NATIONWIDE, October is con-| sidered the “high” month tor Expert fo Speak

farm income. Cash receipts of farmers this. October did not

‘Sales Promotion

in 1947, however; i

farm income was 4 per cent less! in October, than in September, this year. {the Feeding ratios are still favor- Board able, and Indiana farmers who Thursday. market most of their homegrown grain through hogs and| - poultry products, can make money Doughnut” as his subject, will lexplain the advantage and profit

Indianapolis Real in Washington Hotel

creaging consumer incomes are ex- @ ‘baker's dozen"—give more pect®d to support a strong demand than is called for. for farm products.

Gray Market

thdse with less than a year’s real

bites. . lof night classes in fundamentals Maybe it's the same way with of the real estate business.

State Underwriters Meet

Here for Golden Jubilee Sen. Martin to Speak | "At November Fete

About a thousand Indiana insurance men will gather in Indianapolis Nov. 22-24 for the Golden Jubilee of the Indiana Insurance Agents Association. For the occasion, the top speak-| ers will include U. 8S. Senator Ed-! ward Martin of Pennsylvania, a former governor of the state; James C. O'Connor, editor of Fi-| delity, Casualty & Surety Bulletins and associate editor of the! National Underwriter. 7 ! Other nationally known speak-| ers will be John C. Scott, president of the National Association of Insurance Agents; George Mal-com-Smith, publicity director of the Travelers Insurance Companies, Hartford, Conn., and Paul Jones, director of public information. for the National Safety Council.

James C. O'Connor -. Plan Panel Talk Mr. Insurance’ on "information Harold C. Phend, of Monticello, please’ panel. president of the Indiana associa- ——— ; tion,

| |

. « +. 8UCCeSS.”

A highlight of the convention nical questions on insurance.

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FEDERAL SAVINGS AND LOAN ASSN

21 Virginia INDIANAPOLIS, INDIANA

Prov

tober freeze, farmers have had a chance to tally up the figures on|

pea-shelling to tomato picking, /help. Farmers are being urged to the migrant families live in com-|clean up junk piles and sell scrap fortable temporary quarters on|to junk dealers who have a ready

are using! helpers are employed, Americans more machinery; so there isn’t]

Tolin Seeking The Outlook To Reconcile In the Nation AFL, Hl Views We're In a Bear Market,

Labor. Secretary to Dow Theory Exponent Says

. By J. A. LIVINGSTON Address Conventions Word comes out of Chicago that we're in a bear BY FRED YW rIEBINS market. Justin Barbour, a leading exponent of the Dow

Nn Nov. garmThe theory—Wall Street's equivalent of the polls—pronounced

: i

lof Labor Maurice J. Tobin willithe break in stock prices on Tuesday as the last straw.

be a move to get the AFL and

CIO together on an acceptable For Mr. Barbour and for other Dow theorists, the line labor law to replace the Taft-

Hartley. Act of least resistance for common stocks from now on is down. Mr. Tobin will speak at both And the trend will continue ;™ day before election, a

HAL A en down until it turns up. That's shareholder in United States Steel Cincinnati and the CIO the fol-|the Dow theory—no kidding. | Jen io bid cheered in the k Bo lowing Monday in Portland, Ore.| Technically, the bear market woh $84.25. That wasn't far He has made plans to spend came about this way. On Tues- peje the year's high of $87.62. enough . additional time in those day, industrial stock prices took a But on Wednesday morning, when cities to allow for private meet-|drubbing. They lU. S. Steel finally sold on the ings with the leaders of the two closed at 173.94 |ffdor of the New York Stock Exmajor labor organizations. in the Dow- |change, he was poorer by $525 Hoa the AFL and CIO would Jones index. This [a share ; satisfied with straight-out/was 2 points be-f* : : repeal of Taft-Hartley and a{low the close of Filey : a eouimehiary Su Yall return to the Wagner Act, but{175.99 on Sept. U. S. Steel, as a corporation the situation has ° developed|27 — a previous (hadn't changed over election aay. enough since the election to make low. The break- Irving Olds was still chairman of it probable that neither Presi-ithrough con- [the board, Benjamin Fairless was dent Truman nor a majority of firmed a similar {still president The bank bal« CongPess would permit such ajand previous lances were as big as ever, backquick and easy solution. break - through {logs were substantial, plant and

What the Platform Said |by the railroad ; Livingston (equipment were modern, efficient, MWhile the Democratic platform 5hares. And so |and being expanded. Yet investcalled for Taft-Hartley repeal, the Pear market was confirmed. ors rerated the entire value of the and President Truman's cam-| As TI see it, we've already had company, U. 8S. Steel was the paign speeches frequently reiter- sufficient decline to constitute a'same, but investors felt differentated the pledge, it was largely bear market. On Monday, Nov./ly about it.

overlooked that the platform . All Along the Line

added: 35 We Bivosaw. sialon! What went for Steel went for Du Pont, American Tel. & Tel, body of rules to assure free ang | Standard Oil (N. J.) and so on. By the end of the week—at the close effective collective bargaining to|°f the market on Tuesday, Nov. 9—U. 8. Steel was down $11.50 or determine in the public interest | 13 per cent from its Monday close.. Small wonder that Carl Appanyi the rights of employees and ems of Edgerton’ Eykoff & Co., Los Angeles, described the séll-off as a ployers, to reduce to a minimum “baby panic.” You can see it clearly in the following table. It shows, ? |the prices of leading stocks before the election and a week later; |also the per cent decline from the 1948 high:

their conflicts of interests, and to enable unions to keep their mem- : % Dec. % Dec.

bership free from Communistic Price A influences.” Before Week in Year's Tobin Favors Anti-Red Pledge | = Election __ Later ' ° Week " Hifh The Taft-Hartley Act provides] 3 Too8 Tonseses sve ssns sus 1585 1507 1.7 4.9 that nln Dries we Ooo vides; American Wools 7. vxvve ss 4514 401; 10.3 8a jces of the National Labor Rela- Anaconda ....iiviviennnnnan 38% 3315 12.2 18,8 tions Board unless their officers Du Pont ....covvnenneesess 1813; 170 : 6.5 10,0 swear that they are not members General Electric ..cvovv0000 421 87 5% 11.5 12.5 of the Communist Party. Becre-| General Motors ......e00000 654; 5974 8.9 9,3 tary Tobin says he favors con-| Johns-Manville seteassnnans 407% 353, 12. 15.4 tinuance of that provision if em-| New York Central .....0000 164; 1814 19.9 20.0 ployers also are required to file| Sears Rostuek seesesassee nn ni . 11 14 i | SO Nod sionenennnnnnnes 5 3 . . jhe Sate kind of non-Communist Union PAGAL + convirecsees 92 821; 10.3 14:3 . [| Us 8. Steel covvsvsnvenrseees 841 723 13.7 17.0 h ® | S 4 4 Ld ioyizton Shviously (earyy| Dow-Jones Industrials ..... 180.76 173.94 8.3 10.0 Dow-Jones Ralls .......... 6197 53.83 13.1 17.1

all its unions have complied). . But a large sector of the CIO has The post-election sell-off has been so swift that stocks are down failed or refused to file the affi-almost to their lows of the year. Yet they started not far from the

davits. {1947-48 highs made in June '48. That's easily seen in this table::’ Opposes Independents * Approx. Another point of AFL-CIO dif- High Close Low gph ference is over a Taft-Hartley "47-48 Novil | 1948 Receht section providing for the in-| pow-Jones Industrials ..... 198.1 ( dependent organization of craft pow-Jones Rails .......... jos le gi 105.9 2120

units in some plants where the industrial or over-all type off Thus the industrials are sep-

53.00 union has held bargaining rights.|arated from the year's low by From the October, 1946 low “of

(This favors the AFL, which was!only 8 points, or 5 per cent; Hhei163.12 the industrial stocks adfounded on the craft principle, rails by 5, or 10 per cent. So far, vanced to 184.49 in February, against the CIO, exponent of thelthe drop is not out of keeping|1947, then dropped back to 163.21 industrial plan. |with the character of the market/in May, then advanced to 186.85 Secondary boycotts have been|Over the last two years. Evyer|in July, then moved back to 165.39 used largely by the AFL in or- since October, 1946, the mnarketiin March, 1948, then up to 193.16 ganizing drives, by the CIO to has been Jike a.pianist practicing|in June, and they're down to

George A. Saas, owner of G. A. ZS match those of the same month Saas & Co., advertisers and sales EZ

and Indiana promoters, will speak at the Jun-|Z2 " jor Membership Day luncheon of == 4 oo Estate == ;

Mr. Saas, using “The 13th |Z

Junior members of the board, ==

| |

{estate experience, who are in the |S= | SOME PEOPLE, they say, getiemploy of realtors, will present == |so accustomed to havihg bedbugs Mr. Saas. The juniors recently == that they don't even notice the completed an instruction school ==

much. lesser extent. 'scales—up, down, and up agdin.around 173, .

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announced yesterdayethat will be an “information please” == the theme of the convention would panel in which Mr. O'Connor will == be “knowledge . . . co-operation appear as ‘Mr. Insurance,” with == {three assistants answering tech- ==

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