Indianapolis Times, Indianapolis, Marion County, 30 January 1949 — Page 48
ei The Week in Business—
vilders Set to Shift
To ‘Bare Living’ Homes
_ Private Enterprise Hopes to Beat
Truman to tow-Cost Housing * By HAROLD H. HARTLEY, Times Business Editor "THE HOUSING INDUSTRY, sitting on its pile of post-
. war gold, is beginning to feel uneasy. Public wailing for housing and the ability to pay had virtually removed competition. Any contractor could sell all he could build before
“the plaster was dry. | ments. And banks are looking That was in the last two critically at marginal financing
{on houses out of the FHA range. years when money was still The answer.is coming fast.
moving in big chunks. Todayipyjiders and contractors the big money has slowed down. it out late last fall. President Houses above $15,000 are not Truman put the final touches on snapped up so quickly. Buyers the next move in his State of are’ looking for smaller invest-'the Union message.
Minimu m Living The small house without gadgets,
fancy trim, sales-luring bric-a-brac, on the way. Pocketbooks are smaller. And the FHA likes them pron $5000 to $6000. Contractors have found this a hard figure to match, but they are coming to it. Profits will be smaller, but so will be the risk. . Wo What 1s a “minimum house”? "= Col ining down payment Both ; builders and lenders are ,,4 easy-as-rent installments, studying this question. Should Builders ‘and financing eomthere De a garage when there panies figute this is what the are 36 million motor cars oper- government will offer. They are ating in the nation? Buildersjout to rescue private building. say no. The main idea is to get/They want to beat Uncle Sam to a roof over people’s heads withithe punch; Look for a big crop of three or even two-
The Big Field room houses this spring and summer, with economy baths (showers instead of tubs). These houses won't be dressed up for sale. But they will keep families out of the rain and give them a measure of security they have not known since War. - This is the big field. With more than 60 million on payrolls] There is considerable headhigh levels, these houses willlhuddling in Indianapolis on how, sure-fire. They still will seem whey and where to start. But
gots, but ey at te hous. | "ite it in your hat that the next
g
ing shortage within a year to 18| move in housing is to mop up the months, low-priced market. ‘ It is pretty hard to put over the idea among Prices Down indudtrialists that prices can fall very far
without rocking the ‘economic boat. - In this they are correct. The steady decline in prices will rock the boat but won't sink it. What has happened: We have increased production by an investment of $8 billion since Jan. 1, 1948. This brings the invest-
hog home. It is true that business
: if
that much highly organized pro- has picked. up a few dollars duction machinery begins to spin, abroad, and in some lines the this country will pour out an foreign market is rather impor-
_abundance of goods such as weitant, but nowhere else orf earth have never dreamad. ' has there ever been the buying The basic economy of the coun- power stored up in the incomes butit ly onjof 60 million wage earners at broadening the market. here at high pay levels, Government expenses are high, They are going to go higher. Increased social and military unrest both are expensive.
hard
we are in a better posiproduce quality goods in examina- volume than ever before. Better es for more people lie ahead.
A '46 Chevvy ... 90-day drop from $1695 to $1445 today Spring WIL Tell force. ints sien ‘sea some. wen thelr selling
have ’ crews with a- 20 per cent “overdrive” by adding that much personnel. Some in the higher bracket Of car dealers are jumpy about the months just ahead. Whistlers-in-the-dark are calling the slip in demand “seasonal.” If sales do not pick up, both in priced new and used cars,
one thing -- overproduction and
when the sun begins to shine in know - that the late March and April, they will est way to go out of busi-
know their worst suspicions are|pess is. to sit around in a falling true. The public is rebelling|market with a high inventory. against the sharp step-up in new, To survive, products must be sold car prices. Wit tion |€VeN at a loss to enable them to Pies with: dea "i Production re back safely into a lower market. Merchants do this regularly. S-million-car year, this means but y
[Manufacturers are no exception, : Production 1s ,so high that a conBack to Selling trolled market is impossible without government ceilings which few, if any, businessmen want. They would much rather ride the curve down and take their chances on outworking and outselling competitors, . The so-called smaller cars seem destined to ride well into
the summer on the tall end of ouch salesmen to sell cars again. the post-war backlog. But the The post-war selling bed has been bigger ones already are demand- too soft, too green with money. Ing hard selling. Indeed, some| “From now on,” said one Indi manufacturers, said the Wall anapolis dealer last week, “we
Auto Dealers Give Chassis, Motor to Tech High
On the Farm—
Ponder Worth | Of Corn, Hog Meat
Farmers Eye Weather, Market Carefully
By HARRY MARTIN Times Farm Writer Farming is a weather game, shifting with the moods of the seasons. Indiana farmers have been spared the killing blizzard which thinned livéstock herds in the west, but they have other troubles, 3
Indiana cattle and hogs are knee-deep in the feed lots. Farm|ers joke about their hogs sprout|ing “fins” as the grunters slosh | through brown rain ponds. Corn cribs are a worry. Digging into stored corn, farmers find much of it still wet, some signs of mold. Afraid of total loss, they are dumping it on the market. Pumped Intd Hogs Others are pumping it into their hogs. But the heavier the hog, the lower the price. The question: Will an extra 50 pounds on a hog pay for the corn it takes? v One solution lies in outguessing the tricky market. Another lies in cold figures. What is a bushel of corn worth in hog meat? Farmers are unhappy overthe packers’ write-down on heavy hog prices. Last week porkers up to 200 lbs. brought $22.50 a hundred. The same day hogs above 300 pounds brought $17.75
This Chevrolet chassis was presented to Arsenal Technical High School by the Ind mobile Trade Association. From the left, B, F, Griffin, Tech vice principal; Thomas E. or of the association; H. H. Walter, guidance director; W. R. Patterson, East Side Chevrolet, and acob J. Jones, school éo-ordinator. : . ‘
» -
THE INDIANAPOLIS TIMES
P
ianapolis AutoHanika; mana-
Advances of Previous Week
split along with the usual divi-|
Stocks Lose
Ignore Favorable Corporate News
today despite g«long. list of highly favorable corporate developments. Steel made news throughout the week. On Monday the industry reported its schedules set to
steel ingots. » On Tuesday, U. 8. Steel Corp. declared a $1 special dividend and proposed a 3-for-1 stock
dend of $1.25. On Thursday, Bethlehem Steel reported its highest net profit in
.
A ‘hew motor was given the school by Buick dealers. From the left are Michael Slattery, chief instructor; Kenneth Highley, man. ager, Monarch Buick Co., and L. E. Eberly, Community Buick, Inc.
Aids Teaching Facilities In Automotive Courses
* Association Seeks to Hike Standards Of Training, Offer Better Equipment
The automobile dealers of Indianapolis last week took a hand in improving the teaching facilities in the automotive department of Arsenal Technical High School. The presentation of a complete Chevrolet chassis and a new Buick motor was made by Thomas E. Hanika, manager of the Indianapolis . Automotive Trades Association. ) b The aujemebile the. med tog] mew blood into our dealer organibetter equipment in high schoo) | 2ations.
The Buick motor was donated classes in automotive mechanics. by Monarch Buick Co., Inc. and Will Offer Jobs
to $18 a hundred. Dr. Tom Larrabee, Hancock | County farmer and retired vet-| erinarian, said: “When the house-| wife buys pork chops,.the butcher does not knock off four or five cents simply because they came from a heavy hog.” The packers’ tell a different tale. They point to the heavy lardage of a heavy hog and the low price they get in competition with Crisco and allied prodiicts, —————————————
Hoosier Heads Nickel Plate Road
The election of Lynne L. White as president and director of the Nickel Plate Road was good news to rallroad men in northern Indiana. Mr. White, In his long and active railroad career, had served as trainmaster of the Erie Railroad at Hammond, Ind. and had been swperintendent of the Chicago and Marion divisions at Huntington, Ind. Mr. White succeeds the late John W. Davin. His previous assignment was executive vice president, a post he assumed Aug. 1, 1048, |
Mr. White
| with the preceding week,
per 100 pounds for the good and around $1.75 for good to choice | {choice animals with the
Community Buick, Inc., and the The ultimate goal of the deal-| complete Chevrolet chassis was ers, according to Paul H. Kuhn, donated by the Indianapolis president of the association, is to! Chevrolet dealer group, includihg assist the school in raising the Coburn Chevrolet Co. Ine, East standards of the course of train- Side Chevrolet, Inec.; Johnson ing to a high level, The associa-| Chevrolet Co.; North Side Chev-| tion plans to offer qualified rolet, Inc.: Superior Chevrolét,| youths jobs when they have com- Inc, and the Washington Chevpleted their automotive courses. [rolet Co. “There is a dearth of new man-| Other groups soon will make power in all of our dealer serv-isimilar contributions. These will ice departments,” Thomas E. include Ford, Plymouth, Olds-
Outlook in the
| NEW YORK, Jan. 20 (UP)—[{J, 8, Steel would have cost the a _|Stocks more than wiped out last {week's gains in the week ended it, .\ re than 10
turn out a record tonnage of|s week's wor
. SUNDAY, JAN. 30, 1049 0 Nation Am : | Hint Steel Stock Sp Public Relations Move 3-for-1 Deal Will Give Corporation
More Owners—And Louder Voice By J. A. LIVINGSTON BACK IN 1929, even at the year’s low price, a share of U. 8. factory worker
verage six weeks’ pay. At the high price, the cost would have come
Today the price would run| i (ie same time, U. 8. Stesd
the corporation goes . through with its Proposed $a) hag So agwy om 3 three-for-one split, about half common sold as high as 261% will buy ajand as low as 150. This year, share of steel. until the announcement of the Earni of a factory worker share extra dividend, it sold have on up from $25 a wed around 70. Then it pushed to in 1929 to better than $50 today.'75 and higher.
U.S. STEEL PARADOX
history for 1948 and retained the 3 hl aor Sov 148 and setuiies. the Earnings are up topost 1929 high butthe price on common stock. ' of the stock is down. : News Toned Down 300 Several other steel companies . reported sharp increases in net| |% 250 | profits. This array of good news {for the steels was toned down| A200 | somewhat by President Truman’s| |. [statement that steel prices were 3 150 {too . high and commerce secre|tary’s statement he believed the 8100 | government ought to build plants to turn out more steel. 50 | However, the steel stocks were {given a whirl. U. 8. Steel and) : ; 1 20 Bethlehem led the market in| OST oR = Te a a a E volume. The former, caught off - AT wl guard by the stock split which Deke 1.4 Suet Corp Sow York Suck hanger « Propored for S.A. Liven. {nad been kept a ep et, - |soared 4% points in the Wednes- | . S. Olds, chairman of U. day session. Underlying Motive {Si expisined the spiiup Jail Suet Was Just aa much) mph ' directors seek wider distribution of the stock. surprised by failure of Bethlehem| simply enough. opportunity to buy it. The pay= directors to increase the dividend They want to give more persons an ppot bank would be more at as it was by the U, 8. Steel ac-| chology is obvious. A man with $250 in 16 a aay number snd tion. Bethlehem stock dropped a tracted to 10 shares at nD share { point after its report was made fairly large sourding bate identify the eo with public. three shares at $75 a s 3 everyone, to rid it ef its Wall
Market of Investors
dividend actions helped individual shares, but the market as a whole failed to respond to the activity and strength of a few issues. Market analysts explained the lethargy by pointing out that this is a market of investors and not of speculators and the investors take longer to react to such news, In addition, many held their sidelines positions pending action of Congress on the Taft-Hartley act and on taxes. Business news was dominated by favorable developments, topped by the performance of the steel industry which produced 1,863,800 net tons of steel ingots, the most for any week heretofore—peace or
war, Auto Output Up Eugene G. Grace, chairman of Bethlehem Steel, noted some falling off in orders for steel, but
A number of other favorable|
But why do the directors want| gi ot association. A big corpowider distribution? That's what's| ..4ion can use a friend or two in significant. The corporation has|.,.rt. meaning Congress. Perpever split its stock before. Once | pang {ge last election brought it declared a 40 per cent stockiinat nome. Inference: The voice dividend. But Steel common has of a large number of stockholders never been a stock for the people. might help The corporation is invariably| American linked with the House of Morgan, graph Co. with 700,000 : since the elder Mr. Morgan p,iders, is well aware of founded it. It has been regarded as a rich man’s company. And there's the clue. west, Halt of eotitru] U. 8. Steel is becoming public-(of Western relations conscious. It puts on|/and orphans” got mad. The idea a fine radio program every Sun- of endangering | day night—The Theater Guild of the Air. The slogan, “the indus-| taneous trial family that serves the nation—U. 8. Steel,” is designed to'ing.
es 9 A glance at “Steel Labor,” monthly ‘Fantastic Profits A Santee of the United Steel~ workers of America, the union Philip Murray heads, reveals U. 8. Steel's’ basic problem. ‘A headline in the Januray issue declares that the steel industry’s earnings are “up in the wild blue yonder. Another declares: “Fantastic Profits Plant Seeds of New Depres-
sald his company would run full tilt at least through the first half! of the year. i The Automobile industry increased its output and turned out] 115,512 cars and trucks during the, week. That compared with 113,-| 319 in the previous week, and! 101,044 a year ago. Next week's output may fall below 100,000! units because of Chrysler model!
Hanika, associatign manager mobile, Pontiac and Nash so sald, “and we hope through our|pupils will be familiar with all help at Tech to introduce some makes of automobiles,
Hog Prices Up for Week As Snow Halts Supplies
Bring Top of $22.25; Receipts of Cattle, Calves, Sheep Also Lower for Period
CHICAGO, Jan. 29 (UP)—The price of hogs climbegd higher on | the livestock market this week as snow. and ice blocked roads | shut down on the supply of available animals. | Receipts for all classes—cattle, hogs and sheep—showed sharp | declines with a total of 38,000 cattle, 2300 calves, 50,000 hogs, and | 13,700 sheep being shipped into the pens. here. | The week’s receipts were down — ———— Se ————— 8800 cattle, 400 calves, 20,000| cents higher for weights from | hogs and 4800 sheep compared 300 to 400 pounds with increases | lower for the higher weights. | Steers and heifers, however, | failed to reflect the tie-up in| shipments with prices dropping!
Hog Prices Up Hog prices were up around $1/
best | slaughter steers which topped out | bringing $22.25 at the end of thet $31.25 and were largely absent |
Street Journal last week, are are going to hit the ball—before setting up factory classes to!it hits us.”
Story of the Week
shower of counterfeit $10 and $20 bills. A business-like middle-aged man with a leather briefcase] bearing his “initials” appeared at the store and printed card identifying himself as being from a government enforcement agency. lot “questionables ” —G “I'd like to inspect your cash,” ora) hours. !
he told store sub-executives, | Finally he put on his
Obligingly they directed him to/made out a “government”
|
It concerns a large eastérn de-
It took sev-
off his coat and carefully went left. through thousands of dollars, paying careful attention to the And both the store and the gov-| $10 and $20 bills. As he sorted ernment are looking for the! them, he built up quite a stack “agent.”
Second Thoughts
tiple screens so viewers can sight of the picture or its sequence . . about 143 pounds of meat this year. 60 pounds of beef, 70 pounds of four pounds of lamb and mutton. |
| major problems by building mul- + Americans will average
Here's the breakdown: pork, 9 pounds of veal, and
We are living longer. In 1901) panei of tho Uniouity orn?
L of the population ded|nols Bureau age 24. In destined to in 1975, the average for the first risk-free basis fourth of the generation to die|end up’in not doing business.” 67 years ... The B. & O.|. . . There is nothing In a casual is getting wise to good
:
1946 one-fourth Business Research: “Merchants |
will be
relations. B. & O, officials 's
t t {debate on housing, partment store during the recent | an's “Fair Deal.”
thinks a little bit of socialism {In housing would be a good thing. coat and/He recently delivered & sharp|Pricg receipt| reminder that Americans enjoy the money room where he took to the store for the money, and|s good deal of socialism now,
{and have done so for a long Today the store is short $40,000, time.
Television 1s solving one of its| housing as a communistic or so-
clalistic enterprise. Of course, §0 from room to room without losing|to a certain extent it is true that
it is socialistic In nature.
live to 59. And | attempting to do busihess on a ernment’s obligation to give food f
wilk through the downtown sec-|as & socialistic enterprise may
The dictionary says socialism
equal division of wealth and the fruits of labor, through common | ®t!!! quotable at $34. Some traders | produced a finger-} I a a ownership. Sen,
Robert A. Taft (R. 0.)
Relative Matter ‘ In a speech to the Mortgage Bankers ‘Association he sald: “Many have denounced public
“We have long recognized gov-
must Inevitably and clothing relief to families tion of which We are now cap-| unable to pay for them . . .”
idea of the public school
Taft Favors ‘Little Bit' Of Socialism in Housing
Reminds Mortgage Bankers of Trends
In Public Education and Medicine in U. S. Cidice Vealors Shona By JAMES M. HASWELL, Times Special Writer oes Venlers Sienly WASHINGTON, Jan. 20—-What is socialism? Probably no other
teady at a top of $34 but for |word is being more freely batted about the halls of Congress in ® social security and other phases of President ‘Ne first time in recent weeks
“The philosophy of socialism,” he sald, “is to raise all to the average, which necessarily will
same dead level and take all life and progress opt of the system.”
One of the problems of public) school teaching is to keep the | at the end of the week. brighter minds occupied, : say.
other vay is to ‘let the devil take
the hindm on, “and let those who aré un-|S.ahapolls agency of Bankers
able to keep up suffer povertyi, “oi. ed in the com “But this question of socialism [2d hardship on the theory that
is & relative matter, be ——— —===—(long socialized our public educaAdded up, that's three pounds Fight things—and then keeping tion in the primary and -secondless per person than last year, (t e public informed about them, ary schools. We have socialized E medical care to the extent that University of Tlli-\we provide it to the poor through of ¥conomle and public hospitals, .
We have? the end general progress will prod
ovary humane sense.”
week, Sows were steady to 50| toward the end of trading. - pt Good to choice light weight| {heifers showed the sharpest de-| {cline on the week's market, dropping around $2 per 100 and sell-| Ing at $26. The best price that could be reached in bulk trading was a top of $25, although a mixed load of steers and heifers brought $28.50.
Choice vealers were again
they were largely sold at $33 is a philosophy which seeks more(30Wn, although the choice were
(are anticipating a break in price for choice vealers. Slaughter lambs were steady at $25.25 and ewes were s { at a top of $11.25, although both groups were largely absent most
of the week, and the market was Educators have found this out. dull. Ewes did hit a top of $12
all others down to the
Cited for Service ~
“The extreme philosophy the 8. L Hart and C. B. Agness, | [taints of the H, E. Storer In-|
they
ost,’ ” Sen. Taft went
Life Co., Des Moines, Iowa, have pany’s| honor volume clubs for their 1948 | uction,
Oftends ‘Sénse a" This extreme anti-social theSen. Taft sald “offends
For his part, he sald: “I believe the American people
eel that with the high produc
changes, according to Ward's re-| 480. Wholesale trade eased a bit.|
Want a Pr
Attention, Boys!
Sumer “weighed. down with an| well: 1's at the expense of the - worker. 's enormous bag labeld "1948 corpo-| yop “se true of many other
ration profits—$20 Billion plus”| co subijeations, AFL and CIO | alike.
| Corporations, like U, 8. Steel, Steel Labor leaves you with can't help but try to combat such the impression that the welfare an attitude. Their survival is at of the employee is dissasociated stake, since labor is a pgwertul from the well-being of the corpo:|legisiative influence on™ taxes, ration and opposed to it. Profits pricing policies, industrial regulare something to be derided, not| lations, labor laws, anti-trust enpraised. If the corporation does! forcement, etc.
« rt
ofitable Part-Time Job?
Indianapolis
Yes . . making
* outdoor
hobbies,
Would -yo
SUNDAY
tomorrow
‘
Are Now Making Greater Profits! |
thousands of families are taking the new SUNDAY TIMES—making a Times, Route a pleasant, profitable part-time job, SEVEN DAYS A WEEK. It's healthful
you plenty of spending money—for clothing, recreation,
” call Mr. Richard Ballere, Times City Circulation Manager, at RI-5551, for route openings in your neighbor hood. Boys outside of Marion County, Distributor in your town, or write Mr.“H. W. Smith, Times Country Circulation Managlt.
_ Attention, Indianapolis BOYS!
TIMES on Sunday mornings? Many ambitious boys are making a nice bit of spending money with this interesting job which requires only a few hours ONE DAY A WEEK. There are several “good locations ovoiloble right now where YOU could sell THE
City Circulation Manoger of The Times, at KI-5551, first thing
morning! :
The Indianapolis Times
Circulation Department .
Times Carrier Salesmen |
. Indianapolis Times Carrier Salesmen are now more money than ever before! That's because
work. It's dependable the year ‘round. It gives
Christmas or college. Boys in Marion County
The Ties
u like to earn some extra money selfing THE SUNDAY
TIMES. If you are interested call Mr. Richard Ballers,
RI-5551
- lit sili
\ ad iid *
lit
Two things account for this. proposed splifup and a dollar a-
BE lism
om
SE TN
————
* hugs 20-mo
them for an
Moth: Firem 20-M Older
A worrie locked out of inside. Firemen garet Cook, : The first
Paymer For Ta
400,00( Still He
Today is tl
m of the
Unless you marked befor of the 30-da) name will m division's “de Walter L. deputy of the today that 4 haven't filed individual an gross receipt: during 1948 1 rént rates, hi The law r and interest all reports g Jan. 31. All or personal ¢) be addressed Income Tax Meridian Ct.
Forum Magazi
Michael St magazine, * speak on “Ca Meet the Nee at the fourtl tures offered Open Forum day at the Ki Center, 2314 Mr. Straig special guest of the Amer mittee durin A former tional Plann World War 1 tion and one bers, Mr. Str weekly lunch morrow at tl He also w at 8 p.m, to olis Chapter rooms at 2 will be intro ings by Ma: vice-chairma
On Hoover as: point re . oin MIE costs ... Atomic Er ports sp: fuel and bombs China rej onder to "criminals the Worl Henrik M:
"in ight Other In
Amusements Busiriess ..