Indianapolis Times, Indianapolis, Marion County, 17 April 1949 — Page 52
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|" Winter's Final Stand Thins Buying,
But Seasonal Market Lies Ahead
By HAROLD HARTLEY, Times Business Editor
EASTER BUSINESS was rolling along briskly toward
last year’s tall figures when the weather man stepped in,
poured rain and snow on the bonnet hunters, but failed to
dampen the ardor of Good Friday and Easter church-goers.
Shopping felt a temporary, ~——— a chill right at the time when it Ciguren, year's March-and-Ap
should have been approach:| ing its pré-Easter peak. But yes-|
Easter is four weeks later this {year and included seasonal buy{ing, the change from heavy to
terday found thousands of shop- jighter clothing. Easter stocks, pers, braving the weather to dojexcept for the highly specialized *must” shopping. But receipts) {lines, should be absorbed as the
were reported below satisfactory.
weather warms,
Reports from stores
Bluntly, one merchant sald onlpyg4or cities on pre-Easter ote!
Friday, with disgust, “It's lousy.”
Others found their aisles thin|ahove last year. It was no One's their business “slightly labeles An unfor-1943 and one admitted sales were
with traffic. fault in particular, tunate turn in the weather which no one could foresee or do any-| thing about.
Stores had been heartened by|
April's early volume. March had’ been off, but March averaged with April seemed destined to]
Hard to Keep
water Beach Hotel in Chicago of
An interesting story going the rounds tells of a meeting in 1923 at the Edge-
ing buying showed some Ye A few
|“disappointing. :
Up to Friday both men's andj
women’s hats and accessories were moving in better volume than last year, some stories reported, but the snow blight hit ithe Easter parade along the line!
the world's “nine most successful
~ men.” The story appears to be authentic.
~ happened:
¢
At the meeting were:
The president of the largest independent steel company.
The president of the largest gas company. The world’s biggest wheat speculator. The president of the New York Stock Exchange, A member of the President's cabinet.
The biggest “bear” in - Wall Street. Head of the world's greatest monopoly.
The president of the Bank of International Settlements. These| were the world’s “most successful men.” They apparently had found the secret of making money. Twenty-five years later someone looked them up, This is what
The president of the largest independent steel company was Schwab who died a and lived on borrowed money for five years before his death. The president of the greatest utility company was Samuel Insull who died a fugitive from
The president of the largest gas company was Howard Hopson, now insane. The biggest wheat speculator was. Arthur Cutton who died 8 abroad, insolyent. The president of the Naw York| Stock Exchange was Richard Whitney, recently released trom Sing Sing Penitentiary. The member of the President's \éabinet was Albert Fall who was pardoned from prison so he could]
The biggest “bear” in Wall Street was Jesse Livermore who! died a suicide. The head’ of the world’s big-| gest monopoly was Ivor Krueger who died a suicide.
|
International Settlements was Leon Fraser who died a suicide.
has proved so difficult, how much | more difficult is the art of appreciation or profit making? Maybe the little fellow is bet-
Justice and penniless in a foreign land.
: ig W. R. Krafft (loft) “Monarch Buick, tried out a new Roadmaster convertible with drop-sweep exterior in Chicago recently.
He is with A. H. Belfie, assistant
& =» »
More Cars
ter off after all,
This was the lowest since con-
die at home, {around 50 cents lower. The week's
|terday’s closing top was 40 cents
The president of the bank of $
It the conservation of wealthinominal receipts here, reflected a
lamb prices ‘dropped as much as $8. This was the result of the almost complete lack of demand which ensued from high lamb! prices. Here, the wooled lamb top! was $31.50 this week,. 25 cents) lower than last week's top.
were steady to 50 cents lower. On steers and yearlings of 1100 lbs,
er. One load of prime 1107-Ib.
“New Haeck
Ave., has been completed and i
company. will hold an open hause for the public Apr. 23.
Trend Irregular Stocks Move Irregularly In Moderate Trading
In Cattle Prices
Hogs Dip to Lowest | Level Since OPA
CHICAGO, Apr. 16 (UP)—Cat-|
‘but sheep prices were lower and! the practical top on hogs dropped | to its lowest level since OPA. At the time OPA controls were | removed the ceiling price on hogs| was $16.25. On Wednesday of this week, the practical top, the price beyond which most buyers would not go, was $19.50.
trols were lifted last October. However, receipts at the market were light and the U. 8: Department of Agriculture employees sald some buyers. went over the top by 15 cents. 50 Cents Lower The hog decline was -tled in with lower prices on major pork items. Most butcher hogs were
{top price of $20.25 was 75 cents {lower than last week's top. Yes-
lower than the closing a week ago.
Slaughter lambs were $1.50 to 2 lower yesterday as compared with last Friday's prices. Ewes were 50 cents to $1 off. The de|cline, which occurred in spite of
major price drop in lambs on Kast Coast markets. In New York, dressed spring
Cow Prices Higher
steers over the 1100-1b. mark were also down 50 cents but heifers
than prices a week ago. Vealers were generally $1 low-
fed show steers brought $31, but the practical top on choice steers was $28 with only two loads selling above $27.50. The week's estimated market receipts weré 31,700 cattle, 31,500
Buick sales manager. * »
The aute industry has counted on the warm weather of spring to lures additional thousands
into showrooms. Accordingly the industry stepped up’ Progen
about one-third since Jan. 1.
In the first quarter the Industry turned out 1,056,000 cars {up 14 per cent’over 1948) and 322,775 trucks and busses (28,000
under last year, but above any prewar year). Jt is the mop-up year in the auto industry. Some of the postwar demand is still around, and every company is pushing hard to got it. Psychological price cuts (Chevrolet, Ford, Kaiser-Frager, Hudson and Willys) stepped up interest. The actual saving was not much, but the talk of price
. guts helped.
The * industry sized up market and discovered: ° ONE: Nearly 13 million cars
the
and 24 million trucks are over 10
years old. In 1041, only five milHon cars and one million trucks were that old. ‘TWO: The demand for motor ‘wehicles remains high. Scrapped
business remains at a record level, THREE: The market has expanded. More people than ever can afford cars. The population has risen 13 million since 1941. Employment is up -20 per cent. Disposable income of individuals is up 107 billions or 118 per cent over 1941. ‘Along the same line, Studebaker car production, already at its highest level, will be increased te 5020 units a week as soon as ‘lemployees can be trained. Hudson also reported a steady rise in .sales, hailed as a forecast of heavy. spring demand. Sales in the last 10 days of March, George. H.. Pratt, vice president in charge of sales re{ported, were up 40 per cent over
old cars is only half the pre-war the average for the first two 10-
rate, and the replacement parts:
‘Pom-Pom
iday periods.
The Indianapolis Home Show, scheduled ‘for ifs curtain raiser next week end, is the most heavily
attended commercial exhibit of the year. Sponsors will tune up with a traditional Pom-Pom dinner tomorrow night in the Manufacturers’
building at the Fairgrounds,
The Pom-Pom idea is Mexican, as you may have guessed, but
the steam behind it will be all American, 4 The tickets are $5 and the Pom: Pom Committee is headed by
Verne K. Reeder, chairman, who +Jhas with him Louis O. Rainier, Andy Jorgensen, Carl W. Linde-
mann Jr. £ It Pays to Stay
few years, with the slightest downturn of sperity of clash of personalitie¥ grabbing for a life preserver, But occasionally you find a few of the old reliables still doing business with the same clients year in and year out. One of these in Indianapolis is Caldwell, Lark-|W.
One of the most transient busi- ing & Co., Inc, which lists 33 nesses is advertising. Many mi with of which ten have been
off into this attractive economic ~ sea only to find
House Shortage
indicated that ge. is $1000 units In Ind) is.
anapol What the AVC wants to do is to get a share of the Federal ($800 million) if and when it is made.
with the firm from ten to 30
find themselves in alyears.
Mentbers of the American Veterans Committee yesterday said recent |
an existing housing shortage of
hogs, 7900 sheep.
Pacemaker to Expand Freight Service to East
The New York Central's Pacemaker freight service, which connects Indianapolis with New York City and other New York Stale
link Indianapolis with other New England industrial centers, the NYC announced yesterday. Operating 1000 specially built boxcars, the Pacemaker will speed less-than-carload freight on passenger train schedules between Indianapolis and Buffalo and from there to New York and Boston and intermediate reports in both directions to pick up or
During Week
[Most grain futures prices moved \within narrow ranges on the In the cattle market, prices Board of Trade this week, but May wheat broke away to reach its best price since late January. Under late-week short-covering week.
were up 25 to 50 cents, bulls 50/2nd commission cents, and cows 25 cents higher|May wheat
cities, will be expanded*April 25 to|
This new terminal of Haeckl's Express, Inc., at 3333 English
is in operation. Officials of the It is
THE INDIANAPOLIS TIMES
kl's Express Termine in Operalon i orgie
located fo relieve the of hovey Yoffc and ie functionally designed ne country, officials said. on “ he mat
Standard Oil (New Jersey) a Strong Spot;
Approach of Easter S By ELMER C. WALZER, U
lows Some Issues ~~ - nited Press Financial Editor
NEW YORK Apr. 16—In the short week—cut by the Good
trading.
|tle prices were generally irregular | Friday holiday--the stock market moved irregularly in moderate lat the livestock market this week |
There were a number of outstanding features among individual ‘issues, while the main list dragged aong as it has in recent weeks
with net changes small, A stock increase by Liggett & {Myers sent that stock down sharply to a new: low for the year. It regained part of its loss and provided a large amount of the increased market volume,
Standard Oil Strong
Standard Oil (New Jersey) was a strong spot on a rise in the!
company's cash dividend from $1 to $1.50 a share. The directors also declared a stock dividend of four shares for each 200 held. Other oils moved irregularly. Approach of the Easter holiday slowed business in some issues and kept some traders out of the market, The list still was held down by uncertainties over taxes and other legislation, the experts asserted. And there was little in the way of new information to stimulate market interest. The street has) apparently forgotten about the margin reductions which had but a momentary influence on volume. Utilities were the best gainers as a group. Their income is aided
May Wheat Soars
CHICAGO, Apr. 16 (UP) —
house buying, to $2.23, topping last Saturday's close by 5% cents per bushel Other wheat contracts rose fractionally but the difference ‘between May and July prices widened to 28% cents, a record spread for this crop year. Oats, Rye Up Prices of other grains seemed indifferent to the wheat climbs as the near futures in corn, oats and rye moved only fractionally above last Saturday’s closing fig= ures. However, some traders believed definite weakness in these ges grains would appear if they were not supported by the strength in| wheat. Traders also believe that the new high in wheat is unrealistic and discounts too largely the government crop report. This report, released by the Department of| Agriculture last Monday, warns| that a near-record winter wheat crop of 1,020,000,000 bushels is; probabé. The present corn and; oats stocks on farms are also at all-time highs for this time of
drop .off cars.
by diesel-electric locomotives, the! NYC announcement said.
Eight Underwriters ‘Honored Here
Eight members of the Claude C. Jones Agency of The Connecticut Mutual Life Insurance Co. here have qualified for the Dependables, the company’s honor organization, for ‘consistency in production and in quality of life insurance they have written. They are James H. Black Jr. George W. Jackson, Raymond A. {Luley, Harold W. Russell, Vincent I. Ryde, Bayard V. Somes, James E, Walsh and Frank D. Walker
Diaper Men to Chicago Kenneth Badger and cade Montgomery of Dy-Per Service, Ine, 814 Dorman St., will attend a Midwestern regional meeting of the National Institute of Diaper Services in Chicago next Friday.
Todd Appointed :
iy appointment of Woodrow . Todd as sales manager of its by-product department was announced yesterday by the Indiana Limestone Co., Inc.
{ The Pacemaker service is pulled!
year according to the report.” | The bearish implications of this | report are not now reflected in| the market but the record crop! prediction in view of the high percentage of occupied storage facilities has dampened bullish [asunty.
recion Seg | 'Té Be Held Thursday |
A stag party for realtors and associates of the Indianapolis Real Estate Board will be held | Thursday, beginning at 2:30 p. m., in the Athenaeum. A dinner at 6:30 p. m. will be | followed by entertainment from the Purdue Concert Choir at 8: 30, p. m. John A. Klebes is chairman! and Robert H. Orbison is vice! chairman.
RCA Victor Official | To Address Group Here |
E. 8. Green, personnel manager of RCA Victor Division, Radio| Corporation of America, will ad-! dress the Indiana Materials Handling Society at 6:30 p. m. to-| morrow in Hotel Severin. Mr. Green will speak on “Per-| sonnel Relations and Materials Handling” A film on materials handling will be shown by Gen-|
* eral Electric Co.
tel Certified Publi
Engage in t
f 524 Merchants
LM. HENDERSON, CPA.
EDEN AND WALKER
. ANNOUNCE . THE OPENING OF AN OFFICE TO
= Practice of Public Accounting
INDIANAPOLIS, INDIANA American Institute of Accountants Indiana Association of Certified : Public Accountants =
¢ Accountants
he General
t — Bank Building
x i
WM, H. WALKER, CPA,
three-year low. declined and demand rose so t supplies were reduced moderately.
by fixed rates and by reductions in costs of some items such as fuel, Ralls suffered from outlook for reduced income as the year progresses. Steel issues suffered from predictions that prices may be tested shortly. Chemicals had several strong spots, Armour issues were weak, particularly the preferred, on fears over the dividend on the latter. Motors were irregular de- | spite increased automobile output. Coppers eased on a softening In copper prices. Mercantile issues were irregular. Business news on the whole was seen as favorable. It was featured by an increase in retail trade as Easter approached. {Retail volume as reported by Dun & Bradstreet was unchanged to 4 per cent higher than a year ago. Heavy purchases were made in women's clothing and accessories, and the men also were good buyers of suits, shirts and neckties. Food Volume Up Wholesale volume also in-
jcreased as merchants replenished | their stocks of FR volume and there was a bit of improvement in textiles.
rose also at wholesale
Automobile production set an-
other post-war peak during the week, according to Automotive News. The trade paper said there were 101,231 passenger cars and 24,971 trucks produced, making a total of 126,202 units. This compared with 124,691 in the previous
The paper said April produc-
tion is running about 12,000 units weekly ahead of the March out‘put which totaled 404,351 units.
Steel production firmed slight-
ly to 99.2 per cent of capacity at which production amounted to 1,828,800 net tons. In the previous | week the output was 1,821,400 tons.
Crude oll output was cut to a Gasoline output
Fuel oil output declined. Kerosene > output rose.
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Prospects Leave
Farmers Gloomy
Big Crops Foreseen But Prices Are OFF
By HARRY MARTIN Times Farm Writer Indiana farmers were turning the soil last week for what may be their biggest crops. But they were not happy. Falling prices affected only thelr incomes. They still had to pay as much as ever for wages, equipment, gasoline and fertilizer. Seed corn is high and prospects "for profit arg the worst since the war. Hog values were dropping '|steadily but still remained above the $16.75 government support level, Agriculture Charles Brannan talked of “direct subsidy.” Some felt more government handouts meant more con trols, and others welcomed anything to lift shrinking farm income. Ernest C. Modlin, R. R, 1, Cambridge City, was against it, suspicious of a tighter government harness. Sees Emergency Over One farmer, west of Indianapoli, a former Triple-A committeeman, used these words: “There was a time when controls and price supports were necessary. But the emergency is over. It's time for govern-
Food ment to get’ out, and stay out, of
our business.” He asked anonymity because He previously had supported the government program. Jack Oldham, with the Shan-non-Graves Commission Co. at the stockyards, said: “Most of the farmers I talk with seem to feel we've had too much government interference, too long. They don’t want charity or government handouts. They feel prices hake care of Shemsgiees if left one.”
Inlernationl fo Bring Lubrication Expert
C. N. Bentley of Deluxe Products Co., an expert on oils and gasolines, will give a 30-minute talk’ on truck lubrication and maintenance at an International Harvester Co. program at 1085 W. Washington St, at 8 p. m. Apr. 26. Truck owners and fleet operators will be invited guests.
ALL
Chair at $525
| | | a week on the | | | J
*y
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The immediate purpose Brannan's farm program is to
or prices received by farmers.
That's & big assumption. But if|yimion. But it's it came to pass, then the cost ofthe $26,234,000,000 farm income the Brannan plan in 1950 would Mr. Brannan considers necessary not exceed previous support|to provide farmers with a stand{mans ahd might eves bo less. ard of living consistent with what Bureau of Agriculturalithey have had over the past 10 Bonini anticipates that 1949|years,
| ‘Farmer's ‘Wage Floor’
Goal of Brannan Plan
Proposed Support Price Bill Aims
To Correlate Urban, Rural Incomes By J. A LIVINGSTON ;
of Secretary of Agriculture keep agricultural income next
year at just about the level Department of Agriculture economists expect for this year. :
This assumes no SharP|;. ome from farm marketings change either in prices paid will run to $27 billion. That's
down $3.5 billion, or 11 per cent, all-time of $31 slight
from 1948's
HOW NEW FARM PLAN WORKS _ Farmers’ actual cash Brannan's proposed
Farm-City Link
declines as $14.6 billion in 1919
ruptcies. automobiles, electricty, television sets, vacuum cleaners, farm ma\chinery, clothes, ete, which city dwellers make. In. the modern economy, the farmer is the victim of price it,/changes — just as the factory f'worker is the victim of unempioyment. The Brannan plan provides the farmer with what is tantamount to a minimum guaranteed annual wage in terms of the things he Mr. Branngn put it this way in
sion of .the House Committee on Agriculture and the Senate Committee of Agriculture and Forestry: “Price supports are the farmer's equivalent to the laboring man’s minimum wage, social security, and collective bargaining arrangements.” Mr. Brannan as the Secretary of Agriculture is the farmer's special pleader, ‘union leader.’ ” The easiest way to understand
Getting Prices
price for farm products.
49 that would work out to ~$20,- “lon 980,000,000. And that fixes for| Mr. Brannan the support price for individual commodities at 125 per cent of the level in the preceding 10 years. (The 125 pet cent is ehtaingd by dividing the “Brannan minimum $26.284,000,000 by the yo Erosuet average of $20,980,000,000.) Beef, wheat, and cotton are now selling above the. Brannan
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rannan’s long-term purpose is to cushion farm marketings from such
to $8.15 billion in 1921,0r $11.3
billion in 1929 to $4.7 billion in 1932. He wants to substitute comparative stability for periodic bank His argument: A well-to-do farm community can afford the
the Brannan plan is to see it work. He takes farm marketings for the last 10 years and divides by the farmer's cost of living (that is by the prices farmers pay ° for goods and services, including interest and taxes). That gives the farmer's “real income” year by year as Tollows:
Year Marketings C. a 7 1 In (in Millions) Index % pep 1939 $17 ror 1,181 7 just 1942 5.372 17,468 194% 19,434 88 20,457 1944 20,460 ow 566 945 21520 101 21,307 1946 24,864 18 22,004 1947 30,188 135 22,360 1948 019 2
81; 146 21,246 Farm “real income’ for the 10 years averages out to $18,218,000, 000 in 1939-48 dollars. That's Mr, Brannan’s minimum — assuming the farmer's cost of living index is at 100. But today his cost of living index registers 144. So, a cash income of $26,234,000,000 in
his |1949 is necessary to obtain a real
income of $18,218,000,000 ($18, 218,000,000 multiplied by 144). Mr. Brannan proceeds te work formula to determine the support
Again he uses a 10-year average. He takes actual receipts of farm marketings for the preceding nine years and adds to it the Department’s estimate of the current year’s marketings. Eor 1840-
support prices, corn and eggs be low, and hogs at the same level. Here's the way the Brannan supe port prices would compare with (a) nt prices received by farmers, (b) present support prices, and £0) average prices
10. io Current Present 1940-40 Boss (owt. oh “
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