Indianapolis Times, Indianapolis, Marion County, 11 September 1949 — Page 37

SUNDAY, SEPT. 11, 1049 ___ Business of the Week—

~ fi 5 ¥

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Is Amount You Spend That Peps Up Prosperity

Retail Spending Points the Way,

Signals Step-Up in Factory Action |

By HAROLD HARTLEY, Times Business Editor

THE MOST sensitive finger pointing the direction of|

business winds is retail buying. How it performs between Bow and Chtistmas may well be a prosperity tell-tale. In retail buying perked up in early

i

tember. But it is not because aoa faliD Put . degree of faith. But payrolls here have picked up| nearly everyone from employer materially. Or is it because down to the man who sweeps out, the ability to buy has im- after the whistle blows is think-| proved. It does mean the will- ing slong

more positive lines, Lip lines are turning up, not down. ingness to buy is getting stronger.

It has been the thinning out inventories which has made busi-

ness sing the blues, But it was a| |

Lx ¥ J . RE

World's biggest are these 91/y-foot tires, weighing 3646

“THE INDIANAPOLIS TIMES

World's Largest Tires Used In

Arabian Oil Fields

Gn A "PAGE 37. : Outlook in the. Nation— |

Will September Prove A Crucial Month?

1929 Crash, 1946 Stock Break Occurred After Labor Day

, By J. A. LIVINGSTON : |** SEPTEMBER is always a crucial month. The 1929 crash started in September. Ditto the 1937-38 depression. The major post-World War II break in stock prices took place the day after Labor Day in 1946. That was ironic. Brokers’ letters in August © depression that never 1946 were full of optimism. came. And perhaps that adds to They kept saying that when!the significance, the crucialty, of investors and speculators re-/ September 1049. In. 1946, the 'turned from their vacations,|¢250ning was: “People are

~~? bought up. Business will fall off, they'd buy. The opposite Prices will drop. We're heading

Ga a Arabia. They can carry 55,200 pounds; Inst

A

oad of dismantling |

; : 9 ha ned {into another 1920-21.” That judgse ud this Shere Io Some good, process whieh Soule Bot go on for- pounds each, desi by the Firestone Tire & Rubber Co. to the derricks, they are laid down Jenin on the axles of this | ppened. ment proved premature, But now, over - ever, e day Is { o A ; ols . . iant d and towed across the desert. [ “That 1948 break in stocks is thrée years later, is that same tribution lines. Inventory buying when those who sell will have to] Corry oil derricks fr , finished wells to new drilling locations nga olly mr — . ~ historic. It sounded the approach judgment justified?

is resuming, which means that broaden their stocks or lose sales current stocks have been thinned and customers. -- | out to the danger point. | Business reacts quickly to retail In the long run, this means sales. When the winds blow cold, more jobs, restored work weeks business tightens up, too tight. and fatter pay checks. The pick-/ And when the sales ball is rolling; | up, if it holds, will not be an over- it works the other way, planting

Utility List Hits New High Mark

Livestock Prices Move Up, Grain Futures Steers Hit 7-Month Top

Hogs and Sheep Higher, Heifers and Vealers

. People are pretty well caught up. Up to Old Tricks The buyers’ market has even Iclaimed the automobile industry. For the first time since the war; {major companies are putting out new models. Studebaker, first with a postwar model, is out with a 1950 job. That implies that {auto plants will close down for retooling this fall. Workers will be

Soar for Week

night wonder. Instead it will be the seeds of liquidating headaches . : : “AG . {laid off as in prewar days. So,| rc toesesiaecs long and slow, requiring patience'later on. ii Market Generally Steady to 50c Cain, Slaughter Lambs Active i GAR CASD. na Horoke. into PuYing fower {6 and found De P: a rst quarter of bE : Fi for Week | CHICAGO, Sept. 10 (UP)—Hogs and sheep sold higher on the 5) op Wold PEC SHAKE, 0 lltroit will be temporarily reduced. o pro ga nd k John Fout Past Bottom Actually there is some substance in the im- rm r ee [livestock market this week and cattle were mostly higher with a top op 5 HR FULL OL ry | At the same time, orders for a e ck John Foute provement talk. The men who do the big By ELMER CO. WALZER |for prime fed steers of $32, highest since January. | were ower an ave lt rw SOY aR steel, upholstery, batteries, tires, 1021 1,468,000 148,000 cted the excure buying, the purchasing agents, report that the business ciifve swept NEW ¥ Sun Pissatla Kana it Compared with cattle prices a week ago, high-good and choice December wheat and Sept ember 20d 80 on will be deferred. Unlike, 1922 2,274,000 270,000 and played to bottom late last month. ! tocks thi ek P t - ited steers and yearlings were $1 higher with the lower grades un-| "0." © new le "A ape 1947 and 1948, purchasing agents| 1923 3,625,000 409,000 Statt- Photographer NAVE: 13.0Ck Lig Weth Xue lo A * evenly steady to about $1 higher. Heifers and vealers were steady 8hS Since won't be on suppliers’ phones all; 1904 3,186,000 417,000 They have ways of telling how the trade winds blow: They high in their average since early; f) se hicher. while” Dolls] {January early Friday. climaxing|the time, clamoring, cajoling! 1925 3.735.000 531.000 found production and new orders both have increased, overbalancing(1947, and the stock market gen- to 50 cents Righer a rise that began immediately|pleading: “Where's the shipment! j92¢ 3784000 517,000 declines by 3 per cent. J ——— remrberienememe—en— (Gp 11y puled Arm, (were ‘steady to 50° cents lower. New Members |after the holiday. At the same|that was due two weeks ago?” | Jini ' NS Buyers are ultracautious. With! The business wheels are pulling| Industrial stocks gained mod- Cut by the holiday, receipts were time, September corn scored its) 8} wa di A 98 1027 2.937.000 465.000 . lout of the mud. Employment na- fon 25 per cent lower than last week.| & ¥' best price i bo | n 1928 3.815.000 543,000 bandaged fingers, they remember erately but the railroad section i price in about a month. | joneer be counted on as an all- : ’ y : nO [tionally seems to have hit bot. her hogs over 180 Ibs. were ge 1929 4,587,000 771,000 the fire. They dire going out! Ly Seems | lagged and closed with a small] Butcher hogs Compared with Saturd 1 , tain hi : on the a Enelr tom, Sr Jalie cent employers net jogs, mostly 25 cents higher for the week, i Aw ae last] er ne falve which | Passenger output set record Or g orders are short-range commit- repo er layoffs in com- Strength in the market in sev- week. Lighter weight butchers night at $2.09%, up 2% cents a| tendencies. Auto companies are (NIghs in 1923, 1926 and 1929, In a parison with the 50 per cent re-\yry) sessions reflected hope that were only steady but sows were | bushel: N : trucks, thepattern was off a bit ments, never jumping a season, rted £ pe i |bushel; September corn, $1.27%, up to prewar tricks: Putting | : ' L , Anduatrinl price. trends aa a. or the previous ois midntes the British pound would not be as much as 50 cents higher. The {up 5'% cents; September oats| out mew models to obsolete the | "25, which was higher than '26. eads \ “firmed,” the increases balancing cent = Tngmon’a ap of 26 Per qevalued and that a steel strike week's top of $22.40 was paid 169% cents, up % cents, and Sep-| old ones, to encourage the | The sequence went haywire ve Way | the declines for the first time in a, 0 NLY-ONE|will be averted, the experts said. Wednesday with the closing top at [tember rye, $1.15%, up 415 cents. Smiths to buy a 1950 car to [during the depression. Production a" * months. Even with the ft x mabe, Sent © Jie firms report em-irpere was a bit of hesitation in|$22.25. November soybeans closed at| keep up with the Joneses. That's dropped steadily, reaching a low y Page 43) ing, industrial inventories AL bong ro. of oa mONth, the . Friday session because the glaughter lambs were increas- $2.31, 6ff 1 cent, and September| ® sign that selling Is becoming Of 1135000 passenger cars and lower than in July. Buying which| Busin eg o ilo re |steel report was to be turned over ingly active all week and closed lard at $12.07 per hundredweight,| a regained art—by necessity, (235,000 trucks in 1932. But, beept. 10 (UP) = has been on a hand-to-mouth 30- with ng tagger- President Truman today. 50 to 75 cents higher after a top off 13 cents. Ultimately, the automobile in- cause of the sharp drop, the reMy Request, a : ing a war-dizzy hangover. It Trading averaged 800287 ,¢ $25 $1 higher than last week's ' |dustry may revert to the prewar COVery was longer lasting, taking y day basis is now on a 60-dayiis steady on Its feet, as if getting lo » 8 8 |" Mr. Neilson Mr. Moll | A government crop estimate as/dustry may P five years ed last year by eycle. ready to be onthe march, shates Jaily 08 the Toe a ig Close. Yearlings were strong to Ww lof Sept. 1, released after the ales pattern: A poor year, a bet-| a a ita Shit , led from start ons. e week was cut by the 50 cents higher and sheep were lel / {ler year, the best year. The im-| pansion contin n . is he won the ; Bright HH oriz on Is America getting ready for its biggest) Labor Day holiday. Some increase scarce and strong. | in ay el he 1040 ‘ana mediate question for business is: But hat was a Special year, J y. Handicap at boom? The figures say so: in activity in the low-pri is-|. kt Petaa to p S aa] {Is 1950 1t? Will it be the indus- ler nv Europe. ar three lengths. " Education is on the rise. H. M. Belville Jr a research boss |'U¢S: notably Commonwealth & Week's Price Ranges pn a wi PY t a try's first poor postwar year? . |threatened the U.S. The possibilriding son of that in than three "1 '|Southern, helped bring sales up| A review of the week's closing : eotimatad at 1314 Bt WET€| The poor-better-best pattern is ity of war controls over producJockey - Eddie ys 20 Jess in every 10 adults were highitrom last week's average of 707 (prices follows: | Cramated at 1,314,258,000; ryeirairly well defined from the post-|tion stimulated sales, thus exNe ood It school graduates. Today four in 10 are graduates. In 1960 five in 036 shares. - CATTLE: $32, the seven:| Wo 0 A [18,551,000 and 80YDeans wort War I depression year of|tending the upward are of the: as the field of 10 a Jave igh school sheepskins. “Peoples Gas Gains months top, paid for one .load| | "Wheat was snouts d early by 1921 through 1929, as follows: = auto eycle. the gate. He ave hs a a ing to the American market Aside from the utilities, there prime 1275 Ib. fed steers and Stokely-Van Camp, Inc., today flour mill buying which later gave And now, for five years, 1045 -

1e way, leading tunts under the eteran Assault nch, third. failure of Mrs, mie, the world's vinning horse, jeld, ney horse op 11 he made this purse of $15,675 3 backers with $3.00 across the a surprising at $2.60 and t, making a dotay out of ree $3.50

03 saw My Ree and an eighth

rdinals * i

rerton

t. 10 (UP)—The s announced tohave purchased Columbus Red ho collected 175 home runs, for h the American this season. pokesman said ves in Scranton, Manager Eddie i tomorrow.

oger

Foremost ylists ennsy’s suiment ., . . appreciate preparation. n Yood and | moderate n NOW-for evening!

sylvania

|

ARRARRAARARERAARAFARARRRAARRARAR AAA AA

“Bigger Cities

- terest Indiana

completed by Americans rose from 86 to 9.5, and this during a war which emptied most of our

which forecast better times: ONE: Citizens are getting more government conscious, They are!

- Security.

male colleges. By 1960 the estimate is that the average education will be 11 years of schooling. This raises living standards, whets appetites for better products, sfeps up the appreciation of being alive today, living to the full, What once were luxuries now

are necessities. The electric re-name buying and preference for

frigerator, the automobile, the advertised products yers wan vacuum cleaner and the radio are to know who a ra

musts, the confidence in nam Four other things are happen-| character of Ae au

Cities are getting larger, flowering new populations at their meadowed edges. Rural populations are standing still but farm production is going up, more

feeling the pinch of taxes, watching budgets. TWO: There is an increased urbanization of rural communities, more deep freezes, electric kitchens and television sets. THREE: There is a decline in isolationism, particularly in the, Midwest. > FOUR: There is a rise in.brand-

machinery, power equipment. * ? ‘ American women are in industry to stay. Those who took war jobs in World War I stayed. ‘In World War IT more stayed. Today three in every 10 workers are, women and in light work fac-|1l Per cnt were working. Today tories such as Western . Electric 21 per cent hold paying jobs. and RCA, the vast majority of Industrial production has workers are women, {jumped ahead 20 years in the last Strangely they are in the seri- nine and we haven't seen the end ous-minded over-35 age group, yet. Result: More Igisure time. and there has been a big rise in Recreation businesses with the the number of working wives. exception of the movies are boomAmong all married nine years ago img. :

Shorter Weeks

hours in 1930 amounted to 47.2 and in 1940 it had dropped to 43. And the estimate for 1950 is 40.8 and 1960 is projected at 37.7. Chalk up as one of the causes of more leisure time new retire-

ment rules in industry, retirement pension plans and the government’'s own proposal of $84 per, month at 65 through Social

to 29 years. In 1948 it was 30 years, and in 1960 it will be 33

But we are not having enough ° 1, summary

we are better edu-| babies to.balance off the climbing cated with 3

more standardized

median or central age at which tastes and we like city living. We July 4, Labor Day usually is obthere are equal numbers older have more working women, more gerved throughout the steel in-| we are growing older, dustry, but this year the compa-| years and in 1930 it had climbed and there aren't enough babies. |ntes kept their crews operating

and younger. In 1930 it was 26.4 leisure time,

No Snub The red caps at Union Station, If you can find one at a busy hour, want it made plain that they did| not snub a raise when they asked the Interstate Commerce Commission to reject the railroads’ application for a 25-cent bag carrying! They had their raise, says Milton Cruze, local chairman of the|

fre

United Transport Service Em-|,¢ior that red caps were employployees Union, and are pot inter- ees of the railroads and not conested in tips. This ought to in-| cessionaires, ’ terest travelers who have been| When the red caps got on the dropping quarters and dimes into payroll, the railroads began to! the palms of bag carriers who! put a station charge on for each

“tell them that “15 cents is the sta- bag. In 1940 a 10-cent charge was |

tion charge.” put into effect. In 1947 it was inBut Mr. Cruze says red caps up creased to 15. cents. But red to 1935 were working for “$1 a caps balked at the 25 cent charge year,” dependent for their bread asked by the railroads to help and butter on tips. At that time pay the red cap wages. Mr. Cruze says, there were 21] The common belief was that the| on duty. |25 cent charge would curtail tips In 1925 10 more were hired. But which the red cap could keep but fn the Thirties depression cuts Mr. Cruze straightened that out. thinned out the few salaried men| He sald they do not want tips, and left them to shift for tips. they want wages. So the next time But the Wage and Hour Law of a red cap carries your bag, re1938 began to change the picture member Mr. Cruze’'s words: No and the ICC. ruled shortly. there-| tips. .

Some refrigerator makers ran to cover too fast last Straws spring, got caught with their production down. When summer demand hit, they did not have the goods, put pressure on production lines too late. Hardest to get locally, home builders report, is the GE line. : "Congress is worried about too many mergers. What they see is the big companies swallowing| — == open

years. [nage of steel produced.

various groups. Special issues weights. furnished some interest and de- choice fed steers and yearlings| mand was good for preferred $28.75-§31; most high medium to stocks from investors. |average-good steers $23.50-$28.50; Even the utilities did not record common to medium kinds $16.50wide gains except in one instance $23. Bulk good to low-choice fed —Peoples Gas, which scored an heifers $25.75-$28.50; good beef advance of 6% points on the cows $17-$19.50 with most comweek and accounted for most of mon and medium kinds $14-| the %-point rise in the utility av- $16.50. Good and choice vealers e

rage. |$26-$25 and mediun® and good © Union Pacific stood out in the sausage bulls largely $18-$20. | rails with a rise of 7% point. Most |

of the others declined and the Hogs and Sheep Gain | rail average lost .00 point. Chem-| HOGS: Week's top $22.40 to

icals helped lift the industrial av-|choice 210-250 butchers with most| He comes to the Indianapolis vator houses. : plant to head an expanded pro-|

erage. ‘Olls enjoyed a good mar- good and c h oi ce 200-270-Ib. Tr a hopes they slipped weights $21.75-$22.25. 290-340-1b. back from their highs later. Jer- averages in small lots $20-$21.50 sey Standard closed the week with weights 190-150-1bs., $21.50 with a 1%-point rise..- down to $18.75. Sows under 350

was but little of interest in the one load choice to prime 1162-1b. announced two additional staff way to commission house buying Bulk high-good and members.

Today's Prospect

through 1949, production of passen-

and covering by shorts. Mild ral- ger cars Qas been consistently upward. Not so trucks. During the F. D. (Fritz) Neilson, formerly ly Thursday followed reports that war, because of military needs, truck production reached record

with Minnesota Valley Canning the Commodity Credit Corp. was jevels, Plants wer tooled up when Japan surrendered in August, Co., as Southeastern District Willing to buy cash wheat at 10 1945, and they went right on producing. Pentup civilian demand for sales manager, will join Stokely- cents a bushel over Chicago trucks was more easily met, Per-| ~~ ~~ Van Camp on Sept. 12 as man- September for delivery at Phila- naps the prewar cycle in trucks cars on hand and customers deager of the Institutional Food delphia. This was an advance of already has started. Here's the mand particular colors and refuse

Dept. 2 cents from the previous buying story to date: to load up on gadgets. DownHe will make his headquarters price. : [ory Pasginger = Trucks |pricing is occurring instead of and home in Indianapolis, | New crop corn deliveries all Year Cars & Buses (the up-pricing of a year and two Alvin C. Moll, for the past four showed increases but lagged be-| 5 70.000 656.000 | YEATS ago. years a member of the faculty of hind September on reports of fa-| 1545 "2149000 941.000 Even if 1950 were to usher in the University of Ohio School of vorable weather for maturing in 047 3 588 000 1.240.000 the poor-better-best sequence of Agriculture, will join Stokely-Van corn belt states. Buying was 1948 3900000 1376000 PreWar years, sales of both_cars

‘mostly by cash interests and ele-|

Camp as chief agronomist. | 1949 (Est.) 5.000.000

1.200.000 and trucks seem likely to exceed dds 5 million, which would hardly be Receipts of corn averaged only, Collapse in the new-car market a “poor” year by any prewar gram on soil, seed and fertilizer about 80 cars daily and producer seems remote. True, 1949 produc- standard. Reason: Repair bills testing and. -development in all offerings were restricted until late tion seems destined .to outstrip on aged cars will ‘be heavy and |states where Stokely-Van Camp when they totaled 130,000 bushels 1929 in both passenger cars and the scrappage rate, now that cars operates. ’ , Friday. ia ; trucks. : True, also, dealers have are mare plentiful, will be high.

“Tobatcos continued in-demand ibs. bulked at $18.75-810.75....A and most of the leaderS made few $20. 360 to 500 lbs. $18.75 new highs for the year. The down to $16.25. ’ group slipped back from its best gupEp: Most good and choice levels but closed the week higher. |, tive lambs closed at $24-$285, Some of the sugars declined onfyp, ton Common and medium dividend cuts, and a few speclal o.. 4. were $21-$23 with culls $20 issues suffered from cuts or omis- ,, 4 the hulk good to choice yearsions. : {ling wethers-$20-$21. Common to Trade News Favorable {good light ewes $7-$8.50, heavier Business news was favorable kinds and bucks down to $6.

for the most part with the excep-|

tion of dividend news. Wall . . treet experts, however, elves HoOOSIErS Have

8 | The Twentieth Century Fund tells the nat total dividend payments this pyelf2 . story quickly: Average weekly working | year will be as good as last year Billion in Bonds-

| because several big firms are| poogiers have invested more paying more and thus offsetting {nan g1 billion in United States lcuts or omissions by smallerig,vings Bonds during the last units. |decade, Robert W. Fowler, acting | Steel mills operated at 84.2 per g¢atq director of the Treasury's cent ‘during the week. That Was gayings ‘Bonds = Division, ana dip of only 2.4 per cent on ton. 'nounced today. | Residents of Indiana are above July 4 holiday week le Sop the average in thelr dollar for {dollar purchase of bonds, it was | pointed out. Hoosiers have invested 2.5 per cent of, the $47 billion of bonds held by §pdivid- . uals in the nation. ky Paid"them overtime. Over 50 per cent of the bond OPTOMETRISTS TO MEET holders are concentrated in six of " Members of the Central Indi- the highest populated counties in ana Optometric Society “and Indiana. They are Marion, Lake, women’s auxiliary will be enter-| Vigo, St. Joseph, Vanderburgh tained Wednesday at the Pendle- and Allen. , ton Country Club. Dr. C. | More than $17 million interest Brindel will be host. A° dinner {s earned annually. ‘in -the six meeting will begin at 6:30 p. m. counties. : -~

amounted to 24 per cent.

To Attend Conference Here

An Insurance Educational Conference and forum, sponsored by the Herman C. Wolff Co., Inc, is expected to attract more than 200 inburance executives Tuesday, Oct. 11, at the Columbia Club. Speakers will include Robert I. Catlin, vice president of Aetna Casualty & Surety Co., Hartford, Conn.; Matthew 8. Dunne, chief underwriter, American Associated Insurance Companies, St. Louis; D. L. Breting, assistant secretary, Underwriters Laboratories, Inc,, Chicago, and a number of others. se of the meeting, Mr. Wolff pointed out, is to better acquaint Indiana executives with thé details of the more important

up the little fellows, This is not|F2!sing business. Sheep are a exactly true: Some of the “lit- year-round Job and require plenty tle fellows” want to be swallowed. of work, contrary to the city If is the only way they can make man’s belief. And there still are any money. Paying a 25 per cent|a lot of sheep killed by dogs and capital gains tax is much better wild animals. More and more

insurance coverages carried by insurance firms. :

Harvester Manager Listed as Speaker

200 Insurance Executives |

J It is easy. to buy car No. 2. Indianapolis -

ry ET 2 De SAT Are Tera en: ECR eo

AE

NOT A Car IsAA Luxury

This Is No Longer Necessary If yoir husband drives the car to work leaving you at some distance from stores, schools and transportation, you DEFINITELY need another car. In keeping with our American standard

nh of living, the second car is as important in your household as the first one.

BARA LATTE 3 PRU LER RE LL LR SA ART a TTT

ae LPP

£3)

dealers are now offering the finest selection at the lowest prices in years. Financing can be arranged to fit your budget. For a preview of the best buys in town, see The Times Ad section.

TREAT YOURSELF T0

“YOU'RE SAFER BY FAR “4 9000 CAR...

than bucking the high-rate personal income tax brackets, An old story, known to every agricultural student, is new attention. At the University of- Illinois Dr. R. H. Bray, soll expert, ran corn production to 100 bushels per acre by adding nitrogen to the soil through a water mixture. : Planting alfalfa between corn

_yows does the same trick. And

they think it will work-with corn and pasture, which ought to infarmers,

farms have about made up their minds that sheep aren't worth the effort, Even the Vigoro in-

getting dustry won't pull them through.

- Young drivers are not doing so well on the accident chart. The New York State Insurance Dept. has incredsed the liability Tates from 15 to 20 per cent for drivers under 25. Insurance companies found that out of 87,000 drivers that 14.4 per cent of H\censed operators were under 25 and that 28.5 per cent of all fatal accidents and 23.8 per cent of

materials

accidents were chalked them. ;

Hugo Weissbrodt, works manager of the International Harvester Co. plant at Ft. Wayne, will speak when the Indianapolis J section of “the American Society [=« XX |tor Quality Control opens its 1949- | [f; | in season with an afternoon and | SALE fT TE HEN [TH Sone VHT TW

evening meeting Tuesday in the Lincoln Hotel. | The address will follow a 6:30 Pp. m, dinner." The afternoon will| be devoted to review charts dis-| played by member companies of the society. Dr, Irving Burr, Pur-|| = "20 due University professor of math-|[*== "| [Conatics dust president of the or-|

TIT Wwryedin rani

IN A BETTER CAR"

t