Indianapolis Times, Indianapolis, Marion County, 1 January 1950 — Page 28

es x ON

_here

* al units for the most part.”

. apartments * 413 medium ad 213 low.

4 suited, they

~ No Scarecrow .:

-on

nstruction Activity

ar

Homes, homes . . . Eimer Mead) the right is Windsor Village. South of the Lippman development | is the Marcum Brookville Village Jed Above Mr, Meadley's hand is an area developed by Construction, C. A. Wacker hy others

elected

Record Smashed During 1949, [share mark. Early in 1901,

its first -3-million-|

Declares Official of MCRB

By TIMES REAL ESTATE EDITOR

<

sticking ping in people.

But when it comes to rent control he wields a mighty sharp He points to a map of the county hanging behind his desk in >the Marion County Residential Builders’ office in the Inland building. | “There's the pins,” the execui tive secretary of MCRB points,

4 8 i shows, he. Dumber. o early

Mog 438

Toss pine- ire are hols -pespie are buyihg” “When they buy, they leave rent-| tion, "he says.

That's Mr. Meadiey's way of als now, Besides, 17 per cent of]

"saying that rent controls are un-|all home construction in 1949 here oa ; hecessary. Stabilization of rent resulted in erection of rentals” : 5 would result here because houses Mr. Meadley explains,

| Rentals Jump ie Indianapolis Real Estate Board listed good réntals above $50; medium, between $30 * backed up Mr. Meadley's contention, In October, there were we good units, 138 medium and 367 low. The next month good and medium rentals picked up. vember listings showed 189 good ate, rental units

Through advertised 174 good units, 258 rental market is being restored. | ; medium and 126 low for rent

Real Estate Boards also came in owners have made improvements

with a year-end blist at controls,iin thelr properties which they It said almost 2.5 million units could not afford to make. with the "have been “defrosted” since last/ lower ventals” the board sald. April without soaring rents, mass;

“In decontrolled areas Syerafe wok

to point out another scarecrow now. Jow-cost public projects reach the building. stage here they'll have. the best eye appeal possible under economic con-|

Th A

American Institute of | tession “to establish what the

{tects will make sure of that. technical payrolls are.” will the Public Housing Ad-! That's the way ‘the new agree-| inistration and the National As- ment is éxplained by Clarence B. /soclation of Housing Officials, Litchfield, New York architect ‘These groups signed a tri-par-:and chairman of the AIA fees! tite covenant covering architec- committee, tural services for America’s new! “After a year experience with public housing program. Some this new contract,’ a review of 130,000 units will come under this costs wiil probably be made to agreement nationally when the determine whether further adjust-six-year program pitars pext ments up or down are needed” . Bpring. (he said, PHA has set up maximum fees, The new agreement “will pers —for-—architectural- —services—for mit —compensation for architects, U. B.-batked projects... Localon a basis which will encourage housing authorities. will have to good design” Mr. Litchfield said.| work out contracts with archi-} It's another step to eliminate tectural offices for each project, “eyesore” houses standing In a however, row like eggs in a crate The agreement calls for a fee Another feature, backed by sev-

Wonder why Washington hasn't Any-

equitable for housing projects. The new basis of compensation looked into. this idea yet? will allow the architectural pro- body wanna debate?

The nation’s mortgage and savings dog was One for Us

wagged by local lenders a couple of weeks

at ft current peak, unemployment |

REorgEs

ey reported in THis Teal &8 ApPAcity. But our IREB, will be held In the Har-by/ rubbing the -plate glass men would have ample funds for — with slightly lower rates. /progress has.not-bpen matched in! Wheat futures ranged % to 11; rison Roam of the Columbia Club. plane’ . together by y hand. groups here -also reported a larger percentage af thelr selling or finding markets. for ail cents a bushel lower and-eorn 1g / = SIRT lending funds would go into joists the things ‘wé ean make.” . to 1 cent lower. Oats, which pn f - / '

Office Expert | To Speak Here

The local chapter of the Na-

And plaster in the county this

year Now combs the “big dog” tall ing the Hoosier shadow, R. O.. Deming Jr. president of| the Mortgage Bankers Associa- tional Office Management Astion of America, in a year-end sociation will hear an. address forecast sald the, mortgage in- here on “Salary, Rates and Wage dustry in 1950 will, feet “all de- Administration” at a dipner- ~ mands, meeting Wednesday. “Financing Will again be at the - waldo Wilitams, manager of most attractive level in more than ine clerical operations department & generation in the next 1275¢ Aldens-Ine., of Chitago, will months,” he reported. {address the group in the IndianHome construction will remain’ lapolls “Athletic Club. Past president of NOMA, Mr: Williams is general chairman of [the Office Management Associa-

should not decrease, but the fear of inflation will induce bal to v homes in 1 ing. predicted. “Rental housing is beginning to . gatch up with the demand in many!

‘fice equipment display for 1950, B. F. O'Neal, of Stewart-Warn-er Corp. and president of the lo"leal tng, eu» preside at othe meeting,

‘ition of Chicago's seminar and of- |

“i PL y ~ . ‘ : po o 5 & . " land the rail, wey % Ly than industrial). px +

* 11929, at 381.17 and 180.11 respecpul another tively and their lows on July B,

: homes, pin on the East Side. Another residential start. That huge glob on 11932, at 41.22 and 13.23. Number ‘of Stocks Grows { Bales on Jan. 2, 1900; totaled YivieZengw Corp., Grinalads | 657,000 shares, Before that year ~after McKinley was re-| sales crossed the million|

WAS OvVer-

Imarket had

Stocks Reach New High Mark |

NEW YORK, Dee. 31 Stocks advanced to new highs for more than a year in the final tweek of 1949, Industrials.. crossed mark in the Dow-Jopes averages, a level not seen since Aug. reached a new

1948, Utilities

high since Aug, 20, [laggards of the major groups, reached their best early this year but were well below the 1948 high. percentage ratis did better this week than any other group.

Distribution Problems

On a

dent of RKF Industries, Ine “These next years, interview down in history as

A vear-end

distribution.’ of the century

Businéss in 1950, Mr. Batt pre [dicted, probably will approximate the week, Closed unchanged to !

{the 1949 level

ol)

ins Wate Was Plenty Large |= Even in 1900 |

Growth Since Then Not Sensational,

Statistics Reveal By ELMER CO, WALZER United Press Financial Editor “ NEW YORK, Dec. 31 «~~ Wall Streeters joined a lot of ‘other! groups today in discussing what happened so far in the first half of the twentieth century.

In some. respects, they found {that today’s” market Sompated H {with the ‘markets of the. early) {1900's ifn't such great punkins, a especally when one considers the 7 {number of listings today and the) value of the dollar, is On the first trading day of Fe 1900--Jan, 2—the Dow-Jones in- _ {dustrial average closed at 68.13 78.868 (rail higher These two aver. ages hit their highs on Sept. 3,

During. the first half we have learned how to develop th

e.full produdtive 80. lov o nolsgical week,

BE

Going + Up + « + carpenters top off one of the new hos expanding another Brod Ripple

community.

Homes Scheduled to Be Home Building Occupied By Next Spring took for "0

Project Is Extension of Dwellings Already : : Expect Construction Filled In Section That Was Started Last Year To Beat '49 Mark

the

of | LIVINGSTON ©

New Year like 1950. Optimism hangs from the chandeliers But it's not a rah-rah optimism. In the background of

all ‘thinking-—whether of businessmen, labor leaders, econ

omists, or government officials—is 1020-21. Has America got the war “aftermath” out of its system? j The New Year ebullience i8| ou; cet about $250 apiece. The easy to explain. theory 1s, they'll spend it pronto First, there's the stock [on refrigerators, television sets or market. It has climbed steadily down payments on

Sines: June 18 tata 108 even as the veterans of World, it posts War I used bonus distributions in Second, the . year opens with | | April, 1931, and June, 1936. business. recovering from: the The danger of 1950 is that con. steel and coal strikes. Inventories fidence may develop into over.

Be of most manufacturers, whole- optimism. The sight of easy dol-

salers, and retailers. of durable lars on the Wall Street ticker goods are low, [taps 1s well-pigh irrestible. The Third, just when 4 letdown business man is apt to increase might come in the spring, the his inventories, expand commit. - payment of the $2 billion vet- ments, sign orders for new equip. erans’ insurance dividend ought ment, purchase real’ estate-—often to'give retail trade a jab. Ex-GI's on borrowed ‘money. -

But ‘hunch 4s No Boom, No Bust fin Wi continue to domi:

naté the economy and that 1950 will be a good year for workers, businessmen, and stockholders—all without boom-or-bust fireworks, At the start of 1949, three industries still were selling “over their heads”: Autos, steel, and television. Today, only television is booming. And competition among| RCA, Philco, Admiral, Zenith and will be more anxious to hold onto other setmakers is so intense

oak bases, “We've got six $30,000 to $40,the 1948 record of 1.491, 752,000 000 Homies. undir ‘way. in

{ bushels. Overhead Doors But the country was caught/ All windows will be weather- | indeotbe adgition. We'll havs {with the problem of storing the stripped, he added. ’ grain . and - finding . customers The homes will feature either RILEY McGRAW, manager of}. enough to buy it, Congress argued... = ©" Lo ttached Good Homes, Inc.—"Outlook? It's for a month over how far the gov-~ I - eways: attached fine, The three-bedroom around ernment should go in supporting 30 BaTuReS on the 5 bY 145 foot £10,000 is still in demand. Buildprices for basic crops. head d garages y : ave OVer- ers will shift to meet the demand. The Inter-Nation Wheat. Agree- °° tours, ie latest in car-\- “Our firm will have 150 factoryment, signed Aug. 1, was 0use design. built homes under $10,000 ready envisioned as a partial answer to For housewives, the Broad Rip- to go this year.” the U. 8s biggest grain surplus ple shopping distgict is within, MILTON FINEBERG, secreproblem. Under its provisions, Pleasant walking ‘distance. The tary-treasurer of Lutz Realty & the government pledged the sale feeder line to Ravenswood brings Construction Co.lof 168.000,000 bushels of wheat bus transportation right to the look is bright indeed, We're going at reduced prices to foreign signa- door. : along with the demand by plgntories of the pact. But up until Broad Ripple High School and ning 56-some homes in the $4500 late 1949 sizable selling had yet the John Strange public school range. Our homes will be/twoto develop, are nearby for families with chil« bedroom ‘brick veneer.” dren, ALBERT E. THOMESON of the

| Tt was estimated that upwards lof 350 million bushels of wheat Yards will be landscaped with {Thompson Co. and national home

tUP)

the 200-

21, 1946. Rails,

level since

basis,

the

1949, but there were occasional signs of strength. At the close of the Trade Friday, the last day of trading before the New Year, most prices were only a cent or so. lower than closing prices last

Indianapolis Redl Estate Board and Leslie /Ave. and 58h and!

committees will be named Wednesday at a dinner for new Revatone , fn just. this fleld.”+L.

and holdover officers of the local, organization, The dinner, sponsored by Bruce. Sayage, new president of

he said in ‘may go the age of

Board of /

EARLY. GLASS POLISHING

irifding and polishing of plate the glasy” in the early days was done

played the best strength during 2

cent lower

SERVING THE INVESTOR. FOR OVER 44 YEARS

renee We are pleased

fo announce

+ that we are now members of | MIDWEST STOCK EXCHANGE |

Our increased facilities

THOMSON &MFKINNON

ROLE TOWER BLDG,

Phone: MArket 3501 _ CHICAGO ‘roRoNTO Offices in 36 cities in the United States 46d Canada

will enable us to better serve n the investor. We welcome the opportunity of executing

‘your orders — buy or sell

* NTW YORK

wif listed securities. a ¥ :

“Yes, the out/influence will - be federal,

{automobiles, whigh rose so markedly in 1949) will not command as large a share of/the consumer dollar. That will be a break for manuifacturers, wholesalers, and retailers of clothing, shoes, textiles, and household 1 ishings. Department stores will be particular gainers. AUTOS: /The 1951 new-modeél; \changeover’ will be far from per- tinue strong. People are upgrad{functory./Passenger car manufac- Ing their living standards, moving turers will really be in there try- out-of old, obsolete dwellings into riewer “ons. ‘Rents, as they are l CONSTRUCTION: Another big freed of control, will go up. veaf, perhaps even bigger than/ TAXES: No Federal increase is 1 9, despite the drop in corpora- likely; despite the indicated deficit. on expenditures, The dominant Local taxes, to meet the need for state, ‘expanded services— schools, highand local public works—roads, ways, street widening, and -oversewers, waterworks, schools, hos- and under- ‘PASSES, “etc. —will rise, pitals, etc. The magnitude of the pent-up requirements have been THERMOPANE WINDOWS lconsistently underestimated since Farmers are now using Thermthe war. New York City's acute opane windows to obtain solar water shortage dramatizes the lag heat in milking parlors and thereof municipal service behind public by increase the production from needs, Housing demand will con- comfortable cows,

: schedule on a “fixed fee plus re- ‘eral realtors, would call for a might be tied up under one form plenty of shrubbery and native builders = organization /-—— “We'll fmbursable contract basis.” It mandatory monthly charge in Challenge New Year of government support or another. Fn “making this another rh! have ° ake stock /An the last was negotiated after NAHO and cluded in “rental” payments for . , : project in Indianapolis’ growing half of this year, at right now, AIA had requested’ reconsidera- a répair fund ¥ FHRILADELFIIA Dr) Grain Futures Trend housing developments. things look good. > : > -| “The fund ld revert to the ! Problems w re | “People - still. wAnt the ranch-| 4 Rowand Ny PRA Tn october. he fovwiner of the dwelling. to be sed sent the greatest challenge . to Generally Lower " 'R | Estate B 4 [type $12,000. to $15,000 home. = At}. industry in 1950 and the re. CHICAGO, Der 31 (UP Grain KeQ stare poar beast, those are/my observations. ly Lb Ee rhe based on 25 an dr png an mainder of the 20th century, ae. futures generally sold at lower Ta Name Committees |Naturaily, rm going ahead with times technical payroll is fair and erosion of projects into slums cording to William L. Batt, presi- Prices during the last week of, ladditions to fny projects at 38th

~ Fifty-Sixth — ‘of State Life Service

THE STATE LIFE INSURANCE COMPANY of Indianapolis has’ paid $168,000,000 to policyholders ~ and beneficiaries and in addition holds assets of over $73,500,000 for their benefit . ;.. The State Life issues a wide range of policies from ages one day to sixtyfive years, including Educational Fund, Savings Endowment, Retirement Income, Business usuraaes, and other up-to-dato plans.

“Protect Your Family's Future With State Life Policies”

THE STATE LIFE INSURANCE COMPANY 15 E. Washington Street

»

A Maa Lag Nasr Sompaty 4 Mneiet 13g

a wa mamer

Tin, an tem

precious metal war, toboggane within & month controls were a

{share day. { A new Broad Ripple resideritial community, born last year, is! Net effect: Inflation as a major . “4 Back in 1900, there were only starting to-walk...-... (Continued from Page 27)... Shu Aon AFlghue'are Jetting sory) postwar problem ‘Is passe, That Resume T {377 stocks listed. Thats abouf The baby, “child” of Ww. L. Bridges & Son, Ine., is adding 27 very good, unless there's a mon-/,.e larger, prices Hoes {statement stands, notwithstand. Tin futures | ELMER MEADLEY isn't the kind of map who goes around One quarter of todey's 1457 jssues. new homes 10 the J1 it “teethed” on’ this year. key-wrench from Washington. {ing the prospect of a government sumed on the On that basis, today's sales ought| Foundations and footings are being poured and exchvations| . The new year will usher in a 4eficit in 1950. America’s immense - - change Jan. 5, to run over 2,400,000 if the 1900 are pokmatiing this new development north of the: city park if Down payments and mortgage period akin to the twenties, when productive capacity abhors a time sin A figure was around 600,000 shares. ithe 64th St. vicinit financing are looser. The demand, ices declined, quality rose and scarcity, prevents any persis 08 Back in 1900, memberships { ¥. {remains for the ranch-style, siXithe standard of living improved. ’ y iq tures trading is | The new homes, modeled ‘after & imp peacetime price upsurge. Fhe. back ranged between $37,500 and $47- It | rooms between $12,000 and $15,000. Reasons: hich Dostwar Short at at = later 500, and that was on the old basis [ee d ugly touted “Thrift Home,'| «yore planning 30 homes | ONE: Business men have in- ee oath Rar a Market expe can be_purchased- easily if rents betore the 25 per cent increase : ls rin Tea b or Secupane?, next| grockton “addition and two OF galled new equipment and ex- Prolonged inflation in the U, gence in trend: [5 too high, he contend). {voted in 1920. 8 the bullders sald yester- ij ee higher- priced homes in 8il- panded plant since the war. Ca- 8. is possible only if foreign pur- Tact. that 14d ber. of, “Repl estate activity oa Rood, This year i Tou have, - a > EIS Eo st oven Estates. |pagity. to produss.goods. inna a4. ohasenr at igeads i many’ © markets, free ana looks good here for’ ranged dronr- $35 tof4 “an extension 0 ¥ = OO A ONAN, ORD ; ; FF Er als cour: ee ar Arg eit ERT TL at no Sg gh se is che tn Lut WiC yl] my | oli op CRLEGECION Perera tH NE Rid Whe HOCK TERE” Ras oR oe Harrah § Twi tng GoneniIiy, WARE LL. Co. ~This year looks. good. Big-I TWO: More perso ns have joined somelow get ho of dqltars, SM and demand.” theses Bo romsen. 4 AUB Wall several’ PATIGE, IWS WAEId.. WARS i... an oF ra presidint of. the Thm, GL @ i" the $13,000 WHE thE THbor 107e6. Employers Will be Such a swelllig™ of effective fore 7} Contradiction he beams. {keep this high peak of produc- {government regulation, and record; CHICAGO, Dee. 31 UP) —1 Ful stated, = | too-ch ot-too-high home withimore selective in hiring. That will eign. demand in the Bear future , tion became n bi : i t- thigh Sane Shak eve Shicieg). ture prices for wheat, corn and| yas “oF Tite [thie hijua OK. increase productivity. - Workers'is improbable. - ° cursory exami ere’s a big vacancy in ren Day ay ny Pa. {ssues OAs in the closing month of 1949| Gravel streets are being “Our firm has 150 brick veneer | Soutif ay z= f+ and futures ms were at the highest level of the mapped and gas and water lines homes going up around 16th St. pec ¢ prospects for 1850 are. (siamese WHS the By listed-—1457 stocks and 918 bonds. : it Hie Si 1 S ® are already being tapped for the and Emerson Ave, this year. ‘The Look Ahead LABOR Compararwe. &.) FSR bes” 1 In 1900, the listings totaled 1216. Year desp hat the na 137} stocks: and 839 bonds. tion was completing harvest of its new units, he said." {They'll be two-, three- and four-| quiet. The recently completed steel agreement lasts almost thyough in mid-Decemb stocks a [second largest output qf these: The dwellings will be the epi- {bedroom English-type homes in| 1950. Further, Ford Motor Co. has set a pattern likely to prétail in est level since . The trend in rentals jumped In the last Record Market Days crops in Ristory. \tome of thrift, Mr. Bridges said. {the $13,000 to $17,000 range. We've autos. And any agreement John IL. Lewis makes in coal ig almost Jones futures quarter of 1949 as construction spurted. “The highest bull market in his-| On the Chicago Board of Trade, [They will ‘sell from $10.750 for [Ble .got fobs = 80 hopis Plannad Serials i Jhtvugh ne new ior Thus, three of _Amerjcas most ered near the : t ith a 18,410,000 or construction on Butléer Ave, tur nt industries are ely to, ars ho di 3 Fo mie (3, Clo wih £18 1008 ic £3 whe ewer E303 to” ton adboom e itom, fo 1 or ee gh oa wo Suu adng develop. Bul rene — day In market history. The * big- scaled" down only a few cents less loans will be available, he said. ¢ R._ BE. BARTLETT, head “of | Workers probally will not have! | efficiency will be & ctor against Experts thot gest bear market ended on July 8, than $2 a bushel for wheat deliy- | While ‘they are of the thrirt] essler Homes, Inc.—“Housin ng * rising cost-of-living’ to goad a major decline, Afd, because ex- futures index rent increases hive been moder- 1932, when stocks sold far below ered in September, 1950. theme, all units will feature the| Under $15,000 is still much in de- them to demand higher wages. penditures on Jew plant and eventually, bu No- have become their actual values, -| Most deliveries of corn sold OT) jasact in current livable d |mand. Our biggest project sched. Hourly wages will be steady. Poli-| aqujpment will’ be off, corpora- justment migh The smallest full day on record $1:30 a bushel and up while oats | vable design.|;ied to begin this February is, in| tically, labor will fight to get rid {ions will hayé less need for cash. longer since tl house rentals, more plentiful, and, by a free Ro for the century to date was on were just short of 80 cents a Of frame of Brick &nd stone! Speedway. We'll have 500 Na-| {of the Taft-Hartley Act. | Therefore, they ‘can be liberal in remain sensitiv |tractual relationship etwas on Dec, 30, 1914, when turnover pushel. Rye ranged from $1.40 front variety, each unit will con- tional Homes ready to go from| FARM INCOME: Prices will be paying vidends., Stockholders ences, plus th Dec. 23, there were ant and owner, confidence In the mounted to only 49,937 shares. to $1.50 a bushel and soybeans tain ofl heating and automatic|$6325 ‘to $6700 starting this lower than in 1949, but any sharp wifl fare better than in 49. port “In some cases rent reductions) Today, the market iB reported in were well above $2.30 a bushel. | water heaters in full basements. spring.” drop (such as took place in Janu-| FOREIGN RE OE evalua Suet fos {excellent condition without any o 2, : - uatio {have resulted and in many others ,p, excesses, of a bull movement, a 1 with “the time. the nation} Rady Cis bY ERE. N. ATEN BONS en whim ig Hom vill continue to farce cuts in a Cotton and, The National Association of where rent Increases. were made, gious are in strong hands, al hn {~~ Tile baths “will be ‘equipped: son 0.~—This, 1 purchases of us. -8. and. feyear Ing tod much grain on its hands. with shower facilities. Each .of Year will probably be the banner fairly prosperous, though cash re-i gu an impetus to the sale of - strong come-be hough many are getting ready 10 The Department of Agriculture the bedrooms will have roomy Y®af in construction. People are ceived from marketings will be ucts in this country. ECA ing into" seas sell to take profits after holding reported in November that the closets, a feature designed to at- tired of waiting for prices tordown about 10 per cent and net Ln ents will support U. 8. sales y year closed, 4 stocks for the six-month periodiyear's corn crop would be 3,358, 3 a Es lly whe! |income, after expenses, about 15/ | down in prescribed by the revenue act 10,000,000 bushels, second only tol "c women's eyes A ey er ent. Toe soxmer iil naye| ASricultural products... tobacco, 7 ander the you : Their-_conclusions came {rom egtablish long-term capital gains.'sne’ 1048 record of 3, 850.543.000 A 7 by 8 foot dinette will add to kip oy gren't soming den. (en de nr Spend Oo a i ¥"| cotton, wheat—through the first opy. gov —avictions and ° “civil commotion.” real. estate board reports, indl-| go far feinvestment demand! {the 111 by 15 foot living rooms. I Be oS mes ments—television, telephone, ¢lec-| half of the year. But further high : : Equitable adjustments have Ye- vidual realtors and newspapers nysn's developed as some had an-| Tota] wheat production in 1949, Besides, there are breakfast nooks | ling _— this _— ng ant hy. tricity, mechanical refrigerstors, [Sales are contingent on Congress, ~~ Green coffer asserted, in cities freed from federal con- | ticipated; but market behavior ya, estimated at 1.126,226,000 in each of the kitchens big enough . y | insulation ete. 7 »'On the whole, the. downward skyrocketed 2 ‘han been in-line with a consider-'yucroic™ This nearly equaled '© Accommodate five or more per-| “Biggest demand is. in the ’ {trend In U. S. foreign trade will gt 51% cents Local public housing critics who warned able number of predictions. These 1040's all-time high of 1,228,406,-"0NS 8% mealtime, Mr. Bridges $12,000 to -$15,000 range, But| CORPORATION PROFITS: |continue slowly. But imports ovember, a “Hooverville” construction will have had held that reinvestment had sng pushel ay - 1 Bo o Pointed out. there's a big market for housing Another drop is in the 6ffing, as should tise, and the dollar gap per cent from hrough the firs ushels and was far above 'up to $25,000. The saturation competition increases, and price should be narowed slight! 16% cents in ¢ been doing on throug ISU the 10-year average. ' Both bath and kitchen will have ye h ks of December, {point is near in the small home| Dro three wee | The estimate for oats was linoleum floors, while other TOOTS 1g ricet. R t il | As great, if not greater, than in 1940. But ught |1,321,075,000 bushels, fust short of In the houses will stand on sturdy| etail Sa ot shifts wiil oceur. Durable goods (notably A Brazilian

fears of a su year and touc! hoarding mov perts estimate ed away” 1'nm pounds each)

"Trade exper

impossible to of the drought

early next su all sides agree threat remair Actual shipme States in the f 1949 were sev

than for the @

last year. Black peppe! 56 cents to $1 ing top levels Devaluatios Devaluation ling in/ Septem of import mar but the shock short order. worked back high as the } dropped from |

_in December w

narrow margi ation basis of