Indianapolis Times, Indianapolis, Marion County, 22 January 1950 — Page 38

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h SF

Break in Stock

& Hi

_. Put Businessmen on Their Toes By J. A. LIVINGSTON j

Market on Jan.-12

v1 "Optimism Stocks High ng Its Shine

On Sharp Cut In Volume

PEOPLE HAVEN'T suddenly become pessimistic. But,

somehow the fierce effulgence of New Year's optimism has) During Week

lost shine-—~like the tinsel now stored away for next year's!

Christmas tree. Wall Street deserves c downturn in sentiment. When the stock market broke on Thursday, Jan. 12,

redit for this ever-so-slight 1954 (as against $255

1950 was “in the bag.”

the country was put on notice] The stock market, itself, was that markets—and business—can partly responsible for this high

go down as well as up, Until then, the rich forecasts for the New Year combined with

loptimism. It had nisen almost un-

interruptedly since June. So the rapid drop in prices provided a

President Truman's “promise” of timely reminder of the bearish

& $300 billion national income in!

What Sloan Sees

factors at work in the economy:

ONE. The most urgent part of postwar industrial expansion has

been completed. Business gxpenditures on new plant and equipment in the first quarter are expected to run at an annual rate of $15,-

first quarter of last year, TWO. The most urgent hous requirements have been met. In 1949, more than a million new homes were started, | an all-time high, on top of the near-record of 931,000 homes in 1948. (The previous all-time high was 937,000 in 1925.) Obviously, doubled-up families | are being accomodated, THREE. All consumer soft-|

| dollar shortiige.

British pound, has made the | U.S. market “less attractive” to | foreign buyers. At the same | time, ECA's plan to reduce its ald will accentuate the world |

SIX. Consumer income has

{stopped rising. The work-week isihad a big weekly advance.

one hour shorter than a year ago

goods lines have caught up with and average weekly earnings are

demand-—shoes, clothes,

partment stores having Goods sales, Stores plenty of merchandise to offer, FOUR. Likewise the supply of major consumer durable goods is up to demand. True, television production is booming. But that's still a new Industry. But autos are finally plentiful. Even General Motors Chairman Alfred P.| Sloan is willing to concede that

GM cars will be in a buyers for other things—autos, gadgets, igi an, Jr.

market by midyear. U. 8. goods continue to fall off, |

In November, exports at $336 creases in rents, even when peo- ceed $600 million or more than gown to 58,875 from the previ- Where the shower is

Jmillion were at the lowest level '

sheets, | bedding. This January there was Against more than $55 a year Procter & Gamble, never any question about de- 80. At the same time, farm in-|Chemical. White come is off. f

could get|

running just under $55, as!

BEVEN. To be sure, the cost of living is dropping. Food prices are down, along with clothing and house furnishings. But expenditures on fuel, electricity and refrigeration ‘are up. Likewise rents. Now that better housing is avallable, people are spending more for it, which wiii tend to cut down on the dollars available

{furniture, and in some cases. \;,i.rs Corp. gave the market FIVE. Foreign purchases of [perhaps foods. Not only that, but jet Tuesday when he reported

gradual decontrol permits in-

ple stay in the same place. y |

OUT OF 3 YEAR RUT

September 1946

{

pt eee | OF). SHATPLY reduced volume followbillion ing last week's sharp break.

today) left the impression that!

ifirst since 1931-—and declined on yards. Loins purchased wholesale|

Technical Recoveries Staged by List

By ELMER C. WALZER

KEW YORK, an 21" Socks

rose steadily during the past week

By the end of the Friday sesision, the industrial average had) recovered 63.44 per cent of its de-! cline- the week before; railroad average, 78.22 per cent; utility av erage, 96.94 per cent; and 65 stocks, 78.02 per cent. | t These recoveries were seen as largely technical. Investors bought and some shorts covered, Short | covering was small, however, and | it amounted to less than 4 per| cent in the period from Dec. 15 to

| of A. H. M. Graves, Inc.

Considerable profit-taking from

played caution at all times since many feared another test of the market, Rall Group Strong

Back on Trading

Santa Fe and Nickel Plate F | < t I stood out in the rails with wide acilities for Storin uvpplies advances from time to time, They | Move to Cut g PP

Supply of Meat

By MARION CRANEY

Industrials received a lift from tation for the 1850 home,

such wide gainers as American Can, General Motors, J. I. Case, and Allied show a little life this week. Their spirits broken the last

when storage space is adequate.

Panhandle|lowest prices since the war, hog| to keep towels and soap supplies.

American Gas, Cabinets built under counters

Eastern Pipe Line, and Peoplesiraisers and breeders of other

utility average reached its best|America’'s growing meat supply ful. 1 level since July of 1946, but lateriin the bud. eased when. one of Indiana farmers cut supply of into cabinets. ; ponents, Peoples Gas, lost 1 1-4/al] livestock more than 10 per Unused wall space beside the| points, cent at the Indianapolis Stock-| shower

Rails were helped from time yards as. meat packing plants can be converted into storage for hanging bath towels, A towel]

to time by favorable predictions/ihroughout the nation produced a Space by a built-in cupboard. on their earnings. Alfred P.\t4¢5] of 394 million pounds for . Medicine Cabinet Cache

chairman of Onere) the week, largest in 13 months.

Erratic Trade {space into a cache for medicine

his company’s 1949 net might ex-| mqta) supply for the week was cabinet overflow.

$13 a share. Ignores Tax Fears |stockyards officials deccribed asthe wall over the tub,

On Friday, the market ignored| a very erratic five days of | predictions that President Tru-|trade.” ‘ man will ask for a substantial] Neighborhood grocers and surise in taxes, largely to come per markets continued featuring from higher corporation and scored a small rise in most gain" major groups. | A few dividend announcements steaks, a 90-cent regular, at 60 tiver of allied businesses will athelped or hindered certain stocks. cents a pound. Illinois Central made a new high! Wholesale pork prices rose with Chicago next month, on expectation of a dividend—the the see-saw decline at the stock-| The National

prices. One large chain

realizing when the directors con-lat 33 oc nts a pound brought + Heads Jewelry firmed the predictions. Douglas penny or two more, but the con-/ . Alrcraft responded to an extra sumer will Repair Shop dividend. Heyden Chemical fell jump. to a new low when its dividend) Uneven Trading At manager of Rogers Jew-

was omitted. Best grades of porkers in the] -l Business news continued favor- £ 4 " aliry SpE. 824. SUVIeY SePart

not feel the broad

{month high and truck output 10} that dropped quotations as much!

able. Auto output rose to a four- higher in very uneven trading! i

i ; ; be : a sixgmonth. high, Opera-ias 50 cents on I | & S80 much for : } : . > ghter weights, | company for 13 Optimistic Story | m for- the. dvbits , ‘Heres the tions were the best in’ (er IONths. [1 ower grades of cattle showed a Sopa Bar case for optimism. {Electricity output made an all- noticeable sag. Medium to lows]

ONE. Veterans insurance payments, amounting to $2.8 billion time record high.

rich has a wide

; . The heavy sales of furniture s [good grade steers and yearlings background of Lg at the iho I nA in Oe xe of Oll Qutput Lower (sold at spots 50 cents lower for § experience in * weterans’ purchases. I — i Crude oil output deciined andthe week. | § diamonds,

TWO. Business inventories are still low as the result of (a) re-| trenchiment during the forepart of 1040 and (b) the coal and steel strikes. This. applies particularly to durable goods,

THREE, Heavy public works! projects—~highways. schools, .wa-|

ter systems, bridges, dams, etc.—

will prevent any important drop Business fell off in the first haif{cline of 3 to 7 in the construction industry, And snd recovered in the second half.!vear ago. in America, you're not apt to have That incidentally, would be all to| creased.

a bust if construction employment

is high. One thing seems reasonably certain about 1850. It won't get into the nice, neat New Year's Day pattern forecasters set for it. The forecasts were so unanimously optimistic for the first half and so ly dublous about the second half that already business men are plan-

their courses of action acngly. They're likely to get | ready for the uncertainty in the second half by retrenching in | February and March. Men who survive in business have learned, by trial and error, to duck early. | That would imply -a delayed repetition of last year's pattern:

{the . The real peril in 1950 is not lover pessimism but undue opti-mism-—heavy speculation purchases by manufacturers, whole[salers, retailers, and consumers {alike in the first half. | That could leave the economy {overbought by July or August and ready for a real downturn or depression.

Nation Won't Need Coal If—

Scientist Puts

Sun to Work

[the week before.

was under a year ago. So did] Bulls suffered a drop of from|

watches and spegasoline production. Fuel oil ‘and $2 to $3, depending on quality.|

cial order work,

kerosene output exceeded the Heifer prices dipped 50 cents, | He will give previous week but were under a while cows showed a 50 to 75- personal service year ago. {cent downward. slide. | on all jewelry

Car loadings rose on the week| Receipts this week and last| but were well below last year. among the various classes of] custom built jewCoal output exceeded the previous livestock totaled: Hogs, 43,725 elry. Rogers Co. offers three-day week but was well below the 1949 compared to 49,335; cattle, T7150, repair service. Ring cleaning and week. Retall trade showed a de-|to 8646; calves, 1724, to 2103, and watch repair estimates are made per cent from a sheep, 6277, to 7252. without charge. Wholesale trade in- Taio

Mr. Aldrich repair work and

Commercial loans rose slightly.

TT. No ° ” Business Deep in Taxes; es Siwulution : dectined, A | [failures crossed the 200 Business| (oy op] Shortage Disputed

| 207, inst 161 in the | age h the Previous . (Continued from Page 37)

week and 127 a year ago. i, The f buying public was shopping for Corn and Oats Cheaper Cuts: canned soot peas, tomatoes and corn to

. save money. In the grdgery trade the plainer foods were filling In Sharp Decline

market baskets. . | k CHICAGO, Jan. 21 (UP) — Pork rib roasts were moving at 29 cents a pound and Grade A Gralif futures generally have yet

large eggs were staying at the thrifty low of 39 cents. to recover from this week's losses

yma whe or shank have sarving but cing Foden * ' Ho that coffee would slide hone po opra of Trade although!grocers noticed housewives scan- ack dow the price mountain one 118 Position of ning price tags carefully. was in vain. A recent four-cent The grocery trade reasoped cut in tinned coffee was not a

Corn and oats fell off rather

WASHINGTON, Jan. 21-—The the sun's rays through a magnify: sharply ‘folowing the announce. Pat the after-Christmas thrift break. The coffees market held

three-day work week and other voal mining troubles of today may not mean much in the world of tomorrow. . The sun will be running industry, heating and lighting homes and doing other things coal, oll and gas do now if a Washington scientist succeeds with his plans Dr. Charles G. Abbot has the plans, the patents and a contract to begin operations with a manu facturer he 'won't identify A research associate with the Smithsonian Institution here, and fts former directing head, Dr Abbot has spent most of his 77 years studying astrophysics, sci ence of the sun. Every grade school kid knows how to burn his hand by directing

ing glass, ) Dr. Abbot believes he has figured out how to run the same rays through a bigger glass, using them to change water into steam for running power-generating turbines. The rays shine onto a coll connected to a glass boiler built like a portable coffee bottle with outside and inside walls and an] air space in between. In the boller he uses a black liquid, manufactured by a chemical company, which boils at 355 degrees centigvade. Water, with a lower Doiling point, is passed through a tube around the liquid, then drawn off in the form of steam Fi s Times

out

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New Class Starts Thursday Night, dan, 31, 1950 ds PM,

WASHINGTON HOTEL

Dale Carnegie Institute

5766 )

h fame amount

ment of the government's plan to period had set in. Holiday bilis resell for export large lots of corn, DAd to be paid and gross income oats and barley accumulated '2X Would soon be due. Customers through price support activities, Wer® saving their money, notof it. Wheat, by contrast, was rather pP? The seed men were busy as bees well supported by buying against Pink and Pretty They were flooding mailing lists with export sales of this grain, most catalogs, alluringly worded, and vivid with brilliant new flowers of which went to Holland. By the printed in color. end of the week Holland had pur- Burpee, one of the biggest, was touting a tangerine zinnia (cutchased about 2 million bushels. and-come-again) with a fiery orange effect, and a dwarf single Some selling in soybeans was French marigold, called Sunny, ' y . touched off by reports that miore with bright yellow flowers “about Sweet Fea Society of Great Brit

firm, Eating was costing Hoosiers less last week. Low prices helped but stinting accounted for most

ain,

processors using expeller plants two inches across.” Tempting words and high-color have shut down these plants due| A new sweet pea, called blooms were common after-dinner to lack of orders for expeller oil “Cheers” delicately beautiful, family talk, along with little

and meal. On the buying side, fed grains, particularly corn, were supported soft pink at the edges to a very tains! to give the home that gay, by continued, light receipts at light creamy pink at the base. It pert touch of outdoor mid-summer terminal markets. Producers ap-|nas the award of merit, National madness.

coarse §rains and cold weather as The big Western Electric plant on Shadeland Ave. is well as the repairing of some FTAWS well under roof, and is being heated so the mechanized locks in network of table level and overhead production conveyors can be movement installed. — | Once heated, inside workers can begin their finishing work as

AA = —— carloads of manufacturing equipment rolls in from the Archer Ave. M. A. Hanna Co. Votes pant in Chicago.

40 Cents on Common . | JOMN F. CHAPMAN, vice mer tourists, and even those who CLEVELAND, 0. Jan. 21 (UP) [president and publisher of Mc- Watch the east-west flow along

M A ~ | (Washington St. will see silver na Hanna Co. declared a|Graw Hill business publications, on blue for Nevada, green on

today of 40 cents a) share on common stock. delivered the talk of the week. white for Colorado, lus on The announcement stated the 100 few heard it from this 21-year orange for Florida. ack on

dividend is payable Mar. 13 to!veteran of foreign business affalta/ltmon Yellow for Ohio, yellow “ stockholders of .| Diue . VDE Abia at close of before the World Trade Commit-| oo 0 own standout this year

The company also announced bes. of the-Chyaunber of Commun with 2914 on viack. the regular quarterly dividend of Thursday night. $1.0825 per share on $4.25 pre-! THE OFFICES of Lindley L.| ferred stock. This is payable Paul & Co. mortgage service, Mar. 2 to stockholders of record have been located at 502 Union| Feb 15, Title Bldg.. 155 E. Market St. Mr. The common dividend is the Paul is a veteran insurance loan as declared last man. ' | Year at this time, the .announcement sald

waved, lush pink, shading from dlagrams of flower beds, walk fringes, and morning glory cur-

Illinois has hampered

MERCURY STATION wagon was cut $148 last week. The new

— rg ist ‘is $2307. ! Kitchen Comfort : For greater kitchen comfort JAMES M. PHELPS, Connecti:

hy : rjeut Mutual Life Insurance Co, close the damper on convector-(last week won & certificate for {radiators in the kitchen duringithe completion of a course on the, tA) PROREAtion. The flow of co-ordination of life insurance ena cut off and prevents over-iwith Social Security, |

x a LICENSE TAGS have gone in

Dr. Leonard Earhart has purchased this two-family dwelling at 5690.92 College jo Akl Jan. 13, according to Stock Ex-| and Mrs, J. P. Nostrger. The transaction was handled by Robert F. Higgins, real « gy

280,000,000, which would compare with a $17,840,000,000 rate in the change figures. fA. H : | - | Ll . Deval . ed th | tin “earromen avy‘ oe ana’ me cries amen a. Farmers Hold [Modern Bathrooms Stress | , . » \ Convenience and Comfort Wise Use of Space Provides Ample

Modern bathrooms stress the comfort, convenience and sani-|

Wise use of bathroom space presents no problems to today's

housewives, Supplies of soap, linen and toiletries are within reach Hoosier hog farmers began to PP! P. lobtains funds to pay off the con-

tract, the seller must deliver a . a 3 warranty d to him free from olin S n aris all debts except current taxes. Mortgages The buyer obtains title to prop-

|erty through a ) {pledges the property to secure

Storage cabinets can be built under the washbasin. They afford | The utilities were sustained by six months by having to accept convenient, inconspicuous Places Tiled counters around the wash-|

basin provide extra working space Gas, In the Friday session, the livestock made a move to snip adjoining the basin also are use- for hurried shavers, It is molsClay tile counter surfacing tyre-proof and can be cleaned will prevent water from seeping itn the swish of a cloth. A chromium stand with plenty stall or behind the door of towel bars supplies ample room| with the purchase. “

\ ‘summer you may save yourself The length of the mortgage is [rack for Junior, low enough for| determined. by Ee Tae. { ‘tne the price of a meal by reading this

|him to hang his own towels, will buyer and lender. A cupboard above the toilet can keep him from draping them over mortgage is signed, the buyer! transform this frequently wasted the bathtub rim.

In bathrooms washbasin with adjoining counter) not over the may be installed to give the house-|

en hams. orks and con tr TWO [February Conventions

|store took a loss to sell sirloin| Local realtors and representa- Home Builders convention will be

Association of| Ameria conference Feb, 23-24. | The future course of housing land. real estate financing will be explored at the mortgage group

for necktie colors this year, Sum-|

iy Mr, | abager |

{changes in room arrangement or

Contract Terms

Here are the stipulations of a agreement:

‘He agrees not to make any major

any constructional changes without first obtaining permission of the seller or the property title

ONE: The purchaser agrees to home maintain the property as it is./over a long period of years,

ually smaller than that re-|30 days or ured. under the terms of a closure suit by which the lender ta obtains title to the property. The The Real Estate Board has operty to

These instruments conditional sales contract Wwithmethods of financing. Under their which a purchaser must be: iB terms, the buyer makes a partial

to know the

of the builders’ convention.

conjunction with featuring

in home building.

any

the latest

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holder. TWO: The purchaser agrees to, pay fire insurance premiums and taxes on the property. purchaser becames delinquent for a4 period of time specified in the contract, he loss of all

money previously ; » out Arabs Hoodwink THREE: When the purchaser

also executes a note supporting In larger bathrooms, an extra the mortgage. Ppo [get 380 or 390 francs for the dole

The note states the amount of

ious week's 67.336 in what local tub, cabinets can be built high on|wife a combination washbasin. | \ndebtedness again, the amount i nk

|dressing table for her own use. '° Pe repaid monthly to principal

{and interest and other terms with {which a borrower must comply

. Local Realtors, Others Eye |r ie sroveion nme mort 77, ad 0 nee you trade dotars

| gage itself,

A mortgage usually states that| with . (the borrower must keep all taxes! Op any street corner near the |and - insurance on the property| American Ex) held Feb, 19-23, followed by th Paid J Bate, She Doriowe Teiwill find at * y the quired to make ents on a " tend two national conferences In Mortgage Bankers Association of Stipulated date, yaym bankers accosti If he becomes delinquent in his payments—usually for a period of | ¢renes per dollar

Architects Institute

parley. Public housing programs 10 Present Awards Bernard. E. Aldrich has been will be discussed. Three classes of awards will be you can’t resist temptatio Some 450 mortgage, commercial made in the 1950 hational honor follow these rules: \ : and mutual savings bankers, lite #Wards program of the American) ONE: Deal only with people |yards sold at prices 25 to 50 cents ment, it was announced yesterday... ...nco R39 hes and title and Institute of Architects.

s Formerly With {rust officials will attend the sesi another jewelry giong it

| Architects.

a publi¢ service by The Times real estate department. Today's interpretation of real estate terms is by H. Duff Vilm of Vilm Mortgage Co.

If the

risks eviction and

Fleece the Innocent Trading in Dollars

Times Special PARIS, Jan. 21 — If you are planning on a trip to Paris this

mortgage. He

indebtedness in “connection

{little story. When '\ the When you get to Paris you will (probably discover that you can

Har on the black market and only if you change your dollars at

bank. You will find that about 100,000 Arabs hailing from Algeria are

The important thing is to deal

Arabs.

s Co. offices you

you with, “Got {any dollars to sell, Gentleman?” They will offe TT “T7777 checks or 300 for dollar bills. The proper thing ignore these offers. ooh The next best thing ta do, if is to

{who are within shouting dista

Registered architects are eligible of the American Express Co. Th 0 submit entries of buildings are known fo the police and are Top governmental housing of- erected in this country or abroad more or less honest black marficials will appear on the program Since Jan. 1, 1945. Residential, keteers. A The commercial and religious struc-| theme is “What's Ahead for You tures will be considered. in 1850." .

TWO: Conduct your illegal op. ‘eration on the sidewalk, In broad

National juries will select one daylight, without being lured into An exposition will be held in entry In each classification forthe subway or into some obscure meeting, first honor award. Other outstand- cafe where you can't see the color construction |ing entries will receive awards of of the other man's money. techniques, selling methods and merit. new materials and equipment used, Entries will be sent fo Wash- give you his money before you ington, D. C,, for judging and ex- give him any bills or travelers’ A second regional conference of hibition at the 82d annual conven- checks and never—repeat “‘rniever” the mortgage group will be held tion of the American Institute of let him handle your wallet of Apr. 10-11 in New York City.

THREE: Make the other fellow

travelers’ checks.

72PPAN

GAS RANGE

DELUXE FEATURES

Yours for Only

149

on Easy Terms

3360 N. ILLINOIS ST, TA-1880, TA-T011

Another chu menting on program said: “People are g they like now. about the deno Other projec struction or co include: Calvary Ba] sanctuary and $75,000, Garde sanctuary and tion departme! bein EUB C Easter Sunday, Other Luthi parish house; odist Church, 1 room, $2000; I ist Church, ne cated last Brightwood ) new structure ing, $100,000; Methodist Ch

$5000. East Tenth Church, reno school. and in organ, $30,00( Methodist Chur ter, $50,000; F: odist Church, cation plant, ! Methodist. Chu $1000. Somerset Me Sunday schoo West Michigar Church, sanctu son Avenue completion of 000; Old Bethel dedication of 90,000. Southport M education plant Methodist Ch $100,000; Nor! terian Church, ing lot, $15,0 Presbyterian C $11,000.