Indianapolis Times, Indianapolis, Marion County, 18 June 1950 — Page 42

| jin he ‘Nation— lieve Business Near

Peak; Public Cautious 2: Automobile, Housing, Steel Industries, ~ Main Props for Boom, Nudging Highs

By J. A. LIVINGSTON

de WALL STREET'S throwing out feelers. One day stock

prices will push to new high. The next day, stocks will plunge two or three points, . Apparently investors and speculators are two-minded about what's ahead. The W. E. Hutton & Co. stock mikthet letter exemplifies the optimistic point of view:

“The thing that impresses us argh ftions; there (about this market) is that g . Ey pron Rpt the speculative excesses which igeats and the so-called public usually appear after stocks have! is not tipcrazy. We find i dim-

been advancing for about a year! cult to worry about an advance are almost entirely absent, __ithat acts like this one”

* On the other hand, Standard & Poor's Co Pessimistic says: “While of the opinion that the nt will reach even higher levels, we believe that the time has arrived for investors in common stocks to readjust their thin ng vative diene: One reoH HE: CEN stand . . . 18 our belief that general business 1s hear ta. peak. There is a good chance that the automobile, housing, and: On the surface, the momentum steel industries, which are the Of the recovery from the 1949

There are no overextended

- main props for the present boom, | | readjustment carries all before

are nudging their highs.” . it, Steel operations continue at a The real question is this: 1s rate above 100 per cent capacity, Wall Street wondering whether! Department store sales have the boom is running out? By no snapped back into the plus eolmeans is the stock market an in- umn. In the week ended June 10 fallible barometer of business. [they were up 5 per cent over a In September, 1946, the mar- year ago. Father's Day was a

hat cracked; Wall trot, foresaw help. Apparently. it's. catching on

didn't come, like Mother's Day. Automobile

But Wall Street was dead right output is setting new records al-|

in September, 1928, and Septem- most weekly. ber, 1937. | Business loans have advanced #0, if the market should take $35 million at reporting member

.- a definite turn down, it would be banks and have almost caught

foolhardy to quickly write It off up to levels of last year, as

Busi“Just another technical reac- nessmen are building up inven-

Lion” in ‘a long-term bull market, [forfes as is customary at this | time of the year. 5

AND STILL MORE. "CREDIT * Rising mortgageand instalment debtbolsters boom in. home building and autos. AND

It could be more,

(week's total was 7,435,065, about

week's 7,929,018 shares,

Trading, Billion Drop

Volume Contracts As Selling . Hits; Industrials Off By EIMER C. WALZER United Press Financial Editor NEW YORK, June 17—Trading on the stock market during the last week fell off to around the lightest levels of the year. Prices declined with industrial shares showing one of their widest losses of 1950. Rallroad and

amounts, : The selling came without any

cord... high. levels... The ‘seen ag highly favor-

One thing that was sald to nave induced some selling was'| a& move to increase corporation | income taxes.

behaved well, volume contracted sharply as prices declined. Hardest hit were | high priced industrial shares! which had led the market higher

The industrial average i 4.15 points on the week and closed slightly above its low for| the period. Rails and utilities finished on their lows for the week| with loksés of 70 cents and | cents. respectively. Nonetheless, it was estimated] thiat the market as a whole lost| around a billlon dollars in valua-| tion of -all-listed issues. - Trading. avegpged. 2.585.803, [shares dally and was the lights since the double holiday week | June 2. Otherwise, it was the] smallest since Jan. 28, when the

4 half million lower than this

On Monday, the market rose to. new highs since 1830 in the

TUTARE, ete, TH TKeWise easy. “Alto‘mobile instalment credit Is twice ~ the prewar level.

: Here and there prices drop a bit. In fact, Brave World the Bureau of Labor sensitive index of} 28 commodities is off about 2 per cent In the last 10 days. This could be important if persistent. But at the moment

~ such minor declines are overshadowed by gray markets in lumber,

steel, wallboard, as the brave new post-war world goes bravely

n--the-gen {erage average with industrials particularly strong and trading fairly active. Selling set in on Tuesday and carried through the remainder of the week with a semblance of recovery in indus-| {trials on Friday. “Ralls were better yertormee than other sections, At times this group moved higher against the “itrend. Santa Fe was a favorite and it made a new high early in the week and held fairly well later. Utilities ylelded ground grudgingly

{

lost 54 points on the week. Proec-

utility issues eased small]

Market experts said the list SF NS especially since BI ©

sin. Tecent WEBKA, ic fost] ~

| Pratt Studios (photography). { at station 22, 2357 Carrollton Ave., was the seller. The transaction

on -aimost-ail-Hvestock here was

Allfed Chemical, recent leader,

Mark Stocks

6349. ——_. tees

"This three: Sadrcons dwelling was a maior cross-sale Fors this month. The purchaser was Mra. P, C. Pratt, formerly of William A. Bteele, city fireman

was handled by Mra. Mabelle Green of A. H. M. Graves, Inc, and Hugh A. Teeters ot Butterworth & Teeters,

Closing Session Restores About Half of Hog Losses

CHICAGO, June 17 (UP)—Hog|steers sold at $32.25 to $32.50 but prices turned about and regained the bulk of good and choice kinds/ | about half of a straight four-day wera $20.25 to $32 with medium decline during the final session/to low-good steers and yearlings, Friday which was the most prom-|$26.50 to $29. A few loads of ising of the week, choice heifers and mixed year_Up until the last day, the trend |!Ings sold at $31.25 to $32 “while

119 and 123 S. 6th St, Beech Grove

lows which Alan C,

One-Two-Three Sale

Appel of Gregory and Appel, Ine, sold in one-two-three order two weeks ago. © Mr. Appel sald these fiveroom full-basement dwellings were sold from one-time ads appearing in The Times. The

houses were the last of 25 built by Huber Contracting Co. and

501d. by the realty firm vuual

Purchasers of the dwellings were Mr. and Mrs. Raymond. Kimbley, 119 8. 6th St.; Mr, and Mrs. Lawrence E. Troxell, 123, and Mr. and Mrs. Thomas H. Delay, 151. All the homes are in Beech Grove. Mr. Kimbley is associated with Phillips Petroleum Co.; Mr, Troxell, Romine Co. (Auto. parts), and Mr, Delay, Wadley Co. (poultry). i

McClanahan—2041

-The McClanahan Realty Co. has new offices at 2041 Shelby St. They moved from headquarters at 2219 Shelby St. into spruced

good and hat kinds hullkrad at $29 to $31." Most good cows were $22.50 to $24 and common and medium beef cows, $19 to $22. Good sausage bulls sold at $23 to $24.50 late and medium to choice vealers, $26 to $30. Sheep: Spring lambs fell to

downward and only when the fresh meat trade finally took a turn for the better did the picture brighten. Producers did very well " paring down receipts as warmer weather cut meat consumption

rm rity oe ST Mi tat wok Sh Goo en

ling lambs topped at $25 with ket than were wanted. | yearling wethers -at- $23.50 and!

day and ultimately sold at

new high since January. Off From High The top hog price dropped!

8 shorn kinds $23.50 to $25. 50.

New Hardwood Floors

op: compared Price” Rise Seen -

“Practically the only strong lchoice light ewes at $10. The

up operations two. weeks ago. A typographical errgr last week listed the wrong address for the new offices. The Times real estate section is sure now and so is ¥, V. McClanahan, that it's 2041, z

of meh x

-- J'% alse for the prospective home 28 recent books on real estate

for the layman who wants to know the “what and why" about his house and his neighbor's. The Branch library includes books on principles of real estate, agency management, selling, appraising, valuation and deprecia-

lems. 5 Minutes Away And the Branch bookroom is

‘|only five minutes from “real es-

tate row" in the old library bullding at 150 N. Meridian St. one flight up in the school board (headquarters. - They've Qustéd BIL Moder Real Estate Practice” by H. G. Atkinson; “Heal Estate Principles and Practices” by P. A. Benson; “Know Your Real Estate” by George H. Beurhaus; “Manual of Appraisals” by E. H. Boeckh; “Selling Real Estate Today” by

“Hobart Brady “and” “Deévelop-|

WASHINGTON-—Higher prices {for lumber and steel may cause!

| costs, including recent pension {payments won by unions in wages | | negotiations.

ments and Issues in the Theory of Rent” by Carl R. Bye. | . Other books include “Real Es-

a slight boost in home building tate—a Practical Guide to Owntrade was that on bulls which|week's bulk of good to choice! COStS the National Association of ership, Trassfer, Mortgaging and advanced in almost every market | springers ran $26 to $28 with most| ome Builders report. The boost! Leasing” by W. J. Grange; “ {fs the result of higher factory! Estate Mortgages” by D,

{Harvey; “Establishing and — lating a Real Estate and Insurance | Brokerage Business” by W. F.

a of

Business TS Duss Off 28 Books on Real Estate

Layman Also Can Learn What's Why Through Works for Summer Reading

This is for those realtors and builders Whe want to supplement their “doin’ what comes naturally.”

and. bullder. ~The Business Branch Library last week dusted off its shelf

tion, titles and conveyances, rent, |" {leases, mortgages and legal prob-.

Juyer-and.

While much of the material is technical, there are also books

Hickernell; “Real Estate Principles” by H. E. Hoagland; “The Economics of Housing” by Laura

M. Kingsbury and “Real Estate

Law” by Robert Kratovil. Careers for Women

"Subdivision Regulations” by

H.'W. Lautner; “Appraising Man-

ual,” “How to Operate a Real Estate Business,” “How to Make Money in Real Estate,” “Leases,

‘Percentages, Long and Short

Term” and “Selling Real Estate” all by 8. X. McMichael; “The Val. uation of Real Estate” - AAs

May; “Cost Measurements In Ur-

ban Development” by the National Committee on Housing; “Real Estate Title and Conveyancing” by N. L. North; “Look Before You Lease” by Beatrice Oppenheim and “The Appraisal Process” by G. L. Schmutz are other books. “THe Tist™ “Career for Women in Real Estate and Life Insurance” by Doree Smedley; “Real Estate Business as a Profession” by John B. Spilker; “Mortgagees’ Handbook” by the U. 8. Federal Hous-

B./ing Administration; “Depreciation

of Buildings for Assessment” by R. B. Welch and “Residential Real

“nomie Development has joined -the 20th Century Fund, President

— fostered business

down and 25 years to pay. New

. met recently to discuss cutting

forward. The Committee for Keo"

Truman, leon Keyserling, and the growing list of long-term optimists, Real wages in the U. 8, says CED, could double by 1980. ‘But . , . This is largely & debt-

Homes ¢an be bought on Nttle

mortgages are running at the rate of nearly $15 billion a year, more than double the prewar

rate. Credit on autos, refrigera-

No longer can it be sald that debt is small relative to consumer Income. Instalment credit today Is equal to 5.2 per cent of yearly personal income, ‘the same as at this time In 1989. Auto instalment debt

come versus 1.5 per cent then, dn Chicago, according to the Wall Street Journal, a group of department store credit managers

down terms on hard goods from 24 months to 18 or 15 months, ‘Whether the move will get anywhere is questionable. Easy terms and payments have become a competitive selling point. But it's clear that some credit men are

ter & Gamble lost 3 points; Du The story is an old one. The Pont more than 3; and Johnsyoung married couple buys a Manville more than 2 points. ithome. Monthly payments come Santa Fe gained nearly 3 points to, say, $50. Then there'll be fur- on the week. Consolidated Natural niture, or an automobile, or a|Gas declined 2!{ points in the clothes washer on time, Maybe utilities. Auto issues lost fractions. payments will run to $10 or $20 Steels were off 114 points in Beth-

from last week's high of $20.65 a hundred pounds to $19.80 before the upturn Friday which resulted in a closing high of $20.25.

cents lower for the week,

a month. Then the baby comes.

heavy steers which closed strong

Barrows and gilts were 235 to 50

A very meager supply saved purpose.

Can Go Over Old Wood |

New floors of gleaming oak or other hardwood can be installed right over old wood flooring at moderate cost. The thinner sizes, {usually are recommended for this,

A modern effert can be given|

Cratow of he Toms.

to 1.6 per cent of In|

The real strain on the $65-a-week pay envelope begins. Householders are bought up. How far we are, along that road, no one can foretell, But maybe He stock ‘market, in its failing

“dg paraphrasing] Hordce In tir time of prosperity prepare for something less,

Block Plan Cuts g

Home Building Costs PITTSBURGH, June 17 (UP) --Houses bullt of wooden boxes and put together like children’s ~are-slashing construction} costs in the small town of Grindstone, Pa. Louis Sabatini, 34, who with the help of three men built his fourroom house in 17 hours, said the cost would be less than $5000. The boxes or blocks are open on the inside so interior walls can be finished with either plaster

of cars and trucks at 203,698 units,

Ashen; to up 2 points in Republic 08 I. Automobile production exceeded any week in history with output |

against 200,515 in the previous week and 146,056 a year ago.

“Steel Under Record Steel operations held just under

{the record high. Construction was up slightly on the

Coal output rose. So did electricity production. The oil industry had a good week and Texas is to raise the allowable production total in! July. Co “The Federal Reserve reported that industrial production: for May rose to 193 per cent of the 1935-1939 average and sald that June output probably will rise further, . perhaps equaling the post-war high set in 1948,

to 50 cents highér but weights an old dwelling by eliminating in|

under 1100 pounds sold weak to|terior thresholds and laying the 50 cents lower. Good beef €ows new flooring continuously between | were strong to 25 cents higher adjacent rooms. but others weak to 50 cents lower, Spring lambs and slaughter were. dn..short..

STEP-SAVER

the kitchen door to eliminate] daily walks to the large garbage can at the rear of the backyard.

NU-WA HOME SUPPLY CO.

The One-Stop Bathroom and Kitchen Remodeling Store Free Estimate, R1-5894 236 E. New York St.

A review of prices follows: Hogs: Most good and choice 180 to 230 lbs. butchers sold ¥Fri-| day at $19.85 to $20.15 with those scaling 240 to 270 lbs. at $19 to $19.75 and a few 280 to. 330 lbs. at $18 to $19. Most sows under 375 Ibs, sold from $16.25 to $17.50! while the 400 to 450 1b. weights went for $15.25 to $16.25 and 475) to 800 Ib, kinds at $14 to $15.25, Cattle: Three loads of choice light and medium weight fed

Pe loans decreased by $39 million. Money in circulation fell by $88 million. Gold stocks

board and plaster or with wall board. The exterior is of solid wood, |

held unchanged. Business failures for the week -totaled 164 against 168 in the previous week |

nervous. ready to paint,

land 174 In the corresponding |

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the week- end which helped mat- Place a retilse pail Just Sutside ters considerably and prices held steady at the week's decline of week and|90 cents to $1.50.

- {sharply higher than a year ago.

ox WIGH a0 LOW rressone |

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JOHN FARROWS

Estate” by D. L. Wickens.

———

_—

Traditi Moder 2To 6 There's a luxe homes

~ Bt. and Ki

Blvd. They're * look” homes frame—all 1

range. Today the to these eye lane gliding It's a $29

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‘And it's a the first str 8t., south of This red b with tion of Fore: developer. no Williams Ci law, Ben T. Has L The three Mr. Kellogg’ it embodies

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