Indianapolis Times, Indianapolis, Marion County, 16 August 1950 — Page 10

any On wall ag

They Are Double Talk Meaning

By J. A. LI THE STOCK MARKET,

powerful events like the invasion of South Korea, surprises

a lot of people.

The bulls are surprised and Adiscomfited when the market soes down. The bears are surprised and equally discomfited when the market goes up. So, when a man says the market scted in a surprising fashion, he's merely using double talk to say ‘ie guessed Wrong,

“peat school are taken aback whenever the market doesn’t perform as in the past. Ever since Korea, this group has been upset because - history hasn't repeated. ;iorea hasn't sent stocks down. After the initial panic, common | tock prices have advanced an Sow in many cases are bac where they started from. n,m wy

or THEN THERE are the follow-

: explain the antics of Wall Street by day-to-day events. They too re upset by Korea. The market has paid little heed to the bad | news, to the successes of the “orth Koreans against American Lroops. Apparently, investors and speculators of July-August 1950 don’t «care easily. They're accustomed 0 wars and to initial dissapointments of ‘wars, having—in many rases—lived through World Wars I and II. You might say today's common stock enthusiast is so‘histicated. He assembles four

main arguments to justify buying |

and holding common stocks: ONE: Wars are invariably inflationaty. The cost of living and wages are pushed up by wars. _And since common stocks repre-

Someone Has Guessed Wrong

Yet nothing that the stock market ever -does can really be said to- be “surprising.” For always, at any time, Wall Street is two-minded: There has to be a buyer for every seller, an optimist for every pessimist.

There. are two grea sufferers, Eke

SERRE

VINGSTON especially when it reacts to

Harold H. Hartley is on vacation.

down investor ‘buying. power in on market.

Who can tell? The market, itself, of course. And in its own sweet time and way.

Hogs Up % s Up 2 Cents

Good, Choice Go At $23.75 to $24

Hog prices climbed as much as {25 cents In moderately active!

a|trade today at the Indianapolis K to] Stockyards,

The bulk of good to choice bar-| (rows and gilts brought $23.75 to! $24 In the 190 to 250-pound class] ARR OL: 324.20 waa. ne ld-pparing

Weights 250 to" 290 pounds! brought $22.50 to $23.75. Heavier weights were scarce. Lots of 160 to 190 pounds brought $22 to $23.75; 120 to 160 pound; weights sold at $17.50 to $19.50, Good and choice sows from 300 to 550 pounds were at $17.25 to $21.75 with a few at $21.50. Weights over 600 pounds brought $16.50 to $17.25, Steers, Heifers Slow Bteer and heifer trade was slow but steady. Receipts were 600 cattle and 300 calves. Cows were steady. A few choice yearlings sold at $31 while medium to good! {native steers, mostly shortfeds,| brought $28 to $29. Medium weight native grassers were bought for $23.50 to $27, common grades moved down to $20. There was little activity on heifers but

Me:

Two American soldiers discusd their lourdry olen with the K laundry in South Korea. Speed. was the issue with the Gls.

i Ford 3

S. “Court Sits First Time in Britain LEAMINGTON SPA, England, their fourth day of training today, still placing emphasis on air-

Aug. 16 (UP)—The first U, 8. civil to.air gunnery practice. court ever to sit in England met 17 Box 634, executive officer of the 122d Fighter Group, the balance in the bridal suite of a hotel here of’ the week will be devoted to firing on the aerial targets. today to hear a $238 million suit] against the Ford Motor Co. ‘American lawyers In bow tles | field,

Inventor Harry Ferguson's charge that Ford infrienged on his tractor patents, Mr. Marsh took advantage of y.q favorably impressed with the engine and replaced any parts an ancient act of Parliament to) marksmanship, transfer the trial from the United) States to Britain because the Brit-| op a short tour of inspection. He ish ‘witnesses on whom much of

v's case depends

Acme

e Korean proprietor

staff photographer,

of a "high class”

Hoosier Air Guardsmen

{ Firing on Aerial Targets =)

Is ‘Expert’; Gets 78 Holes With 240 Shots

r Soph Ashok

By LLOYD B. WALTON, Times Staff Writer

GRAYLING, Mich, Aug. 16—Hoosier Air Guardsmen entered many tens of thousands of new

. | million veterans of past wars with

According to Maj. Eugene P, Wilson, R. R.

Several of the pilots have been turning in excellent scores.

RETEST Sasori i

Strain on Facilities

The -country now has about 20

some 125,000 receiving care from the Veterans Administration in

: | 109,028 hospital beds and 16,000] beds in private homes. Of the

patients, about 38,000 are being

pe cal ad I to the Veterans Adminis tration, and printed in the Journal of the American Medical Association. A 112,000 Mental Cases

Author “of - the group's report was Dr. Roy R. Cracke, Birming-| ham, Ala., who died before its publication. It forecasts that by 11975 the will be

SE a rl and Donna Jeffries, 19, Union | hospital beds into the forefront again,

treated for service-connected dite, Net--Up- $481,589;

Sharon Hobart; hohe Hasler, 19, Ft.

ticello;

Wayne: Pat Berry, 20, Theresa Catan, 23, 23, South. Bend,

Unit Hike 8.5 Pct. “pet wales tor the” ‘Stokely-Van Ph Inc. took a slight jump this year, along with a substantial hike in volume of unit sales. The company reported net sales today totaling $95,518,801 for the fiscal year ended May 31, 1950. This compares with net sales of $95,037,212 in the preceding fiscal year. Volume of units sold in: creased 85 per cent over the

bean crop of 35,280,000 bushels this year, crop statisticians at Purdue University said today.

Corn, wheat and oats prospects remained unchanged from & {month ago. Corn was forecast at 226,416,000 bushels, wheat at 30,114,000 bushels, and

[oats at 50,616,000 bushels.

‘Nitrogen Deficiency Noted The Purdue report said wheat yields were higher than expected in northern Indiana and somewhat lower across the central

\dence of. nitrogen deficiency in the corn crop was noted in areas ‘where soils have been tear wet and colder than usual. . Hay production in Indiana was expected to be higher than last year, Total production — alfalfa, clover and timothy—was estimated at 2,530,000 tons. Potato and fruit prospects were below last year. Reported yield figures for bar-

caring for 112,000 mental cases 3 SING Of course, the estimate does not take into consideration a third world war. and its expected

casualities, civilian, The report said: “When the many factors influencing the number of hospital

both military and

|Capt. ‘Arthur L. Talmage, Plain-|

gowned and wigged British bar-|ine target with 78 holes. He fired risters as Federal Judge R. Mc- 24 shots.

operations officer of the an hour. There will also be rocket} and business suits mingled with 113th Fighter Squadron, peppered firing and dive bombing.

Ground crews are keeping the

Maj. Gen. Earls Hoag, planes in tip-top condition. S/Sgt. Curdy Marsh opened hearings oni.hier of Air Force Reserve com- William Vedeer, 805 N. Beville {ponents, who was ih. camp yester- Ave, gave a 30-hour inspection

{aay to present the Spaatz Trophy| to a Mustang fighter. The crew

to the 113th Fighter ‘Squadron, chief changed oil and grease in

{that were damaged or worn. Sev-

Before leaving, Gen. Hoag went | eral less experienced men worked

iwas accompanied by Maj. Gen.

with Sgt. Vedder to increase their knowledge of _procedure in caring

beds of the future are considered, it is impossible for anyone to project these needs with any degree of accuracy. The needs will vary, undoubtedly, through the years to come, being dependent on many factors.

“Furthermore, in the new and modern era of atom .splitting, nobody can predict at what moment the entire veterans’ hospital system might be called into service to render aid to the victims

period pr vy $2, 223, 614; equal to $1.63 per share of com-| mon stock outstanding. This compares with net income in the previous fiscal year of $2, 979, 576; or $2.34 per share. - Ratio of current assets to current liabilities on May 31, 1950, increased to approximately 7.9 to i from a ratio of 6 to 1 a year earlier. Working capital on May 31 last amounted to $32,799,977

31, 1949.

Boy Held in Attempt

To Wreck NYC Train VERSAILLES, Aug. 16 (UP)— A 16-year-old Sunman boy who “wanted to see a train wreck” was held in Ripley County jail today after he admitted

ent property—land, machines, uildings, raw materials— they're 5 hedge against inflation. They; fford protection against declines 2 the purchasing power of the dollar. TWO: Corporation dividende nayments are liberal and earnags are high. General Motors jas just paid an extra of $2. 50 ‘n addition to the quarterly divi“end of $1.50, Net income in the .irst -six months amounted to 19.01 a share. In the case of U. . Steel, first-half net was $4.08 _a share. So, motors ground $90 “nd steel at $37 hardly seem wverpriced. Even supposing we do ave an excess profits tax; they'll still earn enough to pay good dividends. THREE:

like 1914. Then, America were worried about inflation might convert dollars into pounds, or francs, You could flee the dollar. But today the dollar is the strongest currency in the world. You can't get gold. And if you're going to hold dollars, well, you might as well have the dollars in common stocks. FOUR: The invigorated defense effort means large-scale orders to the heavy-goods industries. This puts off indefinitely a recession or depression. Furthermore, ". ever defense production abates,| :dditional demands for public, (a and all Kind ervicés will have been built up, ASSUTING another ' “post-war boom."

Ath “ THAT'S THE wave of logic —

n common stocks. Undoubtedly,

ome trustees have been using! __

when-|

aided rk the recent New York! taken ‘home in an ambulance.

State law authorizing the invest-| “ment of 35 per dent of trust Yuhas

they were largely eligible to sell at $28.50 down. Good beef cows moved from $22 to $22.50 with common and medium grades bringing $19 to $22. Canners and cutters sold at $16 to $19 with occaflonal heavy cutters selling for $19.50. Vealers Active Trade In vealers was active and steady with good and choice lots being sold at $30.50 to $32. Com-

Britain

mon and medium grades brought $23.50 to $30 while culls went at| $17 to $23. A price of $28 to $31 HO fwas being quoted for good. and. | heavy choice slaughter calves! fwith medium Kinds at $27 down. Sheep trade was spirited and spring lamb prices were strong.

; ‘What else can you do|Good to choice springers brought |rowly with money? These times are not $27.50 to $28, with a practical top eight ns who tum to good Fisher

of $28.50, Medium lambs sold at $24.50 to $27 and common prices were down to $20. Fed Yearlings Up Fed yearling prices jumped 50 cents, with two loads of good to choice this. category selling at $23.50. Sheep in these loads were yearlings with No. 1 pelts and averaged about 93 pounds. A load of mostly good class in the 84pound weight group brought $23. Slaughter ewes were scarce, {their quotable prices unchanged. Metlium to choice grades were {eligible to sell at $8 to $11.

Late estimates of livestock re-and Charles 7. ofr goods” and eeipts” ‘were hogs, 68007 cattle, 800; eral Motors: “They are” members L |of the guild’s honorary board of Bot RR & Stk 0

{calves, 315, and sheep, 1900:

——— -

|SUFF ERS. PROSTRATION | A street repair crew worker,

Official Weather

UNITED TARR WEATHER BUREAU

| Sunset ¥: 0

‘heir new authority — cautiously. “Sunrise —_ 5 | That has given the market a new Precipitation 24 hrs “end 130 a. m trace 38.75

ource of buying power, and reinforced the reasoning and the logic. Street, the best reason a trend 15 the trend fiaetf, Neveriheiess, ‘the other way. ven occur just when U. 8 vere doing betier—1io the dismay the foliowers-of-the-headlines ML 8 mame t's nov nd spect Org 00

eet

Lae ]

out

Today’ s Weather

PARTLY CLOUDY AND CLOUDY -ARGAS

: vo susmmrors com ed

ogie could sWIng The ¥wing might ; troops C

investors Pt start brood-

al precipitation since Jan. 1 ess since Jan. 1

The fo cr

owing tat

fare JE 5 71 .. #1 58 RR EERE resracs- BY 4d 82 65 | crvesnnen #0 68 Den ver 81 6] Evansville 85 €7 Ft. Warne 8% a] Waorll a 7% ed bd B31 £7 . BE 5 3 w1 #i Ky ££) “8 . 8 68 BS 62

¥ asbir LE Sn

FOTOCAST" HGIND TJAIFIC TID or 4 scatieato AREA | soomine Ya AR - £7 RRS on I, na LA WAGNER: ALL MIGNTS RESERVED.

10.63

' shows the tempera-/ a TA AE wn

The case was expected to Dist about 10 days,

Fergu

could not be compelled to come to|.. America to testify,’ N= American military. courts sit] egularly at the U. EAN in Britain, but legal expurts said it was the first time in ‘history that a civil court had come to}

ir bases

to hear a case.

‘Rates High in

Model Contest

to good grassy...

Times Special pectal Service

DETROIT, Aug. 16- _Joseph A./'same date las Naughton Jr., Indianapolis, nar-| missed winning one of 1950 ....... 99 scholarships in the annual 1949 .......4506 Body Craftsman’s Guild] New cases repo

model car competition.

The youth and 42 other region- - St. Joseph, Hen al winners were feted at a ban-| Washington Counties. Fi quet here last night for their skill this year were reported In St.

in automobile design.

The

streamlined model was reported, Death reported today: Gerald] to have received high considera- Deboskey,. 5, South Bend tion and to have been barely Joseph County), died Saturday in nosed out for top honors. Among those present ut the banquet were Dr. Robert A. Milli-

kan, a

Karl T. Compton of the Massa-| ou chusetts Institute of Technology| american States com... Kettering of Gen-| 4% .

judges.

Mr. Naughton will return home ‘Centr ‘Friday after attending various com Loan: 3% oid i

Ever Be S— ‘On a Bicycle?

Hoosier youth's sleek,

Nobel prize winner; Dr.

Cromey Johnson, 66, of 105. E.| |events the guild has scheduled to! umm od hey

He lives

® Riding a bicycle in the water is one of many new

ideas for thrilling adventure. _® Many exciting ideas are He RRADE

i 4

gna i$ REE rad dd : MAGAZINE next Sunday.

See the pictures . . . the story . . .

read about new

ideas in adventure . .

N they'll come in handy i oN things get dull

Us opportunity to test their skill ~~ fat firing on ground targets. The

Indianapolis Youth

George ¥ Finch; chief of alr fi section of the National Guard "Bureau. As they paused to watch {the men checking the target used iby Capt. Talmage, Gen. Hoag re- | marked, “My gosh, even the op{erations officer is an expert.” Ground Targets Next Week

Next week the pilots will have

target used is only six feet square, and the planes dive toward hd at a speed of 300 miles |; i

'Polio Totals ty

year:

‘ No. oi Cases Deaths Counties | No ¥ 46 47 61 \today: Two in Madison County, and one each and cases

| Joseph, Hendricks and Washington Counties.

| Memorial Hospital at South Bend.

Local Issues

a. 16—

rican States ofd | Aviahire’ Colleries co 8 472% a

Beit Ri & a Td ord

(St. Ne :

AULT the big engines; Pvt. Thomas Koonce; 414 N.| Wal ott St, was driving a jeep to carry equipment out to the planes on the field. He also assisted in getting the tow targets ready to hook to the plane.

The 113th Fighter Squadron is

Tr n-law,

a family affair for S8/8Sgt. Ted Wells, 3317 S. Ransdell St. He has two sons and a son-in-law in the outfit with him. The sons are Pvt. Arthur Wells and Sgt. Ted Pvt. Bill McKay is the son-

First Lt. Donald R. Cahall, R.R. 8;-Box 53, supervises one of the

Lt. Cahall is

T Today's gli totals in Indiana ravorite places on the base. It is 1; compared with. thei the consolidated mess-hail for aitf |Indianapolis units. Thirteen cooks are busy keeping 350 hungry airmen happy. supply and mess officer for the 222d Alr Service Group.

the

of atomic warfare: 260,000 to be Needed However, even if there is not a third world war, the report said; it can be estimated that 260,000 beds, and possibly 300,--000, will be needed for veterans by 1975. And that’s not counting the increasing demand from the civilian population. The report said veterans hospitals should be located in areas where their staffing “will present the least difficulty,” and ‘‘therefore, it is necessary that the in--stitutions be located —-in—-urbani areas where there are large con--centrations——of — other medical personnel.”

placing. of hospitals in remote areas in the past was a “big mis-

The Veterans Administration's

passenger train. Lt. George W. Hoffman, railroad detective, said removal of heavy lumber from a track in Sunman five minutes before the “Carolina Special” passed prevented an accident yesterday. * Lt. Hoffman said the youth

on the track half an hour befor the Chicago-to-Cincinnati train was due, But H. C. Rose, 70, Sunman, saw the obstruction and notified Railroad Foreman Ed Jewell, who removed it.

INDIANA POWER Tr Indiana's electrical power has increased to 1,919,400 kilowatts in the last 10 years, E. D. Anderson, president of the Indiana

take,” the report declared.

compared with $32,950,245 on May|.

to wreck a New York Central] Pororcoof that.

placed pieces of lumber and fore

ley and rye. were above earlier expectations, se report. . Ins

662,000 bushels, and rye, 1,022,+ 000 bushels.

Workman's Latest Freedom Bid Fails

Schricker OK’s More Study of Parole Case

Ott Workman, 68-year-old Mar tin County farmer, failed again in his try for freedom through the State Clemency Commission, Gov. Schricker said today. Gov. Schricker sajd the come mission agreed Workman's record should be studied further, and he

finding. Workman was sentenced to life in 1938 as an accessory in an armed robbery of his brother« in-law, Charles Basch. He was paroled ‘n 1945 by former Gov. Ralph F. Gates, but the parole was revoked 25 days later after charges were made that $50,000 was paid for the parole. Paid Public Defender The charges were never proved,

fender Frank Greenwald, Gary, who was supposed to represent pauper prisoners, received $2000 {from Workman. ‘Mr. Greenwald

[was fired - and later committed ~fsulcide.”

Workman went before the Clemency Commission last June 23. He went before it last August in his first bid for freedom since

Electric Association, said today.

1945.

8-Merriii com Bobbs- oi HA oid 42%

ya . rch I heats com

mins Eng som,

opr ar . : Lonshlidated Dob § bd

LAFAYETTE, Aug. 18 (UP)— land! Indiana ‘will have a record soy

but it was proved that public de.

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és - Aiko Lindi Toa! Strike

ails

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neh Cory Marmon- Herrington com Lnfastic Asphalt . Nat Homes com

PARADE MAGAZINE

COMES WITH

THE SUNDAY TIMES

INDIANAPOL I8 CLEARING

Clearings

Debits -

pos hoe $16.

TONIGHT AND TOMORROW—Temperatures will be a lithe higher for most of the mation

will

Lakes!

pa i SC

ease, Warm air will circulate along the he southmugipn coast and Tor 1

jon and cool 4ir in the West

826, 23. 000 TF, Malleable

00i com 8¢ chwitgel Cumming ptd a 80 Ind G y o Ind G & E id Stokely- Van Camp ........ Stokely. Van Camp vid “oe wv

nited Telephone 8% old Union Title

st 9% 1h nf ¢ . % Citizens Ind Tel 418 61 ny zens in el 4%s 61 ..... . Columbia 358 62. oo. 97 oil | STERLING BREWERS familia Vif Cotes. co INCORPORATED - I EVANSVILLE,

na Limestone “a nn"

Indpls ‘Rallways 5 gis fuynner eae sey

Fn + re Bory. 3%s 13...... 104% 107 Paper Art Co 9 Punlie Service sth 78 108

Traction Terminal 5s 57 *Ex- di viden d

U.S. Statement :

WASHINGTON. Aug. 16 TUP)—Government expenses and receipts for the cur rent fiscal year through Aug. 14. compared with a vear ago;

This Year Expenses $ 41%, 19. 33 $ $ i i 169 Receipts 3 338-4 a1 Defic i RTH HT 4 Cash balance _ 4. 808. HN 1% 4,122,289, ti Public debt 257,559,582.635 = 254.769.260.607

-24.568.051.910

Gold reserve 23.503.7194, 4

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you to the green” —like smoothness in your drive and plenty of

smack. Try it. You'll say it sure.

‘Because Its Aged | That Extra Month!

STERLING’s combination of deep

‘mellowness and brisk tang “gets

breaks par as a thirst-quencher.

A OWES