Indianapolis Times, Indianapolis, Marion County, 17 September 1950 — Page 49

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SUNDAY, SEPTEMBER 17, 1950

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The Week in Business— . Wo ww AR

"Brings Caution

But Long-Range Defense Drive Should Forestall Downturn

By HAROLD H. HARTLEY, Times Business Editor BRIGHTER NEWS from Korea made business men dig out their worry sticks. They tried to use them on the months ahead. They were loaded with inventories, preparing. for a long defense pull. Some had hoarded, turned all their cash and all they could borrow into raw materials. With the Marines landing back of the enemy's lines, they posed the question, “What jf it should end quickly?” They shuddered. They had bank loans which depended on their being able to sell their products made of high-cost materials. They were wondering aloud whether they might get caught in a sudden downdraft of prices, _ a reversal of the inflation spiral. It could happen, but it probably won't. The cushion lies in the long range preparedness program to keep from being caught with no bullets should the Reds clomp their boots across another border. Even should Korea fade out of | the picture, the best minds are]

Market Value

Activity Greatest Since July 28; Rails Spark Rise

By ELMER C. WALLER United Press Financial Editor NEW YORK, Sept. 16 —Stocks gained $2 billion in market valuation during the past week on the greatest activity since July 28. Their rise, sparked by the rails, wiped out every vestige of loss suffered in the market break which followed the beginning of the Korean war, The first session of the week registered a decline. But the rail average rose 5 cents. Next day the rails really went into action and had one of their best gains of the year in response to estimates that ali railroads combined this year will earn about 50 per cent more than in 1949. Also, the railroads are regard-

they said, “to buy at No Down Payment.” And finance companies were expecting a quick shift of buying to furniture exempt from controls for purchases under $100. But there'll be no buying a living room suite a chair at a time, if they match. Reg. W. says no, definitely. Bankers so sensitive they can feel a coming change in the business winds with an eyebrow see no letdown coming even if the olive branch drops in Korea. And in banking, the biggest ed as ideal war stocks in that event in years took place last they are sheltered against high week with the merging of the| excess profits taxes based on the Union Trust Co. with the already| formula used in World War IIL counting on Washington going money-loaded Indiana National. The rail average reached a new ahead, getting ready for war any-, Together they gave the state high since June 19, 1946. i pr Ls, “ |one of the hii fifty banks in the Steel Group Active come, after country w resources aroun y . . election. And Regulation W, the $382 million, When the rails tired, which credit suffocator, is but a sample| The Indiana National got a huey did Jade in ihe week, fhe of the speed with which they will trust department and the trust ndustrials got into action. Steels be applied when the time comes. business of the Union Trust Co. lc ¢ Biven a whirl and the buyYou could see the shadow of will crawl under a new roof 'N8 spread to ail other groups Regulation W in newspaper ads when Indiana National's new ad-| ntl he A ineerage all week. “Only 2 More Days,” dition is finished at year-end. 13 where it closed with a gain |of 5.85 points on the week. The

Last. week the supermarkets Food Slowdown rails gained 2.35 points. Utilities

bumped headlong into the slowdown which goes arm-in-arm with the opening of school.’ _ |were up a mere 34 cents in their When parents lay out money for books, clothing and shoes, average. In addition to these fac- | tors, the market had in its favor

they pinch food budgets. : > There were good signs in supermarket advertising. Competi- Several higher or extra dividends, {good earning reports, indications

tion was back slugging it out with - : Tot cevanle og below-cost selling. in weathel. ok, cereals ea org | there will be no excess profits Examples: shortening such as cereals go best in summer, less taxes at this session of Congress Crisco, Spry, etc, was selling at neat in the kitchen during break- and indications Congress would 78 cents with one store down to gaqt. Ng soon adjourn. 77 cents. But one grocer said the. The leader in cold cereals is Also, late in the week the Koright price should be 93 cents. still—you get "one guess-— pean news turned more favorable. With butter it was the same Wheaties. : ® lane incidentally, was a story. It was advertised at 59 There's a rumble about a com- market deterrent for a time becents retail while it was costing ing edge-up. in beef prices, but no Cause traders reasoned that an 601; cents wholesale. 'butcher knows why. Pork 15/$02 of the or gut mean a "Butter, incidently, has a faith- headed the other way although gurb-on-infla’onary trends, ful following. Few hutter eaters bacon will go up. Cooler weather Set New High switched to margarine when the does that. - . Gains in the railroad division ten-cent tax for coloring went off. The soap price increases falled ranged to 7% points in Santa The pickup margarine felt came to slow buying. It was a fractional | pe which set a new high for sevfrom cooking. vor an amg Pg LL, years. In the industrial de- | YE Ee] Anoiher tem whch fw T0ceT [rom 1133 to 333 cents. more than + powta and gains o dared advertise a month to six| Soap powders, always Sure-2 or 3 points were noted in esha 360 WiS oy Ot|fire ammunition for the super-| American Smelting, Chrysler, JR JL shou Sl ut Ne ot or market price battle, stood pat General Motors, Goodyear, Union being offered widely at 89 cents |i ere showing signs of getting Carbide, Gulf Oil, International With one outlet at 87 cents. 'soda ash industry did that. [tional Steel, and Texas Co. And with more cheerful head-| Prices are leveling off. | Buying was general in the late lines from Korea, families are/ One of the biggest grocers in sessions. It spread to the liquors, beginning to eat.food they had town said, “Prices changed less/the building shares, mercantiles, hoarded. That cuts sales. {last week than anytime in 30i/and finally to the televisions. The Cereal shelves felt the change days.” |latter were helped by indications 2 ; their production this year will reach the earlier goal of 6 million sets. Aircrafts enjoyed a good market at times but this group was easily outshone by the "higher grade groups and thus did not stand out. Farm implements received attention at times. Textiles set new highs. Tape Falls Behind A total of 1387 issues appeared on the tape which at times fell behind the market because of the activity. Of these 989 registered gains, most gainers since July 21. A total of 261 declined and 137 were unchanged. : Market experts said the rise might continue until big sessions of several million shares were generated. A sharp break then might” come at a time when everything looked rosy, they said. Industrial production snapped |back from the Labor Day holiday

The library of Eli Lilly & Co. is not all science. Its business section with condensations, references on self-improvement, trends |,.;| * Money in circulation fell in in war and government is. a favorite haunt for the serious-minded. |jine with the usual procedure in Virginia Henderson here exhibits some of the vast quantity of ma- a post-holiday week.

Business loans rose sharply re-

terials sought by employees. | {flecting stocking up for heavy

» * "Everything sells when money's on the move. Spin Music

Even phonograph records. land requests for unemployment Tomorrow the RCA-Victor Division of -the Radio Corp. of on fell. ploy America will put its record department on three shifts a day, seven| Aytomgbile production had a days a week. . S |

holidays. | plant. The plea: “If you've gotiraw materials, The trade just getting over its' a brother, sister or a friend who jumped to nearly full capacity. player speed jitters got another wants a job, bring them in.” There were general gains scare. - It was Zenith’'s new 16! RCA’s 12- TV assembly lines practically all divisions

Steel

explained away by competitors. for months. Each week 120 railThey say it will be used for road cars roll up to the plant with talk mostly, Shakespeare plays raw materials, roll out again with for English classes and other crated television sets. educational ‘purposes. They. don’t The 16-inch screen is the most as * expect it to cut much ice in the popular and RCA is looking care-| s music field. i fully at the wisdom of pushing! But it's television sets, not anything bigger too hard. i records, which are RCA's biggest, This is why, says RCA: the problem. picture is electronically painted | Employment has hit the 8300- on 525 light lines no matter | mark and is_still moving up, mak-| whether they are on a seven-inch! ing it probably the city’s biggest or a 19-inch set. employer. RCA keeps pushing for| The bigger the screen the farhelp. Ads run steadily in news- ther the lines are apart. When paper classified sections. the lines get too far apart, viewThe company even employs its ers move their chairs back to see pablic address system through the better.

. e _ One of the best sources in Indianapolis re- | The Cash-in ports that Savings Bonds are being cashed

three times as fast as they are being sold. These are the figures for September, What it means is that bonds, like money, are being converted into goods, mostly hard goods, appliances, television, etc. | It is the inevitable war-fight “And she says, “Where will we | of currency into merchandise, * | get the money?” > Te Joe, the factbry worker, looks, Then he says, “We might as? at the ads. Then he reads the well use those Savings Bonds, I'll] headlines, talk of dll-out war pro- have to buy more at the plant duction and curtailment of civi- anyway when the pressure comes: lian supplies. on.” : | He says to his wife, “Maybe So down to the bank goes the you'd better get that washing littlé wife and turns all or part machine you've been talking'of the family bond nestegg into! about.” ~ jcash. = | “Hear Harold H. Hartley with “The Human Side of Busi- - Bess” at 3 p.m. today on WISH.

Mr. and Mrs. Joseph T. H

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strike in the|paper, Masonite, Du Pont, Na-

output. Employment rose further corporation, said in a suit he filed

. . sharp rise, but this industry is trolling It's the retail inventory loadup for Christmas. There'll be peginnipg to feel the pinch of remoney and music aplenty for the —————————"—————%—/gyced supplies‘of parts and of the bank acknowledged receiving washington St. and a lot at 5100 tory of Indiana. The first settlers tors will kick off is 1950-51 seaproduction the commitments.

in a with!steel, and an order was accepted rpm record which is rapidly being are going full blas! and have been crude oil output at a record high..by Corre and Davies.

School Building Program

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' Hustling Stork Forecasts EvenGreater Jams In Elementary Buildings During Next 5 Years Indianapolis building has smashed through record after ‘record like a trained poodle bouncing through paper hoops. Right along with the building boom, came. a baby boom ‘crying and kicking -its red-faced way into spanking new birth rate records. i . . But with every lusty wail sounding out in hospitals all

i ——— over the city came a small Delayed Buyer’ ~~ round package of problems. | Goes Into Action

: Problems for the school Deeds, Mortgages

board and local. builders, Already many schools are overcrowded, Up Sharply in August teal estate activity in Marion

new ones are under way and old Coupty took a good healthy jump

ones are adding extra rooms. But how long can building for last month, exploding the normal pattern:

our swelling school population go Brokers feel that the threat of

on? éredit control and the fear of ma-

SUSE FN A

Ten thousand more children in the nex give them classrooms? :

Two Real Estate North Side Realtors Again Men Plan Office Near Million Dollar Mark

Eighty-Three Sales Total $989,601, Hawkins-Whiffing Slightly Short of August Record High Firm Established

The Korean War has caused a shortage in materials and labor. Local builders say part of the shortage is caused by military needs but most of it is caused by the unprecedented demand for terial and labor shortages are be-|Shelter. hind the whole picture. | New buyers are on the market, Robert P. Gerholz, president of delayed buyers, smoked out by the National Association of Real talk about credit controls and Estate Boards, told local mem- materials shut offs. They've given a N = a WOW bers Tuesday that “delayed buy- up hope for a decrease in prices t five years . . . will the building market be able to ers’ have been smoked out by and plan to get shelter while they these threats. . can, The man who held off 3 low-| Bumper Baby Crops e2 Juices Nag given ur He ip Back in 1946 Indianapolis had ahelter while he has the chance,/® Dumper crop of babies, 11,688, And then. too, there's old man a hike of 2173 over 1945. From winter just around the corner. 1933 through 1945 the birth rate Mr. and Mrs, Marion County fanged from 5000 to 8000 but want to get in their new homes from 1946 through 1949 it ranged before the snow flies. jo T1600 to TOO the $910 - Gain Over July Shoo! gAca’s Pradie e 194 North Side Realtors had their finger tips on the million dollar| ppe activity hikes shows up in [Like in bikthe Wil hit ‘the elesale mark last week. th mary of deeds and mort-| nentary schools in 1953. Total valuation and sales slipped a little from the year's high! . Aum Ay "the count dur] They fully expect to have 10,000 chalked up in the week of Aug. 26. In that week the 37 brokers Ba8e* Tec \ y |more school children ‘enrolled in |ing August. The tabulation Was the next five years and they're released yesterday by the Union doing some heavy thinking about

rang up 86 sales worth about $1.1 million.

Last week they made 83 sales with a total valuation of $989,601. Not quite up to the record, but - emf Title Co, that. still among the highest for the § y ; Deeds recorded for August. More children mean more classey Parade Homes {1050 were 2153, an increase of rooms, and school officials estie YL Raw Aereats oor 176 over July of this year. mate it will take about 200 more Raw acreage for future con- The number of mortgages, 1703 classrooms for the elementary

struction didn't move so fast last week for the Northsiders. Only 11 lots were reported in the sales list. 3 i The report igs a good indication of the market. Despite credit

. {for August of this year were 323 schools. Still 0 eh Toda more than recorded for July. | Neod 142: More Rooms Value of mortgages recorded ,...4y 62 elementary school : [for August of this year was $8,-/,),05r00ms are under construc Thousands Have Seen J41.726, AE increase Of move than tion. That leaves 142 to be built . . in the five-year progr: - New Residences Ahead of Last Year by the Pears Ee dented The third annual National|

Mr. Hawkins n members of controls and all the uncertainty

Mr. Whiffing

Two well know the Indianapolis Real Board will open their own offic next Tuesday. Edward K. Hawkins and Wayne W. Whiffing, tormerly with the Spann Co., will open their new

Estate Surrounding the Korean War, Mr. | Compared to a year ago Au-| The plan calls for eight elee @nd Mrs. Indianapolis still, want y,me week, a seven-dey, $7 mil-| gust, deeds were up 28 per cent mentary school sites to meet the homes- ing they're still Willlng jo, shelter display rings down|last month and mortgages expanding residential needs of to pay the going-rate.. ~ the curtain today until next year, jumped 24 per cent. |the city’s school children. The North Side report, filed but the homes are still open for| Deeds for August of this year| ‘Coupled with the hike in the with the Real Estate Board, inspection for the rest of the day. beat out deeds recorded in the birth rate is the hike in home office at 802 Inland building. ‘broke down sales as follows: Here in Marion County, more same month last year by 474 building — new homes concenPhe firm will be known as Haw- Willis Adams—One lot in Arden| than 500 dwellings in all phases of (and mortgages for last month trated in new sections all over !kins-Whiffing, Realtors. land a cress sale with R. 1K. construction have been visited by had a hike of 329 over a year the city demand new schools for "Mr. Hawkins, associated with Walker at 6254 N. Delaware St. thousands of home-hunting Hoo-|ago. the children. : A. J. Weichmann Co. for four Edgar E. Brodbeck—Houses at Slers during the 1950 Parade of | For the first eight months of| The population shift toward the years, has been with the Spann 4640 Kenwood Ave., 208 N. David- Homes, this year, deeds were up 15 per fringes of the city is steadily inCo. for the past 12 years. He is a son St., 924 Parker Ave. Despite a week of rain and mud, | cent above last year for the same creasing and the school board graduate of Wabash College putterworth and Teeters—Two builders reported the show a big period. i must arrange its building plans to and a junior member of the In- is in Westfield Heights, cross success, Many of them said they, Commercial mortgages, those meet this shift. dianapolis Real Estate Board. sale at 140 E. 36th st. with never saw So many people so in- $20,000 and over, hopped over the Seeking Funds our . Franke-Padget, and a cross sale terested in housing, and one §1 milion mark last month. gchool board officials are now With Spann Co. at 3202 Medford Ave. with W. I. Pullder reported a total of 5000 There were 23 valued at $1,120. goouting around for funds to buy Mr. Whifing has been with the Bridges & Son. ' © visitors went through his house. [975 recorded in August, the title johnny and Mary more classSpann Co. for the past four years. Tack C. Carr--927 N. Ritter The public took the opportunity company reported. [rooms In the next five years. But Previous to that he worked in the , "0 0 0 To eoan’ ruxed to find out what Is new and vital py an [the big question is will the labor Naval Ordnance plant and. with o' "008 T° + 8030 Tuxedo in home building today. And the A cane] B, & L ‘and materials market be able to Stewart-Warner Corp. He is : o Gt ke

St., 2228 Langley Ave. 2948 N.'puilder got a chance to find out S - a ; |absorb the demand? Nobody ‘member of the Indianapolis Real Emerson Ave. 1727 N. New Jer- what potential buyers want in the Elects Guy Boyd ‘knows the.answer to that one and Estate Board and has been active Guy F. Boyd, general manager 3 " . ne

sey St. 6934 Central Ave. in a way of shelter ; body's sticking his neck out. in the Chamber of Commerce for cross sale with Bruce Savage Co., With the 1950 Parade of Homes nobudy ishing iy the line many years. 5030 E. New York St, 2018 E. behind them now, bullders are of the Jack C. Carr Co., has been may have claimed their first big y years. h t- 10th St., 1225 N. Denny 8t., 516 looking forward to the same big elected a director of the Arsenal! jot The partners see a bright ou E. 54th St. i rin \ i victim Tuesday from the ranks look for real estate. Both mem- , = hn a CTOs Sale W th|show in 1951. Building & Loan Association. of education. a A. H. M, Graves, 2128 N. Kildare |—- - Mr. Boyd has been in the real The school board planned to

bers believe buying and selling of |", =" n.% "0 . . oC a TT {houses will continue at its record- Ave, SIT" E. 471h St. In 2 crogs Madison Plans estate business for many years buy a new Emmerich Manual

breaking pace for a long time yet. Tale win JMght Beaty aon S38 and” has long Training High School for §3 | Despite rising prices and the ;4., \ Olney St. 1902 E. 38th Tour of Colorful been {million, but found out it couldn't | Korean War, they believe the pub-'g¢ = 5045" Carrollton Ave., 6440 pgs vy fwi trends [unless it made some drastic lic will continue to seek shelter. progr “Ave 33 N. Biren. Historical Homes [residential prop- | changes,

| When construction bids were returned Aug. 25 the lowest was [$4.8 million, nearly $2 million {over the mark. . The board sent the plans back [to architects to see if they could come up with something not quite Iso expensive, but concensus among parents and teachers is [the project will have to be shelved until prices come down. Mrs. O. T. Richardson To Address Hearing, Inc. Mrs. O. T. Richardson of Muncie will relate her experiences at the John Tracy Clinic for Deaf and Hard-of-Hearing Children, Los Angeles, at a meeting of

Hearing, Inc.. at 7:30 p. m. Thurs-

arrived in 1805, The tract was/son with a plant visitation in aay AL Ene WA wite of Dr.

305 Ridgeview Dr. purchased by Col. John Paul, a Anderson. The group will visit|n 7 Richardson, dean of stu 5110 revolutionary soldier, who platted the Delco Remy plant during the dents, Ball State Teachers’ Cole the town and named it for Presi- day and will also hold a night Jege, will tell of her personal ex 5) dent Madison. session. periences with her son, James. 3.

wood Ave., 1730 N. Riley Ave.

Thomas F. Carson—One lot in| the 300 block, Berkley Rd.

"About the time the leaves turn| to bright scarlet and the air takes Cialized in the selling of Indi-

on a new crispness, Madison will| Fay C. Tash—One lot at 52nd noid a tour iy . {anapolis North

St, and Park Ave. Visitors will get an eye full of Side homes and Driscoll Realty Co.—766-68 N. colorful southern Indiana and! one of the top “= Riley Ave., 317, E. 47th St. in a will have a chance to inspect cul:/Di§ home sellers cross sale with Jack C. Carr, tural and historical places. In” the city: 3772-74 Salem. St. 939 W.' 30th From Oct. 13_through 15 vis-| Mr. Boyd is'a My Boyd St., two lots near Glenns Valley. tors will go through homes - of |Past secretary of ’ Fieber & Reilly -3962 Carroll- interesting architecture and pe- the Indianapolis Real Estate ton Ave. riod furnishings as well as public Board, past director of the Gyro - “ buildings, places of worship and Club, member of the Downtown

y ® # = ber of the Indianapolis Athletic vania St. MADISON, snuggled against P :

Club. Gerderfich 4928 the Ohio River in the southeast-| ’ reraetaeot . Brouse Ave. ern part of the state, played an AUDITORS LIST EVENTS Hall-Hottel 5012-20 ~ E.'important- part in the early his-| The Institute of Internal Audi-

Files $3 Million Suit Against N. Y. Bank

CHICAGO, Sept. 16 (UP) —Chilcago broker Frank G. Buffum asked $3,018,750 damages today from the Chase National Bank of New York and two New York brokers, charging them with renegihg on steel order commitments Mr. Buffum, président of a gas

in federal court yesterday that J. 8. Corre and John R. Davies represented themselves as consteel commitments in three mills. He also alleged that

Realty. Co.

Ca.

Carvel Ave.” Fred T. Hill

of F. M. Knight Realty Co.

. The suit said Mr. ‘Buffum found customer for 28,000 tons

(Continued on Page 51, Col.

Residences On Shannon And Medford Aves. Sold In Late Summer Transactions

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uesing took this’ two-bedroom home at 1231 N. Shannon Ave. off Robert H. Skillman sold the house and Arnold Davis of Arnold Davis

Daniel B. Wolf. Mr.

This three-bedroom house af 3202- Medford Ave. was purchased Sept. 9 by Dane y Mrs. Dorothy Guy

Wolf bought the property from Maj. Julius C. Sexson. The sale was handled Mrs. Alice Davis, of W. L. Bridges Co.

: : of, of Butterworth & Teeters and