Indianapolis Times, Indianapolis, Marion County, 3 June 1951 — Page 39

Banks Cut Back first Time ; On Loan Money |j a Month

— Stocks Gain

By J. A.

WASHINGTON, June 2—Money's tight. So, don’t blame Regulation W if you can't get easy terms when you want to buy an automobile.

Volume Off; Exchange

Livingston Closed Saturday

United Press Financial Editer NEW YORK, June 2-— Stocks

By ELMER C. WALZER . |

Tima Gali & PTAA a er le

THE INDIANAPOLIS TIMES

7015 N. Pennsylvania St. TWO-FIRERLACE HOME—This is the new home of James

00 SR i A »

.. -

INames Make News—

Can't Go Smaller,

(Continued from Page 39) 12 at Hillcrest, Aug. 16 at Hilljapolis Country Club.

At the realtors’ first tournament of the season, the

Architects Agree |

golf |

No, and don't blame Regulation X if you don't get the

money you want for a new home or office building. Yes, and listen politely but with reservations when your|

gained this week for the first time lin a month. But volume fell off ito an average of only 1,157,400

H. Taylor, Community Buick, and Mrs. Taylor. Located on a lot 125 by 180 feet, the house has two bedrooms, two baths and a fwo-car garage attached. Sellers were Gilbert R. Huffer, Pru-

winners, tied at 76, were Ford Woods, Leon Sullivan, George Dirks, Wayne Whiffing, D. J.

{shares for the four full sessions. The market closed for the first

banker tells you he can’t lend you funds to buy common

stocks because such a loan is

inflationary and would violate the ‘Voluntary Credit Restraint Program. . ‘The banker mightn't make the ‘loans anyway. Banks are pretty well “loaned up.” The 1951 loan totals are awe‘some — even to bankers themselves. At $54.3 billion, loans of all banks are 24% ‘ahead of last year's total of $43.8 billion. Only five years ago, the ‘total was $27 billion. In 1039, it ‘was $17 billion, and in 1029, $38 ‘billion. This has wrought a psychologi‘cal change. A year ago, bankers bought fancy lunches for poten‘tial borrowers. Today, bankers ‘ave taking the borrowers to lunch . talk them nto reducing their

{

i; Only the other day, Frederic |

What Tight Money

quoted at 1% % and 1 11/16%, or

{of a series of Saturday holidays {extending through September. Exchange members soon will vote meeting of bankers: “The tim- |, closing the Exchange permaIng of the Oredit Restraint oh ro |nently on Saturdays. Fram ha Sha 4 that the | Prices registered good gains in ro snables bankers. 85 2 the Monday, Tuesday and ThursBE a es 'day sessions. They receded Friwhich otherwise they would (day, but only moderately, have had to introduce individ For the week as a whole, the

A a Sanined rather lup 3.50 points; railroad, 79.36 up The plain fact is that banks are 1-78, and utility, 42.31 up 0.50

shor unds. ri {point. Bonds netted small gains of fun During Apr] andi’, the exception of the utility

May last , y last year, excess reserves of | roup. Commodities declined op

A. Potts, president of the Philadelphia National Bank, told a

{industrial average closed at 249.33)

Steadman.

- {Continued from Page 39) | {be plenty short when Ft. Harri{son turns it on.” | AND YOU CAN expect those fancy bathtubs and other deluxe fixtures to disappear.

all member banks were roughly! 4% to 5% of required reserves. TePOrts of larger than expected

This year, excess reserves are CrOPS. down to 3% to 4%, and in one During the period when stocks week dropped below 2%. This Were rising, the rails, steels, oils, shows up in the price banks/chemicals and special issues feacharge one another for Federal tured. funds. These are funds-—reserves, Net gains ranging to more than kept on deposit with Federal{3 points dotted the list. Some Reserve banks. If Bank A has Specials rose as muc

to Bank B which has a deficiency. advances, Recently Federal

Means fina. ave been Livestock Fails

almost as high as the 1% % rate

banks would have to pay to borrow directly from Federal Reserve

Banks, A year ago, Federal funds

were freely available around 1% ‘op less, though they did, for two days at the end of May, get as high 1] rave ar

$1 7/18%. “This is crucial. Money—credit—| ‘has become a restrictive force in| ‘the ecomomy. It can restrict bus-| .iness operations just as powerfully and effectively as a short‘age of steel, or copper, or manpower, True, the Federal! Reserve Board, which has contributed to

,up.” But that takes time. And : bank ‘poli alter slowly. a matter of fact what is

Gia

it a 3

par. Many

iment bonds were selling above

of course, own short-term gov-| Br: United Prom ernment obligations, They could C} ICAGO, June 2 let their short terms run off at Caftle prices held steady maturity—that is, not exchange slightly lower, while hogs changed for es. would De ey pe eat» oY lover the short holiday week at {the stockyards.

But again, bankers don't feel entirely free to do that—especially| - Cattle receipts nearly matched

giant banks in big cities, like New those of a year ago but trailed

York's Chase National and Na- behind last week's showing by 10 tional City, the First National of per cent. Chicago, the Mellon National of| Slaughter steers and heifers Pittsburgh, the Philadelphia Na-|closed fteady to strong; cows tional, or the Bank of America of mostly 50 cents lower; bulls unCalifornia. They have a respon- evenly weak to $1 lower; vealers sibility to the Treasury. They unchanged and limited supply of can't permit its financing to fail. cattle for replacement purposes

So long as long-term govern-/Mmostly steady. Hog prices changed little at

(UP) |

George Roesinger, president of {the Indianapolis chapter of the {National |Plumbers said “Plumbers’ staple |supplies are plentiful. Fancy fix-

The Easy Way =

h as 10 points American industry making it easier.

excess reserves, it can lend them and some preferreds made wide trated juices which get a run when the thermometer goes up. This year the No. 1 seller in the supermarket deep freezer is

It's selling three times as fast as last year. ing Officials in Toronto.

|concentrated lemonade. | It's the quickie drink for church |gatherings. _ It's quickie drink for (picnics. And if you ask the guy | with the deepest voice in the {house he'll tell you it's a quickie [for something else—the Tom {Collins. And you can look for a big event in the frozen juice business.

or moved It will be a new name—=8unkist. has been stamped on too many

| Supermarket operators expect

Ford’s Fly-Away i It’s the pay-off for ! from February through April. About 250 will go from the Indianapolis area. They will fly in {chartered airliners from American, TWA and United Air Lines, taking off Friday morning. | And what will they do in the

dential Life Insurance Co. official, and Mrs. Huffer. America Estates Co. sold the house, represented by L. L. Banford and Jane

Fall Season May Bring Fresh Surge in Buying

it, the less it gets squeezed.

wing it to New York for three days of play, ali on the company. | a customer service contest which stretched {

Zimmerman and Ben Dutton. Realtors will hold their annual stag outing on July 26 at the Moose Lodge Country Home. Thursday noon luncheon meetings, suspended for the summer, will be resumed Sept. 20. The Rev. Robert B. Pjerce, minister of Broadway Methodist Church, will be the speaker. { E. R. Hunt, chairman, has

_ SUNDAY, JUNE 3, 1951]

'Builders, Bankers Team Up Low-Cost Homes | mss ; p

crest, and Sept. 13 at the Indian-| “4

MAP TOUR—G. W. Mohr (right), executive vice president of the Marion County Residential Builders, shows Lisle W. Tinsman, executive secretary of the Indiana Savings and Loan League, the route to be followed in this week's tour of Indianapolis housing projects.

tures are a little hard to get, but called a meeting of the Standstill available.” HERE'S THE LATEST from 1:30 tomorrow afternoon in the the supermarket front. They're {selling neckties. Krogers has ‘hand-painted ties on sale in three leading stores for 97 cents.

office.

Membership Drive

Marion County Residential

customers hang them around their ship campaign. necks, pay when they check out. Leaders in the drive are Bob |Wirsching, who has turned in 10 The more people love applications; George: Roesinger, That’s five applications; Marten Blunck, I'm talking about concen- five applications. Maude Westover, realtor, has returned from the convention of the National Association of Build-

the lemon.

f Paul Starrett, realtor with |pears on frozen concentrates of Klein & Kuhn, has been elected (lemonade, lemon juice andto the Soclety of Industrial orangeade, and perhaps other Realtors.

leitrus juices later on, to give the

old timers a race for the cons Plan to Extend sumer dollar. . * sunkist Credit Regulation

And I believe it will millions of oranges to be over-| The Federal Reserve ‘Board is

little, and sheep ranged lower. n.me Sunkist, when it ap-looked among deep freezer cans. working on a plan to extend credit

restrictions on homes, according

Friday some 1500 Ford dealers, ts the Realtors’ Washington Com-

ervice and parts managers Will itia0

The plan involves a voluntary tension of Regulation X to cover jeredit on homes already built. - {Regulation X now controls down run out and buy a gift for the payments on new houses. little wife who stayed at home. The Realtors’ Washington Com- | Then back to a dinner with Jim mittee predicts approval of the Melton mellowing man-songs and voluntary plan to extend credit the awarding of the contest prizes. | restrictions. They'll reboard their chartered) planes on Sunday a. m. and a)

jards of Conduct Committee for

Indianapolis Real Estate Board, 2 | ® ® In Housing Construction

Builders and bankers will aim Lester K. Bing, first vice presi. Association ‘6f ‘Master| And there's no wrap-up. The Builders are holding a member- for more teamwork in home con-/qent, Anderson; Louis M. Hersh.

{of the Savings and Loan League.

{

banks own government Par, banks didn't have to worry

. bonds, which they could sell to about the Treasury's ability to | increase their reserves. But then/inance. They could manipulate

HAR a

Ostensibly, Macy's was taking a poke at fair-trade price-fixing. | | But what a strange course of ac- ! tion—as “& gesture! . durable goods are supposed to scarce this fall! No, the real reason — for Macy's and the other stores— was that inventories were high. Ever since VJI-Day, America has been on a hard-goods buying spree, rr ‘Before the war, about 15 per : cent of personal income was spent : on autos, refrigerators, etc. But . early this year, the proportio : reached 25 per cent ; People were making up for the war years. A lot of us are bought

up. If buying of durable goods

a % : & 3

the end of the period in comparison to last week, although fluctu-

siderable,

|Blg Town? You guessed it. Right ooze Ovar {off, they 11 have a cocktail party, Appalachians to the edge of the

ations in some classes were con-|just to get wet-quainted. Then Great Prairie, already green with [they'll

have a night ‘on the next winter's bread grains.

the round-backed|

H.C. GAMMON CO.

BASEBOARD AND RADIANT HEATING

=~ REMODELING —

they'd have to take a loss. Banks their government portfolios with hesitate to do that, Some banks, freedom, Today, they're not free.

Macy's, Gimbel's Price War

size of their loans, bankers get a feeling of uneasiness. And the { price-cutting goings-on among New York's giant department ! Macy's, Gimbel's, Bloomingdale’ feel comfortable, no matter in what city they're located.

Barrows and gilts were steady! to 10 cents higher and sOwWS| steady to 25 cents lower.

Grains Sluggish ‘And Inconsistent

F u r thermore, looking at the

stores 8, et cetera—doesn’t make them

should drop to prewar proportions, markets lacked a consistent pat-

{there would be no assurance thatitern at the Board of Trade this

Consumers’ |NOUseholders would absorb all the week with some grains slipping)

pe civilian goods manufacturers fractionally and others holding

would make-—even with reduced moderate advances. steel and copper allocations, Sales-| men would have to get out and throughout the period, as selling gell. The loaned-up bankers can't pressure bore down upon them help wondering: Will they sell?. spasmodically and then released — its grip. | Generally the futures tended to Masonry Sheds Water {bend downward. But Friday the Porous masonry walls can now spell was broken by an unexpected

be made to shed water, It's done upsurge in soybeans which rocked with a new product of the chem- | the entire grain list back above

: | Thursday's close, eal ‘silicone. The. new. proquct On the session following the

is called Siliphane and has been p,jiqay, grains dragged below the developed by Prime Products and) previous close until the last few the Linde Division of Union Car-| bide & Carbon Corp.

futures, except rye, upward.

1 ¥ 5

Have Your Vacation Clothes Cleaned NOW! Our Plant ond Stores Will Be Closed July 1st thru July 8th for

Employees’ Vacations.

1Sh

LY 1

DELIVERY AH

INDIANA'S LARGEST

I YANY IE

rey JICK ee (70CAREN

1-3

wr §

CHICAGO, June 2 (UP)—Grain|2ughs.

Grains traveled sluggishly

minutes, when a rally carried all

town.” Next day they won't have to get| up until noon. Then, they'd better, because Olson and Johnson will emcee the luncheon with Broad-|

way funny men paddiing the That'll run until ‘about! 2 p. mi. and leave time enough to

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Building 8 eoming thro in the third of last yea) comes throu, prise, “But the b gelling and financing. . loans have which §14,0 borrowed ef now get only

And the melted to § The dema terials are tl ness to bull ing of the bond suppor down, . Prices And that 1 must fall or market,