Indianapolis Times, Indianapolis, Marion County, 22 July 1951 — Page 38

been In general, as by the Federal Reserve | index, is at its postwar

© But don't try to tell that to businessmen. They're not too re of themselves or the outlook. i In textiles, prices have sagged ong with sales. Television manacturers and dealers can cite ¢hapter and statistic to show that iness is awful. And attomobile dealers are blaming woes aplenty on Regulation W. . © As for retailers, the gag quoted here last week is even more applicable this week: “We don't want to set the world on fire— just the warehouses.”

A Statistical Quirk

- Department store sales for the|

week ended July 14 are down 10 two out of every three persons in-|later on.) Nor is the visible need terviewed believed prices wouldifor enlarged plant as great as it

per cent from a year ago. The

In the second week of July last

. ¥ear, householders were in a

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as well as retailers, are a lot from six months ago, Then, they felt that inflation was sure to continue, Now they're wondering how far the price decline will go. The Bureau of Labor Btatistics index of 28 sensitive commodity prices is oft 63 points, or 16 per cent from its high in midFebruary. All the foregoing adds up to a simple conclusion: The future course of business will depend as much on the ultimate consumer—the willingness and the need of people to buy automobiles, refrigerators, and clothing—as on government expenditures for defense. The Survey Research Center of the University of Michigan has just completed a spot check of 1000 families which goes far to explain the slowdown in volume at department stores. At the beginning of the year

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Once the Korean war broke out, business men decided that construction costs would rise. The great building race began—the Blueprint Special, spurred * by quick amortization as an added purse. ;

Inflationary Force

As a result, construction—piled on top of defense orders—has been a major inflationary force. But now, even this is undergoing change. Private residential construction has fallen off 20 per cent from the September peak. However, nonresidential and public construction have continued up. As a result, total new construction is down only about 8 per sent from its peak in March

| 4

(Hit $46.9 Billion | .¥ " reached the whopping total of or » $48.9 billion during 1950 the Home Decline in Price |: beware = AL During 1950, the mortgage debt By United Press tical top o CHICAGO, July 21—Grain fu-"cared 318 Dillion, the largest ped out rr of iy pi Choice 1 handy ar as ures isp dyeing he Just But tis is ply fitting, for 1060 traded at $15. Bulk utility to at the Boara of ‘Trade Nas greatest home building 4 * B ar ¥, 4 : pared to Friday a week ago| So's $13 to Tiel i $10 fo/the exception of the July con- ed: bn We pationy hiswey That and sows were steady to Le. " ma. at tracts in rye. Although there were| However, the Increase was rt, gh srs adh CE edrte le, gtn va Si rT week, ro jo risen > ot ely a attr Monday only high choice|neVer enough to offset the previ- oq 1933 eh 2941. or. Hae straight market days. They 330 and lest, 20. Prine grade steers continuedjous loss. Savings and loan associations a new high since Ane pounds and 230 ny stively proad demand, 2b. July rye made gains of 2114 0|are the largest creditors of mortand closed the week sold at $22.75 to load high-prime 1227-1b./22 cents a bushel over last week's! gggees, holding 29 per cent of the That waa gain of 270 pounds I at 3 254 3 few close. Deferred deliveries fell onltotal amount. « Life insurance on » Son ithe average 1% to 1% cents & companies handled 18 per cen net loss of 0.59 point for the in- : to 280-1538.75. Bulle prime steers were pushel. {ue a, as Danks iin s ustrials pound weights traded at $21.25 537.95 o $38.50, two loads of 1417- : Btusl saving 3 Sus ia 8 3d a gain of only 0.35, 521 75; 280 to 310 pounds, $20.25! |p, "weights were included at the| Attention of the grain trade per cent, commercial banks 20 per to $21.25. Sows 400 pounds andijatter price. t the is week centered largely on July/cent and miscellaneous lenders a market looked hatter nan less were $18 to $20. A few un-| Bulk choice low-prime steers Contracts on which trading ceased!25 per cent. te A eratuiar do der 300 pounds were up to $20.50; 5,14 at $34.50 to $37. Good to 2! the close of the market Friday. prediction for 1951, the board velopment. 400 to 500 pounds, $17.25 to $18.25; ,w-choice were $31.50 to $34.25. This factor lowered July prices|renorted, was for.a lower lending The outst of thess came P00 10 800 pounds, $17.75 to $17.25. Commercial grassers were down in all cereals except rye which total because of credit restrictions Tuesday when market was| The sheep market vas slightly to $28 and utility kinds down to was independently strong. rag and anticipated shortages of strugg ainst weaker this week with excep-| $25, ews that negotiations funds for mortgage investments. sharp io ay He in, at tion of spring lambs which held! Prime 1000 pounds fed heifers been resumed in Korea between! Loans on new homes made durknocked two points off the indus- steady. sold at $37.50. Good to low prime|United Nations officials and the|ing 1050 totaled $16 billion, or 45 trial average. ? : Compared to last Friday, na- grades were $31 to $35.50. Utility Communists. and She favarabie per cent over the 1949 total. This : tive spring lambs and sheep were/and commercial kinds sold at|weather t developed in eis also a record figure. + Olt Discovered in moderate supply. Old crop/$23.50 to $30; high utility and|wheat and corn belts began the It was the discovery of oil by shorn lambs and yearlings pre- commercial cows sold on the/decline in the first two days of Plow Mak es Amen ds Shell Ofl Co. in Montana on|deminated and closed $1 lower. close at $26 to $30. Bulk canner/trade this week. | $ fand owned by Northern Pacific Choice to prime spring lambs to utility cows were $18.50 to $25. The fact that Korean peace ABBOTSFORD, B. C. (UP) —

talks bogged down by the end of Rancher H. 8. Munro turned up

Railroad. This was the tonic the market needed and it promptly turned around and moved up with the stocks in the oil situa-! tion leading the way. That field in Montana of a recent Dakota discovery and many oll companies have acquired property in it. They include

Standard (Indiana),

Nevertheless, now that prices show signs of declining-—now {| that inflation isn’t a sure bet— businessmen may cut back or postpone their plans, They're not under pressure to beat higher prices. (Maybe they'll bé able to build more cheaply

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{| (New Jersey), {Continental, Pure Oil, Phillips,

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An all-time high of $8.8 billion] New apartment buildings were

Amerada, Union Oil of California, |in construction contracts were, up 5 per cent and two-family trend and was only fractionally Standard awarded during the first half of dwellings were up 14 per cent. 1 total for the ber delivery was slightly higher

first half was 2 per cent higher a than last Friday's close.

Socony-Vacuum, | oxy 4, the 37 states surveyed.by| The residentia F. W. Dodge Co.

Construction Sets Record « =< During First Half of Year

The new record figure is 29 perio... 400 with $3.3 billion.

(had a good market but Shell was, iio total of $6.8 billion,

(the star performer for a time. during the first half of last year. The record was gained, despite f t m | 3 rep in June of 45 per cent from, 4 half total.

Northern Pacific got a big lift| from the oil discovery. Its strength got the Street to explor-

carrier shares on the belief there would be a decision soon from the

| freight rate increase. Up Freight Rates

include interim increases granted { April 4.

but held it must reach 10 per cent to help the carriers maintain; dividends. | A flurry came into the television {stocks when Wayne Coy told a Senate committee that the Fed-! eral Communications Commission {which he heads might see its way clear to lift the ban on opening new television channels by Sep-| {tember |

rkét men reasoned, and bought:

set|

billion, non-residential

percentage exaggerates the fact.go up during the next 12 months; was six months ago—not with ing the railroad situation and inj monthly record last month the proportion dropped retail sales running below a year the Friday session they bid up| total of contracts awarded.

Tops June 1950

The June figure was $1.4 billion.

{per cent.

Residential,

centagewise,

higher freight rates, this rise to) ities were all out in front, per-| f 1050, but .resiThe market men hoped, 5) ding began to show| fhe decision would be favorable, |, marks of defense-limited construction. Hotel buildings were down 36 {per cent from June a year ago; ‘dormitories were off 4 per cent. However, one-family owner oc-| cupy dwellings at $804 million were less than one per cent off Jast year’s record pace.

Neck and Neck

One - family

sale-or-rent build | {| Such unfreezing of the chan-i,, og were neck and neck with {nels would pave the way for sale $1.63 billion {of many new television sets, MAr-| Jaxon similar figure. *

as compared

Commercial construction wa lup 5 per cent, educational up 19 bushel. jer cent, public building up 14 per, {cent; religious up. 11 per cent; Interstate Commerce Commission yg, had more than $2.5 billion. hospitals down 4 per cent and lon the railroads’ petition for a pr wever, June was still

With new manufacturing plants number of cattle feeding in the {leading the way, totaling over $2 corn belt area as compared to building |last year. was 306 per cent ahead of the 1950]

high social buildings down 51 per cent. {enough to top June of 1950 by 5/ Public and private works. and dertia] {utilities for six months totaled t non - residential, $1.4 billion, 10 per cent more than| The roads asked 15 per centi, o),. and private works and uti- a year ago.

—

the week because of a flood had a gold watch while plowing ia an no effect in advancing prices, orchard. He had lost the watch

Wheat registered the greatest28 years ago while plowing the

over-all loss. July delivery fin: Same plot. ished over 6 cents a bushel lower and deferred deliveries were aver BUILT-IN CABINETS 4 cents lower. jordan B The corn market had an easier 333 W. Wash. 11. 4685 AHLBRAND in WOOD

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{market and several set new highs.| |Coppers eased except in one in-| | stance—Copper Range which ran up 5 points on the week. Automobile shares were depressed] ‘with Chrysler down 3 points and] General Motors off 13%. Hudson] broke late in the week when di-| rectors omitted the dividend. Among the better gainers were] Shell Oil, up 65%; Dow Chemical, | up 64; Mahoning Coal Railroad, | up 13; Merck, up 6%; Amerada,| up 4'%; Firestone Tire, up 5%; Montana-Dakota TUlilities (operating in the region of the oil strike), up 3; and Northern’ Pacific, up 5%.

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increased 8 ago, but res 23 per cent U. 8. Depa reported thi However, commercial struction totals. But vate reside siderably le parable per war years, was’ recorde

Valu

Overall c ing June w lion.

A The decli dential buil largely ac crease of 4 struction Ww a year ago Private 1 and public 1 though higr not offset t Total exp half of '51 a year ago, billion. De: this represe volume tha of any pre stated.

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