Indianapolis Times, Indianapolis, Marion County, 29 July 1951 — Page 38

new theory regatds a truce ‘will result in some insl m in armament : brs Y sit on weapon pf. Orders may go out less rapidly. Procurement officers will not Pe undér combat pressure. 88

SE SIGHTS won't be Ad of De

the hump, 48 Défense Mobilizer Charles: B. Wilson has many times suggested, by mid-19562, Rearmament- will be elon gatedastretchied out. The peak won't coms until; MY, 1868 or Sven ‘54. That, naturally, will ange the expected pattern of bw No A say, in the next few months. But no sharp ‘drop as an aftermath of a boom either. : That perhaps explains the recent advance in stock prices, The fear in Wall Btreet has been that rearmament would produce a sharp business spurt followed by a relapse. But now you apt to find market letters say- " less about an inflation-defla-sequence and more about the r«term benefits of a Korean truce. 2 » »

NEVERTHELESS, official Washington still clings to inflation. Thus, 3ecretary of the Treasury John W. Snyder asserted at a news conferéncs that thé inflation threat will “tighten up” by the year-end. : That's Snyder's argument for a $10 billion increase in taxes, The increase is needed, he argues, to sop up excess purchasing power. That is, to ¢lose the ingasion gap But the House has voted an increase of only $7.2 billion, and the Benate is whittling away at that amount.

level in five years. This may augur short weeks in the mines this fall,

» » ” DECLINES IN PRODUCTION of consumer durable goods, notably household appliances and automobiles, have affected coal. And they have been regarded as temporary. First, because consumer spending will increase. It always does when income expands. And it's asgumed that sfense expenditures will create buying power. Becond, becausé defense work will take up any slack in employment. Thus, the Department of Defense is placing orders with Hudson Motor Co.

surprise-proof. gion may provide the surprise.

a new construction binge, Com-|

panies figured they'd better build while they could.

some of these plans may be ‘‘retired” temporarily if not permanently., It's wise to watch the) statistics on new construction closely.

Residential Building Drops

Residential building has appar-| ently leveled off at 47 per cent under the 1950 pace, the Engi-| neering News Record reports in-|

dicated this week. | Private home building was recorded at $290 million this past week, however a large housing

The above assumptions aren't , , And ant expan- [°F the benefit of the store's treasurer; and E. A, Block, secre- er than last week, fed steers and its maturity.

After Korea, industry went on|

urer by Ceeil A, ae by store A lay looks on.

Block Co.

Nears $1 Milli

ployee pension fund was started] in January of 1946 and with the store owners a8 sole contributors| the fund today has almost reached | the $1 million“mark.

{by the U. 8, Treasury Depart-| {ment, The trust 18 irrevocable

and all funds must be used solely

| workers.

Block's Benefit Trust Fund

| cmc

on Mark

now receive benefits.

a desire which has been with us for some time. The plan provides |

announced. { Officers of the firm include M, 8.| Block, vice president; R, C. Block,

tary.

{

Industrial Average High rnoy tat ome sack mows Ag Trading Peps Market

By ELMER C. WALZER United Press Financial Editer

NEW YORK, July 28-—S8tocks| rose during the past week and the Industrial average approached its high since 1930 set on May 3.

Trading increased to a daily average of 1,572,740 shares from

{the previous week's average of 11,269,830 shares,

Lure of stock splits, oil discoveries, and hopes for a railroad freight rate increase of fitting proportions brought new fire in the speculative salamanders. When stocks were split up, or split-ups merely mentioned, prices soared. Some sensational gains were recorded as a result for the week. | The big gainers included New

: High taxes are the more im-| total,

perative because Snyder is not doing so well with “E” bonds. In June, redemptions and maturities,

development

at Newark, Del, {accounted for nearly half of this| gq +" "pa up $9; Amerada, up|

sharply below earlier July levels,

{but still topped all other con-!

{ !

| York, Chicago & St, Louis, up $26;| {$10.50: Freeport Sulphur, up

Heavy construction work dipped $1588; Merck, up $11.50; Nash-|

| ville, Chattanooga & St. Louis, up| $12; American Cyanamid Prefer-|

at $341 million, exceeded sales by struction this week with a total/red B, up $18.50; Aluminum Co.

$9% million,

ents was $92.5 million. In the

In May, the differ-|

{of $252 million. the

amid Common, up $12.38;

first six months of the year, the June and $100 million under the! Cities Service, up $11.13; American

excess of redemptions over sales amounted to $518 million,

Not for 14 months has the

"Treasury managed to sell more

“E" bonds than it has pald off.| (ne of the largest projects reAnd In the present state of the ported during the week was the government bond market, 8nyder $20 million Eli Lilly & Co. labora-

is forced to borrow on short-term paper in order to pay off these 10-year obligations, That

” ” LJ THE PRESIDENT'S Council

of Economic Advisers is less posi- much better than private residentive ‘than Snyder, saying: “The! tial construction, netting a total precise length and depth of the of $17 million in new contracts. lull are difficult to forecast and For the 30 weeks to date com-

we do not attempt to do so . . . The basic forces are inflationary even though the current erratic

buying on the part of consumers totaled $123 million, of which $104 and business may prevent these million was raised hy state and

underlying forces from mani-

festing themselves In any parti- maining amount came from pricular month or éven for a few months.” The readjustment, as noted here last week, has been spotty, not general. In June, the aver-

Chain Link on Steel

ink on Wood | BUY DIRECT

from Indiana's Only Steel Producer Making Chain Link Fence ® For Residences -|| ® Estates © Factories

{previous week, Despite the drop, building this year is 274 per cent above a year ago.

| tories at LaFayette. it Publie

the month.

industrial

Houging contracts in-! dropped to $10 million during the creases Snyder's: need for a bal- week, considerably under the $48 anced--a nonborrowing—budget. [to $70 millions reported earlier in

Smelting, up $6.25; and National Lead, up $5.50.

Trading Up

There were 1350 issues traded. Of these 889 gained, 308 declined and 162 held unchanged. A total of 86 issues made new highs for the year against 57 new lows.

Less spectacular than the other groups, the utilities plodded along in their prolonged bull market. On Thursday they rounded out 18

i Commercial building fare a successive gains that lifted their

{ mercial building is off only 27 per cent. New money for construction

municipal bond issues, The re vate gotirces, And $85 million the money municipal issues is for public housing propects.

82 per cent o

Houses or Ashes :

{build 86,000 homes.

raised by state and earmarked

Each year forest fires in the United States, most of them mancaused, destroy enough wood to

a di ;

average to a new high since 1931,

Demand for stocks turned away from the strictly investment type to a more speculative variety, Good earnings, dividends and aplitup news was instantly translated into buying orders. But in many instances stocks rose without benefit of any good news. In - fact, adverse ignored, In such market, the experts f were baffled as to the immediate future. With traders eagerly buying their favorite stocks, a decline might not develop for a long (time, they asserted. However, there was a note of

ices and the market analysts who held that some of the recent favorites may have been oversold

items often were

caution in the advices of the gserv- .

any increase in profit-taking. During the week, several of the giant corporations issued their| reports for the second quarter and the half year. Some of the! biggest suffered most from high taxes and costs. General Motors earnings, for example, were pulled down by a sharp rise in taxes, that for the six months crossed the half billion dollar mark. Bethlehem ‘Steel suffered.similarly. Standard Oil (N. J.) on the other hand "was among those showing a sharp earnings increase. {

City Salesmen’s Club Elects |

The City Salesmen’s Club of Indianapolis elected its new officers

last week at their annual election

meeting. New officers were: {year dropped to $7,610,885, equal

President, Woodrow W. S8hackleford, Electric Welding Alloys Co.;

This total was of America, up $7.25; American yjse president, William Stewart. lowest weekly count since|Cy,

| assistant sales manager of Stark

& Wetzel Co., and secretary-treas-urer, Richard W. Wilson, Hoosler Construction Co.

New directors were: Chester Baker, Polk Milk Co.; William Fuller, Oertel Brewing Co.;

Charles Holdaway, Associated Distributors; Thomas McGinty & McClure; Prosser, Express; tional Wholesale Grocery Co.

McGinty, Leonard sociation of Real Estate Boards Huber & Huber Motor are providing counseling services and Fred J. Zore, Na- for members of the armed forces,

ny Dated Drops

AGO, July 28 Livestock ered a r market h-

‘marke She engineered A to er market for most and grades of slaughter

Sg 3

pounds closed at $23.50 to $23.75. Weights of 240 to 270 pounds were $22.50 to $23.50. Heavier weights were scarce, but few lots up to around 300 to 310 pounds went at $21 to $21.25.

create an uneven market. oo]

Compared to Friday a week |

something for those who have ago, choice to prime native spring- |fense organization: If many big Every year the store owners de- been with us for a long time— ers topped at $32. Bulk good to wheels decided to go back to in{posit a check with the Union something they can count on for prime offerings were $30 to $31.50. qustry or the law it would mean | Trust Co. under a plan approved their later years,” the company Cull and utility sold at $25 to they were concluding the emer50, |gency was over.

$29.50 Smaller Supply With receipts 15 per cent small-

yearlings predominated the mar-| ket as usual, and the most ad-| vance was on choice and prime] kinds which were largly 50 to 75] cents higher. { Heifers were rated strong to)

|fully 50 cents higher and cOWS manufactured goods.

{steady to strong. The principal and Americans are no longer, and hence might be vulnerable to

ket for bulls where prices were weak to 50 cents lower. Compared to Friday last week, three loads high prime 1160- to] 1322-pound fed steers sold at $39. | Few loads of prime steers went] at $3860 to $38.90. Bulk high choice and prime stéers were $36.25 to $38.50. Good and choice were largely $32 to $36.25. Few loads of utility and commercial grades went at $28 to 30.50.

exception was found in the mar-|

Studebaker Net In Sharp Decline

r i SOUTH BEND, July 38 — Net| income of the Studebaker Corp. for the first half of this year declined sharply despite a rise in net sales to $264,860,612 from $256,011,147 in the like period of 1950, the company reported today. Net income fot the initial half

{to $3.23 a common share, from $14,424,382, or $6.12 a share, in | the similar six months last year.

|As Guide fo Business tds on set Washing

made in h ministration to keep prices up

Bye business will sthy high if thére {#8 an afmistice in Korea. The

Many le will mistake hig activity ry perity, ARE en and even : that

+ We've already had one in certain : lines of Some Scarce months, Cholee butchers 180 to 240/out for 4 time, are coming back.

important ones, are these:

who thought it would signal & change of pace have been surprised it did not do so before this. Whatever support the native put of course, that is why so spring and old crop lamb markets. ny of us keep on working for The Wm. H. Block Co. em-| Fifty-eight former émployees got. this week came from small |, living. The market has re-

local killers and these interests ;.ioq very little to what a cotiple “With this plan we are fulfilling were inactive at the week-end to or commentators called “fear” of!

\ These

JOHN W. LOVE ward $

unanimity of the optimism over business volume is alarming. The boom could moderate considtehhifs t 1a. fue, and rembln strong b) y ¢omparison mot other yeats, Perhaps that is what most observers are expecting—the end of tha urgencies we've beef gh and i ther place a of evenly production sup d by continu. rearmament and the program of heavy construction.

as system seems to some sort in country.

business for several nal fluctuations,

Of things to watch for clues, STOCK MARKET: Some of us

eace, RESIGNATIONS in the de-

Much of this happened as the Economic CoOperation Administration reached!

PRICES: Decline in the in-| dexes of sensitive spot and future commodities haven't stopped. For three months or more they have! shown no sign of halting. They| have led to a few price cuts in! Europeans

buying for inventory. | : INFLATION TALK: This has

Group Working For Efficiency

Associated General Contractors of America and the Producers Council have organized & joint co-operative committee to work, for increased efficiency in the building industry. Discussion possibilities include material requirements for the! defense program, standard forms, of manufacturers quotations, general terms of settlement with subcontractors, escalator clauses, and project exhibits. The first meéting is planned for

| {

Factors

More efforts may be Congress and the aa-

than down be long. LABOR DISPUTES: These would moderate if unions in de-

aluminum strike here sumetitng “or other, may nothing more than the national union nd To Clevelandérs to spearhead a national policy. GOVERNMENT PROJECTS: Administration might plug for more of them again. The St. LawFence waterway has bDeéh quiesnt.

CONSTRUCTION: Business leaders say industrial expansions will go forward, but any wave of cutbacks, say because of advanced costs, would bé éxtremely important, RESTRICTIONS: National Production Authority allows auto maniifacturers to put the fifth tire back on the car, perhaps because the rule did no good in the first place. But it may be the first of several such releases, including one in the restrictions on time payments. REVISIONS IN ARMAMENT: We may not hear of many of

_. SUNDAY, JULY

20, 1051

continues

pt oun 3 an, wa bk Sed 8 BY “log duration of (ne the wee signifies

a . : over 3 dénts a bushel. 4

I Aa a a od: to reports of export in 8 an beahs workéd upward ih sym-

thy with crude Yogelane oils which showed st this week. Wheat prices fell last Monday with losses of about 2 cents a bushel. During mid-week thers was no definite trend, but in the latter part of the week wheat developed some independent firms ness, : Other factors in the price de~ cline were favorable weather prés dictions the wheat and corn belt areas and the progress made by negotiators in the Korean ceasév fire proposal, Corn was independently frm during the forepart of the week before the decline began.

these, but the opportunity is now provided to put into effect a bunch of improvement, including the results of experience, A few] of them have already delayed or| stretched out the deliveries on defense orders,

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For the second quarter ended June 30, net income fell to $2,697,364, equal to $1.14 a share, from

$7,500,671, or $3.18 a share, for|

the like quarter of 1950.

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