Indianapolis Times, Indianapolis, Marion County, 5 August 1951 — Page 40

Coal

“By J. A

3

higher dividends to come. Od the

-gontrary.

,

$ During the months of April, and June, the net income

ay, & 263 industrial

occurred. : Now the larger corporations,

eeling the pinch. : In my tabulation,

ings over the second quarter pf last year, 123 showed losses, That's. almost an even break.

Oil, Steel, Newsprint

To be specific, the chemical

ain was recorded. In automoive manufacturing, earnings were down 31 per cent without eneral Motors, 48 per cent with.: steel, the industry was off 14 r cent with U, 8, only 13 per tent without it,

But you can’t be dogmatic about the big and the little, In the oil industry, Standard Oil of New Jersey, biggest in 'the business, did better . than the

industry. The same applies to

General Electric in the electrical equipment group,

earnings were off 18 per cent from a year ago. Two industries directly asso-! ciated with the defense effort managed to record exceptional gBains—machinery and nonferrous metals. The oil companies also

- registered big plus signs. But big-

gest winner of all was the paper

and pulpdndustry,” with a 55 per|

S08 insrease in De gyer A year

Bh

steel may be in a sellers’ mark.,, but earnings don’t show it: They're down 14 per cent from a Year ago. The explanation is fairly obvious. Prices in steel are fairly “sticky.” They have not, except in the gray market, advanced nearly so rapidly as costs.

Boeing Earnings Slump

The four aircraft manufacturing companies in my sample did rot do so well either, despite & opped-up military demand. irnings dropped 31 per cent, I rgely because Boeing's net after 1 xes slumped from $4,600,000 in! the second quarter of 1950 to less

No. of Cos. Aircraft MIR, ... 2.0042 4 Ar Transport ....cases 4 AD MIE. ...iovssrenes 8 Without G. M. soviet. Auto Parts sisssnseny 12 bidg. Materials ........ 13 Lement ..,..a.

Cid a :

Without DuPont ...... Drugs... ii vedi verses 9 Fiee. Equip. .,veveeveeer 13 Without G. BE. csvevsas Foods ......:...s, vinsee 18

Heating, Plumbing ..... 9

Iren and Steel ..... seas 28 Without P, 8. Steel ... Machinery ......... sess 16 Nonferrous ....«.s sessee Office Equipment seenres 4 Ol criannrsavssussnsvas 14 Without Stand. «J Pulp and Paper «coseses 9 Retail Trade .eeenceser T Texted ....ouuss Faesne 6 TOBACCO wesstriaces sans T Mise arian A ha ae 47 Tot al Indus PIA] cevne 263 XI0HIIOS vos ivisisninsnan . 14 x Telephone vuoi veivinses *Dolicit in 1950; profit in 1951.

even | though G. E.'s second-quarter |

Livingston

~The lull and taxes have caught up with American cor- ; 1 as with you and me. You can see it plainly in earnings reports just mailed out to stockholders. Quar‘terly gains -are no longer increasing, heralding higher and

ter this year.

{unusually high.

In air. transport for isance like U. 8. Steel, General Motors, the increase was 163 per cent, in neral Electric, and DuPont, are’ {cement 37 per cent. Here seasonal factors wer eat work. Air travel 140 com-|expands with warmer weather. jes recorded increases in

Ditto construction.

Industry by Industry

The table below gives (a)

1951 with the first half of 1950 — industry by industry,

The mix of pluses and minuses characterizes not only the period we have just gone through but also the period we're in. Textiles, retail trade the coal] industry, even the public utilities are having a hard time keeping up with the excellent results of {last year,

Sales are actually down. Also {prices are easier, resulting in de{creased unit profits. Yet, when that has been said, {the worst has been said. Red ink

is rare.

Only eight of the 263 companies recorded deficits. Among them is American Ice, which is affected by seasonal influences. - It sells coal in winter, ice in summer. Spring months are not too good. \ So long as the present high level (ndustriat"lull lasts, Ameri

PED COTPOrENGES Bnd Toei if de- -

ers won't complain. But fenge orders don't .come through as expected or if corporation plans for plant expansion slowly evaporate, then comparisons later this year and early nert year won't make good reading at al. Thus, as has ‘ been said here many times before, the fall is a crucial period. Will the cus-

tomary post-Labor Day upturn in business develop? VACATION NOTICE: J. A.

Livingston, writer of Business Outlook, is leaving on vacation.

His column will be resumed Sept. 9, 1951. Percent Change 2nd Quarter Over 6 Months Over Ist Qtr. Year Ago Year Ago + B51 --31 —28 | +163 +19 : -_ 3 —48 —41 -— 2 —31 — 8 -— 8 —~24 .— 8 — 4 - 0.5 +20 + 36 —26 —15 i AB A ee Qe suai Agr _—3 +. 8 +''3 + 4 +11 - 26 — 8 + 8 — 15 —16 - 4 -30 819 1 —_ 5 —13 — 8 — 24 — 8 +20 + 12 _ =—14 -» 6 + 8 —13 - 4 + 22 +48 - 56 14 ~49 +07 4 + 4 + 4 7 + 31 = 40 4 + 28 +29 8 - 55 - 88 — 14 26 19 -— 28 10 + 4 3 —32 — 8 5 aS +18 + 1 10 0.1 42 3 + 6 0.4 +14 18

(

in Style a

Qur low price includes Rain-Proot Ventilation For Summer; Dran-Free Vent lation For Winter! Weath er- Seal, Champion Fuel Saver of them all. now available in 7 new ap pealing colors Ask to see a color chart today!

IN THE FOLLOWING PROPERTIES

Farm Bureau Insurance

KLEIN & KUHN

GUARANTY BUILDING -

Performance!

than $2 million in the same guar-

By and large, earnings did not companies was change much from the first quarflown 10 per cent from the cor-| ter to the second quarter this responding quarter of a year ago. Year for industry as a whole, But! * And a noteworthy -change has for .some groups {ncreases were

the {news—good and bad—by comparIng second quarter results with first quarter this year and oup showed a minus 3 per cent./(b) second quarter last year; also | ut if DuPont were excluded, a by comparnig the first half of ®ncountersd a fairly steady mar-|

bama and McCarty Sts. has be

PO ag i rw PR GN AGI ogg AN

* COMPLETED—Construction of a new wing for the Eli Lilly & Co. Research Building at Ala. | en completed. Added to the working area are 42,000 square feet of floor space, increasing the research area by about 30 per cent. Ground was broken on the work in November, 1949. Special features of the new wing include booths for biological testing and an air conditioned chromatography laboratory.

By United Press

‘ket this week and prices fluctuated very mildly throughout the five day period, particularly on hogs. Demand was good for all weights of sows which sold actively and the week's top of $23.85 equalled the highest price since February,

Even though cattle receipts were some 10 per cent larger than last week, supplies at Chicago were still around 20 per cent smaller than the corresponding week of last year. Demand for the moderatéd to light supply continued relatively broad, although major packers bought rather sparingly for local slaughter,

Prices on most weights barrows and gilts changed very little the past week. Weights below 240 pounds soid approximately in line with prices paid last week. Heavy butchers weighing 300 pounds and over sold as much as 50 cents higher for the week. Sows also closed the current week roughly SO. centy nghera. si Choice 196-220 pound oe brought the top of $23.85. At the “close Thoice 180-240 pound butchers brought $23.25 to $23.75; 250 to 280 pound weights sold at $22.50 to $23.25. Sows weighing 400 pounds and less closed at $19.00 to $21.00, with a few $21.25 and $21.50. Most 400 to 500 pound sows brought $18 to $19.25. All classes of sheep and lambs met broader action this week and closed strong to 50 cents higher. Old crop lambs and yearlings predominated, with native spring lambs scarce. Compared to Friday last week, good to prime native springers bulked at $31 to $32. The top of $32.50 was paid rather feebly by

local small killers, Culls were $24 to $28. Indiana fed No. 1 skin fed lambs and yearlings

reached $28.75. Clipped No. 1 and 2 spring lambs sold at $30.50. There was a steady to 50 cents higher market. on slaughter steers and heifers this week while the top‘ paid during the period was actually 10 cents short of last week. heifers

"Steers and grading nll and better got

the best

action. Cows wound up the week on a’mostly 25 cents higher ba sis, and bulls closed steady to 50

cents higher. Vealers sold on .a steady to strong basis, and the

Observes 25th Year With Western Electric

Tubbs, chief of the as adjusting and material handling department at Western Electric Speedway Shops, dbserved his 25th anniversary with the company this week, Mr Tubbs started at the Chicago plant and transferred here in 1949. He resides at 5901 Central Ave. Mr. Tubbs {8s married and has two children. He is also a member of the board of C hristamore Soc fety

John C sembly

Mr. Tubbs

Architects ‘& Builder Guaranty Baldwin Block Insurance Big Four Kahn Circle Tower Roosevelt Consplidated Stewart Block ° Doctors Terminal

Underwriters

LINCOLN 3543

hd

MR. MANUFACTURER:

Client will buy outright, participate in expansion or reorganize business with at least $250,000 assets, regardless of current earnings but where profit prospects are attractive

ROBERT MacGREGOR 108 E. WASH. ST. FR-4116

: i

CHICAGO, Aug. 4-—Livestock!| fr

pd

same was true of stocker feeder cattle, Compared to Friday a week ago, load of prime 1375-pound steers brought $38.85, and 1313-| pound $38.90. A moderate supply| of prime steers weighing 1175! pounds and above sold at $38.60| to $38.75. Bulk high-choice and prime steers and long yearlings]

and

Livestock Market Steady: Stacks Approach Supplies Up, Demand Good

20-Year Record During the Week

By ELMER C. WALZER

United Press Financial Editor

NEW YORK, Aug.

tried valiantly and vainly to set

4 — Stocks 2nd at

Gran Futres.

Score Advance During Week

By United Press | CHICAGO, Aug. 4—Most grain (futures made considerable advance during the past week. The gain was accredited to an improved export trade and an unfavorable crop estimate report. During the early part of the week the cereals were firm to! strong but during Friday's trade there was a slump in prices. Grains generally lost under 1 cent a bushel and the loss wasn’t no-| ticeable in comparison to last week's prices.

Impetus was given to the market by a railroad company’s re-| 'port ‘that winter wheat lost| ground during July as a result of too much rain and because of serious flood damage.

The report said that Kansas and Oklahoma would have a total yield of 58,600,000 bushels under last year’s production. A big factor also was the export] trade with Germany who bought 6,200,000 bushels of U. 8. grain and was expected to purchase {more at a later date. | Wheat held a strong tone until Friday's trade when futures {weakened in comparison to last week though wheat made gains jof 2 to 4 cents a bushel. Corn futures were irregular times draggy this week. This cereal made the least advance with gains of only about 1,

were $36.75 to $38.50. A load of new highs during the past week. cent a bushel.

choice 1620-pound beeves went at| $37.50, Bulk good and and yearlings were

choice steers! $32.50

The industrial average missed a

o.closed the week at 262.98, up 3.75 $36.50. Choice 1799-pound beeves Points on the week, but 15-1000ths

The September delivery of oats! z new 21-year high by a whisker. It registered 3 cents a bushel above

last week and deferred contracts about 2 cents. Soybeans showed great irregu-

and choice tolow-prime 874-pound under the high since June 6, 1930, larity during midweek and lost

steer yearlings were $36.25. Few) loads commercial to steers sold at $28 to $32. Light utility kinds w were down ere down to $26.

Leasing Property Reduces Taxes, Business: Finds ~-

Dev elopments in law

income tax

have reversed one of

set last May 3.

jmore poorly.

consistently in sympathy with the

low-good| The railroad average performed unsteadiness in the cottonseed oil It lost nearly 1-4 market,

During the latter part

{point on the week and failed to/of the week beans began a rally {match its July recovery high by and finisned on an average of 2 one cent and was more than nine cents a bushel higher.

points under the year's high.

Compared to Friday a week

Trading increased to 8.5 million ago, wheat ruled 235 to 41 cents

shares for the week compared a bushel higher; with 7.8 million shares last week. higher; nats 2 to 3's higher; old The daily sales averaged 1.7 mil- rye

lion shares and in one session—

Crelition S08 BEATS, Tl ioe 5 on having risen through most of July, the market had a

corn 13 to 13;

la lower to 13, higher; 12 lower to 1!'; higher;

new

rye soy-

Thursday — yolume exceeded, 2 beans 3; lower to 23; higher; lard

S15 DRIAANIS A pola Righae p Lard was mostly firm this week. There was- a slight weakening’

the rather sharp setback on the last during midweek in sympathy with

basic rules of American business, day of the month. Industrials re- the lowered cottonseed oil futures says Commerce Clearing House couped but rails were lagging be- but the loss was regained later.

of Chicago. Now, ations,

in many oper- hind. Utilities set a new high since it is more advantageous 1931 and closed at the top ievel

dollar-wise to lease rather than for a gain of 0.70 point on the to own land on which a business week.

is located.

Two main reasons for this are the

cited CCH They

in a report compiled for its magazine, are: (1)

tor groups as the chemical, oil, TAXES: and copper. Autos enjoyed a good the Full amount market on Thursday when it was

Leaders in the upturn among industrials included = such tire,

of rent. paid for a leased site is jndicated auto companies might deductible, while the cost of land, get price advances under the new if it is owned, may not be depre- controls bill. Steels rose after the

ciated for income tax purposes, and (2) Amortization for improvements on rented land is fully deductible, while the depreciation on improvements on land owned is. often subject to opinion differences with the Bureau of Internal

Revenue and may lead to litigation, ; This situation has led large merchandizing organizations, particularly the chain-stores, to adopt the lease plan: for many of their operations. The GCH survey shows that most of these. organizations now lease their branch stores, are equally divided in leas-

ing or owning their warehouses while a minority lease their plants and factories This trend is developing as income tax experience discounts the old belief that it is more econom-

ical for a business to purchase its real estate and have a permanent investment than to pay in rent as much or more than the initial cost of he land and end up vith nothing but rent receipts The CCH review says this belief was sound before the era of high income taxes, and declares:

“Now, a substantial part of every dollar paid out in rent would be paid, if the property were owned, in income taxes ... if the object of the business is to earn a profit, the claim cannot stand up against the cold dollars-and-cents tax advantage of leasing.”

NU-WA GLYN

[he One-Stop Kitchen Remodeling Store

Free Estimate, RI. 5894 236 E. New York St.

Eve. Til 8

and

Bathroom

Open Mon. & Fri.

IA

AINT for

1100" E. 52ND ST. 105 S. DENNY ST.

SPICKELMIER CO.

BR. 2424 IR. 1192

U. 8. Steel report, showing record sales, record taxes and lower net income was out of the way. Irving S. Olds, chairman of U. 8, Steel,

saw a busy time ahead for the: indication of!

industry without catching up with demand. A number of companies, including geveral oils, reported higher earnings. Some favorable dividend actions were taken and no particularly unfavorable ones were reported. Special issues generdted good markets.

Glass Heat With ELECTRICIFY .

@ Glass Heat of Ind., Inc. 1227 Central Ave. FL-3760

ORTH SIDE LUMBE | HARDWARE Inc.

N. Karten at 52d. ....BR-5454 Nora Branch ...........BR-6863 Castleton Branch ......BR-0415

LOWEST PRICES Visit America’s finest display of fences and iron work. Ty Display Room : os 2110 N. Meridian

RTP FENCIN

ATE ERECTED COMPLETE

ORNAMENTAL IRON WORK

Free Estimate—Easy Terms Free State-Wide Engineering Serviee

BR. 5421 Factory 6544 Winthrop

Eves. BE. 1245 IR. 8668

SUNDAY, AUG. 5; 1951

i Immediate Installation

Phone CY. 0481

3929 W. Washington

[came

SPIVEY BROS. *°%5™°

854 W. WASH. ST.

{ «oui 00 4 Ln .@ Roofing © Gaiters, Downspouts © Garages @ Porches. Enclosures @ Plumbing

AHLBRAND in WOOD

tmmediate and Complete Installation Low Down Paymenis—Freo Estimates

EVENING—IR-6108

ALIA Mr LUMBER CO.

[Kidd

INDIANAPOLIS

1900 S. Tibbs Ave.

LEC AoA

BUILDING & SUPPLY, INC.

ogi PAGE

3315

Strength—Insulation—Safety Style—Color—and Low Cost in

MODERN MASONRY

You can build an all masenry home with BRIKCRETE cheaper than you can build a frame home painted once.

BRIKCRETE

BE-347

i : : = 3

Youngstown & American in Steel

For FAST...CLEAN...DEPENDABLE SEWER SERVICE CALL YOUR

ROTO-ROOTER

LOWEST PRICES *

Lawn Fence, All Types

Ornamental Lamp & Mail Baxes Free Estimate — Easy Terms —

ROTO-ROOTER

SEWER SEAVICE.SO.

A NATIONAL SERVICE AVAILABLE LOCALLY

-

Iron Porch Rail and Columns

Materials Cnly or Erected

Visit America’s Finest Display of Fences and Ornamental Iron or Call for Prices or Salesman.

Call TA-2434

Fairgrounds

East of

1701 E. 38th St.

STATE-WIDE SERVICE

We Reooals

2-BEDROOM HOMES

39.800

Regulation X

Minimum

“America’s Biggest Home Buy!”

~ At 47th and Woodlawn in Lawrence, Indiana. Road 67 to Franklin MODEL HOME se [ turn North across R.R. to 47th St, turn left to “Open” signs. )

Open for Inspection Today!

1:00 P. M. to 6:00 P. M. Sunday — Daily, 1:00 P. M. to 5:00 P. M.

RANCH STYLE HOMES packed with features for which you would expect to pay much more. Come, see for yourself.

=-BEDROOM HOMES

510.750

DOWN PAYMENT!

SMALL MONTHLY PAYMENTS

Designed and Engineered by General Industries, Inc., Ft. Wayve, ind.

\

X%Y YS XR SYR RY

CHECK THESE FEATURES:

Automatic Radiant Type Forced Air Heat Complete Floor, Wall and Celling Insulation Complete Interior Decoration Exceptionally Fine Natural Finish Woodwork Asphalt Tile Floors Tile Bath and Shower Kitchen and Both with Washable Walls Youngstown All Steel Kitchen Utility Room with Bendix Automatic Clothes Washer and Dryer Floored Attic Storage with Disappearing Stairway Lifetime . Exterior Automatic Hot Water Heater

»* Complete Plumbing . . . some with copper 3 Large Closets . . . bedrooms, guest, linen » Quality Built Throughout to Meet FHA Requirements and Regulation X :

wv Screens and Storm Doors

PLUS . . . the new Garage and Porch Sensation

"KARPORT"

38 North Pennsylvania St—No. ns

_K &R. REALTY CONSTRUCTION €0., be. es

al

EEN

Square Can Be

By DEAN A TWO-FA] looks like a | very much in home for this an excellent e planned, goo economical tw. Many people have help in mortgage will this kind of b Let's take a the economy home. In the

Fill in th mail to Th

Building plans Additional set: The Portfolio « TOTAL INCL(

Name

sssseece

Address CItY sievsenns

Steady Flo The need fc gage discount public savings mortgages has Alexander Su

Etec tnd

es

4! Houses fei

1009 F Home and ince 8 rms., 2 baths living quarters auto wate Income ov

wly recond! ew “plumbing 2

0141 S. CRUSE RE 4012 BLVD. Large 2-bdrm rooms througho poren Auto. gas eater; 4-car i fran ortation a od, BR-9036 Git, CARTER (( COLORED— 3 Lovely 4- rm baths. auto. hot heat. Exc locat 1 Paymen t Fo call WA- 5560, T “FOREST H. Y

EAST Al

2. 3 and 4-Be« basements, garas GUSKIRK __ 11 B- BOOM semi-m Ave. Fair con Call IM-5970 J014 W. 32d S modern, full Hughes Realty, 8171 N. CAPITOI ern. C. J. Hue 2612 BOULEVAR! down. C. J. Hu

42 North

5619 WI ATTRACT Excellent I built of fine: Large living bedrooms, wi with built-in office or der landscaped 1 den in rear, pointments disturb tens Chrisney, H!

JACK C

5108 E. 1

8431 SHE! OPEN Be sure to room brick t 1950 and in | tion. Oil hea cellent basen tion room house Kat ’ WA-3908 BRUCE $S

Realtors Cire]

OP]

5020 N

3-Bedroom

AMERIC. Realtors 332

ED MA £9500—CO--Bedrm. apt. refrigerator & grass to cut. ni wonderful way t ou Al ndian

| apt. 4 ED MARTIN C

5136 Newly decorate