Indianapolis Times, Indianapolis, Marion County, 7 October 1951 — Page 42

PAGE 42 _-

P——— ‘Business Outlook—

Middle West Is Paradox

By J. A. Livingston CHICAGO, Oct. 6—As soon as you leave the eastern seaboard, as soon as you enter the metal-working belt of * the middle west, you meet the paradox of less urgency

‘and mote urgency at the same time.

Here, in Chicago, center of so- —— o——— ete called isolationism, concern about think, “We'd better get some

the war—about Korea and the armament production.” preparedness—is not so deep- That's a decided contrast to

s in Washington, New Six months ago. Then, the Nanig a or Pe ladelphia, tional Production Authority put traditional centers of interna- limitations on. the amount of tionalism. ~p steel, copper, or aluminum that

of political philosophy, Might be used. But no limits were i rt or etic, Prion py, placed on the production of autos, cago and Detroit, but financially Tefrigerators, washing machines, the war gets closer every day, and so on. In Detroit, for example, cut- Manufacturers, therefore, conbacks in automobile production CeRtrated on finding substitute have given motor manufacturers materials and design changes to and their suppliers a new sense of Maintain high ciyilian production. urgency. They've either got to get They were not forced. in order defense business or see red in .C Keep their plants going, to get their profit-and-loss accounts. | “Ar orders. But now that the

; automobile industry is limited to New Spirit of Spurt

1 million cars per quarter—and aay copper allowances may not perIn short, a new drive has been ,,.;;" o on thatthe emphasis is set up. True, Detroit is worried. all the other way Walter Reuther's United Auto mpic does not mean that war Workers Union faces intermittent production will step up sharply or unemployment as auto plants cur- jm mediately. There will still. be tail; nevertheless, a spirit of spurt lags, tracing back to the d&lavs is invading the place. Manufac- of a year ago. Machinery and maturers know what they must do. chine tools are strategic bottleThat's a change for the better. na ks. Designs have still to be Ditto Chicago. ,_ perfected. But the realization that In the last few months there's war business is necessary busibeen a noticeable influx of de- ness has become a decided stimufense orders. This is a great ant.

subeo Area y > Thc Ar I NulabtWilion's. Plan. for. GM...

kinds, and, of course, on the! Charles E. Wilson, president of south side of the city, the steel General Motors, has now proindustry booms and boom. posed that American business z ' |men begin thinking of dual-pur-Industrial companies, which | . x a few months ago were fearful {pose plants to turn’ out defense

i 2 : ‘and civilian items either in the of shut-downs, now find that |... plant or in adjacent plants. ‘defense work occupies any- General Motors has actually gone where from 15 per cent to 35

: iso far as to make drawings of a per cent of their man-hours, [plant for jet engines and automo‘that slack is nil, and workers ‘bile body ‘stampings. : ‘scarce. The entry of Ford at As Wilson put it, in a signi‘the Tucker plant, the breaking | ficant speech Thursday in Cin“ground for a Buick jet engine | cinnati, “Certain parts of a iworks, the expansion of elec- | dual-purpose plant can only be ‘tronics at Zemith, Admiral, | used for jet engines. But of--Motorela, Stewart-Warner, and | fices, locker rooms, cafeterias, ‘Hallicrafters, and other proj-

hospitals, power ‘ects promise an acute labor | rooms, maintenance depart--shortage.

ments, railroad sidings, park- - This enthusiasm does not apply ing Kin San aptly be iaentiried merchants. Sales still are Ph ecessary ON a ate jesse * The pickup in defense business have done credit to Washington coincides with the rally in Wall fn midsummer. It was that hot Street. Industrial stocks have now or me A Olsurpassed their 1929 highs in the Bank AC. ti i an Standard & Poor's average. n .. Aseonix on Sonveh on Actually, however, stocks as a Hien oe L Drougnt iar its whole have not kept pace with inteds “'flation. If the rai d tilisight, and the wives from small 08 # Faliroads 3nd.u cities and towns, who regard con-|19 per cent .under 1929,

ties are included, then stocks are

A whereas ventions as shopping expeditions. inqyustrial production is up 100 per had little incentive to buy falllcent In fact, the value of all

Clothing. goods and services produced is up

o ; . 214 per cent (see chart). In those New Drive in Detroit \terms, stocks have lagged. Yet, « The cutback of automobile pro- at the moment, Wall Street seems duction—setting a limit on out-to be saying: The lull's over, the put—has given the metal working pickup’s here. dustry a new stimulus. Com-| That's still to be seen in retail panies now are beginning to sales.

STRAGGLING STOCKS Since 1929 total output of goods and services : Tol up 214%. stocks are down 10%. | > JY

g 8

INDEX (1920=100) .

Date: Standard & Poor's Corp. Ped Res Bed Dept. of Commerce J A. Livingston

oo —— a

Engineer to Talk On Nash-Healy Car

. Earl L. Monson, chief develop- automobile manufacturer.

ment engineer of Nash Motors, also the first European sports car| —— Kenosha, Wis., will deliver an ad- using American-built units such| SH

clutch, transmission, irear axles, brakes and wheels.

The low-slung two-passenger (design, with a road clearance of

dress on the Nash-Healey sports as engine, éar before an open meeting sponsored by the §§ Indiana Section ™ of the Society of ~

Aitomotive Poe {with a top speed of 132 mph,

gineers, at the { Marott Hotel, ‘George H. Gardner ct. 11. { - Mr. Monson ‘Heads Hoosier Office Forke 9 a | George H. Gardner, Baltimore, British = ‘million- |{Md., has been appointed district aire sportsman a. Monson |Eroup manager of the Indiana

gad builder of i American Regtonal territory of the Con8 C Ss, weldin Jooris cars, n g necticut General Life Insurance

and European techniques to create { Co. y , w In the Nash-Healey, first Euro-| °° Previously, Mr. Gardner was

pean-built sports car sponsored assistant group manager in the and marketed by an American'Maryland regional office.

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~ THE INDIANAPOLIS TIMES __

= Soybeans, Rye

Utities at Best In Past 20 Years; Rails Are Up Too

By ELMER C. WALZER

United Press Finaneial Editor NEW YORK, Oct. 6-— Stocks advanced during this week's trading, Ibut missed setting new highs by {a small margin. On several occasions the bulls tried to lift the industrial average to a new 21-year high and the rail average to beat its high set last February. But opposition developed each time. The market rose in the first three sessions of the week and sales rose with the averages. On | Thursday resistance developed! and the market eased, but volume and number of issues traded fell off. This heartened the bulls who tried again on Friday to push the list over the hurdles. Again resistance developed.

However, the market was! higher on the week in the aver-

were at their best for more than 20 years. Net gains were spread job is to serve the public." over many departments. Issues — — outside the averages did better than the blue chips which is in line with recent Wall Street predictions. New York Central confounded the experts by taking the lead of the carrier division. It made the By United Press list of most active stocks and CHICAGO, Oct. 6 (UP) Liveregistered a substantial gain. stock markets were mixed - in Canadian Pacific also was wel] trading this week with hogs movbought. ing up while cattle and sheep

Metals again furnished several “O° Sealy 0 weak cattle supfeatures, especially after ceilings! .. Sasuraliy b bh =» lon lead and zinc were increased. Plies failed to exert a pullish ia-

fluence on prices that week al|Steels had their good days too - Vand some oF the special TF Steels JAhough. prime grade steers weigh-

ing around 1100 pounds and up stood out in relief. ‘and prime heifers held steady. New Aircraft Highs

A set of strong to higher mar- : kets through Thursday left prices Douglas Aircraft paced its sec- , porrows and gilts at the tion where several new highs ap- week's close roughly 75 cents peared. J. I. Case, Deere, and the higher than a week ago. Sow Oliver Corp. issues featured the prices also moved up every day farm implements. Cities Service except Friday, with closing prices was strong in the oils; Montana- on that class 75 cents to.$1 highDakota Utilities and Peoples Gasler for the five days. met favor in their department. Hog receipts ran largely to Dow shot ahead in the chemicals. choice 190-270 pound butchers. Denver & Rio Grande was a Star The week's top of $22.45 was paid in the list of railroads not in- op Thursday. At the week-end cluded in the average. L.oew’s ran the top was $22.35 with choice up on volume in the amusements. 210-260-pound weights at the top Howe Sound, one of the widest price. Most choice 190-280-pound gainers on the week, was strong butchers closed at $22.10 to $22.35. |despite a cut in the silver price. The Jewish holidays with no Silver fell more than five cents Kosher slaughtering tended to de-

Hogs

an ounce on Thursday and came Press the sheep market. Lambs back more than three on Friday. wound up the week on a steady

Crane ran up in an .improved to 50 cents or more lower basis. building department. No yearlings were offered during Chrysler had a sharp runup for the latter part of the period. but a time in the Friday market as on earlier Tounds during the week word came the company was. pre- declines of 25 to 50 cents were paring soon to display its 1952 enforced. | ; models. General Motors also was Lamb Prices Up better. Tire shares met good de- Compared to Friday last week. mand. Several mercantile issues On late rounds only closely sorted joined the upturn. native lambs passed $31.25, alLiquors, chemicals, and a num- though a negligible number along ber of other special groups joined With twd loads of mostly choice the rise as traders tried to single 93 pound Montana lambs brought {out the issues which are believed $32 to equal the week's best price. to be behind the general market. Bulk utility to good lambs sold at £26 to $30. Cull grades were $15 Business News Favorable to $24 depending upon weights. Industrial production and other Few sales fed shorn lambs ranged business news items helped spe- AR 3 whole. Construction set a new high for the past eight months as industry continued to increase its capacity to meet heavy defense and civilian demand. Automobile output rose on the week in line with expectations but was under a year ago. Coal output the same. Crude oil output set a new high record and new records were established in storage of’ fuel oil and kerosene. Car loadings rose on the week {but were under last year. Steel moved up to nearly 103 per cent of rated capacity. .Retail trade was up on the week and about even with a year ago. ! Business loans increased sharply and so did money in circulation. The latter's rise is seasonal for

LUMBER © ¢ o

SUNDAY, OCT. 7, 1951.

os NR |

x SAN b FESR RON RR So ye

TELLING 'EM HOW-—Joe Argus, president of the Indianapoages. At the tops, the utilities lis Real Estate Board gets the realtors’ Secretary's Seminar under. buving of sovbeans credited to

way last week at the Columbia Club. His advice to the gals—'Your

Move Up on Market, Cattle and Sheep Steady

between $30 to $31. Good and choice vearlings were $28 to $29.25 with one deck at $29.50 early in the week. General trade on slaughter cattle was unevenly weak to §1 lower this week. Fed steers and yearlings predominated in receipts which were approximately

20. percent smaller than last

week, good and prime grades again proving most numerous. The heifer supply, which was fairly large, also consisted mainly of good to prime kinds. Cows ended mostly 50 to 75 cents lower, wtih the extreme of $1 lower. Bulls were 50 cents to $1 lower while vealers remained steady.

NAM Head Speaks

To Hoosier Leaders |”

William H. Ruffin, president of the National Association of Manufacturers, will be the guest speaker at the Indiana Industrial Con- = ference at 6:30 9 p. m. Wednesday in the Riley Room of the Claypool Hotel. Mr. Ruffin's topic will be, “Peace, Production and Profits.” The conference is spopsored jointly by the Indianapolis Chamber of Mr. Ruffin Commerce, the Indiana Manufacturers Association ‘and the NAM. Elias C. Atkins, president of E. C. Atkins & Co. and the Indiana Manufacturers, will present Mr. Ruffin to the expected 500 Hoosier industrialists and their

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Top Market Gains

By United Press ) x CHICAGO, Oct, “6 Soybeans and rye took tie lead n the grain futures markets on the Board of Trade this week with advances of 2 to 3 cents*a bushel over the previous week.

Other grains were mixed with nearby contracts showing an advance while deferred deliveries were unchanged to lower. Action on grains was irregular this week with prices sliding uo and down. Generally the lowered prices were caused by the excellent weather {for the maturing of the crops. Sentiment in the bean market {this week was influenced hv a {strong cotton market and firmness in vegetable oils. At midweek fairlv general buving in the hean market followed permissihle limits advances in Memnhiz Octnhar sovbean meal and Chicacn November meal and caueed the market to advance 3 to 5 cents a hnshel.

Toward the end of the week

nrocessor interests was less ag-

gressive indicating that some processors had covered nearby needs,

Rye futures followed the lead of sovbeans and prices worked closely in sympathy.

Lack of export trade and do-

.mestic flour business caused rela- yertisement. Prices were cut by Kruse, vertisen

tively indifferent wheat trade and the market usually ,took its cue from other grains, { The corn market was ham pered by favorable weather over the producing area and th} gov-

ernment’s lower asking price this,

month for corn in storage compared with the asking price in September. Buying in the market

"was 1arpeky Tor professional ae

counts and agamst a few export sales. Compared to Friday a week ago, wheat ruled unchanged to 1 cent a bushel higher; corn 1 lower to 1 higher; oats unchanged to % higher; old rye 2 higher; new rye 3's to 33% higher; soybeans 13 to 3% higher; lard 5 points a hundred pounds lower to 40 higher.

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. ] . ! © Tam 5 Auction of Prizes Meetings iE To Feafure Haag The Industrial Training Asso75th Anniversary ciation of Indiana will hold its

October dinner meeting tomorrow THE HAAG DRUG CO. nudged at the Warren Hotel, to be fol. the. 75-year mark this week and lowered by a presentation given by is celebrating the event with cut three members of the training staff of 1.. 8. Ayres and Company

ices remium coupons for Prices and pren ps in the store's Training Depart-

each sale of 50 cents or more this reat.

month. Miss Dorothy Proesch, Training The idea is to accumulate as Director, will speak on the submany as these “phony bucks” as ject, “What Goes on Behind the ono d use them to bid on Counter.’ Mrs. Mildred Hill and YOu can anu use a Js Harold Powell of department 166 valuable prizes

$1200 tax-paid diamond ring. Th¢ phases of retail training. auction will be Nov. 10 at the State Fair Grounds. Back in 1876, when the Haag m family entered the drug business, Indianapolis was a city of about 60,000.

=u ” "

The October meeting of the dianapolis Chapter ofthe National Asfociation of Cost Accountants will be held Oct. 17 at the Marott Hotel. Dr. John K. : Langum will speak on ‘The BusiTHE FIRST Haag store was in..." ut100k.” the old Enterprise Hotel Building, Dr, LLangum, professor of Busi82 Massachusetts Ave. From ness Administration of the Joe ; ; ana University School of usithers, the two Hasg boys, louis ness, is a recognized authority in and Julius, branched ,out. * + the field of economics and acts as Today the Haag drug chain, congultant to many banks and boasts 33 stores in Indianapolis. pyeiness firms. Lebanon, Shelbyville and Ander- . ——— oy son, and they're looking toward a further expansion. New Auto Dealers Group Haags became the first drug Auto dealers along Virginia chain in the nation and were the Aye this week formed the Virfirst to feature ‘cut price drugs.” ginia Avenue Auto Dealers AssoAnd in those days they really ciation and elected K. W. Carr nodded President K. T. and A. G. Mueller, co-chairmen,

cut prices,

Brock. reaching for an old ad- Other officers include Charles secretary, and Edward one-third Freund, treasurer.

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