Indianapolis Times, Indianapolis, Marion County, 4 November 1951 — Page 44

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. their assets in Texas,

‘more insurance in Texas. . conceded that Texas was a fine

‘good risks as Texas; not all states dent of Southwestern.

Business Outlook— Texas as Big As Its Brag .

By J. A. Livingston

DALLAS, Nov. 3—There's no doubt at the South-| western Life Insurance Co. here that the Texas cow has |

turned around. And the competition's fierce.

Texas bank deposits tell the story. They're up from,

| |

$1.6 billion at the end of 1939 to

§6.9 billion today. That's an In-/;; n.eqeq4 capital ‘for expansion. crease of more than 325 per cent. go wanted to keep Texas capital] No large ‘state is quite up 10, meyxaq He signed the bill. When/ that, not even fast-growing Call-' iy, aastern companies quit selling

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_ THE INDIANAPOLIS TIMES

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ENRIGHT ADDITIONg—Built of stone and natural redwood, this attractive vonch home at 3201

fornia. Its gain was only 245 Per noi rance in Texas, Texas com-| W. 57th St. was sold recently to W. R. Bain through Jack C. Carr, Inc., Realtors for the Enright’

cent. The national increase Was ,,njaq took their place. 167 per cent; New York state's” m,4ay the state has more tha 88 per cent. Where's

from? From Wall Street, from east-

erners. That's the reversal. In the early 1900s, Southwestern Life flooded Texas with blotters, showing a cow astride a map of the United States. The cow was eating grass in Texas and was being milked by a top-hatted, frockcoated capitalist on Wall Street. The message on the blotter read: “Turn the cow around and keep Texas money in Texas.” The blotters stirred up Texas legislature: } Jisnt se easterners to se es in Texas, draw off the penalties to do so. premiums, and use the money to go develop New York, Pennsylvania, New England and elsewhere?

Texas vs, Big Five

In 1907, James H. Robertson {immortalized himself in Texas with a bill requiring all life insurance companies to invest in Texas securities 75 per cent of their premium reserves against insurance written in Texas. Not only that, but taxes were imposed on business written in the state.

the money coming own.

largest insurance company in th

single state, Furthermore, Texas grew, was ‘discovered.

ton became a major port, Eastern insurance companie weren't going to cut themselve out of all that business expan

the Sion indefinitely. The Metropoli

But it did no When Mutual re

ing penalties.

full scale. The Road Back

ever &rranged by Texas institu

United States doing business in a

Oil Crops were di-|

a t tan returned in 1924 to write a What righ group insurance policy, and paid

in for full-scale operations. Prudential came next, also pay-

turned in February of -this year, all Big Five were back—and on

Prudential participated in the biggest single Texas financing

tions—$85 million to Lone Star a Gas. The deal was sponsored by ties as part of their courses in the sale of the taxpayer's prin-

100 insurance companies of its! . . Southwestern Life is the! IC | a pa or al

S Ss

urday in the Columbia Club. Mr.

of the

¢! tional

Estate ‘Brokers. A noted

f Bros, builders. The home includes three bedrooms and a stone fireplace.

Brady is ark, president of the" a past president Association N a- Boards, %aid this week. Association of Real Es- the law by Congress follows a siX- ahle only with respect to one sale tate Boards and year campaign by NAREB 10 or exchange per year, except when the National In- have this injustice corrected by a new residence is involuntarily stitute of Real & basic change in the law,” Mr. converted.

lecturer in the real and Senate committees this year, an apartment over a store build-

estate field, his representatives of NAREB sup- ing or a home on a farm, and the

Realtors Worked Years

Is Guest Speaker For Tax Law Change

versified. There are steel, chem-| Hobart Brady, prominent Wich-| PY realtors has freed the home though he moved into his. new | fecal, Ruto assembly plans—any ita Realtor, will be the guest owner who sells his home to buy home and rented the old one industry you can mention. Hous- speaker at the Indianapolis Real another from the previous unfair temporarily before its sale, SimiEstate Board’s annual Ham ’'n federal

Egg Breakfast at 10 A. M. Sat- capital gain in sale of the former though he rents out his residence home, Alexander Summer, New-

Watchful work in Washington sale. Relief is available even

tax on the theoretical larly, he may obtain relief even

A mporarily before occupying it, National : Hows Estate if he moves in within a year or 18 » months, as the case may be, after . : h ‘the sale of his old house. “Inclusion of this provision i. The special treatment is avall-

of Real

Summer pointed out. If the residence is part of busiDuring hearings of the House ness property, as in the cases of

ported and suggested refining entire property is sold, the prony dresser amendments to the provision, Vision applies only to that part _ Mr. Brady Bye Deen Te hich was introduced by Rep. used as a residence, including the National Rel Printed in tne Aime J. Forand (D. R: L.). environs and outbuildings relating

nd adopted by many universi-

The “Big Five" eastern Insur-| yh, penyplie National, First Na- realty education.

ance companies—the Metropolitan, Prudential, Equitable, Mutual, outraged. No state was going to

ell them where or how to invest! Houston and Equitable Life is in : : Texas with much-publicized fi- ture a special

nancing of Glenn McCarthy, oil Realtors headed by Earl Tecke- of the new, Mr. Summer explained.

When the bill passed the legislature, the insurance companies sent representatives Thomas M. Campbell, warning ton’s Shamrock Hotel. that if he signed, they'd sell no They Carthy) is in Equitable. state, that Texas securities were good securities, that they might, ern’

insurance companies

But they wouldn't do so by for investments.

law. Not all states were such| T. L. Bradford, Jr., vice presi-

says he

had such strong and growing en- has to fight off eastern money in

“States—might, pass similar laws. in the United States Gradually,

“terprises.

If they submitted tolorder to find a spot for Southsuch a law, other states—smaller western cash. This is one place

where morttheir freedom to invest gage money still can be had for

‘would be proscribed by 18 states. 4 and 414 per cent—because of

‘extent where the owners were

stand. A

showed taxes for the first nine gets, American

Surely the governor would unde -/the competition,

.| Today the Texas cow feeds in Gov. Campbell understood that Wall Street and Texas is doing Texas was a growing state, that!its own milking!

Stocks Held Part of Gain Despite Week-End Slump

By ELMER C. WALZER |advances, ranging to more than United Press Finsneial Editor five points. Standard Ofl (N. J.) NEW YORK, Nov. 3— {Was up sharply to a new high on lightened substantially ‘on the 5p axira dividend following its re-

stock market during the pasticent report for the nine months

week to feature the dealings. showing a new record established.

Prices rose in the first four sessions and declined late in the| 0 Of the metal shares made

week. The list, however, held part po, 2dvances and held gains.

of its rise. ticipation of record sales this year The improvement early in the as farmers prepare to step up

week reflected technical factors, crops in 1952 notably a drop of more than eight neio Without adding any points in the previous week which!

lightened some accounts to the Utilities approached their high

for 20 years with several issues of

ready to do some new buying. | '® 8TOUp displaying strength in Shorts covered a bit but there 5¢Veral sessions. Building shares was no rush to clean out the short Produced several strong spots. positions. Many of the shorts U. 8. Rubber led its section higher think the market has further to I! response to higher earnings. g0 on the downside. Some of the The land issues featured in sevbulls, on the other hand, think it eral sessions, Texas Pacific Land is making a base for a new as- ITust ran up 20% points on Monsault on the recent highs. |day and then eased on realizing . There were good and bad earn- Sales later. ings reports. U. 8. Steel furnished Televisions

ained . despit: the feature in the latter. It sharp decline s Pe 2

in output of new Telephone rose on investment dem@nd. Some of the liquors, electrical equipments, mercantiles, and air-

months of 1951 equal to more jnarea than $11 ‘a share, cutting down i income from $6.12 a share to $4.44 a share. Third quarter net was

equal to 83 cents a share but SFalts gained on selective buywould have been $1.50 a share D8 ' had it not been for retroactive Business failures dipped to 155 taxes,

from 157 the previous week and The market took this into con- compared sideration and U. 8B. Steel ruled steady on the week, while other co steels gained somewhat. The auto th issues held firm. Best showing was made by the chemicals and oils. The latter group produced some very wide

with 180 a year ago. The wholesale index of spot mmodities sagged a shade on e week and was three per cent over a year ago,

eee pee—— JT: SD 5 1 UD 3 map,

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nets built and in. stalled exactly as you j want them. Phone : for estimate.

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tional, and Mercantile National Citizenship is y York Life—were Danks of Dallas. Prudential has Sid New wullt a large office building in SHiP-

to Gov. operator and impresario of Hous- meyer

Thus history is reversed. East-

are in time, invest more and more of now busy scrambling not only

|for premiums in Texas but also

{Farm implements ran up on an-|

Mr. Brady's subject is “Good Good Salesman-

The breakfast

panel of

and including - Willis

Adams, Charles Rennard, Paul purchased in 1940 for $10,000 was

Some people would reverse that Starrett .and Jane Steadman. {sold or traded in 1951 for $15,000,

phraseology, saying: Texas (Mc-

By United Press

CHICAGO, Nov. 3—Revival of amount taxable as gain is $1000.

peace rumors in Korea brought] most grain markets down on the|

Board of Trade this week. Weak-i was spotlighted this year as

ness in the seurities markets early in the week were also a contributing factor in the decline. Rye was the only grain to finish above the closing levels of last week. Strength displayed in Winnipeg at mid-week resulted in a | fairly broad demand and short covering in the local market. Most grains declined gradually »this week until Friday when export news influenced a rally. Portugal and Austria made inquiries about United States wheat and corn was sold to Norway and the United Kingdom. Further rainfall in the South-| {west spring wheat areas along with continued light export business and flour sales were among ithe {tems which caused the wheat setback earlier in the week.

| Yellow Corn Gone

Selling in corn was brought on by indications that offerings of cash corn were increasing and the fact that the premium for No. 2 {yellow corn in the cash market has just about disappeared. Soybeans lost the most ground with losses averaging close to 8 cents a bushel. The downturn took prices well into new low ground for several weeks past. The market broke on revival of peace rumors and a decline in cotton. Beans recovered somewhat Friday as a result of buying stimulated by export business with Holland. The oats market was a reflec. tion of what was taking place in other pits although there was evidence of firmness at times because of strength in the Winnipeg market. Compared to Friday a week ago, wheat ruled 13 to 11% cents a bushel lower; corn 1% to 2%! lower; oats 7 lower to % higher; old rye 3 higher; new rye % to 31; higher; soybeans 5 to 8% lower, lard 30 to 40 points a hundred pounds lower,

Will also fea- tg the extent that the selling price local of the old home exceeds the cost

i 1 {

{and where the replacement is a of

{residence is bought within the Wind division of {time limit for $15,000 or more.

Sends Grain Down

to the dwelling but not those relating to the business operations. Actually, the new provision is a tax deferment, and the owner would De subject to payment of capital, gains tax should he sell the second house and use the proceeds for another purpose than to buy a home in which to live, Mr. Summer said.

The new law provides that when

cipal residence is followed within a year by the purchase of a substitute, or when the substitute is bought within a year prior to the sale, gain is to be recoznized only

Thus, he added, if/ a dwelling

Ray F. DeVaney Is Sales Manager

there would have been a taxable gain of $5000 under the old law.

provided a substitute “principal heating equipment of the South

= ! Rumors in Korea {Under the new law, however, no! Ray F. DeVaney has been or of the gain is taxable, named sales manager of domestic

the StewartWarner Corp. here, ) For the past threé years Mr, the DeVaney has been a factory representative in California and Nevada and for eight years served in the South Wind sales department. He succeeds H.| W. Milner who resigned Wednes- : day, W. E. Judd, : general sales manager, anMr, DeVaney Dounce. : In his new position: Mr." DeVaney will direct sales operations through a national sales distributing organization for gas-burning domestic heating equipment.

If the replacement cost is less than 815,000, say $14,000,

Injustice Spotted “The injustice of the old law

workers were forced to move from one city to another as the result of the mobilization program,” Mr. Summer said. “They! were penalized for their efforts to co-operate, and Congress is to be commended for removing a barrier to the mobility of working men and women. “Making the benefits of the new law apply to the sale of a home made after Dec. 31, 1850, as Congress did, will be a welcome boon to many who have sold and repurchased this year.

The new provision applies - where one residence is exchanged for another, where a replacement Mortgage Total residence is constructed by the Under Last Year taxpayer rather than purchased, More than $6.5 million worth

mortgages were recorded by

residence which had to be recon- the Union Title Co. for Marion

structed in order to permit occu- County : pancy, Mr. Summer explained. od NE September. This In the case of construction of gust. a new home, it must be used as, September netted 1122 mortthe taxpayer's principal residence gages, as compared to 1331 for within 18 months after the sale August and 1461 for September, of the former house, and this 18 1850. The total to date is 10.281. months period is allowed for re- 28 compared to 11,947 for the investing the proceeds of the same period during 1950. Total sale. In other cases, the new mortgage value is off more than

_ FOREST VIEW—Sold for b brick home at 6305 Forest View

Stuart A. Bishop Stuart A. Bishop, office manager for The Travelers Insurance Companies here since 1923, will oven his own Travelers agency in the Chamber of Commerce Bldg. Mr. Bishop is a former state president of the Naval Reserve Officers Association and a former national committeeman for NROA-RONS. He is also a- past commander of the Seventh District of the American Legion, a member of the Forty and Eight, Service Club of Indianapolis and the Masonic bo#fles.

Important Preparations

When preparing the exterior of a structure for painting, it is important to clean out crevices and cracks around windows. door frames and chimneys with a knife, foHowed by a stiff whisk broom. Next, a coat of exterior, primer should be applied. When the primer is dry, cracks should be packed with caulking compound. This should be allowed to set 48 hours before painting.

Lowest Cl]

Visit America’s finest display of fences and iron work.

t within a very narrow price spread

§ of 160 to 170 pounds i $190.25

wilder D. S. MacDougall by the Walt Veon Realty firm, this English Drive includes three bedrooms and a tile bath. The house also has a

fourth bedroom and second bath roughed in. New owners are William F. Millholland and wife.

Stuart Bishop Lower Receipts Push Opens Office

Livestock Prices Higher

By United Press $28.50 to $30. Cull utility k CHICAGO, Nov. 3—Livestock sold at $20 to $28, -mostly $24 {prices moved up slightly during and above, although some light ithe past week on receipts well culls were under $20, below estimates. While there was: Choice and prime yearlings ja substantial decline in whole- Were $29 to $29.50, with top of salé pork prices, buyers were un- $29.75 early. Most good and choice able ‘to hold hog prices down in kinds went at $27.50 to $28.75. the face of these short receipts. Cull and utility ewes were $10.50 ed to $13 with most good and choice The week's hog top of $19.80 orades at $13.50 to $14.50, A few Was pid sharingly Friday. Most yp, jyweight kinds were $15. choice .18 to 280 pounds closed! ;1pg loging market on most classes of slaughter cattle was at the best leyel of the week and generally strong to 50 cents higher compared with the previous week's close. Vealers. held mostly steady. Prime Steers Bring $40.30 Compared to Friday a week ago,

of $19.65 to $19.75. A scattering brought to $19.60. Choice sows weighing 400 pounds and down closed at $17.75 to $18.75 with 400 to 500 pound weights at $17 to $17.75. A féw heavies were down to $16.25. three loads high prime 1178- to Although the general sheep WiC1 poung fed Rpers went at - = mt ® Ae 3 DU, Wi t market was moderately active supply of prime ar Moflerate and carried a stronger under- yearlings going at $39.80 to Ds tone following Tuesday's break, Bulk prime ARE were $37 a . closing prices were materially $39.50. Choice to. low prime cer under a week ago. Compared with |argely $34.75 to $37.50. Most late last week lambs wound up good to low éhojce steers. $32 to the period 50 cents lower and réial t

$34.50. Two loads commercial to yearlings closed steady to 50 low good 1075-pound grassers, £31. cents lower.

A few utility steers as low as $25. Lamb Top $32 Part load high prime 975 pounds Compared to Friday last week,

mixed yearlings, $39. most good to prime: lambs Prime heifers brought $30.25 to $31.50, the lat- stopped at $38. ter price - top after Monday.

to prime Week's high of $32 was paid for $37.50. High commercial young a load of 109-pound. choice and

cows reached $31. Most high prime fall shorn and No. 1 skin utility and commercial cows were lambs and a few lots of closely $25.75 to $29.50. Bulk utility sorted natives. !

cows, $22 to $25.50. Most canners _ Bulk utility to good lambs were and cutters, $17.50 to $21.75.

in load-lots Bulk high good heifers were $33 to

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