Indianapolis Times, Indianapolis, Marion County, 30 December 1951 — Page 30

PAGE 30

Wil

Business Outlook—

What Defense

t De Put $5 Billion in Do in ’52

A. LIVINGSTON i - Reflecting the record home

What's wrong with this forecast for '52: . high-level lull during the firs

by a downturn

just before or just after the Presidential

{building of the past two years, A continued more than $5 billion of life insur. : ance funds went into the financing of real estate mortgages in 1951, it is estimated by the Insti-

t six to nine months followed

Insurance Firms ||

Mortgages in 51 | ’

THE INDIANAPOLIS TIMES ___ :

Ge ma bd

Market Rush Drops Hog Prices To 1951 Lows

CHICAGO, Dec, 29 (UP)—Uni [expectedly large receipts in a wave of selling this week on the hog market caused prices to sink {to new lows for 1951, In trade {both Thursday and Friday the |

Stocks launched their traditional

Wey ag

[Nearly All Stocks Share.

In Usual Year-End Rally

United Press NEW YORK, Dec. 20 (UP)—

year-end rally late this week and prices moved up in all major sections with utilities setting a new 2-year high. : The market was closed on Tuesday for Christmas, It declined on Monday and Wednesday as tax selling and switching mere than offset year-end reinvestment

The year-end rise centered on & selected group. This group contained enough of ‘the issues in the dverages to send them higher. But the market as a whole looked better than the averages them. selves. : Utilities -had gains ranging to more than a point ir the group which makes up’ the average for that industry. = Firestone was more than a point higher in the

‘election? * [tute of Life Insurance, market was 75 cents to $1 lower os interest and dividend money. er in : tire section. Standard Ofl (Inol - The total mortgage Hnanei on both butchers and sows. ) of > oy Svious ane immediate an Treasury Headaches now extended by the life aneing | Thursday's total receipts ware|, TOUISd2Y 8 market elev a a Ae oe song In The orthodox attitude —the], THE TREASURY may be nies is estimated at about $19.47 “9 the largest for that day since, rally carried into Friday's|g Southern issues § Notas

standard prediction—as 1952 begins is that defense will carry,

gll before it. Thus, Business Week magazine, which is not given to snap judgments, recently

cramped by-the weakness in thefDlilioh wnter, about ? million. Ins

government bond market and the These are largely home mort

[impossibility of selling long-term gages, the ‘last detailed survey (bonds. Although defense efforts made indicating that some 97 per

_

“

NORTH KESSLER PARK—Now owned by James Anderson, this ranch in stone and frame at 5718 Brouse St. was sold for Peter C. Spoolstra by the Hall-Whistler Co, in a.cross deal with

January, 1941. Friday's run, which was the largest for the day since 1946, was augmented by at least 3000 hogs carried over from the previous day. The top on hogs late in the

market although on a more selective basis. Steel news dominated but had little market influence, according! to market men. They held that

the rails. Dow was a strong spot in the chemicals. American Telephone met demand from investors with piled up dividend and interest money. It

pronounced: lare never stopped for lack of fi- cent of the mortgages are for the Wood Realty Co. J The Street anticipated a strike investment of such Ov kind of 2 | — week was $18.15 and $18.25 paid hf was. the reinvestment By DEA a Ey waste of "ANCIDG, the difficiity in raising| OHSAS individual 0 po {by order buyers for a limited Would be averted. funds that helped the market run This is the

time.” The background for that pronouncement is.clear enough. The

money might force economies on

the administration. It's not easy to spend what you haven't got.

| Hundreds of thousands of |homes and commercial or indus{trial plants received mortgage

|

Payment, Loan to Be Easy

If You Have the Down

number of lighter weights rang-| .|ing 180-210 pounds. Most choice 170-220-pound butchers brought! $17.65-§18 to all interests.

4% Financing

up. after tax selling lightened. Wednesday was the last day for selling to establish profits for the

income tax collector in the regular

geries of fiy by William / ‘Detroit desi

tooling up, the construction of The outlook in specific sectors financing from life insurance dole! way three bedroc new ‘plants, the directing of steel, of the economy follows: lars during 1951. . . Sheep Hold Up : 3 K respioiise’t without bas copper, aluminum, and critical TEXTILES: Some upturn is| mi | By ROBERT F. LOFTUS The Veterans Administration] - g For VA Houses eels made a wea se to The oblor components. to prime and subcon- likely after the lean just | Tee Hore moztgags Snsneing onal Lea laff Corromponden) |now is providing a major test of. oo uiphier Tambe Ie Fenerally | the avoidance of a strike. Motors garage are tractors are well under way. {ended. [was a g¢ as it was because off WASHINGTON, Dec. 29 ~|the home mortgage market, which | sheep were strong E bid wg boinid ruled firm despite a sharp falling tures. The

The big flow of munitions will start along about -mid-'52. Not only is defense expansion a bul-

-wark against recession but it's

also a powerful force for inflation. Yet, you can make out a case the other way. The main impact of the munitions program has already been felt. We have diverted vast amounts of steel, copper,

commitments made prior to esRAILROADS AND PUBLIC tablishment of credit restrictions UTILITIES: Traffic &hd load in 1950. Due to the long gap belevels should be well up—at least tween commitment and concluequal to 1951 during the forepart|sion of the transaction, these preof the year. curb arrangements were - being FARMERS should have an-| closed throughout the year.” other good year. Gross income in| 1951 topped 1850 by 15 per cent,|year, new mortgage financing deand net income, in spite of in-iclined.somewhat, reflecting the

{Home buyers with enough cash to meet the government's down]

|any trouble getting mortgage] {credit in 1952, according to Ben]

|Savings & Loan League.

During the latter part of thel' In a year-end survey of the...

'housing credit outlook, Mr. Hazen 'ecgutiously held out hope t6 pros-

(creased costs, was up too. A small [efforts of both Regulation X cov-|pective buyers that interest rates

may go a long way toward deter-|

{minin payment requirements won't have i 10.8 interest. rates on housing

| VA officials last week invited H. Hazen, president of the U. 8.\nuvate lenders |$31.50, the top. On comparable

{receipts at Chicago. ‘ Compared to Friday a week ago, choice to prime western fed

Test Mortgage Market and selected native lambs brought

to buy up about clipped lambs the top was $30.50. per cént home| Despite the Christmas holiday, totaling $05 million. They receipts of cattle at Chicago were |are mortgage loans which VA only about 10 per cent smaller made directly to veterans inthan the preceding week. A new

15,000 of its 4

Coming Back

Alexander Summer, Newark, president of the National Association of Real Estate Boards, this week, appealed to Realtors of expedite the sale of homes to veterans by making every effort to find private original lenders

and aluminum to armament.

areas where private capital was high mark for December was set

on 4 per cent mortgages guaran-

off in automobile production. Steel operations held a few points below their top made in the previous week. Steel mills paid overtime rates to keep the plants in n on Christmas day, a traditional holiday in the steel industry in ordinary times.

Lower Fire Losses Seen CHICAGO—A reduction in in-

attractive if or cinder bl ‘outside plant in brick. More and ing for hou utilities in t entire back private outd sign with a ¢ Hving room back makes

ve

gain is possible in 1952. In a per- ering home purchases and the won't go any higher next year. available for GI w | { 4 per cent when $39 was paid for two loads d by the V ans Admin a teed by the Veterans inistr {dustrial fire losses in the United

lod of military activity, demand volunt Credit Rest -'because increased personal savPrime and subcontractors have oluntary Cre estraint Pro-| : {loans guaranteed by VA possible {for agricultural products is bound gram lings have given banks and loan| + [of high prime steers Wednesday. tion, . he. Tivi been building up inventory, look- = nies. a Je [572 covering all investments. Ing g | Another $48 million in direct| Cows were still $1 to $2 higher States in 1952 is indicated, ac The living

production is increasing. Supply is! catching up to requirements. In-

: lassociations a “plentiful” supply| Defense Nesds Kise lof money to invest in home| VA 10ans already has, been ap.

There was, however, some in- mortgages.

“Shortage of VA mortgages 18 cording to an insurance safety

the entire b beginning to clear up,” Mr. Sum-lexpert, Fire losses in the United

you could a

ing ahead to their peak load. {

{for the week, bec Only recently, General Electric ause the supply

(proved, leaving only $7 million of of this class sfnce Monday was on

announced that about 25 per cent| { {the $150 million revolving - fund ext _|mer said, “with the return of more gtates for 1951 were approximate- side in, and of its facilities and manpower are L.3llons pressures are abating. A Sreased orga ge Huuneing in| He said savings associations yyien Congress gave VA for 61 spite ely reall pro Portions de money to the market. We can ex-|]y gix per cent ahead of 1950, Nel- beautifully | now going into armament and Price sell-off in "52 is quite pos- connection with the dpfense pro-ialone expect to have $5 billion nome 19ans, ‘and heifers were marketed as/PeCt this trend to continue andison M. Knowlton, president of the Wake mize

thus eliminate the direct-lending gederation of Mutual Fire Insurpreliminary step which & brings ance Companies, stated. However, government into the business of progress is being made in reduechome financing. {ing the loss of actual or physical “There is a determination to property, Knowlton stated, pointsee that more mortgage funds for ing out that the increases repreGI home buying become available sent largely. the higher dollar

gram, both defense housing and to lend in 1952, of which at least| pf i ’ ‘commercial loans for defense one-third will go into bullding ,,p a hapkus, wou Jieklast week. purposes becoming an important joans. That proportion probably ipa FHA market is 4% per entae arel Svday 3 yak!

of 35 per cent. 80, G. E. is near {part of the financing towards i e| (ment will be in good demand. P ng mal Hse he 58, jf nie insurante/qnd private mortgages carry in- steers brought $33.75-$37.75. Leomp [terest rates up to 5 per cent—VA| Cows, bulls and vealets were

the top. ; . he latter part of the year. Key to Recession However, the rate of expansion ® y L ox : Batata ios taper off, so that profits gtter), Hs Mortpages accounted for hond market more attractive than), find itself seriously short of Very scarce 1als And © ton cere ant expansion -— instalation (5yey may be lower than in '5l.| On of the years new mort- construction loans. funds for new GI home lending. mercial cows reached $27 of new machinery and the con-| {gages financed by the life com-| «If life insurance funds are] e .

the words “I tice that one ture window, same area. The three tionally well wardrobe tyr

that it will reach a peak this year : HEAVY GOODS: Machinery,

{machine tools, and plant equip-

CIVILIAN DURABLE GOODS: Supply will probably just about equal demand. It's possible that

struction of steel, aluminum, tank, airplane engine, and other facil-|

[panies and $5.27 Milion of their {total mortgage financing.

‘ules are lower,

needed,” he added, ‘They can be enticed back into the mortgage

And it will dash any hopes of an Commercial to prime vealers early cut in mortgage interest were $28-$37 and light culls were rates for non-veterans. (down to $15.

in 1952. This is the significance of the action recently taken by the Veterans Administration in plac-

value of property.

doors in eac centrally ‘loc for guests as

ities—will reach a peak some | Veterans Administration mort- crease in time in 1052, And nt there is Just when shortages seem likely, | gages, written for veterans un- jase we ase a § ing 15,000 home loans on the mar- the family. \increased supplies of steel and jer the GI Bill 4 ’ ; ° ket for sale to private buyers.” The heate the key to the next recession. loth torial er the G 11 of Rights, ac-rige is hard to foresee in view of Tiiese lagna were made trough | Some persons reason, as goes; BITE? SCANS mri 8 may per- counted for about 313 billion of the supply of home mortgage rain utures Lower the direct government lending MODERN Be room Manly Fleischmann, head of the] aba . the year's new mortgages and money.” . : } A one o e a rs. $318 bilion of total mortgage” one of Every Three | copycat Bie! Hot cram su lSmier contract showing the Fork “Grigumar loans were macs [RISS18E pe a current construction of war oldings. The league represents mearly|, . ! . . most loss. ; " : . | plants is pushing aside construc. S0Me Taxes Up ” | Farm mortgages, not includ-/4000 savings associations and co- oe past Be Da Soybeans were weakest this in prea Wn % Jer tent hope P {3 Jnany steps tion ‘of hospitals, schools, high-| TAXES: About the same as fn ing Veterans Administration operative banks which finances. on", "00" 0 eee busher Week as selling of beans in sub-|gpje. Wife to ans ways, - BOI office bulidings, | 51 for. the Federal goverment |joans Sa rTme, Fepresenied more about one out of every three home in this short week stantial volume followed declines! “Va’s purpose now is to sell the v 11113 33 ! or back door and so forth. Therefore, when de- Congress won't vote more. But : purchases. . * lin vegetable oils and issuance of ITI A fense construction tapers off, de- state and municipal governments, new mortgages and approxi-| «whether he buys a new or Brim showed fair price Bans November statistics on eonsump- has ae in YTS 312111 Redru ferred projects will take up the bard pressed for funds, will try to mately $1.49 billion of the totallexisting house,” Mr. Hazen said, PRLS P d jhe Jnasksta reopened ion of cottonseed and soybean ing fund, and so replenish the T EERER 31 es P SoNstruction Hack, Ha Faige ola rates and perhaps devise] MOLERRER. mnt of Nie insur “the 1952 home buyer will 3nd 3 of A > iid Tie Suspension oil and supply stocks at the end rund for indefinite turnover in complete EEEEEER War m ut a minority, of whom I'm new taxes. "easy to secure financing prov {of that month, y . S i one, féels that other construction] EXPORTS probably will drop, @nce dollars in mortgages hasipnis down payment is adequate to holiday. Weather conditions which | Compared to Friday a week direct lending More the Mortage ile 11311313 > : : lagain b important part tended to curtail marketings and y of 4 per cent money endures. s$soOcia mori quite 1 he gun The 0 The. dolar shoring has Deco 8417, TACOme wn Important par met he cel regulations ata #006 0 Uriel mArketngs and ago when: ulna. 10% con 31” Coming Bakr to sh peo: Ws tire defense program has bee acute again. European nations : lished by the eral go stock on the farms aided on the Dushel lower. corn 5% to 2! cent|yening of Congress, which is NN A) 43434 Newly elec

tended into the future. The schedroduction is slower. So, some cutbacks in plans for expansion are inevitable, Further, the business lull since

fear inflation and economic strain as much as they fear Russia. Evidence: Prime Minister Churchill's announced policy of re« armament retrenchment for Bri-

At the turn of the year, the mortgage holdings of the life companies add up to 28 per cent of total assets. As recently as five years ago, the percentage of

ment.” .

Heads Real Estate Unit Of Indiana Trust Co.

upturn. (lower; oats 3 higher to 1% low- : jer; rye 11; to 6c lower; soybeans ce Brass (oh Wednesday g1; to 53 lower; lard 28 to 42 ay stemmed largely ints a hundred pounds lower. from expectations of export sales tt epee rane

in the near future with Germany.

certain to be concerned with the problem of mortgage financing for home buying, the action of the Veterans Administration indicates that the alternative to private

tERERE | 135331373 31511313 3313118

Plan {THT

‘National Wa Air Conditio ‘Mr. W. D. Re He was elect “ing the recen

February is, itself, a factor in |iqi, Lee P. Hargon has been named . “conventio: the outlook, You can shrug ft off, gx oo (asses invested in this chanmell lo lop She real estate de-1t Was believed that Germany Utica Makes Jet Starters #origage money at ¢ Jer cent wil i Fonvertion 0 as many economists do, by saying| , ."\ t).tion pressures gas only 14% per. cent, The partment ofthe Indiana Trust Would buy U. 8. wheat this week UTICA, N. Y.—Production of to pe 2 Bok teed ES ont Sins The Natior that people are over-saving QW. | ans At. salt 8 the. piazhet present dollar investment Inco, Otto N, Frenzel, chairman, of early next week. the world's drst Jet- lane starteribot 8 on Satan by the By MCRL LET ving and Air that they'll resume more “nor- 81S O° SSCME the WArtelmortgages is nearly three times nnounced yesterday. However, it was learned Fri-wnich operates fe re hg Weg ciation is | mal” buying later. : eh this’ in 1951, although | S8Tegate of five years ago. ur. Hargon has been treasurer/day that the German buying of io crews and equipment “Realtors are urged to point out group of the I think it's not so much a mat ne right on the trend in re of the Indianapolis Real Estate would be postponed until Jan. 7 yy get under way arly in 1952 to banks, moriga Eo and Qustry. Its ter of oversaving as of over-. 28 TSU J. H Short Board, and active on its commit-land wheat lost its steadiness. : L Hot gag : prises more h |{iness. What's more, any signs of J. ervey orrs at the new Utica Division of Ben- others that attempts to increase ™ ara mortgaging. Ever since the War, |, "p blican victory in Novem. tees. Corn held largely quietly firm ix Aviation Corporation. Though net yield on these home loans can Be turing, Whol Juoble nave ES Som Wher might cause a femporary| TAKES New Post She SE utd Priaey after hs opening, th new starter weighs only about result in permanent direct lend- contracting f men uying homes -1 sells and man { ng urr on ednesda, ” A resident term mortgages, or making in. SPUIL. In this, you picks your| J. Hervey Shorts has been poth the Indiana Trust and the prompted in Todt by bad Wee et ee et ent Son Ing activity by the government. more than 4

.|forecaster, and bets on your own named general f th stallment - commitments, or in-| lg manager o e vesting in life insurance. Pay hunch. (Fiber “Glass Division of Pittschecks have been “spoken for.” FINALE and conclusion: Less burgh Plate Glass Co.'s new plant fa butter and more guns for '52. But in Shelbyville. the department's management, prices, Spending Jag Ended |as the year draws to a close, the| The plant was listed on thebut will retain his relationship Oats chiefly reflected the trend

| prospect of more butter along market for §1,125000 and has in a brokerage capacity. of the corn market with the Sep-

Not only that, but for six years..." cins should be appar 147,000 square feet. It will make! —ever since August, 1945—Ameri-| ent. And 5 PP tve t fiber : | lent. plant expansion fortwo types of fiber glass, strand Glass Goes to Defense ¥ , cans have been on a spending jag... . .. i declining, as I'm fiber and super-fine fiber, and willl “oy mo Accelerated work for! h Briker i 3 ° 9 odern asonry Strensth—Insulation—Safety

The a ir og a autos, EUessing, the inflationary trend hofloy Bbput, 240: ervony at tS the defense effort has caused) ’ : ' ak. washing machines, vacuum elean- 3h0Uld Yecede. Ana 0 soll Se Pee Libbey-Owens-Ford Glass Com- Srensth-Insulation—gatety

is chairman Majestic Co., facturing con is one of the the associati has been act the associati zation. He has bec board of tn eight years, which he has

Merchants National Bank and its conditions for marketing. Most horsepower in 3! seconds, Benbranches. Za jcorn contracts averaged ¥ to % dix oS el : W. E. Bushong is retiring fromicent a bushel below last week's

| | |

NU-WA

RIA Ee)

d 7 %1 ii

I he Kitchen Remodeling Stoie

AER ILC CR ATLL

One-Stop Bathroom and

ers, suits, shoes, white shirts, etc. e All the while, new plants have Nave another forecast.

Gardez

George D. Shults

pany to set aside space in five of its large plants for production of |

* INDIANAPOLIS BRIKCRETE 236 E. New York St.

NCE co

terms of se

been built, and, on top of new VOUS! : ‘Manages Birr Lot glass used in aircraft, tanks, ships | 1000 & Foes Ave "Orr or INE sim Open Mon. & Fri. Eve. Till 8 MANUFACTURED IN OUR OWN PLANT and first vice peacetime plants, ve are now hav- H Id G 5 Ott Ber, president of 0. A and other military equipment, he . _ 0 M ng wartime expansion. ‘Haro . rr, president of O. A.| — sy DE e-Ma That means the economy is vul- a armer \Birr Motors, Inc, Dodge-Plym-|| America's Outstanding Combination : Ne Lian

Named Sales Chief

nerable—when, as and if defense expenditures or private capital outlays decline. Indeed, we'd prob-| ably be in a recession now, except named sales manager of the for defense.' That being my posi-| Glidden Co. Feed Mill division, tion, rightly or wrongly, it follows J. C. Rankin, manager, announced that: : lyesterday. ’

CORPORATION PROFITS are te and for two years represented due for a further squeeze. Higher Glidden in the Central Indiana

INFLATION is over the hump. Mr. Farmer isa Butler gradu-|

louth dealer, yesterday announced the appointmefit of George

Harold C. Farmer has been ghyits as used car manager of

(the lot at 1145 N, Meridian.

{| Mr. Shults has spent 10 years) {in the auto business, six years in|

{the mechanical end,

and four years in sales.

| | i | |

|| Selt-Storing . Windows and Doors | NO DOWN PAYMENT

MA. 5554

934 S. EAST ST.

JWWOINENE

Change of cur Name

Effective as of January 1, 1952 The name of our corporation

VAN SICKLE RADIO SUPPLY CO, INC.

Wire w

ork

Call or Write for Prices or Salesman

FOR PROTECTION

Iron Railing

Wilfred Boite for standing of his former people not to

.'area. He is a native of Lapel, anged to: ing net. As & consequence Tedue ye any 310 1ived 15 New Sadie] maswae whe o p) Srangade Gal) TA, A sin lis ROUNDS ir 1101 5. 33th commonplace og ae in 51. sales for fiscal 1951 hit $228 mil- BUSINTSS PROPERTY ! 3 ! $ +) RAHAM ’ Sarrmpm—— State-Wide OrVICE meres] Businessmen can't be sure they lion in paint, food, soybeans, -— NO CHANGE IN - gan pass on increased wage costs chemical mining and cattle feed. Management t LOCATION OR SUPPLY, INC. | . ee,” OFS. eA! oa)y eae! kinding { MANAGEMENT (6 PENNSTLYVANIL ST. NOLANAPOLIS 4 INDIAN | de ry ins * | resistance. So. they'll be tougher NORTH LUMBER Appraisi 4 oor ole in bargaining with unions. Recent + HARDWARE Inc. Ppraising t -— Gy Se Vie ‘At & Ga Murtyuse bom t 4 v NG: last, surance Age ves Jou Sta break N. Keystone at 52d..... BR-5454 > PLENTY OF HOT WATER ANY TIME er 8 went rise as much as 5 oo Hora ffaney Reavers aN K £ 7 : cent in 1952 and t ( astieton Branch ......BRCuring, he sea 1 wi tay eer AL INC LI | WITH A GE AUTOMATIC ELECTRIC ay re asoning Supplies GUARANTY BUILDING - LINCOLN 3543 1 1 A 4 I Je el RUD BEST SELL fp re —| WATER HEATER sell. «) ~ \ | em pine: IRAESSN RAIN or SHINE |. and dearer in the first half ¢ f year—especially i . re uu! UR) C \ { is | JAFS F 4 | ops Nan expansion. 8 ising or ? rr i \ ao ° ames or rumes Jutas. Sian, aniparate wr oa Gdn het SCREEN NTRS OLE -® ® INSTALL ANYWHERE orrow: Ww — 10 per cent of 1957's taxes on LLANAIIINNURA REIL — No. Chimneys. or Flues March 15 and June 15. RETR Bo ® DEPENDABLE —— 10-Year Protection % CHAMPION FUEL SAVER ‘ Plan * Closed MONDAY OF THEM ALL ha d TUESDAY 1 RQ a 52-Gal. Capacity “ SUSIOM BUI J Seriifed Kilne an BEAUTY an : iA i A RID 0 We Can Fi % INTERLOCK CONSTRUCTION Because of the Holiday. Normal business hours ay oa | $1 0295 % SEVEN ATTRACTIVE COLORS USE will be resumed on Wednesday with clearance Whe | % 5 TIMES BETTER : BUC £pocial in all departments. Our entire staff ait albu Includes Normal \ a Depping Cold Alr Loskoge [= wishes you a WHEN WEI Installation : Dear Sir: - : crack, every crevice, [71 om int HAPPY NEW YEAR! THE paint XEININERLLIEL FHA TERMS . Pr Uk: SUT. Savin. vary hack eases Phy : OF BEAUTIFUL COLOR! S—ONLY 10% DOWN noises and rattling windows silenced. 95% of | representatiy ; i for y PLUMBING ! cold air leakage through windows wiped out. : | obligations! v COSTS LESS | | oT ie siabte oy | LUMBER « + o © + HARDWARE MASONRY Q4 NS 7. UPTO 36 MONTHS TO PAY! fo ~ ; Le #3 | Address ... | X 5 Au ; . x i | rIGHT-Bacimanly || SPICKELMIER CO. _- A VERY HAPPY NEW YEAR | [one ; = Litt te ® 21 ny INDIANAPOLIS STOCK YARDS 1100 E. 52ND ST. BR. 2424 4911 PO o.A i HU, i | MA. 9304 105 S. DENNY ST. FRR. 1192 SIO “AVE, NV, 1900 i mn ———— Ye - fw ‘ Ls + ; i Gn Fo AA 08 HR