Indianapolis Times, Indianapolis, Marion County, 27 January 1952 — Page 36

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Sr , THE INDIANAPOLIS TIMES

Business Outlook— ; : Squeezing Net From the Gross

Special Issues Pace Stocks During Week

i By United Press highs. Demand for all metals, inNEW YORK, Jan. 26—8pecial .,,4inc steel, is to continue for al issues She gToecial groups ruled |... {ime according to govern-| the Stock Market during the past experts. . | week, v ; : Some of the tires mounted on The averages, which are made, r,yoraple outlook for that in-

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By J. A.

. . = It used to be that a business man could measure his

up of leading issues, were about dustry. The paper shares were unchanged on balance with the given a whirl and some developed) industrials up a few cents and the heavy trading volume. Chemicals

Livingston

SUNDAY, JAN. 27, 195

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success by his net earnings: How much he had left over for dividends after he bought his raw materials, met his payroll, and paid his taxes. But not today. Sharp changes in tax rates have fractured the yard- m— stiek. Last vear is a case in point. Businesswise, UU. B. corporations didn't do badly, despite the slump in textile and disappointing retail sales,. They had gross earnings if $44 8 billion after all operating expenses. That was a 7.5 per ent gain over 1950. But taxes more thgn dissipated hat improvement. They rose from ,$186 billions in 1850. to

was sep ——— sins

holders fared. better than in "50. Dividend payments were up from | 9.2 billion dollars to 9.5 billion, | But in the fourth quarter, dividend. payments were estimated at 10 per cent below the corresponding quarter df 1950. And the margin of protection for these diminishing dividends is narrowing. In 1950, for every $40 paid to shareholders corporations re-

instance, corporations paid out 68 cents of each dollar. earned. During the war, this proportion dropped to 40. Because of wages ‘and high price ceilings in those days, it was not good form to pay high diyidends. By United Prov All this has broad significance: CHICAGO, Jan. 26--Prices on

ure how well a busilness executive copes with the problems of a defense economy — higher costs, hortages of raw materials, highor wage rates, etc... You have to udge his performance before faxes<-not after taxes--in mak ng vear to vear comparisons.

rails easier. Utilities were up shightly, but missed making a new high. Yo

Transactions rose to the highest level since the week ending Oct. At ‘the week's highs, indus{trials were at their best level since O¢t. 15 and rails since Feb. 117 last year, Net changes in the issues used to compile the averages generally

vd 27.

Pacific in .the rails. These declined. Panhandle Eastern Pipe Line was a wide gainer in an

sl otherwise narrow moving utility

$26.7." or nearly 50 per cent. Af tained $60. But by the end of list. result, net income shrank 20 1951. the reverse was true—8$59 J&L REALTY PLANS SALES—A sales program to sell 125 Oils Strong er cent—from $22.8 to §18.1 bil- paid out, only $41 plowed back National Homes prefabricated houses this eu, is mapped out by | ns Bad the widest gainers one. into the business. officials of the firm, (left to right) John Lookabill, William Jennings 1 deotriments, Incluiiag tie N Standard Dividend payments are now and Guy Whiteside, Mr. Whiteside is the sales manager. of the a ba ™ i on . “im. ew Jlandan approaching what used to be re- go. now residential brokerage and insurance department, 801 averages. sir srengt The inference, therefore, is §arded as “normal” about two-| , 4. Bldg. : tained the industrial issues. Most clear. Net income doesn't meas- thirds of earnings. In 1929, for = — of the leading petroleum stocks

reached new highs and held gains

Cattle and Sheep Prices Up. ZSNging 18 Were than points on Hogs Drop Off for Week

was based on outlook for stock splits. Earnings of the group are ago, the early bulk choice to low expected to make a good showing prime fed steers were $33-36.50 when the reports are issued.

and aircrafts were bid up from time to time. Indications that the, “freeze” on color television might! be modified brought a flurry of

strength into the television shares.

Specialty Steels Up

Specialty steels moved higher. Many special issues were bid up sharply.

line with Wall Street predictions Sharon Ave. New owner is Helen E. Gauding, held in a narrow area. Exceptions at the end of 1951, namely that | old Offer and wife. included Santa Fe and Northern the stocks in the averages would — — — — — :

rest and the other issues receive attention. Profit-taking came into some of the previous week's favorites and /they declined. Leading steels did nothing as the financial district awaited their earnings reports due next week. Railroad issues were Strong ge, early in the week. But they failed th to confinue their upturn and some held this had an adverse influence on thé market as a whole.

On Wednesday prices slipped House in Chicago, Feb. 24. They’l back generally, the first decline learn new ways to save steel and Demand for some of the oils the market had in seven Sessions. .. .. .ritical

It rallied later under the leadership of selected issues.

verse items, but on the whole cor-

government construction controls, Business news had some ad- and how tg cut operating costs.

WIDES ADDITION—Salesman Bill Ankenbrock of the F. C,

This tendency was in| Tucker Co. represented both buyer and seller of this home at 3210

the seller was Har.

PS in connection with the con-

Mason Contractors suction mary. Combat Shortages At Chicago Meet

* Other speakers and forum discussions will deal with efficient operations, new developments in !the industry, and management |phases., Speakers include DougMason contractors from every las Wltioi. Bich Wa it Y {Produc nstitute; ar A ction of the country wi! attend Bates, president of the Bricklaye Mason Contractor's Associa- ... wasons and Plasterers Inter-

tion of America, Inc, show and national Union of America; convention opening at the Palmer Robert Taylor, director of the

| Structural Clay Products Research Foundation, and 8B. H. Westby of the Portland Cement about Association.

Appraiser to Meet

Featured speaker at the MCAA| The Society of Residential Ap-

materials,

This is especially true because f the excess profits tax-—which years down more heavily on some smpanier than others in the same MUSINEesSs, For a while, after the war, ‘axes came down, Not only was the excess profits tax eliminated, wit the rates on corporations were reduced. From 1946 through 1948, ‘he regular federal tax on large orporations was 38 per cent. Then the rate started up. Last vear the regular rate (normal and urtax) reached 503% per cent, on ‘ap of which was an excess proits tax, This year the rate is 12 per cent plus an excess profits tax that can produce an over-all ieavy of 70 per cent. The following table shows that taxes now take a higher propor‘ion of over-all corporate profits ‘han during the war and four times that of 1929:

Corporations no longer can count the livestock market this week pi ate Hulk sold at $34-37. Mod-

Metal issues got a boost and porate developments were seen as convention will be Edward P. praisers will meet tomorrow night

on a large excess of earnings were mixed with cattle and sheep est’ supply prime yearlings and several of them reached new favorable. over dividends to finance expan- advancing while hogs were mod- i... weighing up to 1350 pounds sion. That explains the continu- erately lower. Liberal recelpts, ;. cont £3725.3885 and three - ing demand py corporations for particularly at other markets, to- shipments of average prime to

Morgan, director of enforcement, in the Martinque. Office of Price Stabilization. He an open discussion of “Construce is expected to clarify recent gov- tion Costs in 1952,” Scott Pad.

There will be

new funds from banks, insurance wards the close of the week companies, and investors in gen- tended to keep hog prices under eral. pressure on late rounds. It also explains the new note High for the week on hogs was of caution among corporation $1880 on Wednesday, but on the executives about plant expan-/ close the top was $18.60 and the sion, They can't be sure where bulk of the choice 180-220 pounds

the money's coming from. sold at $18.25-18.50. Most 230-260 y . . pounds brought $17.25-18.15 inWall Street's Hesitation cluding 250 pound weights at

$17.50-1760. Choice

At the same time, it suggests 270-330 ' gests SITS01T 00, CO osed at s16.15 Made in Week

that dividends are prohably their way down. The probability 17.25 with 310-330 pounds weights is that from now on fewer com- At $16.40-16.75. Choice sows 400 panies will increase their divi- pounds and less closed at $15.25dends. And, if- earnings continue 16.50. Comparable 400-500 pounds to contract, reduction in rates will| OWS sold from §14.25-15.50, the become more prevalent. So on latter price sparingly for 400 balance, stockholders won't do as pound weights. well in '52 as in '51. Sheep Prices Rally

high prime weights sold at sales commercial to low choice By United Press steers were $29-33.75. Good 1225 CHICAGO, Jan. 26—Grain marpounds mixed breeds $32.50. Odd kets on the Board of Trade finlots utility steers down to $25. ished the week on the upside with ————— w— the exception of oats which was slightly easier compared to a week ago. Prices were steady to firm in | the early part of the week under | the influence of inflationary ideas {stemming from, President Tru-

1155-1345 pound $39... Most late

$129,550 Sales

By North Siders

North Side realtors this week pected export trade. reported eight sales worth $129.-| Markets lagged in the latter 550, Chairman Guy Boyd an- part of the week, however, as nounced. traders were disappointed about They -were recorded as follows: the action of outside markets,

Most Grains on Upside

man’s budget message and ex-!

ernment regulations issued by the get, president, announced.

Some cold weather over the country conducive to feeding of livestock stimulated a demand in corn on the first two days of the week, As weather .conditions became more favorable for conditioning corn and traders believed that grain may continue to move to terminal markets due to rather mild weather, prices began to drop. The soybean market was rather quick to respond to any signs of change in the vegetable oil markets ‘this week and ended with higher prices as did the oils. Beans were aided by the sale of

Have you been to the

NEW SHOPPING CENTER . OF SPEEDWAY?

It's on 16th Street just four blocks west of Main Street at Lynhurst Drive. There's plenty of parking space and you'll find four brand new stores — Beck Drug Store, Speedway Hardware, Pam's Fashions and Parker's Watch Shop—plus a doctor and a dentist's office. There are

twelve completely air conditioned efficiency ‘apartment

units upstairs.

Pfts. bef. Taxes a8) That accounts doub Robert E. Walker — 1041-1043 particularly the decline in cotton Taxes Taxes % ofthe mixed senti Be i ou hoo The feneral .sheep market "qq, co-operating broker, and cottonseed oil, and small ex- about 80,000 bushels to Norway : ’ . / (in billio * Pts 4 ntiment in all qragged early in the week but re- Haynes Realty Service port sales and reports that Japan and Hol- You're Invited — Come on Out! a ns) 8. Street. Btocks are Paling to flected substantial “life” late not = : sig land were interested in acquiring 1929 $08 $14 14% reach the high lefels of last only on good to prime wooled Driscoll Realty Co.—5140 KE. Most of the export business in peans. a a3 1.5 23 |September (mee chart). Investors jambs but on handy shorn lambs, 20th St. wheat this week involved Pacific. Deferred contracts in oats man- BECK-HANNA REALTY Ih 5d 114 57 land speculators don’t get a clear g¢ well as on all natives selling] Alfred Campbell — 2185 Gent Coast varieties with Japan and aged to finish steady, but the d » 23 Ne . 2 3 scent either of inflation or higher | yer the awkwardly wide spread’ Ave. India buying about eight cargoes. nearby March delivery, as well t5th and Lynhurst Drive 9. Ba oI 3 dividends in the winter air. Hence, or §15.00-30.00. | Norman L. Hammer—32168 W. Pious expos buted hot 400,- as May, were about 1; cent a m O15 ip : : the hesitation. | Compared to Friday last week, gop gt. . : sacks in sales to Guatemala, bushel lower due mostly to lqui- : . 13.0 38 However, Wall Street and cor- cjosing top choice to prime handy | Lebanon and Holland. |dation. 1049 28.3 11.0 39 [porate management have someth- , oled lambs was $30.50 with wef, F lar LS oR } 1950 414 185 45 Ing to look forward to. When, as, pk 107-115 pounds at $29.00- Broad Bs Btn hve ‘gt ead 1051 44.8 26.7 60 and if the defense strain ends, 3000." Handy No. 1 and fall ro oRGWAaY; *o2& % i MAKES CELOTEX itaxes will be reduced and profits .porn’ n , 6121 N. Oxford. WELL I p oti and profits horn fed lambs went at $29.00, < x .ess Protection land dividends might rise, busi- with the bulk at $28.50-20.00. Fay C. Cash—Lot, Crows Nest. The rise in taxes has just be- NeSs permitting. But that’s not|ngative lambs, very draggy early| - = i WORK YOUR HOUSE ! aun to affect dividends. True, today or tomorrow. in the week, were well cleaned 8()0o/, Roofs Are Asphalt

during 1951 as a whole, stock-

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SA jup at $16.00-22.00 for culls and = Popular Porcelain lup to $30.00 on choice handy fed| Findings of the HHFA indicate, | About 200 of the most import- offerings. Utility to choice fed that more than 80 percent of the

lant militiple housing projects yearlings, $21.50-24.00. Slaughter |; 350 000 new homes constructed

[built during 1951 were equipped ®Wes. $11.50:14.58, a any in 1950—an all-time record—have |with the modern porcelain enam- Kinds sp g' " \asphalt roofs. This reflects ]

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|eled steel type of bathroom or Culls, $9.00-11.00. lh \ in th ot |kitchen plumbing fixtures, accord- Storm Boosts Cattle i pure Herense RC 2 se ot ol {ing to the Porcelain Enamel In-| In the first two days of the Pal, angles ov pas ok

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Speedster in uncertain fashion but generthat time had asphalt roofs, One of the world’s fastest stock ally favored the strong side of Pp

I | 4 ————————— { lcars, the Briti Cw steady. On the mid-week session, | on Jaguar, oie an abrupt ehange of $8,000,000 Lure

(has attained a speed of 132 mph however, ‘ : |without special alice mp pace forced prices sharply higher Meridian, Miss, a city of 42,000

{porcelain enameled exhaust mani- as Eastern packers found it nec-/1s going to market $8-million folds to insure against corrosion essary to place larger orders for worth of revenue bonds to build |and provide a permanent finish cattle in Chicago as a result of plants as lures for two big in|despite high operating tempera- Storm curtailled receipts at most) dustries. One will be a $6.5-million tures. other centers. Censequently, textile plant, the other a §1.5-mil- — slaughter steers and heifers closed |lion clay products plant. Rents unevenly 50c to $1.50 higher. will amortize the bond issues. | Compared to Friday a. week)

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“small” should be this column for this small home and ye and an excellent d There are many t easily be changed dividual need. For den could easily be room with bath ne basement could be ¢ a gas or oil heater closet opening on next to the firepla space used by the “ The exterior could any maierial altho ple who have built the material desig architect, rough br zontal wood siding gable ends for eon Let's take a stro front door. First th bule and coat close! entrance hall with toward the back an ing to the central left is a nice-sized and to the right : room with natural picture window in t To the right of t another door leadi bedrooms with ba convenient for gu den or maids room opens from this sai The kitchen and fast nook is well p “U"” shaped work ¢ leading to the gara A basement und means twice the shown and the size sirable to have tw ing down as showr plan. Elimination of th quite -possible as a dry and heating r placed in the area back stairs and a bedroom would ha closet space.

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