Indianapolis Times, Indianapolis, Marion County, 6 July 1952 — Page 40

Susie Outock— “The Lines Are Busy

By J. A.

From a proud perch of more than $300 a share in 1929, American Telephone & Telegraph stock dropped to 70%

Livingston

during the depression. Telephone below par. That's like

Casey's striking out. Earnings shrank from -$12

and orphans suffered and prayed for their dividends. And got them. But the illusion of Gibraltar-like safety was shattered. ; Yet, by 1939, more telephone were in service than ever. Earnings, once again, dend. The stock sold for 130 or better. Then came war. Costs went up. Bo did taxes. Telephone rates stayed rigid. All the while the company had to expand facilities to meet the reriod of a military economy. rom 1942 through 1947 inclusive, the company covered its dividend only twice.

al shire to less than $6. The widows (in younger personnel—with new

ideas.

Long - distance telephoning has icompounded roughly at the rate 'of 5 per cent a year. This actually adds revenues without greatly en|larging the investment. Here, rate covered the divi- reduction is a factor. In 1920, a

|Coast-to-Coast call was $186.50, {now it’s $2.50.

| Utility commissions have heen reasonable about rate increases. injcreases since 1940 amount to 30 {per cent as against the 90 per

Authorized and requested

cent rise in the cost of living,

37 Million Phones

Today, the company has more

observance of the firm's 50 year new model is finished in white en pepper red leather.

GOLDEN ANNIVERSARY—Cadillac will displ

; Stocks Rise, Fall On News of Steel Strike Situation

BY United Press ° NEW YORK, July 5 Stocks rose and fell this wek on inter|pretations of the steel strike situ-

| ation. : They gained Monday and Tues-

ay their de: signed sports cars Tuesday at the Hoosier Cadillac Eo. Inc., in [d8Y When Wall Street anticipated

. » h jan early end of the. strike and anniversary, Pictured above, the |... into opposition when a steel amel and the interior trimmed in jeader said there was no ground

: oy for agreement between the mills

By ROBERT F. LOFTUS United Press Stall Correspondent

Builders Feel They've Been Double-Crossed

and workers. But the dips were small and the market met support in the final session of the four-day holiday week, Industrials, the star performers, netted 2.51 points and the recently laggard utilities gained 3

Malsbary Associates,

R hoy John Nunes and wife.

Hogs Close Higher; Sheep

"FOREST MANOR—The home of

WASHINGTON, July 5 — The home building industry's hopes for a boom year appeared today to have been blown sky-high by {the surprisé Congressional action

cents,

it Mr. Truman ordered a survey, ...oe

of home building activity for July, August and September, he would have until Dec. whether Regulation X is on or off. Home building starts have been running at a rate of about 1.2 million or higher for two months, But much activity was traceable

turnover to 1,325,807

week.

Rails lost 3 cents in their

By United Press CHICAGO, July 5—The hog

market closed mostly 50 cents higher this week but the general

was rather irregular.

And Cattle Irreqular |

The market closed June on a strong note and opened July 1 Jo dacs equally buoyant, Trading picked up and lifted the daily average shares

against 1,134,300 shares daily last market on both sheep and cattle

Pent-Up Demand {than 37 million telephones in

& “At the end of the war, ” a i pent-up demand for service [he number in ‘29. Barnings last

Ey year, at $11.76 a share, made the war-boomed towns and cities.'sg 4: 1qend look fairly secure.

ivestment in new construction” ArgT is not an inflation Was as follows: ‘hedge. Rates seldom rise as fast $3946 .....0000. 8 690,000,000 [as costs. Utility commissions are PAP4T .evesssess 1,185,000,000 [not that reasonable. However, EHD48 .udesenses 1,460,000,000 {two generations of telephone £1049 ..vevees.. 1,080,000,000 ‘management have had bouts with 1950 [inflation - and maintained the DUAPB1 v..ssevess 1,059,000,000 (dividend. Xe Ar ment 3 _lanalysts ask: “Will A 's manAnd. outlays ran to 3203 mil agement. always stay ahead of {ion in the first three months of A SDL IC wouther. -another —4his year. “Again, the old Wolo ession?” ¢ry: Can the company earn| Such questions apply to any money on the new money? Right company — du. Pont, General , the company is asking Motors, Philadelphia Electric, Ys holders to subscribe to $100 Eastman Kodak, Take your pick. af convertible debentures for each And, on its record, AT&T is here géven shares owned. After Sept. to stay. It's a good egg for any gach $100 debenture plus $36 investment basket. But, because in cash can be exchanged for a/it's a common stock, don’t make Share of common stock. {it the basket.

Diluted Earnings -

AT&T Service, two and one-half times

that will have the effect of con-

|tinuing controls on housing credit to the expectation in building cir lat least another five months. Industry spokesmen, predicting confidently the controls would be killed by June 30, were dumbfounded by the upset. They said glumly the move will halt homebuying the rest of this year by thousands of middle income families who were waiting for the down-payment regulation to be removed or relaxed. With practically no hope of getting legislative relief until the, new Congress next January, builders were expected to turn heat on the White House and the Federal Reserve Board. Less than 24 hours after President Truman signed the bill extending real estate and other controls Monday, the National Association of Home Builders started beating.drums for presidential action to kill “Regulation X" housing credit curbs. NAHB president Alan E. Brock-

with a resultant boom in sales.

are empty right now.

months ahead.

pose. Inflation Threat Ended

away with Regulation X,

cles that credit restrictions would be relaxed or removed altogether,

Building industry experts estimate about 250,000 new homes They say the number may increase if Regulation X is allowed to stand until December. That prospect can be expected to slow construction in

Builders, too, are burned up over-the-fact-any survey on Whith fifgh—the best level since 1030. the continuation of Regulation X would depend would include public housing, which they bitterly op-

Mr. Brockbank recalled veterans groups and labor organizations, as well as the building in- {400-500 1bs. sows at $16.50-17.50. dustry, petitioned Congress to do

He said builders accepted credit

.| Last Tuesday the industrial average set a new high for the year and thus gave the market a triple top. It hit about the same figure last Sept. 13 and Jan. 22. The railroad average reached a new high for more than 21 years.

Best Since 1982

The “triple top was a bit worrisome to the chartists, but many held that the market was consolidating its position for a new attempt to penetrate the 1951

in six weeks. The advance was

order buyers along with a measureable advance in most pork {tems. The week's top price was $22.25 paid at the close for choice 190210 Ibs. averages. Closing prices on choice 180-220 1bs. were $22.0022.15 with a few at $22.25. Most 230-250 1bs. closed at am Aside from the steel news—or With 250-270 Ibs, weights a lack of it—there was little else $21.00-21.50 and small numbers for the market than items affect-|280-310 bs. at $18.75-20.75. A tow ing individual stocks such as a lots scaling up to 360 oo. banks dividend reduction for Guantan-|28 low as $18.00. SN 0 ne. amo Sugar, a dividend omission and less closed at ‘ .

. with some young butcher sows Jor Siege ha Shug 0 pation under 300 Ibs. to $19.59 and most

stock dividend for Motorola, and a higher appropriations for aircraft. Individual issues moved up or down as the news was favor-

50 Cents to $1 Higher Native spring lambs finished

Largely as a result of a sharp pre-holiday advance, hog prices unevenly steady to as much as §1 closed higher for the short week. lower. Heifers followed much the Closing prices were the highest

attributed to broad support by

“Since the stock is now selling &bove $150, the conversion privilege is attractive. But it dilutes éarnings. And the company contemplates further dilution. The 1951 annual report says éven though “the proportion of debt in the Bell Systema was reduced from 48 per cent to about 44 per cent, the proportion is still too high and most of the new tapital we need should be ob

AT&T's success to date 1s ble to: logical improvement. The

% “hasn't waited for obsolescence but produced it. Bell Laboratories developed labor- and cost-saving devices to get greater service and volume per dollar of investment. Telephone instruments have been improved, the coaxial cable has increased the load of longdistance channels, and s0 has the new radio relay. The dial re-| - duced “wrong numbers” as well as costs. Employees per thousand telephones are down from 24 in ’29 to 15 today (exclusive of Western Electric and Bell Lab .workers). Yet there are more employees today than ever.

Growth an Asset

Growth, itself, has been converted into an asset. Expansion made possible rapid installation of new and lower-cost facilities.

* Only récently, Bell Laboratories| Thursday and some export busi-|

developed a copper wire finer than human hair. It's being used in new installations along with a

Trends in Grain Market Irregular

By Talis Press CHICAGO, July 5--Grain fu-

tures were irregular on the Board of Trade this week and for the most part price changes were rather small in comparison to last week's closing levels. “he eorn and rye markets tended toward a weaker undertone. Strength in corn was one of the main features during the early portion of the week since the failure of any corn to come out on delivery on the first two notices was being given a bullish construction. However, corn futures were later depressed by light to heavy rains over portions of the southwest and the corn belt and a private report which tentatively estimated production at 3,316,000,000 bushels versus last year’s harvest of 2,941,000,000 bushels. The wheat market had its ups and downs this week but ended with prices only fractionally changed from a week ago. The market exhibited a firm undertone at mid-week with general price advances attributed to active buying of wheat credited to mill brokers against sales of family flour for which prices advanced 20 cents .cwt effective

ness. Soybean futures were uneven

new light-weight telephone. Furthermore, expansion has brought

while {steady.

deferred contracts held

bank asserted Congress passed on to Mr. Truman final responsibility for contimuing down-pay-ment requirements on new homes.

Up to Truman

- “It is now up to President Truman as to whether home buyers must pay large or small cash down payments,” he said. “I hope the President has a ready answer for those thousands of veterans, low-income families and defense workers who need housing desperately but can’t buy solely because of Regulation X. “This legislative flasco means simply that home buyers have been double-crossed,” he said. There was more than a suspicion among Washington observers home builders were convinced they were the ones who had been double-crossed. Informed sources said builders had been led to believe the House which voted to kill Regulation X, would stand pat on that position or one close to it when House and Senate “compromised” the differences between their respective control bills. They also expected solid support from some members of the Senate Banking Committee. Instead builders were flabbergasted to learn the conferees, after a session that began Friday

bill tougher in some respects than

{lef it would kill Regulation X. It Starts Drop Off

credit provides

evening, June 27, and broke up early Saturday, had agreed on a

the original Senate version. Some “Insiders” sald several conferees, wearied by the all-night session, with the nearby deliveries weak |accepted.the bill th mistaken be-

The section law on housing! tees, gas taxes and sales taxes, whenever the/these people. paid about $714 milPresident finds in any three con-

restrictions after outbreak of the Korean War in June, 1950, as an anti-inflation measure and a means of conserving critical materials. But he said both objectives have been achieved and Congress still hasn't lifted the restrictions. “The threat of inflation has passed, we've big stockpiles of material, people need homes,” he|& Smelting, the strong feature, sald. “Regulation W which re-inetted 1% points on the week. stricted sales of autos, home ap- Parke, Davis registered the widest pliances and other items, has|loss—7% points. been completély removed. The G : a only credit curb remaining is Reg- 00d Showing ulation X. In fairness to buyers,| Several oils stood oiit on the it should be removed.” " {upside. Kern County land closed President Truman, however, isthe week with a rise of more than not likely to give in on the hous-|6 points. Richfield rose more ing credit controls. In signingi/than 3 points and Barber oil was the controls extension law, he up nearly 5 points. condemned it as a weak measure! Some of the metals

able or unfavorable. A long -list of top-ranking industrial issues rose a point or more on the week. Ralls ranged between losses of 2 points and gains of more than a point. One of the utilities rese more than a point to bolster that average. A few individual issues made spectacular gains, Federal Mining

cause it was that or nothing.

in the law, Mr. Truman said: in a firm tire section.

“It restricts residential real es-

if the construction of houses in any three consecutive months should fall below a rate of 1.2 million houses a year, “This is an annual rate that has been exceeded only once in our history. In practical effect, this probably means that the power to control real estate credit expansion will also be elimi-| nated.” i

while U. 8. Steel gained 25 cents

| (#135 94 of | R yr

WA.1512

British Truckers

About one in 10 adult males in Britain is engaged In road transport, according to Fleet Owner publication. In license

Company

Indiana's Largest

enensonssunansesese nen

made a which he was accepting only be-igood showing, notably Aluminum, Co. of .America and Kennecott. On the Regulation X provision |Firestone rose more than a point

Wall Street was particularly? tate credit controls by requiring/impressed with the ability of the that such controls be suspended steels to resist selling. Bethlehem was unchanged on the week

Pest Control |

the week 50 cents to $1 higher with choice and prime kinds up most. Old crop shorn fed lambs were 50 cents higher. .Yearlings were weak to 50 cents or more lower.

Compared to Friday a week ago, good to prime native spring lambs topped at $28.75 with $29 quotable on . pre-holiday “trade. Bulk good to choice springers $2628.50. Cull and utility kinds $2024, Outstanding shorn fed lambs topped at $25.50 but practical top on choice offerings was 24.50. Bulk old crop lambs $22-24.50. Bulk yearlings $18-22.50 with most yearlings scaling 100 pounds upward $15-18. Slaughter ewes bulked at $5-6.25 with a very few handyweight good ewes passing 50.

The general cattle market was LAWN or FACTORY

z 7 2

NO DOWN PAYMENT i Lifetime Property Protection MATERIALS ONLY or |. COMPLETE ERECTION | Free Estimates—Easy Terms {{ IM-5013 726 RUSSELL AVE. :

lion to the British treasury last year. Of the 4.5 million motor

i A SSE

secutive months—beginning today

ing starts falls below an annual/year, 900,000 were trucks. irate of 1.2 million dwelling units, | Regulation X shall be suspended. If the starts for the three months are above the rate controls are

Nothing to Chance

{=the number of residential build-/vehicles on British roads last

TOLEDO, O.—By the time a

val] lid:

M R) es " \ D Sup ERIOR MiLwonn

+++ NEW FURNACE.

improvement or repai

FOR...PAINTING...DECORATING...

LANDSCAPING...SIDING...ROOFING +++ INSULATION... COMBINATION STORM WINDOWS...REMODELING...GARAGES

> LO THIS CHART SHOWS MONTHLY PAYMENTS

«+ Practically any home

r job you can think of!

Cash 36 24 12 Advanced Payments Payments Payments $ 100 $ 877 300 $ 9.58 $ 13.76 26.31 500 15.96 2294 43.86 r 700 22.35 32.11 61.40 1000 31.93 45.88 87.71 2000 63.87 91.76 175.43 2500 79.84 114.71 219.29

Borrow for Less. ... Establish Bank Credit!

NO MORTGAGES OR CO-SIGNERS REQUIRED

Pleate send application blank Improvement Bank Loan plan

Name

Address

Pennsylvania & Market Streets t MArket 4381

42nd & College Branch HUmbeldt 1341. :

‘38th & Keystone Branch CHerry 1508

MEMBER FEDERAL OfPOS)

ASK YOUR DEALER, SEE US, PHONE OR MAIL THIS COUPON

Sn i Sn

and more details of your Home to:

{to remain in force.

| However at the close of the {three-month period taken under study, the President is allowed {two months to make His findings Willy s-Overland Motors, Inc, {and announce his decision. Thus |report.

new automobile leaves the factory for shipment «to a dealer it |has had more than 4000 separate inspections, production officials of

1401 W. 30th. S

BURNET-BINFORD LUMBER CO.

t TAlbot 3315

. M | Burke + 4225 E. 37th St. was sold recently for him Ine. as ule 9 built on a wooded corner lot, Is now

OPEN SATURDAY

FORD FENCE

LOWEST PRICES NO DOWN PAYMENT

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

very irregular this week, blowing hot, cold, and then hot with prices, very sensitive to receipt volume.| However, a two-way trend developed on slaughter steers with

choice and prime grades strong to 50 cents higher and other grades

same pattern while cows were generally lower, bulls higher and vealers steady. Compared to Friday last week, bulk choice and prime fed steers sold at 31.50.3530 with a few prime loads scaling 1100-1500 1bs. at 35.75-36.25. One load of prime 1380 lbs. weight went at 36.50. Loadlots prime 1450-1565 Ibs. ints 35.00-35,50. Mixed. .chotoe ld. ; and prime 975 lbs, yearlings 35.00. Most. Sood fo low Ee BR §da7 I oe le G 00. Commercial to low ' good grades 25.00-28.50. res. S% 1348 18. Sh

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“By DEAN H. The home for like a very pre family residence actually ‘a compa signed two-famil For the family v an income to hi mortgage this wi home. The exterior brick’ but it co cinder block or 1 Outside planting and corner treat: good looks. Both sides ai let's look througt ts a protected f vestibule, and co right of the livin An inside corne be added by mak larger with four two. The archite of the original I the extra exper sta would be attract

‘added by any bu

To the right of {fs a short hall two bedrooms a bedrooms have ( The magter bedr: in dressing table with sliding doo! save the space by the swing of and make smal the same amount possible. The kitchen a are directly bac room. The Kkitc and efficiently window over the ern laundries, tl ing these two eliminated and room for a deep

Rules Are R SPRINGFIELI —Someone atta to a dollar bill, s stamp on it and mailbox. Postal celed the stam the bill. Their that regulations defacing of U. | violated when canceled. ~

School Days LOUP CITY, | year, for the fir years, Mr. and } son won't have Loup City public of the 10 8

was graduated first completed

The finest, * porch that IN BEAUTI

3929 W.