Indianapolis Times, Indianapolis, Marion County, 20 July 1952 — Page 38

By ELMER C. WALZER ithe slack when the pipelines run United Press Financial Editor dry of steel and have to be re-| NEW YORK, July 19—Cost .of plenished before steel gets to the nation-wide steel strike manufacturing plants again. reached the $1 billlon mark as There "is considerable steel in the strike ended its seventh week steel company warehouses, now today, a United Press survey dis- tied up by the unions which reclosed. fuse to permit its removal for Cost figures will rise more the war effort. When the strike billions later on and will be re-ends, it is expected the National curring to the extent prices of Production Authority will take steel are increased, Industry it over immediately and allocate leaders said. it to defense plants. Iron Age estimates a steel price ‘Resumption of steel operations rise of $5.20 a ton will be granted. Will require 10 days to two weeks, | On the basis of a yearly produc-/it Is estimated. Some further detion of 110 million tons of steel, lays” will be encountered, accordthis would amount to $572 million Ing to the extent of repairs neces-| each year, sary. i It was estimated by today each striking steelworker will have lost $600, bringing the tota} for, this group to $360 million. family faces the prospect of Steel companies, estimtaes higher food prices and depleted] show, have lost $2.4 billion in food reserves as the shortage of sales, or around $120 million in'tin plate for cans becomes more profits. acute, it was warned today. The government also is a loser] The shortage of tin plate, resince it isn’t collecting taxes while sulting from”the steel strike, will the steel mills are idle. Its loss cause millions of dollars of the from this source alome during the nation's perishable food supply strike is estimated at $163 million. to be “irretrievably lost,” said Add to the steel industry and Thomas Jefferson Miley, of the government total loss of $643 Commerce & Industry Associa- | million another $360 million loss'tion of New York, Inc. in wages and profits for automo-| Asserting that perishables bile, railroad, and general manu- must be preserved quickly or they facturing employees and the total are lost forever as a future food already crosses the billion-dollar supply, Mr. Miley said “Can promark. Other Losses Not Counted

Higher Food Prices

consideration the losses involved cides when tomatoes, or beans, or| in repairing steel furnaces. These corn are to be ripe.” { losses rise each week the mills are down.

open-hearth roofs has been. as high as 25 per cent—may be 30 Customers Are Back |

der operation.”

losses to merchants In strike-rid- Magazine.” den areas. These are estimated]

lines.

Railroads have been hard hit 1951 A)though industry has been't in their profits with freight car

down. . And when the strike is finally settled there'll be new adjust-

land equipment. The consumer | has stubbornly® refused to come! to the party.

Four main reasons

}

{ ‘There will be arise in steely, prices. That will mean higherithe increased buying: prices for other items. Higheriera} Reserve Board lift

dontrols| costs will have to be absorbed inion consumer credit, and BE ,

sibly dividends. Thus stockholers will be new losers. With earnings of steel other companies down, the gov-\|ot of lines. ernment will feel a pinch of less| The pickup in retail sales is tax income, it was noted.

Also there are many delayed rest of 1952, Business Week says.

later on, the steel experts sald. Ore Shortage Expected Iron ore shortages are expected capital goods, o develop in late winter or early pring because the ore fleet is the savings rate goes down. The

lcount on a strong consumer

ore stockpile is being built. An now back to about 7 per cent| :arly winter and a late thaw of disposable income. Each per-|

the steelmen said.

Another delayed effect will Dey more is into spending.|

duction must be geared to and/W. Paul Jones, president, an-|

These figures do not take into tion because nature, not man, de-i1u1y a1.

ll-year urrent issue. {upcoming fruit and vegetable? sg In line quarters, cave-in of crops. 5 8 (water heaters during recent : ! months.

has been in a slump since early Plane wing plant, built in recor

Accordingly, re- completing tooling for a small ments that will add to the cost tailors all over the bE have or “second” household réfriger-

figures. {been stuck with outsized inven- ator, production to start next Here is how steelmen calculate tories . month, and is completing enthis future: « were given gineering developments for the

Business Week as causes for 1953 line of standard sizé houseé Fed. hold refrigerators, :

Congress|Year home air conditioners, which part by many companies, thusiiater aholished them entirely; cus-/th bringing down earnings and pos- tomers have begun to run through 1939, might exceed the estimated the inventories they had built yp;|Inc¢rease predicted for 1952.

{incomes have been rising steadily, Earlier, and ang prices have come down in a Plans to start production of room| | air conditioners for 1953. He said

la good omen for business in the Insurance Firm *ffects of the strike that will hit/It means that manufacturers can Appoints Trankle

| As consumer spending goes up, Co.

vould aggravate this situation, centage point drop in savings|/surance business means that about $2.3-billion a!joined Farmers Mutual in 1947,

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_ THE INDIANAPOLIS TIMES,

~ Steel Strike Costs aa Bedford Stone Home Is Open Today

GR a

{

Top Production For Servel's Third Quarter

Industrial Stocks Decline After Hitting 22-Year Peak

By United Press NEW YORK, Juiy 19 (UP) —|ply Atlantic Coast Line which

| This week’s - livestock markets |

{prices, the largest weekly cattle

{

the sheep market.

{ket while heavier offerings sold .jat lower levels, Compared with]

|the rails were forced down, nota-

{Some stocks mounted to 22-year lost 314 points. “. |highs early in the week on antici-| |pation of an early end of the the oils.

predominated by long odds in{cluding very liberal supply weigh{ing 1200 pounds up. The really big changes were in

Their declines ranged |

WE SUNDAY, JULY 20, 1052

ie IE CYNE TURE TE ’

bate Weaker 3 ooo

By United Press : CHICAGO, July 19 (UP)— showed a wide spread in hog

receipts since early January and a much better dressed trade in

Both lighter butchers and sows worked higher in the hog mar-|

last Friday, closing prices on] barrows and gilts 240 pounds down were 25-40 cents higher, while heavier butchers finished steady to 50 cents lower. Lighter! sows wound up steady to 25 cents] higher and sows around 400] pounds and heavier closed close to 25 cents lower.

SOUTH SIDE—William N. Hazelwood, business representative of the Structural Steel and Ironworkers union, is the new owner o this home at 4155 Bowman Ave. It was sold for Indiana Central

Order buyérs were active coach Angus.Nicoson by the Carnine Realty Co.

throughout the period, taking . k nearly one-third of the total sup-| ga" . . ply. They concentrated matniy Grain Prices Dip on Weak Market

on choice lightweight hogs but| CHICAGO, July 19 (UP)—A about 20 per cent remained to be

purchased other butchers as well), of positive action at the harvested.

> hi Mater Packers DOught | goard of Trade this week Pro-| Nebraska reported about 70 per paringly most of the ime, {duced an over-all weak market cent harvested with similar reIn the cattle market, fed steers) i) , resulting drop in prices ports coming in from Illinois and {from the preceding wiek. | Towa. High good| Adding to the reasons for aj Reports hit the market late to low prime grades were most slow week were reports of the Thyrsday and again yesterday numerous, Slaughter steers rapid progress of an abundantthat all but the finishing touches

EVANSVILLE, July 19—8er-/steel strike and later declined (© 9% points in Amerada. Sea- yearlings and heifers closed weak harvest of wheat and oats to- had been completed on a deal

vel's third-quarter production will whe be the greatest in recent years, wan

Traders felt their way on Mon-|perior Of] of California fell 35/Teceipts finally weakened the en-/; ' oo ihe market, July futures gentine corn.

Pointing out the company's!

air conditioners and

[ket.

‘ready for current crop produc- nounced today. The quarter ends day and prices firmed slightly, On {Tuesday, when the union and

veloped. That conference ended] Can manufacturers fear that business is about evenly divided iy a deadlock, but then rumors! |another two or three weeks of|between defense and civilian pro- filed the gap and the market ran “Strike damage of steel open- the strike, with attendant fur. duction, Mr. Jones said there has yp until the industrial list set al hearth and blast furnaces is ther depletion of the tin plate/been a noticeable pick-up in de- new high since Apr. 30, 1930. |

heavier than expected,” Iron Age supply, will cause serious loss in Mand for household refrigerators,| myo wag supposed to confirm .

{the recent rise in the rails and! set the stage for a new bull mar-, But the penetration of the

% hopes for a settlement

imanagement met, new buying de-|

“The steel strike has forced us high didn't please the chartists!

“Production of steel cartridge

Consumer spending, the biggest cases for our armed forces is on to run into the millions in all gingie force in the U. S. economy, Schedule,

and the new Thunderjet ime and opened last December, |

on. We expect to reach maxi-|

Mr. Jones said the company is

He also announced sales of all-

e company had pioneered in

Mr. Jones

W. 1. Trankle,

market to back up the boom in president and underwriting man- losses,

here, today - was appointed!

executive vice president of the

now tied up by the strike and no best estimate is that savings are Citizens United Insurance Co.

Mr. Trankle, who lives at 2111! E. 52d St, Apt. 7, entered the in-| in 1934. He;

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The Federal Communicationss|

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pe YOU

aT aaa

it is corrected. Declines Follow

per cent before the strike's end.| CUSTOMERS ARE BACK in '0 suspend production of house-\who held that nothing better than SPUrious” is a distortion of the) The life of blast furnace lining the stores and sales are picking hold refrigerators, Mr. Jones, triple top existed in the chart is the same under banking as un- up according to a national re- ¢Xplained, “but we are hopeful formations. A triple top is con-

'tailer survey published in the cur- Settlement of the strike will not sidered bad for the market until Neither do the figures include rent issue of Business Week P¢ 10ng delayed.

board, Shell, Texas Pacific Land!

| Trust, and Cities Service lost 2|ket

to more than 5 points each. Su-

points to 500. Demand continued high for] petroleum products except the

heavy oil used by the steel in-|Vealers $1 higher. Stockers andi ;seq Friday 3% down,

dustry which is piling up In the tanks. | Gasoline output set a| record high and its use also was igh

‘Phony’ Rings “Phony,” synonym for “false or|

surname Forney. Forney was an, American manufacturer of cheap|

jewelry, who made a specialty of |

(brass rings which looked like acetate Butynate plastic.

gold. Street peddlers bought these

|“Forney rings” by the barrelful.!

Modest selling on Wednesday The pronunciation was changed

ish phase.

But

i spect the bullish element was en-| icouraged in the belief that the market hadn't run into a bear-

The week's biggest day—, Tuesday — brought out only 1,-! 220,000 shares and the daily average was only 1,093,589 shares. The week's total was above! the previous: week, however, at 5,467,945 shares. 4 week ago the,

small loss.

week.

Bethlehem had a frac-| announced tional gain and U. 8. Steel a National Steel was up more than a

ii ‘total was only 5009410 shares] and the daily average was down to 1,019,882 shares. ; Hh Despite the late decline, speel shares closed higher on av-| erage.

the

point on the

Oils Drop

Automobile issues rose early] in the week and lost all their

former vice gains, closing the week on small Allied Chemical gained |ager of Farmers Mutual Liability a point In its section and Amer-| ican Smelting lost 14. Some of

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