Indianapolis Times, Indianapolis, Marion County, 10 August 1952 — Page 38

" Neither his control powers nor his

PAGE 38 : : 3

Business Outlook—

Little Steel, More Inflation |

By J. A. Livingston Inflation—that's the new mood. The steel strike, the drought, and government pronouncements are conspiring to produce it. Iron Age magazine says the scramble for steel will

be like a three-ring circus, with ——— everyone trying to get into the ments yielding 2 per cent. Besides act. Not only that, but the 21- that, if they are in excess profits-cent-an-hour wage package is an tax brackets, the debt widens inspiration, a target, for the labor their capital base and reduces anions, such as the electrical their tax liability. workers and the coal miners. Obviously, the Reserve Board, The dry spell has caused a rise in curbing bank credit, is taking in cotton prices, and food costs no chances with inflation. generally have advanced. The re- The Reserve deserves cent jump in the cost-of-living in- credit for giving economics reign dex started another round of es- over politics. It's logical to as-|

® ® clause w 5 hat ‘the T mt Stocks Cont fo R calation clause Wage Irene mimmee win the way te mere] STOCKS ONTINUE TO KISE 3 | On Slightly Lower Volume

lis Arnall has suggested to Pres- is acting, and wouldn't be averse, ident Truman that a special ses- to a little “price priming.” sion of Congress be called to halt oe inflationary price advances. Result: Stability By United Press an [© NEW YORK, Aug. 9—Prices on The point is this: Employment the and payrolls have held up extraordinarily well in spite of the steel strikes. Layoffs have not accumulated —fed on themselves — on the way. leven though production is down ’ {13 per cent from (ts peak back Boom Through 52 in May, 1951, and man-days lost All the fundamentals—the basic due to strikes are up to the highbusiness factors—point to infla- est level since the steel and coal tion. Standard & Poor's Corp. strikes of the fall of '49. expects a ‘new boom through, The assumption is that retail early 1053." Fortune Johgagine sales will be at least as good and feels that the steel strike has perhaps better than a year ago. created shortages which “threat- Recent minus signs at departen substantial advances in heavy- ment stores, compared with a year gands prices.” : ago, are blamed on the hot Of far greater significance, the weather. Federal Reserve Board Is sitting “go, the threat of a recession, tight on bank credit. You Can y,.iher real or fancied, has been judge that from the government. .i,,neq. Defense buying will be bond market. It's so weak that ,,..t0he4 out. Appliance manufacthe Treasury has just had to of- ag have been able to liquidate fer one-year paper at a 2 Per, .ninries, Automobile manufac-|

EAST SIDE—This frame ‘double at 2718-20 E. North St. was sold by Joseph Goode of Goode & Goode, realtors, for owner . Mrs. Mary B. Payne. New owners are William Bartholomew and great wife, and Mrs. Loretta Davis.

» ha

doubling of its military blacklog to $2 billion since the start of the war.

On Friday, Chrysler met con-

Stock Exchange this week continued to move to highest

levels in more than 22 years on slightly lower volume, siderable amount of demand. It

aflroad shares as a group finished the week with a gain of sparked the advance this week. 2% points to 814. The rail average made its high’ On the adverse side of the on Thursday at 104.89, moving ledger was the report by Celanese

budget are sufficient to stem the incoming- tide. Thus, Arnall puts householders on notice that higher prices are

levels since Mar. 10, 1931, It fin- sharply in the first half of 1952. ished the week 11 cents under The stock fell 27; points to 427%. that figure, but up 97 cents on the week. ket leaders, continued to react The industrial average this to a favorable outlook for the week rose to a new high since remainder of the year. They had Apr. 26, 1930. The utilities gains ranging to more than a hovered + around their 21-year point. highs. " = A" number of pivotals showed Transactions of 5,506,015 shares much wider improvements. Southon the week averaged 1,101,203 ern Pacific was "a bright spot shares daily, against 5552,083 for with a gain of 23; points to 87%. the week and 1,023987 dally a Nashville, Chattanooga and St. week ago. » Louis and Missouri-Kansas-Texas cent rate. Two years ago, one- Chrysler Impresses Market preferred also rose more than 2 year paper was quoted around lurers and dealers BES Juripped A combination of favorable cor- points each. In the high-priced 11, per cent. Vacoums must be filled dn ©..~ porate developments bolstered the group, New York and Harlem fell Not only that, but the Treasury Yet. fear of inflation n't market. Wall Street was im- 40 points to 410. 2% per cent five-year bonds which causing it. Zinc prices just tum- pressed by the Chrysler Corp.'s, Elsewhere, steel shares did not were greatly oversubscribed In'\iea 114 eri a pound to 131, (first-half earnings report. The do so well. Bethlehem Steel finJune have been selling below PAL. ots 3 it's notable that re. company late Thursday revealed ished the week unchanged at The Reserve showed great cour- / . lthat in the first half of 1952 earn- 51, and U. S. Steel, which has

tailers aren't battering down the | age and restraint. It did not rush lings Increased on smaller sales not revealed its first-half earnto the ald of the market. (doors of manufacturers with or-

Banks Go Into Debt | The undulating fears since Korea, | ° The Reserve has accumulated first, of inflation, then of defla-| Hog Trices arp some shorter-term securities, but tion, have had a remarkable con- | that was done in mid-June dur-/gsequence after the first wild up-| ing the “stringent period of tax surge: Economic stability. payments, and recently to assist] eet de stam see the Treasury's exchange offer of| & . 2s. But the Reserve hasn't Matry Heating pumped out reserves to make . bank credit easy. If banks heeded) Is Moving nin 1nAs, they've had to bor- Announcement was made this The decline on hogs this week July. w em. i | |was due to a lack of shipper out-| Borrowings from Federal Re-|week of a move to new and larger | (** (00 (0 5 000 rer ih a ocal cattle receipts ee serve Banks reached $1.4 billion/quarters by the Matry Heating, .'1o after Monday when thelearly January, total silable of-

» | o | in the week ended July 30, the and Sheet Metal Co. Bureau of Animal Industry or-/ferings around the market circuit

highest since the bank holiday | Michael Matry, owner of the ; oi : dered a ban on outgoing ship- were moderately smaller. Choice period in 1933, In the week ended| firm which has been located at ents following evidence of ves- and prime steers, yearlings and

Aug. 6, borrowing fell to $842/360 S. Meridian 8t. four years, h million. Throughout 1051 and said it has bought a property at lcular axanthema in the yards. heifers sold mostly steady with

early this year, such loans seldom Bates and Pine Sts. The raove BAL announced, however, that other kinds steady to $1 lower. ran above $500 million. | will be completed this month. Customarily, banks don't like| =~ Mr. Matry opened his firm here to borrow from the Reserve Sys- In 1046 after four years in the Pounds dropped 75 cents to $1.50, classes rose 50 cents to $1. tem. They're prone to liquidate Navy and 14 years’ experience in While butchers - and over 230 securities rather than be in hock. heating and sheet metal work {n [pounds were 25 to 75 cents lower. ago, modest supply prime 1075This is true even though such debt Detroit. Sows declined 25 to 50 cents. At 1378-pound steers and long yearis profitable. Banks can redis-| The firm carries a full line of the close, most choice 190-240 lings brought $34.50-35.25 with count at the Fed at 1% per cent|residential and commercial heat- pound butchers brought $22.75- bulk choice and prime fed steers and hold on to one-year govern-|Ing equipment. |23.25, the latter price sparingly and yearlings at $31-34.25. Nu- ——— mm | wr - (for choice lightweights, Most merous loads prime 1400-1550-LA) HOME SUPPLY CO.

|chofce 230-270 pounds late were pound steers, $33-34. At least six Fhe One-Stop

There's a than a year previous and noted alings results, slipped 3% to 404. wait-and-see attitude all around.

{ders for applainces,

By United Press | For.the week, high good to CHICAGO, Aug. 9—Hog prices prime native spring lambs addeclined sharply this week after vanced 50 cents to $1. Old crop reaching the highest levels in/lambs and yearlings lost 50 cents two years last Friday. Large re- to $1 and sheep held firm. The ceipts caused irregular cattle and $31 closing top on natives was sheep markets. {the highest price paid since mid-

[$22.25-22.75. A few 280-300/loads prime 1625-1680 - pound pounds sold at $21.50-22.25 with beeves, $32.50-33. Good to low odd lots up to 350 pounds down | choice steers, $28-30.50. Com[to $19.75. Sows under 350 pounds mercial to low good grades, went at $19.50-21.25 with a few $23.50-27.50.

Jathroom and

Kitchen Remodeling Store

Ratlroad shares, current mar-|

{the ban will be lifted on Monday. The proportion of cows and bulls A Barrows and gilts under 230 was sharply curtailed and both)

Compared to Friday a week}

THE INDIANAPOLIS TIMES .

130 Executives At Record $3

Expenditures for new construc-| /tion in July reached the record

Back in School ' total of almost $3.1 billion, ac-| At Bloomington |cording to preliminary estimates) of the U. 8. Labor Department's A “back-to-school” movement Bureau of Labor Statistics and for 130 savings-and loan associa- the Building Materials Division, tion. executives from around the U. 8. Department of Commerce. country begins today at Bloom-| The record dollar volume in-

ington, opening day for the 10th [dicated the steel dispute had lit-|

Annual Graduate School of Sav-|tle adverse effect on the tempo ings and Loan, sponsored by the Of on-site operations during the American Savings and Loan In- month. Available evidence makes stitute in conjunction with the (it appear that full effects of the Indiana University School of iit down will not be felt until Business. [tages montis ! 43 i Carl F. Distelhorst, institute q ro July Sete Jopred oe y [vice President and director of year ago by 7 per cent. Seasonal rdueaHon, ssid that the shook advances in all major categories (which runs through Aug. 22, 18 hrought the private construction designed to assist savings and iota) to nearly $2 billion. {loan personnel being groomed for Halt for Homes

important positions of responsiply in their institutions. or it ie private ot The two-week school is divided | into first, second and third year Jura in8 Up 4 per cent from last courses. Students completing the |" yn’ tne public sector, defense three-year course are awarded construction remained at high diplomas at a special graduationjeveis. Highway construction, {ceremony on the final day of the however, rose less than usual for {two-week school. {this time of year because of small | The list of 29 third-year stu- and spotty cutbacks in activity (dents enrolled includes three due to scarce supplies of steel. women. It will mark the first Even so, the dollar volume of time women have graduated highway work was 12 per cent [from the school. {above July, 1951. Total public | Students attending the institute expenditures for new construc[school are exposed to a variety of tion amounted to $1.1 billion in subjects pertinent to the savings July, 1952. and loan fleld, including savings| New construction expenditures

prices in that section to their best Corp. that its earnings slumped and loan law, personal finance, | for the first seven months of this|

\business economics, advertising, year, estimated at $18 billion, management, public relations, were about 5 per cent above the (housing .and land economics. amount for the same period. of | A newcomer this year to the 1951. A slightly lower volume eurriculum of the school is a of private outlays was more than course in public speaking. This offset by a 24 per cent Increase

addition was made because of the in the level of public expenditures]

growing demand for savings as-| Nevertheless, the 1952 total for sociation officials to fill speaking private construction was twice as assignments in their communities. great as that for public-—$12 bil- | Part of the graduate school's ion, as against $6 billion faculty is drawn from top-drawer| B : : (talent of the savings and loan | elow 1951 Figures business itself. Among the faculty] Compared with a year ago, exare Ben H. Hazen and Norman pPenditures in the January-July |Strunk, president and executive Period were down by 6 per cent vice president, respectively, of the for private residential construc United States Savings and Loan/tion and by over a third for League. commercial building, despite reAlso on the faculty is a bat-|cent increases. But factory buildtery of Indiana University pro-|ing, even though important phases fessors, including Dean Arthur/of industrial expansion have been Weimer of the School of Busi-(completed, and privately financed ness, Edward E. Edwards, pro-|public utilities showed substantial fessor of finance, John F. Mee, gains over the year. chairman of the Department of| Federal spending for military, Management, and Tom R. Bos- atomic energy and defense plant sort, instructor in management. |facilities was the most important

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July Construction Pace

Rise in Week

: SUNDAY, AUG. 10; 1952

F 702,000 Sales .1 Billion Reported hy

factor in boosting the public ex-| penditures total for the first seven . months of this year. Highway North Sid : construction, educational building | HN and conservation and develop-! ment projects were somewhat ~The weekly sales report of the above year-ago levels for the Associated North Side Realtors comparable months, but outlays|¢,,neq last week's total with a 1 Ne abe. wa fer facilities | 75 200 volume for 42 transactions, Chairman Guy Boyd Jr. . announced. Grain Markets “| Secretary Wayne Whiffing {listed the sales as follows: | Harry L. Robbins Realty—Lot 7400 N. Pennsylvania St, Russell Fortune Jr.—5945 N,

[New Jersey St, co-operating broker American Estates Co.

Fieber & Reilly—440 N. Irving-

By United Press

| CHICAGO, Aug. 9 — Grain

| futures managed to finish the ton Ave, 20 N. DeQuincy St.

| week on the up side on the Board _ F. C. Tucker Co. — 1925 N,

of rade in spite of several set 5g40 N. Pennsylvania «St.

The Spann Co., Inc.—1346 W, | The markets surged upward this o7¢p St. 7005 Evanston Rd., coweek on the drought reports from operating broker Hugh Teeters

[the South and East and from talk Co.; 235 E. Vermont St., 3531 Car-

of inflationary implications drawn Tollton Ave. Joe Berger — 140 E. Kessler

from the steel strike settlement. Blvd, 1 | Several of the contracts broke Biv, Ses an derley Ave, 5259 into new high ground, particularly Bruce Savage C0.—3429 Guil |in oats and soybeans. The oats ford Ave. co-operating broker market encourtered a persistent Jack C. Carr, Inc.; 6771 Pleasant |demand during the early party of Run Pkwy., South Drive, 5226 N. [the week because of the belief that Delaware St. 6124 Rosslyn Ave.,

{there would be a demand for oats co-operating broker Margaret

{from the Southeast and East due Evans Co.; 4629 N. Pennsylvania to the relative cheapness of this St. 6331 Ferguson St. 4461 N, grain. Pennsylvania St. The eorn market was hit rather| F, M. Knight Co.—8020 Guile hard in the last two market days ford Ave. because of anticipated heavy rains in the leading Belt ies | paorest BB. Kellogg — 3302

Compared with Friday a week SoTTier Blvd,

\ago, wheat ruled % to 2 cents a| A. H. M. Graves, ex N. 'bushel higher; corn 1 lower to Oxford St. 11% higher; oats 115 to 214 higher;! Hall-Hottel Co. — 2608, 2640, rye 31; to 57; higher; soybeans 7/2645 and 2616 Cold Springs Rd,, to 1014 higher; lard 2 t6 30 pointg 1712 Rembrandt Rd., 341 N. Hama 100 pounds lower. (ilton St., a business building.and (residence in Acton.

| Haynes Realty Servi Lot Tourney Wednesday 325 Fontron st. uw

The fourth and next to last golf| Walt Veon Co.—5329 Crestview tournament of the summer for Ave, 3201-3 Guilford Ave. 5140 Indianapolis Real Estate Board Primrose Ave. 1812 E. Kessler members and guests will be held Blvd, 4901 E. 38th St, 539 E. Wednesday at the Hillcrest Coun- 37th St., 4465 Winthrop Ave, 4120 try Club. Make early reservations, Pleasant Run Pkwy. urged golf chairman Leon Sulli-| Ford Woods Co. — Lots 125-8 van. Canterbury.

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