The Tennessean from Nashville, Tennessee on September 17, 1950 · Page 25
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The Tennessean from Nashville, Tennessee · Page 25

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Sunday, September 17, 1950
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THI NASHVIllt TINNtiSIAN, Unity Mornlnj, Sp. IT, yf Employment in Siate Shows Rapid Gain, Hears Record High Nashville Business Notes Increases General; Jobless Claims Drop Manufacturing Demand Heaviest; Cool Weather Boosts Food Prices By LLOYD ARMOUR Irertor of United TextiN workers The employment situation lnSi,iu-Tennessee, In the doldrums during! -Affected, umonu others In Die much of the summer, is now mov-k " ' wi" '" Tri.iWH.sw. which Hogs Display Price Decline ainco ouno me nurnncr or unemployed has gradually fallen off as reflected by claimants for unemployment insurance, which! dropped almost 10,000 from June to1 Bept. 1. I According in flmirpn nf the Ton J nessee Department of Employment ecurity, total non-agricultural employment rose from 692,400 in July of 1949 to 711,500 in July of lli.'O, a 2.8 per cent gain. Outlook Reported Bright The outlook, according to the department, is bright. Contracts for the armed forces, change-over to fall and winter patterns, speeded production In the manufacturing group are expected to contribute, to the upward trerfd, In the non-manufacturing- group, anticipations for the next few months are for higher employment levels In trade,! transportation and mining, and fr a sustained or higher level In construction, the department forecast. Davidson county, which showed a decrease in total employment from May to July in the non-manufacturing division, was leaping forward to reach a new high. Many Lines Show Gains Employment gains are apparent In apparel, with fall production getting under way; in fabricated metal products whero several plants have new contracts; in sea onai increases in lumncr and paper, continued Increases in . pri mary metals, furniture, machinery, transportation equipment, scientific and profession Instruments nnd in electrical machinery. A 3.1 per cent total employment increase was seen by the end of this month, with tho greatest hike In manufacturing. Greatest Demand Greatest demand for. labor continues to he in the clerical and Hales field, with unskilled and service second, semi-skilled third, followed by lesser demands in skilled, agricultural and professional workers, the department said. Although nearly all firms are anticipating problems of replacement for men going Into tho armed services, there is no current specific occupational shortage In the arear, other than the usual demand for skilled workers In certain Industries, the department said. Buying Pace Unabated IICSINKS.S NUMMAKV-The accelerated buying pans which began after the Kmcm lash continued unahatj-d tnrough August, with the aggicg.ite iM;r volume of n-t.-ul a hove bantu i business !a-t . Dm! veiy Food Prices Up ; Cool weather brought retail prices for meat and many other foods up slightly last week, with most Nashville housewives finding prices for roasts and chops, and even poultry a few cents higher Loin chops, selling early in the ween in the 80-it'J cent-a-pound range, were showing a slight advance. Eggs, grade A, were up In many stores hero from 3 to It) Cents. Higher also wero creamery cutter and cheese. Sea food products were edging up, also. - Most canned goods were holding a steady level, although the long range outlook Is that tomatoes, lima beans and corn will be higher In a few months. I ' The U. S. Rureau of Agricultural economics still predicts a slash in prices In meat later on this fall, di'n to a large production of hogs. , Dun & Rradstreet's wholesale food price Index lumped lat week tiade nnti Nashville ii i er weie agreed Dial The rush by housewives to stock many food items had gcneially .suli-f snlcd, alt hough sugar and soap wei e i still much in demand. Appliances. fill'liit lit e, television set;), clothing were moving at a biisk pace. Although construction figures for the fiist. part of .September are still being compiled, Indications ale that building ievelH will still reman high. Local observers predict that home building will wane in the fall 'months, but that industrial building and expansion will more than compensate for Die slack. Despite, tho almost prohibitive building costs, a laigc number local business men are being for to build by an expanding volume of business. Shortages in material are adding to building woes. Steel, Copper, lumber are getting more difficult to obtain. Hut despite this, bankers and real estate men . still forecast a lot of activity through September to December. Hogs met a very unusual price decline at. Dm Nashville Union stockyards this week. locally re ceipts were rather light but a sea soiiaily increased volume at many of the major markets resulted in radically lower prices elsewher Nashville pi ices held up rela tively high in proportion to other markets during most of the week thejwith toil on Monday at 23 2a. How ever, tho market failed to remain in that strong position and closed on Friday with the bulk of hogs selling at 21.25 to 22.00 for weights of ..'dO lbs and over. Th.it represented a decline of 1 25 to !'', ever 2 00 f rum a wee eurller. iieuvy w.iihl lieu wits scarce with the lltflit w-uii's u.jka.n uu mi Increased pr.j pum.ei ol tin? run 'Die result ails ion s.flei a., tlisiririiiiiftliori against h'tKS s.-a.ii.ii uri'lcr Jl0 li,i, Kows were s .ii.il uver,i,:f.l ki.-a.ly f.r "he week, 'he l'J 01) to 20 M'isl c-.it. ' '"';"iy i" 25c ninlicr lf- ; suiilill'-s Bulls were urir-ven '-.I .c;nlv t. weak A few and hellers hireiaht 28 110-Ui' lehk of Mh'IhIiiit kind diiisimard. Cows bulked al aTh must, hulls ijr'wi-cn 17 50 A few sunken and feeder ins irouKiit 2aoii-:inn but Southeastern Economy it.ilK St-, ill, K il sold ;.i suite Iiijpmu i. it av.-r-i-' Virht.K s'c -"J (ID - from T, Ml 14 (Kl-l-o on nnd 23 ' i -ti lie 0 most feeder soi'I between 22 011 and 28 00 ven i a, ves soki actively with a net a.li,iiiL'.- el over 1 no for the week. Most calves snid at !14 0i) and hr-low, ul'hoimh levernl .h'llee iff e-rl n ks reached '15(10 I. He Sheen nnd kiuibs were nenerallv .siendy. most surlniicn selling frorn anno ,wn-wurrt with a few ..o.l to choice lots at .as .50-27 Of) Awed sheep were scarce most 10 OO m 400 Analysis Emphasizes Shift to Industry DIXIE INCOME, 1919 AND 1949 FACTORY PAYROLLS QUADRUPLE, FARM RECEIPTS UP ONLY ONE-FOURTH IN 30-YEAR PERIOD 4 S !3 o c" 2 Foctorjf Payroll Incomi from . Agriculture . .... niil Vmm o 3 Q o I 2 1919 1949 1919 1949 Factory Payrolls Quadruple Payments Of 30 Years Ago; Farming Diversified Ch icaqo Livestock nilfAClO-ol'i-iUSOAl Salable. hos 300, total 2.SO0, rompared weelt ako barrows and kll!j 2 00-2 25 lower; sowi 2,1-75 lower, most decline on iws under UU lbs. Week's trm u-.s 911s i i;-- . .........!.. ..fit..o .1 r. oo ,-i:; V"lu iuui.tciuiniK. ... ... .. ,,J3. weinn.3 ed!5,r"u.ht l"" lflrl'- Most iiood cholre .ie-.ei ins. weimiis cn.sed at 21.25-217,1-1180-210 lbs. welKhls 20 50-21.95; 150-170 ! Uu. , mostly loo-2lW. Sows under 3;,0 les.-cio'eo at 20 5(1-21,50; 360-400 His at 1 50-20 75; 400-500 lbs. at IB 50-19 75. Salable rattle 1100 (estimated i ; tolal not Blven, compared week ao- fleet steers mid yenrllims steudv to 50 higher, all .vearlliiiis and mut choice steers lully 50 hikher, medium and ood steeri lluo lbs 'P mostly stt-jdv; hellen 25-50 hiirtier; rows steady; bulls 25-75 lower: vcalers 50-1 00 hUher; stockers and feeders strone to 50 liinher, load urinie 1501 lbs. breves and two loads rlu.lre to prune 1100 lbs (.I ...... I I 7n i j . -i of Golf Club lane, has joined the! and choice to nVim. iinn'."ui 'n,. .r.ri Nashville brunch of the New Kni;-hi '0-33 50. bulk sood and choire fed: an analysis of fiRUrca puhliahed land Mutual Life Insurance Co.. it !r'.rs a"d '"".rlln., 'a -'a 7S- '" l"'l'in a book entitled "Income in the By JOSEPH K. HEYMAN laga of $383 to $890 last vear. All Southeastern Business Consultant of the Rain took place during and ATLANTA-Comparison of invite'- World War II. come payments in 1!M9 with those What happened to our per capita 'March in Jiusf uramattcany reveals a tre- between and VJ21 clearly :M ,y menaous jo-year snirt in the South-1 shows the danKers of our earlier east away from agriculture and! heavy dependence on agriculture. NAMES Mrs. Klizabeth 11. Tost Payrolls of manufacturing plants in the nine-state Southeast were more than four times as great in 1949 as in 1919. Total farm income" and farm wni;es, on the other hand, were only 26 per cent higher. Our percentage gain in factory payrolls was half again greater than the rest of tho country, but our faim rise was only half as great. Analysis in Book These conclusions are based on was announced here. She will serve as life underwriter, Thomas (j. Harrison, general agent of the agency here, said. Mrs. Post, a member of the WAVES in World War II, is director of the women's section of the Tennessee? bar association and is international relations chairman f the Nashvlllo Leaguo of Women voters. Farm Insurance- Record James 11. McCabe of Nashville has been honored by the State farm insurance companies for his production record. cl ilia around l.iOO lbs. steers 3125, medium lo luw-tood steers 2b ll(l-2ri 25. aix loads runnnon halit ura.s'rrs 21 50- 25 00. l.-ad (hmre 774 lbs. n.eitd yearling 32 00. I.e.. I rh. dee lo prime lldil lbs hellers 3175, bulk ir-iod and cholre heifers 2H 50-30 50. medium to low-uood 25 50-28 2.), ii. ...d row-. 22 ",0-2-t 50. rominnn and medium beef rnws 11150 22 00, ciniors and cutlers 15 50-11150; most medium anil good Miusime bulls 24(iu-2ilOO: medium to choice venlrl s 3d 00-34.00. choice, yearllim tredlmr .eers 3 1 75. I'l 50. bnllr leeHh.m and aood ice. Jinn steers nnd yrarlnus $7,100. OOO.OOO of income from all : 00-3(1 oo, good around looo lbs, weighta sources in 1919, according to the Salable sheep too 'estimated! ; total not clveri, compared week au-o Slaughter Iambi fully 50 lower; ycirllnss 2;i-50 I'.wcr; .sre ep strong; ugnreiiate receip:.s 12 markets :,,;j.fino head uver week earll Various States, 1919-1921," prepared by the National Hureau of Economic Research. The bureau's work reports the only income estimates by states available for yea is prior to 1929. The U. S. Department of Commerce's estimates start with 1929. Southerners earned a total of sources in national bureau. Last year the Department of Commerce reported out- total dollar receipts at ?2.;,its,uuu,-000, an increase of 226 per cent winch included a hoimay, but still weir during the thirty years. below year eariler: native slauahler lambs!-. I prulo minuted locally but two loads choice j 1 P National verago 'Muting arrived lo lim ai 2 no l.,n native Notinmillv. income Davments McCabo has been seleccted by the, l.unos raiiy 28 50; ciosn-.g top 27.75, Lmik ,- olimtied by 198 per cent in the siate iarm com- ,,",,''' t . ': :" :."v: three decades. We beat the na- McCabo II. panies to at-i Bood yearlings 24 00-25 00. nood In rho: tend the Institute ""''.rings topping at 25.25; common i entire s:aui(ii-er ewej active at ii.viu-lJ.: odd head 13. 7J. of Life Insurance Marketing at l'ur-d u e university, the companies announced. Leading in multiple line nppliea- It Ions, AleCalie has treniumed at the I top of the list in: writing new poli- than lgent ln tho state, the annou n c e m e n t Raid. Eriglert, 309 Chester f cies longer I-'iny other a tin tho state, Flour Business Helps Grains Richard Held ave.. has enrolled in the two-year aeronautical engineering course at .Northop Aeronautical In stiiute in Ilawlhorne. Calif. A veteran of World War i', Eng-; lert previously attended Castle Heights Military academy in Leb-i CHICAGO (.T) A littlo better flour business, plus the prospect of ()f tjle jgj Ma n jn.n-uii in (-Alum ueruanu, gave ja slight lift to wheat on the board yesterday. Other cereals were not influenced by wheat' modest gains. Wheat ended higher, corn 'i lower to ! higher, oats '4 lower ito higher, rye - lower, soybeans l'-j to 2 cents lower and lard 5 to 20 cents a hundred pounds lower. r" tional average by 28 percentage ": points. v.r i . i ioto nixies lairn uu iuhh hi sw-taled $2,300,000,000, nearly one-third of the region's grand total. l!y 1919 farmers had increased their net receipts to $2,900,000,000 but this larger dollar total accounted for only one-eighth of all our in come. And farming itself has shown a healthy trend toward diversification. Livestock, which brought in only one-sixth of farmers' income in 1919, had moved up to one-third In 1919 the regions cotton crop was big and prices averaged .'!u cents a pound. Result: prosperity for the Southeast. And a per capita income 62 per cent of the national average. Washout Impossible In 1921 the cotton crop was short and prices had plummeted to 12'; cents. Result: severe depression in the Southeast and a per capit'" only -18 per cent of the national average. With a fourth of our income now coming from trade, a fifth from government and only one-eighth from agriculture, no such washout is possible today. Regardless of what should happen to farm crops or farm prices, we are In a much sounder position to meet any future dips in the economic cycle. Next week we shall sketch the records of the individual states over the past thirty years, as reflected by income payments. Cotton Futures Close Lower NEW YORK L-T') Tho cotton futures market closed with losses of 3 cents to $1.05 a bale yesterday. Final values were at the lowest of the day. At the start, the market encountered textile mill buying and some short covering for over, the weekend. However when this demand was satisfied some profit taking was attracted and prices moved downward. Dealers attributed some of the selling to the more favorable developments on the Korean front. In addition, some traders were expecting an increased flow of hedges in next week's market against expanded picking of the 1950 cotton crop. Some hesitancy also was injected into the market by expectations that a favorable war trend might cause a slowing down in textile buy ing particularly on the part of civilians. The weakest delivery in the futures market yesterday were the distant contracts. With buyers on the sidelines in that section of the market only a few selling orders were sufficient to cause the price of the December, 1951, contract to drop $1,05. High 41.20 41.21 41 24 40 89 40 30 35 74 35 37 42 Bin, oft 3. Oft I Dec. July Oct Dei Open 41.14 41 U 41.15 40 85 40 ia .15.74 35 37 Middling spot nNominal, Low 41.10 41.05 41 07 40 83 411 05 35 51 35 Close 41 14 41.11 41 08 40 81 40 05 .15 57 35 08 off 3 off 1 off 10 off 5 off 15 off 11 off U Business Outlook Current Market Boom Not Based on Margin ISOO 1250 1000 0 750 I 500 230 BETTER TRADE BALANCE U. S. imports rise sharply as foreign countries manage to cut purchases here. . 1 I I I I I I I t I I M I . I 1 ! I II I t II I I I I 1900 A Mi cxpom . i 250 JI-yiMJ JA40N1J mM JJAiONilJlHAMJ JA40N0JI MAtl JJASOKDJ fHAM H I 1946 I ' 1947 J I 1949 1 I 1949 1 LI950-J tola D.partm.nl of Comaum tipmlfir J. A. Livingston Investors, Speculators Fear Inflation More Than Lower Earnings, Dividends New Orleans Cotton NEW ORLEANS -(-P-Afler dvancln In the early trading here yesteiday. codon futures eiiseil off under week end ionu mtllzlnit and heoVe selllnc. Closing prices were steady. 25 cents a bale lower to five rents hlcher Tradiiiu was riulet Willi fluctuations. over a imriow rauue. 1 ne eany demand w.is attributed to tnde buylni? to fix irtre.s and heavy rains In the north-.-enfral portion of the belt. fd'tlinK 15 lii-ineh sunt cotton remained unchanged at 40 95 cents a pound Local spot s:l"es areourCrd to 4 1 (12 bales Open HiKll Low Close 4": 04 41 01 4.1 'W 40 M4-B lli'.ch . 40 5 41 el 4(1 H'l 40 112 up 1 . . 40 ,18 41 15 40 (10 40 OS off 2 , 40 fi9 40 78 40 5 40 ti5 off 1 . . 40 03 40 11 39 32 39 94 Oil 5 Oct. nr Mrh. May July Middlinq Cotton NEW ORLEANS -.Tl -The overnce price of mlddlnu 15 Iti-inch -spot co!ton at 10 designated southern .spot markets yesterday was 5 cents n bale l-.wer at 41.13 cents a pound, previous (lav 41 14; week aco 40 94; month ai-'o 37 "fl; year ao 29 97; averaae for the past 30 market. rtavs was 39.16; middling Vlnch averaee 39.73. Bull Market Shows Advances for Week for four days dollars to the Factories More Important Manufacturing payrolls amounted to less than $1 billion in 1919. Last year they had ballooned to more than SI billion. Our factories are now more important dollar-wise thrtn our farms. For every $1 of farm Income received in If) 19. our citizens earned Saturday's Markets in Brief ('"fr.MlO I'. Wheat;-Firm; flour demand lm- only 43 cents in manufac vT'itis weeK. wiping out the first decline In 12 weeks. Wag Demand Reported Both the CIO and the A Ft, textile workers unions are going to demand wage Increase for some 120.-000 textile workers in the South In the near future, according to union officials. -Emll Rieve, general president of the Textile Workers Union of America, CIO, announced in New York that his union goal is a 15 per cent cost-or-living increase. The AFI, is asking a 10-cent-an-hour hike, Joseph JacobB, Atlanta, southern di- Mi Albert Lee Lovm, Jr., 'joins Union Trust Co. Heal Estate Department mmemm, NEW YORK Mi Wall street's bull stock market-roared a bel low of confidence this week. After stumbling Monday the market thrust ahead running. The advance tacked on more than 2 billion going value of all stocks listed on the exchange. When the market closed Friday prices, as measured by the Asso ciated Press average of 60 stocks,! were at the highest point since June, 1946. One good Bhove and the average would be at a peak since 19.11. In a notable display of strength the rail group thundered ahead to a ly-year pean. The market put on Its greatest display of strength in the faco of a grim news menu. Developments that might be expected to give the market a bad case of indigestion cause no more than a polite hiccup. Credit Controls Back Iast week end, for instance, consumer credit controls went back into force. In a fireside chat Pres ident Truman laid it on the lino Corn;-Mixed: best grain not held. Da's Mixed: small price changes. Hots Nnminally s'e.idv. Cattle Nutninallr steady. O.r March Mas- COKN Sept Dec. March Mnv OATS Sepl Dec March Mnv RYES' 1)1 Dec May SOYHEANS Rail Safety Awards The Louisville and Nashville railroad and the Tennessee Central railway nre among several to receive the E. H. Harriman award for outstanding safety performance In 1949 at a dinner sponsored by the American Museum of Safety at the Hotel Ambassador, New Yoik, Sent 20. LAN is to be honored for its outstanding safety record among Class A railroads in the southern district. iN Tennesson Central's award comes ini ;',"ri!, (.'lass (.'. Class A railroads are May'' those operating 10.000,000 lueotno-L 1Af!r live miles per year. Electrical Dealers to Meet H. A. Warren, At inula district manager of the appliance and merchandise division of General Klec-tric Co., will be the main speaker at the regular niootini: of the Nashville Klect ricul Iiealers association here Oct. 3. The meeting will be held at fi ir p.m. at the James Robertson hotel. (,i...rr (n - ' - ALRf RT LF.F. LOU F. JK. Dec. , Inn. . Ma nil 2 2!l. II 28 1 54 1 64'i 1 411 ' . 1.51 .SO .nr. ,H2'-a .80 't 1 39 1 42'a 1.48' 2 tri' 2 4.1 2 41, : 4 2 4 14 77 1 4 to 1 1 ,M 14 10 .14 72 15 DO 2 301 2.28'. 1 54', 1 46', 1 50 1.5P1 .81 .821i "2 s i .80. 1 40 1 41 1 4H' 2 4fi' 2 411' 14 85 14.70 14 Ii5 14 H5 14 82 11, Oil 2 2fi 2.28 1.53's 1.45'j 1 414 1.50 ' .80si .81-' .82' 4 .80 1 3R' 1 41', 1.48 2 M'a 2 42 2 45 l 411 ' 2 14 77 14 60 14 Ml 14 f; : 14 .70 14 a 5 i.liO " 2 30'; 2 2V, 1.54',-1 4rt 1 49 'i 1.51 ',i .81 .82'! .82:'. .80'. 1 381: 1 42- 1 48' 2 40 2 42' 2 45' 2 47 14 80 14 fill 14 50 14. 'Ill 14 70 14 95 Cash Grain Business Notes Cohen Kuril it un Co. has cited by the National Retail Furni ture association for a newspaper advertisement which was recently published ill THE NAS1IVII.I.K TEN' NESSEAN'. The ad was seleetced for its outstanding handling of a clearance sale, acc.iKling to NKFA . . . TV sets in area mat top 10,000 by Oct. 1 , . . NFS now serving near-. !y WJ.0U0 customers in Nashville area . . . tornuierce union bank di rectors recently declared extra "r)in cent uivi'K-nd. accordinir to Ki wini Potter Jr., president. Purina deal ers sponsoring new radio siiow I'e.v CltK'ACiO -l'. Wlie.it was about un chained yesterday: Oasis ,.n red easier .jo i-o rd urn li.uiced-. lecelpts 4.1 cars. Corn w.is ' i '.. cent li.wcr: oas;. nr.. 'cancel t-i ' cent lower booking lu i. oil Inishels. recelots 95 ears Oats '!' i lo 1 cent liwer: basis full ', cent 1-iwer on hest (lua -'y tram and wh1;t ou the off grades, receipts J .-ir come. It la also significant that farms and factories combined are rela tively less important now tnan they were In 1919. In that year the two together made tip 46 per cent of our total Income. Last year they had dropped to only 30 per cent of the total. Income from all other sources- government, trade, finance, prop erty, etc.- Increased from o per cent of the total in 1919 to TO per cent in 1919. Government payments account for most of this rise. Local and federal governments now pay out a fifth of our total income. Economy More Rounded But tiade and service have also contributed. We now do more of our own banking, handle more of our own wholesaling, nnd are more of a vacation center. We now have a more well-rounded economy than we had at the close of World War I. On a per capita basis, our Income climbed from a 1919 aver- beenv,. ... T I. rni-.UIXie I fellas Land ol Milc and Honey Is Now Locking ihe Millc ATLANTA, widespread are beginning itheie really is Ga. (INS- People areas of the South to wonder today If a land of milk and r;ng l-.il.ly Arm, Id, produced bv ; honey particularly num. Announcement ii made toda of the Brown Radio productions . . . Mur-j p,irPo nre no. Demand for Co., i a I i Nashville, has state mortgage !'.;,n correspondent lor the Mutual Life Insurance Co. of .'.-iv York. Nashville concern is headed by John W. .Murphies president. Other members include Douglas C, Smith, vi' o president, Herman Ad-kisson, loan solicitor and II. L. Biiee, treasurer. addition of Mr. I.oe, wideU kn'mn F'hree Mortga Nashville real etare man. to llie real named a etate department ol the L'nion Trust Oimpanv Mr. Lone, Nashville native, who was educated at Duncan and I'eabndy, also studied at WatLini where h tool; a course in real estate law. He is a Shriner, member of the American I-eginn, First I'reshsterlan Church, VFW, and past secretary ol the He-serve Officers Association. Fntenng World War 11 as a private lie lift at. five duty is t Captain lour ears Inter. Mr. Lowe ii regarded as one of Nasli. j 01a "Tn(i' ville'l outstanding oung real estate; u ' ('.rarTe ii, "large '" . ; men end in his new capaci'ts with the c5,'r''r''i,,,,r,pi; "'l Union Trust Company, will he in a,iWih..rn h.-i.' . . positia.1 to render tike best possible wtts . l'. r Brood. r Hon fmi service to his clients. jo..m. enii -ADV.' Kutterfat Premiums S4. . the Poultry Markets bovine nectar seems greater than the supply. The question is why. North Carolina's agriculture department has come up with an answer. So has Georgia's milk control board. They cite all Jiinds of factors. More folks drink milk now because their are more diet-conscious. Foul weather has ruined pasture there! 48c 44 44c 25c 4'lc 40c 3ioiiT;A;s: hiaxs EVERY TYPE OF REAL ESTATE LOAN PHOVIDI .M THI ST 10. 20 UNION ITRIIT 5-3122 lands, cutting p.oductlon. some of the milk formerly consumed through tho family kitchen now Is heinir drained off to newly ac- itivated military establishments Cows are going through their sum- nier-to-winter seasonal change and aie not giving as many gallons. Concensus indicates that none of .the answers satisfy the little lady who does the family shopping. Price Boost Studied Reactions - at Memphis, directors of the Mid-South Milk association meet, this week to debate a retail price increase. They already have approved a federal order to regulate handling. Thinking of folks who would be affected by higher prices apparently was voiced by tho Memphis Commercial Anneal. In an edi torial, the newspaper declared: "It is difficult for them (the con Kilmers) to understand why any mice increase ran be justified now While the unusual amount of rain may have damaged certain crops In some localities, certain pastures have been helped correspondingly." In South Carolina, Spartanburg's Herald took a similar view. The editor concluded: "Whatever the cause, a milk shortage in this part of the coun try, with Its Increase In the number of cattle and the development of new pastures. Is not a condition to be accepted." Rationina Possible Georgia's milk control board chairman. Charles Duncan, has in dicated there Is so little milk In some parts of the state that rationing may become necessary. These areas include Savannah, Griffin and Cedaitown. Duncan's hoard, .neanwhile, came under fire from the president of the state's retail food dealers. Paul N wsoiiie, who claims the hoard has converted tho slate's milk industry into an "out-and-out monopoly." The board also has been compared to a "little OPA, fixing the prices for a special group." Some states have had their troubles with laws regarding drinking, but few seem ever to have thought that such matters would Include a bottlo of 100 proof cow Juice. i nt'i.i.'iiaeiit wauld entail. A" Eire. up in the house was trying hard to get an excess profits tax on the law hooks. Government machinery ior allocations and priorities started to grind out directives. Tho effect on the market was the steepest rise in nearly two months on Tuesday. With railroad issues; setting a hot pace, the entire market moved up to equal its 1950 high. Wednesday the advance showed even more power, sales volume whizzed past the 2,000,000-shnr.' mark. The 1950 high was left in the dust of old figines. Again the rails supplied tho motive power. On Thursday profit taking sales rolled over the market in a gianl wave. At. the opening thousands of shares of stock were tossed into the exchange for sale. Turnover' was so fast that for a couple of minutes the high speed ticker tape could not keep up with transactions reported from the trading floor. Prices Held Steady But prices held steady. In the final hour buyers suddenly whipped up a lot of enthusiasm for steel stocks and the rest of the maiket leaned ahead. Friday duplicated Thursday's market to a large extent. Again Local Securities The followliif hid or asked prires are obtained from members of the- National Association of feecurliles Dealers, Inc., and other sources but are unofficial. They do not represent actual transaction. They ar Intended as at sulde tn the approximate range niltitn which these tcurities rould have been sold (Indicated by bid) or bouiht (Indicated by asked at time of compilation. SANK AND INSI HANLK STOCKS Hid Askrd Commerce Union . . 37 rjisi Aiiit-roao National nl' Life & Casually 2S L.uiiO.,1 ..a..ui,ai Llfo 1-7 National Life 32 ooiuiitiii nre Si Casualty .. 9 1'hiril National . . 300 Union Planters 42 I OKI-ORATION STOCKS Alabama l'uel st iron 12 Alabama Mills 17Vi Alauaina Power Pfd 102 Hiriniinhatn Elec Pfd B'J.i Curler snoe 5' Chicago .Ii Southern Airline T IXiobs House W. K. ienn. Natural Oas S E. Tenn. Natural Uinta 27' Kederai Comnrtss 33'2 r'eueral Screw . 13' a General Box tJ Ua Power Pfd 112 General bhoe Com 33 General Shoe PTtf- D Grav Ac Dudley 3 Inter Mountain Tel 11 rvtiili tjiiiunons 9' 4 Ky. Tenn. Clay 39' a Kir.Ksiiorl Press 9 Memphis St. Rwy Com 3'i Mis:.i.s.sippi fflver f uel 30 Mississippi SlilpPina 14'a .Vloore-hundliy ''4 Nashville & Decatur 4(1 National Casket Cora 40'i Plillllps & liuttorff 31 Southern Company Ill' Southern Indiana ClAE Ill's Soutlrern States Pfd 17 Spur Distributing 25 Tenn. Ceiitral 9'a Tenn. das Trans 25'j Tenn. Natural Gas (3 Tenn. Products Pfd 5' Tenn, Prod Com 16' Texas Eastern 1 United Transit Pfd 30 Untied Transit Com 2'i 39 H2'. 34 Ul 34 10' 3M 44 14 18' 10-1 102' 6 8 1.1' 9 28' 35 14" 2U 115 34"a ao 4 II1 104 41'i 9's 4', 31 ir'i N'a 48 42 '-a 33 IPs 20 a 18 27 10 '4 21 8 5 17 17 32 1 thousands of shares of stock were dumped into the exchange for sale. Again the ticker tape lat'ged. This time, though, buyers weie a trifle more reluctant and prices were slowly forced back. The effect of news that United Nations forces had successfully landed in force far behind North Korean lines wns not immediately in the final hour was considerably clearer. Peace stocks were in favor. Auto issues joined TV shares in a smart rise and the balance of the market tagged along. When the closing bell sounded Friday at 3 o'clock, quotations were slanted up- ward. Yesterday the rails had far out distanced both the industrial and utility groups. End On Gains Every one of the 20 most active stocks during the week ended with gains. Advances ranged from a lew cents to more than S3 a share. Among the more popular shares were: N. Y. Central, up $t at $15.50; Canadian Pacific, $1 at $19.50; Konguet Mining, 25 cents at $1.25; International Telephone, $1.37 at $12.75: Baltimore & Ohio, $1.12 at $13.75; Radio Corp., 87 centa at $18; Sinclair Oil, $1.12 at $.11; U. S. Steel $1.50 at $39.62; Pennsylvania R. R., $1.12 at $19.62; Sorony-v acuum, 87 cents at $23.50; Frisco Railway, $1.50 at $16.12; Callahan Zinc, 25 cents at $2.50; .Hethlehem Steel, $1.50 at $43; AVCO Mfg., 37 cents at $7.75; General Motors, $3.62 at $94.50; Pepsi-Cola, 12 cents at $8.62. In the curb market all of the five most active shares showed gains. Pacific retroleum, a newcomer to the curb, was In first place once more as It was in tho first week it was traded. The stock took second place in the second week and climbed back to first this week. The most active issues were: Pacific Petroleum Ltd., up 25 cents at $6.87; Segal Lock, up 37 cents at $212; Kaiser-Frazer. 75 cents at $7.75: t-Ieetric Bond & Share, 37 cents at $19.50; Producers Corp. of Nevada, 25 cents at $3.50. Producers Corp. Is a concern with oil interests In Oklahoma, Kansas and Texas. The Issue has shared heavily in the recent strong interest in oil stoclis By J. A. LIVINGSTON During the wage-price-profits boom of 1947 and 1948, a favorite comment in Washington was: "At least the speculative fever hasn't caught on in Wall Street." That can't be said today. Wall Street is its old, volatile self and having a gay, exciting time participating in the post-Korean inflationary upsurge. The stocks of tho nation's railroads, Pennsylvania, Atchison, To-peka and Santa Fe, New York Central, which have been despised for so many years as not having any oomph any growth potential have been particularly splurgy. As a group, rail shaies have pushed to the highest level since mid-1946. And industrial stocks, which early this year surpassed their 1946 highs, are climbing toward the heights attained just prior to Korea. This is not ail to the good. It's a warning to Washington that people aren't too happy about their dollar. Not a Margin Market This is no lOU market like 1929.! The rise has been linanced pretty solidly with cash, not borrowing. In the last two months, debit balances of customers of Merrill Lynch, Pierce, Fonner & Jicane, giant brokerage firm, whose offices blanket the country, have increased only seven-tenths of one per cent. And, if more evidence is needed, brokers' loans, as Indicated by the weekly statements of reporting Federal Reserve member banks, are down fr.im $1,300,000,000 before Korea to less than a billion today. No margin buying that. Contiarily, the stock market ad vance comes in the face of a higher normal corporation tax and a pledge of a retroactive excess profits tax next year. Normally, such tidings would bo bad news. But, apparently, investors and speculators care not. Tim inference is that they are more afraid of inflation than of lower corporation earnings and dividends. Again In August, redemptions of savings bonds rose, and topped new sales. Presumably most of I these cash-ins were "invested" in electric refrigerators, down payments on homes, new cars, etc. People feared wartime shortages. Rut some of the bonds may have gone into common stocks. Purchasing Power Preferred i The treasury faces the job of persuading Americans mar savings 25, when tho North Koreans took the plunge beneath the 38th parallel, commodity prices were showing downward tendencies, and department store sales wero barely holding their own above a year ago. Workers Got Cockier The inflation air has gone to workers' heads. If they don't like the boss or the job, well . . . For the fifth successive month tho quit rate has risen. It's now 19 per 1000 workers, as against 14 a year ago. At the same time, the layoff rate) has dropped to six per thousand, ua against 21 per thousand a year ago, No boss can spare manpower. And, as during World War I, the tobacco, textile, and food products plants are having an especially hard time keeping help. Woikers are quitting to go to higher-paying jobs in metal-working plants, The price boom here has pleasant lepercussions abroad. The Wall Street Journal reports that Europe is selling sleel in the V. S. gray maiket at double standard prices here. Imported zinc is "higher by SOCr and copper by a. third." Coffee, rubber, wool are 75'n to 200', above a year ago in price. Result: V. S. imports from foreign countries are at the highest level since December, 1948. That contributes to a much better trade balance between this country and the rest of the world especially since foreign nations have cut their purchases here because of a shortage of dollars (see chart). 207 LOANS INSURANCE APPRAISALS Union St. Phone 6-S195 MORTGAGE MONEY GUARANTY MORTGAGE CO. 329 Union REALTORS St. 42-4271 ! APPRAISALS5 Financial Condemnation Real Estate Analysts Insurable- value evaluations Tax Equalisation Consultants sine 1914 Biscoe CRIFFITH Company 214 Union (Realtors) 6-0951 Ihr.rtila nr v. -ml I.Lii I 111 II III i i Tff "it T ttfrr" NdSllVllltj UUUUII UU Mill power of the dollar since 19,i9 has made many persons property conscious. Unlike the depression 'thirties, people are less worried about safety of principal than of "real" value. They have the feeling it's better to buy soon than late, because prices are going up. Commodity prices are not going up quite as rapidly as they did immediately after Korea. Nor are department store sales. But businessmen are still bidding tip prices of raw materials and housewives are still buying more heavily titan they did a year ago. The story can best to told statistically. The following table shows (li how sensitive commodity prices havo gone up each week from the preceding week after Korea nnd (2) how much department store sales have gained over the comparable week of a year ago: Commodity Dept. Store After Prices Sales Korea c,'c Gain from Gain from 4th Ave., S at Chestnut Phone 6-3674 Manufacturer of Cottonseed Meal Soybean Meal Cottonseed Hulls Poultry and Dairy Feeds Week before First Week Second Week Third Week Fourth Week Fifth Week Sixth Week Seventh Week Eighth Week Ninth Week Tenth Week Eleventh Week 1.9"o 3.0 3.2 3.8 1.0 1.6 0.3 20 1.8 0.7 2.6C4 Year ago 10'fc-8 25 46 42 30 25 12 16 5 ir:i Korea obviously changed the eco nomic; atmosphere. Prior to June Asks Reds Sent Home STOCKHOLM (.T) Sweden yes terday called upon the Russian em bassy to send home two embassy employes found within a prohibited military training area north of Stockholm three days ago. Jasper Consul Transferred WASHINGTONCn-F o reign service transfers announced yesterday by the state department included James Bock Havron, Jasper, Tenn,, from Ellsabethvlllo to Leo-poldville, Belgian Congo, as consul. Spot Cotton NFW ORI.PANS f,Pi PDOt cottnn closed stfady. unchmiirerl. 8n1r- 4182. Low middling 3S.9S. Middling 40 85. nond middling 41.60, receipt! 7734, a toe it 475, 957. Old Man Trouble Dogs Candidate MADISON, Wis. (Ill-Campaigning should be a snap for Mrs. Marie Nalvlg after all the trouble she went through just to file her nomination papers, Mrs. Natvig, who lives In the town of Cottage Grove In southern Wisconsin, Is running for clerk of circuit court. She rushed into the county clerk's office in Madison with her papers just five minutes before tho deadline. Then she heaved a huge sigh of relief and with good reason. Mrs. Natvle announced her can dldncy on June- 14. Then things began to happen. On June 19 her bark was broken and her hip Injured In an auto ac cident. Doctors put her In a east and ordered her to stay In bed for three weeks. When fairly well recovered from that misfortune, she was bitten by a dog and had to go to bed again. Then she got pneumonia. Rut that isn't all the story. While suffering from her afflictions, she still ran her ISO-acre tobacco farm and tended 2000 chickens. During the whole time she collected almost 1000 signatures on her nomination papers without help. j TO YOUNG MEN WHO WANT TO GET AHEAD Advice from The WALL STREET JOURNAL You are living in a period of far-reach ing changes, incw inventions, new industries, and new wavs of rininir business are creating opportunities for men who want to get ahead. It will nav vou to find nut shout. these things. And one place to find out is in the pages of The Wall Street Journal. You probably think Th Journal is just for millionaires. That is RONO. The Journal is a daily business guide for every substantial citizen. Its readers inclurln mnnv of the wealthiest people in this country. xet I lie Journal can also be of enormous hell) to ambitious men who nrnn -- . .. .. ..v to succeed while they are still young. Tho Journal has the largest staff of writers on business and finnnrn. Tt ! the only business paper served by all lour Dig press associations. It comes to you DAILY. You eet the fastatt nrtss. sible warning of any nrw trend that may anect your business, your Job of vour nersonal income. Vnn vat tVia facts in time to protect your Interests or seize quiCKiy a new opportunity to profit or win advancement.Ths Journal costs 320 a vear. hut. vnn nn . . Trial Subscription for 3 months for $6 -tin unueu Mates and Possessions). Just tear out this ad and attach rWV for ?6 and mail. Or toll us to bill you. Published daily right in the South-west to bring you vital business and Washington news Immediately. Address: Southwest Edition, The Wall Street Journal. Ynun t rnvdr Street, Dallas 2. ntsj-H --r. Arif I-- flA m kA A AXA A is. liitAisiaa h. M, A tWAAi

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