Indianapolis Times, Indianapolis, Marion County, 11 June 1950 — Page 45
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This Week in Busines—
Boom Riding Dollar Tor:
‘How Long Can If Last?’ - Amazed Epes Wonder
By HAROLD H. HARTLEY, Ti BUSINESS 1S BETT
.utives can't understand why: They are puzzled, at
Some are a little alarmed. They say it's rolling too fast, can’t keep up the pace.
Steel's leading the parade, running over 101 per cefit|} of rated capacity with a tinge of gray marketing appear-|}
ing around the fringes. ~~ Steel's going into automobiles, homes, appliances and some .commercial building. But no one seems to know for certain exactly where it is all going, except that there isn’t enough. |! Not all lines are moving briskly. Soft goods, dresses and
[reports that investors were hedg{ing against inflation by buying
conservative investments,
ployment is going up and up with
suits, other clothing, are slow, pressure of orders but everything else is being Credit is expanding. One bigli: swept along In a torrent of dol-\y,nging firm in Indianapolis took
lars, raging like a mountain grea ire Sprig ei The stock market, encouraged cars. by the General Motors labor con-| The small or no down payment tract, began to act like a coltitechnique of selling is loading the | just turned out to. pasture last books, but sellers and those who! week. It had been strong, but it handle the financing say they are began to move faster. .\not afraid. They rate their ac-
Behind the scenes there were counts as The question being asked by conservative! How Long? bankers is how long can it last. They ppint out that some 8 million new cars are being produced and still there are not enough. Refrigerator factories over Indiana are running at top speed and some retailers, not large, are ordering | them one or two carloads at a time. Caution seems; to have fled. The attitude of business men, have to go this year, or it may y be while they do not understand it, ® long time before we can go
“ ” aga.n The war. a It "Jeels goed, 50 why! One chemical distributor said
his business passed its peak exYood peed especially meats! pectancy Bn: year. P are movit Furniture and sears. he waded; “we're 25" per “edding are Tei
g a phenomenal o.¢ "over. that. Where's the top?” rin. And it isn’t all credit. There| vyynile business is rolling like
seems to be an abundance of cash, | ,.q {here are calm and calculatalthough new ear dealers tell youiing men looking at the past. “its frankly that about 30 per cent of| depressions and the booms which their sales are financed, the high-| {came phead of hem. est ratio since the war, | What worries them most is the Some are reported buying new|fact that the government's credit cars because they believe there isis tied into this boom. a war coming and they want fo| That's never happened before have good transportation, "and on such a scale. And they're wonnot be caught in the rough-and-|/dering how it will come. out, and tumble-used car market as they|whether government credit is big were after the war. enough to hold up the business The same story is going the{machine if it should start to roufids in the travel Pieaup, stumble. . People who have always’ want } | Wi
L credit PAPLL
“to go 16 Europe a are saying, = “It’s nice while it's here.”
common stocks which would ride]: up with the rise. These Included|! : pension trust funds and other{} = Real estate is booming. Em-|
a number of firms adding second|: and third shifts to keep up with}
An new lin a single month, mostly “used |!
“good” or “excellent.”
“And this}
Meanwhile, they are saying, surprise. It came when the mar-
Condensation-free . . . The package window unit for the house promoted by contractor designer Lawrence Michael is lined up by Ted
panel heat ¢ |. Wycoff and his brother, L mad Jright) bl
up the tile blo
i
Stocks Soar |
==: To New High
Industrial Average 8 Equals 20-Year Peak |
By ELMER O. WALZER United Press Fivancial Editor “NEW YORK, June 10--Gené Motors Corp. common stock in-. § jected new life into what many] thought was a waning bull mar: : ket this week, and. sent the in-! dustrial average to a new high for nearly 20 years. , Directors of GM announced; late Monday they recommended! a two-for-one split in common stock, subject to stockholder acceptance believed sure, That will raise General Motors’ outstanding shares to more than 88 million. More than any large company in history. That action came as a complete
ket was wavering, and investment, analysts had recommended
feature and was one of the most|°f interesting days of the year mar-| ketwise, according to the experts. |
of a half peint in the industrial average Tuesday. abruptly with the tape four min-|is new. utes late, At the low the industrial | average was off more than 2 building in the U. 8, a quartet, {from several contractors in the!
It's a * »" taking profits and holding cash’: products for mid-century homes. for a wider decline. On Monday pocketbook.
the list had its worst drop since Jan. 12.
Heat's on . . . The newest features for the house at 6309 Madison Ave. will include radiant - stem. Here John Cunningham lines cks,
The ' ‘Michael packsge’ house § going up Noth of Jown will look similar to this do ne stone dwelling, the builder-designer says.
‘Package’ Homes Set for Middle-Incomes
‘Budget Homes’ Builder Plans 75 Houses ___Featuring Radiant Heal, -Steel Window Units on-city street-signs the
‘There's a new frontier in housing right here in Marion County. lien dwelling featuring four new and independenti;iC A
it's tagged for the middle incom:
And if plans-in-the-making crystalize, this frontier will. sweep| dwellings of this ‘type on the [rom one coast to the other before summer slips into fall. _—
“Mongage and Deed “Recordings Are: Near Postwar Peak By LARRY STILLERMAN
of residential real estate was sold by the Associated North
Just clip it on... Lawrence Michael, builder-designer of a house featuring four new dwelling products, slips an enameled por- | celain-tiled sheet over a concrete block before its laid and-mot-tered info place. He's planning to promote the house nationally,
NEAR
Photos by Henry E. Olesing Jr, Times Staff Photographer, *
‘Real Estate—
FHA to Add 7 = Inspectors Here
WEN re ite
Move to Exped
{house for himself, six miles soiathi of monument Circle on Road a
iwill be at 6309 wet Ave, ready - for Te ins . thres wee
| od he has Sa for some |
Building Requests
Sa uth ‘Side. Fred G. Howell, real
Side Realtors in a two-week period ending June 3.
Sales set a 25-year record on the association's ledgers. And this report was only par§ {of the high winds of realty ace tivity making the Marion 4 {County market ia brisk one.”
deed recordings also hummed merry business [tune last month.
May, 1047, when My, Stillerman the post-war
deep peak was felt. : Abstract studies, the history of property, also scaled high. 97 Transactions The latest ANSR report, is sued yesterday, listed, 97 transe actions valued at $1,154,125. These sales were completed from May 22 to June 3 over the month« end Memorial Day period, But despite the holiday, the
igaten-hit the pele for-any period
since ANSR was formed in 1925. And a like number of sales was listed as pending the associa~ tion, These transactions started during the month-end period. Several member brokers, a t from the report meeting, failed list sales completed during the [record period. The total report picture would
_ (easily have pushed transactions _|above the century mark and into
the $1.5 million valuation bracket, Nevertheless, the average sale Iby. ANSR hit the $11,800 mark, including 16 lots among the hegr. 30 property sales.
ps 1040 Kate had Pe gl [recorded 1848 deeds and 1819 Fomage vied 5 SBI.
More than $1 million worth
Opens With A Gain -Trail-blazer is 42-year-old-Fi K’ Fe Michael, - eouday provided the ‘week's “Budget Homes" the war,
The market opened with a gain | duct, They've all been used be-! fore in one form or another. But
Then it fell what Mr. Michael is packaging
For the first time in heme-|
. of -building and household items’ The market turned around andl are being used under ore roof.
rose as fast as it had fallen, until! That's Mr. Michael's package.
He has no “revolutionary” pro-|
2%
for rent,
YOU CAN SEE IT NOW, Penny Bujlding which is replacing the old English Theater on the Circle. Concrete is being’ poured around the steel frame, and -the
best guess as to the date when Nov. 15.
Not Yet
of a simmering interest.
The stock market is beginning to warm up the little fellow. He isn’t sizzling, but there are signs further. On Thursday there was ups for the items.
it showed a net rise of more than! [21% points. Part of the rise was| lost and the average closed the! day on a gain of 1.70 points. The spread between the high and low was 5.66 points.
opened on a block of 25,000 shares at 91 and topped all issues for turnover during the session with sales of 96,000 shares. It reached an all-time high at 97 up 8% points and closed at 95%, up 7% points for the day.| U. 8. Steel was second that day and it firmed fractionally.
U. 8. Steel Active
U. 8. Steel took market leader{ship Wednesday and prices firmed
the superstructure of the new
it will stand theré completed is
a broad advance which carried on
We are not to the point where wage earners are hocking their [iDto the Friday session, leaving cars to buy a few speculative shares of Collapsible Lightning Rods the general average at its best man profit, bring the cost of the of Indianapolis 22 years. He hag degrees from floor to celling in Barnett, chief assistant.
common. But there is an obvious rest./ lessness among the little fellows, the school teachers and the head- | waiters, newspaper repbrters who! listen to big talk, and truck drivers who have been oliing uPA little overtime.
But the “little fellow” isn’t in| go far as Indiana is concerned. Bankers who know what Is going on are hearing the 'talk, and some of the boys who. get| per cent on E bonds have been reading about six and eight and| ten per cent on television stocks. It's ‘a temptation. But they won't really get in, shoes and all,| until the market begins to bounce
Straws Vault Association. More than 200 will represent one of the oldest crafts of man, before mg Tut. Thetr in-town d
IT's PEOPLE who make land valuable. Out in a seldom traveled | pasture it isn't worth much, ex-| cept for cattle grazing but down-| town, well the last bid in the 100! per cent area was $21,000 a front foot. And it was refused. 2 » x -. KROGER'S has a neat little booklet, vest-pocket size, which explains in language you understand what the company does
withr=its money; how much £0es tion he landlords Notes, there are, how much for taxes. received a |
how many
Itt'’s a first Tate Job, ”. s. FORD hy a new meter for its:
-tractors. The meter mounted, on]
tractor speed in
the dashboard tells engine speed;
on WISH today at 3 p. m.
the Ohio River with 5470 seats!
a fine shirt in Argentine currency | |
[lect those naughty calendars?) 3 all four gears,' And now they're putting out those | power take-off speed, belt-pulley| same pictures on blotters.
Hear Harold Hartley with “The ¥—
{level since 1946 and the industrial ee @yerage at its best since 1930. {up and up. And that, if history| High-grade leadership ruled the tells the truth, is. where they! {latter sessions of the week. Prac-, {elimb aboard. . [tically ail the steels, Hotots, electrical equipments, and many of te evidence stoatithe oils and chemicals made new Linded™ very SOFT Tiivestors| HENS forthe “year and longer. The industrial average gained with real money hedge against! th 3 int the Kk {inflation by buying a certain| Ore Rn poinia on wee and the rails more than a point; amount of canimon stocks. That's| Industrial production held high. the way they hope to let their dol-|
Automobile output broke all jars swell With the inflation bal-| {weekly records with output of
{200,660 cars and trucks, against The trick, of course, is to know! 146 825° in the previous holiday when to get out. And that is week, and 137,013 a year ago. something. no stock gambler, or! Steel output was down a shade {any ‘other kind of gambler ‘ever pt very close to its all time recreally knows. Not even you. ford high achieved a week ago.
There'll be a spooky convention in town-a week from | Construction jumped 10 per cent tomorrow. It will be the National Concrete Burial 83 Was about even with last year,
icin]
this multi-million dollar industry,
dating back fo the burial crypts’ Thorpe Aopoied dr
ate is June 19.
speed and hours of » operation. Want to know anything else? Gardner B.. Thorpe has been
~~ B & O RAILROAD ‘will set!named comptroller of the Indian{up a moving grandstand along apolis plant of the Western “Etec-| tric Co, the firm's New York| office announced, yesterday. Mr.
‘WE Comptroller
{to watch the first Inter-Collegi-| ate rowing regatta on the Ohio | {River. The seats, built on gondola icars, have been sold long in ad-| vance, t
IF YOU THINK ‘there's
The
ant Division Comptroller at Western Elec_tric’'s general headquarters in New York City before accepting the Indianapolis assignment.
infla-| ¢ Robert Osler of Rough insurance magazine, | etter which told that}
today costs about 370. ; “WHY DO “plumbers always i
“Mr. Thorpe e new comptroller has occu-| pied Ee supervisory posts {since he joined the Bell System. {immediately after his graduation {from Lehigh. {ye in 1926, |
=
/ 1 ’ i
Radiant Heat
It. includes radiant heat, panel heating forced warm air through floor ducts; a baked - enamel steel
minum glaze trim; aluminum metal trim for all interior openings“known as 10-point trim, and a porcelain exterior facing clipped and sealed with mortar on concrete block, The products are employed in| a house erected along conven-|
tional lines, ‘| ‘And they are purchased as a {unit hy the contractor straight
[from the manufacturer, eliminating dealership and agency set.
Cuts House Cost “This will cut out the middle-
house down,” "Mr. Michael explained. : Houses and attached garage
constructed from standard plans,
Set Golf Tourney ~Phe Indianapolis Reap Board will hold its second 1950 golf tournament at Hillcrest Country Club at 12:30 p. m. Thusany, A dinner will follow at 6:30 p. m. in the club house.
Residences On Guion Rd. and 82d St. Change Hands Here
Two more “atiractive North
and Northwest Side homes captured the shelter show here. These “dwelling” stars topped
the brisk real estate hit parade .
in the final days of May.
One residence, expect to be
system using
Fetate-
builder - designer using these materials, will’ cost [sales. here since between $12,000 and $14,000, ex-|
cluding lot, he said.
Mr. Michael is currently clear-| to type. dwelling
ing. financial promote this throughout the nation, Building Model already had
‘arrangements
“I've
leptmtry* he said:
He's building the first model
F. V. McClanahan tin New Offices
The McClanahan Realty Co. formerly located at 2219 Shelby!
General Motors on Tuesday package window unit with alu-igt hag moved into new quarters
F.V.McClana5 an announced yesterday. Mr,
at 2401 Shelby St.,
ties, A southern ana, Mr,
Mr. McClanahan Clanahan ‘ha s been a resident!
native Indi-
heen in the real estate business
on the Bouth Side for four years,
following three years’ service in the Navy. During the war he served aboard a patrol craft in the South Atlantic. Mro—MeClanahan if married: amd lives at 1413 8. New Jersey St. . The firm employs two salesmen, W. A. O'Donoghue and John A. Garrity. ad
3075 Guion Road “home” to purchasers late yes-. terday, was a two-bedroom creation behind the peonies at 606 E. 824 St. The “in process” sale is being handled by T. R. Jones, realtor, He is helping Mr. and Mrs.
inquiries)
McClana-| han said the new| building will af-|#n ford his custom=|®Y8 ers better service!
{homes and provide more | parking ‘factl- around Muncie.
Me- laid over RadianTile, Mr.
tate broker, wil “handle “the
“By Times Real Estite Editor
iy currently negotiating] ANOTHER EFFECT of the for land ‘south of Southport. {brisk building boom in Indiana The radiant heating feature has drifted up to 342 Massachuemploys a product known as setts Ave, | RadianTile, produced by the Can-| That's nelton-(Ind.) Sewer Pipe Co. The| R. Earl Peters |system, being laid as the floor] and his 113 alds {base of the model house, is hang their slide rules, It's the
| closed- -type heating. Paral Hh 'ederal Housin ! Closed Tile- Ducts “Adm inistration Heated air ‘from the. utility- headquarters for {room unit is carried to. floor| = the state. [channels through closed tile Builders have |ducts. Perforated dicts connect been pounding the closed units to channels in| “ on the door for {the floor. Then the heated air) rapid approval of {passes through the: floor channels] government in(into a duet returning to the heat- surance for mortgages on their ing ~ unit. The circulating air|projects. It's not coming fast radiates through the floor, heat- enough, the mortgage insurance, ing the room without drafts, the that is. {manufacturers said, | Hoosier sheiter artists know it John Cunningham, ‘sales en- takes time to correlate and apeer for Cannelton, said this prove their applications. But they tem costs a third less to oper-| say it takes too much time, from {ate, is currently used in several Six to eight weeks. in Marion County and| It's government red-tape In| triplicate. And while they're! The system is laid over a con-|waiting .for FHA commitment,
Mr. Peters
{flooring or asphalt tile can beloff, bullders say. Cun-| He said there is of
“We can't stood It, boy So two peters,
ningham said.
a HReat difference only
hammered at C, Worth
the house, And Mr. Peters, former candi date for Governor and Senator here at one time, has long been aware of builders’ needs in FHA and the shortcoming of the agency he heads.
Supervising Job He Is supervising this job as well as shooting movies of construction to. be. used in pro-| motional plans. The porcelain tile used Am ex- ad terior facing and as kitchen and AST WEEK Mr. Peters bathroom walls is manufactured Nn into Washington right by the American Valve & along with Ed Sovola, but not
( ‘ontinued on Page 47, Col. 1) (Continued on Page 47, Col, 2)
— 608 | E 82d “Penner & Beane (investment
William E. Cornelius sell their
house to Mr. and Mrs. Paul brokers) here. Hurt. Wayne W. Whiffing of the Mr. Cornelius is associated = Spann Co. Inc. yesterday also
with-the P. J. Baker Iron, Steel & Construction Co., while the prospective buyer is affiliated with Merrill Pierce
reported the sale of a home at” 3075 Guion Road.
where po
they've prodded R. Birl ay
This exceeded similar F Fecord.
Dollar value of morigages so far this year is more than S34
* ‘Natural Growth Mortgage summary and sales activit’ merely reflect the “nor. mal, logical and healthy growth of our city,” Warren M. Atkin. - son, ANSR chairman, observed. One of the city's house ing ~ developers, Mr. Atkinson pointed out Indianapolis has been |expanding industrially and “this {naturally has accelerated the real |estate activity here.” { “The high activity is certainly
of crete slab and regular hardwood hot house prospects are cooling! indicative of _bullding impetus
(Continued on Page 46, Col. Doh 4) :
New Edition of Home Idea Book Ready
Special NEW YORK, June 10 The 1950 “edition of Johns-Manville's Home ldea Book is off the press. Designed to cover both new construction and remodeling, the “book -contains- 64 pages printed: in full color. The hook is divided into two sections, one on interiors and one on exteriors. Thé Home Idea Book has been ia yearly publication since 1933.
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