Indianapolis Times, Indianapolis, Marion County, 2 July 1950 — Page 31

1

“RealEstate. |

Real Estate in : Business . eid Be dt Builders virsasaanan “e

for | a | - Automobiles... 1x4) . The Week in Business—

=22E MEE War Puts Whip. | 1 To Car Sales

Korean Struggle Bririging 5 A __Inquiries, but Little Hoarding By HAROLD H. HARTLEY, Times Busifiess Editor WHEN THE KOREAN WAR cracked open a week ago, Indiana industry was so busy with its boom that it hardly looked up. : : 3 But by mid-week, executives began thumbing back through their still:green memories of World War II, its restrictions, its headaches. And they wondered aloud if

another one had been touched, The dealers arent looking for off so soon, {a step-up -in business. Some of

Hy po _.1 them are‘sold 30 fo 80 days ahead. The automobile market, al- They remember; too, their thumbready production weary, began to twiddling days during the war, get hotter by far than the war when they had nothing to sell - in Korea Too many had been pit service and not much of that. caught in the car shortage in the They couldn't get parts. early forties and had been stuck Bi Shifle

“But one dealer reported that a With used cars at more than new customer wanted to “buy a car Car prices. I v .

to store.” Phones in dealers’ showrooms! As the war warmed up, the began to jangle. There wasn't an pressure for cars, and faster deoutright stampede. It remained liveries got hotter and hotter. well within ‘the nibbling limits. Until one sales manager reported Calls, dozens of them, inquired he had been instructed to stop the trade-in value of an old car. taking orders.

|

Korea Fighting

Causes Wide

“Market Caught Off

Active Since 1940 By ELMER C. WALZER Press Fimancial Editor

{of fighting In Korea with its aclcompanying ‘United States inter-

{vention brought the widest break {in stocks since 1948 this week on

{the most active trading since May

Balance; Buying 5"! Carmel Man Heads Hamilton County Real Estate Board AllLO ut Struggle Would

. United 4 | NEW YORK, July 1—Outbreak

a

18; 1940. i | The Korean incident caught the! market off balance Monday. In| that session -the ‘industrial average plunged more. than. 10! points. Tuesday it ran into another avalanche of selling which attimes caused ticker lateness of |

as much as 27 minutes," most on §# {the books since records were §

started in 1939; : Tuesday ‘the’ sales - totaled | 4,860,000, most for more than 10 years, Wednesday, the .market; had ‘a “moderate recovery. Wall | Street called it soda water rally| [—one fizz and it was. all gone.)

y | Thursday the Wednesday rise and | i | [a lot more were wiped out. Fri-| "8 4 day there was ‘a moderate re-| + | covery with some apparently real’

| strength in the automobile shares.

Statistics Given

{Here are the statistics for the

|week: : Sales: 17,098,654 shares, making,

la - daily | average of 3,419,730 {shares compared with—8.045.503 | shares for last week of a daily!

average of 1,609,100.

Industrial average ra ng ed from a high of 214.68 to 206.72 and,

f [closed the week at 209.08 off 15.27

points from the previous week's!

2 iyo RP i: Put Clamp on Building — Frenzied Building Boom Still Has Not iis | liquidated Long Accumulated Demand |

! By The Times Real Estate Editor ~~. = . The real estate boom, already rolling furiously throug ‘the century's mid-year, was slow to react to the Korean war.

| Nothing much happened in the first of the week, but {by week-end, families remembering the housing shortage in

© [World War II were showing a step-up in interest. | ‘The first six months, with

1

i ® 5 =» {the* figures still coming in, é ! “jundoubtedly will be the 11 OWN = | greatest sales period in the city's {housing history, surpassing

» . = ” {booming 1948-1949. There is still a housing short-| : | age. despite the frenzied effort io : {of builders. Then houses are cost- 2 lez {ing more money and there is a AEC Invites Backing |threat that they will be higher. | For Oak Ridge Boom | Stronger Than Ever "| Hoosier builders and investors | The demand Is here, stronger may be missing out on the younge {than ever, It is weighing againstiest and fastest growing commus the ability to buy, plus the ability nity in the country today.

: [to sell. It's the atom town—Oak Ridge, In-town houses are turning Tenn. This southern city of 33.-

= : a ; formed in the fringe meadows chief product. Fi Er a He SR #5 mE ewwensmmmes | Where new additions are being And it's solid mushrooming; Re all Hite . platted and houses are going up not an overnight boom and then Hamilton County has a new Real Estate Board. Seated is the president, Thomas A. McGinty, |With amazing speed. desolation like the result of the Carmel. Standing, from left to right, are Robert Reel, executive vice president; Walter Truman, | The one big factor which is/atom bomb.

Ine Siang m let! to night, are Robe : 1 : keeping the-wheels- Bho Yi felose. | secretary-treasurer, and Tom C. Parr, vice president. The hoatd is a member of the Indiana Real Seping of _ ane Atomic in Commis. : = —— | Estate Association and the National Association of Real Estate Boards : [lon and Surrent world develobs 7 gy | Railroad ayerage: Ranged be-| _>1a1e 0 @ National /Associalion .of Rea’ kstate Doarcs. money is plentiful and the FHA ments are seeing to solid growth, of tween 53.10 and 51.24 ang closed! | NX ping many a family over the The AEC this spring invited 7 {at 52.24 off 3.61 on the week, and R by rt C 4 d ~tbuying hump; ~ national investors to engage in 5 pu futility average ranged between! 0 gage | Oo e 3 ummin S ea S : ile new houses ‘are being the leasing, erection and manage7 . i {42.31 and 40.37 and closed at “ | \ . uilt at the rate of 5000 a year iniment of a proposed new central . of Oleo for Indiana . . When the tax went off margarine yester, [0/64 oft 3.31 points on the week. RB. > 4% ga. Sava e Loan De artment Marion County, old ones are business district. 7 ; day the big makers moved in fast. And Lever Bros, had “equipped | Tuesday, & total of 1,265 issues A lications U » by ; : wearing out. And real estate men| Government Backing Zz a new plant up in Hammond to produce the tax-free yeolew butter {appeared on the tape, a record. The Bruce Savage\ Co., leader have found that the pressure for, Initial site preparations are i substitute for Hoosiers. Here's one of the new Jelke oleo tubs {That represented 86. per cent of Hh fin the sale of North\Side resi- a housing arises from two things, being backed by the government, * . going in, ; : : the issues listed. War News Fails [tential veal estate’ has ‘exshndes > rst the non-building period of a million dollars worth of os : { 's Fay dential real estate, has ‘expande: the - depression, then the non- smoothing, grading and planning. : Stocks that had risen most -in| To Cut Volume {to add a mortgage loan office. building period ef the war, {Contracts for major roads and Tires Too The more thoughtful citizens remembered a|th€ recent advance had 'the widest ; {+The department will be headed | This double backlog plus the byways have been let to privat r little of their schooldays geography, that 96 1055es om the week. Allied Ghem-| Applications for Federal Hous-! ® geparimen \ : increase in population has given! concerns 7S mivale 3 per cent of the world’s raw rubber comes from southeast Asia. {ical propped. 18 points; Minnesota ing Administration mortgage in- Py Robert V. Cummins who, has the housing industry & Momen-| But this new: Dusloess aiatect gE : And they remembered that when the Japs grabbed the rubber Mining 19; General Motors 9:siurance continued to roll into been with the Savage company tum which even the most extrav-lis- only one Dbase of 88 distr 1 : you had to have a permit from the ration board, and a Grade-A Chrysler 83%; Nickel Plate 91}; state headquarters here last week. three vears. \ ; p a genera

i "Treason, to get one new tire, and it wasn't very good at that. Tire stores felt the beginning) "

* them told would-be hoarders the/the week wore on they reconsid-| truth, that if-a new tire is stored ered, began to think it over, and!

A Nylons weren't touched. Nei- 50m held steady. . i ther was canned goods. And Kro-| ger’'s began to shrink frozen food

The stock market acted like an|

: ; ar 01d lady who had stepped on alvulnerable to an attack because|per cent increase over application Y°uD8 Republican activities and = average home. more housing, more community, - prices right in the face of ar tack. It Veiled Fouch? then satlot its recent rise to new Pe Te n the first five hs Opis 2 Tee of he Jndianapolis ” a ia f A subsantial Bumber ot Real But Hes investors Ys i sn’t as y ..aown to er eihe Ol for<20 years without a substan-/1949, the Tecord building year, | stry L ! ! itiee ha jlors § 00k for the hig e shown any interest in the devel« y 4 eh Food pang sari had been hurt by the war news. tial correction... It had been, In that period, apptications pele Junio Chamber of Som: ert Clute ins, heads loan. |in “housing to_hold through. the,opment, AEC er = - #8 ~< ag canned ‘goods, The reason is Experience paid ~off. Stock honeycombed with stop-loss or- ceived totaled 8235, while in 1948, merce and the Indianapolis Ath- : re {rest of. the year. {quarters disclosed. oe ; that even a large deep freezer Prices went down but commodity ders which increased the volume applications totaled 6061; 1947, letic Club, : \n » | And with the uncertainty ofl That's the-word of Gordon R. will hold only so much, but an Prices went up. A |of selling when they were caught. 4350 and 1946, 2960. : The mortgage loan department Crafts Tr n w war in the picture, and the pos-| Molesworth, ‘assistant to the AEG ~ ur . attic or a basement can be filled -: Arid what that meant was that, There was no deterioration of _1ne FHA office said there was is Making ail types of mortgages ttle fidesing of bullding mate- manager.. : nn ; with edibles in tin. during a war, you dom’t need business. Auto production held|™° indication that applications Including the conventional FHA > X Flals, prices. may step up sharply) He reported that southern builds

Nobody seemed to believe the money. You need goods.

» 3 , Assistant Director C. Worth under $12,500 and 85 to 90 per | oe | — : _ Steel operations were at a rate Barnett said it would be at least! cent on homes over $12,500. | ; : | (Continued on Page 33—Col. 2)|(Coxtinued on Page” 33—Col. 2) jerrated a with the six-/eight months before FHA could] The Bruce Savage Co. while] Fred I. Palmer, chairman of; / : — 2 i | mon output also a new determine whether commitments:its figures are not generally pub-| < ‘M BR od J Sm I el JE x 5 | high. Co traction gained and made today were used or-let-ex- lic; is reported to have sold over the Apprentice Training Colmit i ore : ecor IS - as e SE : J [Was 44 per cent over the 1949 pire. : ceed 32. 11MON in the first six months.(te® Of the Marion County Resi | a __. Mg i BR CofA fi friemrmmi ote fers encore figure fortite = year-to age w| ee dela] Builders, Inc. 1s re-estap-| By ‘Nort h Side Realtors make : record high. : Real Estate— 3 ro [lishing the apprenticeship train. | ro ; . : | inion record, and cariosaings tor NIHON @I Grou fo Take |Ing program this month. } ~ One Week's Sales Include 51 Properties : : | Th 7il 1 ni \ Wk . my tess! the week ended last Saturday ue P10 heen triming in nine. cartel With Combined Value Over $488,000 were the best in 17 months. This % B Pp ! Hh ow ! al : erans.: \ soins : i : Slee . { h brick] 1 \Thirty-seven North Side realtors wen - , room Sota i not Feflect the Mreads ouse- uying u se ere oo NS eaten ot nisher lL weelk. y-sey e t record-bustin” again last n e transportation movement ‘ ™ x . bg ' r . ~ oi \ : : 4 ’ . . 3 oye electrician, linoleum layer, paint- This time the Associated North Side Realtors broke the 1 rica” Sarsed bY Te switchmen's strike, Talks With Purchasers in 10 Cities fo Form. ........ |ex- decorator SPARHIASEEEBlasRRE RE BRIOR PORES 950 rast : = EE eee rd Ves Hemi? . Tet lerer, plumber. and sheet metal They sold 511 properties worth more than $488. . eu {~ Retail trade showed a gain on Basis of ‘Own Your Home’ Campaign ~~ — J er io me a 8,000 during. the 1 p [the week and whole sale trade : : By Times Real Estate Editor : | Mr. Palmer said -the-program —-And- that —topped—the one-week Heres some mor fron ths — § * |also was higher. Warm weather The National Association-of-Real Estate Boards Is going to was designed to help young men high of 42 ‘realty sales made In| sample feed box: Tom 1S OF =F SHE : Se Shi > “| brought in heavy buying of sum-~iput the home-buying thermometer right in the hottest residntial just graduating from high school Séven days ending Mar. 4. {""S0 “far this Yous. the Ne . ry i : eno Co 4 ¢ [mer apparel. Wholesalers re- peaker. 5 - . lwho want to learn a trade. | Last week's: sales and the 41],30 a 3 x 8 ie North into bor wl i PRT0Ne | ported good sales of fall goods. That's here. : | ‘Technical instruction has been set during the week ending June oy od at more than 310 il ; , i SLE ; .., | Business failures declined] They want to find out why homes: are being purchased, What's arranged with the Evening School 17 came close to another ANSR! And that's nearly 50 anion; size wf if ie Daddy of them-all-. = This picture shows how deeply Frigid- {Money in circulation had the pehind ital? .. sri wi iri : Department of “the Indianapotis} mark. The-two-week total of ‘921 =~ HS Bales. 1. per. " izes... Tito aire has rooted itself in American living habits, Clark S. Wheeler, [usual month end rise. NARER has selected Indianap-—— {increase over sales recorded i

1

8% — . Radio, lost in the woods of wild emo-| 2 Crack at Crime tion, is hunting the ey path. It has been kicked at and criticized for ita shootin’ operas, its endless fears inspired by playing hearers into the roles of villain catchers, and by telling how} the bad men live. +t) =v Now tomes a noble elfo healthy lift. It is a series of vi-, — | olence-free radio and television mon for programs to display] 3 programs, produced and paid for murders, extortions, beatings and! "by the nen-profit National Acad- assorted crimes, | emy of Broadcasting Foundation,! It's a noble effort and the! Inc. in Tha Its goal is to supply suitable Packers sound right. They are enteriainment for teen-age boys Sen, Estes Kefauver, Dr. Lee De‘and girls by dramatizing stories Forest, inventor of the Vacuum! by famous authors. * jtube, and three novelists, Esther The foundation will produce 208 Forbes, Kathleen Norris and Mar-| broadcasts and will charge sta- jories Kinnan Rawlings, and Dr.| tions a small fee for the lot. ~ [Glen Clark, the religious leader. | Professional actors will be used.! But they'd better make them] And the foundation pointed out good, or the young and ready-to-' what nearly everybody knew, go will be tuning the bang-bangs| namely, that it was not uncom-iback in. ve

{ i

Indiana Ford dealers have been told to keep their Straws . Stocks clean, their sales floors clean. That means, - don’t spare the horses, the new models are coming. : s Ford is running neck-and-neck with its arch-rival, Chevrolet, --~ in Indianapolis, but Henry Ford II has promised to pass GM's big: seller by 1952. That'll be a horse race. : =] THE NEW Kresge store only... 5 § Cady, U. 8. Rubbers W. Washington Bt sells. chicken jocal boss, did the cerembnial. = | Yan Ne pieces, and fried yr T.SPARKS next catfish. ® now has same 30 Wednesday will officially become

. meat outlets and is moving west : % __ price-pressuring the meat trade, Arvin Industries, Inc, The com-

: § ipany operates 11 factories in five PEPSI-COLA’S gone into the| Cities I Southern Indiana and the ad-bag business. The shop-i ,,.5eq $37 million last year. | ping bag carries point-of-sales ~ yyppE WILL BE a little boot-

i

10'fingers the

t which may give the ethered word a

when you're where you can get it. pourth. Youll hear it over the JOHN: HAMNER got a service back fence when the firecrackers

3 go off. TR a he's| And ‘you'll see the bandaged Country Home,

Peoples- Gas 1214; Merck convert-| | «v=——{ible preferred 1944; Santa Fe 714; honfe building and Buying with! of a rubber grab. But most of war was the real thing. But ;as| American: Telephone 67%, Zenith government - assistance was stilt

Radio 54; International Paper! 614, and U. 8, Steel 3%. Some-of

4 in a basement it probably will rot. friendly heads huddled ove rithe war bibies actually gaihed,| ¥ Tires keep best, I am.told, when whether to get a car, a new set/Including United Aircraft which!tions in the first-five months this they have about 500 miles oniof tires, a TV set, or appliances. netted a full point. Oils were hard Year marked a new record .com-|

Trade News Favorable Brokers said the market was!

high and the output for the first] half of the year broke all records. |

{agant optimists in real estate un-i construction program to replace

Déspite war news, the surge in !derestimated. {temporary war-built facilities of

He was graduated from Washy ington “University in- St. Louis) and has a Masfer of Business Administration degree from Harvard Business School. During the war he served three years with the Army Finance

| The average mortgage in 1940) Some $30 million for housing was $4314. This year it is more. and other community structures | The reason is the steady rise is on tap for Oak Ridge. in the cost of materials and la-| The government's also there ‘bor. {to stay, according to AEC. More

high, State FHA Director R. Earl Peters reported. ; | In fact, unit volume of applica-!|

: i r i : ard, : School at. Duke University and While the home building trades than $250 million i armarked 8 them, to work the tire plies to- 'hit with Standard Oil (N. J.) off pared to similar periods in the, ts ; ! ra | m 38 8 ry i Homes required more talk. Jt 0 : i : : { Ft. Harrison. He was an instruc- are not organized there is a com- for n an: boratory - gether. was still easy to buy, and tie/0% Points, |1ast four years; Mr. Peters:sald.i; »" \‘wivector of new instruc. | 8 f ew plant and lal ry

Through May 3%; applications totaled 11/111 with mortgages av-| oF, Irgining, int ted In% eraging $6500.-This marked a. 35 s as deen Interested In

petition among builders which projects at the Oak Ridge atom {bids up the labor market and in-/ center. That ‘will mean more [creased the labor cost in the workers, more atom employees,

were glowing down because of the and GI loans, offering to veterans . \ {in the next few months. |ers are pouring most money into | Korean situation. {up to 100 per cent loans on romes Wi] Be Resumed | For example, the houses which the community project. Develope : \

eneral manager, and Fred B. Tucker, sales manager of the Re- | i i oe elves, : ear, : % ing Equipment Co., exchange knowing wei and give a Daal Fs - veyed by Benton & Bowles, big- asked Mary Binford, executive at the office of the. association, mdrial day fOrtRIED. om Tr : m i on Ne an g 1-35 2 moe [time ad agency. Secrétary of the “Heal Estate 905 Inland Building. ; —Sot-25-Yenr Marks —irensrtsd 510 Sales Worth $6.2 mile

ition ‘of an “Own Your Home” sales, addresses. and occupants. committee are Henry F..Ostrom,| June 3, the association's brokérs

icampaign which the association The ad-agency will do the rest. vice-chairman; Paul E. Bradley, sold 97 properties’ worth more , oar cece S {will launch. Resuits of these sur-. Mary passed the letter on to, Wm. L. Bridges, Willis J. Croan than §1.1 million, snapping a 25-,

Approval Granted |

At June Meeting

Eleven new members have been added to the roster of the Real Estate Board. Es Approved by IREB diréctors at the June meeting last week, five accepted in the active classification have yet to pass theif realtor examination. Four were approved

for junior classification and two|

for associate standing. Active classification 4 was} granted for John P. Main, 2301 Elizabeth Road; Edwin F, Martin

with the Gil Carter Co.; Robert]

M. Murnan, Fred T. Hill Co.; James A. Pennington, Jack: C. Carr Co. and B. E. Sagalowsky, 1105 Prospect St. - Dorothy D. Guyot with Butterworth & Teeters; Robert H. Mc‘Kenzie, Driscoll Realty Co.; Clyde L. 3eaton, Haynes Realty Service| and Harold W. Venners, Minton Associates, were accorded junior standing. ” i Associate recognition was given to Lou Feeney with American Transit Advertising, Ind, and Louie Moller, now with the Anderson Lumber and Supply Co.

Set IREB Outing ~~

olis as one of 10 cities to be sur- press agent for NAREB. He Registrations are being received the sales mark set in the Me

* lsociation’s annual convention inland he. in turn, asked the Asso-! Elmer-Meadley, executive vice-|~ TRIS sales report as a Cross-

= Publie—-Schoels: missed by-a narrow five of tying the first half of. 1949, the | > the = z : 3 ‘boom

~The survey will be the founda: Board, to list up current home Other members of the training} During the two weeks ending jon

This year's sales report does ot include transactions started, ut not completed, in the first six ‘months. Neither does it tabulate all cross-sales with non-member

veys will be published at the as-| Bruce Savage, IREB president, and George A. Roesinger: [Year sales Tecord, 2

Miami, Fla, this November. ciated North Side Realtors to President, will serve as, co-ordi- sampling of broker hisiness here ro | send - in current sales lists. The nator. : reflected the soaring real estate| LETTER ASKING local assiat-/ i | M. L. Hall is president of the activity in the ecity-county com-| ance came from Charlie Stewart,’ (Continued on Page 33—Col. 8). association. i munity,

Three Apartments And Beech Grove Home Are Sold

4345.51" W. Fall Creek Bivd., South Drive. A :

_ son Realty last week. Negotia- South Drive, to Sol Hobbs and = groceryman, w

"tion for the fourth apartment another on n unit to. took title to h

FTOCOTYIAN AT® Max Bain.

re Avec

fast, and miracles are being per- 000 is mushrooming as big as its

Lec Mortgages. Bigger... the COMME mii enon