Indianapolis Times, Indianapolis, Marion County, 9 July 1950 — Page 39

3 ; UNITS

a

LL IN,

NN AY

version nudge. pected it.

cancelled.

of warplanes in “cocoons”, These

- - in the same and 5 {lower units offered, Miss William- tion. Up and flying strong. lof 1949, builders started 2560 There are companies here which! daily average of 31,419,730 shares terest rates rema 4 Ni 2 ‘ No Pressure—Yet Toe . Ap the government.| for the five-day previous week. -|monthly repayments are held to a [son said. | Lending institutions reported houses Valued at $17 million. . AS th 4 gu y > B 8 a For a time the trading element minimum. i Sa ae el a ~~ | number of loans the first halt Here's the chart: : eo & they closed their plants yesterday it was “business as usual. | apparently had got over its war, Besides the “open end” obviates] Charles Chrost Double-Barreled { INDIANAPOLIS And very good business it was. Employment was up. Spending | 0 but it continued to operate refinancing the original mortgage, | . dental { June, 1950 : June, 1949 was moving fast and gaining speed. Credit was piling up, but no! very cautiously. - saves the home owner dollars in| Organization SE the 4 Jentzal Celebration Set 'RIAFES cosvuraveassseravasss 356 units 396 units one, least ‘of all the buyer, was up orders for vaccines, serums Many still had profits and- thexsnew abstracts, initiating and at-| Ralircad Se uglon ot Bas (Value covveriiiirressenrn $2,011,620 $ 2207880 jumpy, : {and anti-biotics, tried to protect them with stop- torney fees. he heal BE TOE ee Cran By Veon Company Six-Monthe Osmpatison : 2 ‘ War pressure for new cars| Steel was getting ready for big loss orders. Some market op- Nor ould ihe HAL OI of Chrest, widely known in the |? ~~ rarities {EA The its > duns, 188 eased off. One of the biggest deal- trouble. It already is runiing|efators Who had Jed bp large chipping Sapk ads Deo House] railroad. construction business | IT'S BIRTHDAY time for a Starks tena Sit us in : rAr-huv over 101 per cent of theoretical amounts of cas 3 i rs . i % tast- i Broad Ripple realty tu ytd hy = yy ar 3 the war-buving furty|. pacity, but the big mils, in selling of securities bought stock.' Administration improvemen{ in Indiana PRY Will ony ThE. orusd. Apple Tea ty) MARION COUNTY : lasted only three or four days. | Northern Indiana are consider- Sales pressure lightened for a/loan. No separate transactions) specialize in construction of in- | Besides celebrating its third an-| June, 1950 June, 1949 The dealer said the draft de-|ing cancelling vacations, giving time. under the “open end. | dustrial tracks, side tracks and |niversary in its new headquarters SATS «...oiiiiiiiiiiol.. 267 units 130 units cision would ease pressure for vacation pay, but working right| But the market appeared very 8. | railroad maintenance. Mr. [at 6208 College Ave. the Walt! VAI" +iiviiviiniares iniuu 8 2,515,185 $ 1166200 used cars. Draftees usually sell] through. [sensitive to the experts whe! BIGGEST advantage: the home| cy rast has been in the railroad (Veon Co.. will toss orchids at iti Six-Months Comparison or their cars, he said, when they go! Scrap prices staggered on the warned that another break could owner would be improving the construction business since 1906 (best sales record: in history. : : June, 1950 June, 1949 . into service, > | war news. come. It hit Friday on no|gecyrity upon which his original| and spent 15 years with the | The Veon firm has sold weil SHIMS iootrerrrrvicniirie 1054 units 797 units Both Ell Lilly & Co, and Pit-| Scrap dealers who had been Weightier reason than guesses oni yiste is based. - “| Union Belt Railway. lover $1 million in properties in| VAIU® +erveriiiniiiiiiis.i.§ 9,222,108 § 5,416,550 - | man-Moore, a division of Allied holding back for higher prices! What a Washington announce-! ply limitation on the “open - Pre reser “= [the first half of 1950, tops to date. 5 GRAND TOTAL (Six-Months) ; Laboratories, sell to the govern-| could smell a price ceiling com- ment would be. ; . end” is the appraisal value of the Construction Up | = x a (This Includes 22 Other Incorporated Towns in the County) ment, and the prospect of grow-/ing, and they unloaded. { : Await Statement ‘Thome and credit rating factors. THE DUAL celebration ‘will be Jan.-June, 1050:.. Starts......3074 units. Value. .....$22.665 ing armed conflict in the disease

dA isis approved in

; pediter, there is n " } ant can do, except

creased rents,

Good news to the guys who stay

week I asked a

ply was “Nope, week.”

entertain its School graduates. Region at French and Tuesday. 3.4 C. “Larry” Doy.

: Kk. - J ; "And that’s about it. But gen-

“Real Estate T= Secon for | — ount To

wn | The Pic

FEB,

i y . . ——" « |Ing price, { While loans for apartment. conCounty builders are smashing residential construction records daily. And this does not include Graht SAND TJ uth: ODoanMll, Times Saft Artist : reports from 22 other incorporated towns in the county. These figures would add another 128 starts first half of 1950 than they beaan in the initial six months of 1949, the boom building year. And | The local picture is mirrored Under current federal guarantees, . lued han $2 mill he first-half m doy I valued at more than $2 million to the first-half mark. 3 i =

The Week in Business— Industry Waits ‘Call to Arms’

Plants Work at Top Speed, Ears Cocked to Washington

By HAROLD H. HARTLEY, Times Business: Editor | NEW YORK, July 8 — Stocks over the “mule train” leading down the path toward more home| in the number of persons hunting ipered by the bleak international STP? Some ba te hike. x E : i {presented two strong contrasts modernization dollars. : {apartments and the number avail- condition. P ¥ BUSINESS CUPPED its ear to the ground last week,

: . i mand, there's no stopping a new listening for rumbles from Korea. All it heard was the! ; y {what is known as the “open end” mortgage. ~ | This trend began in May and further weighed against rent de-| a recor husky Ei of newsbovs yelling headline history in-the [a lime Uwindlea and price There's some $20 million waiting to go into drooping eaves will extend through the first ring- control. This, realtors contend, | 1O™® bullding sud viying 4 DA - y - - - red. pe ———————— making on street corners. | The list labored in the two|the county Fi Res oo : | {ihe county, ! a Ww rirm Indianapolis industries which had worked the last; sessions after ihe July sth hoit| He ds New war through in shirtsleeves had yet to feel their first con- o> P te:| 11 encourage more of these dol ‘But they ex-|the possibilities. They know that cline on Monday. |property values.

One of the most sensitive! 8ency fund” of $500 million which three hours of Friday's session. new. But it has never been wideSt se ”

A plants is Allison, fertile hatchery| 4,

for warplane motors. Yet, up to, Anq that could easily put Alli-| |ing on this instrument yesterday, permission for the two Say r lt ges lose the week en Siig on . >

weeks inventory shutdown at the 508 ON 3 wa? basis. {weak note but the averages ” a A | Business still has the view that! ed . { é J end of the month had not been! 2 Viaw showed but little change. The| THIS TYPE mortgage work

The government still has lots from behind. the sc

“mothbhalls”, OF satellites for armed puppets, until’ against a drop of 3.61; and util- $8500, He can then borrow the!

include the big the showdown is at hand. {ity up 0.09 against a drop of 3.31 $1500 paid in to help defray im-| h -29's and the] But as the week closed indus-| points. furious F-51 fighters, more #dapt- | trialists were changing their

| ! homb-bristling B g able than jet power for fightin Transactions Dip ' He receives the advance from | § PS Roier HEUng VI WE ome, “This isn’t a sand| Transactions fell to a daily ay- his original lender and spreads |S But Allison officials know well jot game. It's big league.” _ | erage of 1,593,590 shares for the these costs over the remaining,

| | y i a lis This made scrap fairly plenti-| | FHA is being pushed to indorse. 44 {topped by a dinner party in Holly Jan.-June, 1949: Starts......2560 units Value. .....$17,006,629 ridden Orient brought no hurry-'ful, pulled the price down. | It was announced that an Mn- the “open end.” However, there: Pct. Over 49 vite $

61 Rentondfant

. what it would mean to him. = 3 iJ. Pitman, urice R. vis, C.| H } L 1 ' > The City Council made it emphatic, 7 to 2. And landlords rumors said President Truman FHA:insured loans. Bankers and! That's the U. 8. engineering; onan, Mad es 8 Davt ° Exorbi an aon ers 00% passed out the word to other landlords to “take it easy.” This was {would call out the reserves. | brokers feel the same thing would | construction contract report from ; : . & warning against gouging. ’ : - But some felt there might be! om 8 ; : gouging; especially on the lower ciation, the Property Management implementation of the draft. provements. In the first 26 weeks this year, = ° fen rent levels where it hurts most, Bre Once decontrol for Indianapo- Estate Board, the American Home| Ing out of reserves would be fol-' oq» skeptically. No rulling has|44 per cent higher. than in 1049. Third Tourney Set | However, there. have been no re

Washington by

Tighe Woods, federal housing ex- Feeney :1l are considering setting which might well eliminate peace- ame Tan a ERIE othing the ten- UP a sympathetic ear for rent time manufacturing. That would oyna) mortgage. (That's the “open public works is 19 per cent above Board this year will be ‘held Market here has policed any| age tariff. in projects under

pay or move,

This may make business for the, But that's. about all it will; mobiles, and no pieces of electrisheriff's office evicting people who amount to. Under the law it will cal equipment. The result of this| sdvance? New construction capital so far nson, Committee Chairman Joe said yesterday. Hing centers in. the nation indicate either cannot or will not pay in- be a case of either you pay or guessing was a sales drive in the Despite the unanswered $20 this year totals $2.5 billion, three Goode said. Dinner and prize! Nevertheless, joint action was! i

The Apartment Owners Asso-to? | rougheut the market. :

Cheese No Cake

Country Club July 27. It's their annual gamble :on the greens. They make butter, cheese and ice cream. And that's as far as it goes, One of their quip-makers said "Cheese but no cheesecake at this party. It's stag.” And no late craps or poker games either. The losers will have to go home broke, The order is “Lights out at 11 p. m." | p

wives of those up all night,

1 «trying to get even. 5 : IN A BASEMENT STORE last

clerk, coatless

" and suspenders showing, if business. had speeded up with the| war, Without looking up, his re-|

same as last

couraging. And theyre in for much better going when fall buying comes along. THE FORD MOTOR CO. will

Merchandising of the Central Lick tomorrow al manager

le-will pour on preferred was voted, too,

ture: House Building's Biggest Year, And Still Climbing

a i. a rh am ae A wo a ! { Helping cite the achievement | : : ® os 6 oe The lifting of rent controls left many at the Pentagon building. Wall pis type mortgage would sand up vestment is down in the first half oq birthday this month will 2 New VA-FHA Rules Prohi it a tenant mumbling and worrying over Street guessed up and down the the well-oiled operations of the of this year compared to 1949, the ; yes :

The dairy products boys are going,

weet ies Two Far North Three-Bedroom Residences Sold

ianapolis Times [==

SUNDAY, JULY 9, 1950 = = Builders idan

T

et 6000 New Homes In’

Starts for First Half | 4 Are 500 Ahead of '49

Prices on New Units Edging Up, With Average Advance of $500 in Last Six Months ~~~

By LARRY STILLERMAN, Times Real Esate Editor This will be the biggest home building year on record

in Marion County. New dwellings will approach the 6000-mark before Jan, 1. ; ; That's up nearly 1000 over the number started last year, the best residential construction year on the books,

As heme building spurted| oo come

into its 16th boom month, ,aranie period in 1949, the boom construction here was already building year. 500 units more than started in| a YA Janus ae : the first six months last year, .....e in the number of Veterans 1950 In cash, that's nearly $5 million] , gm inistration loan grants, GI more than first-half 49 valua- loans with the low int t rates 4 \ Hon. 5 of 4 per cent, increased longevity 1892 UNITS | Prices on new units today are ,,.q guaranty has put it on a par | going up, too. But not so fast with Federal Housing Adminis-

: as the homes they're tagged i ion loans, down in interest ? : 911,445,850 onto. However, it takes at least! . on ay Der cent. : 3 somal A000, more all along. the. linel ye market is satisfactory rer” 100 x today for houses than it did six oy notes, more so than a year F months ago. . ago when investors by-passed the ~~ That's because - material costs| | ow interest bearing mortgages are still edging up. and skilled! ror other investment propositions. labor is in short supply. Some! New housing legislation will

AD 0 : = builders now are putting part of| anahle an even greater num f MAR. APR. MAY JUNE JAN. FEB. : MAR. . APR, MAY JUNE Pipders now A ine 2a to ble ay, great ber to

enter the home-buying market.

N 1950 : Bey TEAR HIANYY f 1 Y { :

TIN AA (666 UNITS

Although harassed by lack of good construction sites, city. builders have started more units in the | Same Throughout U.S. struction aren't as liberal today

throughout the nation. New resi- Still government-backed insurance. - {dential starts thus far are up Should be attractive enough for |

Vol [Real Estate ich ee a emt er every sme, builders: are /yoiume vrops, | ; : . OUAYISHCS NOW |reor wien minions mew ao ert te phir | f ; s were : ng against a building slow | ! Lending Agencies Pushing huh seein PriCes- Too gn were. be RUN. own inspired by buyer resistance. Price N TOWS | ¥ 3 S mer Ex 10 | Government economists prodict They're bullding a mode] house ! . \ { {the record-breaking building | dl For 'Open End’ Mortgage lil xod

{boom in the first half of 1950 wilt Other houses in the proposed sub- .

with county cohorts, they're on their way to new marks,

. |continue with “virtually no letyp” division. They're not speculating | Stocks Close on | Seek FHA Indorsement of Plan to Finance More Lower Priced |inroughout the year. And thats With the home-buyers dofiase 4 Weak Note . | Property Maintenance and Improvement Units Available [mercial Bullies. choos hoon |and increasing construction costs, By ELMER C. WALZER | By Times Real Estate Editor : The annual summer exodus tals, industrial, Some bullders are attempting to: .

United Press Finanelal Editor Marion County’s major savings and loan groups are “hi-yi’ing” from dwellings continued to show! However, all forecasts are tem- Dave the home-buying client ab-

’ #* < * this week compared with a week! They’re-right on top of this bandwagon beating the drum for !ablé here last month. | In the county the forecasts are! But if we can meet the de.

i Mart t E” Sian ‘and new window sashes around ~~ TT" ling of school bells according to/may inject additional home hunt-| °F op County,” one builder

! : | predicted. : usual apartment fluctuations, ere ste She baiah market, force| Housing started in the city | Statistics released yesterday by : {again dipped under the number

the Real Estate Board showed ~Frices of existing residences in 8 in June t ; A 485 apartments available and 595 older, well-established neighbor-| haried in pr Bank Jer isi asking for shelter here during hoods will follow the price table, ke the all-time residential June. {of the newer residences. *| construction mark for the third The breakdown issued by Board Still Set Premium consecutive month. In fact, counStatistician Pat Williamson | Currently, existing houses are ty builders started more units in showed 215 good apartment units still drawing a premium for keys June than did their cohorts in ($50 and over), 222 medium ($30/and deeds. That's because of the/the city, bolk to $50) and 48 units renting for continuing heavy demand for" The combined June totals, hows $30 and under. shelter, ; jever, were more than $1 milion Miss Williamson said lower) Economic and fumctional de- above valuation of starts made a rental units, fast disappearing in preciation isn't being too heavily year agp last month. : ; the local market, picked up over considered in the asking prices; And from six-menth comparthe 35 offered in May, the low/of existing houses. But as more, isons comes the prediction that ebb this year. ; new homes go up, the price of nearly 6000 homes will be started ; Totals for the first six months older homes come down. Depre- here this year. x y "this year showed 2761 apartments ciation will slash off the premium. | 8074 Starts to Date available and 2935 persons seek-| Mortgage money is plentiful.| So far this year there were 3074 i {Ing units. This breakdown showed It's being offered in the same dwelling starts valued in excess {1034 good, 1342 medium and 385 proportion as residential construc-/of $22.6 million. In the first half

And they figure the “open end”

{ more than offsetting a modest de-| 5.5 to go into homes, increase

§ i

{ President Truman has an “emer-| Another rise came in the first The “open end” mortgage is not

he can throw into airplane pro-| Then a selling spurt wiped out ly employed in Indiana. In fact,

ction overnight. {all the advance in a few minutes.|there has never been a court rul-| i

| Russia will try to sit out the war industrial average lost 0.52 point,|this way: in Korea, running the invasion against last week's plunge of Jet's say a home owner has reenes, playing 15.27 points; railroad, up 0.05 /quced his $10,000 mortgage tol

provement costs on his property.

| four sessions, contrasted with a/life of the initial mortgage. In

het is {Hock Hill at 7:30 p. m. Saturday. —————— eee — portant statement would-be made 1s some balking. Opponents say| Construction 15 up, capital in-

{Realtors Charles K. Hall, Gerald! (scale on what it would be. Many (ger . amortization features of boom period.

All are members of the Real ; 3 ; : hi happen to their conventional | Engineering News-Record 1a 8 { metate-Board; Mr. Whistler hold! Binge willbe drawn around loopholes in- mortgage loans. [gage payment set-up for im- Week. i jor standi is time. | Siu ; 2 RE ; mortgage pay p {ng Junior standing at this time | Veterans Administration and Federal Housing Administration Hoosier attorneys eye the “open CONLract valumne hit $5.6 billion, i 7 jare-out-to protect the home purchaser from excessive charges.

ports of high fees charged

| The actual announcement which reame after the close was the’!

Division of the Indianapolis Real! Traders had reasoned that call:

Owners, Inc, and Mayor Allowed by imposition of controls! ever been made on foreclosures in- at this time. Of this total, private] The third golf tournament bY lenders in the Indianapolis area. [volving an advance on, the ori- construction is 71 per ceént.and sponsored by the Real Estate] Competition in the mortgage i i . | wr 4 3 complaints, : {mean no television sets, no auto-|gn4" feature.) Would a lien on Similar work in the comparable Thursday at the, Hillcrest. Coun-| abuses or maximum charges by. ritten by government guaran. ;

real estate have priority over this 1949 period, & itry Club, Duffers will tee off at!/lenders, the government agencies Reports from other big buildget out. And if you get out—where TV group and the autos. It spread! as : {per cent less than in the same per- awards will be held at 6:30 p. m.itaken by the bureaus in Wagshing- Ring fective In Week Y Jol, { , | ak ~ . e : (Continued on Page 4h Col 5) lod a Jear ago. Wk in the clubhouse, - ion last week io curb high mort-| The new regulations bringing : VA and FHA loan charges in line go into effect a week from tomorrow. They apply to come

|

«vy | struction loans and the pers “manent financing of new homes

ing Clinic at the University of Illinois. They are attorneys R: W.. Hilgedag, Robert Girk, and|: W. Osler, editor of Rough Notes, insurance magazine, THE TRY dressing, plant down. at Jasper is expected to step-up interest in chickens in! southern Indiana. That's the word from Dr. J. Homes Martin, head of the Poultry Dept, at Pur due. Ground was broken July 10. - The plant ‘will go in for egg} grading, candling and storage, FARM PRICES in Indiana held pretty close to the May level in June. May index 227, June 228. op

| H | f

. =» » g +H THE PUBLIC SERVICE 00. of | Indiana, Inc, voted a 45-cent | quarterly dividend on common last week, payabie Sept. 1 to holdAnd, of course,