Indianapolis Times, Indianapolis, Marion County, 3 September 1950 — Page 33

: 5 EE a A - : Tr : . - ; : 2 | Se x 5 2 2 4 2 = y ; > g = - - = 3 3, 1950 - Ae TER ” va ea. he ‘x las gor ry = ; rye ® * : | - he ne > | Real Estate | | e e n 1ana 0 1S im es Rou Bejate ey pe Fon — Two | : oh Le : ; LANA ? 8 ry Business Cereesresanes .33-35 ing carbines Section Four fre pom er : r— Classified ............36-44 | Communist ~~ § ; : : : : -- SUNDAY SEPTEMBER 3, 1950 he ; Chi Ock, 27. - § : : : " - - en : ; g Sin Chin, % = kers at the a yo » ® ® ht patrol te ‘B a ion ! : 1 in | harass our = < ; 3 D r, — ’ remeron tl ’ a esses mss ass mS smp eS ii——————r ns | - . | The Week in Business | Stock Prices Hole Goes Down Where New Essex House Will Rise- WE 1.8 Sass hawn \! mv aan New Houses . | MIndustry Jumpy EET seoees a ol =a Wover Ce Push Forward 3 ln 5 to p | n i . Over Controls rus rofwatt Up 3 to 10 Pet. { . . : . | i Speech Fails fo Lift In Quiet Trade | Ty Li . ‘Curtain’ on Thinking | ' | rom diuary _By HAROLD H. HARTLEY. Times Business Editor | Transactions Fall | oy Costs of Old LABOR DAY WILL FIND Indiana business roaring Off During Week: osts © er with throttle open through the uncertain mists of proba-| ! |. Structures Likely bilit | Trend Irregular , ty. : - | By JOSEPH W. MICHALSKI | To Follow Trend Those who trade had depended upon President Truman| ™ yueq press Financial Writer . |° By LARRY STILLERMAN to light the course ahead in his speech Friday night. When | . NEW YORK, Sept. 2—Stocks| | mh Time . f atic Mr. Truman finished, they added up what he said. For rose irregularly this week in the| e winds 4 inflation are 3 : dia : {quietest trading Week in more" {churning up -h-o-m-e prices most of them the ANSWET ore piling up inventories as & (poi two months. ! ‘again. e was still in the back of the hedge against yet-to-be-revealed 5 | book | government controls. Trading al throughout the They're being swooped up . | week was conducted on a restrict-| : The y wanted to know! Industrial hoarding was easy oq bagis and most stocks moved | from a price plateau, a level- : to tab. A factory had only toi, a Harrow range with the ex-| ing-off market that looked something beyond. generalities. It. Jast- year’s orders. and 8 ex-1 1 : ; : controls, what controls, and how | 10° up last yea , ception of few individual stocks. .|like the real thing earlier this soon? * allow for a reasonable prosperity) With attendance in Wall Street | Ivear The second Presidential speech increase, and charge the rest to being light throughout oe of} And as Labor Day drifts Into may open the door on this ques-| : ause oi vacations, {brown - leaf - and reath i ! (brown - leaf - and - snow weather, tion. Until then, businessmen will! One of the most sensitive spots and the long holiday week-end, . ’ { ions f he week totaled prices on new dwellings will be stay where they were, on the edge in the rush to buy has been the| transactions for the we aled | | y were, on the edge ‘only 6.697.624 sha inst | up 5 to 10 per cent from last of their uneasy chairs. (pile-up of consumer credit. And[only 6.697.624. res, against [January i What they expect first is allo-| while lenders do not seem| 8,197,709 a week earlier. This low | Jr : 5 cations, probably in steel, with| alarmed, there is some cause to| volume makes “it the ~ smallest] Prices on older homes will fol« £ expediters, priorities, and for weigh carefully a consumer debt | Week since July 7 when the total low the pace-setting new dwell i some the “inside track.” | of $20,340,000,000. And that’s bil-| Was 6,374,360 shares. ings. It'll be slow, but steady and A The season’s turn at the year’s] lions. | Investors Cautious certain. Sales. Story Same Hrs uas oe pols_found labor The down-spiral is geared in-| Investors this week also tended | : : g price p ' ~| variably to consumer debt and ti vy b On the sales front, the story 000 on strike in Indiana, 200,000| overloaded inventories, that's raw| © Coo oon generally because of is the same. Property transaction bor in the nation, | materials piled up in case they the uncertain economic situation. reports indicate the market is I Bus id is no scarcity p obs, become scarce "| They elected to hold to the side- “very good”. Brokers and salesast week's. employmen y : ~ me / brushed past the 62 million mark., The biggest ‘spender in this lines pending developments in| DE liu e109 mater wi [ Hoarding is still going, but it/ country is the wage earner. And| Washington on taxes and con- ior ™ bo . thev'S | 1sn't so much the super-market if he has to stop buying to pay|trols. The worsening situation in| Rj 00 N : Om dal ope. A Syre balling , ! kind. Manufacturers have known | his debts that means trouble, and|the Far East also depressed trad-| & viii wf rem TE ¢ bi Ga the air Alea, not Just “castles 1 I for weeks that their customers plenty. Ing sentiment somewhat. - : = Photo by Bill Ostes, Times Stat Photographer wir inflati Mm i : Outside of the stock market, . at - oo rb . nflation puffing prices, Labor's Record As labor prepared to round its own|tne ‘nation sustained its high Just a hole in the ground now, but by the end of 1951 if will hold the I4-story Essex House, first all-year air-conditioned apart- realtors believe home-hunters, in Re ONer the vear and found aaoiaay 19motToW, leadérs Joka ask level of industrial production| ment house in Indiana. The structure is the planning of the Warner-Kanter Co. of Birmingham, Ala, It'll be a $3.5 million, 390-unit |itially confused by the cost spiral, a y ; ot performance, ment! this week. | -apartment, designed by Russ & Harrison, constructed by the J. L. Simmons Co, Inc. and Davis & Stout, Inc. Construction started a [Would come more and more ints of contracts, and delivering the manpower, in good shape. However, despite this rosy pic-| CR ; ita : . the buying field. t -- There had been no violent strikes. There had been, shutdowns ture business ci month ago. It is located at Pennsylvania and Vermont Sts. ———— i a——— Teac : : , circles are grow-| ———— 0 — ro — es Sr et ets re ra et They believed; for the most but no bad ones, with the exception of the 100-day Chrysler walkout; it | » . | oyge ° > ! yao ng quite concerned over alloca-| In Own Office N S ol S ] part, the squeeze on loans would out. 'apolis to manufacturers that with Hons, Some auantery ate of the} dl Mngg p ums . mon . ae ales tend to offfet the drift upward i The working man has been the leasing of the old Fairbanks- er off BL ANe ag oot too] AE | 8 kis, in prices of existing homes. Cost. | wiggling between the jaws of the Morse building at 21st and NOrth=| 1 ra, ment y 11° "a Set Gross Record : or 50 of new homes depends on ma- | will make more demands on in- : terial and lab t. inflation vise. The steady squeeze western Ave. last week, there was n or costs as well as hi is 3 littl Ta GttPT f dustry because of the Korean . . demand. pens of higher prices on his income|little manufacturing space of any| ,nqjjct. Transaction Total of 86 Is Six Under & _has made him push harder for|size from which to choose. In line with this, Iron Age, na- . | : 7 ., On existing homes, big asking ring higher wages. | ‘This left the big manufacturers tional metalworking weekly * said Quits Railroadmen’s Previous Mark; Average Per Deal Is $13,500 price will block sales of homes, The ges of industry into tie /l0dking Tor ites here instead a the steel industry is sweating out | To Open Adenc North Side realtors rang up a $1.1 million sales réport last Bytes Joly have the down pay. left brown-tasseled corn fields of In- building. There are still remain-|, " 24uanced case of pre-alloca-| pe gency week. ment. Credit tightening does this, diana speaks for itsell. JIE the oid Western" Eleetrit sion jitters, More new competition faced It marked the highest real estate transaction gross this year A Dally Battle Labor's record in “Indiana Warehouse on W. Ohio St. on a| por more than two months, | Hoosier realtors today. for the Associated North Side Realtors, Vow 2c sounds good at the board meet-|siding, and the Harper-Ransburgiy.,, age said, buyers of steel| It comes from Joseph Van Number of sales, however, was below the peak in one-week| And tis is a daily battle for ings of the big corporations. It building on W. New York 8t., not p,ye known that allocations were Briggle, who for more than two reports. But the average price per property hit far above previous|T¢altors. They're trying to hold is peaceful, eflicient and produc-jon a siding. J t i ~—r| down the high-flying inflation coming and they have been trying! decades has serviced property 1950 figures. : tive. And there are no ‘“red-| And that, I am told, about|(, p,y accordingly. The result has ¢r tions here for builders and The 37 brokers reported 86 Ave. 4805 Carroliton Ave. 901|kite, sent aloft by sellers out to y hots.” | wipes out available manufactur-|peen one of the wildest scram. onsas sales for the week ending Aug.|N: Franklin Road, 6113 Estate| reap a harvest. ) y So inviting has been Indian-!ing space of any size In tOWN. ° |ror material ever experienced. It| o .. ravine Ralls 26, six less than the 92 peak re-|St. 605 N. Euclid Ave, 2233-35 N.| Houses below $12,500 are going + : has culminated. this week U Mr. Van Briggle is leaving rted during. the second week in|Alabama St. in a cross-sale with|more and more on contract sales, } state of utter confusion in ane foadmen's Federal aa A DO . Be we Alfred Campbell, lot 589 in War-|another indication of the diffi. , a markets, the publication pointed Loan Associition of 35 as mans But the gross of $1,163,216 feign addition, ISN. Keystone oulty of obtaining adequate fis out. associa some building service overshadows the $950,000 top for Ave. 5376-78 W. 10th St. in a|nancing. ired Reflecting the high rate of pro-|28¢T of the Io : the peak sales week. And on the Cro%s-Sale with A. H. M. Graves, “ Contract shles bring. wontuly duction activity, the Department department. capacity that Mr. average, property sold for more Inc., and 1613-15 Carroliton Ave. “rent” to a seller, tie up money of Commerce disclosed that the vo hoe Boh served realtors and : than $13,500 a unit last week. a or. Carson—147 Buck- he Hay need to purchase another srss— number of job-holders in the na- hom= : The high gross was attributed . ; tion soared to 62,367,000 in early |Duilders as Wel | a ete Joseph Van Briggle to rash of house sales with a| Driscoll Realty Co.—8155 Nor-| In the luxury homes, the deAugust, the highest point in his-| hunters. =e “85 S50 ianapolls, downplay on purchase of raw|Waldo Ave, 5.71 acres on E. 116th mand is heavy, but buyers are tory. many P ar ng in home Real Estate— acreage for future construction, St: In Carmel, Ind, and 3746-48 more particular. Amenities—locaCommerce Secretary Sawyer|through his Only 13 lots were reported among|™- Illinois St. tion, envirchment--afe a2 Varied 451d, “With increasing defense purchase 44-year-old Indianap- anua : P ans * [the transactions. -Fieber & Reilly-3414 Arthing- (tc individuals as Heme in a1 fire Preparations, it may be expected! NOW L08 TOW ors license IVHCAMILMAN § HAND | The report reflected the con[ton Blvd. ft (sale Its hard Ao Od ten “| that this “trend will “continue at ONS native. She ns tinuing bullish trend on the local| . Gerdéniel Really Co.” 4826] “owhners™ with" similar I an accelerated pace.” ~~ and last week began clea i real estate market. It - also CATTOllton Ave. But demand is heavy because : See ne tp. Bullding Hurt 1 Dela z showed, despite creeping Porn A. H. M. Graves, Inc.—125 material shortage and inflation 3 Scramble for Supplies age office at 521 K: of P. IL ity the heavy push to buy shelter ROSSIyn Ave. 6383 Dover Road,/fears are cutting down those One other surprising develop-| Started as Clerk | . before school, the annual fall/lot 82 in Sylvan Estates addition, NOS IARE who could afford to ment this week was the announce-| His astuteness in real estate is. Less Cash Available | drive. . 3302 N. Tacoma Ave, 5850 Ross- build. rind dorhoods.. the : gd 7 J |ment by Chrysler C th also reflected in his advance from | But it's the running big story|lYD Ave. 6440 Oakland Ave, 3306 In certain heighbop . ext y km Ytiat file clerk to a leading position! Now, and Costs Soar tne year—homes and security. N- Tacoma Ave, lot 1 in Virginia scarcity premium for houses Is Under the creek goes the big gas main. This 22-ton extension |was giving its hourly rated work-|'¢ a | By Times Real Estate Editor | The North Side r al.|Addition at 58th St. and College being added again to selling last week was laid under Fall Creek at Rural St. The crane is ; ’ “lwith Railroadmen’s. y Times state -1 Ame North Side" ve . : prices, And this will become more lling, and the bulldozers at the other end are pushing the big |o > 10 cnt an hour wage boost.| yy van Briggle joined ihe| The saddest story in building) Ways, mirrored activity among (Continued on Page 35, Col 3) |evident as building 1s curtailed, Pipe Into the water. It is a part of the Citizen's Gas & Coke Util- Chrysler also treated its stock-|firm when he completed schooling delay and creeping costs is down other non-affiliated brokers in ‘ pM ’ voluntarily or by government ty’s $750,000 program to improve service in the North and North- |D0lders to a bonus with the dec-|at Manual High School and But- at Manual High School, the city’s the county. Their sales were also ! : . edict : uh sections nn . th a laration of a.$3 dividend on-the!jer- University. . With Railroad: second-oldest high school. {up-and-flying, -with less housing * Future Rests on War common stock. The $3 dividend men’s he has also been book-| pajay in designing, in bonding, far and more drive on buying alt 0 Adil FR Off In the department stores last week there was a supplements the $1.75 voted re: r; assistant auditor, assist- eon Has now cost the Pefore-dollars-shrink further. a ir . = TTle “market “hasbeen “good™ ase- noticeable lessening of buying beyond need. cently, so_third quarter disburse- ant to the secfetary and manager gin gide what was to have been The Association report, filed . because, briefly, “times have been But stocks had been hit. One line hurt was automatic washers. ments will total $4.75 a share, of the tax department. a $5 million top-flight secondary by officers with the Real Estate| good,” the realtors said. And while they are not cleaned out, selections show there's been against $1.25 in the third quarter, Besides his fraternal associa- gop * " ‘Board, broke down sales as fol-| There has been building, the —— heavy buying. } ‘ of 1949. itions, Mr. Van Briggle helped “= =. \t was to have been top lows: : _ |greatest number of starts in his. . . At the hosiery counters buying has eased back near the pre-| Automotive shares were gen- found the Home Planners School, post-war priority in school build- Willis Adams—Two lots in wil-| Indiana's largest real estate or-|tory. And there has been an IONS Korean level. erally higher with Chrysler lead- a housing seminar conducted by ing. What happened? : liam Creek, eight acres in the ganization last week- continued to Ability to buy, also the best in = One item in which there was the housewife to -pay what she ;,o (4, way with a gain of 3% the School Board at Technical Thr n 116th St. neighborhood, 260 Buck.|show why. it is the largest. “years.” a terrific onslaught was in toilet considered an extreme price. 80|p,ints to 72. General Motors ran High School every springs. | Now the School, if It's going UP inopam Drive in a cross-sale with, The Jack. C. Carr Co. one of But whether this continues de“tissue. More than one-household-/pork_loin plummeted 20 cents Aap more than a point. Steel shares He “is also affiliated with the 8 == in TT a ucture not Bruce Sivige Co. and 2061] the major realty firms in the na- pends, Tike everything else, on RING er boldly ordered a year's sup-/pound in the last three days of moved irregularly. Bethlehem Marion County Residential Bulld- Sagry us of t e Many a , Tedition Broadway in ‘a cross-sale with|tion, reported yesterday sales in What happens in Korea, in Wash. ply. And no store dared ask, “Is the week. Steel slipped a ‘small amount. and ers, IRc., the Real Estate Board A emporary school size and po. E. Peckham. | August smashed, for the fourth ington and Moscow and in Novems this beyond your reasonable, The food stores licked they g gteel was unchanged at 38. as associate member and Is on CEFETE ~~ u American Estates Co, — 5539 Straight month, all company rec- ber. “peed?” hoarder, We have them to thank! -. — ~~ the general committee of the Pa- e a structure costing : lords for transactions : _ 3 De or Homes less than $3.5 million. That Winthrop Ave. in a cross-sale with actions. . Overall, the department stores| for that. | Brick and Tile rade 0 ‘apparently, fs all that can be used Jack C.Carr Co. lot 144 in Arden| CAT salesmen helped Hoosier) (=o oppiyction are doing all right. Their figures) The Labor Day week-end was a VILA. SHIVERS §YE dons Home Show Worker leon ooven. do. defray building #ddition, 275... Westfield... Blvd. home-hunters purchase 76. prop: we QUISIVOCIIOIE emma aes nae during the” Korean buying ha mi week-end.” “Housewives' 64 1 t : G AE 1 He is a past Airecior of the In. bonds now. That's not much today Property in Brendonwood, 404 © erties last month. In dollar vol- C t cts Soar ed bands, “binge but they've settled back to cooked them, let them cool, and uv pu ans. dianapolis Home Show and the for a school which the South Side 95th St. 3807-0 N. Pennsylvania | Ume, the seventh month sales re- onftra lical tied around 25 per cent above last|sliced them down for sandwiches. Although brick supply is eriti- Construction T.eague of Indian- needs badly. And the contractors, St. 7400 N. Iilinois 8t., 20 Meri. | Port Soppen Joo. + NEW YORK, Sept 2—Engineerooth year, : (| And the ground meats had|cal in this building area, produc- apolis besides serving as vice in their up-scaled bids, showed dian Place, 6634 Broadway, 3738 a : Mont) 8 record mirrored|(,o construction awards - this » - Smoot And store managers, seeing| their last curtain call of the year,|tion -of brick and tile in the firstipresident of the Indianapolis it would be difficult to build even | Washington Blv. in a cross-sale pi rea State Market here, week topped $300 million for the aluminum other cities with a 1.6 per cent their last warm weather double six months this year topped the chapter of the Savings & Loan at that price. ~~ With Franke-Padget Co. 830 Nor or OF a nr rm, but! sourth time this year. finished gain feel good about it, holiday. ; {previous post-war peak by 4 to 5 Institute. | So Manual again may have a Lesley Ave, 5259 Broadway and - y outfits in the This is 50 per cent higher than ished. In food there was a break in| But said one big packer, “We're Per cent. | Mr. Van Briggle is a former cracker-box gym. a squeeze-box 5840 Winthrop Ave. | “Far Ahead of "49 {he wterage week tp duis.’ ahd fresh pork. | satisfied | W. J. Goodwin Jr. president of vice president of the Manual shell for an auditorium, if any at| Butterworth & Teeters — Prop-1 0 1120. per cent higher than the “This eamé from the refusal of. This year's been a whopper. the Structural Clay Products In- Alumni Adsociation “and is cur- all. erty on E. 116th St. east of College® On the seventh-month compart-| corresponding week last year. ) > 3.2 "stitute, . said output of brick in rently a member of the Father's Ave.”in a cross-sale with Driscoll son, the Carr organization far| Engineering News Record reIH T Ik i International Harvester Co., with 10,000 the U. 8. was 7.5 per cent above Association of Broad Ripple High Another Cast Yarn tealty Co. . {outstripped transactions complet-| ported today. | a S Bac strike-idled in Indiana, isn't sitting back the first half of 1949 and nearly School, his daughter's school: SOL BODNER Rilo only too Jack C. Carr 5302 College ed in the same period in 1949, the Private -construction- for- the waiting for the strike to “wear itself out.” 5 per cent above production in'the = The new broker lives with his "5 °° delay is spelled c-0-s-t| Ye: In a cross-sale with Norman boom building year. | week is $222.7 million, public Harvester is talking direclly to strikers. And the company has same period in 1948; the post-war wife and daughter at 6016 Crest. , “).o building handbook |L. Hammer, 3773 Manor Court,| Through August, the E. Market | construction is $119.8 million of told them that little real progress is being made. This means a long Peak year. fr iIview Dr. Weeds are poking through the 3617 N. Rural 8t., 2719 N. Olney | 8t. firm reported 450 properties which $97.4 million is state and drawn-out strike, hard to take in these days of high prices, and| In a half-year report issued.last| . -— \cement at the idle gas station St» 1212 E. 9th St, 1498 N. Denny sold, worth more than $4 million.| municipal and $22.4 million Is : pinched family budgets: week, Mr. Goodwin ‘also disclosed NAMED VICE PRESIDENT lat 18th and Meridian Sts. Not St., 3533 N. Grant Ave, lot at 42d In the comparable period last| federal. \ Last Friday Harvester orkers _ Wives begin to ask their hus-|structural clay tile production so TOLEDO, 0. Sept. 2 (UP)— because of Mr. Bodner, however, | and N. Meridian S8ts., 5004 W.| year, the company sold 382 prop-| Waterworks contracts are high in Indianapolis received their last bands, with more than a little|far this year dipped 5 per cert Raymond R: Rausch, vice presi-| He was all set to rip down the Washington 8t., 2830-32 W. 30th | erties valued in excess of $3 mil-|at $8.4 million, sewerage, at the pay. It was for three days cover- emphasis, “How long is this thing|from last year’s six-month output. dent of Géneral Electric and for- oq structure, erect a $1.5 million’ St» 10t in the Grandview Addi- | lion. . (high week of this year, is $13 ing the three days worked the! going to go on?” and “How are| But production was 4 per cent mer Ford .production Manager, six story office building last"June, | tion, 936 East Drive in Woodruff| The report was issued by Guy million, public buildings are high week before. That is the end of we going to feed the children and higher than in 1948, he said. June has been elected vice president] The zoning board gave him the Place, property at 79th St. and Boyd, general manager of the at $14.4 million. Highway awards ths pay line. ‘ {send them to school?” . |output of tile was 119,000 tons, the and executive assistant to the green light-Mar. 27, but now ac- Fall Creek Blvd. in a cross-sale tompany, from firm records and at $24.9 million are lower than Both unions and companies] The company side weakens with best. monthly production figure president of Willys-Overland' Mo- y : with F. C, Tucker Co., 3305 N. lists substantiated by the Real they have been running, bridges , - lave learned ‘in their strike ex. | time, too. Customers and dealers this year, he said. 2 "7 tors, it was announced today. (Continued on Page 35, Col 3) Keystone Ave. 1406 N. Luett! Estate Board. } at $3.7 million are lower. ; Ji perience of the last 20 years thati|get restless. When they have ~~ ~~ TT To _— Ee : ARES ’ : HY Ty ra Tr a ia - Sul | 4 | ; . ; 4 . . ine Pressure goes on when the pay nothing to sell, they make no Homes On N. Rural St. And Stop 8 Road Figure In Late Summer Transactions In Fast Moving Local Market i , . If the Harvester strike follows| So time, itself, is often the ; bhi Tiki : dae ; : ot 7 Gus Rr ERE EL ~~ “the pattern, the negotiators on|greatest factor in settling even! ; 4 = ; Ser Ls 7 both sides will settle down to the |the toughest strikes. | i 2 grind of ironing out differences.! The longer they go, the harde . The back-pressure in the strik-|it is to hold the line, on both nan ers’ families is a telling factor. Isides. nr v : Pr 2 : Pre-school buying of clothing was up this year. One! ot ress Straws merchant described: it as “satisfactory but not! : exciting. CR A ; ; . 8 pate . THE PAST GOVERNORS and secretaries of the Indiana Dis- \ | 85 trict of Kiwanis International hopped on the bandwagon last week . in support of the “Crusade for Freedom" to show the world where §. bs we stand. 3 : - ; i “THERE'S a back -to-the-land = And if that adds up right, + Mes movement on. Building lots are! there'll be a brisk market in : ‘§carce in the city, and home own-| bandages for blisters brought ve ers want to raise vegetables, and on by the man with the hoe a El — hedge against inflation. © | who isn’t used to ome. i , “hain, sa e Sea Sree : : 4 BE : 1 ors : Ft Mrs. Dorothy Ross and J. This long, low ranch” rambler at Stop 8 Road off Road 31 in the county Yoprad cument ales : : Hear Harold WH, Hartley, with The Human Side ef Bustin ‘builder Hubert Powell by Harold Donnell, salesman for the Jack LC. Carr Co. He helped Michael G. purchase. - m————{ WISH » ¥ . Raid 2 $ . Cora v RH p id . - 4 1 T * Y o * Ms wisHsIpmtetny. ) : r. Rah is an engineer. the dwelling from Mr. and Mrs. Daniel Sheehan, so 5 eragEac a ; & . > vo dt i tt rm i Fovid Jos : Ta 2 5 i iti ; ! Si ; 3 X - > TE 2 or 4 z x ridge = i Ragen Sad = hs Sy Ei :