Indianapolis Times, Indianapolis, Marion County, 10 September 1950 — Page 41
.
. 10, 1989 . icators ave good stus’ Jim Rubins, chance of df
_ Ji pers, we'll have | have an even ear because we rough graduawe're ‘build yr, I think we'll
f Mr. and Mrs, } Park Ave. A iember of the the VIKING Last year he f the Student
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: SUNDAY, SEPTEMBER 10, 1950
$7 Million Parad
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The Week in Business—
‘Fringe’ Buying
‘New Credit Curbs Big Gun In War on Inflation
1 (om
By HAROLD advarTL
- REGULATION W PUSHED the dirt off its face, | climbed out of its year-old peacetime grave, and shook its
EY, Times Business Edifor
sheets at the bloated credit buyer.
That, and President Truman's nature of controls to come, left no doubt that the screws!
opening the book on the
are to be tightened considerably on the geysering inflation
of the “guns and butter” war. ~The fringe. buyer will be wiped out. He’s the “No Down Payment” or “$1 Down, $1 a
Week’ buyer who'll-buy anything
the stores will let _him have if he has a job which, In these days, he has.
The biggest blow was to the used car business, with appliances, television and furniture next, . And this week there will be a rush to get aboard the easy credit
boat before it sails a week from tomorrow. The controls order of the Federal Reserve Board came- sooner
Sobering Up
there's the hint of a headache coming on. i
' This means the spending jag is over. The | credit bottle is running low anyway. Hoarders and stockpilers are staggering back to reality. And|
r- eae msspmismmtnn than was expected. It was due Oct. 1, but the Board, watching the flames of inflation roar, was
of water. Automobiles will demand one-
third down with 21 months to| pay on cars selling for less than
$5000.
It also will hit stoves, refrigerators, radios, television, home freezers, air conditioners, other appliances and home repairing. |
It will be a dampener to the, {
credit business which has been| rolling like mad since the Korean| adventure. . |
The word “war” kindled the flames of greed. Millions said; mostly to themselves, “I'm not getting caught this time.” They tried
to outguess coming shortages,
buy enough to outlast the war. They lit the fuse of the price rocket. Inflation bored a hole in the clouds. They spent their money, borrowed and begged more, and spent that, And still there's no “big war”. °° What they found out was that our capacity to produce was much bigger than our ability to buy.
"Now the little fellow is beginning
to give up, exhausted,’ broke. Best example, the sale of full-
1952, fourth unit one year later.
Still Going Up
meet from now on.
This hole will hold $15.2 million worth of power generating equipment. It will contain the third and fourth units of the Indianapolis Power & Light Co. at the White River power plant, 18 miles southwest of the city. Third unit will be cut in in February, |
| fashioned nylon hosiery rose 50, per cent in July. That was hoard-| |ing, nothing more, in a country] {where more and more women 80, |bare-legged in summer. | | Department stores are the ba-| irometer., So are used cars and |appliances. And in August they | all began to level off. | Some retailers admit they're {right back to 1949 levels. And {that’s considerably different from the Korean War boomlet.
quick to throw ts first bucket
furniture, |
‘Winner Gets Cup
2-8 8
A
Coal. BS LS
Gains Noted Of Stock List |
Railroad Shares \ Lead Upturn in Pa en) Holiday Week a By ELMER, C. WALZER ~ | United PresséFinancial Editor oR NEW YORK, Sept. 9 — Stock i J {trading in :the holiday week fell {off to the lightest level since the : hi: week ended June 2, also a four3 p ; day week. : But prices moved higher in all fl isecfions with the railroad shares leading the list. Rails were aided by sharply higher earnings, a higher dividend for one road, and prospects for big business during the semiwar economy. 4 Reduced volume in trading — sales amounted to 5,855,020 shares against 6,697,624 shares in § the previous week-—reflected cauitious activities of the followers of {the market. They moved" slowly {but they weren't any more eager {to sell stocks than to buy them. Buying dominated and out of the ‘1353 issues to appear on the |tape, 761 advanced and 402 declined. A total of 190 held un-| (changed. ; Rail Average Up | The rail average rose 1.01 {points; industrial average, 1.61, {and utility average. 0.20 point. The general average gain amounted to around 3-4 point.
®
Two beauties . . . Pat Wil at the Parade of Homes office
liamson, of the Indianapolis Investment demand sustained vil Jounch the Parade of Hore Real Estate Board offices, the high-grade issues in all sec- Real Estat "models" The Times Banker's tions. Some of this demarid came N€QI ESTQTE~—
from individuals. Institutional buying by mutual funds, trusts and pension funds also was reported. This type of buying, it is noted, is steadily cutting down the floating supply of good stocks. The market in several sessions ignored adverse news :from the Korean front and it responded moderately by rising when the
Handicap Trophy.
Times to Award Trophy in Tourney
IREB’s Last Golf Meet Of Season Sept. 28
Lt The Times has added a trophy
National President H
This ability to ignore adverse group. news was seen as a help for the
st : Also aiding the market were
: He will give an address on “ [to the list of more than 100 many favorable corporation re- i £ prizes for the Indianapolis Real ports, increased dividends and Estate Board's final golf tourn- higher prices for some items.
One thing what hasn't leveled off is prices. It will.be tougher to-make-ends!
The cream puff resistance of the auto makers to wage demands
means higher prices for the cars at new model time, December to
As prices go-up, so will taxes. ~
More will be taken out of the worker's pay envelope, so he’ll have less to buy with. That will hurt with prices beyond his fingertips. It not only i= going to cost more
to live but we'll have less to pay
the bill. It is not a pleasant pic-/make many a stockholder. wince. 2$sociate member winning low
ture.
Hoosiers will be reminded fin-lyou can’t buy almost anything secutive times to gain permanent
ally that wars are not the signal for an artificial prosperity, but that they actually mean privation, lower standards of living, discomforts and inconvenience. Corporations which have been running wide open will feel the keen blade of the tax ax. Much
the workers buy. They will come January, maybe before,
of the extra dividends they had .been smacking their corporate lips about will go straight into the U, 8. Treasury. This will happen by the end of the year. And the taxes may. be, {retroactive to Oct. 1, which will | There's: hardly a store where]
{you want. Stores stocked up, {factories spun. But buyers low on cash and under controls will both {look and long for merchandise. | Most wage -earners have gone| |their limit. Credit is stretched] tight. That's why the
Federal! | Reserve cracked down. :
| |
Newest among Christmas toys will be a toy automatic|the realtor, junior realtor or as-| topping last week’s highs. Wheat, | washer which really washes doll dishes. It is called sociate member who has com- which piled up five-to-six-cent Jet-Tower Jr. and is made by Youngstown kitchens.
|
It’s a replica of the company’s big kitchens. It spins and throws
water on the dishes and has a plexiglass lid. . ' THE BETTER BUSINESS BUREAU is getting ready to ob-
serve its 35th anniversary Oct. 5 with a milestone ‘party In the Athletic Club, - For the occasion BBB will have
Charles H. Kellstadt, v.p. of Sears Roebuck down from Chicago.
ONE OF THE exhibits which
‘Newest foy . , . dishwasher for doll dishes. :
{
Flin this country.
caused comment out at the State Fair last week was. that of Merrill Lynch, Pierce, Fenner and Beane which took’ the space of a casket company. . It seemed to be something new, | a brokerage house getting out| and talking turkey to the folks {from the country, and the wage earners, too. THE GOVERNOR is having a statewide safety conference in
the Murat Temple Thursday and|
Friday. It's being handled through! the Indiana - State - Chamber of | Commerce, 2d floor, Board of! Trade Bldg. : Accidents are still an expensive item on apy cost sheet, rated Lat--about.-$90._per year per. em-. ployee. TWA HAD ITS BIGGEST day last Tuesday. It flew 6,252,000 revenue passenger miles, 4,543,000
AND MY GUESS is that Indiana Bell Telephone Co. won't file an appeal on the Public Service Commission's rate decision until after the ballots are count-
[the war has dawned. First, it
| (Continued on Page 43, Col. 4)
at'3 p.m. today on WISH.
Hear Harold H. Hartley with “The Human Side of Business” 2 att J
Te
# #
28 at the -Indianapolis' Country faster pace than usual for a La-|' Club. It will be a stag event. bor Day week. Women realtors are barred.
[Gene Zwiesler of Union Title Co. Trends of grain futures were|
| | 2
: CLL a. ahs FINALLY THE TRUTH ABOUT
ament of the season. Business generally held at a high The tournament will be Sept./level and production ran at al
Other Stock Gainers - ! The tournament will be the Among the individual stock fifth of the season and will be 8ains of 2 points or more were . the year’s biggest. Some 100 real- noted in American Woolen, Amer-|| § tors, junior realtors and asso-|ican Sugar, American Viscose ciate members of the Indianapolis Texan’ uly? api, ges Real Estate Board will take part. 2% oh ectric, an 3 5 The event will start at 12 o'clock [t0r0la, the Jersey Central issues noon. Joe Good is committee aNd Baltimore & Ohio preferred. chairman for the tournament Sears Roebuck ran up more i * |than 2 points to feature a strong New Trophy Each Year /mail order section. Coppers and The Times trophy is a perm- other nonferrous metal issues reanent award and will be present-'sponded to firmer prices. Hint of ed to the winner of the Banker's/another price rise sent the tires Handicap class. A new trophy higher. Steels and autos made will be given next year. The win-|small gains or held steady. Liqner of the low gross award willyors developed some firm spots. not be eligible for The Times The steel industry actually
nN
Mr. Gerholz
Lk = SARL TE a EE | & .
Mrs. D. Joseph Fitzgerald and Miss Helen Boston, employees . hold posters and pennants
Gerholz fo Spark Big Week At Board's Fall Opening
Construction Picture on 24-State Tour Key man for the fall opening of the Indianapolis Real Estate news showed an improvement. Board meetings will be Robert P.
Mr. Gerholz will spark the Parade of Homes and Constitution Week at the REB noon luncheon,
. traf
. past,
TR I 3 did |
Rh
that s and National Homes Week.
as Made Study of
Gerholz, president of the national
Tuesday in the Columbia Club. The Constitutional Right of Home Ownership.” And local builders may get an earful of what's going on in other cities and states. As of July Mr. Gerholz toured 24 states and what he found seems to match the picture in Indianapolis . . . “building exploding all over the suburban landscape.” On his tour. Mr. Gerholz dis- . covered the big cily, with {ts
Automobiles iii. 42
$8 ..civrrnnnney 41-43
e Of Homes Opens Today
ses Prepared
CAR
They Feature Last Word in Convenience
And Are Available in Today the Indianapolis bu
All Price Ranges ilding industry will spread its
magic shelter éarpet, studded with 500 homes worth $7
million, before the eyes of the
home-hungry public.
It’s the city home builders’ way of showing the come
quate housing. The Parade of Homes, resplendent with pennants and some spotlighting, is a part
of the nation-wide Homes Week, with the last word in modern
NAHB Directors Look to Houston
Housing Conference To Open Oct. 15
Times Special HOUSTON, Tex., Sept. 9 The greatest housing conference ever held In’ the Southwest will get under way here Oct. 15, Five-hundred builders, govern-, ment housing officials and industry leaders are expected to attend. It’s the fall meeting of the National Association of Home Bullders’ board of directors. The fiveday event will be held at the new Shamrock Hotel. Subjects up for discussion by, the NHAB directors include: { Effect on home sales of recent! government curbs on mortgage! credit, avallability of construction credit, slum clearance by!
housing legislation, architectural services for large subdivisions of low-cost homes, and housing pro-| duction volume during 1951. The government's three : to housing officials will attend the Houston meeting, headed by Raymond M. Foley, administrator, Housing and Home Finance Agency. Others are Franklin D. Richards, commissioner, Federal Housing Administration, and T. B. King, chief, Loan Guarantee Section, Veterans tion,
Chain Reaction
Administra- b
munity what ean be done by private enterprise about ade-
housing on exhibit, The show will open today at 2 p. m. and cone tinue through 7 p. m. Thousands of home lovers, many inadequately housed, are expected to start the week-long tour this afternoon in search of
|better living, more conveniences rand--shelter security.
In Marion County, home-hunt-
lers in their Sunday best will use maps and the friendly help of
filling station attendants to find the homes on display. Indianapolis and Marion County builders and realtors have fed A steady stream of homes in the building tidal wave that swept the nation this year. All Price Ranges The annual open house will star some 500 homes in all stages of construction and all price ranges, Mr. and Mrs. Home Buyer will peer over the shoulders of cone tractors at blueprints and will walk across plush carpets in finished homes. ; They will see spacious mansions tucked away in secluded wooded areas and rows of little economy houses nestled together in trim projects. “But most of all, they will learn first hand what it takes to build a home and what the current problems are that builders have
| private “enterprise, NAHB's na-|t0 overcome. | tional architectural competition,
Houses open in the county ine clude some 50 projects, planned for months and moving fast despite tightening credit, labor and material shortages, The Parade ‘is a tribute not only to the builders and the hundreds of adjacent industries that make modern living possible, but also to the community itself. Building, like any other creative industry, is the measure of the strength of a community to move ahead to bigger and better things. Through the Parade of Homes, uilders can let the people see the swift advances being made in the industry for their convenience and comfort, The Parade is sponsored by
¢ congestion and lack of Ing facilities, has lost ts ap.
. will grow fn the next 10 years as - it has in the past. And h# made a few other preictions/for the decdde ahead: ONE: Ten million new homes — the best in the world, O: An increas? of 14 million/in population. | THREE: An additional 514 mil-
Banker's Handicap trophy. |stepped up its operations in a| "The golfers also will vie for week when it usually declines be-| the President's Cup, donated by|cause of observance of Labor the past presidents of the Real|/Day. The industry was at 98 per] Estate Board. The President’'s|cent of capacity against 97.1 per Cup goes to the realtor or junior/cent in the previous week. realtor winning low gross. To Automobile output was cut by gain permanent possession, the|the holiday to 150,342 units from | winner must. win it three con-|188,072 in the previous week. A secutive years. Last year's win- year ago output was only 123,806 ner was Hugh Bremerman. Al-/cars and trucks. : though Ed Hyde has won the! Construction fell one quarter President's Cup five times. helbut it was 75 per cent higher than
City, County Hit
August Figures Show Pace Still Quickening
has never won itfthree years in/a year ago. Retail trade showed up another new record for ‘the
a row, a gain of 3 to 7 per cent over a mgnth
Other trophies for the tourna- Year ago. Parade of Homes a great big ment will be: —- | kickoff, "
The Associate's Cup .. . to the Trends Mixed | Figures reported from county { . Ne land city building. offices indicate gross. It must be won three con- [n Grain Prices that everybody is racing to get { ; {work done before the materials possession.. The present holder is| CHICAGO, Sept. 9 (UP) “| pipeline -shuts- down.
of August, giving
teady this week on | Despite labor and materials For Low Gross Realtor {mixed and ot y despite the| Shortages and jumpiness over the [the Board of Trade p | Korean war, county-city builders Union Title Trophy . . . to the run of unfavorablehews from the sailed frito their 18th consecutive realtor or junior realtor with low korean War front. | boom month with all flags flying. gross. This trophy is an annual] Corn and oats got_into new Last month, city builders made HWE, : high ground for the season but |g) starts with a cash value of John C. Ryan Trophy . .. to this was on small gains Just, ¢. 205.950. This is far above the
{month of July which in itself
% | rd. - peted in three of the first four gains last week, lost a cent dur- WO a record
tournaments this year and who ing the period just past. | matches the special blind par for| Significant advances were made | $2518 olin 8 cash value oy the award. The winner of the low by lard only. For the five days| J 1° =~"
difference between July and gross is not eligible, ended Friday this commodity was August? Probably the new Essex The Eugene Pulliam Award .,. "P = . House.
pounds, sparked recently by the
! w estimate of the government “ron es corner and it won't be long before
Some buying of grains was builders begin to worry about motivated by setbacks to United Jobs still unfinished.
Nations forces in Korea. But even = With an eye to icy days, county gross is not eligible, The trophy with this and other buying en- builders hammered up a new
is an annual award. couragements, the week's gains record. Last month they chalked In addition to the trophies, the of corn, oats and rye were a cent Up 316 starts with a cash value of realtors will win some 100 mer- or less and Soybeans, like wheat, $2,887,165. In the month of July chandise prizes. lost a cent. (Continued on Page 42, Col. 6)
Indianapolis Home Hunters Bought These
to the realtor or junior realtor who has competed in three of the first four tournaments this year and who has the low net score for the day. Winner of the low
Cold weather is just around the
oe] Ee)
%
This on Laing stone house at 6068 Riverview Drive was sold Aug. 14 to Mr. ‘and, Leonard S. Ce . Mr. and Mrs, Howard Smith sold the three-bedroom home. The Smiths are in Texas where Mr. Smith is, associated with the Multigraph Sales Agency. The
-
Mrs.
now
A
wr .
New Building High
Marion County builders chalked shift.
In July city builders had 241
lian new families. Street, Highway Spending FOUR: Thirty billion dollars [pent on new streets and highA
{new schools, | leges. | SIX: Billions of dollars for new {shopping centers in the suburbs [to take care of the population]
churches and col-
He's got a sharo eye out ‘for | the future and local builders!
the might Le: able to pick up some]
good tips from him,
“Chinatown, My . . NEW YORK IS out to play the Chinese situation for all its] worth, hoping to get Washington | planners to kick in for a new {China town in the big city. | In a letter to President |Truman, N. Y. State °Housting — Commissioner Herman ~T.| |Stichman implored that now is ithe time for all-good Americans] ito come to the aid of the Chinese! {elums. - |
government could emphasize on|
lan international basis its slum {clearance program by interesting
{itself in the creation of the pro-| {posed new China Village in New!
ays. } FIVE: Billions of dollars for|:
{manager of the
He believes the growing days i. of the big city are a thing of the but predicts the country
Firm Comes Near 30-Day Record
The atomie pile isn't the only. place where a chain reaction can
nated one of the most active 30day periods in the firm's history. The chain started when Charles | Hall, salesman forthe Veon: company, sold a home at 5931! Lowell Ave. in Irvington for, Mrs. Lois Westbay. ! The sale was mude to Mr. and’ Mr. Burrill is Maico Indiana
Mrs. G. M. Burrill.
Co, Owned Rustic Lodge Mr. Burrill in turn had a rustic lodge out on Cool Creek which the Veon company sold to Mr. and Mrs. Robert H. Thomas. Mr. Thomas is a painter and decorator currently with Dawson Construction Co.
Mr. Thomas had a house at!
take place. Walt Veon experienced a chain reaction in sales which culmi-|
more than 750 members of six
» : : {affiliated building and real ese
{play in co-operation with the Ine dianapolis Home Builders’ Ase sociations include the Indianapoe [11s Real Estate Board, the Elecs {tric League of Indianapolis, the [American Gas Association, the [Marion County Residential Build« ers, Inc, and the Indiana Lum-
{ber & Builders Supply Associae tion. M. L. Hall, president of the {Residential Builders and chairman of the executive committee of the big show has been the master planner. He co-ordinated the e'orts of the sponsoring groups in what he calls “the best Parade of Homes yet." He hopes that home hunters will take advantage of the show *c when they plan to buy they
{ |
lcan carefully piek their neighbors
hood and house with an eye to getting the most for their moeny, Get Money's Worth , In the homes of today, buyers will be getting their money's worth as a result of improvements
‘fn matérfals and building brought about by study and experimenta«
2213 E. 65th 8t. which, of course, i..."
he had to sell, so the Veon Co.|
sold it to Mr, and Mrs. Thomas |,
B. Devine. ~ Mr. Devine also had a house he wanted to sell to pay for the! one he wanted to buy. His home was at 5530 Winthrop.
Slight Case of Nérves “ °
Supporting Mr. Hall on the exe utive committee are Bruce Sav-
age, Real Estate Board president; Elmer Meadley, president of the Residential Build(ers; Carl Nagle; secretary-treasurs {er of the Indiana Lumber group;
{Albert L. Maillard, president of About that time, Mr. Veon and the
executive vice
Electric League; Earnest
his entire staff began to get a Hinkle, president of the Home
Besides, he wrote, the “federal *!8ht case of nerves wondering Builders group; Mary Binford,
what the next fellow ‘on the executive secretary of the Real string would have to trade In. Estate Board; A. C: Crandall, vice
Everything “dep the last house sold,
ended on getting president of the Indianapolis Powpresident The Winthrop Ave. house was Power & Light Co.;
of the Indianapolis
- Lee Huey,
York City.” |sold to a veteran by the name of representing the Lumber group,
| Mr. Stichman suggested a permanent “repository of evidences of Chinese civilization and culture as an everlasting monument wit-! nessing our friendship for ‘the! Chinese people.” Nice thought,
|
» ~ ” HE POINTED out more than! 15,000 Chinese live in squalid con- | ‘ditions in buildings 50 years and
(Continued on Page 42, Col. 8) |
Houses On Mushrooming Market
“it
it Mead Knight of the F. M, orated on the sale of this
. the Western Beciric' Co. plant here,
re : dwelling at 5345 sale wes handled Mrs. Lee Roy McFarland from Mr. and
have- anything to sell.
{Joe Nesbitt. But Mr. Nesbitt didn't and J. Frank Cantwell, managing He was director of the Indianapolis Home
being sold out of his rental. Mr. Show. Inc.
Nesbitt. is with the Barbasol Co, Everything is back to normal now in the Walt Veon Co. Nerves have quieted down and the firm has tucked Its higgest August sales record under its belt, Besides the chain reaction, 17 other sales were made in that month,
id goed % »
Knight Realty Co. and Charles Hall of the Walt Yeon Co, collabestview Drive. The house was purchased by Mr. and Mrs. Anthony Pappas. Mr. McFarland is associated with
while Mr. Pappas is with U,
On Vacation Larry Stillerman, Times real estate editor, is on va.
cation. His column will re. sume after his return Sept, 18. ww. =
S. Rubber Co. . = :
7 ¢ -