Indianapolis Times, Indianapolis, Marion County, 8 October 1950 — Page 46
PAGE 46...
Three More N
7022 Park Ave.
A cross-sale by Eugene Barth of Barth Realty Co. and Norman IL. Hammer resulted in- the transaction involving this contemporary early American house. The three-bedroom dwelling was purchased by Mr. and Mrs. F. D. Munson from Mr. and Mrs. Russell IL. Ware on Sept. 15. Mr. Munson is associated with amusement enterprises while Mr. Ware heads an automobile repair service company here.
ma — Buying Splurge
Joms Economy
- Railroads Order 100,000 Cars, Keep Builders Busy for Year
| { By J. A. LIVINGSTON ) WASHINGTON, Oct. 7—This is an extremely tense, feverish America. | Industrial production is at the highest level in five years. The steel industry plans a § per cent increase in capacity in two and one-half years. American railroads have on order 100,000 freight cars, enough to keep car builders busy for a whole year. Employers are looking every- ———— S———————— where for workers. And workers The same applies to office are quitting jobs much more buildings, like the Empire State, rapidly. Why not? New ones are .,..» was built around the same
to be had across the street. All these So i of a time as the Waldorf. When archi-|
jammed-up economy. Our postwar tects designed buildings during demand for goods and services the boomtime 'twenties, they alhas more” than caught up With y,vs allowed for 10 per cent|
capacity. . ! The Waldorf-Astoria Hotel, in Vacancies. They didn’t design New York C'ty, illustrates how elevators to handle today's 100 America has grown. It was fin. Per cent-and-up loads. ished in 1931, the last word in, This congestion applies every- | where—to factories, highways, |
modernity, size, and commodious-| | ness. | railroads, city streets. Korea |
—¥et,—when—5000- bankers. some : 1d the pressure. with their wives—about 7500 in| You ean see that clearly in the | all—descended on New York two 4 billion rise in manufacturers’ weeks ago for the American Sales during Augus‘ to $24 bil- | - Bankers Association convention, lon. New orders likewise went up
the Waldorf was overtaxed. There were long waits—15 and 20| sharply. Yet, at the same time, minutes—for elevators at the) inventories dropped. = Manufacrush hours. Bellboys and maids] turers shipped faster than they | were run ragged-nerved. | produced. Wholesalers, inciden- | Yet, a decade ago, people won-! dered if the Waldorf was not a
{
{
12 per cent and inventories 3
monument to overambition. Could! per cent. That helps explain the |year highs.
ft ever realize its potential? ! drop in manufacturers stocks.
Manufacturers eat into inventories, as sales |
hie svas
orth Side Homes Change Hands In |
Stack List Hits "50 Already All-Time High
tally, managed to hoist sales |... ...q for September with the
{New York, Chicago & St. Louis
FACTORY RUSH : | (Nickel Plate) Railroad early in
~ . Ts TW Chor Ay re TR Ru wre ey 5 |
1936 E. Kessler Blvd.
This three-bedroom dwelling was purchased late last month by Dr. and Mrs. Herman L. Shibler from Mr. and Mrs. William A. Kassenberg. Dr. Shibler is new public schools superintendent and Mr. Kassenberg is general superintendent of the George J. Mayer Co. (rubber stamps). The sale was handled by Mrs. Fred Davis of W. L. Bridges & Son and Mrs. Ethel Minney. :
i | | i {
(Continued form Page 45)
{riod last year, That's 7060 com-| {pared to 4101. { | The construction slowdown, builders contended, began after
N-Year Highs Home Building Year Here
"Market News Holds Attention of Traders
By ELMER OC. WALZER
United Press Financial Editor < Ordinarily, builders aren't exNEW YORK: Oct. 7—8tocks pected to start as many houses in rose to new 20-year highs during the last quarter of the year. Too the past week and gained nzarly ...,4 ny. buyer Ire $2 billion in value of all listed id, too many buyers already shares. Last year, Traders concentrated on MAr-inings of the boom were launched ket news and ignored the foreign'y, the final three months. { situation, higher taxes here and Materials Tight to come, and talk of higher mar-| 1's questionable that gins. ) contractors would have kept the News affecting individu-1 shares rapid gait of the fourth quarter, |
initial credit controls were issued Praisal cost freezes,
on July 19,
as it was good or bad. In most orig) jmpositions. The initial tances, We ow, tonatruedipush was too great, “materials . are pinching anyway. +3 atition 4 faGiual Rema, the, Home prices are up about 10 rumors. A story that Chrysler Jor ent Since the Bri isd the was going to split up the stock ' & | lured many traders into issue. At the same time, Genera
controls Motors Corp. new stock, rep-
fect of builders and buyers and when
resenting a two for one split re-| o, , ore better distributed in|
cently made, was heavily traded, ae "a new Righ niign Good _| Builders, however, .are contin-| * luing to avoid new commitments With the steel mills turning ou off huss. They're ‘uot ‘yuo |
more steel than at any time in| history the steel stocks ran up to|Sales prices until dwellings are
new highs. Railroad earnings, shed. showed a total about vs and al What they'll do next year in half times a Year age in ps shelter won't be known until the and just as good a showing |government knows what housing : _ targets should be. result that carriers made new 19- “Loo "0 et asters rubbed crystal balls a little harder last! Further sharp gains came into) coo, 070014 the government | “won't let starts drop too low.
the week. Traders looked for a That, they contended, would dis-,
plan that would wipe out the roads arrears on preferred stock
Construction Soars
and new orders boom.
Je NEW ony 4 | 3
JFMAMJJASOND J PMAMIJ ASONDJFMAMJ JA SOND FMAM J bn 1946 1947, Lad 4 2 Prepared for J. A. Livingston
Data: Department of Commerce
DO Means DO at Once
accélerated controls.
mounted to new highs.
ou products sent the | group {fon issues met favor on learnings estimates for several of { and hard The splurge of Buying has an ROLL un" bid up, also on topped 1949 marks, the next high-|
{income estimates. Talk of higher
Land then split r in the common. _ ¢ — Lil . L a oernans as much as fve- Above U. S. Marks “ |
for-one.
i Times Special Western Maryland made a pay-| NEW. YORK, Oct. T7-—Like
{ment of $7 a share on its cumu- homebuilding in Marion County,
lative first preferred stock. That Ind. engineering construction was for the year 1931. It still owes throughout the country last| 19 years back dividends. Since month smashed all previous rec-, Baltimore & Ohio owns most of lords by a wide margin. this issue the stocks of the latter| Contracts for $959 million [atired in at a rate 47 Jer vent Oil List Higher {higher than September, 1949, I Anticipation of big demand for Engineering News-Record report-| go Nok. nine-month neavy| . Televishigher on Friday : high construction total up to $8.9 bil- | lion to smash all previous 12-| drink /month records including 1942. It
lest nine-month volume, by 46 per!
William H. Harrison, head of the National Production Authority, brought e buying into | cent.
has established a simple ‘“one-band” priority system to assure] fulfillment of Department of Defense and the Atomic Energy | Commission orders. : : ! Contractors and subcontractors
Defense Order—to obtain top-of- plans for new planes and higher the-list delivery. (Manufacturers, output, even Secy. Johnson's
however, may not use DO oes for ‘plant expansion or fairly recent production schedules are already out of date.
new equipment.) Just how vigorous the control
Mr. Harrison indicated at a
press conference that allocations system will become depends on forced down more than a point port veste from the U s of aluminum, copper and brass uitimate consumer demand—par- on Tuesday and other averages Be, vay (yam t 1. 8 Deas!
may be necessary in the next 60 ticularly for housing and autos.
to 90 days. Again, congested de- Certainly, there's no reason to
mand in an overtaxed economy think’ that America is underis the cause. He estimates that housed today. a 20 per cent cutback in civilian! The Census Bureau reports that consumption of aluminum will be dwelling units are at an all-time
necessary... That compares with high of 46,151,000, or one for each
a previous estimate of 14 per cent 3.3 persons. That's better than|mitting correction of excesses . iota firms. |
by former Secretary of “Defense the 37,325,000 units or one for Louis Johnson. With losses :in-'each 3.5 persons in 1940.
the .tire department.
{points on Monday word got month * figh {around the financial district jnay use the ympergitve DO --ieurred . 18. - actual ting plus; practical corner existed in the
| Commercial building and mass, late soared 201; housing contracts through last When Nickel P also topped 12-month recthat ords, {
issue. Shorts were being given a Housing Does It hearty squeeze. The tension light- The private homebuilding boom ened next day and the issue be-'was responsible for the heavy came more orderly. {construction output and for total The market wasn't & one-way private investment in new build-| street on the upside. Rails Were ino this year. That was the re-.
lost a few cents. Then came a new rise on a —————— Wednesday followed by a size{able dip on Thursday. Friday saw| TWO Firms Report that decline more than wiped out. Personnel Shifts {This see-sawing was seen a8 a ging of personnel were re-
‘Labor Statistics.
445 Berkley Road
Another North Side residence was taken off the brisk real
estate market late last month. Miss Claire Williams, Franklin school teacher, sold her home to Mr. and Mrs. Kenneth Prugh. Sale of the three-bedroom house was handled by Al Alig of Fieber
& Reilly, real estate firm. Mr. Prugh is a salesman with States Stationers, Inc. The deal was closed Sept. 29,
rupt construction economy, make
for more shortages
in shelter,
If fewer foundations are dug,’
then the government will ease up|
on credit restrictions and ap-|
boys forecast.
Borrowing Restricted , back to July,
Frgzen appraisals
rower.”
Last month’s construction fig-
units worth
September.
County contractors dug turf for 180 units worth $1.7 million last In September, 1949, they 143 units worth $998,925, | starts were althat bor increases. All costs are ex-|....¢ 200 under August beginnings,
pected to firm when the full ef- po hi int ; . erase fringe county point of the year in the
started But last month's
Here's the chart:
Sept., 1950 Starts. ..195 units Value ...$1,477,600
Nine-Month Comparison
1950
(completed and costs are estab-| Starts..2069 units 2857 units
Value . .$19,548,680
MARION COUNTY (22 Other Incorporated Towns
Omitted) { Sept, 1950 Sept., 1949 : {3 Starts...180 units 143 units Proposed n. Toledo b } al Value ...81,736500 $998,925 | 40; EpO, Oct. 7—Rent boosts)
Nine-Month Comparison
1950 Starts. .1824 units
| Value ..$16,502,246 $9,808,575 GRAND TOTALITY AND COUNTY
{good thing for the market, Per-\n, ied here last week by two real
{during the course of the advance, ; pa.c Meek associated with |over the longer period, traders ui.’ Bric Savage Co, for the last
{ held. 7 ? Similarly, with automobiles. The record Business Indices U jyear, has now opened an ageney { p { What Controls rate of production during the postwar, Most busine tices aur- ** ig N. Meridian St.
years. has filled the most urgent requirements for cars—as has been said many times before.
People realize that, short of an all-out war, plenty of cars will ga 0 that both a steel and coalim eal
be made for replacement needs. Thus it's possible that in two main
{ing the week. Comparisons with
year ago were distorted by the, ed wi, Butter, Bo} | strike were in progress at this !
sectors. of the economy—housing| and autos—demand may slacken] off next year. | That will reduce the pressure on| manpower, materials, and ma-! chines. : . | The ultimate determinant of " controls—how far they'll go— | running. is prices. But the pressure of rising wages If they rise, and induce spec- and rising defense demand is still ulative buying, price ceilings strong.
abated. After 12 successive weekly rises following Korea, the Bureau of Labor Statistics
ties has declined for two weeks
{to new models, index of 35 sensitive commodi- a output of electricity. Crude
time in 1949. Auto output slipped back be-| cause of Studebaker change-overs Steel operations)
broke all records in history. So]
oil production moved up. Build{ing was up substantially. Coal production made a gain. Sarl {loadings continued to improves | Business loans set a new all-|
on or. Complete Erection
Factory
$1.4 million.
— INDIANAPOLIS
the lookout
4
Sept., 1949 252 units $1,483,500 1949
$14,267,629
1949
1254 units |
| {Cl
with Gil
imay be in line for about half 170,000 units here. | The Toledo Rent .Advisory Board will determine a proposal ito hike rents 15 per cent for . those units wh ich have not had Jan.-Sept., '50 Jan.-Sept., '49 increases since June 30, 1947. The RQ | Starts..5085 onits* 3745 units Board will meet Oct. 16. : Value ..$30,444,926* $25,380,354 ' The *Preliminary figures.
Eight Applicants Seek REB Status |
Four Additions ‘ Bring |
Membership to 378
Eight applications for Real Estate Board status will be deliberated by directors Wednesday. Board officials also announced 1 construction costs, widen the yesterday four applicants have gap between mortgage and sell- received realtor status in the or{ing price, up down payment. And ganization bringing membership however, the begin- that hurts the GI and FHA “bor- to 378. i Up for active classification are! aude B, Allen with the Bruce ures show city builders took out savage Co. and LeRoy L. Wahle, | local Permits for 189 single family/135 ¥. 47th St. Harold D. Rhine dwelling and three doubles, 195 with Jack C. Carr Co. is seeking $ | This 18 4ctive reinstatement. and groups sent them up or dOWN 1949 even without credit and ma- Under the 252 units valued at $14 Requesting junior board status} million begun last year in... Ben Boleman with Knight { [Realty Co.; John W, Eastwood Carter Co.; John T. Jameson Jr, with Equitable Secur- } ities Co.; John W. Westlake with { {Corydon Co. and Thomas W. Bin- § {ford with Burnet-Binford Lumber Co 3
New realtors
tions, a requirement for active status. i Reinstated as active realtors are Booth T. Jameson with Equitable Securities and Albert O.!§ Evans now with E. H. Hohit.
‘15 Pct. Rent Boost
approved by Board Directors are Bob Bowser with the Savage Co. and Jack Clayton with Edgar E. Brodbeck. '$ | Both have passed Board examina- | §
of’
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THE INDIANA NATIONAL BANK OF INDIANAPOLIS ~ Notice of Shareholders’ Meeting
Notice is hereby given that pursuant to call of its Directors, a special meeting of the shareholders of The Indiana National Bank of Indianapolis will be held at its banking house at 3 Virginia Avenue in the City of Indianapolis, State of Indiana, on Thursday, October 19, 1950 at 11:00 o’clock A: M. (CS.T.) for the purpose of considering and determining by vote whether an agreement to merge and consolidate the said Bank and The Union Trust Company of Indianapolis, located in the City of Indianapolis, State of Indiana, under the provisions of the laws of the United States, shall be ratified and confirmed, and for the purpose of voting upon any otfief matters incidental to the proposed merger and consolidation of the. two banks. A copy of the aforesaid nt executed by a majority of the Directors of The Indiana National Bank of Indianapolis and approved by the Board of Directors - of The Union Trust-Company of Indianapolis, providing for the consolidation, is on file at the Bank and may be inspected during business
8Y ORDER OF THE BOARD OF DIRECTORS.
Unless high taxes and credit time record high. Money in cir-| lcurbs restrain civilian buying, the culation rose and there was a advance in prices is likely to be small gain in the nation's gold ‘resumed. | reserves. i
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8Y ORDER OF THE BOARD OF DIRECTO J. KURT MAHRDT, Cashier
Tue Union Trust Company OF INDIANAPOLIS
‘Notice of Shareholders’ Meeting :
Notice is hereby given that pursuant to call of its Directors, a special shareholders of The Union Trust Company of Indianapolis will be held at its banking house at 120 East Market Street, is, State of Indiana, on Thursday, October 19, 1950 at 1:30 o’clock P. M. (C.S.T.), for the purpose of considering
solidate the said Bank and Trust Company and The Indiana National Bank of Indianapolis, located in the City of Indianapolis, State of Indiana, under the provisions of the laws of the United States shall be adopted, ratified and confirmed and for the purpose of voting upon any other matters incidental to the proposed merger and consolidation of the two banks. A copy of the aforesaid Agreement approved by. the Board of Directors of The Union Trust Company of Indianapolis and executed by a majority of the Directors of The Indiana National Bank of Indianapolis, providing for the consolidation, is on file at the Bank and may be inspected during business hours,
an agreement to merge and con-
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