Indianapolis Times, Indianapolis, Marion County, 22 October 1950 — Page 45
30”
4" % ue 18" 4"
: 5 > Siw f— a _— _. f Ee 8 aac ress inate
————— — Automobiles ............ 60
Tax and Spending Plans ;
plan’.
sor ~ ing to do with what
*
8r~ ‘ag and controls.
low through. Civilian steel will get. the ax first. This will cut back cars, refrigerators, washing ma-
chines, kitchen ranges, iroaers,
everything made of steel for noun-defense merchandise, from 20 to 40 per cent.
By HAROLD H. HARTLEY, Times Business Editor TIANA BUSINESS has a feeling it is walking the e step-off day is Nov. 7. s 4 After the ballots are in the bag they expect to feel the - sha chill of a deeper plunge into the frigid control waters. Vhere the partisan needle points by Nov. 8 may have
Jpu” "an gain in Congress .: pack roduction 50 v | flash the yellow lightleent. = © in» path of defense taxes,
~ Br! Hoosiers who keep a steady éye on Truman thinking believe } there wil Ibe little turning back. hand in next month’s election, be
They look for an unwavering fol-
happens next. A marked Re-
The public is still on the fence. People are buying appliances, even
' By LARRY STILLERMAN, Times Real Estate Editor DESPITE credit pincers, homes for Hoosiers are still rolling off drawing boards onto turf. . “And that includés the multiple low-cost prejeet as well as the ‘deluxe, custom-built rambler in well-manicured ings. Within three weeks a combination of quality ‘n setting and quantity in dwellings will be started near here. = = -
A COLONY of 44" low-cost dwellings, in the making since
Ave. at 106th St. . Besides the amenities of rolling, wooded terrain in low-tax sites, the houses are priced below $10,000. All will contain three bedrooms
As it is, this development may well be one of the last auunder the low down payment, small monthly cost setup. Applications for College Plaza, project title, were in processing
with tighter credit controls, at a lively pace. } Business will take a strong
sure of that. It will put its money, on the line to drive back the engulfing tide of “war controls” in peace time. In this procession you will see the familiar faces of home build-! ers who saw new construction drop 29 per cent nationally last; month, You undoubtedly also will see
One of the most highly respect- most of the automobile men,
~ ed automobile dealers in town on Friday said he would not be sur-
prised if the defense steel grablitheir families in tow.
Who's Boss?
part.’a banking eye. They like to
not get too far out on a limb. And they know well that an over-
ex’ nsion of credit can lead to ban
So the Federal Reserve, which Th eee r-
hr limited powers over credit,
: {bulk of votes, to. maintain his LE mosning the Spigot fo check ard of living,
th» inflation gusher to a drip. + the other side of the fence is * philosophy of the administre on which -always weighs votes. The administration is for free-spending, a fast money flow, and an atmosphere of prosperity, whether on the cuff or in the till. The Federal Reserve may be having an undercover tussle with the administration. And it may be putting the administration behind the eight ball. 3 As the Federal Reserve tightens credit it makes it harder
Spud Spu
house” most when the mercury thermometer.
Keen Hoosier eyes see a major conflict raging in top-level Washington, On the Fed) eral Reserve Board are hard-fact men. They have, for the most!
The recent touch of bitey weather hit supermarket potato bins. > : Potatoes, except in chips or salad, please “the man of the |
from factory to used car lot, marching to the polls and taking;
i
|
see people live on what they earn, | Kruptey, | for the poor man, who has the
| Now the poor man will not blame the Federal Reserve, which {has always been a mystery to { him, for his inability to buy what {he wants, He will blame the administration.
| And if he gets tough enough, the can pressure the White House
|into loosening the control cords) §
{with which his buying hands are | tied. :
| Watch Nov. 7. The hinge on|§ { which the future swings is on the § |
iballot box.
for Federal Housing Administration mortgage insurance before Oct. 12 credit regulations were clamped down. Final commitments are anticipated by Stanley Realty & Development, .Inc., before the pilot house is shown to prospective home-hunters early next month. They'll be processed under the old credit orders, officers of the new corporation said. ® 0» o, = ” » THE $500,000 project will introduce another factory-cut; onsite constructed house here. That's the P. & H. Home, produced by Harnischfeger Corp. of Port Washington, Wis. The project promoter and dealer for P.' & H. Homes is youthful Stanley Valinet, 4122 N, Meridian St. But the idea for the project came from the late Arthur Valinet, owner of the 21-acre home site in Hamilton County.
0 Xe 48 ” es
is lying low in the backporch
i - * " Feminine Team Realty Board He likes them fried (with catsup), mashed (with fresh meat, | :
chicken or ham gravy), or French fried. Then he yells for the cat-
J pattem eA: te vm
{lacs) they bought with Uncle!
To Hear Brownson
Republican campaign banners
. os Toe Sets High Mark sup again. | They're mechanized to the |will be unfurled before Indian- { k.
For some reason, farmers are unloading potatoes. There’s little holding off for higher prices. And 1 think the reason is that supports are to be dropped. . One big supermarket which had been getting from 65 to 75 cents a peck (15 Ibs.) laid them on the line at 50 pounds for 79 cents. Housewives carted them home b, the bushel. od Said the store manager, “I don’t think I'll sell another potato for three months.” And he may be right. Indiana potatoes are good eating. But they are not as nice looking as the Maine or Idaho p, don’t keep as well. They look dirtier. But peel them and ‘they're snow white, and cook up well.
teeth. They know potato quality, sizes ‘and packaging. But they!
since potatoes have been on the! gravy train, | There's an omen in heavier potato buying, especially when they are cheap. Item for item, potatoes will feed a family at less cost than anything else, will fill up
hungry children, and put muscle combination of Mrs.
back on the breadwinner.
taxes and the uncertainty of what government controls will do to the eating money of the average wage earner, And supermarkets were wham-
The Maine farmers of Aroostock County who got rich off the government are in tears, wonder-| ing how they'll buy gas for the big cars (four-hole Bpicks, Cadil-
Three-legged jeep. It is used around on flattops. It also scoots power to start jet aircraft, and and small hand tools. :
One-third Down The union had struggled four
712 cents an hour. The scale was $2.23 an hour.
wage was $89.20 and juinped to $92.20. But the pressmen jumped,
last week, selling at 77 cents|® when the price should be 89 cents.
But that's not for us to worry meant 45 sales. More, it meant | | about. The more they fight, the| finding the right home for the bY Fred C. Tucker Jr, vice presi-|tions that the nation will further ing estates period through the the dealers and on Tuesday Mr.|
more we save, i I
to jockey Grumman jet fighters about the flight deck Fun
auxiliary current for searchiights Je
or five months to win a raise .of It went to $2.30%;. The weekly
haven't had to push sales much| |
[teamed up as North Side realtorsisional post. {they were. the talk of the real es-! He'll talk o tate trade.
Evans and Mrs. Ethel Bromert|
And that could mean that still have their fell 1 { there's a little tightening up on; talking, . 50% reallons
family budgets due to higher|ang a deeper bow.
amazing figures they rang up address by ming coffee prices at one another|38 Saleswomen for earlier real Rep. Andrew Jacobs. Rep. Jacobs taking hit the market,
[seller.
of experience for Mrs. Bromert! and nine years of finding shelter for the unhoused for Mrs. Evans, here Nov. 15 and 16.
from their homes or their clients’ houses. , |
from the sales reports it’s a pleasant, exuberant existence. :
apolis realtors this wee {| Handling t Evans-Bromert Sales c ndling the standard will be
harles BrownTop $1 Million candidate Last February, when
theyitrict congres
. “The Paramount Issue” before the | the weekly Real EsMargaret |, to Board luncheon-meet-ing in the Washwith more admiration ington Hotel at noon ‘Thursday. His talk will Mr. Brownson
Today, six months later,
They have turned, in the last
half-year, more than $1 million cap October meetings for the or- Of last week's dip. It maintained in property sales, better than tle ganization and will follow an/this trend throughout the week rent credit influence is not the Acceptance Corp. his campaign foe, until Friday, when some profit- lexclusive theory of any one par-
state associations. {spoke last Thursday on “Sur
In this time, the dollar volume vival.” The program will be conducted |
ight price for both buyer and dent of the board.
resents 7 | Up to $70,000 Stock Exchange Firms Their transactions, all on the Set Election Dates
North Side, were measured frem| npw YORK, Oct. 21 (UP)—
j [the $12,000 house to the $70,000 Tne Association of Stock Ex- A humber of highly favorable i |deluxer. :
: change firms today announced Back of their sales are 24 years that the election of its officers for the 1951 term will take place
Joseph M. Scribner, senior
‘Their main go, of course, is
housing, but the Evans-Bromert Partner of Singer, Déane & Scrib- ground since Aug. 15, 1931. The power has limited application. Co. sidelines insurance and mort- ner Pittsburgh, was nominated general market average at one! 7 |gages right from their offices at [°F President; Maynard C. Ivison, time during the week ran up to! 1 [518 Board of Trade Building or Of Abbott, Proctor & Paine, New
York, for first vice-president; Ralph W. Davis, of Paul H. Davis, Chicago, for second vice-president, Real estate is their life, and and F. Warren Pershing, of Pershing ‘& Co., New York, for /treasurer. :
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ack and Heintz Lists Two. Hoosiers Named
$1,000,721 Earnings To Real Estate Board |
A friend, rather prominent, called me,|
He told me the plight of the pressmen. |—Net earnings of the Jack &
(Heintz Precision Industries, Inc. stitute of Real Estate Brokers lwere reported for the first mine or. aa. 1
CLEVELAND, 0., Oct. 21 (UP)| nyo Hoosiers were among 141
new members of the National In-!
World War II, is ready to roll right over the county line off College -
5, pi hes
Here's one of the models planned in the new homes project in Hamilton ‘County.
| NEW YORK, Oct. 21—Prices real estate activity a matter o
North Housing Project Before New Credit Limits
TT Homes, he said, will be erected by company crews from 18 ¥
mu) different basic models featuring varied interior and exterior combinations. Yet all will harmonize in an eye-appealing picturebook community. The three-bedroom dwellings all will be basementless structures with either bevel siding, wood or cedar shingles. Weather is no obstacle to construction of the houses, Mr, Valinet explained the late fall starting date.
STREE
’ io 5
# wv ~ ” - ” HOUSES ARE shipped from the Wisconsin plant and the basic structure is under roof in one day. This permits interior work despite colder weather coming when the project is moving along. From start of construction, the colony should be ready for occupancy within seven weeks, Mr. Valinet said. The houses will have asphalt tile floors, half-tile bathrooms, steel kitchen cabinets, storm doors and windows, ample closet t space, flush doors. 3 : } : A forced-air oil furnace and automatic hot water heater i will occupy part of the full off-kitchen utility room. - i i [| Two streets cutting through the project will be named Arthur Drive, after the father of the project promoter, and Barmore Ave., after Frank Barmore, Hamilton County businessman. Side drives and flagstone steps to houses will roll off the bituminous 50-foot-wide streets.
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’
TE ——" a ow —
The development has been planned and approved ‘by the FHA Land Planning section with Philip A. Weisenburgh the local aR .# x x = architect-engineer. THE PROJECT is near schools and additional shopping sites : in Nora and Carmel ‘and transportation to Indianapolis skirts the development at the College Ave.-106th St. intersection. Another amenity is the transportation nearness of the project to huge factory developments on the East and West Sides of Indianapolis. The Belt Road (Ind. 100) is south of the colony and is the main north artery side-stepping traffic to the industrial sections.
= = L » n » BESIDES THE half-acre lots for dwellings, the colony will include a 15-storeroom business section at the northeast tip of the Plaza.
That'll come after the hcases are up and occupied, Mr. Valinet said.
Real Estate
| " eee Both Parties | cron forum ell Shift Blame on| ~~ 1 Te | ’ oc c HALL Credit Curbs fou - —
BEDROOM 3 10-2X 11-7
Economist Traces U. S. Intervention in Mortgage Financing By Times Real Estate Editor Credit controls, especially in
real estate, are now political tim(ber.
LIVINGROOM le-1 X 13-9
BEDROOM 2 g-8x1I-7
The basic floor plan . . . without basement.
| }
| Both parties are out to topple ___ re — {this load on the other. i | But if Republicans and Demo- P $ iy IR D | WwW il crats, too, rummage through re & ome 2d ers government influence in real es- : tate finance they'll find interven- Convene al French Lick tion way back before the Donkey ein ~——— |and Elephant became attached to Dealers fo Discuss Problems of Trade 8 {the body politic. Or vice versa. . . . T tocks Rehound | In fact, there's little chance for At Sessions Beginning omorrow {reducing the wallowing impact of The nation’s tcp home pre-fabricator, home-born and home- . the government in this field or grown National Homes Corp. will hold its annual dealers’ coneven for “bringing consistency ference in French Lick beginning tomorrow. uring ee into the vast range of govern- The two-day parley will give more than 300 dealers from 24 : ‘ental impacts on real estate states the 1951 outlook for the Lafayette, Ind’, product. é vt dnance.” And from company records atop the desk of President James All Sections Gain | ove — oy " po R Price, even new Pa regula-, - . | orecast of Kcon- won't st the National| 1.1: Sifter Eerly Decline (omit Miles L. Colean. It's bused Te a Heavy Buildin y EPE W. MICHALSKI [on historical antecedents. 8 S. . . United Press Tinancial Writer | Mr. Colean calls intervention in States dealers’ thorn. hat -of he At All-Time High rebounded moderately this week expediency in successive crises. Corn Belt and north of Dixie will Heavy Sonatemetion aotpvity py jon the stock exchange, almost| His report of government in hear first-hand from Dean Ar- the country bounced back up las iwiping out all of last wesk’'s [°3l estate was released yester-'thur M. Weimer of the Indiana Week after skidding-to a new low | decline +day by the National Bureau of University Business School; the week before. | . {Economic Research, Inc. The | Engineering contracts are up to | All sections joined fn the up-/study in urban mortgage financ- George A. Bremer, zone commis. 61 illion, 13.5 per cent above {surge which got underway Tues- ling is sponsored by bankers, in- sioner of Federal Housing Ad- m >. P day after the market slipped surance associations and the ministration, and Frank P. Flynn the average week to date, the {slightly "Monday, a continuation Rockefeller Foundation. 3 i ident of the Homes Ln8ineering News-Record report. Mr. Colean’s report shows cur- Ty ViOe Pres ed yesterday. They'll give the financial and] The sonstryet io weekly -atty, although it may seem so. business outlook. tributed the “unseasonally high Inflatio forces again plaved | xn week” to contract awards for the ationary ag played David W. Thompson, professor | yog7_mile $98.9 million pipeline a dominant part in dealings. in-{ HE TRACES government's role of accounting at IU, will explain go. Texas-Illinois Pipeline Co vestors bought stocks on expecta- In real estate from the free hold- new cost accounting systems to! pe : | Construction for the 42-week strengthen its defenses to com- [present trend, showing that ex- y iscussion period is at an all-time high, bat communism. In line with this, [isting influence is. “tor the tg will lead 3 Sealer oy sell $9.6 billion, the magazine reported, traders pointed to President Tru- part, the product of the decades the pre-fab house. | This is 47 per cent more than the man’s speech in San Francisco following 1916.” : {heavy construction total for the last Tuesday. But, he notes, the “encompass-, Biggest Year in 1949 |e period in 1949, on y A ing measures of the * ; 2 TTT rivate contracts are up r Roll Utilitie Gall [Corton « : Were The Somiowinir ry cold Indians frm, TEI Wilion ang. publ : of a long period of mounting ten- "20 tS biggest year in * UP" works are up 16 per cent to $4 earning reports, coupled with gions.» ping gross take by $9.7 million to pillion. good aivigends Moi helped 6 However, he points out, credit $16 million. In this time it pro-| State.and municipal bond sales er Die market sous og HL “the main avenue of federal duced 10,000 houses and in Aug- last week dipped at $34 million, } nfluence” now that the govern- ! hipped 1290 units but corporate securities to finance vance ,around mid-week. Theyment has lost importance as a UU thiS Year, shipped 12 ® new construction are un at an spurted to further new highijandholder and federal taxing the all-time high. , all-year high of $217 million, The plant produces houses from $7350 to $12,500, two up to four-
17 years ago. The high production schedules ownership through longer. mort- |
= » ” AND THIS impact has an all-time high since p 25 yeauited
ment of the average was started come urban families, war workers and veterans; expansion of home
maintained by the nation's heavy | industries also played a big part| in the gyrations of the market.| Tne . Traders continue to watch with NET EARNINGS GAIN great interest the new records be- | NEW YORK; Oct. 21 (UP)~—
(Continued on Page 47, Col. 1)
ing established by some indus-| Net earnings of American Cya-|
{namid Co. soared to $27,781,800 or
tries. | $7.77 a common share in the “irst
Car Output Unaffected
that seg-'in special privileges to low-in-| {Chevrolet.
ods bf construction; . (financing, advertising and promo(nine months of tnis year from| Steel, the nation’s basic indus- $10,796,526 or $394 a share in| up-to-date = rosters showed last try, held the limelight again this the similar 1949 period, the com-
bedroom dwellings, in two lines, Thrift and DeLuxe, just like
And the dealers handle franchises like . priceless art collec-| tions. Sales records show that. From Indianapolis, two dealer outlets will send John Steinmetz and Robert Bartlett and dohn Lookabill and Bill Jennings. They're right up on new methselling,
tion of which they’ll hear more in two days.
Rental Housing Men To Hear Parley Report
Rental housing managers and owners will receive first-hand ine
{formation on what to expect from
their area rent advisory boards. . Powers and responsibilities of these boards will be explained by William P. Snethen, manager of the Apartment Owners’ Associa tion. . : He will speak at the regular monthly meeting of the Associa-
{months of the year today as eek.
VOTE EXTRA DIVIDEND tion at noon Wednesday in the {$1,000,721 on shles totaling $9,- ;
week. The American Iron & Steel pany reported today. The additions increased mem- Institute disclosed that this was!
too And this is why. A. week after he got the raise the government took another tax bite out of his check. The with-. holding tax had been $6.20. It! went to $7.10, 3
wage earner is getting ‘pinched | 449.484. where it hurts most, in his bread’ ‘Company President F. R. Kohn- said. and butter budget. an! And with the Federal Reserve was "Board making it tougher for him 239. to buy, he may turn out to be a!
Don't let the figures bother very unhappy individual.
you. This will make it easier.
And that could be serious in
Of. the 7% cents the pressman Washington, and to our whole
ernment snatched about 214 cents. out our eating dollars.’
0: his raise went down one-third.
won in his new contract, the gov- production machine which spawnel oe ie 15 Wien unailied orders, Carter And Garrity . Firms Sell Homes On 77th St. And Troy Ave.
Don’t be surprised, then, if the
0" ' else, probably doesn’t realize fellow in our economy, wises up
Al ck ae: What the pressmen, and every- working man, an ‘ever-important Residential Appraisers |
is that after Jan. 1 there'll be still [fast to what's happenin {gets his jaw and does What this means® is that the ‘about it.
a deeper bite.
Radio listeners will
; St-aws controversy at 4:45 p. m. today. Frank Stanton, CBS president, took his side of the story straight spected._real estate, Norbert J.
to trléviewers last week.
The broadcast today will come from Robert C. Sprague, presi- speak at the dinner-meeting the Martinique. :
to him, mething
hear the negative
dent of the Radio-Television Manufacturers Association. And it will
be right over Mr, Stanton’s own network, - 2 Wonderful thing, freedom of speech. Suggest Jou Jear it. . 2
in town had to take a shipment ‘without tubes. Under pressure .
® = ¥ :
window of the second floor Hill-
EM. AND ! 6 p. m., William N, Waltermire FOR TV SETS is/man's store on the northwest® P ; sti a oh One distributor corner of N. Meridian and Ohiq|Yice president, said. :
Sts.?
She's standing close .0 the win-
from customers, he had to go out dow, as if she were ready to step
‘and buy tubes from another out and end it all. It's a dummy,
manufacturer at retail price. Then of course, but a lot of passers-by
he installed them himself.
; 11944; has been elected a vice-pres- South Sides highlighted curlook up twice to make Sure. {,5o.¢ following the retirement of) rent transactions tor the Gil
* Hear Harold H. Hartley with
“on WISH at 3 pm. today.
#
“The Human Side of Business” ;
on the color tomorrow at the monthly meeting.
WILMERDING, Pa., Oct. 91: Washington Hotel. Mr. Snethen (UP) —Directors of Westinghouse Will base his talk on the retent the nation’s steel industry will ~ SUNRAY, Pa, Oct. 21 (UP)— Air Brake Co. have declared a Advisory Board regional confer. {stamm said the third quarter net ' Charles E. Taylor of Evansville produce record tonnage. Opera- Westinghouse Electric Corp. to- year-end extra dividend of 50 ence held in Cincinnati, O., earlier $346,409 on sales of $3.347.- and Francis T. Sriver of South tions this week were scheduled at day boosted prices on seven of its cents a share along with the regu- this month. SE a Bend joined the affiliate of the 102.0 per cent of rated capacity | television receivers by $10 to $35 lar quarterly of a similar amount Association President: Paul - The backlog of unfilled orders, National Association of Real Es- ‘and increased prices on three on common, it was announced to- Coen wiil preside at the luncheontate Boards. {table model radios by $1 to $2. day. : maeting.
bership to 8275, Institute officials the fourth consecutive week that! HIKES TV PRICES
'the J & H president said, was up| | (Continued on Page 46, Col. 8)
{$8,250,000 from the level reported |
Vow
x
To Meet Tomorrow Appraisals of two Indianapolis properties will be discussed by the Society of Residential Appraisers
| Giving descriptions of the in{Fox and Walter M. Evans ~
The meeting will follow dinner at
7
tov. NAMED VICE-PRESIDENT Sig. Si re | NEW YORK, Oct. 21 (UP): _ =~ : J004:E-Troy Ave, : als: ; E Jay E. Crane, a director of Stand- Sale of two well - designed two-bedroom stone rambler at * residence of Mr. and Mrs. H. D. ard Oil Co. (New Jersey) since dwellings on the North and 604 E. 77th St. South Dr., was Marshall. handled by Carl J, Getz of the ; UATter organization. \ : The Marshalls are building a new house near their present
x 604 E. 77th St., S. Dr. new owners some time next month, Mr, Getz reported. On the South Side, John Garrity helped Mr. and Mrs. Clarence Pieper purchase a two-bed-room house at 3004 E. Troy Ave. ~The dwelling was sold by Mr.
and Mrs. James E. Vance with the closing signed on Oct. 13, Mr. Pieper operates a filling station and the Vances are with the Civil Service Commission
:R. T. Haslam, a director and vice-| Carter and Garrity real estate The transaction was between k [president Jersey Standard an-| firms. eT salesmen with Mr. and Mrs. one and plan to turn over the nounced today. “A Closed last week, a & Albert Barmohl purchasing the key of their “old” house to the
’ : iad ¢ “ ke &