Indianapolis Times, Indianapolis, Marion County, 17 December 1950 — Page 57
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Real Estate
Section Four’
ndianapolis Times
- SUNDAY, DECEMBER 17, 1950
i War
The Week in Business—
Is Buckled On" Government Orders Scheduled To Come in ‘Bucketful’ Doses
‘Harness
HOOSIER BUSINESS, g
By HAROLD HM. HARTLEY, Times Business Editor roping through the half-light| |
By LARRY STILLERMAN, CONSTRUCTION activi
of a when-and-if war, saw skies clearing over the week-end. | They know now something is going to happen, but it still isn’t exactly plain as to what it will be. And the when was put on an hour-to-hour basis. Where they had been’ getting government orders by|
the . spoonful, they braced
themselves for biggar doses! _=—bucketfuls. UFor them it looked like lighting] a package of firecrackers, all at] ~once, and waiting for them to! bang in rapid-fire order. { T hey read the President's! gpeech with lead pencils, under-! lining what seemed important, doing their guessing between the lines to see where it hit them. Each one, privately, had a fair Jdea. t As one industrialist put it, “Mr. Truman slipped on the war arness, but he left it loose. The ext few weeks will see it tightned.”
The metals to be controlled, of ourse, will be steel, copper, alum-| um, nickel, cobalt and copper. om’t overlook rubber or textiles.| It will be done first by order.
Club at the People’s State Bank. Richard Dilley, Pat Martin, Patty
lace O. Lee Jr.
i : * Blueprint of Tomorrow ithe boss for a raise. Nor will there be any use in slowdowns or Manpower will be in war harness, no funny
‘outright strikes.
* ‘business.
'Tain't the rip-snorfin' West.
If the boys don’t play ball, and} too many greasy, gray marketeers get their hands into the] shoriage picture, legal teeth will bite down, with penalties.
Lined up against the wall be-| fore the firing squad along with] Communist aggression will be an-| other figure which has been play: ing havoc with the American dol-| lar. Inflation. : The trick will be to kill off lush prosperity spending, turn the river of dollars into war channels, get the money out of the hands of the people to stop them from squandering it on self-indulgence. Tighter eredit controls, higher taxes, bond drives will team up| to drain off the country's cash) and lay the lash to the bare hides] of the easy credit buyers who have| been lolling too pleasantly in the
prosperity pool. |
It's the pew Hopalong Cassidy In the roundup are (left to right) Clinkscales and Charles Christo-
~ pher Brownson joining up. With them are Mrs. William L. Clinkscales, Congressman-elect Charles Brownson, and Mrs. Wal-
" Before long there
Businessmen understood what was meant by a 3.5 million-man
army as soon as possible, That means a manpower shortage by the middle of next year if camps and training personnel and equipment can be made ready.
How swiftly the government will move is evidenced by the building of a $23 million bombf, fire-proof building to Bouse Army finances at Ft. Harrison. This is how the money is beginning to fly. There'll be more.
In a bomb-shy nation, Indiana should come in for considerable government spending, far inland, and near the center of the country, it can be regarded as secure as anywhere between the oceans.
Allison production will jump, and fast. Stepping up plane production five-fold will take every resource. And Allison stands at the top. | As for manufacturers holding] prices down, don’t count too much
for afl
of quick-action wage pressure. |
Six Day Spin in history. or handkerchief,
The stores
Week-end rested help will be at its peak. . And stocks will take the worst beating in|Capitol.
slérks will be terrific. memory.
Shoppers can drive downtown Outlook in the Nation—
now and be assured of a place to, park. : "The new Maryland Garage, at Maryland and Illinois Sts,, is taking more than 1000 cars a day. It will take the edge off the overflow garage business which drives from garage to garage facing “Sorry, Filled Up” signs. ; The stores timed their shipping .s0 fresh stocks would arrive for ithe final week. Shipments came ‘into town over the week-end in
When asked what the people ‘are buying, one big merchant summed it up in one explosive word, “Everything.” Pinned down with questions, Wé did remember that men’s wear seemed to be moving better than expected, smells for after-shav- | mufflers, gloves, evening, ds, hats, sox, ties, and lots of, sports shirts and sports jackets. This week the stores ‘expect to see more men edging up to cosmetic counters, whiffing perfumes ‘rubbed on the backs of clerks’| a a tym to look as as match ts : gals who ‘are to receive they'll
won't be any use hitting
third of money going into const
equals the 1949 mark, second only to the current bulge. At least, this is contemplated by builders if they can squeeze their material needs from
probable government stockpiles
But whatever slack there may be in residential construction will more than be pulled up
by “forced expansion” in new pl tory “renovation.”
The war emergency puts the muscle to this.
Big buying demand, stimul post war credit, high wages and Korea, started it.
Vv
! A defense housing program, mirroring what
Hoosiers had here during the will probably supplant some of drop in new home starts. .
Proposed legislation for a billion dollars worth of this type
RQuilding is being drafted now.
county building market, more as fewer contractors and home
builders risk their capital Builders here would recéive
million in Marion County next year. That's about 12 to 20 per cent down from dollars invested in building during 1950 when the biggest prop in new construction came from homes. Next year home building will bite off less than one-
Times Real Estate Editor. ty is expected to top $125
ruction, about $35 million. This
for defense. ants and fan-
ated by easy good jobs and
early Forties,
the expected Mr. Stillerman
Part of it will drift into the
New Construction Gives Indiana Economy a Boost
THAT BULGE in Indiana's economy is diversification, spelled “n-e-w c-0-n-8-t-r-u-c-t-i-o-n.” Through the first 10 months this year, Hoosier industry and commerce added 11.8 million square feet to their potential capacity. » : This came in 1510 new jobs worth more than $123 million. 3 Housing in Indiana is another statistic, a big one,
" » » # rn ” ACCORDING to the regional office of the F, W. Dodge Corp., there were 202 new jobs in Indianapolis worth more than $19 million through October. : This does not include internal plant expansion, new machinery and techniques, which would more than double the new capital investment and production. : The building statistical and research firm also reported heavy activity within a 50-mile radius of Indianapolis, like the $1 million expansion of Delco Remy and Guide Lamp factories in Anderson and $750,000 worth of new work for the Warner. Gear Co. and Lynch Corp. of Muncie.
» ” “- » » » THE industrial muscle also was being flexed in Gary, Ft. Wayne, Evansville and South Bend in a big way. In the Calumet area, contractors started 222 projects worth-$16.8 million; Ft. Wayne, 78 for $9.2 million; Evansville, 100 for $6 million, and South Bend, 128 for $8.6 million. All were begun before November and new jobs are underway now, «
orders for minimum house con-
struction under this program and said gone builder, “This isn't too bad as long as the public housing boys don't slide in the
backdoor with their product.”
Credit Curbs Have Slight Effect
price tag.
Economists also forecast more demand for pre-fabricated dwellings, They're in the low-cost range, both in construction and
controls would be like.
might be applied. | Earlier in the week the war is-| sues had been hammered down, sharply on realizing selling. This! group had had the widest ad-|
the railroad average was lifted| to a new high since 1931. It] registered that top on Monday. Rail Average Lifted | In the Monday session, the car-| rier average was lifted by virtue] of a rise of 83% points in Santa} Fe which responded to news of a big uranium strike on lands owned by the road. | Other war issues to register a| much better showing than the peace groups included the air{and coppers. 7 Automobile and television issues were hardest hit in the selling that developed. Traders reasoned that first pro-
Everybody will be trying to get under the wire with a high-level freeze. Indianapolis can expect to be a center of electronic production with the new Western Electric plant, RCA and the P. R. Mallory plant, all hig time in this line. Taxes will be higher, much, for
everybody with the biggest cuts)
at plants doing business on government money. As one manufacturer put it, and not unpatriotically,” They'll just let us hold the mazoola a while. Then we'll give it back at the tax window.” If prices continue to go hogwild, there's one threat which will sober the men who make things, That's the rollback. But if it
icomes, wages will roll back too.
And those who balk at the harness may find themselves in . 3 to
b QML,
Wiss al
i or
business. No priorities. will step off with the bell tomor-
But the pressure on
‘Great Test
President's Talk Arouses Nation . By J. A. LIVINGSTON A great test of the American character is hard upon us. President Truman's emergency talk to the nation makes that clear. A speedup in rearmament — to suit the quickening tempo of the : bi Kremlin time- : table — will cause economic injuries. Some people are going to lose jobs. Some business men are going to Jose money. And all of us are going to find life geotting a lot
Mr. Livingsto n
Sidhe.
duction cuts in a war economy would be made in production of such peacetime items as automobiles and TV sets, Building stocks also were hard {hit on belief housing starts will take a severe drop in 1951. Container issues had some wide losers. So did the chemicals, often classed as war issues. Mercantiles declined in most instances. Textiles Strong : Liquor shares firmed on the week as sales for the holiday period moved higher. Textiles had some strong spots, notably American Woolen and Wyandotte. Coppers were up as much as 2 points. Paper shares firmed. Numerous special stocks managed to move up against the trend. Farm imple: ments were better on outlook for heavy sales in 1951 despite material shortages. Utilities moved irregularly. The
vances in recent sessions when Y
crafts, oils, ‘machine tool issues, 4
Stock Averages Dip After Early Rise
Auto and TV Shares Are Hardest Hit in
Selling Wave; Utilities Irregular By ELMER C. WALZER, United Press Financial Editor NEW YORK, Dec. 16—Stocks tried this week to adjust themselves to new wartime controls without knowing just what. those
They turned down in the averages after a rise on Monday In| all departments. Late Friday new buying came into the so-called | war babies on the belief they had overdiscounted controls that |
to firm, Electricity output set an all-time record high for the week| and was 18 per cent higher than| in the corresponding week of last ear. Despite the excellent showing |
the rails made earlier in the! JH
week, some of them showed losses for the six-day period. These were small, however, and not con-| sidered significant. The rail aver-|
age was about steady for the
Bui by buil
in the early 40s, these . Economy houses, no
AOE ERR REE RRR Re
However, with housing for workers in expanded plants comes an equal demand for shopping, church and school centers as well as new sewage and traffic facilities. Where do you sift essential from non-essential building, realtors and builders asked. They conceded the dip In new residential starts will re-
‘51 Plant Growth To Fill Building € County Construction Activity
| Residential Contracts May Expected to Top $125 Million
Match 1949 Record If—
and Western belts. But it's showing up here, somewhat, in applications and will show more next spring. By the time new calendars are nailed up, $145 onto construction ledgers in the county. Of this
million is for new kouses. “Forced: expansion will keep
said C. O, Holmes, executive secretary of building contracting
groups here. “The net total change won't from the 1950 high,” he said. in new home starts.”
and expansion plans, like those
292 Big Construction Starts Si There has been between $75 and $100 million in factory bulld~
ing, new and made new, during
carry over into 1951. That's the way Marshall Abrams of the
Construction League sees activity
According to the F. W. Dodge Corp. reports, builders have
started 292 new big construction
—_This'brought two million square feet more of commercial and industrial space here. In pay envelopes it added $19 million. Next year alone, new equipment for Chrysler, Allison's, Mallory's and
other manufacturing plants in th construction activity, And Dodge executives pooh-
nessmen believed to he a brake on- the construction’ machine. Instead thé “slowdown” was interpreted as a step on the clutch and now a shift into high gear and a war-time economy.
Machine tool production also
tivity due for construction. Firms like the George O. DeSautels Co. (hydraulic, cutting taps, heat treating equipment) are sold
out in some lines through 1952, chine high,
Besides the shift from armament economy into war-time,
“And that includes the expected dip He pointed to new plants coming to the county, like Chrysler,
amount,
our construction activity high"
Yow
be more than 10 per cent down
out at Allison's and Mallory's.
the last six months and it will
here next year.
jobs here through October.
e county will add $20 million to poohed what builders and busi-
demonstrated the increased ac-
And orders are body-press ma-
ing to return in the emergency state.
flect more the shift of house materials to plant.and armament production. Credit curbs, especially Regulation X;, has had less an effect here than in the no-down-payment sections along the. Southern =
however complete, pressure for expansion is expected to come from tax concessions, threat of direct government spending, guaranteed markets and shift of material from consumer to capital
" Real Estate a Activity Up
—-
Real Estate— Federal Noise Piecemeal Regulation Confuses Builders ; By Times Real Estate Editor The government last week huffed and puffed on the oboe in its symphony of confusion. The oboe has been aptly de-
scribed as an “ill wind no one blows good.” And that “ill wind” chilled builders and realtors equally as much as their fellow businessmen hereabouts. It carried the deep
units on the near Northeast Side vare called “defense housing” frills, some have been spruced up. Builders expect this type hous-
New Parking Lot | Planned Here
Motorists will have another,
natural gas issues sagged while
{ En - - { DISC PRICES BOOSTED | NEW YORK, Dec. 16 (UP)—
row for their fastest, hardest-selling week Columbia Records, Inc, an-| And they'll be ready, right down to the last sock, tie'nounced 10-céent price boosts on|
‘popular phonograph records, fol-| lowing the action of Decca and|
Upon Us’ somebody be hurt. If somebody were hurt, there'd be an investigation. Thus, the Senate Banking and Currency Committee, headed by Sen. Burnet Maybank (D.,, 8. C.), has been investigating the effect of Regulation W on the automobile industry. bis Oomph for Production - PRESIDENT Truman now
clearing the decks for action. Under a state of national
negotiation, instead of calling for bids-—a time-consuming process. As a result, the issuance df defense orders will be
nite. ruled. steady. xe
open-air parking lot downtown by next spring. .
St. where Whitehead Motors now operates its auto sales and service business. Leasing of the real estate, 195x135 feet, was confirmed last week by Arthur 8. Overbay Sr. owner of the property. Head of] the Typographic Service Co., Mr.|
|Overbay said the present building °
would be razed early in March. He said Guy 8. Mallory, who! operates three parking lots here,| iwould be the new tenant of the property. A five-year lease was negotiated by Realtor Arthur! Lamb. | The automobile firm, now mov-| Ing to new headquarters at 10th and Meridian Sts, will continue!
building until Mar, 1. The new tenant operates lots at Market and East Sts, Alabama and Ohio Sts. and Market St. and Senate Ave. Mr. Mallory formerly ran the lot at Pennsylvania and Vermont Sts. where
speeded up. ; "My hunch is that we won't real oomph into war pro-
= Withche-at=300«N-Dela Wake. wp OTE 3S tr ERC toms group. The sales week rang a ————————————==—
loperations in the Delaware Bt.
the new Essex House is going up.;of the county.
North And East Side Residences Lead In Marion County Sales
a 0 Dec. merry $512,875 on realty reg-| The list was submitted to the n
isters, better than $14,500 per{Real Estate Board for computa-| Average price of the same: 40
{issues on Dec. 31, 1949, was $774, {marking a 7.6 per cent Increasc {during the first 11 months this | year,
County 13.7 Pct. ‘Ahead of 1949 Shadowing the building crest, (real estate activity in Marion {County continued to ride 13.7 per | cent ahead of the 1949 market. | This was shown in the month{ly report of deed and mortgage { recordings cdmpiled by the Union i Title Co. : Released yesterday, the report disclosed realtors had filed 20,061 deeds and 15461 mortgages val- : ued - in excess of ~ $86 millon a " through November. By next spring the hole being dug in this snow.caked ground will be covered by the sprawling | This meant 4867 more docusteel girders of the 650,000 square foot Chrysler plant. Work at Shadeland Ave. and 30th St, is |ments filed in the Courthouse so part of the county's industrial expansion, This job, for a transmission factory, is worth $20 million Helbig am Oh Rat) . » . . 1 m 0 in building and machinery. |more than last season's acvity, Cite November Dip Business last month dipped from October highs disclosed, but was far ahead of November activity in 1949. And estate and building boom for this post-war record high, realtors pointed out. Last month's drop was attributed to “normal” winter slackening and increased war tension. The figures for November were 1721 deeds and 1277 mortgages worth $18 million recorded. In October thig year, realtors recorded 2087 deeds and 1447 mortgages worth $9.2 million. Fe November, 1949, saw 1497 deed: and 1231 mortgages worth $8.5 million on the books. Bond Prices Soar blue notes of price and wage con- Hoel Sate bong 9 vies Soy tel, red taped priorities and allo-|,. onth re Ta he ar. : - cations. ' . MW arth Si 4 o Sales A an The “dil wind” wouldn't be as |SAtION that securities of this type confusing if the government fol- news Y y antes ny war F i i d | o L fo lowed the melody, all-at-once, The Amott-Baker Realty Bond ea ure n ave ope an " Jarmony ’ boy. ‘ Price averages of 40 issues in the controls, direct or. indirect... 'v, yx area showed a 15 pés North Side realtors planted their sales report in undeveloped Ts them on all at: t+ advance November rh turf: again last week ¢ : Sineal. Almost 30 per cent of all sales reported during the week ending” At least, that was the feeling ihe South Jost of an upinter. 9 involved exchange of raw acreage. here last week while President ‘UPI? CIinh In bond prices, the g g i service reported yesterda Associated North Side Realtors reported yesterday 10 pieces of Truman, the critic's critic, and] This ind d y E umdled-by-the-fhitated-brokers bis..advisert. mulled. the. matter|, The Index aovanced from an an ew e oboe. { $833 How far can the builders go | Swe mitts on Nev. with new construction once all- : unit sold. i 7, { out mobilization of materials Among sales was the exchange. by Chiafean Warren » and men hits the sock chorus? of 39 acrés south and west of| nson and Secretary C. Beott 4,4 how about income prothe sprawling Western Electric| Padget. These officers and Vice guced from sale of property, It was sold by Charles{Chairman Willis Adams and how much would that be Apostol, local restaurant man, 10 myecutive Committeemen B. W. curbed? nw . Henry Adams, Terre Haute mer-/ puck Jr. and Forest Kellogg | There are no answers ‘with. Hoosier Added chandise broker, and Sam Ziftrin, | Lo be re {plecemeal puttering. { a placed by 1951 leaders : Indianapolis trucker. | | + us To Broker Group Plans to develop the land into in two weeks. © | THE REALTOR-BUILDER au-| G a Ti-economy house $600,000| Associated brokers last week si.noo' recalls only too well the] WASHINGTON, D. C., Dee. 17 i colony were first disclosed in named Mr. Adams, chairman; (yo 4 song they were taught —An Indiana man is among 170 ro The Times on Nov. 5. The sale Mead Knight, vice chairman; Al during the declared wars of members who recently became a was handled by O. W. Cross of Campbell, secretary-treasurer, 10.0 4s : |afiliated with the National In- Fe Hall-Hottel, Sale price is esti-land Harry L. Robbins and Ford| was basic houses selling for stitute of Rea) Letate Beouess. mated at more than $50,000. V. Woods on the executive com-|¢ 50) or renting for less than $40 Sanford A. nick of South Sales Widely Scattered (mittee. 'a month. It was priorities and Bend was enrolled with other
Other land sales included] The sales list included the fol-|\) material shortages and members from 32 states. ~~ property in Westfield Heights, lowing properties: : yards of tangling technicalities! An affiliate organization of the the Bronx addition and River! F. C. Tucker Co.— 5022 Win- for a roil of BX (basic cable) or National Migeiation _of Bagi
Heights, third addition. Remainder of North Side transactions involved homes in all
throp Ave. (represented seller), a floorful of ‘joists. 4311 Park Ave. and 1410 E, 40th| They i job to shelter |ganization strives to maintain
ee rr ethical standards within (Continued on Page 59, Col. 5). | (Continued on Page 58, Col. 4) [real estate brokerage p
i i
sections
3,