Indianapolis Times, Indianapolis, Marion County, 24 December 1950 — Page 33

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Real Estate

ndianapolis

Section Four

| Materials

SUNDAY, DECEMBER 24, 1950

or Homes Here In 51 Big??

The Week in Business—

Clerks Breathe Sighs of Relief

Biggest Buying Christmas Season of All Grinds to Halt

By HAROLD H. HARTLEY, Times Business Editor

WHEN CLOSING BELLS rang last night, they touched

" off store-wide sighs. Then camé a patter of feet. faces relaxed like tired rubber masks. The foot soldiers of the Christmas shopping season, the clerks, had weathered the biggest buying season on record, up to 10 per cent plus, and powered by a twincylinder peace-and-war prosvident women who wanted to

perity, beat the rush. As the deadline In the last week the public neared more and more men, used was exhausted, too. The put-it- to giving orders, getting what offs had to take what was left they wanted in a hurry,- moved and didn’t lke it, crabbed to|into the shopping stream. clerks who couldn't help it. Some-| There they were helpless. Pushtimes they bought near-misses, | ing didn’t help. Industrial lions left with a tings of disappotnt- became fambs, stood meekly in ment. ilines, their blood pressure rising But store executives long ago by the minute, had drawn a precise bead on this| Strangely, the men who go in Year's Christmas target. for the smell gifts — perfumes, Except for the weather, they colognes, fancy soaps, bubble had scored a bullseye. They had | bath products, powders, lipsticks] loaded up with the widest selec-/and compacts—this year trudged tion ever, and they'd laid a lot of off to the apparel departments. inventory on the line. | But they didn’t neglect their old From mid-November, merchan-|favoriteés, negligees, bed jackets, dise has been churning through and filmy underthings. For these| receiving rooms, to departments, they peeled off the green stuff and on to homes, lik big leaves off a head of prosFirst came the thoughtful, pro-!perity cabbage.

Tight

. {600 shares.

Stock Prices The Gain During Record ne

Sales Reach Peak Of 4.5 Million Shares In Early Week |

By ELMER C. WALZER United Press Financial Editer NEW YORK, Dec. 23— Trading| on the New York Stock Exchange! this week broke all records since! the Labor Day week of 1939 when! World War II started. Prices advanced in all sections, including the recently laggard utility group "which netted 1.18 points on the week. The indus-/ trial average gained 3.20 points] and the rail, 1.23 points. It was] estimated that values of alll listed issues rose by $1.5 billion. | On Monday, with sales near 4.5 million shares, the market had its biggest rising session in more, than 11 years, The total did not | exceed that of last June 27, but] that was a declining market. The] { Tuesday and Wednesday sessions| were around 3.5 million shares each and the Thursday and Friday session each neared 3 million shares. The week’s total of 17,371, 915| |shares was the largest for any! week since that ended Sept. 9, : 1939, when the total was 17,541, This week was cut short by today’s market holiday. The 1939 week referred to was shortened by the Labor Day holi-| day. Investment Buying Gains The daily sales average was 3,464,383 shares. This compared with a daily average a week ago of 2,309,260 shares. Sales in the previous week totaled 13, 851, 560

Best ‘Holiday Gift of All....

. |shares.

Last-minute lineup. Mrs. Maryellen Hicks ribbonfrills a gift box at the Wm, H. Block Co. Note impatience in man's face. Stores accounted for the shopping record in Last One? several ways. Some thought it might be the last Christmas their families might be together. Sons and young husbands were tagged for the armed services. So they shot the works, Others considered taxes. Maybe next Christmas they neither could get the stuff nor could| they afford it. They waded in, Wrappers worked overtime until scalped counters. {too tired to go on, often 8: 30 or Last week was not the biggest! 9 p. m. week. That came the week be-| Ayres’ television Santa Claus fore, Sma year 3 was Dee. 15 and performed miracles in restoring . On ese days sales curves ij. gai ¢ g arawied off the charts. I e faith of youngsters six to Last year buyers were more [i8Nt on the edge of disbelief. He cautious. A lot of them then salt-{Prought them back into the fold, land lived again for thousands

ed their cash in the bank, This year they ‘threw cheap dollars | #10 had dropped the lovely

around like Halloween confetti. The best barometer was found| And sweetest of all was the at the gift wrapping counters, thought that home-bound deaf Mrs. Maryellen Hicks who super- children could see him in all his vises wrapping at the Wm. H. jtwinkiing, whiskered glory. Block Co. with as many as 52] -To them he hadn't meant a fast-fingered girls wrapping 221 [thing on radio. But on-television styles of packages in 20 ribbon he became all, and more, than colors, ran her eyes over the gift | they had ever imagined. flow, : Santa is tired too. He has lap- |

She could tell what people were held many youngsters. So tired, in buying. She saw the flow of ap-ifact, that last night when lights parel, not always “sensible.” In were lowered he bundled into his the last day or two people were sleigh clothes and set out for the .impatient, wanted to get out, [North Pole, saying. catch a train, asked if it was too| “I've got two whole days to late to mall. {make R in this year. T'll need |

~The easy way, but how soon? This means the end of the snow shovel, clean dry streets and sidewalks. Pipes filled with water and = anti-freeze, will be used to heat this sidewalk in * Pittsburgh And Hs . being tried on street.

Turkey, Stuffing

The turkeys frec-whesled out th electric-eyed supermarket di

rough

"the biggest food week-end of the year. . the stuffing will be pi a

by the eaters at tomorrow's tables. Fs . Big thain markets yesterday bw “‘Where there Jas an over-supHly,

* . another part o trying to 254 the aight with he as turkey + gon

“People were buying food In ‘about double that of ordinary week-onds. One of the biggest

oui ti rong

Ea a hy “Grocers were that they customers

ing poultry stocks. dressed fouls to

Fe la

Speculative and investment] buying went ahead in all sections of the list. Institutions sought out the top-ranking issues. Speculators centered their operations on| lesser lights in the industrial de-| partment and took a fling in al-| most any railroad issue that came to mind.

N. Pennsylvania St.... a holiday gift.

He obtained this residence by Walter Stone o the North last “week for his wife and Side brahch, Jack C. Carr Co. daughter, Elaine. The owner of The Reinschreibers moved the Meridian Furniture Co. pur- from their apartment at 1712 chased the house from Mrs, N. Meridian St. Mr. Minas Deranian. The trans-

action was completed Thursday shelter at 6931 Central Ave.

Sallee Returns. ‘As Carr Salesman

{staff of Jack C, Carr Co.

Mr. Sallee

educated in Greensburg.

one, _ Screw or nut inside the faucet.

| | | { | {

‘when crystal balls are being

Stone | helped Mrs. Deranian. find new

= |their replies were keyed to “new,

An oldtimer has returned to the!

HO.M. M. Sallee, who sold real dwellings on contract and specuestate for the company six years|jation this year, said he would

3 {houses on speculation (not specifi-

the time since he was 4. He was|

Before leaving the realty firm| because of {ll health, Mr. Sallee! managed the South Side branch. | Mr, Sallee lives with his wife Federal Housing Administra- Might become a dwindling hous-|at 48 Hoss Road. The Sallee’s| on, Edward, and two

Fear of Further Curbs Also Tempers Planning

Most Contractors fo Shun ‘Nag-Drag’ Progreny Expect Some ‘Defense Housing’ By LARRY STILLERMAN . New _—

Times Real Estate Bditor llingd here next year were expected » 'match the 1949 output of 5065 new units. | That was before price rollback last week and other controls, voluntary and involuntary, to come. Now home building €or 1951 is a big question mark. - This was the outlook given by builders in a Times hous-

ing survey completed last, War scare, possibility of further week. It comes at a time curbs and lack of materials put the question mark a 1951 plans for Atkinson & Co. The firm com~ as fast as 1950 cal ied 30 dwellings averaging k| $30,000 each this year. And Atkinson has room for homes with 465 developed lots and 2000 other sites in rolling hk | Windcombe and Devon Woods on the North and East Sides,

Plans Seven Homes Designer-Builder Harold Hon{derich plans seven $35,000 dwelllings next year, one more than he put up this year. New curbs trou- | bled him, although he is develop-

{ing 21 lots just purchased on r of maa Mr. stillerman | Lieber Rd,, south of Kessler Blvd. Builders watched and wondered! The Ford V. Woods Co. doesn't {how fast the government was plan any homes next year, “We'd {oiling the rearmament machine. be like sitting ducks for the con{They saw their materials going! trols buckshot,” said Dave Woods, {into the machine. | This year the company completed Said Builder Fred L: Palmer: '8ix dwellings in the $33,500 “We can't go into a big build- jrange, ing program with nag-and-drag | “Our sub-contractors are havhousing.” [ing labor shortage and wey san t {get our wor one,” explain Although builders did plan to] {William L. Bridges, War scare continue sheltering their neigh-|anq some material lack muddled {bors from their blueprints, they {his 1951 plans. expected ‘defense housing” to| The company he heads expects come into the Indianapolis, bigger to put up eight to 10 new units |as a “defense area’ now than at| next year costing $20,000 to $25,~ (any time during or before World 000. That's what it did this year, | War IL plus 28 units worth $11,000. The | This, they said, would supple- company has sites in Sylvan ment any program on the books Estates. | today. 1t would all be in the low-| Reports from other Diiiders an {cost range, minimum units, $20,000 to $30,000 — frills. {range: | It All Depends’ | LeRoy Carson--Plans three The builders answered survey houses in the first quarter 1951,

% | question mark for rest of year. |questions with crossed-fingers. All[p "oi "gx “Northwest and

{Butler areas. Curbs, material, war scare affect program. . R. T. Fisher—Plans ine houses for 1851. Same as 1930, South Side and scattered. Materials, lack of sites affect program. In the $10,000 to $20,000 house plan, the survey disclosed: {build most of his $30,000-540,000| Fred L. Palmer & Sons—Plans units on contract. {25-30 houses, averaging $10,000He said inability to secure ma- $11,000 in 1951. Built 28 this year, | terials was the biggest block to averaging $12,500, west side. Ma. | risking capital and he only had terials biggest shortage fear. | five lots upon which to construct | Huber Contracting Co, — No cally requested by home hunters). +|C. Appel, returning to lieutenant’s Forest Kellogg and Ben T. Car- uniform in Ordnance. Built 12 ter put up two houses worth $35,- [houses in 1950, $15,000, West. 000 each this year ey have one! ;. yonanolis Homes, Ine. — | worth $40,000 planned in the first | Plans 20" worth $13,500. Buiit

{ three months next year. Controls | (Continued. on Page 35—Col. 4)

U.S. Home Output Hinged To Curbs, War, Materials

Buyers Builders Have Little Control Over Production Now, Cortright Says

By FRANK W. CORTRIGHT, Executive Vice President, National Association of Home Builders The number of new homes to be built in 1951 is based on several

w

discarded endars., The building question mar tumbled through o& all price dwellings, from the below - $10,000 § economy unit to}

{factor outlook than was

§

units during 1951 depend on ma-| terial, labor supplies and the international situation.” It went like this: In the high home-price range, W. Winters, who erected 26

{

1

T

A faucet that pounds when it is important factors over which home buyers and home builders have | opened easily can be repaired by little or no control. : ‘ | replacing the washer with a new| or by tightening a loose

4

The include: ONE: The progress of the Korean War. TWO: Amount of manpower and material taken from new

|

b.

Just Like Dad—

wag [housing ‘construction for war pros s/duction. THREE: Government controls

New Board President Follows In Footsteps of His Father

By KENNETH BUSH JOSEPH H. ARGUS looked down at his feet and said; “Get moving.”

They had a lot to do, especially to follow the Tootprints of his father in real estate. Last week, they were on their way. The 37-year-old vice president of the American Estates Co. was elected 1951 president of the Indianapolis Real Es. tate Board.

On Jan. 1, he succeeds Bruce Savage as the head of one of the biggest real estate organizations in the country,

He started out to follow the footsteps of his father, Joseph J. That was back in 1935 when depression shadowed the economy and all, but blacked out real estate. The president-elect received his bachelor’s degree from : the University of Notre Dame in that year, He majored in commerce, but he had real-estate in his textbooks all the time. He grew up in the business. » - » “I RECALL accompanying dad i ody many open house days back in the Twenties,” young Mr. Argus said. : He was 5 years old when his father helped establish American Estates, now located at 332 Circle Tower Building. He received his early schooling at St. Philip and St. Joan of Arc grade schools. Cathedral High School was next before the jump to South Bend. There was one other time when Joe said “get moving.” That was when he served more than 31; years as a staffsergeant with the Army Air Forces in Africa, Italy and England. When he was called to service in 1942, Joe was well on the way to filling footsteps. He wag .vice president of the board he now heads, ; After service he rejoined American Estates to continue the dignified, conscientious business of heiping people findand sel

cae MR. RGUS also p 0 a resty organization lender ays Z

7" He was elected by his fellow-realtors as { director of the board in. 1947. Toe year his {erm was up he was named chair

: nan of Associated North a il hip i. Agus gute the Real

5351 The security and affection connotated in the holiday expression of “peace on earth to.. all men of good will” is more than emphasized in the home. Ask the man who owns one, like Bernard Reinschreiber. The utilities had a big day on — Thursday when their average Fog: {Real Estate— istered a gain of 0.96 point a ' ¢ widest rise for this component n| pl k Ww k 3] Bp $ more than four years. i ac ar e aymen S Experts said the utilities were] h-" "nd the market, that they had Bri WwW E Y A i heavily oversold and that ring arning rom tiie excess profits tax as presently By Times Real Estate Editor drawn would not harm them too It hasn't Rappency here, but there's always the danger it will. Deter : Jeaving ? much. That's not the A-bomb. Relax. It's what has been labeled joined the ’ com= Auto Output Drops “black market” or “under-the-counter”, | pany last week. However, the utilities did not | And in real estate transactions, the dangerous process has been! The 61-year - follow through on their rise. In- tagged “side payments”. | old veterdn seller stead new attention was paid to| In this case it's a warning to veterans, builders and lenders. It started in the I> industrial issues-in.the final. ses-| {comes -straight. -from--Veterans.- " I housing ATE sion of the week with” the auto- Administration’ in Washington. } i, = FA Soin a house 26 years ago_in mobile issues—also recently hard | Incidents of accepting ‘“‘unre-| cheaper. |St. Petersburg hit—taking the lead. The autojcorded” dough for a house beyond, A lender who submits a loan |Fla. A “show. | | companies are receiving large|the VA “selling price” have been for VA guaranty while knowing | me” Hoosier, the war orders. Production of new) |dritting toward the Potomac.! of side payments will be sus-_/ native Missoucars and trucks slipped somewhat This, says VA, ain't cricket. pended from participation in’ [rian has lived in this week as Chrysler shut down # = = the program. However, if the | Indiana most of for model changeover. Further FROM its appraisal of a house lender acts in “good faith” cuts are anticipated as materials for an ex-serviceman, the agency, When asking for VA mortgage become short. | stamps the price tag. And that’s help, then the buyer and seller | Chrysler gained four points on all the dwelling can bring. Of Will be in hot water. the week and General Motors! course, the seller isn’t obligated| That's the word from Wash(more than a point. Standard Oil|to shift his shelter to a GI buyer. |ington. They're looking at what | of California, a strong spot in| lits department, net! netted 63% points’ tion and private lenders do not {ing market in the rearmament | ‘have a s 4 set a final sales price on shelter. (economy. daughters, ] il (Continued on Page 34, Col. 5) 'Thiey “merely say what they be. Your Inn’ ii Haymond Hagans, both, 0 : (lieve the house is worth, how su DDENLY, at least | | Indianapolis. a ) } Medical, Dental [much they wii lend and insure in|, UPRERLY: at least ln our | orsY FAUCET FIED * * * Clinic Planned | sie payments in vA imsurea | Syiing stream of living ies | | units ca A new doctors’ and dentists’ tion, the pond . a A acu was tinsel and what was ash. Sinje JilL open o the North Side} ean | lose his mortgage guar- (Continued on n Page 34—Col. 6) Purchase of a three-story saa ' " ing at 3233 N. Meridian St. for: {the miniature Hume-Mansur {building was reported yesterday! {by Robert MacGregor, real estate broker. - . The 14-room structure will be remodeled by the purchaser, Robert H. Patchen, engineer. He bought the property from Dr. Judson D. Moschelle. Purchase price was estimated at $50,000. Off-street parking will also be! provided, Mr. MacGregor said. The broker is former executive secretary of the Real Estate Board. {

Equipment Company Names Sales Manager |

Hayes A. Hollibaugh, president | of Radio Equipment Co., 1010! Central Ave, ; yesterday? announced the appointment of § Richard A. Dix & as sales man- | ager of the Youngstown de- | partment. Mr. Dix: formerly was a salesman - ager for the Standard Oil Co. in Indianapolis : in|and will direct distribution of 2

sec : " »

Realtor J. H. Argus Is ‘On His Way’

down payments by home buyers. My best guess as to how many new homes will rise in 1951 is a figure substantially under the 2/850,000 goal set sby the governSiment. One thing is sieertain, controls Shave already be- Mr. Cortright Zlgun to slow down the greatest Zlhome construction team the Slworld has ever known. Private : builders started nearly* 14 mils/lion new homes and apartments Zlin 1950. This is a world's record,

TH FH i E

Starts to Decline Although the industry is start ing a high volume of new homes, starts will decline heavily during 1051 because of the war economy and government controls over

A0SREsEINRINRRINRINN

intensified, new controls over in ~ fidustry have, Some Sut : siweekly / of basic metals. Fas dation, " buite- 4 ers face uncertainties as to the

dent: Rober H. Graves, treasurer, and Laurence a. Warner, 4

+r

. ; 3

WHAT'S in store for the real estate Susisiess

plans. for. 1951, Top. man, Alan. ..