Indianapolis Times, Indianapolis, Marion County, 3 June 1951 — Page 38

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7 3, 1051 >SS

aste and serve

one-half glass d before servan extra zest.

sridal showers ywer, Variety today permits shower built cking fashions. i ————

'ORTS!

# delightful

eight material

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, sizes and

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———

| Tighter Loans

| the simmering business pot. They are “hope bubbles,” |

| ing the pot will boil over by fall. | completion in Hawthorne Manor. Homes ready in 30 days. Hell, the yield went up to a

; in more ways than one. Names Make News— Hundreds ot Units Go Up: In ust Buildin {lows attractive, | with the Korean War. Bil wits “sion serie LOW-0OSE HOMES Prices Begin at $7900 tustry :

' lions want on the cuff with and $25 on Sundays.” Add to that

§ The same is true in- furniture COMPpany payments aren't bother- } of Indianapolis as builders put up|Mitchell & Co. These houses in farther out on a limb in the unand everything else wh ‘h Amer- Ing him. more new homes. {Farley's Speedway Home Place Nn [ee 0 S certain money market, has had a

‘“geeing some of them on the cillin, streptomycin and 105 other)

“in "the Claypool the last three eye on the Army Finance Center, |

, today on WISH at 8 p.m. .

teaitte | The Indianapolis Times = [as

Section Four SUNDAY, JUNE 3, 1951 ——=r=[._ {uSmall Home Plan...

reaten Home Sale Pric

is rtm em——— ao ivr——— Ag Aim ott mt Ma

d ay i Bu Sin e SS Builders Develop Home Projects on All Side a Fall May Bring § Buying Surge

By Harold Hartley

: of City Government Bonds Dip © Credit Harder to Get; House Sales Slower

Tighter credit is throwing a noose around climbing home prices, 3nd pulling them down, : ; It is getting harder to borrow money on houses. This is slowing sales, and softening prices which have been ® moving uphill since the middle of last year. ; It was the withdrawing of Federal Reserve support of A : "the bond market which did A.n 8 a% in West Arlington |the trick. When bond prices

A FEW BUBBLES are showing up on the surface of|

maybe something more. And there are a few who are say- LOW-COST HOME—Forty-three similar fo this one nearing FOR RENT SOON—Fifty-three units

If you follow the thinking, you may agree. }t adds Up/—=ere—tem——— {point which made home loans|

uying burst took off —— Joseph H. Argus, president of The buying {the Indianapolis Real Estate]

| Board, said a sagging of the stock |

> - market, the reluctance of banks,| finance companies for cars and What he earned on his night shins y Pounding hammers and whining way Homes, Inc, on W. 11th St. At Liveliest Pace insurance companies, and savings| appliances. the rest of the week. in ant 0 ma er saws are echoing in many parts They are being sold by Kenneth {and loan associations to get any|

jeans, with still-fresh memorfes| This ties in with something . East Side, West Side the devel- have three bedrooms and are {stabilizing effect on the home selly s could else. Don’t write it off. The de- yg } riced at $13.500. ; ? ing market. of ‘World War H shortages, 1 “take” will go to 50 opments are all around the town, |P $13, Industrial building ast week lay their hands on. Jenne Neel iake a produc-| ! but North and East are the most| Elsewhere in the Speedway was the heaviest since March. | Builders Feel It Too jhe Put Rs — PE ee iret of next month, 10Me! Can low-cost. homes be made, P"PIIaT locations. area, Cunningham Park on W. After more than 12 weeks of He sald he believed it 1s Br ete shoud ay off in 12'say 75 per cent. any smaller? One of the largest developments|1gth St. is being developed by comparative quiet since the Mar. “seasonal and temporary,” but he months, > | That could mean heavy inven-| Most architects say no, on the East Side is Hawthorne joseph 8. and Robert Dawson.|1 volume of $185.3 million, indus-/couldn’t tell for sure. And the pay-off dates should tories and bulging warehouses ~ As building costs have gone up, Manar, Which will Jncluge 250| They have under construction afinal 5 ding contracts reached; Bullders were Speaking uh. THe : ‘1 welll ; homes when completed. S8/dozen homes, priced from $12,508 **<!- . {ha e 8 " from July on. That could welll would be knocked for a loop by the size of homes has gone down . ’ : A that the lusty American the second wave of credit buying./—but the architects think the bounded PN Hawthorne Lane, to $14,500. TE was oy An was Huancing ifoubls, tle ina buying power whi-h landed its| One softening feature is thatitrend toward smaller houses has Ritter Ave. E. an | The Dawson brothers have two a th k of! y 8 . } 19th Sts. Sewers, paved streets, | $385.9 million during the week ofl Albert E. Thompson, president

haymaker on the sliance mar-|it now takes a ‘little more for gone about as far as it can go. : + sidewalk ‘other developments under way. Feb. 8. lof the Albert E. Thompson Co: 5 ket the middle of last year will down payments. And there are/ Donald E. Compton, president of Se and cement sidewalks are They are building 11 homes and Up 82 Per Cent {which builds homes trom. $14,000 5 PE, let go again. fewer months to pay. the Indiana Society of Architects, a {plan to build more in the Kessler-| All engineering constructionits $17,000, said, “I think financ- ALBERT E. THOMPSON— .

Loo

_ The time payment buyers are But rising income, and the comments: _ One hundred and eight houses y,oq4 Addition, which is bounded contracts last week added up to ding "Mortgage money is fight." having little. trouble ye off steady step-up of defense spend-| “Everything has to be reduced|in the project are occupied. Forty-ipy Keystone Ave., Evanston Ave.,[$374 million, 82 per cent higher ing will really slow home hull fin-| 329 y : SORA their debt. They're earning good ing will boost buying power far as much as possible on account of three more are being bullt, andisgtn and 61st Sts. Prices range than the same week last year, 32/i.b04 T have no mortgage compay. One janitor who used to/enough to overcome the sct-back|cost, but I don’t see how we are Emil’ Grove Jr, sales manager ¢,m $16,500 to $21,000. per cent above the weekly aver-i ants after July 1. They're sweep the sidewalk in front of alof credit controls. |going to make houses any small-|of the ABC Construction Co., says age for this year Y P g ° iy | Just north of Kesslerwood is : drawing their horns in. jewelry store, as well as the store, I'm passing this along for what er. : {that some will be finished later ,, wnbury another Dawson de-| So far this year, the total 1s quit and went to the Allison I think it is worth. And I think Built-ins are the best space- this month and the others in July. co, Lo 0 6 yo. 50 ded by Key- $6255 million, 35 per cent above It's the Bond Market ant it is worth plenty. |stretchers, he thinks, because These homes are in the lower| U8 PRIA. “08 BOURCEC OY HEY: ithe same period last year. Pri-| “The insurance companies over . “they save space which otherwise price range—s$9147 for a two-bed-|Stone Ave. Evanston Ave. 62d.,(, construction is 44 per cent|the country have had a lot of|] b S It One of the most common errors would be taken up by furniture, room frame house. and 65th Sts. Since 19046 the poner Federal awards are up 57|commitments but with the floor How Labor ays is to ask the wrong people for the and they utilize more space above Three Prefab Projects Daws on ove Suit 52 (homes per cent, State and city contracts|pylled from under government right answers. {the floor.” : | . {show an increase of 11 per cent. |honds, they're not to make g 1 mean tapping the brain cells of the bigwigs about what the Aifred §. Levitt, the New York! Another large low-cost develop-|14 more, which will be priced Private housing continues to any more yore 5 St going country either is going to, or ought to, do. {architect who has designed 15,000! ment is more than half completed {rom $12,500 to $24,500. lag behind last year. It hit '$47| <1 have found that mortgages The familiar scene is Old John Bigdough lighting a cigar, stieli- homes, jagtses. Seskinod belie 128 the South, Side. rs the Sood Rental Homes Under Way | million Jast ein, ut fe otal now have to be in the hands of! in the armholes] | “Intelligently designed byilt-ins n, which is going] 8 yea centithe insurance companies by Jul TE is be back in his loves his country as much as any- are the answer,” he explains, “be- up on St. Peter St. (one block | Rental homes are being con- plow the same period of 1950, = a pa oS hai Soft leather chair, and beginning, One else. But he can't be ground cause they make the small house West of Keystone Ave.) from Ray- structed by L & L Building Corp. | Top Projects of Week will depend on interest rates. “Harr-rrumph I think ow. ae to pieces by creeping prices and |jarger, Wasting usable space is/mond St. to Bradbury Ave. lat N. Arlington Ave. and E. 24th Among the top projects of the| “A GI loan is not aftractive to arT Fr , rents with his wages in a -strait- 54 senseless as concentrating Fifty-six of the Gunnison fac- To anions from Yindaor Yillage. week were a factory in Bath, anyone these days,” he said. After Tt 55 hasbens that John Big- jacket. {everything in the Empire State tory-built homes in the project/o™0 Pruap. pres enh ay aL Y., for the Westinghouse Elec-|the cost of handling, it melts the 50 SADpens ¥ h Asked about escalator clauses. pyilding on five floors and leav-|/are now occupied. Riley McGraw, or OF tne 55 units : Yitrie Co., $6 million; the Louisville return down below three per cent. dough isn’t running the ShoW, pn, replied, “there are a lot of ing the other 97 vacant.” 'manager of Good Homes, Inc.| vithin 30 days. Most of the Gag & Electric Co.'s power plant,(And then I'd just as soon have and he Knows it, But sometimes contracts which do not have es-| (Closets are another space- says that work will begin on 40|0uses Will be doubles. Rent Will 590 million; a$5-million housing|government bonds. i he talks anyway. Bul nat doesnt calator clauses. How about steel saver, he adds. to 50 more houses within the pegt De, $57.30 B non. he project! project at Tampa; barracks, mess, “I don’t look for a change in| mean people are listening. Andiaznpg rubber?” “In this television age,’ Mr. month. Prices range from $8000 sea. jr THNEION halls and utilities at Camp Parks, the mortgage market until late in : as E, If they are, watch where some g; jt would seem to me that Levitt points out, “the living to $10,000. | Homes. (the Air Force indoctrination cen-|the year.” 4 of them put their tongues, In yntj] Jabor gets a common pat- room has become even more con-| The J & L Realty Co. is finish-| (As#. M. Graves expects to have ter at Pleasanton, Cal, $33 mil- In Last 8 to 4 Weeks “ F. M. REED, rock lather — their cheeks, tern, there will be unhappiness. gested with perhaps 85 per cent ing one development of pre-Labri WO projects under way withinilion; a land lock chamber on the ‘Riley McGraw of Good Homes.) Blued nails biggest shortage.” "The people to talk to are the Escalator clauses crowd prices, of the family’s activity taking|cated National Homes and will\he next two months. Sewers will Monongahela River at Braddock, = “114 the trouble to Regula- ; se—— workers. They have the most at-/and squeeze the wage earner who place there. soon begin another. jee put in next week for 28 homes|Pa.,, $8 million; compressor sta-|,. = + uyeg hurting quite a bit L S : fentive ear in Washington where does not have pay geared to the, “Builders should take the load|. Willlam P, Jennings, secretary-|o® Manor Court, which parallelsition and 56 miles of natural gas. oe oticed it especially in the oan hortages the economics harness is fash-| cost of living index. loff the living room by building treasurer of [Forest Manor Ave, between E. pipe lines in Kansas, Oklahoma | { g urer of the J & L Realty Co,,| {last three or four weeks. | T joned. So I called Loren Houser, But Mr. Houser felt business better, more usable storage clos:|says the first 6f the 28 homes| 334 and E. 34th Sts, These houses and Missouri for the Cities Serv-| “We have held open houses and | n y emporary, ‘regional boss of the CIO, was beginning to understand. jets in the bedrooms. Then we being built in Arlington Woods in| Vill be priced from $12,500 to} ice Gas Co., $5 million. {normally this time last year we . He introduced me to’ a phrase.| He quoted a business man as|can replace dressers and chests of the 3000 and 3200 blocks of N.|$13:000. | Money from the sales of se-|Ll 4 nave been snowed under Officials Predict t was “equality of sacrifice.” saying: “How do you expect any drawers with chairs and a table Bolton Ave. will be ready in two| The other Graves development curities exceeded $200 million. But don't h busi- ’ d i desk where M d Pi : fre {will be in the Brockton Ad | State and city bonds for im-[, ov We dont have SRY More bust. at's labor's language. man to make a living on $1.25 anor ere Mama and Papa(to three weeks. They're priced Wi n the Brockton Addition] St bd ness than we can do right now. He said, “Labor's willing-to go hour?” lcan read and work and the chil-/from $7900 to $9000. jon N, Parker Aye. between KE. Provements other than publie| 3% we're doing no speculative Shortage of jnoney for Boma Jl the way. The working man! That, he felt, was progress. dren can do their homework.” As soon as the Bolton Ave./58th St. and Kessler Blvd. The housing brought in $103.8 million; 11 ding at all.” (financing will be temporary, gov. | He warns that “if the average project is completed, J & I will 28 homes to be built there will be Public housing notes, $46.8 mil- "y “4p higher ranges, outing ment housing officials predict,

| American home gets any. smaller, begin another National Homes Priced from $22,000 to $25,000. |lUon: corporate securities, $54.8 | 411) seems to be moving along. Franklin D. Ric mis.

| using the doorknob will be in bed with|development in the 3000 block of| Also in the Brockton Addition, ™ o% David Augustus, builder of as soner of the Federal Houng As the residents. |N. Adams St. Work is now pro-|W. L. Bridges & Son are puttingig* ~~ saz 8 homes, from $30,000 to $100,000, competition for home: loans and | Besides the trend toward small-|gressing on the street, water line up 13 homes in the 5600, 5700 and Li lor Wa [is reported to be building specula-|¢aiq he hoped this will not revive jer homes, Mr. Compton notes al/and sewers. {5800 blocks of N, Oxford St.! fe oLse {tive homes. And a spokesman|in, practice of paying premiums {trend toward one-story homes.| One mile west of Speedway, 109 (Prices will range from $20,000 to {for his company said they would| gy. PA es P | They're quicker to build,” he homes are being built by Speed-'$22,000. . : continue to build speculative Richard U. Ratcliff, research says, “more convenient, and not | : Bein Constructed ===: so long as they can get|girector of the Housing and Home jioo Tucks inre expensive than| H oL C Clo Sh * hel materials and sell. Finance Agency, said this year's - s. : ses oD | % Most of the buyers for this type 4 | Golfing Realtors Pp Bui Iders fo Honor | The liquor warehouse and office|of home sell their old home and $0] of S300 Bosfies will NOt

* . | | {under construction at 1934 N.|use it as a down payment. | Four more golf tournaments With Big Surplus Oldtime Members [Ilinois st. will be ready for the lit is usually big a, to os money. ae Re 1 eld by the Indianapolis) mp, depression-born Home . Fred A. Beck Co. this summer. ithe grade. an he Federa Reserv eal Estate Board this summer, ' Of Ass tH | J. J. McCarthy, vice president, a SPnitan of the Federal hi President Joseph H. Argus and OWners’ Loan Corporation closed ociarion said the company hopes to move Splendid Loan Record Board, expects even more h Vice President Arnold G. Davis/its books, locked its doors and) in between the 1st and the 15th| For the home mortgage story, ing. He predicted at least a millannounce. ‘went out of business last week| Old-timers im the industry will/of August. The new building will{the best answers comé from the|lion new homes this year.

|. The next one will be Thursday, ,. » lending and mortgage-hold- be guests of honor Wednesday at TéPlace the present quarters ofjhustling Railroadmen’'s Federal

{June 21, at Hillcrest C ildi IClub. Hicrest Country ing agency of the government. the membership dinner of the the Brm at 24 8, Pennsylvania | Savings and 5 oan J n nas Building Leader | Others are scheduled for July HOLC gave the U. 8. Treasury Building Contractors’ Association ha ns running an as

Ground was broken last De- made 3000. And only on 325 has! it it a check for nearly $14 million of jof Indi Ss. z | : f . dianapolis cember for the one-story brick there been even the slightest diffi-| Hi $ Credi Curb

(Continued on Page 40—Col. 8) surplus — the financial result of| It will be held in the Construc- building. It will cover 40,000 culty in making payments. | Government credit restrictions tte e agencys 5% on TescCUe tion Teague Building at 1456 N. square feet. ’ “That,” sald Fermor 8. Canon, re keeping the ayerage family

work in the depression years, ; Evans-Bromert Co. a Se eaDress corporation er ore St Ea 4 oR No He li Cred president, “is admirably low.” | rom Juyite a house, E. M. Soles : EL : " : . omas A. Berling, Associa- Realtors Handlin it! He added that one builder came|8¢l nd vice president of the : SOUTH WIND S COLOR BALLOT—This is how they de- | Moves Office specdes =n ke lqudation by yi tion president, and Bill Knip- . 9 r "i with a project for 50 homes.|National Association of Home cided colors for the interior of the main factory area of the Evans-Bromert Co. realtors, borrowers and by selling its|t2Sh; Program chairman, predict Must Register by June 30 |The builder had been promised Builders, told the Senate Banking

South Wind Division of the Stewart-Warner Corp. Workers | iil move t that the old-timers will recall out-| Realtors handlin edit [the money but it didn’t come|Committee. . | o the North Side. {mortgages to private financial in-| 8: Cp must | ney 9 n't come « voted for apple green from shoulder high on ‘up, and bright TE Dr oa rt awn. | stitutions; standing’ Sonstruetion feats, long register with the nearest Federal through. “It made us sick td have Mr. Spiegel argued that “as leaf green to the floor. And the fourth wall, partitioning off town Board of Trade Building, William K. Divers, chairman of | rikes, depression days and how Reserve Bank or branch before to turn him down. We wanted to|l008 as materials and labor are

they built Indianapolis from the June 30. available, the constructio s ' . . . the Home loan Bank Board! help. But we are working our » n of the officer, ok be defied yellow. Here's Orville Kidwell, |where the partnership began more n {Fair Grounds Coliseum after the] The Board has issued a ll out of our loan ing_our|Avalinl for the average man is assembly - fo ' ing.

than a vear ago. The new which supervised HOLC, esti-| | will be 3 839 E. Westfield Biya, mated that the agency had saveqiist World War Jo te Chevroist alliendment to Regulation X, ments.” not in any way inflationary. For 5 In getting a loan the borrower [on the ground floor. 800,000 Americans from losing, ©, War Hping. the, seeond st t restricts credit on reall But it's money, and not mate-|SOMme time to chite, Janar 214 mas They Don t Want It usually is asked to put up Margaret Evans explained: their homes. : amp pe je oder the amend Ale Tals whiers 18 bothering the home (oriS he tl ample something worth more than the money he wants. It’s collateral. | “Our business nas grown so 7 T R $ C ili Off person engaged on en 21 051 Le quatry. There are Tew i any|lo meet the production Which wa It can be a vacuum sweper, a car, a television set, a lawnmower rapidly that we felt the need of Sagk Women Members ent Ceilings in the business of extending Teal: Tiages. | He warned that “under present or a roomful of furniture, or just the piano. larger quarters as well as a loca- Two Indiana communities, East estate credit with respect to resi-| Only a Few Shortages |controls we are heading rig Tve always been curious about how much of this collateral the tion more convenient to the North) Elizabeth M. Anstine, president Chicago and Long Beach, have dences, residential property, mul- Tony Spickelmier, partner” in pack into a seri . heading Hen finance companies actually have to take for unpaid loans. Side, where we specialize. Our|of the Women's Council of the taken off the controls on rent.|ti-unit residential property or|the 44-year-old Spickelmier Co..\age, perha ae Sys o short. Of one thing I have been sure. Re sales so far this year have been National Association of Real They acted under the local option non-residential property, includ-isaid there's plenty of everything than the pa ir more acute They don’t want it. They are not broke, had no chance of getting extraordinarily good, amd right Estate Boards, is leading a cam- provisions of the federal rent law, IN any persons who act as an|lo put up houses. But he did ex-|required five Tor rage hie in the second-hand busines, But out of the woods, He gave up. Row the demand for the better/paign for women members. “Only | ee ————————— ‘agent for a lender in arranging/pect a shortage of rock lath cy red five years to overcome. the signing over of the collateral’ And in only 12 cases out of the home is greater than I have ever those of our vocation who join the| for such credit, must register.” toward the late fall. until the loan is paid gives the (400,000 was collateral seized with-|seen it before during my 10 years|realtor ranks,” she says, achieve IN@W Realtor Boards : 0 So, Ty re “| “Thero are only 10 to 12 com. Realtors Draft Program : borrower a feeling that, if helout the borrower's consent. {in the real estate business.” the ultimate in finding out what| Applications of four more local Main & Co. Moving (panies making this product as it For Civil Defe wants his stuff back, he had bet- Here's why finance companies Evans-Bromert Co. is a member our profession has to offer, not boards have been approved by| Main & Co. realtors. will move|!s comparatively new. And the ca- | nse ter meet his payments. don’t want the collateral (except|of the Associated North Side only to ourselves but to our com-|the National Association of Real|from 2301 Elizabeth St. to 5501 Pacity of the industry runs dry A newly. organized : Regltors Here are the figures. In one cars which they do take back /Realtors. munities and the nation.” Estate Boards. Indianola Ave. this week jafter a heavy season. Civil Defense Committee is outs year In Indiana when there were more frequently). _ - rir —————— —————— ” " et teapu—————— emrr - ined] “There is some shortage, too, of lining a comprehensive nearly 400,000 loans made, there ' In the case of the 103 loans the ‘blued nails.’ These are specially for the nation's 45,000 realtors to

were only 103 cases of reposses- amount due was $18727. And k t . y treated so the carpenters can hold 21d civil defense, : sions. And in 91 of those the col- when. the household goods was eal ors 20 ese Oo rt 7 ast ([o[2) omes (hem in’ their mouths without be-|, The Committee is studying the C3 R a . FRG ws NS ay

lateral . was given up with the sold, it brought only $8,127, a loss, . ing affected chemically.” possibility of using borrower's consent... He was flat'a cool loss of $10,600. Aluminum windows, and storm neighborhood shopping centers as | stems, |evacuation points in case of bomb (Continued on Page 41—Col. 1) ‘ing.

Building Controls Making Housing Scarce, Editor Says

The country is heading into/permit is necessary to

another housing shortage, the edi-| actory, tor of Practical Builder warns. | 335,000. houge, a store,. factory,

In an editorial in the June issue Church. school or apartment, lof the business magazine, Harold “Why?” he: asks. “There Is no

St I'm not much for counting the stock market. But i : $9 ChE x raws its wobbling legs are getting stronger, and is getting| § aa J ready for a run up hill this fall, About 70 per cent of the country’s so-called market experts are bullish, but they add that little impossible trick to their advice, to “buy on the decline.” If you can do that you ought to be in the|f money. But if you don't, you'll — a be - more probably in the poor Cheviot, O, and Lawrenceburg, house. Ind, is in charge of sales and one

MEN'S shoes are more sensible f th than ever this year, including. ' "*% vice presidents, elected some of those indoor-outdoor PY the Schenley Laboratories,

¢comfies with no laces. I'm even Inc., which makes .a.lot of peni-|

{controls “excessive and over- or buy a Cadillac or a 9-cuble-{restrictive foot refrigerator or the 20-inch +r He asks: “Why has the building: “get -that . 4 industry heen picked to carry the 000 house.” brunt of the defense load?” :

streets downtown. drug products, Shoes for fall were shown here, RUILDING contractors have an

_—

days of the week. Lo, the pooritq go up at Ft. Harrison, They're man’s styles were about what hel watching labor.

The editor of Practical

wore last winter. His trouble, no Said one. I ‘ 2 v : TT ; JES _ Editor Rosenberg charges that admits that some ‘cuts and eo immagination, a the gis Lotte holm Raven Bears why. ea aaa ey E Wasingion > L 104 W. Hampton Drive jhe Santo} and permit tem|trols are mocaary Lea, : rh : p rs. Annabel Cowie has bought this home on the East Side “This brick home on the North Side has been bought by Mr. |. aT oy red ta industry—"“bu ARTHUR F. GORMLEY of (Continued on Page 40—Col. 4) | from Miss Charlotte L. Noffke and Frank E: Noffke. John Wallace and Mrs, George Boots. Gil Carter Co. handled he oie 4d Mr, |oo eT, ams

: An con ta are piling up by the the Hear Harold Hartley with “The Human Side of Business” | of F. C. Tucker Co. made the sale. open br ects d Mrs. Paul . Mr. Boots, th owner, works at the | pers walting to ’obl | 4 fhe h ith the twe-car garage. g ry ‘ Ordnance Plan, a at he Neve The editor te kt! ¥ ¥ " > ¥ : s - ‘ + » ! dt > } i # :

I THEA

|H. Rosenberg calls governme*~ order requiring a permit to build do 8

: 4