Indianapolis Times, Indianapolis, Marion County, 28 October 1951 — Page 43

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. Ae Tv

28, 1951

. r

rresponding

member of was elected Jowe High lub, senior ganizations.

£ teen club U ® S ® than Tues- Fo > maker, The § s, Indianed releases n be pub-

THERE'S CONFUSION

Employment is both up

where you look. It's up the in war plants, down in the materials-starved civilian plants. Chevrolet laid off a few hundred here. ! And sensitive purchasing agents are playing close to the belt. They think business will be good around the corner of the year, down to about Easter, There their thinking stops. = " 5 THOSE WHO make-and-sell are turning more goods into dollars than dollars into goods. It's the weeding out of inventory in stores, not a general dumping, but a selective cleanup of stock. But the purchasing agents who spend billions are sticking to the conservative side. -—F a » THE STORES tell a different story, They are having sales which pushes them above the national curve. The. sales do not mean the usual thing, -the forced . selling of overstocks. = phe The. Wa¥ £0 Jef wARecttive_put it was, “the trend is to re:

in dollars. = = = THE TEACHERS gave cash registers a spin last, week. The first thing they do in town is to buy. The stores felt it most the first day, that was Thursday. ¢ On the second day, the teachers eased up a little. My private guess is left about a quarter of a million dollars. And some in the hotels and restaurants, and some other places if they accepted the invitations

that they

= » = AT LEAST two dim-lighted juke box bars, with “tables for

Jadies’ on N. Illinois "hopefully spelled out “Teachers Welcome on their windows And the stores thought they felt a h of Christmas ing. It is hard to spot it. But one or two managers reported the

teachers buving typical gift items

WHEN "POWER STEERING

broke in passenger cars a year

ago, It ggte the “gadget” label.

“aboiit

; .. "Somethhg fa xp MaKe. cars. BELL ea,

he av ihe GOUDLEr SR

rw talk & *

they're singing its praise » Power steering took hold, not only of the steering wheel like an extra hand, but of the public as well

Chrysler broke the ice, although jt's been used on trucks and military vehicles since the early forties

~ ” ” RUT’ NEXT YEAR vou can ex-

pect. it on Cadillac, Buick and probably Pontiac in the GM stables. And the Ford Motor Co

will have it on the all-new Lin-

coln I don't want to pass the new model Lincoln by too quickly, Tt

will ‘be an’ eye-opener. The luxury car builders got tired of hearing

about the Cadillac And they're bearing down. It's going to be a race, I look for the new Lincoln to ' have 180 horsepower, or more y og power steering a motor far 3 gn quieter than a“sewing machine "y match. and such cushioned comfort that luxury and will make vou think vou're still nrice you A in bed. ' er believe CHRYSLER WAS surprised by ; ; urpri | ba true!

the acceptance of ‘it’ told they about five a day’ Imperial. They The public ate it

3 power steer ing. Insiders me ex pected to make for the Crown guessed wrong up You can look for power steering on all Chryslers and DeSoto

is velling loudly, "Me too.”

y Away yours

today!

' " ” n IN THE 1952 MODELS, except for the motor changes in Ford] (overhead valves), power steering will be the most talked-about idea in the industry. And some who've got used to it swear it's more important than the automatic clutch.

Food for a King

OTTO IS COMING to town this p } week. And his head. was born to wear a crown. He's a Hapsburg, He was the last archduke of Austria, and he has a gloss and charm you never forget. He will be the guest of lem- : bers and wives of the Exeeutives a Club for dinner in the redecorated C Marrot Hatel ‘Thursday. ” n ” I SPENT AN EVENING with > Otto once at a little dinner T still ! say was the fanciest 1 ever attended, Otto .was the guest of a Cathsolic clergyman. And I was told “to dress.” The hishop and the

«Hm Hear Harold Hartley with

- ' « on WISH at 3 p. m. today. 2 : 3 | a 5 { : ¥ 0

Section Four

Real Estate ss en

sin gcse

| Today ~Business

[a Teachers Made Registers Sing |

By Harold Hartley

a des inveniary--lese inc gooders:

buy-*One

SUNDAY, OCTOBER 28, 1951

e Indianapolis Tim

we « ® <3

PAGE 43

: Small House Plan ........... 60

Real Estate .. Wig 43-44-60 Business &... viii anes $344

Classified ...:...... wens 45-59

| |

among the prophets, those

who talk in visions of things to come.

and down, depending upon |

monsignor wore red-trimmed robes. And everybody else had a fresh haircut. I could see it was quite a party. n » 5 EXAMPLE: The recreation room of the monsignor's residence had been hand-painted © witn special designs for Otto, who was accompanied by his brother, Rudolf, and tutor, There was a special bottle for “the king.” And each wine for the : dinner came from grapes grown in the separate provinces of "Austria. And the toasts over the “blood of the grape’ were poetic. =~ = » BUT THE FOOD, ah that livés in undying memory. For the wise old monsignor had invited the women of the parish to prepare it. And they did it with the thought “that - they were cooking for their “king.” The ‘miain_dish wa made with the tender breast -hicken, Then there was a

something gray, splashed something élse which resembled gobs of whipped cream. 2 = = THAT TURNED out ground pork loin with horseradish sauce. And the dessert, you've probably tasted. It belongs to the Balkans. It's an eight-inch cake with about a dozen layers, with honey, nuts and fruit preserves between each layer. Maybe Otto won't remember that dinner. I'll ask But I never shall forget it. Nor wouid

you.

To the Colors

MEN ARE COLOR more than most women realize, I talked with a groyp at lunch remarked that the parking

to be

CONSClous

slot up at the Purdue stadium was

filled with cars “mostly blues and grays.”

© Shiny stuff. That's the way they Then thes confessed how much tell. trouble they have selecting a tie » 5 LJ ino ad each morning AND RIGHT now Can : y 3 get gifts wrapped In Christmas! gowy COLORS niake them feel ner will cas NAS Fre. : paper. it win co vou from 23 caif.conscious, and uncomfortable gents to § Ver instance I shy away from tHE said at nr hase bg Bu Hy a * DOSS, reds ahd greens, but feel just yehal's unusual boul ha We righ®¥n dark blues. It may be age 12 mor a 3 f 1} BE - : do it 12 months out of the yea But one confessed that the color But not ich in January, I'll he Jiked most in his pocket was bet. green. And another chimed, “In ‘ ’ ny bank book, 1 like black The ‘Extra Hand

The Hard: Way > WHY CAN'T LIFE stay easy? People keep thinking up harder ways of doing things. : 55 Tale thelsimnle. chars ut thy —sntifreeze ib 4 Fadiator 1 usedy to open the petcock, let out about half the water, then fill up

put-

with’ alcohol. And my car went right through the. winter. No trouble. x n =

NOW I FIND there are rules quite strict. First, you put a half-cup of washing soda or prepared flushing compound into the radiator. Start the engine and run to 160 degrees, keep the engine idling. Next, you open. the petcocks and let the dirty water out. Then flush with clean water, Let that run out. Close the petcocks and put in the antifreeze, between two and three: gallons to be safe. = n = THEN FILL with run the motor until the antifreeze That's how the AAA says to do it And you're fooling around with big money when vou put in antifreeze. It'll cost motorists a cool $250 million this winter,

water, and it mixes with

This'll Help SOME PEOPE CAN'T grass. Some can't get rid of fit

Take a look at your own lawn, the ‘bare spots. Then take a look at a railroad track with greenery working .its way up through the gravel, - » = ° IT ALI. MAKES business, You buy seed and fertilizer. And the railroad buys a ground-balder known as CMU, with a mile-long chemical name which doesn't mean beans to me, But to the railroads it means no grass. It's in the experimental stage. But if you want the rest of your lawn bare, I think DuPont will be glad to letoyou have a little,

Sad Socks

WHAT DO AMERICAN girls | have on their British sisters? Stockings, for one thing, better! made. . ' I'm not sticking my neck into international relations on such a delicate premise. But I know a guy who is. He is Gustave] Frankel, president &f Holeproof Hosiery.

” rv r HE SAID THE BRITISH gals would have better looking legs if their stockings fit. He added that’ British hosiery for women are too tight at the top, too long, and they run at a whisper, And 1 guess that's why Americans come back telling what fine facial features British girls have.

“The Human Side of Business” |

. J ’ a

ming silver platter of _ with*

Sidgianafor. dettmsesiagitigs

.. dential property

Browa0Dwners

gency D

a °

ENRIGHT ADDITION—Twenty homes such as these are planned for the U-shaped Northwest Suburban residential development near Broadmoor Country Club.

i) Homes Will

OPEN HOUSE TODAY—Open for public

addition.

Construction For Defense - Is Realty Topic

Construction in a defense economy will he discussed at the convention of the National

Associa Real }

tion of Estate, Boards ip Cincinnati Nov, 11-1 Richardson Bronson, +« Mr. Bronson is assistant general counsel of the National ProAuthority

tion and re-

marks should

rk prove informative for Indianapolis realtors, )

1 aif classified

city has cal

been

a critidefense area. . Newark pre-

which

Alexander Summer, president of NAREB. will side at this convention

will draw Realtors from all parts

of the nation. Policy for 1952 will be adopted. new officers will be elected, and affiliated institutes

will conduct their annual meet-

"Ings. . .

: Fn Any During the luncheon” Nov. 14 Mr. Bronson will talk-on the Controlled Materials Plan, tax. amor-

and government —loans—for con struction. He will answer guestions from the floor.

~ A round table discussion Nov. 14 by the National Institu of Real Estate Brokers will be on

Fipancing the Sale.” Walter Dayton, Bayside, Long Island, N. Y., will be moderator. W. W. Wheat-

Continued on Page 60, Col. 5

Landlords to Hear Area Rent Head

Indianapolis landiords and rési managers an open

are

invited to attend meet

ing at 1 30 p.m Wednesday in ni of the market--vour home difficulty the judges had fing the Gold Room of the Washing- may be too big. too small. too old. ing 10 projects ol good design ton Hotel at whid Area Rent Di-.y,, ne wrong neighborhood, ete, [3nd Worthy of the write up. rector Louis Schaefer will explain YS =n 3 So, by the public housers own the new rent laws admissions, these projects usually Mr. Schaefer will also discuss IN A NORMAL MARKET and are unsatisfactory even to them what is before landlords now that We Te just about as close to nor. 3ere then any reason why the the city has been classified as a M2} as Wwe can get right now - pybhe should favor them?

critical defense area. The meetis sponsored By the Property

Paul

ing Association, Coen president Owners property, affected under this “eritical” classification are especially invited Mr. Schaefer and his staff explain changes in the revised Housing and Rent Act made by the last Congress. These regard procedure to obtain rent increases and steps for evictions. There will be a special open forum period for questions from the floor following the regular meeting.

of newer resikiential

which will be

will

Buying or Selling?—

®) The Broker Is

In the Middle

inspection, this home at 3202 W. 57th St. is typical of the homes going up in Enright

By DON TEVERBAUGH v

Times Real Estate tditer

THE SALES PRICE of a home is a mysterious thing—

made even more bewildering by cautious buyer and the scheming seller.

And in the middle of this is the real estate broker: z (Florida, Pennsylvania and Cor-lyseq as a den, or dining room.

His job is to

the seller and the buyer.

try to please both

the subterfuges of the

) Service ternal Revenue Department's tax

to protect the av-

is his business. And it am 8 punch hoy 1any ti 3 a competent ~ =F DOW man imes A ympeter ( ongress has changed the inbroker does please both parties Conte tax law S way it works .

rere s ine v

erage home owner from soaring

Joe Doaks down the street ad- real estate values. vertises his home for sale a s» Now he can sell ‘the home he later sells it. N arn -he purchased for $10.000 about 12 asked $20,000 mediately they years ago at today’s . inflated

compare their own home with the price of, say Doaks residence

$17.000 or $18,000. And if he reinvests the money in

“If Doaks. can get 320,000 for another home within: a year, he

the dump-of "his*

you--teH- your -pays-no-tax-on*the-‘'profit.’

bert homes

Be Built in

Twenty attracti

and Eimer

will- sell in

Bh 7 PIS DIackl, or,

'52 Home Show Draws 43 Entries

Forty-three entries have been recorded in the architectural competition to‘ select a prize home design for the 1952 Indianapolis Home Show, J. Frank Cantwell announced this week. . ‘A dozen Indianapolis architects

other Hoosiers, Edward D. Pierre, FAIA, architectural adviser to the Home Show, reported.

TEL

Har re we

ranch-

north of

Open today is_one

56th St. Enright Drs.

chimney.

als Blow To Builder

Enright Section

homes are planned in the new Ushaped Enright Addition on the Northwest Side by builders DelEnright.

the

‘Critical Area’ Plans Endangered

Their sleeves rolled up to ¥ build 1000 units of “critical” : defense housing, builders here

were staggered this week

{by an unexpected blow from Washington. J Created to grease the mortgage money | chute, the Fedleral National | Mortgage Asso|ojation (Fanny | May) this week {blithely ane | nounced it in{tended to precommit only 50 per cent of de-

fense housing mr. Thompson mortgages in all — critical areas except sites of

atomic projects. To the builders this announcement had the encouragement of a slap in the face and it meant they would have to scratch for the. other half of their credit money. J They felt the -announcement was another typically “illogical, half cocked’ federal web of red tape spun about them. It meant, they said, that the modern/ government was only “half-in-. terested” in seeing private builders erect this “critical” defense housing. “They extend the olive branch All to us and when we reach for it $20,000. we learn there are thorns grow-

m. to Thompson.

“It doesn’t make much sense,” admitted Fermor Cannon, president of the Railroadmen's Savings and Loan Association. “The* government went to a great deal of trouble to classify Indianapolis as a critical area, then relaxed building restrictions and credit. This policy seems almost disinterested.” “The government is hell-bent | for public housing,” protested Bill Chestnut of the A. H.M. Graves construction firm. “They're doing’ everything possible to throw a {monkey wrench in the machin|ery—just to keep the private home builders from doing a needed job.” Mortgage broker Don Jameson lof the Equitable Securities Co.

It will

The living room and adjoining explained the full significance of

me : dining area is 30 feet long. Uniyersities represented in the .),4ed {n the home are three bed-

In- the Fanny May program.

“The large investment com-

-contest include Carnegie Tech, rooms, one of which is located panies, like ‘the insurance firms, Illinois, Notre Dame, Cincinnati, ang designed so it may also be |are disinterested in defense hous-

nell. Cooper Union of New York has four entries.

Deadline for entries is midnight, Dec. 16. made Jan. 10, 1952.

House. Is Furnished

ing mortgages because of the low downpayments—this means the mortgage broker has only one

Furnishings in this attractive Place to ship his mortgages—

Awards will be home are supplied by the Colonial Fanny: May. Judges are Furniture Co., and include drapes, | Mr. Cantwell, M. L. Hall, past carpeting ‘and furniture of the|

What About Other Half? “Fanny May will take half,

president Marion County Residen- atest design. all in harmony with byt what about the other half?

tial Builders; James T. Lendrum, AJA. director Small Homes Coun-

E. Compton,

the. painted walls.

Also included in

the cil, University of Illinois; Donald home is a really modern k

‘We can’t ship to Fanny May until model the mortgages have been comitchen pleted and the home built and

AIA, Indianapolis hich will please all of the ladies sold,” Mr. Jameson said.

Section. Indiana Society of Archd it was designed just for them| “This might be nine months or

tects; and Lioyd Vernon Moser,

AIA, president Indiana Society .of 7

wife, “we can get at least 825,000 1 the home owner buvs a Architects. : 2 for our place. emi SIQAN1ET “house: of less value, he : = .* pays straighty income tax on the

WHAT

\ ones

There's two reasons why a home Publication. won't sell, most brokers will tell vou. One, the price isn't right.

bs an editorial telling Two, your house doesn’t meet the

the guy who sets the price on the

iene mien oe mem daporance of

Fre Drown yourceived and paid The capital gains ga"

these

into

out-

More than 25,000- Hoosiers who sold a home during" the’last fiscal year got socked $492821 by the State Revenue Commission for failure to include -the sales

The October issue of the Journal price as a part of their gross in-

come, Commissioner Conn J. Sterling revealed this week. But there was a bright side to

financed the home owners’ tax picture this

a na- week also.

And in the same issue is prin

to -sell—827:500. clause no longer affects But what vou dont sow. . or transactions. . Stop to realize, is t Joe Doaks Real estate brokers expect this most likely sold his house for © bring many more homes $18500—not his “hope” price of the market. $20,000 . $20,000. , A Matter of Design For the buyer is pretty much the king in the present easing market, most real estate men of Housing magazine, voice of agree a > agree. public housing, selected 10 rg aft hr rook 0 And after three weeks, your standing government house vet unsold,” you call the nos 4 } . dh n ts in broker and ask ‘what's wrong, Dus E gevelopments in why isn't it sold? tiomal s#fvey to feature in

the

ted

the great and

Congress excluded the sale profit of today's inflation-priced home for those home owners who wish to sell their present house buy another of equal, or

in fing- higher price.

home for sale is the prospective September Song home buyer Not the seller. Homes built by private That's trye now. And this i A prise during last month good ‘reason why -now a good : . , time to buy a home about two thirds uy

.~ Homes today are not overpriced. Asking prices are high, you can't blame a guy for trying to get it. But

Statistics reports,

it's

record level, the Bureau of

neq

19530 4

IL.abor

The big reason for the dech ma-

the selling price that's tightening restrictions and most important and ‘the buyer terial shortages. has the say in this department, However, factory building

Time to Sell

Now home owners who'd like to sell their present home and buy a new one can do so without getting floored by the U. S. In-

during the month, Total construction

value the month was §2.8 billion—1 Per great misunderstanding about re-

cent less than the month pre- porting the sales price of one's {vious and September af 1950

and military construction spurted up

for

DAWSON ADDITION—This attractive suburban home at 6237 Crittenden Ave. was purchased

recently by Pierce D. Allee of the U. S. Internal Revenue Department from Urban Snyder and wife.

The Norman L. Hammer Realty firm handled the transaction.

4 ’ z .

Pays No Tax No longer does the home owner have to pay thrdugh the nose for the “paper profit” of inflation. Now he may sell his home and pay no tax on the house's increased market value if he buys another home of equal or greater price within a year, sells his

If he present home one for less money, must pay a tax on this which shall be added regular income when he 1is return.’ Assistant Collecof Internal Revenue Wilbur Plummer said Congress has made this retroactive to Dec. 31, 1950, and the National Association of Home Builders estimates: the move will save home owners $112 million annually. “There

buys

en he difference

files tor QO

seems to be a very

home as part of one’s gross in-

MERIDIAN HILLS—Three bedrooms and a den are featured in this attractive brick ranch

at 7285 N. Illinois St. The home from builder Raymond $ayles thr

% 4

State

osts 25,000 Hoosiers

Continued on Page

the law,

Cash

come,” pointed out Mr. Sterling’ “Nearly a half million dollars was collected last vear in Indiana from such misinformed taxpayers —most of whom just didn't know

Penalties High

“But the most regrettable factor is of this amount almost 30 per cent consists of interest and delinquency penalties,” Mr, Ster-

ling said.

If the home owner fails to include the sale price in his gross income the state charges him 1 per cent of the tax per month as interest and another 5 per cent as a delinquency penalty, Mr. Ster-

ling warned.

“We, check on real estate transfers every day,” he added. Despite the recent hike

eral income taxes history

able amount of

the highest in home owners buyers can shave off a considerthe taxes through

and ingludes Crosley cabinets and a year and by that time Fanny , 60, Col. 4

-1

‘May might have run dut of funds and the mortgage stuck,” he added. : “ “It'll ‘mean that all mortgage

£3

afford to go out too far on the limb,” Mr. Jameson concluded. Fred T. Green, president of the Federal Home Loan Bank, explained that most savings and logn association members would be unaffected by the Fanny May {palicy because they make home ‘mortgages as an investor, rather than as a broker. “There are 17 members in the Indianapolisassociation with combined resources of $100 million,” Mr. Green pointed out. Most of these plan to invest in the defense housing ‘program: 3 Fanny May has more than $987 million on hand for purchases of all kinds: of this amount $600 million has been earmarked for defense, disaster and military housing—and $200 million of this for mortgage precommittment under the Defense Housing Act.

in fed-. So far, 41' areas have been named as critical housing and deand home fense sectors.

Z Realtor Duck Speaks

deductions Mr. Plummer indi- B. W. Duck Jr. of the Spanb cated Co.. Inc.. will speak at the weekly First of all, Hoosier home own- Educational Class of the Indianers may deduct the amount of apolis Real Estate Board at T

their state

they sell it. Second. the deducted. 25-year-term

income tax--i the sale price of their homes, if Hotel.

mortgage rates on their home also may be These payments on a $8000 mortgage at

tomorrow at the Antlers His subject will be “Real Estate Management and Selling interest Income Property.”

ncluding p. m.

Realty and Insurance Maurice R. Davis of the Walt

O per cent amount to about $400 Veon Realty firm will speak on during the first few years follow- “You and Insurance” before the

ing the purchase. Third, all county

real

taxes are deductible.

was recently purchased

ough Realtor Gil Carter. The lot is 86 by 300 feet. '

Indianapolis Real Estate Board's estate Secretary Seminar at 7:30 a. m. Wednesday at the Columbia Club,

by insurance executive M J

Ugeinntl

broker is

brokers will have to cut their. plate io plirticipation- in the de.

agree oat INE ON IAD ADDO LACT Aa Fcc ara 7 from 10 a. one. of. the Lattractiv Bema seBoesnt- Aahe-Seonse ews e, three-bedroom homes typical of the new development. It is being shown by the Jack C. Carr, Inc., realty firm and is located at 3202 W. 57th St. _'also be shown during the week from 4 to 8 p.- m. and between 2 and 5 p..m. on Saturday. The subdivision is located one block west of the intersection of W. Kessler ‘and N. Kessler Blvds., Victoria and which form the two legs of the U-shaped addition, are bounded on the north by 57th St. The house on display is constructed of stone and painted redwood. The home has an attached

are entered in the contest and {wo.car garage and attractively eight other entries are in from displays a stone fireplace and

fense housing program. we cant .