The Palm Beach Post from West Palm Beach, Florida on November 3, 1968 · Page 72
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The Palm Beach Post from West Palm Beach, Florida · Page 72

West Palm Beach, Florida
Issue Date:
Sunday, November 3, 1968
Page 72
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Page 72 article text (OCR)

SECTION F Money Activity Shows Economy Booming BY PETE GORDON Business Editor Money activity at state and local level has been aggressive in the past months, showing a phenomenal climb in the state's economic growth. Signs of heathy activity: Bank deposit and loan figures in Palm Beach County are up nearly 25 per cent over last year; the state figures show bank deposits up 21.1 per cent, and loans up 17.2 per cent, reckoned to Sept. 30, 1968. The Florida Bankers Association calls this "dramatic growth" and noted that 10 new commercial banks opened for business in the last 12 months. There are now 457 such banks with more than $10.3 billion in deposits. The overall monthly debit figure for September, 1968, as a business activity Indicator, also shows an increase, said Paul Thomson, executive director of the Palm Beach County Development Board. Total debit for September, 1968, is $480,782,076, compared with $397,-144,421 for September, 1967, which shows an increase of 21.1 per cent. Daily average debit came to over $24 million, compared with under $20 million for the same comparative months. Total debit in the nine-month period was $4,761,667,-720, compared with $3,991,864,395 or an increase of 19.2 per cent. All Florida bank debits advanced over the year-ago level. The Federal Reserve Bank of Atlanta, which covers the most or all of six southern states, said insured commercial banks in Florida had a 21 per cent advance in bank debits over September, 1967, to place the September, 1968 level at $10,323 billion. The largest dollar volume involvement was in Miami with a 23 per cent increase. West Palm Beach showed healthy gains with a comparable 25 per cent. According to Philip J. Lee, president of the Florida State Chamber of Commerce, and a bank director, a Federal Reserve Bank report showed that Florida economically out-performed every state last year except Alaska. The 135 Florida federal savings and loan associations reported in September that total mortgage loans reached $6,004,788,000, passing the $6 billion mark for the first time In history. William D. Hussey, executive vice president of the Florida Savings and Loan League, said these groups loaned $889 million in the first nine months of 1968. Of this, $429 million went into construction loans. This is a record high for the savings and loan associations. The S&L group noted the savings pace was not as high as 1967, (which was a record year,) but was second with a $444.7 million increase for the nine months. These 135 S&Ls had total assets of $7,265 billion and savings of $6,392 billion by the end of September, 1968. Actual figures on bank deposit and loans for the month ending Sept. 30, 1968, showed Palm Beach County with $274,681,000 in loans for a 25.9 per cent increase over the previous year; and time and demand deposits of $582,682,000 for a 23.1 per cent gain. Nearby Martin County recorded loans of $19,995,000 for a 21.5 per cent gain in like periods; and time and demand deposits of $46,164,000 for a 25 per cent gain. Richer Broward County to the south had comparable figures of $413,893,000 for loans with a 17.1 per cent gain; and time and demand deposits of $920,298,000 for a 24.1 per cent gain. Resort Hotel Set For Delray A A. A Yi rl J IQBj i n , r i A a . . DELRAY BEACH Opening of the Delray Beach Gulf stream Hotel, affiliated with the Quality Courts Motel chain, is expected for the spring of 1969, according to the owners. The building, its first floor still under construction, will tower 11 stories high on 1111 E. Atlantic Ave., at Seabreeze Ave. There will be 120 rooms. The affiliation with Quality Courts is for reservation purposes, according to the builders. It to planned to develop the operation on a resort-style. Included in the plans are a heated swimming pool, 120-seat restaurant, cocktail lounge and meeting rooms. All rooms will have color television. The first floor will have a "public accomodations area," but the other 10 floors will contain the 120 guest rooms. The site of 350 by 150 feet was originally planned to hold a five-story Holiday Inn. Revision of plans made later by the owners asked for an 11-story building. The location, within a few minutes' walk of the city's mile-long beach, has been considered choice for a resort type operation. Atlantic Avenue is a shopping area, mainly with high-quality resort shops. A busy traffic location during the winter resort season, the city asked and got compliance for at least 140 parking spaces. The Quality Court franchise will be operated and owned by Delray Gulf stream, Inc., headed by realtor Charles J. Johnson of Springfield, 111. Delray Beach Quality Court Will Include Dining Complex Condominium Off Osborne Drive To Include 600-Seat Auditorium Airbus Engine Contract Called Triumph ForP&W LAKE WORTH - Developer Ken Murry's plans for a $4.5 million condominium development on a 21-acre site up for annexation off Lake Osborne Drive Includes a $250,000 clubhouse with a 600-seat auditorium. "I expect to have models ready In December for the selling season," said Murry. 'The annexation appears acceptable. The development will be known as Murry-Hlll Gardens." Murry's previous development, about half a mile north of the new one Is known as Lakeside Point. Now complet plant nursery for many years and ownership was listed to former City Manager Tom G. Smith. Heavily wooded, most of the trees will be used to landscape the section. "All the new buildings will be two-story," said Murry. "A cluster design will stagger the buildings so that all apartments will be nearly surrounded by green grass and open garden courts for most privacy, yet provide all homes with outside views. "There should be approximately 20 apartments in each building. Typical will be four-up and four-down in each of ed except for a corner area, it, too, is up for annexation. Lakeside Point is an 11-acre site, has 260 apartments, and is, valued at about $2 million. There is a clubhouse with putting green which he reckoned is worth $125,000. The 21-acre Murry-Hlll site fronts on Lake Osborne Drive. It is bordered by Collier Avenue and Snowden Drive. The property Is adjoining city lines on two sides. City water and sewerage comes up to the site area, said Murry. The property has been a the cluster's units." Prices are expected to be In the $7,995 bracket for a one-bedroom apartment, and rise to $12,000. A French-mansard roof line will be incorporated in the design, to retain the Palm Beach appearance of colonial-tropical. Murry had used the cluster design in a few sections of the Lakeside Point development. Its acceptance encouraged adaptation to the new Murry-Hlll area. Increased storage space accessible from the large screened porches will be another fea- ture expanded in the new development. A total of 14 buildings will make up the development, with an expected 452 apartments. "This is about double the number of units In Lakeside Point," said Murry. "It will require more clubhouse accommodation for this reason." More clubhouse accommodation, according to Murry's sum-up, means extra facilities such as both sauna and steam baths for men and women, a gymnasium equipped with exercising and reducing equipment, heated swimming pool, woodworking shop fully equipped with larger machinery, a ceramics and art room. There will also be three billiard tables, a card room, and party facilities including a kitchen. The 600-seat auditorium will have a stage. 45,000 pounds, making possible a range of 4,900 miles compared with ranges of 3,200 miles for the Lockheed version of the Airbus, powered with Rolls-Royce engines, and for the earlier version of the DC-10. The three Pratt & Whitney engines for each Airbus will cost about $750,000 each. The plane will seat 268 The P&W engines are compatible with the Boeing 747 JumboJet. This factor could give McDonnell-Douglas and Pratt & Whitney an inside track to future airbus orders by Air Canada, Branlff International and several carriers which have routes suitable for such craft and also have ordered Boeing 747s. ST. PAUL (UPI) - Northwest Airlines Inc., has given McDonnell-Douglas Corp. and Pratt & Whitney Division of United Aircraft Corp. a $222 mililon order for DC-10 Airbuses. The order is for 14 TR-Jet planes and Northwest took an option on 14 more at an average price of $15.9 million each. Delivery Is to start in January, 1973. It was a major triumph for Pratt & Whitney over General Electric for the engine contract. The Pratt & Whitney engines will have a thrust of Gladys Damage At $2.5 Million '4T-' -i. v? - ' j von . . ; !.-.. y j ,1 -'' 'if ' --w-" I . 4 MIAMI Hurricane Gladys caused an estimated $2,580,000 in insured losses in Florida, according to figures released by the American Insurance Association. The great bulk of the losses, $2,250,000 worth, resulted from 7,000 property losses. In addition, losses to mobile homes totaled $180,000; to boats, $100,000; and to automobiles, $50,000. The estimates were complied by 50 Insurance adjustors, Including special catastrophe adjusters who moved into the damaged areas in the wake of the storm from throughout the southeastern United States. The American Insurance Association has also dispatched two special representatives, Wilfred J. Perry and Henry Chrlstiani, to supervise activities in the affected areas. Two other steps have been taken to help facilitate the handling of catastrophe claims: the National Insurance and Actuarial Association has issued a catastrophe number, 81, for Gladys, and the General Adjustment Bureau has opened a special catastrophe office at 105 Main Street, New Port Rlchey. . 7 ARCHITECTS HONORED Howarth L. Lewis Jr., right, Palm Beach architect, accepts the award for the Palm Beach Chapter of the Florida American Institute of Architects for being the leading chapter in the state. The award was made by State President Leslie Walker, left, during the state convention last week at Daytona Beach. A member of the local chapter, Hillard T. Smith Jr., of Lake Worth was also honored with a three-year term as regional director. SUCCESSFUL DESIGN The cluster design of two-story condominiums used in part at Lakeside Point, Lake Worth, will be employed in the new Murry-Hill Gardens to be located on a 21-acre wooded site half-mile south on Lake Osborne. Developer Ken Murry, right, will have the new clusters faced with French-mansard rooflines instead of conventional roofs as shown here at Lakeside Point. The cluster design will provide more green space and outside walls for each apartment, yet give more privacy, according to Murry.

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