The Los Angeles Times from Los Angeles, California on August 16, 1959 · 121
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The Los Angeles Times from Los Angeles, California · 121

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Los Angeles, California
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Sunday, August 16, 1959
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121
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f VrV Wlr Huge Building Boom Seen for Next Decade Construction during the next 10 years in this country 13 esumaiea at wen over . twice the total national debt "at the present time, or a : total of $600 billion exclu-j sive of the land, operating equipment and other serv- : ices essential to this activity, according to a projection in ; the current Quarterly Economic Report of the Mort- :gage Bankers Assn. of : America. - Against this huge demand the country is faced with a ,-continued shortage of savings to finance it, the report ; adds. . The projection was made ' in connection with an analy sis of the presently rising interest rates and availability of money to finance all the demands at the present time. At the moment, the present high interest rates give every indication of going still higher before they reach a level of stability. . High Rates "On the basis of the outlook for the demand and supply of funds, the evi-; dence points at least to the : maintenance of what we have come to consider high interest rates," says the report. Actually, says the report, ; the present high interest rates aren't high at all when , viewed in historical perspec-::tive. ;; "From a long-term view, ' interest rates are not inor-: dinately high. If they are ; out of line at all by historical ; comparisons it is on the low ; rather than on the high side. At most times prior to the ; great depression, interest : rates were higher than they ; are now, and they have al- ;ways been higher than at present periods when capital has beenv in jjreat demand, such as the 1880s and. the " 1920s. ... It is the low-interest phase from the mid-19303 to 1950 that is unique in interest rate history rather than the present ascent to moderately high levels. Demand for Funds Principal reason, of course, why rates will continue up is the great future demand for funds. "A heavy demand for funds over a long future period is assured by the vast capital investment that will be required to provide an ad' vancing standard of living for our greatly increased population. More of every type of facility from houses to factories and schools and hos- . pitals will be called for. Individuals, private business and government will, all be heavy users of funds during the years of expansion in the decade ahead. The present comparatively high levels of house building and the now emerging rise in business in vestment are only the faint heraldj of what 1 yet to come. t . I ; ' . ; ft ' ' " I ' 5 .ft ; i : - t . I ! 1 Garden Grove Authorizes 541 Homes in Three Tracts GARDEN GROVE, Aug.! Councilmen also author- 15 Councilmen have ap-teed immediate start of con-proved tentative maps forjstruction on 38 homes on l;l lotfflnsflftf Cimttf 9 SUN,AU0.14,1959-PoftVI RISING Pictured here is 36-unit opartment being built ct 602 Fairview Ave. in Arcadia, ' Builder "and developer of the project, which will cost $450,000, is Phil Bums. Architects are Reisbord & Posner. Facilities will include two court oreas, individual patios and balconies, air-conditioning and pool. Property Deals Top $4 Million Sale of property at the northeast corner of La Brea Ave. and Beverly Blvd. tops list of transactions com pleted in the last 60 days by the real estate firm of How-I ard G. Thompson bringing the total sales volume of corner business properties since the first of the year to more than $4 million. The corner property has been recently improved with a service station and leased to Texaco for 15 years. Sale price was in excess of $210,- 000. beller was Ernest A. Schroer and buyer was J. C, Maguire. Also Included Other sales include the southeast corner of Foothill and Pennsylvania St. in La Crescenta fr. $70,000,' to Shell Oil Co. yy Rose Karp ana Max Weinberg; north west corner of Mulberry and Painter St.. Whittier, for $37,000, sold to Richfield Oil Corp. by Ray Goetzer. ' Property at the corner ol Big Bear . Lake Blvd. and Paine Rd., leased to Signal Oil and Gas Co. was sold by Dr. Lem V. Sweet to Don Schubert for $46,500, south' west corner of Western! Ave. and Barton St., Los Angeles, under long - term lease to. Texaco, was sold by E. A. Schroer to Harry. B. Milder for $84,000. Civic Center Site to Be Prepared SAN CLEMENTE, Aug. 15 Councilmen have called for bids on grading of city-owned property east of High way 101 to prepare the site for the future civic center. Plans already have been drawn for the project, but construction of the center has not been set, according to City Manager Dan Evans Guest Speaker Named Guest speaker at the meet ing of the Southwest Branch of the Los Angeles Realty Board will be Harold L. Heilman, assistant chief valuation engineer of Los An geles County. The meeting will be held in the board au ditorium at 8 p.m. tomorrow. Safeway to Open New Store in Baldwin Hills Center A new Safeway store In Baldwin Hills Shopping Center will be located at La Brea and Rodeo Rd., according to William E. Vollmer, Los Angeles division proper ty manager for bafeway. Cost of the 22,000-sq.-ft. structure, including equip ment and furnishings, is estimated at $190,000. The steel-framed building will incorporate air condi tioning, automatic entrances and advanced lighting throughout. Baldwin Hills Shopping Center will also include a Newberry's Department Store and a Clark's Drug Store. Ample parking will be provided adjacent to the market. Completion of this store will raise the total number of Safeway stores in the Los Angeles area to over 200. New Warehouse, Set for Lawry's Construction on a new $zou,uw warenouse ana extension and modernization of additional production facilities for food specialty items produced by Lawry s Foods, Inc., was started recently, ac cording to Richard N. Frank, president. When completed the warehouse will provide more than 20,000 sq. ft. of addi tional space to Lawry's existing warehouse. Lawry's Food, Inc., is a direct outgrowth of Lawry's the Prime Rib Restaurant on La Cienega Blvd. which was opened in 1938 by Law rence L. Frank and Walter Van, de .Karop, The restau rant was completely re modeled and enlarged last year. - $025PerSq. Ft. 5 ' ' 20,000 J. Ft tr Mori Cleveland Constr. Co. INDUSTRIAL-COMMERCIAL BUILDERS Complete Service WE. I-565S 0U4-T2H u. 1 coocooco ' : J ACHES m( m Lillian isiicj 090000 0 O o o o o o o o o o o o o o o o o o o o o o o o o oooooooooooooooooooooo k. .... x v i&S I LI'.'.ITED OFFER 8 invest H0WI g ' , MAIL THI COUfOM TODAY -""""I Q NAMI , Q I "ttt tunut IH4 Q School Site OKd by Stanton Board STANTON Aug. 15 ! City Planning Commission has approved a site for an elementary school on West-' em Ave. between Cerritos Ave. and the Southern Pa-j cific tracks. The application was made by the Savanna; School District. Property Rezoned LA HABRA. Aug. 13 Councilmen have approved C-2, commercial, ana R-4. three more tracts covering acres located in a triangular) multiple dwelling, zoned for 115 acres and providing lots parccl at Lampson Ave. antiWopertv at the southweft for 541 new dwellings. the Pacific Ktcctric Railwaycotnor of Central Ave. and The lareest nronoscd de-rigtu or way. lMah St. velopment is one planned by Laramore Constmction Co for 207 homes on CO acres on the north side of Chapman Av?.,- west of Knott St on the city's West Side. - I Warmington Co. plans a 190-home development on 45 acres north of Westminster Ave, and west of Brookhurst St The third tract will have 54 homes on 11 acres on the muth side of Chapman Ave. between Aster and Lewis Sts. It will be developed by the Reynolds-Movius Co. Apartments Approved LA HABRA. Aug. 15 -Plans have been approved for two four-unit apartments at 301 W Ocean Ave. lIng electronicsT AuLVERcin.usEw : l'JZ AIR CONDITIONING jJ B ALLEN REFRIGERATION SERVICE, 937 W. FOOTHILL. MONROVIA i- Sound ciririee for home-buyers... ncconir.iEriD title lusunAncc AHD TJ1UGT COr.lPAfSV? vou cct i do! ncrsn'G t7nv. I I i y; r if ' f TlrT.lhaajnrT,brgeta3dt!Jae Saccod, ffa etdJi fjclteaaascd ccB5wboenfaCaC2at!Cl2C3 for over C3 ycaa fAiu! Cibd-end his ts Bust Ifflpcstast4t' that has complete land records la every county It ervea. TLIj tncara Coat ' when T.L toarches a tilla, It's searched thoroughly. And when they fcros you a policy, you can be sure that you have the testpossible tlilc protcctian. like most escrow officers, (his woman backs trp her rccommcndatlojia wllh Bound reasons. This quality Is Just on of tho things that make escrow officers each a ralraMo and intcsral part of buying and teHIng property. (m toyipc!JyTr tSantSS$ Title Insurance and Trust Company 433 S. Spring Slnw, In Anptes B4 UMUon e 2411 With branches, subsidiaries and affiliate companies h SO Calfomia counties J. '"V," 1 i tl n V AS LOW AS ... J MANY ON BREATHTAKING POOL-SIZE uURvji j. ' x J ' S . y' 1 - - i-. mn3 nfrnn ixcirr cosr , (MfOUNO .1 lae"l F mh. Lnlfanf. saw 3 WAYS TO GO: Convenience & value unmatched anyvfherc in fhc Valley! 1. North on Laurel Convon unlit It crottt Son fr-nondo Mihioo Blvd. 2. Srpuiveda Blvd. to S. F. Mission, right to Lourct Conyon, left to tolrt oMite Cr tumishd model. 3. San Fernando Rood lust beyond downtown San Fernanda to Hubbard, then left to model. ... TO VETS r NOiJ VETS new sensofonof low fermi foo. nvefgof NOW less than l mil from the heart of downtown San Fernando ... less than I mile from the Golden Slate Freeway route . , . , Mussion Plazi 12 acre shopping' center soon under construction right in our own subdivision ... our own elementary school , . . match these convenient features against my other development and you'll see why LA COIGA HOMES offer the most! Dirand ncv 3 and 4-hedrootn, luxury-built, quality homes! Everything's new , . . inside and outside! You'll marvel it the many luxury features offered at U CIEuEGA'S modest prices. SEWCRS ARE IN ... no septic tanks. See the exquisitely furnished mods! that's the talk of San Fernando Valley, tdarry models, marry interiors, many floor plans to choosi front Up to 1500 squara feat of liv:"j ires. SIN FEmKDO'S UKCEST, FINEST HESIJEMTIAL CEVELCFUOT Phone: fA1pra 1-9856 ..J t.ftj js. ft, jik. jfc yf jfenft... A j ffh.M A, . A M jsx. A .A .! 0k m i L.(K4 A jav Ik. s1 A. A. At 14. 4l 4k. A---1 A A. A A.. A ., Jk i A. A At. ,A A. A A- 4 f .. A J A A ,A . A . . A A. A. A. 0--

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