Radio varieties (Sept 1940-June 1941)

FOR MILLION DOLLAR BABIES Dick entertains at gala opening of the drug store which leases his building. selfish motives behind Powell's efforts to make wise investments. There is something else too, the satisfaction he gets out of business deals. "As far back as I can remember, even in my boyhood days in Arkansas, I always got a kick out of selling or trading things," said Powell. "I suppose it was nothing more than a top or a jack-knife in those days. But that instinct in me was almost as strong as the love for music. Not many of the boys who worked with me in the band in Indianapolis, early in my career, knew that in my spare time I was selling life insurance on the side. The business world always has intrigued me and figures were never a bore. For many years, however, I did nothing much about it except for sidelines like the insurance job in Indianapolis. Then, after breaking into motion pictures and settling down to a fairly regular life in Hollywood, I decided to build a home. I bought twenty-two acres in Toluca Lake, and got it at a RADIO VARIETIES DECEMBER good price. That was before Toluca Lake became the residential district it is today. I built my house on two acres, and by that time, the neighborhood began to bcom. Property went up in value. I was made an offer for my other twenty acres. The offer was too good to turn down. So good, in fact, that the profit en those twenty acres paid for my house." To make a long story short, that was the beginning of even space Powell's activity in real estate. He began building houses and selling them. "Maybe I v/as lucky or maybe I used my head." Dick told me. "I'm not sure. But so far, I've built nine of them and haven't lost any money yet." He didn't make any Florida boom profits, of course. The important thing was, he d.dn't lose any money. Yet, as mteresting as he found this Ling into the ccnstruction gam.e, it wasn't really what he wanted. He wanted to build something that would serve as a long-term investment. If you ever had money to invest, you can appreciate what a problem it can be to invest it wisely. What finally gave Powell the idea of putting it into store buildings and ccmmunity business blocks was a trip to his home town of Little Rock, Arkansas. There isn't a one cf us who doesn't remember every store on Main Street and even the name of every owner during the boyhcod days when we roamed up and down the street in search cf adventure — or trouble. Walking up and down Main Street in Little Rock during that visit, he became curious to find out how many of the old stores were still there and how many were under the same management. He found most of the old store fronts gone. Some of them were left. Those that were left were... dime stores, drug stores and department stores. "It occurred to me," explained Pcwell, "if that type ot store was the type that remained in the community longest, then that was the type that represented the best long range investment in real (Continued on Page 16) Page 7