Evening Star Newspaper, February 19, 1921, Page 13

S. W. Straus and Others See No Gain in Further Delay. ! Reasons Stated. Members of every building industry are united in the opinion that now is a propitious time to resume construction work in Washington Faced on all sides by the admoni- tion of bankers. onomi and other persons having knowledge of the fundamentals of the building in- dustry, local builders are beginning 1o realize that nothing can be gained by delay comstruction further. | Substantial reduc have by made on most materials. from lur ber to tin. it is pointed out. It the de branch of the aration of building mate H cturers ‘that prices have | ched rock bottom. The labor sit- ion aleo has cleared perceptibl ple for all general | more efficient than » the war. anciers Urge Building. Financial interests. especially, a Ppear anxious for the inaugurati &n intensive building movement While general business conditions of the country scem to be improving and th of mind is b womi ftic. th fecration moni Busin its best until th velop. because in percentage of the pres ment will he absorbed s w the New inancing of apartment hotel every branch of business is susceptible to the influences of buil ing conditions, and a operatio in that industry would have an ex hilarating effect, he contends Straus Reviews Situation. “Uncefgtainty as to price conditions still exerts a restrictive effect, a though the preponderance of basic conditions is against cheaper build- ing fout tendencies.” Mr. Straus stated toddy. “Costs may be marked down here and there as the result of some local or unusual condition. but the generaly trend is toward sustained prices. “There are some slizht recessions at this time, due to inactivity in the in- dustry, depressed times and unem- ployment, but when extensive build- ing starts up again prices are likely to strengthen. “Hence, it seems within the bounds | of good judgment that nothing tan- gible is to be gained by delaying building projects at this time. “Some efforts have been made to! stimulate new building operations by | artificial means, but these hav, little or no_appreciable eff ahis time. The law of supply and de- mand is the b of all economic de- velopment, and, while it may cease to function for a brief period, it is al- ways the deciding factor in the final analysis. “With a nation so serious bult. as is now the case e TUnited States. a movement which will restore mormal conditions cannot be long deferred.” SOONTOREMODEL THE SURRATT HOME i | ) | Historic House at 604 H Street Will Be Converted to Business Purposes. The old house at 604 H street north- | west. where Mrs. Mary rratt con- ducted a boarding house and where she and several others incriminate in the assassination of Lincoln were arrested, has changed owners and is to be partly torn down and remodeled for business purposes The property has been acquired by €ol. William E. Fowler. The hous will soon lose its histeric appearanc at the hands of carpenters and deco Tators. and will eventually be used a « store. Directly abutting the pavement, on the south side of the street. the de- caying building has stood for more than hailf a century, presenting ex- actly the same appearance as when it | furnished the scene for much of the frenzied police activity which fol- | | i i | i i i | i | i | 33 iZ lowed the shooting of President Lin- | coln old eing of brick construction, the héuse has stood up remarkably under the years, the interior showing i for replacement ie building in archi- « 1o be similar old led for store and 2 Sold 3 Left 1350 to 1358 Taylor Street, N.W. Sample House, 1358 Taylor Onon and Vinkend 1in | ! . until the recent | was upied by | Ferguso nd her| mother, J. Tucker, who! conducted & house therein | for seven y Mrs. Tucker's moth- | - , | The Best Buy in } Washington 1 | i | i i ". O T T L L L L L L L L L L L L L Coutatin o roviis and bath; hot-water heat; hand- some hardwood floors. Fronts are of tapestry brick, with cement front porches. 22-ft. front. Large yards to 15-ft. alley. Double back porches. Storage room in attic Terms Can Be Arranged C. H. Small 1358 Taylor St. | Owner and Buili = part of the Depar: Washington Invest: TO OPEN SOUTHWEST BRANCH. B xtreet riculture, were purchased thix week v The struet 1 be remodeled an d ax a southwest branch of the McLachlen Banking Corporation, d Ralph Barnard represented the syndicate whi not giv . Mrs. Charity Burgess, was a girl- [civil war period. with particular ref- hood friend o Mrs. Surrati erence to the shooting of Lincoln. George A. Atzerott, Louis Payne and | President Johnson is said to have!er I want to say that I am opposed {Mrs. Surratt were arrested in the |designated the house “thie) mesgtor alll forms) off taxfexemptions; but {house on the day followinz Lincoln's |which hatched the egg.” and in_ap- | While the Raiitiaghaded tassassination t one time it was|proving the death sentence for Mrs. [tinue to increase, with already more planned to use the building for 4 mu- (Surratt he is said to have pointed to:than $14.000,000,000 of tax-exempt se- um in which to display relics of the ithe fact that she “kept the nest.” The owners. Plans ecaii for remodeling the buliding for I One of the Rare Opportunities to Buy a Home It’s one of those well b which there are all too few available. 1514 K Street N.W. LT R BT T he purchaser was represented by Shannon & old “Surratt house.” at 604 H wtreet northwest, which has ehllllxfll.\ store purpoes. | t and practically arranged Homes of Harry A. Kite Phone Main 4846 THE EVENING STAR, WASHINGTON, D. C.' SATURDAY. FEBRUARY 19, 1921—PART 2. - ————————————— TAX EXEMPTIONS 0P DISCUSSED Senator Calder Says Build- !'ing Industry Is Confronting Difficult Condition. securities Either all tax-exempt Imust be discontinued or tax exemp-, !tion be made to extend to certain {holdings of mortgages on homes. if | builders hope to have money flow into housing and legitimate capital in stment, declared Senator Calder his weeck before the New York As-| sociation of Real Estate Boards. ! The building industry is confront- ing a condition and there should be no delay in the contemplation of a ¥ itheory. he pointed out. He said it was unsafe to drift; that the country must have the courage to recogniz and to face the conditions as they really are Limitation of Mortzage Holdings. “You are familiar with the proposal exempt limited amounts of hold- of mortgai from the income " he said. “Regarding this mat-| | y it ich i tax curities in existence, it is unreason- able to expect money to flow into | ing investment. s now committ pending before the on banking and cur- h 1 introduced. provid- ing for the use by national banks of a larger proportion of savings deposits for | long-term loans. This bill is in the in- jterest of the soundness of _fl\t‘ han_ks. i themselves, who cannot continue to in- termingl ong and short term business, and is also in the interest of the man of !small means whose deposits should not Ibe subject to speculative commercial {uses. If this bill were passed it would s soon as adjustments are made, iilion dollars for housing investment. | You are also familiar with the ‘home loan bank bill, which provides Ifor the rediscounting of mortgages of the building and loan associations through the sale of bonds to the pub- |Tic under governmental superyision. Peak Reached in 1920. “In April and May, 1920, we reached | lour peak of high prices and there was !the greatest demand for credit to rency i Since 1899 “No place like home: no home like ours' Be Sure to See Il MICHIGAN PARK Large lots. Six and eight rooms, hot-water heat, tiled bath, open fireplace, real slate roofs, laundry, etc. Far less than houses in a row. Only the best of ma- terials and workmanship are found in our homes. Take car marked “Brook- land” to 4211 12th St. Write for illustrated book- let. MIDDAUGH & SHANNON Wm. E. Shannon, Pres. Woodward Building, 15th & H Such a Home as this is seldom on the market. The location, the neigh- borhood, the fixed realty valuation; the character of construction—all pro- claim it a decided bar- gain. 1219Harvard St. Nine rooms and bath; steam heat, that heats; extrem ly large rooms; newly painted and papered throughout and put in the “pink” of condition —in every respect. Good back yard run- ning to an alley. i S Now, then, here’s the surprise ... $11,500 —upon terms you will agree are most easy and convenient to meet. Price only..... Ready for imme- diate o ccupancy. One of our executive stafi will be in at- tendance to exhibit the Home—tomor- row—Sunday—from 11 a. to 5 pm. - T T {the war, our credit was diverted from wealth wealth-prod year has been to determine the e tent and direction of this credit mov: ment and to devise ways and means for bringing money back to its nor mal uses for the permanent welfa of the country. I am no alarmis have ndt been all afraid that th maintain inventories at high prices. The ofterings by speculators of in- terest rates and of bonuses were far in excess of those which could pos-i sibly be offered by the building in-| dluslry. For this cause, coupled with| the d increasinz its own fixes k& capital.” families w 1d r stipulates t at interruptions in transportation iputates and the consequent high costs, the|country would suffer in the long run owed s name building industry gradually approach- | by investing money in permanent Mijstein ed_its low-water mark i “The affairs of tlie country can pro- ceed along in a normal way when a normal portion of our credit is used| \ | for commercial purposes and a ""T-E The Big Opportunity These Admirable Homes vestment in permanent wealth, such Inspect 5509 13th St. N. W. ities, Just Off 14th f etc. “With the advent of the Federal Re- serve Board almost simultancously with the world war, and with the great demand for consumables during long-term mercial uses. During t Jung 30, the lo our banks had increased some six billion dollars. his credit expansion must have been used for trading in consumabl hoarding. speculation and -profiteering, as it certainly was not used for the building of houses and railroads. e The combined operation of exc to short-term co: ar ending uses < s profits taxes and tax-exempt securi- | ties has further drawn money from fixed capital investment. Statement of urpone. Convenient to 3 Car Lines during the past ——Containing 'ANT a Home for your business? Want to buy or want to lease? It’s vital to the success of your proposition that you locate well. 4 Large Airy Bedrooms $1,000 Cash Balance in Reasonable Monthly Installments Open Daily Until 9 P.M. Take any 14th Strect Car to Houses Inspect These Homes Before They Are All Sold D. J. Dunigan 1321 New York Ave. in. such close touch with the situation in Washington that we can give you definite in- formation. “Maximum Serv- ice” means dependable serv- Main 1267 — Desirable Space In the Southern Building 0 —is being rapidly contracted for. We have Ll endeavored to fairly rate space, but neces- sarily an early selection is of advantage to the purchaser. The sound merits of the co-oper- ative plan of ownership have been proven, and we think an examination of the class of purchasers in the Southern Building will con- vince you of its soundness. We are enthusiastic about it as applied to invest- ment Washington real estate when offered at about sixty cents on the dollar of reproduction cost. Among Purchasers Who Have Subscribed for Space Are: ional Association of Manufacturers, | rited States Senator and former Governor of his } ‘,__A.A ) { A THE SOUTHERN BUILDING 15th and H Stx. N. W., Washington Attorney at Law, former assistant United States District Attorney, State, $ y ¥ £ =) Attorney at Law, banker and former member of Corporation (of which two attorneys are officers) - italized at $200,000. organized to operate va- Congress. capitalized at $200,000. org: d to operat. SR B : T - rious business e ises. oc: i irs r Attorney at Law. builder and officer of Trust Com- rious business enterprises. occupying first floor pany. space (standard of operation of such business to h President of National Bank, be subject to control of building corporation), Secretary of Insurance Company, Several investors, X ;. . Attorney at Law and formerly special assistant in | Department of Justice. | You Have Envied Your Landlord. T ake his place The case below is typical. The space is under lease for a term of five years to a large cor- poration (assets over $12,000,000). Price of space, $52,200: cash payment, $17,400. Deferred note, $34,800 (payable 19, per Corporation, pursuing scientific lines, Former cabinet member, buying for investment, Manufacturing corporation. month, including interest). Total $522 $178 (In addition equity is increasing monthly for 139 months). “AFTER 139 MONTHS &1 i | Percentage return on : eash invested | $2,136 12% (plus) f - 36% $700 None $174 $174 As a TENANT in 139 months—Rental, 597,300 | As an OWNER in 139 months—Total monthly payments, i | Total $526 $6,312 HEdEEaaEaaaaseseaaE $72,558 | $17,400 | —_— | | $89,958 i L ‘ cash payment, Deduct value of space, $52 200 $37,7:8 Actual Savings, $59,542 -—= = After 139 Months— TENANT pays $700 per month. OWNER pays $174 per month. 1% Net annual saving to owner, $6,312 TET At the end of 139 months building becomes free and clear of all incumbrances. 5 . i 3 This plan manifestly offers an opportunity—an opportunity that can hardly be appreciated S unless the facts in detail are presented. Have us present them—with no obligation to you. i . S - AllanE.Walker & Co. -~ Originators ‘of the Perfected Co-opera- tive Plan of Ownership in Washington 813 Fifteenth Street Southern Building _ S N < . R =i =