Evening Star Newspaper, December 3, 1921, Page 13

- RAPID PROGRESS SEEN INBUILDING S. W. Straus Says 1921 Con- struction Value Will Equal That of 1920. COST A LEADING FACTOR | meritorious service. Supply and Demand Is Co_nlidered Most Important Element in Economic Situation. Construction work throughout the country is proceeding at a rapid rate, according to a survey announced by S. W. Straus, the New York banker. | Estimates of the total of new build- ing contracts for the year indicates that in valuation 1921 will be about equal to 1920, which was the record- breaking period for the industry. On a square footage basis, however, it would appear at this time that the 1921 total will be less than last year, Mr. Straus states. Construction Costs Discussed. “The most important factor at pres- ent is that of construction costs, and opinion prevails that ‘the tendency will not be toward levels,” the banker asserts. “It should be borne in mind that the law of supply and demand is an frrevocable factor in all economic situations. It is the final and deciding element. Various official and authen- tic statistics as to the amount of con- struction necessary to bring the building situation ~back to normal have been made from time to time. The most conservative of these esti- mates places the shortage at about $8,000,000,000. On the present annual basis of new building contracts throughout the country (about $2.500. 000,000) it would require three years of steady building to overcome this shortage, even if we had no new de- mands, deterioration or, losses. But as building work now going on is not of sufficient magnitude to make any per- ceptible change in the general hous ing status, it is quite within the bounds of good judgment to conclude that we are to have a rather pro- longed period of very active building. Falling Prices Not Likely. “It is contrary to experience to ex- pect continually falling prices in the face of abnormal demands and activ- ities. Consideration also must be given to the revival of general busi- ness in this country, and, eventually. throughout the worid. A more opti- mistic tone, in fact, is being mani- fested continually. “In addition to these basic condi- tions, which must certainly have their effect on building costs, it is to be re- membered that there are heavy bur- dens of taxation to be met; that great projects of public works, which will demand heavy supplies of labor nndl materials, are pending, and that there is a continued development toward better standards of 1ving and greater conveniences, which mean higher prices. Fluctuations Expected. “While there will be fluctuations in building costs based on local or le.m-! porary conditions. and while there| may be occasional recessions from | high levels, it seems contrary to the| dictates of conservative judgment to withhold any worthy or well ordered building project in the expectation of | securing pronounced price reductions. | We believe in the continued growth of this country and in the steady un-[ building of our great American eities, | conditions which inevitably must be accompanied by heavy responsibilities and correspondingly splendid oppor- tunities for the building industry.” A country-wide survey reveals a continued undersupply of houses. | Since complétion. “Brookland” to end of route. designs. . 5 and 7 Room Bungalows Cash Monthly Cash Mont! 1y $750...... 1,500, $60 1,000. other public utilities. Ave. bridge on the east. out. Call or telephone for plat lots as low as $2,000. Buy now and plan your “Dream Home” from $12,500 to $100,000, according to location. is also exhibited at our Sample Home, 2727 Conn. Ave. Open to 9 p.m. MIDDAUGH & 10th Floor, Woodward Building, 15th and H—Main 6935 Cut this advertisement out for reference. Write for illustrated book. ‘The NATIONAL MORTGAGE TION, of which Mr. H. Rozier way the building and housing n in its operations. well as first trust mortgages. ‘The National Mortgage and T money tied up and dormant in doing a general banking business activity to bank accounts. insures continued and growing holders all alike, “No Place Like Home; No Home Like Ours” Homes in Town With Lots 75 ft. Front for Less Than Houses in'a Row $7,650 to $8,450. Exhibit open daily to 6 p.m. Over sixty sold before Take 11th or F or North Capitol street car marked Immediate deliveries. Seven different If you desire to M‘ll.r& ;:;mm m"«%’f Mass. Ave. Park. MASSACHUSETTS AVENUE PARK THE IN-TOWN SUBURB Consisting of several hundred wooded acres of individual lots, group lots and villa sites, miles of improved streets, sidewalks and Bounded by Mass. Ave.,, west of Sheridan Circle, Woodley Road (Cathedral Ave.) at 32nd St. on the north, Rock Creek Park on the south and adjacent to the beautiful Conn. It contains unquestionably the finest home sites in the city and, under the new management, is offered at prices no more than high-class suburban property miles farther This Is Important to You successful operation for four months. It is meeting in a practical and is making very attractive earnings on the money. employed ‘Washington has heretofore been without banking institution to standardize discounts and provide a ready agency for dealing in real estate securities based upon second as the splendid general banking. facilities of Washington. business as well as that of the builders is benefited by the release of of business through 'building operations, which multiply and ‘give Investments in the National Moflfage and Investment Corpora~ tion are safe and profitable, The character of the mianagement value of the investment, which accrues to the benefit of the' stock-, N A A portion of the Stock of the National Corporation is being offered at the same and directors. Subscriptions are recelved by the Corporation, 1418 I Street Northwest.. Phones, REAL ESTATE PARTY TO BE AT LEAST 100 i/t Great Interest Shown Here in Next Spring’s Conventi¢n in San Francisco, Interest evidenced among members the Washington Real Estate B the spring convention of the N tional ociation of Real Estate Boards in San Francisco assures a minimum delegation from Washing: ton of 100, in the opinion of Thoma: E. Jarrell, chairman of the cunven- tion club committee. One of the principal signs of the increased interest, it is stated, is the fact that many of the larger realty offices are guaranteeing their sales- men free trips to the convention for This feature, an idea which originated locally, has been the means of creating a desire on the part of salesman as well as realtors to be counted in the Wash- ington delegation. In addition to the individual mem- bers of the board who have signified their intention of attending the an- nual convention, the committee has received ten blank memberships from the different offices, to which names will be filled in according to the success of the salesmen in those offices. ~ The committee is now planning a poster, which will be distributed among the realtors' offices and posted conspicuously as a constant reminder to boost for Washington at San Francisco. Associated with Mr. Jarrell on thi: committee are the following members of the real estate board: William H. Saunders, Clarence F. Donohoe, Will- iam S. Phillips, J. Arthur Lewis, R. L. McKeever, P. H. Russell, Theodore M. Judd, O. B. Zantzinger, B. T. Web- ster, Fred H. Ugast, F. Eliot Middle- ton, H. Clifford Ban Herbert, jr. N S B of in HANDS DURING WEEK Eleanor W. Johnson has purchased a new detached home from Elizabeth M. Bartlett, Jlocated at 3731 Jenifer street, Chevy Chase. The sale was made through the office of Boss & Phelps. The house contains seven rooms and bath, and thei s a garage. The lot measures 60 by 90 feet. Other transactions negotiated by this office follow: . A residence property, owned by Julia L. Springmann, at 3816 7th street, in Petworth, was purchased by Henry Friedman. This is a six- room colonial brick house, heated with hot water and having electric lights, oak floors and front and rear porches. Carl Schneider bought a house at 1506 30th street northwest, in George- town, from Bertha D. Kalser and others. This is a three-story Eng- lish basement brick house, having nine rooms and bath and heated with furnace. After improvements, the house wil be occuped by the new plrchaser. A property at 915 11th street north- east, owned by L. E. Breuninger, w sold to Mary Albinson. This is a si: room colonial brick house, having front and rear porches, heated with hot water and having electric lights. A large brick house at 451 G street northwest, owned by Alice M. Mullen, was purchased by Jennie Burns. The house contains twelve rooms and bath, and will be improved by the purchaser for residence purposes. Blaine Berry bought a house owned y B. L. Rinehart located at 1751 A street southeast. This is a colonial style six-room house, having front and rear porches, with a lot 21 by 100 eet. e M. Lydia Farrell purchased a resi- Jocelyn streets, in Chevy Chase. This lot is about 100 feet square. Plans are being drawn for the immediate !erection of, a detached, central hall 5,04 planned brick house. Kate M. Keyes sold her former home it 38 Seaton street northwest, in Bloomingdale, to Pasquale Ricciardi. The house is a two-story brick struc- ture, having furnace heat and elec- tric lights. 1899 Be Sure to See Our SUNSHINE 12th and Michigan Ave. N dence site at the corner of 39th and] ' THE EVENING' STAR, HOW THE PLANS DISCLOSED - FOR LARGE HOTEL s and Josepn A-|Capitol Park Company - Will | EIGHT BUILDINGS CHANGE | Erect Extension Over- looking Union Station. Plans for the erection of a large hotel building by the Capitol Park Company at North Capitol and F streets, to be used as an extension of its present building on North Capitol street, at E street, were disclosed when it became known today that the company has acquired a large site for the project. The new hotel structure will be lo- cated acros from the city post office and overlooking Union station. De- tailed plans for the proposed hostelry have not been announced. The hotel company purchased ground fronting 150 feet on North Capitol street and having a depth of 110 feet. The site contains 16,500 square feet. The land was acquired from Charles Jacobsen, who recently purchased from Anheuser Busch, Inc, of St. Louis, this and additional = ground fronting 110 feet on F street and 206. feet on North Capitol street. Stamps | on the deed indicate the consideration | involved in the whole transaction as hiving been about §140,00 oseph L. Weller represented the vendors in the transaction and R. T. Warwick represented the purchaser. It is understood that the plot left after the sale of the hotel site, meas- Uring about ffty-seven feet frontage on North Capitol street by a depth of 710 foet on F street. will be retained by Mr. Jacobsen for his own use. LTY BOARD LUNCHEON e Rev. James E. Freeman, rector of {the Church of the Epiphany, will address members of the Washington Real Estate Board at a luncheon to be held Thursday, December 8, at the Lafayette Hotel, 16th and I streets northwest. ‘Arrangements for the luncheon are in charge of a committee headed by Edmund D. Rheem. It is announced that a special feature will be intro- uced at the luncheon to maintain the interest of the increasing number of members who attend .the meetlnx-l reguiarly. 4 Note the size of ary crowded, rtaining furaiture can be WARDMAN PARK ANNEX, COMPLI with ‘plenty "of breathing space, inin, a pleasure. and ‘where your ETED. WARDMAN & WAGGA WARDMAN PARK ANNEX CONSTRUCTION BEGUN Structure at the Corner of 24th and Calvert Streets to Cost $600,000. Work on the new Wardman Park annex, to be erected at the corner of 24th and Calvert streets northwest, overlooking the Connecticut avenue bridge, has been started by the Ward- man Constriction Company. The structure will cost in the neighbor- hood of $600,000. ‘The annex will contain a number of furnished apartments operated by the management of Wardman Park Hotel, and also unfurnished apartments, numbering in all forty-eight, of from two rooms, kitchenette-and bath to five rooms and two baths, each. The corner apartments will have large porches and the buflding is so de- signed that most of the apartments will have three exposures. Wardman & Waggaman were the architects. The building will be three stories high and will be arranged with wings 80 as to provide maximum light and ventilation. Brick and -reinforced concrete will be used in construction. It is expected that the annext will be ready for occupancy late next sum- mer. BUYS FOUR-STORY HOME. William S. Phillips Reports Six Transactions. Sale of the four-story residence at 1810 Belmont road northwest to Mrs. Laura Zevely by R. L. Newhauser has been reported by Willlam S. Phillips. The house contains ten rooms and modern improvements, _ Other tramsactions recorded in Mr. Phillips’ office follow: Miss Edith E. Payne purchased from David N. Rust & Co. the seven- room detached frame house recently completed by this company at 901 Quackenbos street. A. H. Whitehurst sold to Charles V. Moran the eight-room brick dwell- ing at 10 R street northwest. Edwin H. Zeydel purchased the premises at 3732 Chesapeake street from E. Richardson. This is a bunga- low of five rooms. Samuel Murinson purchased from Frederick Ehninger the two-story brick -dwelling located at 1137 1st street northwest. Emil Jettmar purchased the two- story dwelling at 3530 10th street northwest, consisting of “six rooms and glass-inclosed sleeping porch. D: TO BE m'l?l'lli AT Z24TH AND CALVER’ MAN WEI T 8 RE THE TWELVE HOUSES SOLD : DURING PAST WEEK Sales Aggregating $121,000 Be- ported by Local Real Estate Firm. Sales aggregating $121,000 were re- ported this week by the real estate firm of Hedges & Middleton. These transactions include twelve home properties, as follow Mrs. A. ‘R. Tiller purchased from Mrs. Mary A. Hughes a home at 1418 Euclld street northwest. - This is a three-story brick house with ten rooms and two baths and a double ga- rage. Mrs. Annie V. Layfield purchased one of the new homes at 1452 Spring place northwest from Winfield Pres- ton. She will-occupy it as her home. Premises 1104 D street southeast was sold for Miss Lillian Hatton to L. S. Tamorria. This is a six-room co- lonial style house. local -investor purchased from Copeland P. Jones the two-family apartment of six rooms and bath, and one of eight rooms and bath. There is a garage for two cars. Mrs. Archie H. Whitehurst pur- chased one of the new homes built by Winfield Preston at 1446 Spring place. This is a six-room house with modern improvements. Mrs. Whitehurst will occupy the property. Premises 4915 13th street north- west was sold for J. Wriley Jacobs to Mrs. Minnie M. Clarkson. This is a detached house with nine room: two baths and modern improvements, including garage. Mrs. Clarkson will make this her home. Mrs. Stella Hershowitz purchased a detached house on Elm street, Rose- mont, Va., from local investors. Thomas and Clara Sedricks pur- chased the property at 227 10th street northwest from Ethel M. Ruddy. Premises 1849 Newton street was sold for a local investor to John H. Snyder, who will cccupy the house for his home. It is a six-room and bath house with modern improve- ments. Property at 56 V street northwest was sold through the John Quinn Company to M. H. Shipp. This is a nine-room and bath brick house with furnace heat. Dr. Max Kuhmerker purchased from a local investor premises 2011 Park road, a nine-room and two-bath house with modern conveniences. After having the housé .redecorated Dr. Kuhmerker will make this his home. Fremises 1704 Kenyon street was isold for Hugh A. Thrift fo a Jocal in- vestor. This new home has modern improvments and-a’ buil-in’ garage. BY HARRY WARDMAN, WILL LOOK WHEN 400000 BULDING T. E e 1435 Washi PLANS APPROVED Largest Operation in Apart- ment Project Costing Total of $10C,000. Building projects calling for an in- vestment of more than $400,000 were approved this week by the District building inspector. The largest operation provided for in plans receiving official sanction was an apartment project costing $100,000 at 2722 11th street northwest. Harry | Kite took out the permit. . - Other important items in the list of permits follow: Breuninger & Pedersen, to build two homes, 3509-3511 Ordway street; cost, $25,000. W. A. Hill, to build apartment, 1708 Newton street; cost, $45,000. f H. R. Howensteéin, to build six homes, 4315-4325 Tth street northwes! cost, $30,000. H. Howenstein, to build four homes, 628-634 Webster street; cos! $20,000. Chesapeake and Potomac Telephone Company, to repair 725 13th stree cost, $6,000. Cafritz & Shapiro, to erect eleven hoipes, 801-821 Crittenden street; cost, $60.,000 . Wallingford & Connor, to build five homes, 836-844 Jefferson street; cost, $25,001 M. Hendry, to build home, 3060 Ellicott street; cost, $16,000." Storm & Sherwood, to build addition to dairy, 3247 Q street: cost, $32,000. Cox, to build warehouse. 43 ington street; cost, $28,000. $200,000 REALTY SALES. Many Properties Change Hands Through Stone & Fairfax. Property valued at more than $200,000 was disposed of in November through the office ‘of Stone & Fairfax. The outlook for business in Decem- ber is better, it is announced. Several apartment buildings were included in the transactions for last month, and a number of similar deals are pending, it is sa " |NEW TYPE APARTMENTS REAL EST POPULAR IN PETWORTH Ancther Group Designed on “Gar- den” Plan Under Construction by Allan E. Walker & Co. Copstruction has begun on another group of “garden” apartments on ‘ebster street, between Rock Creek Church road and 2d street, in Pet- worth, it is announced by the Allan E. Walker Investment Company. The apartments will be known as “Pet- worth Gardens. The buildings will be constructed in groups of two, with wide gardens between. Entrances are on the gar- dens. Each building will comtain twelve apartments, containifg three lirge rooms and bath, a breakfast alcove and a glassed-in sleeping ’ porch. ‘With building costs at their present level, this type of construction makes it possible to meet the demand for small apartments in good locality at a moderate rental, the company states. The first group of apartments will be ready for occupancy about Febru- , and other groups will be fin- hed as soon thereafter as possible. In addition to the apartment operg- tion, the company is now building a gtrou? of nine houses on the €ame street. REALTY LOAN PROCEDURE EXPLAINED TO “Y” CLASS Procedure in handling a real estate loan, both from the standpoint of the borrower and of the lender, was ex- plained to students in._the real estate class of the Y. M. C. A. by Edmund D. Rheem at the session this week. In speaking of the advantages of real estate mortgages as investments, and particularly those features that constantly attract investors to this fleld, Mr. Rheem enumerated the fol- lowing: 1. It is secured by property worth from 50 to 40 per cent more than the amount of money loaned. 2. The interest is fixed and paid at regular intervafs, so that the income is not dependent on the varying con- ditions of the times. 3. The value of the ‘principal is staple, and not subject to the fluctua- tions due to depressions of the money market. 4. It does not depend upon the re- sponsibility of one man or one cor- poration, or on whether that man or corporation is doing a prosperous business. 5. It has a definite time to run/so that one can always arrange for re- investment well in advance of ma- turity. 6. It is convenient, and can be used as_collaterial. In sketching the development of the mortgage investments, it w: pointed out that large mortgag were made available to a greater d. gree by dividing them Into several small denominations. Mr. Rheem stated it was hardly possib] mate the great influence development of this feature had in connection with ‘the erection of new buildings, particularly of the larger type. This, in a large measure, has accounted for the rapid growth of our city and the country as a whole in recent years, and at the same time has adequately taken care of the in- creased population which has gradu- been attracted to the larger cities. On the other hand, it was explained that_ this method of dividing mort- gages into small denominations had made it possible for hundreds of thousands of smaller investors to earn a high return of interest on their savings with perfect safety and with practically no care or worry. Next Tuesday evening Charles P. Benns, assistant manager, Underwrit- ers' Association, District of Columbla, will lecture to the class on the sub- ject, “Fire Insurance.” x “These Are the Homes” that have been demanding such widespread interest this room—not the custom- but one rtisticaily arranged. 6 and 8 Room Houses Monthly Cash Monthly 374 ,500. $64 and prices. Some desirable 50-ft. A plat of this property SHANNON, INC, AND INVESTMENT CORPORA- Dulany is president, has been in ceds of the District of Columbia, an established discount- vestment Corporation supplements Other second tryst notes. Institutions will ‘be benefited by a stimulation success, with steady:increase .in Mortgage and Tnvestment price. u-l% by the flflnn Main-863-and 854, the construction to do plastering (with all-me: tered . beautiful scenery from where' uncomfortabl be enjoyed by the “A Word of Caution” Don’t, because we have lowered prices, say, before inspecting, that we have had to cheapen But when you_insp ment with yo{: 2nd n:fi:e the brickwork, the oak floors on first floor, and the beauti- ful edge grain second floor; then the painting —nothing but white lead and oil used. then, to the attic; examine there the substan- tial construction, and last, but not least, visit the cellar, -which is as light as day and as dry as any part of the house, Front and rear en- trance; steel construction. And don’t miss the ‘warm days SO, , take this advertise- tal corners), the quar- wide rear porches, s canr and will e family.: =~ the Because of their individuality and completeness to the last detail. “Now"’ buyin; . prece kitchen Details interesting to the ladies only! Pictare, if you please, working in a so conveniently arranged, —we invite, with .pride, aa inspection by every-one,~whether interested in building, er selling, as we claim here to set a nt for exeeptional furthermore, to establish ;a -standard of rices that .will convince every one that a ome of refinement to the last detail can, undef our-cdreful management, be marketed at a reasonable price and at a great saving to the purchasers of our homes. values, and, so thoughtfully planned that it is necessary only to make but one st? to the gas stove—a beautifu from the sink’ I enamel, side- oven range—and but an,additional step to a completely appointed kitchen cabinet, with a_place for everything and where everything can be kept in place. The care- fully thought-out plan of these kitchens will cause one to almost envy the work of a ‘maid. -Three windows light every corner and beautifully designed inlaid linoleum . decorates the floors. They are indeed the last word in labor-saving and a revelation in ‘modern planning. A e plessing environments HETRESTCR S Just erth nationally reflnement. Park, A living room—not a enough for mere habitation, but a room in which to welcome your friends, company can be socially enf An In-the Purchase of One of Our Homes Purchaser ‘We have not raised monthly note payment: war ragtes, which in the purchase of a_home means a great saving. Cannot Well Afford to Overlook { ATE. e REALTORSTOLOOK INTO APPLIGATIONS Membership - Committee to Make Full Investigation of New Prospects. ORGANIZATION PERFECTED More Members Added to Commit- tee to Carry Out Its Additional Duties. Larger responsibilities than here- tofore existed have been placed with the membership committee of the Washington Real Estate Board, re- cently appointed by Harry K. Boss, president of the board.s In addition to securing new members, the com- mittee will “investigate and recom- mend each application before it is considered by the executive commit- tee for final action, it is announced. In order properly to safeguard the membership, every application also must be submitted to each active member of the board before it can be considered for election, it is stated. The committee has been enlarged to enable it to handle this increased work, in line with the activities planned for the board during the coming months. Tnitial Meeting Held. The embership committee, headed by H. Clifford Bangs, as chairman, held its initial meeting in the board rooms Tuesday of this week, at which time its or, tion was perfected, John A. Petty, executive secretary of the board. explained to the members of the committee the different classes of membership. He pointed out that active membership was restricted to any person, firm or corporation oper- ating under a real estate broker's license and maintaining an office for a period of at least one year prior to the date of application. ~The asso- ciate membership was divided into three different groups—class A, co sisting of salesmen associated with active members of the board; class B, allied businesses and professions, such as banks, building associations, title companies, architects, builders, etc. and class C, property owners. While the meeting was the first held since the new committee was appointed, it was prepared to act on pending applications, and after due consideration recommended to the ex- ecutive committee thirty applicants who had applied for associate mem- bership. Will Use Speed. It is the intention of this commit- tee, according to Mr. Bangs, to con- centrate its efforts in a systematic and definite manner in order to secure the required number of new members in the minimum of time. During the past week the members have been diligently working, particularly on the group of brokers who are mnot members of the board but are quali- field to become members. The members of this committee are as follows: Robert C.-Howard, Horace G. Smith: % Latane Lewis. Lanier P. ph D. Sullivan, Joseph A. Petty, Louis H. Schneider, Charies A. Jones, William A. Boss, Arthur B. Browne. David E. Barry, Thomas Nash, F. Eliot Middleton, St. George R. Raby and Benjamin F. Adams. —_— Prices on building materials were at their highest in May of last year. H. L. W. « place barely large and where tertajued, Item the rate of interest on s, but are charging pre- OWNER and Builder