Evening Star Newspaper, June 17, 1922, Page 14

=14 Was REAL hington’s ESTATE. THE EVENING STAR, WASHINGTON, D. C, SATURDAY, JUlN;E 17, 1922, - Growth Reflected in Real Estate and Building News REAL ES] TATE, NATIONAL REALTY * BODY REORGANIZED District Man Heads New Board of Fifteen Directors. Reorganization of the National As- sociation of Real Estate Boards, In accordance with recommendations made by the executive committee at meeting in this city several months ago, was carried out at the annual convention of the assoclation in San Francisco, returning local delegates reported this week. Perhaps the most important change effected was the amending of the constitution of the organization so 4s to create w board of fifteen direc- tors chosen from the various boards composing the membership of the na- tional association. Willlam E.Shan. non of the Washington Real Estate Board was honored with election to the newly formed board. ‘The terms of officers of the associa- tion were changed so as to begin on _the 1st of each January. This ne- cessitated the election of two presi- dents—one to fill out the period from the time of the convention, June 3. until next January, and the other to serve during 1923. L. F. Eppich of Denver, Colo., was elected for the arst period and N. 1 Uvham of Du- luth, Minn., for the full term. D. C. Delegation Make Record. John A. Petty, executive secretary of the Washington Real Estate Bourd, who was_elected sceretary- treasurer of the National Association uf Realtors’ Secretarles, reports that the W-shington delegation to the convention was the largest from east 0f Cu.caso, i85 SiZe attracting atten- tion all along the route. The thirty- three delegates were especially con- <plcuous during the caravan motor trip from Los Angcles to San Fran- co. as they rode In two large s~s decorated with signs bearins the word “Washington” in large let- ters. Local papers cities along the itlnerary had news stories of the trip and several featured their stories with pictures of the Washington dele- gation. Irving B. Hiett, president of the as- soclation for the year just ended, pre- sided over the convention, which last- ed from May 31 to June 3. Willlam B. Stephens, governor of Californla, 2nd James Rolph, mayor of San Fran- cisco, welcomed the realtors on the morning of the opening session. Group Conferences Held. The major portion of the conven- tlon sessions were in_ the nature of group conferences. Each conference was presided over by a vice president 1 the discussion was led by some minent realtor recognized as an xpert In his line. Questions pertaining to uniform licunse laws, advertising, appraisals, zoning, office management, leases, farm lands and financing were dis- cussed. The conference on appraisals was led by Thomas Bradley of the Washington Real Estate Board. President Hiett outlined to the con- vention the progress made in develop- ment work since a fleld secretary had been appointed. The convention voted to increase the number of fleld. seere- taries, thereby signifying their in- dorsement of the constructive work accomplished along these lines in re- cent months. The fleld secretaries VTSTT boards throughout the country amd-are active in the organization of new boards in those cities where no ization exists. - As a result Of this specialized work the method of boasd organization has been standard- Immed: PLACE. a ve SECOND KLOf MAID'S R are HARDWOOD FLOO. beautiful lighting fixtures, ef SQUARE OF CAR LINE. AMERICAN BUILDING COUNCIL Washington Hotel . Formal opening of the organiza- can Construction Councll, represent- ing all elements of the construction industry, and of which Franklin D. Roosevelt is announced as the head, will take place Monday morning, 10 o'clock, at the Washington Hotel. Secretary of Commerce Hoover will preside. Represcntatives of every national assoclation and of leading individual firms of architects, engineers, general and sub contractors, construction la. | bor, manufacturers, dealers, bankers, real estate and Insurance interests, construction departments of railroads and other utlities and federal, state. departments Interested In construc- tion will be present to map out & | program to establish standards for i ized and definite progress has been made in standardizing the fundamen- |tal practices In real estate work In ethics. Award of Trophy C As 13 usual, considerable interest ' | vention over the award of three sil- | ver trophy cups. One of these cups is awarded for attendance at con- jwhich 1s awarded to the board send- {Ing the largest percentage of Its ac- jtive members the longest distance to jthe convention, was won by the Dur- ham Real Estate Board of Durham. N. C.. which has fifteen members and which sent nine to the convention. {In the speaking contest a representa ltive from each board is allowed five {minutes to talk about his home tow’ |The honors of this contest went to {Pittaburgh. For the best report of i achievements accomplished during the lyear by boards throughout the coun- |try Philadelphia was awarded the cup. The Washington Real Estate Board was cited for first honorable imention on the report which it had submitted. The San Francisco Real Estate Board and other nearby boards had arranged an_ entertainment program that occupled all the time not actu- ally allotted to convention work. On {every hand the visiting delegates iwere met with greetings and gifts o visit the various sections of the tate of California. NINE HOMES SOLD. Entire Row on Klingle Road Dis- posed Of. homes recently completed by Ken- { nedy brothers on Klingle road at Park road was announced today by the firm of McKeever & Goss. The houses have two stories, with brick porches. the lots. LR Three Pictures Owner Leaving City Affords You the Opportunity of Getting te Possession of This Most Attractive and Exceptionally Well Built Home at a Price and on Terms That Cannot Fail to Interest You © 3711 Ingomar Street, Chevy Chase, D. C. This DELIGHTFUL HOUSE, which is situated on a street in a neighborhood the CHARACTER of which is ALREADY ESTABLISHED, contains on the FIRST FLOOR an EXCEPTIONALLY LARGE LIVING ROOM, with splendid OPEN FIRE- ry PRETTY DINING ROOM. KITCHEN and PANTRY. &R are 4 GOOD SIZED BEDROOMS and 2 BATHS, THIRD FLOOR, M and storage space. Among the MANY ATTRACTIVE FEATURES PITTSBURGH INSTANTANEOUS HOT-WATER HEATER, SCREENS, LARGE SIDE PORCH, GARAGE ON A PAVED_.ALLEY, LARGE LOT, 60 FOOT FRONT. WITHIN te. Salesman on Premises Sunday From 2 to 6 P.M. 1731 K Street NW. . List Your Property With Us for Sale R tion meeting of the proposed Ameri- | county and municipal governmental | jaccordance with the natlonal code of | and rivalry was apparent at the con- | nd every opportunity was presented | Sale of an entire row of nine brick Stone fences lnclosel WILL BE ORGANIZED MONDAY Formal Opening Meeting to Be Held at H Secretary Hoover Will Preside. fthe industry. More than fifty leading national as- soclations have already registered thelr delegates In advance, Including the American Institute of Architects. Assoclated General Contractors of America, American Soclety of Civil Engineers, Building Officials’ Confer- once, the Asphalt AsSociation, Na- tional Brick Manufacturers’ Assocla- tion, Assoclated Tile Manufacturers, Natfonal Wholesale Lumber Dealers'’ | Association, American Soclety for Mu- nicipal Improvement, National Asso- ciation of Builders' Exchanges. Na- ; tional Assocfation of Mastec Rlumb- crs and the bullding trades depart- ment of the Americaan Federation of or. ine first work to be recommended by the organization committee will ! be the formulation of a code of ethics | to raiee the standards and eficlency of the whole industry. Other subjects | to_be considered include the follow- {ing: | Development of local action to se- cure establishment of this code. Awakening the youth of the nation {to” the opportunities in the building | trades. i lengthening the construction year | to reduce seasonal unemployment. Obtaining necessary basi tion from each locality i broadly and successfully for constru: | tion requirements of Iabor and m: ! terials. Hoover to Open Meeting. | In opening the meeting Sccretary i Hoover will speak on { Self-government or Government Re| Booth of New ventfons, another in the speaking ulation and Willis H. contest, and the third for board|York will speak on ‘“Co-ofdinating achlevements. The attendance cup.;All Elements of a Great Industry.” | These addresses will be followed | discussion, led by Henry H. Kendall, Boston, Mass.; Thomas H. MacDonald, | hureau of public ronds; Calvert Tow! ley of Pennsylvania: Frederick L. { Cranford, Brooklyn, N. Y.; John R. | Alpine, Providence, R. I; John Don- {1in, pesident of the building trades department, American Federation of { Labor; M. T. Bannigan, Utlca, N. | William McClellan, New York city. and Ralph F. Proctor, Baltimore, Md. Group meetings of each element will be held for the purpose of rati- fving the by-laws and election of thelr representatives to sit on the executive board of the council. Addresses on Tuesday. will be: “Determining the Proper Relations Between the Several Ele- ments in the Construction Industry,” Ly Walter Gordon Merritt, New York city, and “Imperative Need of a Code of Ethies,” by F. M. Felker, formerly stant to Mr. Hoover. These will be followed by a discussion of the immediate program of activities of the council for the first few months, led by Robert D. Kohnm, New York lcity; M. C. Rorty, New York cit D. A. Garber, Ridgewood. N. J.; Knickerbocker Boyd, Philadelphia, Pa. Walter Klile, Cleveland, Ohlo ugh Frayne, organizer of the Amer- an Federation of Labor, New York city. and John M. Gries, building and housing division, Department of Com- merce. The newly elected executive board of the council will hold its first busi ness session on Tuesday evening, elocting officers, at which time Frank- Jin D. Roosevelt will be formally in ducted as president of the council. All of the general sessions of the uncil will be open to the public. On_the % “Industrial On Tuesday the principal addresses | que an APARTMENT HOUSE BRINGS $160.000. 5 ale of the four-story northwest, to an ont-of-tow: tructure ix of brick, and i fi Viewed By Ro Every Saturday this Fre Btar u WELLESLEY HILLS, Mass., June 17. { —With the news full of atrikes, threat- jened strikes affd labor unrest, Roger {W. Babtson, statistician, today issued the following statement regarding the general industrial situation: “For some time business {n the east has becn reviving. Were it not for {the textile and othcr strikes in New Hampshire, Massachusetts and Rhode Island business conditions in New England, New York state and Penn- sylvania’ would be very good today. | During the past year the central west has been the weakest spot businesa situation. The abrupt drop in the price of grains, live stock and other farm products left the agri- cultural sections of our country in & very bad condition. You will remem- | ber the farmers' conference at Wash- iington and various forms of aid en- {acted by Congress and different state !legislatures. | “The rise in agrlcultural products, {nowever, which occurred a few months ago. accompanied by the good .weather conditions of the past few wecks, has made the farmers feel Iv»r)’ much better. Reports which 1 I am receiving from Correspondents In the west are truly encouraging. This pplies not only to the agricuitural / rtment building, 1430 Rhode Isla nvestor, represented by Stanley D. as announced this week by the office of Harry Wardman. roof, con: Finance and Trade Conditions fOF The ger W. Babson Xnown student of Business {s writing for resders of r aa artiole interpreting industrial and investment p.~hiems. lumber busine: Even the automo- bile Industry, which is such a factor throughout Ohlo and Indiana, is feel- Ing much more encouraged. of course, the union coal flelds are quiet, but the non-union flelds are more active each week. The cut in freight rates should help the coal and lum- ber bueiness. The demand for cot- ton continues strong and the soutn is gradually feeling better. This bets ter feeling throughout the west and south is reflected by the Improvement In the business of the mall order houses. The customers of the mail order houses are largely in the rural districts. This shows that the farm- ers have again begun to buy. This is very gratifying and is one of the reasons for the continued strong stock market. Foreign Situation Improves. “Owing to the change in the foreign trade situation and the sale of for- eign bonds in this country, sterling exchange is much stronger. Although it may be only a temporary move- ment, the whole forcign situation looks better than it has looked for eome time. Private advices tell me that a_settlement is being approached | (Continued on Sixteenth Page.) Edgemoor, Md. | i !fallacy that existed in this country, i | districts but also to the mining and| “OWN YOUR OWN HOME" HELD HOUSING PROBLEM SOLUTION View of Thomas Shallcross, Former Presi- dent. of National Association of Real Estate Boards. ‘Own your own home” is the real solution of the country's housing problem, according to a statement of Thomas Shalicross of Philadelphis, former president of the National As- sociation of Real Estate Boards. Mr. Shallcross' discussion of the housing problem has come to the attention of local realtors through the medium of a Philadelphia Kiwanis Club publi- cation. Here Is what this realtor has to say about the subject: “The rent situation is attracting much Attention throughout the coun- try, but, as some one aptly said about the weather, ‘there has been n great deal said about it, but very little ever done about ft.’ “Few people realize the economic prior to 1917. All of us’ remember uie common saying that It wai ‘cheaper to rent than to own a home, and as a matter of fact, it was. Cites Reasons for Condition. “The reasons for this condition were many, but as far as our great cities were concerned, it was mainly at- tributable to over-bullding and to the fact that so large a percentage of our population demanded for themselves the latest styles in homes as they did In hats, etc. The new Rouses accordingly seemed to be jus- tified, because they were immediately | occupled, and In many cities the per- centage of nédw houses produced was far in excess of the percentage of in- crease of population. The results were plain—an uneconomical per- centage of vacant houses, and the inevitable cheap rentals. “The only excuse for the continua- tion of this program was in the fact that a large portion of owners failed to keep careful records and accounts? and for the most part failed to real- ige that they were nettin adequate return on their H § & very in- nvestments, robably on the average a little over per cent. Effect of World W 'he world war came on and em- bled; bullding of houses became a hasardous enterprise and bwildin, practically stopped; houses and shel- ter became scarce. “The long-suffering landlord beheld his first opportunity to dizpose of the investment that he at last real- ized had not been a profitable one, and rather than renew leases at the old rental, or, in fact, at any rental. he offered his hcuses for sale. The more frugal families proceeded to | purchase their hoine, but statistics i A Magnificent Home of Unusual Charm In Washington’s Most Exclusive Suburb Corner Exeter Road and Moorland Lane This magnifice\nt home, which is a wonderful example of the old English type of architecture, is situated in the center of a beautiful well kept lawn of ofe acre. It contains sixteen large rooms, four baths, six open fireplaces, and all modern conveniences. Double detached garage. This delightful home is surrounded by some of the handsomest privates estates in this section of the country. A thorough inspection of this most desirable property will con- vince you that it is being offered at a price far below its-actuai value. Phone this office and arrange for an appointment. show that a considerable percentage of the population of our country had 70 net worth. had saved nothing, and were accordingly forced to conmtinue renting. Demand for rental space trippled almost over night. Owners who did not sell immediately planned to get a rental that would net a fair return, based not necesiarily on the original cost of the property, but on the value of the house at the time, taking Into consideration reproduc- tion c ete. “When the situation had developed to this point. mighty protests were heard on every hand; legislation was sought; indignation mectings were held and the matter broadly di. very often with utter d! - JOHN F. MAURY Member Washington Real Estate Board “Specializing Exclusively in the Sale of Northwest City and Suburban Properties” regard to the fundamentals involved. ‘Would Stabilise Rentals. “To stabilize rentals at some proper level the bullding of homes should &Ko ahead to a point where there would be a reasonable supply, and in order to mulate this bullding pro- gram ‘he men who invests his money in this way must have reason- able assurancce of a fair net return. It is, accordingly, Inevitable that the proper rent level must be one based largely on reproduction costs, al- though many apparently thoughtful people have not realized this fact, which is, in myv judgment, the crux M"i'r;:a wi olo‘:!mnlon. ““The guestion would naturally be asked, JB 1s a falr return, or, at least, what,gross rental must an owner receive in order to get a net return of say 6 or § per cent on the fair value of his investment?—the rate that he can obtain from other classes of Invest- ments. “This varies, of course, in different classes of property, and to some extent in different parts of the country, but from the best statistics obtalnable, I would say that an owner should count on a gross return of from 13 to 1¢ per cent on a private residence property, and 20 to 21 per cent on apartments (whete heat, etc., is furnished). “The above percentages should take care of taxes. water rent, repairs, de- | preciation, obsoleacence, vacancy, man- agement, bad debts, etc. ‘When rentals generally become sta- ble at about the rates above referred to, T belleve we shall find that a whole ot of the housing shortage will dis- appear. Not Defenne of Profiteer. “I hope that nothing contalned above will be construed to be In any manner or way a defense of the real rent profiteér, of whom, in the aggregate, throughout the country and particular- ly in the congested centers, no @oubt there have been plenty. I hold the rent profiteer In exactly the same contempt that I do the man who would hoard wheat in a starving country. “Own your own home is the real so- lution of the housing problem of the nation, and while I realize that it is probably impossible for any nation to begome 100 per cent home-owners, I am equally sure that the prosperit; contentment and eficlency of any na- tion will increase In proportion to the increase of its home-owning population. “Bullding costs are stili showing from 75 to 150 per cent increase over pre- war prices, and as (t is estimated that | approximately $0 per cent of the cost of finished building is labor, one would turally conclude there was a corre- sponding percentage of increase in rent- paying ability. “In conclusion, my opinion Is that we can look for only moderate recessions in the rent scale, and it will be bused only on decreased costs of building. which, In turn, wili be based only on a decreased wage scale.” LEAVE WAR COLLEGE. Col. William E. Horton, Quartermas- ter Corps, and Lieut. Col. Russell P. Reeder, Coast Artillery Corps, have been relleved from further duty at the Army War College, Washington barracks. Col. Horton is assigned to duty In the office of the quartermaster general, War Department, and Col. | i waif, for dut e A e i d Splendidly Built Homes Ideally Located at Prices That Are Right + One of the Most Livable Homes You Have Ever Seen—Built by One of Washington’s Best Builders—Situated in the Finest Section of Chevy 3905 Ingomar St. Large Lot, 102-Ft. Front This residence contains every appointment necessary in a home of this type, including a fine 2-car garage. It is in perfect condition, owner having spared no ex- “_pense to make it one of the most complete and livable homes imaginable. It is of the center-hall entrance plan and contains 10 rooms and 3 baths, including glass-in- closed breakfast room. It is thoroughly screened and weatherstripped throughout, as well as equipped with awnings. Among the many attractive features are hardwood floors, exceptionally large front porch, excellent heating plant, gas and electricity, slate roof and an extra large living room with open fireplace. Salesman on Premises Sunday From 2:30 to 6:30 Phone “Let Us Know Your Requirqments” EETE | Reeder, is ordered to Honolulu, Ha-! $450 000 INVESTED INHOME BUILDING Permits Issued Past Week for Construction in Various Sections of City. Several extensive home-bullding operations were Included in the list construction projects approved this week by the munleipa! bullding in- spector.. The permits issued Involve an aggregate investment by local bullders of more than $450,000. Among the items in the list are the following: V. M. Prescott, to bulld three homes, 325-329 15th street northeast;. cost, $16,000. . Albert Pifterling, to bulld garage, 1496 H street northeast; cost, $5.000. Edna J. Baker, to erect garage, rear 1694 31st street; cost, $1,100. B. L. Milltken, to bufld, 6628 1st street; cost, $3,500. . G. Van Hoesen, to build, 3854 30th Street; cost, $10,000. E. A. Miller, to build, 3716 Northamp- ton street; cost. $11,000. Adam Ruth, to bufld, 6805-07 Laurel street; cost, $13,000. Charles L. Miller, to. build, 2854 Blair road; cost, $3.500. Hanson B. Black to bulld, 2604 36th place; cost, $6.500. Max Reikes, to build store and flat, 400 1st street southeast; cost $35,000, H 287000 Pporopsit "'?]flmx: A amevon.to bufld, 1-3-5- e 7 street;. cost, 8. J. Clark, to bulld elght homes, 4901-3-5-7-9 " and 4825-29 Quarles street northeast: cost, £20,000. Potomac School, to build, 2146 Call- fornia avenue; cost, $17.000. G. 5. Seek, to bulld, 1207-1209 Holly street; cost, $6.0 |, darriet 8 erman, to build, 11315 Longfellow street; cost, $6,000. Allen H. Wallett, to build home, :;(l;:mblock, Brandywine street; cost, | J. C. Phillips, to huild, 6609 Georgia avenue; cost, £12,000. D. H.'Pugh, to bulid, 1304 Franklin street northeast; cost, $4.500. R. A. Galpin and F. M. Poole, to build, 4116-4118 Harrison street; cost, $16,000. Wijliam E. Stockett, to bufld, 5518 39th street; cost, $10,000. J. J. Kennelly, to build, northeast corner Connectlcut avenué and Mor- rison street; cost, $16,500. J. E. Albrecht, to bulld, northeast corner ‘12th and Kearney streets northeast: cost, $2,000. D. J. Garan, fo uild, 2517-3519, Bladensburg road: cost, §7,000. Church to Build Chapel. Italian Baptist Church, to bulld chapel, northwest corner of New Yori avenueé and Kirby street; cost, §10,000. | Neale, to bulld, 1306 Floral street: cost, $8,500. C. H. Small, to build nine homes, 8 to 110 W stre cost, $62,000. Twelfth Street Christian Church, to build Sunday school, 1810 12th sireet; cost, $23,000. 0. 'H.' Taylor, to build, 5839 30th street: cost, $8,000. J. Eisler,’ to’ build, 4326 1Sth street; cost, $7.006. E. 1. Werden, to build, 1112 6th street 4,01 cost, $4,000. , te build, 3111 10th northeas E. C. Salt street northeast: cost, $5.000. . i h 35,000 W. § McCollam, to bufid, 3911 Ingo- mar street; cost, $8,250. \ S. Cushman, to build. 1220 W st cost, $8,400. [ Chase E - Main 4080 f il