Evening Star Newspaper, September 1, 1923, Page 13

REAL ESTATE.’ Babson Sees Long Prosperity | i After Present Readjustment ‘_ No Immediate Boom in Sight, Sayé Stat- istician in Monthly Review—Outlook | Best in South—Chief Business Factors, R W. BABSON. mand for iron and steel is slacken- ing. Crude oil is piling_up in Penn- sylvania, Oklahoma, Kan: and |Texas. 'People scramble to buy on advancing markets, but refuse to buy | on declining markets. As the result, | the decline in prices may now go as| much below normal as the previous| advance went above normal. This : unfortunate, but being in accordance” with the law of action and reaction, it is inevitable. This further explains the current decrease in retail buying and the consequent falling off in the orders of manufacturers and jobbers. When we are in a bear market prices al- ways decline to abnormally low fig- | ures irrespective of merit or the cost of production. Predicts Long Prosperity. However, these are optimistic igns if studied with the.long pull in ew although they naturally affect the absonc] i vhic - Buyers are not inclined to purchase |das 10, por went holen’ noruch 18, to- beyond their immediate needs. “The |is no doubt that husiness when i1l in people are riting the size of [1920 and 1921 did not properly liqui- s A the e of agricultural |9ate—It got out of bed too scon. We Ds price ag must now rest again and be willing products. to _convalesce slowl; e Therefore, things are .. Outlesk Hest im Soumth. ing in the right direct The best immed e business oppor- | standing current P tunities are believed to be in the|When prosperity finally it will | south. Althouxh current cotton re- ) be much more healthy and last much ports’ are son lisappointing, | longer than it otherwise would. vet the good price: 1 should |y ¥ o asills i e noknabatin make the south uring | ang Sasinens exmert, Wil contimas H o next twelve months. iven the |sion of bu momic conditions in A e 'RESPONSIBLE BIDDER DEFINED BY COURT south w dd greatly to its wealth and purc power. The north apped by the this . . . .. ne { Right of Capricious Judgment in Letting Contracts Denied. are BY ROG Special Dispateh to ta X Y HILLS, ) Sep- tember 1--Business beginning to fecl the of President Harding's death wh stunned the Ameri- can ple. Although there is con- solation in the fact that his succes- “alvin Coolidge, has had great ative experience, vet a from one President to an- must break connections change many plans. The first people to feel the results of this change are the retailers. Retail sales fell off immediately following President Harding's death and have not yet Hence, wholesale buying is on only a moderate le. ch so imi shiftin, other and many resumed also aw now ‘ravel- n—notwith- imism—and, | Babson, Europe mor farms Krain every urally reduces ou Wheat prices terial change itly, but prices are softening, although softening is only natural the corn crop approaches mat: ty. Calls Readju t Healthy. | steel, petroleum, copper, wool | ba in who ve wh exports of c hown no rece ng The term “lowest responsible bid- urrounding the making of awards, | has been analyzed officially to the de- readjust- | gree of forming the subject of a de- and good | cision by the Pennsylvania supreme goods down the present ment movement is he y for all of us in the readjustment will be eduction in the pric As intervi the court, thi in term does not mean the lowest bidder in dollars; “nor does it mean the |board may capriciously select a | higher bidder regardless of responsi- | bility or cost Continuing to outline of the term, the court sa “What the W requires e of an intelligent judgment. They puld investigate the bidders to learn resources, facilities, judgmant and efliciency as builders. This was not done. The court below censure: the board for omitting this important tep, but it holds, inasmuch as they had ample knowledge of the success- ful bidder and the merit of its worl 1 the contract could be awarded. Th might do in. private aff: s, but will not when public funds are at he directors were not bound to give the contract to the bidder, who might be irre- vere bound to in- if a bidder measured 's requirement as a re- the board could not award the contract to Opposed to Wage Increases. The unemployment which is threat ening certain industries, on_account of foreign competition, should make labor 1 onable.” On the other | hand that the wage monopolies such as coal, etc., are still 4 to make trouble. ailroad unions are 1 drastic demands for increases. restoring wage What they were at the peak ing the war and prior to the cut Ju 21, Considering that the_dollar now worth about 67 cents d with only 40 cents in May . and only about 50 cents in the spring of 1921, these demands on the part of labor for a restoration of War-time wages scem very unjust ex Poxsible. have defi r and are d ales may have ag. ached a maximum the dictates s the exer- tation, temp! in of the to make vestigate, up to the ble par in ap- parently the de-lanother. NEW HOMES PRICE, $5,650.00 Small Cash Payment $50.00 MONTHLY 3 Sold 2 Left Desirable four-room and bath, cellar under entire house, modern heating plant, deep back yard to alley. To inspect take Pennsylvania Avenue cars to 15th and K Sts. S. E,, walk one-half block west. B. F. SAUL CO. Sample House No. 1438 K St. S.E. Open for inspection Saturday and Sunday From 3 to 9 P. M. 1412 Eye St. N. W. of Unusual Values Sample House, 7225 Georgia Ave. 5 Sold—Only 6 Left The beautiful homes, located in one of the most delightful residential sections of the city, combine all the essentials of home comfort with a certainty of increased values. Similar houses in this section are .selling from $1,000 to -$3,000 - higher. Each house is different in design. but all contain the best in material and workmanship. There are six and seven large rooms and bath, hot-water heat, electric lights and hard- wood floors. Lot 45x148 feet to a 20-foot alley. Open and Lighted From 2 to 9 P.M. Sunday and Monday The Realty & Investment Corp. Washington 735 15th St. N.W. THE EVENING STAR, WASHINGTON, PLEA T0 REALTRS URGES AGTITY National, President Tells Board Members of Oppor- tunities for Achievement. Calling on member boards to begin now to make plans for the year's ac- complishments, L. F. Epplch, presi- dent of the National Assoclation of Real Estate Boards, has sent out S, a national message telling the mem- bers that the coming year offers a new opportunity for achievement. “In these first fall " the mes- sage sald, “there is opening for real estate boards throughout the Na- tional Association a new year of work. Groups which have relaxed their activities during the summer or, in some cases, suspended meetings altogether for a few %eeks, are now resuming their regular schedules, Opportunities in View. “And with the coming of this new year there opens for every board in our international membership a new opportunity for achievement. Now is to put into shape plans for vear's accomplishment. The tide of gene activitiy has p sed its seasonal ebb and is running in again toward a new flood. In this flood tide big things can be launched, and launched well, “Th: hole tremendous potentiality whicl we are just beginning to see within th national association the development of real estate in a new professional era comes wholly from the union in the association of the potentialities within each of its member boards. The national body is a great clearing house for our pr fe 1 activities, but it is only in local board as a unit that these activities can find life. “These are some of the ways in which boards of our association are finding high usefulness to their in- dividual memb s, to their communi- ties, and to thi spirit of professional responsibility of which they are the expressio! They are building their meetings a strong bond of pro- fessional fellowship. They are up- holding one standard of professional conduct. They are making plain to the general public what the asso- ciation stands for in matters of pro- fessional ethics Solution of Disputes. Arbitration committees are bring- ing about solution of intra-profe sional disputes. Membership com mittees are building up Rules committees are bringing in the forms of organization best fitted for smooth board functioning. tion committees are working tow the enactmens of ordinances and state laws of dmportance to the s which our profes: and ar snt of vicious Apnraisal committees are furnish- ing the machinery for securing_ s curate professional judgments. ~Mul- tiple listing bureaus are utilizing the power of co-operation in the sale process. Commlittees engaged in a multitude of civic services in the planning and development of their communities. “Whatever the p! board may have or may be working out for the new business year the national association stands ready to help in any way it can. Through it members may draw on a_ger fund of board experience. We have good work behind us, but there is good work to be done ahead. 1 urge on every member real estate board the fullest” possible realization for the coming vear of the notable functions for whic created. New ns which your 12041 Th for | in! strength. | Legisla- | rd | | sounder than recently. F BASIS FOR FARM LAND VALUATION SOUGHT Getting at standards of value in farm land appraisal that will take out some of the disparities in the handling of farm land valuations all over the United States is the object of a work now going on through the co-operation of federal authorities with the National Assoclation of Real Estate Boards. Very complete ques- tionnaires on farm land appraisals are now being sent out. The question- naires aim to bring together a body of facts on which standards of farm land valuation can be built. The field of farm land appraisal, the na- tional association recognizes, is one in which practically no systematizing has as yet been done. The movement for developing more accurate bases for farm land portance in putting the handling of farm properties on a basis com- mensurate with the methods already in practice in the handling of urban real estate, is going on under the auspices of the farm lands division of the association. BUSINESS QUIET IN LUMBER TRADE Builders Still Buying on Hand-to- Mouth Basis, Dealers Report. No new feature has made itself dis- cernible in the lumber market. De- mand remains relatively quiet, hand- to-mouth buying still being the rule and there being little disposition as t in any branch of the consuming trade to buy ahead of requirements. Most current orders call for immedi- ate shipment, and mills find these dif- ficult to make on account of stock s the American Lumber- All indications are lumber, and plenty of it; is need- and factory consum- |ers and that weakness of prices is the main obstable to bigger business. Softwood prices, however, have held quite steady during the last fort- night, and are now undoubtedly at their lowest level, though it may be g@me time before any real upward reaction takes place After the spurt in southern pine de- mand late in July mill bookings have again declined to approximately 70 per cent of normal. A much more optimistic view is being taken of the agricultural situation, and lumber- men feel that despite the low prices of grain products, farmers will have fair amount of money after market- ing their crops and will spend a good deal of for construdtion-and re- pairs. This feeling accounts to a large extent for the confidence ex- hibited throughout the industry. Few big mills are eager for busin. at the present low price level, and book only enough to Keep going, prefer- ring to hold their surplus output for stock. Douglas fir mills last week reported a decline in production, shipments and orders, but the situation appear: s is plentiful, and there are def- gns of both the Californ ntic seaboard markets re ing from their dullness. TI market is also reported to be im- proving somewhat, while local de- mand remains strong and industrial requirements aggregate into fair volume. Hardwood producers report a vo- lumeinous movement of their product to consumers. While demand is still hand to mouth, its volume is rable. The upward tendency s is_more pronounced. oak being the only item that has shown no improvement during the last few weeks valu- | |ation, expected to be a step of im- port busi- | ! REALTOR MOVES INTO NEW OFFICE H. R, Howenstein Company has oc- cupled Its new office at 1311 H street northwest. " HOME BUILDING [EADS N PERMITS Construction Authorized in District Past Week Aggre- gates Value of $259,250. Home building permits predomi- nated in the list of construction work authorized by the District during the weel. The authorizations aggregated in estimated value of construction $259,- follows: Duncan, to build, 4815 Sherift road northe tion, to build, st; $1,00 raus, to buiid, avenue northeast; $2,000. Dunigan, to build eleven home 30: 1 Tth street and 649 Ingraham street; $6 "Min- > to build, 3018 Albe F. 19 Massa- to build, 1119-1123 heast; $1K.000. & Shannon. to build, $24,500, to build, $23.500. to build, 5.250. nnon, to erect ga- Cleveland avenue; 3100 3102 3104 ugh & 3102-3104 H. R 4th street northe R. H. Sanford, 33d : $24,000. hreiber. to build, 3907 Hunt- ington street; $8,000. Wardman_Construction Company, to build, 4612 3sth st $17,000. H. Lowther, to build on 37th be- tween McKinley and Morrison streets; $16,000. A. R Townshend, to build, 3707 37th street; $15.000. Mount Olivet cemetery, to make re- rs; Howenstein, to build, 123-125 st; $12.000 to build, 3014-3018 irty-fourth Street N . (One Block North of R Street) PRICE, $6,950.00 Cash, $750.00 Balance in Monthly Payments of $67.50 Including All Interest Six Rooms and Bath This attractive home embodies many features looking to its comfort in arrangement. There is a large living room, opening into dining room, giv- ing an effect of large lower floor. The kitchen is a comfortable size, with excellent enameled fixtures, cupboard and small pantry leading to cellar. There is a kitchen porch. " There are three bedrooms, the .front -one.across -entire- front-of . house. Tiled floor bath, with good fixtures; plenty of closet space. Rear porch upstairs. . The cellar is Targe and bright, with stationary wash tubs. Yard. Hot-water heat. Electricity. Convenient to car lines, Western High School, parks, etc.’ ‘WAGGAMAN & BRAWNER, INC. Franklin 7485 732 Seventeenth St. N.W. { The bereau has suggestive D..C, - SATURDAY, SEPTEMBER 1, 1923. APPRAISALS CAMPAIGN PLANNED IN MICHIGAN Concentration of the interest of every real estate board in the state for a sixty-day period on the one matter of appraisals is the plan for the fullest possible development of expert real estate valuation through- out the state which men Interested in, this phase of board service throughout the National Association of Real Estate Boards will watch as it works out in Michigan. An apprafsal campaign to which every board in the state will be asked to devote Its meetings for the months of September and October s planned by the Michigan Real Estate Asso- clation. "Various scientific systems of valuing unimproved land together with methods of valuing improve- ments will be discussed and the tire program of each local bo: meeting will featuro the study of certaining accurate judgments property value The appraisal campaign is timed to colncide with the holding of the state assoclation’s annual meeting in Grand Rapids Septembor 2 REAL ESTATE SALES FOR WEEK REPORTED Shannon & Luchs Dispose of Homes in Various Sections of the City. of Sales for the past week were re- ported by Shannon & Luchs as fol- lows: In Burleith the following buy- ers are listed: Rachel F. Staple: 3611 S street; August H. Moran, 362 S street; Mamie B. Pratt, 3623 § street; G. E. F. Lundell, 3614 T street; W. J. Meyer, 3621 S street; Wesley Cole, 3613 S street. The large English town home at 2308 California street northwest w 0ld to John V. A. MacMurray of the State Department. One of the new Shannon & Luc seven-room bungalows at 7 Jef- ferson street bought by Daniel P. Vermillion Mrs. Mary A. Sanborn is the new owner of 309 Rock Creek Church road northwest No. 720 C street northeast was sold to William C. Sproesser as his home. Mrs. Mary L. Barron bought 5207 14th street northwest. a semi-d ched brick home. Another of these . was bought by Joseph H. s Hanlein. Florence M. Hawkins became the owner of 1340 Ingraham sireet, a new detached eight-room hous on street northwest, built Dunigan, was sold to lin. his future home 1330 Kennedy street northwest, six-room bungalow was bought by Mrs. Mary Dyer. Dr. Richard A. Ford, recently major in the Medical Corps of the United States Arm purchased 5213 14th street, a new brick home. 123 R strect northeast was sold to L. M. Vermillion. arl A. Reid purchased 1917 Lin- for his home. ow of nine rooms, by Frederick W. Krau . 5 1ith str. tz and No. by Harry Lakeman of “semi-detached pleted. &0 Both homes are brick, just com- —_—— National A state Boards is member boards their yrogram building for the season of reiewed activity opening every- where with the first weeks of fall lists of subjects valuable for discussion as well as lists of speakers available in each territory who can deal with real estate topics authoritatively. | | | | { al | | | ! available to all | in connection with | i | REAL ESTATE. Great Office Building Taxes Vitally Affect Gity’s Growth Large Increases in Valuation Tend to Confine or Blight Development, General Survey Shou How far a city’s tax valuation of ar period, 1910-1920, for the seven- lands occupled by _its great .,m,,,,j;..l.]" cities "already reported are as buildings affects the stride in growth | *211O%% which the city makes is suggested in | a compilation of as: rs’ reports | from seventeen leading cities by the taxation committee of the leom Ans tional Association of Real te | Milwan Boards. H. J. Burton of Minneapqlis | {olumbus compiled the report. : Returns from seventeen 1 cities, showing the percentages of [0 city growth in comparison with the |l percentages of ssment valuations | ( 1a ae placed on land improved by the erec- | Lrosiience tion of office buildings, indicate that |Louisvilie in the competition going on in Browth |jjamal "0 oy of American cities the valuation pol-| In Atlanta property fey in relation to improved central|the city both land urban land is a recognizable factor. |°"" Lands under heavy building invest- ment are nec rily rozen,” the re- port points out. Estimated return from them cannot be much changed | for a long period, once the buildings | been er: ed. 1f large incr in their valuation are put on the as- sor's books there is a tendency to check improvement of unused sites and to confine or to blight growing enters, the report states, on the asis of correlations found betwe ors’ figures and census figyr. venteen citie: This bi{ght of possible increas in vealth. On the other stabil- et Pet ine. val 16 No. of bldgs. Tne. in Iand val. $2.964.771 nd as building REALTY BOARD MEMBERS LIMIT BAN IS LIFTED Kansas City Acts on Restricting Measure in Accordance With National Body View. In deference to of the board of d tional As: Boards condemning 1 ship_in its co Kansas City ¥ gaged in re bounds. As t | tion of whe Kansas {been enlarged from Eas never in practice been restrictive, Disapproval of a numerical limita- tion po or local boards by the ional iation based on the that s t can be only member board in any city the ting off of any bDersons of char- p proved nd moral re- ibilit cfits of mem- bership in woard would e incompa with the hest inter- ests of the real estate profession. a re ctor ent resolution of the Na- Estate the placing of upon member- uent hoards, state Board its nu ship Board has to time it tion ¢ al total ta hand, conser ized ‘at the values which | aused the improvements to be erect- ed, tend to encourage the risk of fur- ther adequate improvements, to in- crease the total taxable wealth, to spread city centers and to stabilize community costs of rents nd re- turns from e capital inves ments in th cial class of com- petitive emi-public_ utilities. Th means city growth. How far the co! relation, modified, of course, by other rge factors of city growth, preva generally ities of the T ed tes now being investi by the association's com te The percentage of increase in pop- ulation, as compared with increase or decrease n_valuation of larn > cupied by office buildings for the te rbitrary itations Cit time uent Massachusetts Park Washington’s most beautiful residential section of detach- ed homes. Containing seven million feet of forest-covered land, with six miles of improved-streets. Includes what remains of “The Triangle of increasing Values” between Connecticut, Massachusetts and Cathedral avenues (Woodley Rd.). Over five million feet of land sold. Over 130 homes from $15,000 to $200,000 built and under con- steuction. Wooded villa sites, lots and central and side hall brick homes, with lots from 50 to 115 feet front—Park Office, 32d and Cathedral Ave. (Woodley Rd.). Middaugh & Shannon, Inc. Woodward Building, 15th and H Sts. Established 1899 New Detached Homes PERFECT CALIFORNIA BUNGALOWS Facing Beautiful fi Piney 2 Branch Ml Small Cash Payment—S$75 Monthly The most complete hot-water-heated six -room bungalow in the city. On a wide avenue, close to car lines, schools, churches and stores, in a sec- tion of new homes, these bungalows offer the ideal cozy home without going far out. The plan affords a large living room with real wood-burning opea fire- place, sizeable dining room, large kitchen, one-piece enameled sink, porce- lain kitchen cabinet, outside pantry with built-in refrigerator. There are three splendid bedrooms, front porch and sleeping porch, latest electric fix- tures, instantaneous ‘hot-water heater, finest white oak flooring and spa- cious tiled bath with novel built-in-fixtures. Only 4 Built—One Sold Open Daily and Sunday Until 9 P.M. TO INSPECT Take 9th St. car to Van Buren St., walk east to Piney Branch Road and north one-half square to Venable St. » WM. S. PHILLIPS BUILDER . . 15th St. at K NW