Evening Star Newspaper, November 17, 1923, Page 17

E;AL ESTATE. ‘Babson Analyzes Great Textile Industry and Its Securities Statistician Would Await Change in Trend Before Purchasing Stocks. Says Southern Mills Have Advantage. BY ROGER W. BABSON. Bpecial Dispatch to The Sta WELLESLEY HILLS. Mas: ber 17.—The recent drop in certaln textile securities has led many inves- tors to belleve that unseen factors _were at work iithin the Industry. Conditions in both the cotton goods &nd worsted and woolen goods Indus- tries are Irregular and unsettled. The fundamental reason for this is largely the fact that prices of these goods are relatively much higher than most other kinds of articles. When busi- ness men in any line feel that the Pprice structure is beginning to get topheavy there is likely to be consid- erable caution exercised regarding the purchase of raw materlals, the manufacture of these high-priced ma- terials into finished goods and the buying_of 'goods for retail distribu- tion. This is the case now In both cottons goods and woolen and worsted goods. especially men's wear lines. Curtailment of production is In progress. Buyers Show Resistance, The cotton goods industry began the fall with a fairly good supply of | dency orders taken during the late summer. Production was good during Septem- ber, especially among southern mills. During October, however, a tendency to Increase the price of cotton goods in line with the advancing price of raw cotton brought about renewed re- sistance on the part of buyers. As a result, many mills in both the north and wouth are going on part time. Whether or not the recent govern- ment report, wherein this yea cot- ton crop is estimated about 10,250,000 bales, as compared with an average of 9,300,000 during the previous thyee Years, and of 12,300,000 during the three years previous thereto, will re- #ult in freer buyving of cotton goods, time alone will show, There is much evidence presented to show that both the American and the world's sup- ply of cotton is very low, compared to the need for cotton goods. Buy- ers, however, argue that conditions are no worse than a vear ago, that consumption is declining, and that 30- cent cotton fully discounts all the bearish factors. Nevertheless sellers ©of cotton insist that there can be no Question of a shortage and that de- mand far exceeds supply and that the only reasonable development Is for cotton prices to advance Southern Millx The present situation favors low- €ost concerns. These are mostly lo- cated in the south. S istics show that southern mills usually work much more steadily tha: northern mills, The wool situation is not quite so tense as cotton ‘There is no acute shortage of woul, and the price ten- dency has been recently The chief difficulty at present seems to have arisen by reason of an at- tempt last summer to name higher prices on men’s spring wear lines. Considerable sales resistance and but few orders are reported. Another reason is that makers of men’s cloth- ing entered this season with fairly heavy stocks carried over from a year ago. There is consequently less reu- son for pure n last year. In addition to these facts, general busi- s as reflected in the Babsonchart about 18 per cent below nor- s wear, especially novelty . however, apparently mee more success than men's downward. | lines. Mills making such goods Seem to be operating on better schedules than those making men's wear. Status of Securities. Turning to the securities represent- ing the textile Industries, the listed textile stocks are few {n number. American Woolen, Consolidated Tex- tile and the two silk lssues, Mallin- son and Kayser, come first to mind in this connection. By far the ma- jority of the New England mill issues enjoy only a local or over-the-counter market. The trend seems to have been the same for all kinds, however. Ever since the general murket start- ed its downward course last March these have offercd littie resistance to the trend and are today holding only about midway between the lows of 1921 and the highs of 1922. In one or two specific instances. notably American Woyolen, 1921 lows have been practically realized. The shrinking margin of profit and gradual decline in capacity -opera- tions of Wwhich the Amoskeag closing is the most striking case, may be held %iccountable for the decline in stock prices. Many other lines of business have been subject to the same influences. Outlook Stll cttled. As for the future, there is no assur- ance Of any broad advancing ten- while general business and stocks are rounding out the bala of the decline begun last spring. be sure, this may not mean mate- rially lower levels in the stock mar- ket, but until the decline has spent its force and a broad advance is in prospect, there is no argument for purchase of any specific groups. The chances involved in trying to work against the trend are too great. Tex- tiles will probably be a profitable purchase when cotton and other com- modities stabilize at levels which give some assurance of, being m. tained and when the 'fear of in- creased competition from abroad has been either fully realized or dissi- pated. But that time is not the pres- ent. When the time does come to buy there should be included In one’s broad list a fair sprinkling of those properties which have diversified their business through locating in both the north and south. Further, the woolen, silk and cotton Kroups should all ‘be Included in order to have a truly representative list. (Mr. Babson, the noted statistic economist, will continue his special on business and financial conditions in Dext Saturdey’s Star.) REAL ESTATE BOARD LAYS OUT ADVERTISING A real estate board advertising program in two phases that promises to be suggestive in the institutional advertising now becoming a notable development throughout the National Association of Real Estate Boards has been planned by the Minneapolis Real Estate Board for use during the coming fall months. The double program fis devised to be used as complementary series in the two leading local newspapers. One series will deal with the city's assets. It will enumerate services which the purchaser of read estate within the city recelves as part of that purchase through eity-owned property, such as streets. parks, waterworks and schools. The other series stresses realtor service. It will acquaint the public with the re- sponsibility of the realtor and the equipment which he has for aiding and advising h fent INSPECT THESE PROPERTIES SUNDAY - Open From 2 P.M. Until Dark 2943 Macomb Street Cleveland Park Detached 9-room and bath home located 14 square west of Conn. Ave. Hot-water heat, electric lights, Lot 40x100. Property vacant and ready for occupancy. The price and terms are very attractive. 3914 Legation Street Chevy Chase Detached stucco over hollow tile home, containing 12_rooms, 2 baths, hot-water heat, built-in garage, breakfast porch. Lot is 60x150, attractively planted with flowers and shrubbery. Priced right for quick sale. 42d and Garrison Sts. Chevy Chase, D. C. Three new detached Miller-built Homes, containing § and 7 rooms and bath, hot-water heat, detall. and worthy of your inspection. electric We believe these houses to be the best buys in Chevy Chase, Prices, $9.250 to $3,950. lights, and modern in every W. C. and A. N. MILLER REALTORS 1119 17th St. N.W. SSSSSSNSASSAS TITTILLRIRIIIALLIARALLLALSIL IR SRR AR NN IR R Main 1720 S Columbia Park bum'gan’t New Subdivision —offers the conservative home-buyer the opportunity of purchasing a well constructed home in the high- class northwest section, at the unusually low price of Two Blocks From 14th St. Car Line A few features of these cozy | six-room homes are large porch- es, front and rear; hot- water heat, tiled bath, hardwood floors, elec- tric lights and concrete daylight cellar with laundry tubs and extra servant’s toilet. Reasonable Terms Open Daily Exhibit House Until 9 P.M. 736 Ingraham St. N.W, ‘Take 14th St. car, get off at 8th and Kennedy (2 blocks south) -or take 9th St. car, get off at Ingraham St. (2 blocks cast). D. J. Dunigan 1319 N. Y. Ave. NW. Phone Main 1267 THE EVENING STAR, WASHINGTON, D. G, ARSI D . e B R . fice of Hedgex & Midleton. October building statisties, a ported to Dun's Review, show a much larger total than those for September. With permits involving an estimated expenditure of $226,519.279, last month's figures show a gain of 26.7 per cent over those for September, and are 36.5 per cent In excess of the amount reported for October, 1922, Each month this vear, without ex- ception, has disclosed an increase in permits as compared with those of last vear, and the aggregate for ten months is materially larger than that for the same period of 1322, The October statistics show a larg- er value of permits than a year ago in all sections of the country except the south, where a moderate decrease occurred. Most of the cities in New England report gains, including Bos. Octobe; Atlanta Baltimore Beaumont . Birm'gh'm. Charieston, 1923, $1.05 3,130,423 185918 1544183 295,644 1922 $2.340,543 2,608,650 93,361 861,580 186,625 109,614 101,050 132850 1,0061380 1,261.215 95,350 415 Covington. Dallas Miami . Mobile Aontg'm'y. FOR IMM. Three Attra Open All A. M 1825 18th St. N.W. walk one Also 2807 Massachusetts alley. PRICE, £25,000. Open for MOORE &HILL,‘. Inc. 1420-1422 H St. N.W.. WIII move to our mew office, Sol Lanxburgh, prexident of Lansbur Five rooms, tile bath, attic sufficientl, rooms, hot-water heat, electric lights, oal in day-light cellar, large front.and rear porches. To inspect other days, call for ke; Take Chain Bridge or Cabin } out Conduit Road to Weaver Place and turn left to property. Between Fulton and Garfield Sts. house of the same.plan as above, lot 104 feet front, side and rear Building Increase Reported | Through Nation in October re- | ton, Lawrence, Lowell, New Bedford | and New Haven, and there are vari- |ous Increases in the middle Atlantic | group. Among citles in that section showing gains are Albany, Allentown, Buffalo, Erfe, Harrisburg, Philadel- | phia, Troy and Wilkes-Barre. A par- | ticularly large expansion is reported by the central western section, with Increases at a majority of cities and | notably at Chicago, Cincinnati, Cleve- {1and, Detroit and Milwaukee. In the west, a gain of about $1,000,000 in the combined total is noted, Denver and Omaha making the best exhibits, and | the record for the Pacific coast’ sec- tion is again favorabie, though this is due to the fact that October per- | | mits at Los Angeles involved a total | | of nearly twice as large as that of the same month of 1922, | __The citles for this section compare las follows: Richmond. 8t. Louts. . annah. Shreveport 218 291317 1,931,380 604,952 157.103 3.386.258 212,300 181 Wheeling . Wiim'gton, Dy Wilm X ston, /o 19,500 Southern..326,018,760 325,164,457 “PRICED LOW-- DIATE SALE 5207-09-11 Sherrier Place N.W. (Potomac Heights) ive Bungalows large for three bed- floors, laundry trays Day Sunday at 5418 Conduit Road ohn car to Stop 15, or drive KING OWNER AND BUILDER North 7518 ==\ Open for Your Inspection Tomorrow Between 2 and 5 P.M. No. 3005 Albemarle Street The Best Value in a High-Class Detached Home on the Market Center-hall plan, with large living room, dining room, Hbra- ry; pantry and kitchen on firet floor. Four large bedrooms, in- closed sleeping porch and two beautiful baths (one with show- er), on second floor. and two bedrooms, bath and storage rooms on third floor. The lot is 76x150. The location is excedent, ‘belng_just west of overlooking Rock Creek Park, and one square east of Conmectl- cut Avenue. Price, $26,500 TO INSPECT—Take Connecticut Avenue car {o Albermaric Street and 36th Place Avenue Heights . just off Mass. Ave. . Similar - inspection tomorrny, T80 1Tth St., about December 1 . | | | | | { %h & Bro., bought this residence at 4505 Blagden avenue through the of- EXEMPT SECURITY DANGERS STRESSED Real Estate Board Devoting Ef- fort for Change in Tax Laws. Size of the rapldly Increasing eco- nomie factor represented by tax-exempt securities, . work for the abolition of which has become one of the major taxation measures advocated by the Natlonal Association of Real Estate Boards, is indicated in a report Just made public by the National Indus- tries Conference Board. Value of the amount of property in the United States which has been rendered by various means exempt from taxation reached in 1922 the stupendous sum of 351.000,000.000, the report. based on authoritative ‘records from every state, shows. This represents siightly less than one-fifth of our natlonal wealth, and is cqual, roughly, to one- third of all property assessed under ::l‘ gel;wrllkpmrnerty tax, which forms e bulwark of state and loc; - ernment finance. s e rising output of tax-exempt se- surities, offering an escape from taxa- fon to men whose incomes come within the higher taxation brackets, Inimical to_economic progress, the issoclation belleves, not only because it works thus to create an untaxed millionatre class and consequently to Increase the tax burden of remaining property holdings, but also becauss ::lsndtl!bc;ur‘!ce(!l tl)!on!lrllcflva invest- practically pen 2 lnq_k::apllll. Y penalizing worl e entire tax bill paid by the na- tion in federal, state and local levies for 1922 was '$7,061.000,000, as com- pared with $8,363,000,000 in 1921, $2 194,000,000 in 1913 and $1.382.060,000 n , the research o - nce board found. RS ito the weather. SATURDAY, NOVEMBER 17. 1923. LARGE APARTNENT INPERMITS LTS Frederic J. Haskin to Build Eight-Story Structure Costing $500,000. Construction of an elght-storv apartment at an estimated cost of $500,000 at 216t and C streets north- west by Frederic J. Haskin Is au- thorized in the list of bullding per- mits {ssued by the District Commis- sloners during the week. The total value of the permits Issued aggre- gated $600,200. The list follows: T. J. Stanton, to erect garage, 3003 O street northwest; $1,200. George Puglisi, to repalr 73 street northwest; $2.000. John P. Heap, to build. 5521 Caro 1ina piace southeast; $6.500. 0. W. Hammond, to build. 2424 Newton street northeast: $3,000. E. A. Wilson, to repalr 819 13th treet: $14,000. SE. 'Rldell to bulld, 1430 Kearney ; $6,000. street northea: G ¥ Frnent, to bulld, 2629 M street northeast; $4,800. 0 W. G. Irvin, to erect garage, 5516 39th street: $1,200. - Washington Sanitary Housing ((’;’r’v poration, to erect garage, 1517-1521 M street southwest; $2.600. Federal American National Bank, to_repalr 1315 F street; $1,500. Breuninger & Peterson, to bulld, 3423 Edwards street; $8,000. J. Stein, to build, 5499 Potomac venue; $4,500. Y int W, Kramer, to build. 802- 904-906 I street northeast: $15.000. G. A. Robinson, to repair 1009-1015 U strezet northwest; ,500. L. Dinowitz, to bulld, 736 11th street; $8,500. H. M. Bralove, to build, consin_avenue; $7,000. ‘Wardman Construction Company, to build, 622-626 Otis place northwest; $12,000. NEW CAST LIME TILE BIG AID IN BUILDING Blocks Developed at U. S. Bureau of Standards Can Be Sawed and Nailed. A cast lime building tile for use in making partitions has been de- veloped at the U. S. Bureau of Stand- ards by a Fellow of the National Lime Association, which promises to be a very useful product on certain classes of large bulldings. The material from which these blocks are made sets so that it can be removed from the mold at the end of ten minutes. After twenty minutes it can be handied, and after seven days it has a compressive strength of more than one hundred pounds per square inch. Additional advantages which it possesses .are that it can be sawed and nails can be_driven into it. The material is composed of five parts by volume of ground quick- lime, ten of hydrate or slaked lime, and ‘one of wood fiber. It is found to cure best when outdoors exposed The new tile is about 20 per cent heavier than gyp- sum tile of the same size, and ex- periments are being conducted to see if the core volume can be increased without too great a sacrifice of strength. The quick setting lime of which the tile is made was developed sev- eral months ago by the Bureau of Standards, and can also be used for other purposes. Difficulty is found in shipping it, howev: H 5 Wis- REAL EST FIREPLACE ONE MARK { OF BEAUTY AND TASTE' Home Feature Considered, Not Alone From Sentimental View- point, But for Practical Reason. Quite apart from the purely senti- mental reasons for an open fireplace in the house is the more practical one of beauty and taste. There probably is no such thing as an ugly fireplace, but one Is free to admit that some are of greater beauty and more charming than others. Here it Is safe to assert that the personality of the owner has a great deal to do with conditions and {mpressions. An_architect can design and bulld a home; he may place open fireplaces in it where they should be placed to conform to architectural form and usage, and still the fireplace may not be a success from the visitor's view- point. The owner's personality will inter- vene and the work will be successful or a faflure as his personality which he lends it, all unconsciously, makes it one or the other. Like every other appendage to the house one dwells in, the fireplace should be fitting. There are almost as many types of fireplaces as there re houses in which they are found. For instance, one should not find one of those anciedt, wide, cavernous fireplaces that formerly were found in the kitchen of the farmhouse trans- ferred to a modern dining or living room. The incongruity would be so strongly thrown into rellef that one would lose all affection he ever had for this feature of the house. There is & happy medium in fire- places as there is in cookery and other things. In the first place, the fireplace should be in a room where it is ap- propriate, and It never should be for- gotten that the modern householder demands a great deal more heat than his forefathers received. The log fire and the apen fireplace are luxurles, Just as are flowers and pictures. When we want the place really heat- ed in cold weather we shall have to fall back upon the modern types of heuting apparatus and the suggestion of heating engineers. ROMANCE OF REALTY VALUES. The romance of rise of real estate values, the story of which is of peren- uial interest to investors and to the rublic generally as well as of profes- slonal Interest to members of the National Association of Real Estate Boards, was the subject of general hoard discussion at a recent meeting of the Birmingham, Ala., board. Com- parisons were brought out of local property values at the beginning and end of the period 1598-1923 as an in- dication of what the coming twenty- ve year period may produce. ATE. 17 From Yesterday's 5:30 Edition of The Star. APARTNENT HOLSE SIDFORSZ 00D Argonne, at 16th Street and Columbia Road, Purchased by Stacy M. Reed. Sale of the newly-built Argonne apartments, 16th street and Columbia road, to Stacy M. Reed of this city for a consideration understood to be in the neighborhood of $2.000,000, was announced yesterds This of the largest real estate tran negotlated here in months, sald. The big apartment vas completed last Weller Construction Company, was the property of the Argonne Apart- ment House Company, of which W. Phillips was prestdent. The deal was handled by Harry R. Loveless, The deed was placed on record yesterds The Argonne apartment housc ranks among the larger of the new apartment houses of the city building is 420 feet long and 100 fee deep and Is eight stories high. Ther are 229 apartments. The bullding is of fireproof construction and of the latest design. UNDER MODEL CONSTITUTION The Tilinois Realtors' Association at Its recent annual convention adopt- ed in entirety the model constitut! for state associations suggested the Natlonal Association of Re Estate Boards in conjunction with th committee of state assoclation s dents. The Baton Rouge Real Roard has reorganized and a new constitution and by-laws pre- paratory to mew activity. _— CURTIS JOINS REALTORS. Arthur E. Curtis, secretary of mortgage and finance division of the National Association of Real Estat Boards, has joined the headquart staft of the assoclation. Mr. Curtis will make a survey of the safet: of real estate Investments and will develop the work of the division ! advancing the desirability of 1 estate investment both as safets and as to income is one actions it was house, July 1, which by th to Massachusetts Park Washington's most exclusive residential section of detach- ed homes. Containing seven million feet of forest-covered land. with six miles of improved streets. “The Triangle of Includes what remains of Increasing Values” between Connecticut Ave., Massachusetts Ave. and Woodley Road (Cathedral Ave.) Over Over 130 homes from { truction. Wooded villa_sites, homes, with lots from 50 to 11 five million feet of land sold. $15,000 to $200,000 built and under con- lots and central and side hall 5 feet front—Park Office, 32d and Cathedral Ave. (Woodley Road). Middaugh & Esf Shannon, Inc. hed 1898 Woodward Building, 15th and H Sts. MEMBERS WASHINGTON REAL ESTATE BOARD. 2031 Thirty-fourth St. N.W. Near R Street $7,500.00 $500.00 Cash 1137 New Hampshire Ave. N.W. Between L and M Streets, N.W. $8,500.00 $1,500 Cash $75.00 per Month, including all interest Semi-detached house, with six large, bright rooms; also basement room and attic. Hot-water heat, electric' lights, ‘servant’s toilet in basement. House is unusual in size of rooms and comfort. Double ga- rage. Lot24.75 feet wide. Immedi- ate possession by owner. 1923 N Street N.W. Fine residence of ten rooms and reception hall. The rooms are large and well arranged for entertaining. There are four master bedrooms and three baths; two servants’ rooms with bath. In excellent con- dition throughout. Immediate pos- session. $70.00 per Month, including all interest NEW HOUSE of six rooms, thor- oughly modern in all particulars. Well arranged, with large living room opening into dining room. Three bedrooms, all bright. Double porches in rear. Large yard to alley, with room for garage. Hot- water heat, electric lights. Large cellar ; light, with laundry tubs. Un- occupied. These Properties Open Sunday for Inspection from 2:30 to 6 P.M. Daily by Appointment - WAGGAMAN & BRAW R, INC. 732 Seventeenth Street N.W.