Evening Star Newspaper, November 24, 1923, Page 17

REAL ESTATE. THE EVENING STAR, WASHINGTON, D. C., SATURDAY, NOVEMBER 24, 1923. 1 REAL ESTATE. o Babson Predicts Oil Industry Will Improve During 1924 | Less Overproduction Likely—Prices for Crude Believed Near Bottom-—Rise in Other Stocks Would Be Big Help. | | | bearish and neral market BY ROGER W. “®pecial Dispateh to T o WELLESLEY HILLS, MaSs. No-| vember 24.—Overproduction is the outstanding characteristic of the oil world for the current ye To ov production may be traced the BABSON. trend of overproduction the stock of crude Star ¢ ; s : No " long | . : ! : & i with < one group of stocks tand a bear market, to v noth- ing of warding off blows such as | those overproduction has given the | joil group. During the last ten months | the \\'I/vrld ha \\'fl!;i'.\\\v‘ !|I;' greatest | g i i et [ of overproduction the 6il in- 3 $ > 3 S8 ¢ § Jority of the troubles which beset the | BEIOL BF overproduction the ofl in- | [ y e oags S e e ; O = | :oll industry today. The high-water ain. Although the consumption | 2§ 3 € ' A mark of oil production in 1923 and 1 |N‘lll'nln-\}|‘m pr \n.!m £ -nnn‘»-; ime was renched in the week |in particular, has greatly increased, for all time was reached in the week | ;¢ {5l n 2% F e storage sea- ending September 8. wh the daily son the enormous amount of 1,000,- »production w. 0,000 ba For | 000,000 gallons of gasoline was on the same w figure { hand. was 1,493,700 The midcontinent pipe line indus- Consumpti try has been hard hit, due to over- | line has ce ase, but it bduction in California. Instead of as been overshadowed by production | the usual supply of crudé oil being from spectacular gusher wells in the | taken from this fleld, the Atlantic 1.08 Angeles basin sumption ha aboard has been receiving large increased from last figure of |quantities by tank steamers from Cali- 00 bar present in- a fornia. Pipe line runs have thereby dicated rate of barrels, a been reduced, causing a decline in new high mark rnin as reflected by the recent Latest Moves in Industry. sing of the Crescent pipe line divi- | To meet this unusual demand and "“‘;"[ o prevent a possible famine the oil | | FERCH industry had undertaken very exten- |1 oTSE0N sive drflling programs and “planned | g¢ 0 0 1 in its refiner; output by T building more refineries and by more Ve use of known acking,” which mo from crude oil uniooked-for _combination of s overdid these plans. ampaign of close- ito four Californis zusher sands, one of which w feet thick, threw the bulk gusher pool on the market all This production added to that of new fields in Oklahoma others in Texas were the cau lut in the cry arket 0,000,000 brough yields noughe B carrying inventoric on. of course, by overproduétion [the ¢ itry needs la visible ste ton h 1 in order ssure aga hortage for the © {mand. Considering financing for such n - ‘regarded in light It is not expected that oils ke a notic Spurt upwars vious to the 1 in the meantime the bet scks should hold their as overproduction becomes { less a factor, by the time gen- | il bearish attitude has lifted, the securitises should be a position to | participate in the next broad ri | G as shown on the ! M tne Bab, nie at 18 per cent | February to $1.10. | 1 Improvement ¢ es dropped from $1 to very spaced new | rposes Should | unfavo P an are rapid ceting earing completion on the site donated by Congress on B street between 6th and Tth streets, The struc- for patriotic and other or ganizations. Every sinte in the Union hax a share in its construction. LUMBER CONTINUES BRISK DURING WEEK uckily Just at this time was on the de- of affairs pleted, will pre OCTOBER PERM!TS MAKE NEW RECORD More Building in Country Shown Than in Same Month Any Previous Year. own productio cline, or a worse might have resul This_ove and refined produc cut in crude oil Midcontinent from $2 a ba Pennsylvania to $2.75 u bar Seorex of wsoline prices ued MeMaster ed a reducti wlon in tha ut started “gas” war eductions, quite These the any which w Ate gain of over the preceding T west 49 cities show a 25 gain over September this y suthern cities showed nt. and 95 central cities showed £ 10 per cent. The ge of gain among th country over cent, shown he | Pacific gained 35 per cent over October, 18 86 castern cities gained 22 per ce and 42 southern ¢ gained 8 per cent During the past exception of the of October has Septem mits during this ¥ 1dic highest pro- tion of tI onth per cont larg the is mplating the construction quantity of rolling stock during coming year. Some such business already Leginning te develop, and the car material market has strength- ened. The city building outlook is! excellent, not only for next spring but for this winter. The open weather enjoyed so far this fall has stimulat- Inventory Period Near and Busi- ed construction activitles markedly, | and building material dealers look | ness Men Try for Excellent forward Ro some weeks of excellent | 3 t Showing. Forelgn business s of volume, especlally in Douglas fir. A | #ood quarter of all business booked | by the west coast mills is for foreign | account. Southern pine exporters steady - demand from the ! Indles and South America, | fair trade with Europe nd re-i awakening of demand from Mexico, hardwood manufacturers state | r product is moving to the <ingdom and continental mar- rger volu than at any | in recent years. of a n of the crude 5 In cent last per cent over (M. statisticlan and | special articles | s in next | Babson, Pric k) T Wars, while con- In August finane ¥'x Star) b oy CROPS SHOW INCREASE | AS FARMS DECREASE| rurin- ot | of bui ng permi was issued in the { Realty Board Report Shows Agri-[w»n'mr\ at large than s : { October or any month of the curren culture; Beturning; 30 | r since April, which was the s | ve | ond highest of the te hs of this ord month March is still th stzable | with the the mor fr decade, ar 19 a decline umber trade continues brisk as a result of the e amount of hand-to-mouth buying being done th retail dealers and f. v con- re, the American Lumber- The inventory period is drawing near and business men gen- erally are striving to make the possible end-of- nd therefore restricting their purchases. Their being constant, the gregate of their forced buying ! no mean volume. Lumbermen bel that all buyers will enter the new vear with very low stocks and will have to buy heavily immediately af- ter the | tories and holiday Meanwhile there s not a great deal of either hardwoods or softwoods at the mills. mental conditlons therefore are sound, and even if the esent dullness finds reflection In ghtly reduced prices. any general kening of the lumber market is ccted The prospects for country trade next spring are reassuring. Much busi- ness 1s also expected from the rail- which are understood to be @ October a greate tairly which 1ehed reductio 0il comy have the in cut de nies probably bottom. crude oil and ndepend ada There will further hou revamping Strong companies. I’ will be changed, independent 1- ard” connections may pected. Many a small refiner will be forced out of bu The crisis, however ave production is now on th industry as a whole is ighting “itself and the in any previous Fest ways is, therefore, that building . Chicago. and Normaley. tion and the ulong | vear -{of rm- | production Ani in the last decad a leclined od_by tion cal the Institute Economics and Publi p which has been makir chRRal of land utilization in the U build ria = v | State | was at its height), s h b e gy ing the return of) that building activity will be very in- mmer of 1924, with increasing ¢ » to normaley through thel| = "0 he next few sumption and lessened product e Tn population and|tense during the n Among the 284 citles reportin ( tob should bring into a more zing of conditions timistic horizon than exists today the oil industry . were fewer acres in farms in | comparable T Big Dec than’in 1919 in many of tho | tember this year und 82 sanwhile fifteen of of the corn belt, the study|October, 19 This wan | fr?\'li«‘-‘“?lh;l::«-I.'\”h.n“-» dec | The total farm area of the| these comparable cities of 2 600,000 in value from United States incrensed only approxi- |over September this yed ts for the in i per cent in the decade, and | cent over October, 1922 1 or an avernge dee * was in the semi-| In the eastern region of the coun- ; where acres are plentiful | try e reporting for Octoher productivity per acre is small. | show a gain of 40 per : : vision T icultural cased the nu jeant that the larg dur aber over Gctober, New York, per cent; M per cent: Cleveland, cinnati, $0 per ceat; Los per cent; Detroit, 4i per riland, Ore., 69 per eent, and 37 per cent. DIVISIONS ARE ORGANIZED. Divisional organization for the ore intensive development of special phases of real estate practice is mak- z its place in a number of boards the membership of th ociation. The Minn kets in other tim BRITISH PLAN BONDS i FOR LAND COLONIZING Call by the British land ministry for a two-billlon-dollar governmental | bond issue to lure its jobless city-| bound population back to agriculture comes as a significant corroboration of the position ta n by the National Association of Real Estate Boards in | opposition to a disposition of the | United States Department of Agricul- | ture, as expressed in a recent depart- | ment publication, to hold present set- tlement of raw lands in America and | under modern colonization plans an | “artificial diversio of population | met in the public interest The 284 cities reported in this sur- A N 604 included Chicago, 56 These nt; waukee, show a total of § «, when compared 1 by the same 1 in (the month eeds ag- of % report ms to indi the 5 months, " with $237.2 a In Securitlex. the 1 lined $1.4 March ne of abou f the trou- pses—tl te high B a conve and Yo b ads, | been generous {be one of the problems | work of which the WASHINGTON SHRINE FOUNDATION IS LAID Magnitude of Memorial on Mall Can Be Seen in Work Now Under Way. The foundation for the proposed | George Washington Memerial on the site on B street, hetween 6th and Tth streets northwest, is rapidly nearing completion, and one can now see the magnitude of the structure. When completed it will provide a meeting place for organizations, as one of its main features will be nificent auditorium on the m, with a seating capacity of Aside from the Daughters American Revolution, says ment_issued by those in t patpiotic societi are “anxious for meeting places and headquarters where in the absolute safety of fireproof con- struction their archives and records can be stored. All this i in the building now heing designs by Messrs tout of ted and approved on of Fine Arts, in competition with plans submitted by architects from all parts of the countr. The statement further says that every state In the Union has a share the completion of the memorial While the District of Columbia has in subscribing to the building fund, it has not vet con- tributed what it thould to an ente prise promoted alike by patriotism and practicability mag- n floor 7,000 of the | state- arge, all of ' the the Com- —_— RESEARCH IN REALTY. Intensive Studies of Areas in Chi- cago Will Be Made. Ascertaining what kinds tend to form local nuecl in undertaken by the ocial Research, affiliated Iversity of Chicago, in th National Associa- Real Estate Boards has been asked to take a part. An Intensive study of business areas in Chlcago will be made to show how local busi- ness centers develop, The study will deal with the devel- opment of land values as different types of businesses come into a dis- trict, and with the re fon of chain 5t0; to business, of busi- ness rch to by ciety for with the U tion of | serious REALTORS APPROVE PARLEY ONTAXES Proposal by President Cool- idge Hailed With Delight Over Nation. Proposed calling by President Cool- idge of a national conference of state and local taxing authorities to con- sider the enormous steady increase of tax burdens is viewed with ap- proval by the National Assoclation of Real Estate Boards, according to an announcement of that organization The proposal advanced by Senator Medill McCormick of Iilinofs merits consideration for the very real value that should result from so calling the attention of the whole na- tion to the rapidly increasing annual in local and state taxe economy on the part of the federal government is mot to be overlooked, the tax menace today is not in increase of federal levies, the association points out. While' the federal government fis putting out projects to reduce taxation, state. municipal and other minor taxing au- thorities have increased our tax bur- dens since the war at an astounding rate. Thirty-four states reporting for 1921 showed an increase of 75 per cent iIn two yea State and local xpenditures were increased fron 3,508.523.000 in 1920 to $4,523,88 in 1921, and they are stiil going up. Bonds issued by states, municipal ftics and other taxing subdivisions jumped from a total of $736,000,000 in 1917 to 20,000,000 In 1921, and the spending orgy s continuing. Increase in local taxes more than counter-balancing reductions in bud- get for national governmental expendi tures, has brought about in the last few vears an enormous change in the ratio of federal to local tax imposi- tions. Taxation levied by other than federal authorities has come since the war to constitute no longer two fifths but one-half the total nationa tax burden _ While ta When a consignment spoiled transportation in a wooden ship, th shippers d the ship company f 250,000, |>hg alue of the ship. Massachusetts Washington's most exclusive residential section of detach- ed homes. Containing seven mill ion feet of forest-covered land, with six miles of improved streets. Includes what remains of “The Triangle of Increasing Values” between Connecticut Ave., Massachusetts Ave. and Woodley Road (Cathedral Ave.) Over five million feet of land sold. Over 130 homes from $15,000 to $200,000 built and under con- truction. Wooded villa sites, lots and central and ide hall homes, with lots from 50 to 115 feet front—Park Office, 32d and Cathedral Ave. (Woodley Road). Middaugh ‘& Shannon, Inc. Establixhed 1509 Woodward Building, 15th and H Sts. MBERS WASHINGTO REAL ESTATE BOARD. —— NEW HOME " The Outstanding Offering of the Year The Popularity of These Homes Is Indicated by the Rapid and Numerous Sales Near Two Car Lines T e e NINTH T AT FARRAGUT Sample House—No. 4915 9th St. N.W. The Superior Construction, Ideal Location, and Convenient Plan of These Homes, Combined With an Extremely Low Price and Easy Terms Make Them an Exceptional Value Easily Acquired. A BRIEF DESCRIPTION Six rooms and beautiful tiled bath; hot-water heat; electric lights; hardwood floors; large con- crete front porch; breakfast and sleeping porches; stationary wash tubs; servants’ toilet. A full twenty-foot house. : - L] INC. W. A. Dunigan, Owner and Builder L. SANSBURY CO., EXCLUSIVE - AGENTS “Everything in Real Estate” We Invite Inspection of Our Completely Furnished Sample House Open and Lighted Daily " and Sunday Until 8:30 P.M. Phone Main 5904-5