Evening Star Newspaper, June 5, 1924, Page 4

- - EREQUENT SURVEYS OF REALTY URGED Naffonal Secretary Tells of Value of Accurate Statistics on Changing Conditions. ACT AS SHOCK CUSHION i Superficial Opinions Often Changed by Knowing Facts. Real rstate hoard secretaries’ were the guests this noon at a lunch- the afte the Hotel n Willard room of The Willard rotaries were by Washing- « Weedon n president of the Real Wi Herbert ard. respon R wresident o the 150 retary of the national d that ual ssociation, boards f rental “n Iross tocal nake sen conditic of resc s¢ n Surveys reh work for Nat wonld re of Survess. id Mr. Nelson. “to record ent of 1 Kot s nthly ¥ and the al e financis would auarterly arket, in pperty al cach bow at stated in 1 would like to jortake a rental he movement merely the but the entir demand of real jndgment the sents few owners the effective the community Which ex proverty ts for use of Studies. and the sup- By course, cause an accurate ions, one | what shock predict i< ards have undertaken work and have gained When is done members of our to con- more hoar not oniy hetter and dvise it ssoria enter dsurvey of market has now been i tim We are getting in- more complete Tesults It has been re- tr questionnaire n_m many cities ock of the loeal < hern more bene than the results with v o repres n sight field the nat ndertaken r osemi-anni the Ingly me mbe ? i to me have been th situati 1 perhaps of Gwn work: Opinivas Often Changed. us that local real replies, to sus and jus local real estate con- this estimate, in widely whioh a4 man has told o the caused nbling t estima tior many superic previously varied opinions held. they had ational body's sur- rmed it is being wtitie institutions country, well as business sts, as'the most re- iable and accurate burometer of the real estate market which exists. We hope to deveiop the survev and in- sify its conclusions search firlds we have under especially with w I believe pirit of fact- rds we can develop a outlook on r member boards with local iou. which be more valuable prob. than any more concrete results Wwhich our survers might achieve.” REALTORS DISCUSS APARTMENT PROJECT Show Insight Into Growth of Co- Operative Buying Plan. ind en-minde into the growth apartment of projects given hefore the artment section, mort- National spe sag d finance division, Real Boards, lounge of the Wash- meeting in the Hotel W Chicago pre- Addresses were delivered by Smith Angeles: E who discussed co- apartments rank H presid the An- Chicago. followed by William M. and . H ington Albert sided LW Poston of this city operat Anderse dridge by ission Passapar of North o Swayne uof < tuking to rrment jdea &n wzo the tive Mr said. he Anderson ur handied under he continued done the my lopment in hut of high ideals one or two cxceptic ing pablic 4 squ worked for the lan co-opewative idea. Have Been Suce handicaps cassfy foundation for the suc- the [3be of bulldings 0-operative plan.” The men whe huve for co-operative de- hicago are men not and ability, ce. with <. given the buy- deal and have -run good of the ot we quite i sellin tive apartmenis in. Chica _“On the whole, we huvy dollar and cents app.: the co-operative plar have been ® co-opera- found the p3avings of \e most ef- Perhaps "the desire'Se get d, to have someth ng for mone. PUt out. runs a close second. Most of the buildings have been' sold to people of average means it many of the very wenlihs hase paEh among the purchasers.” Mr. North described th, 4 company which sold apartments from bl before the construction of the build- ing was begun This enabled the prospective purchaser of a home in an apartment bullding to shift rooms and change details of plumbing and other items just as the future ten- ant of an oftice building process of construction does, and just as the builder of a single house is able to, Shows Blue Printx When the salesman show Llue prints he es at the san. me a careful estimate of the cost of build- ng. quantities of materials used, la- hor needed. method of financing, the amount to he paid in each month as dues and dishursements for taxes, insurance, heat, water. light, janitor service, public lights, general upkeep and management. When onough families have been interested in the project and paid in their first installment, the company proceeds 1o subscribe for the remain- der of the stock and begin the actual oenstruction, success of o-operative prin’s made v to | from’ the | | | | { Upper, left to right: Charles G. E | W. H. Wright, only woman apeaker. Lower. left to right: Willlam H Harry H. Culver of California, speaker, |CONGRESS MENACES | COUNTRY, IS CHARGE F. J. Hogan Tells Realtors “Fools” Are Sent Here to Make Laws. RIGHTS ARE SEEN IN DANGER Weedon Greets Visitors at Presi- dent’s Dinner. | | Warning that the country is drifting into 4 condition more serious than the | insidious propaganda of the reds and other anarchistic movements was | sounded last night by Frank J. Hogan, !1ocal attorney, before prominent real- |tors of the country attending the president’s dinner tendered by the | Washington Real Estate Board at the -w Willard Hotel. He charged that Congress was {abusing and gradually taking away the constitutional rights of the citi- |zens, and in a vitriolic attack on that {body, indicted the realtors and other | citizens of the states for not paying | more attention to their suffrage. He | told them directiy that they were too | busy t who was being sent to | I ‘ongress, adding that they keep their | wise men with brains at home and send their “fools” to Washington. | | t will | | | | dwards, candidate for president: Mrs. | pres T | and Ballard of Boston, Manss., speaker; 3,000 REALTORS HEAR PRAISE BY COOLIDGE (Continued from First Page the No other business group | contributes more effort to estublish- ng full appreciation of the great t and assured future our country. You are purveyors of cheer, contidence and soundly-based op- tmism. ¥ in a very literal |sense the sellers of America You have sold it so well that it is recog- nized the best in the we Appreciation of Nation. “in weleoming vou to the Natic Capital City for ihis anbual gather- ing, 1 wish to assure you of the fuliest appreciation for the work vou are so ably performing. The country looks to this gathering for continu- ance of your worthy =fforts to estab- Lsh the highest ideals of usefulness| amd service throughout all depart uments of American business. *Your profession has given largely to ‘leadership of the botter housinx and\better homes movement through- out the country. Therein it has done much for the advancement of the commminit We cannot hope that good itizons will come from bad Lomes. There will always be excep- tions, Rt on the whole. the qu of citizanship cannot ba expected rise much above the character of the home from which the citizens come “The ownership of a home. the feel- ing of independence that comes with possession,of 2 bit of the earth, are among the\ most powerful incentives to high civlc interest and msefulness You men represent one of the strong practical forees working to ma i “ nation of home-owning You are entitled to be appla all vou have donc and are pianning to do in this direction. Seond only to the devoted womanhood that must always give (o the home its charac- ter and its inspiration, 1 #reet you as the advance muard_of the national home movement You have an es- pecial duty in this movement of sce- ing that investments are made on & sound basis that will give the pur- chaser a bargain that he can always find fair and a motive for completing ir. Tn that direction lies’ good cit- izenship.” Advertising Deciared Need. “The ‘River of Doubt’ runs through presidential election vear, but ad- vertising is the charm to frighten away even such a bogey man,” said Mrs. Wright, Chicago realtor, in an addrees this afternoon. “Many men, otherwise good busi- ness men, started in last year with sach pessimistic sayings as “busi- ness will drop off. it's presidential vear. ‘the public will stop buying,’ or ‘prices will drop,’ and then thev prepared a system of retrenchment and inactivity that almost brought about what their pessimism feared,” she continued. “EMn-shaded sandbox for the chil- dren” was one magic advertising phrase that Mrs. Wright quoted as having kept her own firm of realtors busy despite the business uncertain- ty of a presidential year. “Other phrases that brought &n many buyers were these, ‘household drudgery eliminated in this domestic science kitchen,” ‘thirty-one good rea- sons for buying this two-flat build- ing, " she said Seen ax Potent Foree. “Like the poor, the advertisement Is always with us. It enters inti- mately into our daily life. It sets the fashions in foods, clothes, archi- teeture. vehicies and other articles of luxury and convenience. It creates new wants, new desires, new hepes nation uy al Attention, Rm]t_orsf 700 acres just outside Richmond is available. Property lies in exclusive Westhampton dis- Country Richmond and Westhampton Colleges and overlooking bezutiful James River. Millions trict, adjoining have tory, w erty wi mvested in hich is already’ This is a big, hx tunity, but we will sell most reasomably as to terms and prd erties without these wmusual advanages have readily brought. For i Reviewing the propaganda of the so-called reds, Mr. Hogan id “there is a more insidious danger existing { in the conduct of the national affairs | of this government. Sees Rights Attacked. Then. continuing, he told of the provision of the Constitution pro- tacting the liberty of citizens, and guarding their homes and private pa- pers from being seized without due process of law, and pointed out that inch by inch these private rights are being withdrawn You are responsible for these con- ditions,” he said, pointing an accus- ling finger over his audience, ‘“‘be- cause vou are so busy with your af- fairs at home that vou send your radicals to Congress. You keep your commonsense men at home and send your fools to Congress. In the District of Columbia we | come in close contact with these men, | and hera we think that a eongress- | man is the lowest form of animal life. It i« such men vou have sent to us in | whose hands you trust your affairs. Party government is all right when | you have a responsible government | Wwith a responsible head on whom | you can place blame. But when you | have the indescribable conditions that exist here now. you only know where to_put the individual responsibility.” | "'Men, he said, are hauled before the ibar of Congress for contempt, but | when vou go there it is with dif- |culty ihat you try to conceal’ Your { coniempt, for thcre is no trouble {in showing it.” Scores Political Manenvers. “The men vou eend to Congrem oday.” he continued. “do mnot con- sider what is good for the people, but what will be good for the aandi- ate in November. they do not con- sider whether it is wise to spend | money from the standpo of the! budget. but whether it bring more votes. These legislators do not ask whether YOur papers, your accounts and your reputations are being Jeopardized. but behind the cloak of Congressional immunity that cannot be stopped by any legal weapon they violate our constitutional rights Under this guise of congressional immunity, they libel and ruin a private citizen, and for it there is no redress. Of course it is vitally essential thAat there should be legisiative immunity, but it is more essential that you put in these positions men who will not abuse that tyrannical power. “I hope that you will go back te vour communities, for fhe responsi- bility rests on you, for we have no vote here, with a determination to correct these intolerable conditions. If conditions worse than those of a red government are to be stopped. vou, und vou alone, can stop it. 1 appeal not to yvour party alliances, but to yvour plain Americanism. Won't you take this home."” John C. Weedon, president of the Washington Resl iistate Board, said the, Washington board was glad to have the realtors here, and detivered a special welcome to the Canadian realtors. He also told the realtors | that the Wasbington board, at the | seat of government, was in & pecu- | liar position to help the realtors of | the eountry, and told them to call on | it for information and help whenever needed. President Ennis urged a closer alli- ance botween the various local boards for the interchange of ideas, and. | pointing out_that there was & grow. ing respeot for realtors inn all part of the country, ursed them to hack strongly the Washington board, which, at the seat of government. he said. is really trying to do twings Harry Wardman and Randall H. Hagner spoke briefly. Harry K. Boss was toastmaster. The musical pro- gram included solos by Mrs. Mary Seherier Bowie, Miss Richie Molean. L P M Sowie and Fred Wast of the ‘Washington uartet, Georze Wilson, accompgnist, and hy Geerse O'Connor with t Hoen, accom- panist, [ | Today ] tion class homes. particulars see Mr. W. Mr. J. A. Counelly, at The Racquet during the convention, ar wire or write FULL DATA ON REALTY FOR SALE ADVOCATED Broker S8ays This Is One of Prin- cipal Services Due Purchasers. Putting full and sccurate informa- tion of sale property before the prospective purchaser was urged by Hill Kerguson of Birmingham, Ala., in an address before the brokers' di- vision of the National Association of Resl Estgte Boards meeting in the ballroom of the New Willard Hotel this afternoon. W. H. Kinsey, Grand Rapids, Mich., presided. L. L. Ocland, Madison, Wis., spoke on multiple listing service, which was followed by a_discussion, lead by Bruce Hoblitsell of Louisville Mr. Ferguson exhibited a form of listing property designed to give the prospective purchaser u complete hird's view of hix Investment. The form would give him such com- plete information thut from it he could figkure the net income which the property would bring with al- most ax mueh accuracy ux he could estimute his income from a bond The spewker pointed out that the possession of aceurate information on Property being offered for wale is the peculiar _service which the broker has to offer. For residence property, he said, the buyer should huve a record of existing merigages, date of possession and the like. For business property he needs a complete descrip- tion of the properts, the existing leases, with dates of expiration and a_complete statement of income and expense and aspirations. It coins new words 1d phrases. supplies new ideas and induces nmew ideals. It is the bone new of commerce. As @ mold- er of thought and promoter of arction & oxt potent forces in our modern i “We furnish a home complete from rudio to potate masher. put a cuckoo clock on the wall and & flivver in the gurase” said Mr. Culver. “Then we open up a monthly account for the buyers in the building and loan as- sociation. All the voung fellow has to do ix to give us $500 and 350 a month, and his bride can reduce this a lot 'if she wants to take two or three hours a day to write up savings accounts in the bufiding and loan as- sociation.” No new division should be sold and then deserted in Mr. Culvers opinion According to the Californian. any schoolboy can eut up a piece of acre age and parcel it out to home-hungry families, but it takes a man with principles and brains to make it a | finished product that will reflect credit on himself and on the com- munity Financing Is Deweribed. The question of finance for the sub- division he divided into two parts— getting his own deal swung with profit to himself and showing the small buyers how to pay for their homes. The latter he commends building and loan as ons. The one in his 0wn town was started four years ago with a capital of $5,000. | it has 2,300 people putting in wvery month, and over a mil- dollars in resourc plained The subdivider himself. he con- tinued, may either pay for his prop- | erty by a bond issue or eclse pay @ | small payment down and paying the balunce annually over mix years. The title he probably passes to a trust | company to issue contracts under a | declaration of trust. The lowest bid- der on strect and other improvements may accept a certain number of lots for one-third of his contract and the balance monthly over a three-vear period. The public utility companies will_loan the money necessary for their installations on a 7 per cent | hasis, pavable to them out of a re- | funding agreement of §40 a home to the subdivider. Reliable building con- | tractors make advance payments on | lots, 25 per cent down, the balance in | second paper. The original owner of the land accepts this second paper to apply on releases from his mortgage. After this is dome the subdivider has to organize his selling force and | arouse the public interest in his proj- ect, the speaker amplified. Reveived by President. Although the morning Session was | a full one. with many speeches. the realtors adjourned in time to go to the White House, where at 12:15 o'clock President Coolidge addressed them. The divisional meetings were scheduled te stop in_time for the delegates to be at 12th street and Pennsyvlvania avenue at 3:30 oclock to take special trains to Arlington for ccremonies in the amphitheater and at the tomb of the Unknown Sol- | dier. ! Dr. J. 3. Muir. chaplain of the United States Senate, was to pro- nounce the invocation, and Secre- | tary John W. Weeks of the War De- | partment to give the principal ad- | dress. Wreaths were to be placed on the tomb by President H. R. Ennis| for the American Realtors and by Col. Goodwin Gibeon of Torento for | the Canadian Realtors. The convention will close tomor- row with the general session at| Keith's Theater, when reports will be received from the heads of the eight divisions and from a number of com- | mitteas. Resolutions will be re ceived and acted on and officers for | the ensuing vear elected. Invitations also will be received from cities | seeking the 1925 convention. | HOME TOWN T0 GET BOOST | Argue Respective Realtors to Merits of Twenty Cities. One of the most interesting fea- tures of the National Asseclation of Real Estate Boards will be staged at Poli's Theater at § o'cloek tomight when the home town contest will take place. Five-minute speeches will be delivered by representatives from twenty cities previously se- lected, during which time they will | be expected to tell of the great ad-| vantages of their respective towns.| The contest is for a cup offered by the Chicazo Real Estate Board. The judges are: Henry G. Zander. president. Chicago Real Estate Board: | Dr. Edward A. Pace, Catholic Univer- sity of America; Dean Willlam Allen | Wilbur, Gecrge Washington Univer- | sity, and Dr. aCry T. Grayson, rear admiral, U. S. N. to money Club of Virginia, developing the terri- bailt up to the prop- man's oppor- lly less than prop- C. Schmide or Cennelly, 34 Nerth 7th St, Richmond, |to the mortg HE EVENING STAR, WASHINGTON, D. C, THURSDAY, JUNE 5, FEDERAL CONTROL -OF MORTGAGES SEEN Realtors Told They Must Mak Regulations Themselves to Avoid U. S. Supervision. MONEY SUPPLY GROWING First-Trust Loan Funds Approach Demand, Group Hears. Government supervision of tate mortgage securities may come unless those handling them make regulations govern themselves, it was p out real to ted in and finance division of the nal Aswociation Rteal Estute Boards, meeting this afternoon in the smali ballroom of the New Wil- tard Hotel, by (. A. Nickerson of Knoxviile, Tegn., chairman of the na- tional mortgage laws committee. He safd that in his opinion the solution of the question is to require loan banks and Lrust companies offering real estate mortgage securities for sule to submit (0 a periodical exam- ination by u representative of the Na- tionul Association of Real Estate Boards. The meeting wus Hiram S. Cody of Chicago, chairman Reponts _also were recolved from George R. Hemingway of Ouk Park, 1L, chairman of @ committee which hat been investigating mortgage in vestments, and (.. H, Corbett of Can- ton, Ohio. on the amortized loan. Ad dresses were delivercd by Farle G Kumrine of Chicago, Frank 1. John son of Chicago and Edgar N. Green- baum. also of Chicago “If this organization presided over by does mot it- [y (& report | 1924 self regulate the selling of bonds so as to keep the total bond issue under a definite percentage of the value of the property encumbered and does not regulate the offering of bonds secured by Incompleted enterprises, it I oniy & question of a short time urtil ihe legislatures of the various states will be doing this for us” Mr. Nickerson suys. Supply Nears Deman The amortized loan previlent everywhere, sald, and, as a whole, money availuble for first mortgage real extute loans is gradually ap- proaching the demand hecaase of s wafety and because of its fair rate of income The percentage that may be loaned upon the appraisal varies from 40 to 75 per cent. A larger percentage I obtainable upon the single dwell- ing house than any other class, and bullding and loan associations make larger | n« than either banks or in- surAnCe companies Methods Sugzested Butiness methods which [found 1o vafeguard morte { ments were wuggested by Mir way's committec, as follows (1) Life insurance required of bor- rower, (2) inspeetion of properts. (1) privilege of examining books when loan is made to a_ corporation, (1) 2 per cent amortization for fimst three years and loans confined to new houses. (5) monthly deposits on principal und in- terest, (6) monthly depasits for taxes, and (7) separate chattel mortgages on property the public at large realizes of large means who should large tax is in reality a slacker hiding behind his tax-exempt bonds. 4 rumpus Wil be raised that will not subside until it has ended in an amendment to the Constity tion abolishing such exemptions forever. Then real esiate bunds will come into their owr s the opinion voiced by Mr Greencbaum y ' e Backs License Law. ngenuity of swindlers has dis any chinks in the b The protection of public now lies in efforts made on Dehalf by the hetter elass of mortg. age and bond brokers working for a becoming Mr. Corbett the supply of hive been invest- Heming- | = overed <o n xkr laws that 1 - Unlimited oP for Real Eslate SQUARE DEAL URGED FOR FARMERS OF U. S. Advertising Also Is Called Neces- sary to Relieve Agricultural Depression. NEED CURB ON LAND FRAUDS Organization of Farmers Required, Realtors Are Told. “Advertising pills at regular intervais” and giving the farmer a, square deal were suggested in reports made to the farm land division of the National As- sociation of Real state Boards, meet- | ing this alternoon on the roof of the | Washington Hotel, us solution of the | depressed condition among the farmers and in the furm lands market. The re- ports were made by A. G. Bauder, Cedar | Rapids, chairman of the division's com- mittee on legislation and taxation, and by J. E. Miller, Geneva, Ohio, chairman of the advertising committee of the di- vision. B. F. Faast, Bau Claire, Wis., pre- sided, and addresses were delivered by 5. H. Powell, advertising manager, Wis mortgage loan brokers’ license in_the opinion of Mr. Krumrine “There comes 4 time in the devel- opment of every business when the better class of men engaged in that business will get together and at- tempt to reculate it, 50 as to correct abuses that may have crept in either ws a result of ignorance or of dis- honesty.” said Mr. Krumrine. “In this wuy those doing Lusine hap- hazard or dishonest way are compell- law, Sear b Rocbuck & (o. ') Chicago, on w I Would Advertise Farm Lands,” and by Miss E.. R. McBride, Birming- ham, Ali., on a comparison of mewp< puper und magazine advertising d A business session for the election of officers also was scheduled Mr. Miller suggested the prepars- tion by adveriising agencies of a cirot- lating library of farm land advertisigg He said too many men are putting @s in the papers blindly, getting out cata ogues and other forms, hoping for re Aside from the preparation of ad- vertisements by experts, Mr. Milles said it would be the endeavor to 06r= rect the evil done by unscrupalou. farm-lands advertisers whose adver- tisements have been deceptive. Give the farmer an American mar- ket for his products instead of a sub- sidized foreign markel Mr. urged in his report. He said the na- tion's first duty to the farmer is to reduce taxes by curbing extravaganes in public cxpenditures. Reclamation projects costing hundreds of millions are unjustified when the present farm arca is capable of so much overpro- duction, he continued. The committes believes, the repor caid, that the organization of capitat and labor makes the organization ¢ farmers imperative—not for political but for economic and business rea sons. Farm organizalions must pro- cure’ scientific leaders, it was added. and they must not overlook pablicity and education, since the position of the farmer and his relation to the economic life of the country must be made clear to himself, as well as to labor and capital. —_— Teachers to Hold Banquet. Enactment into law of the teash- ers’ salary bill will be celebrated by District public school teachers at a banquet at Rauscher's next Wednes- das-evening, a1 7 o'clock. The guest: of honor will be members of the joint legislative committee, representing the various teacher organizations who were active in pushing the meas jure through Congress. They |Edith C. Paul. Miss Selm Miss May T. B cev M. Butis Miss H. May Johnson. ed 10 adopt the standards sel by the better class or else get out of it ou are oflv I hours fromPyradise— » TAMPA FLORIDA No city of the nation offers such unosaal advantages 20d opportunities to real estate developers as does Tampa. Here, with a r : —and with a tourist influx that is growing Keliher. Miss Ethel Prince M. Gertrude Young orhmifg CleVQ].OPQI‘S prosperous and ever-increasing population (now 124,000) and bounde—are needed mere homes, more apartments and more living accommodations. Fine close-in lands, on or near sub-tropical rivers, palm-bordered, sun- lit bays and the broad expanses of the Gulf of Mexico, are awailable for subdividing purposes. wooded sections, making immediate development profitabic. Enterprising realtors who enter this fertile field immediately can reap the harvest of a 250,000 tourist season—250.000 people who will visit Tampa and its immediate territory this fall, all sold on_location, cli- mate and living advantages. These are the most responsible prospects for good, substantial real estate investments. Millions are being made in Tampa real estate. A 3,000,000 municipal improvement campaign is under way. Tampa’s million-dollar muaicipal docks, wharves and harbor slips will be completed this fall. The finest roads in Florida traverse these high, Three buildings of more than twelve stories are now under construction and others are planned for erection within the year. This metropolis of South Florida is now at the very threshold of the greatest growth and de- velopment of any city in the South. Join us in Tampa where aggressiveness finds a ready market and ua- limi 1920—52,000 ted -opportunity awaits you. POPULATION For additional information regarding Tamp: 1924—124,000 1930—250,000 , its possibili- ties, its needs and future, communicate with the Tampa Bureau, TAMPA REALTORS BOARD WILLARD HOTEL. National Realtors Go nuoenfion WASHINTON, D. C.