Evening Star Newspaper, June 5, 1926, Page 27

MORTGAGE NOTES REAL ESTATE. posed building and arranges a loan not to exceed half this gross valuation. Care is taken to consummate all de- tails of the transaction before build- ing materials are placed on the ground or any steps are taken which would admit of a prior lien; the first mort- ANPLY PROTELTE Division of Loans Into Small Sums Aids Both Investor and Borrower. BY WILLIAM L. KING. Manager. Loan Department of Boss & Phelps. Although most people ask numerous questions before they invest their money in_ first mortgage notes, few clearly understand just what this form of investment represents and what protective measures are requisite be- fore it may be issued at all. Let us assume that the owner of a residence in some good section of ‘Washington desires to borrow a sum of money and offers that property as security for the loan. He communi- cates his request to the organization from which he desires to procure the loan, and is asked to fill out a stand- ard form of application showing just what his property is, in whose name the title stands, whether there are any claims already held against the prop- erty, whether taxes are paid to date and other similar infor A committee of apprais: estate n ques- ve: visits the proper a careful inspection and on a fair valuation, certifi- of title is'then ordered, and a tax -ertificate from the office of the lo 3 When these papers are 'y insurance has been | d. a loan is made to owner amount not exceeding half the ap praised value fixed by the committee. Issuing the Notes. We now have a definite loan of ¢ secured by a deed of trust or on the property in ques- In former years it was neces- sary for one person or organization to hold this mortgage investment, and as few had the requisite large amounts of money to pur such entire mort- zages the number of people who could place their funds in first mortgage in- vestments was necessarily greatly limited. | Tk | wever, no longer trust or mort- o h unit of which ¢ and protective difficulty, h ries the full right: tures that the complete mortgag would provide. In this wa gage notes, as the units are termed, are rendered available to practically every one who has a hundred or more dollars to invest. Where it is desired to procure a loan | for the erection of a specified building | on a selected plot of ground, the pro- || cedure is slightly different, but the same general principles apply. Here the appraisal committee deter- mines the value of the property as it of the property in an || gage indebtedness must always be the first claim against the property. Paid in Ynstallments. When arrangements for the loun are completed, the money is then advanc- ed to the builder in predetermined in- stallments, which keep pace with the progress of the construction work. These generally ,consist of six pay- ments, but may be varled as circum- stances require. In any event, the holder of the first mortgage, or the { holders of the units into which it is divided, is always protected by the fact that no money is pald out to the borrower at any time until a cor- responding portion of the entire con- struction wori has been satisfactorily completed. The development of this method of making loans, either on property al- ready built or on that in the process of construction, and the subsequent is- suance of first mortgage notes in de- nominations of convenient size, has brought advantages to the average citizen from the double standpoint of borrower and investor. It means that he can more readily procure a desired loan on his property, that he can purchase a home with a minimum _initial payment or that he can build a residence or b ness property to suit his own t without w of money for the purpose. It means that he can place his surp funds or savings in first mortgage in- vestments, divided into notes of con- venient size, without holding his money in idleness until it reaches a large amount oy Mexico has few toy factories, the children there preferring playthings from America. INSPECT NEAR DUPONT CIRCLE $11,500 Atutractive, modern tapestry brick dwelling of eight rooms and | tiled bath. Truly a bargain and | combines added satisfaction of be- ing in the city’s most select resi- dential section. 2104 O Street ON THE HEIGHTS One block from 14th street busi- ness and recreational center. An exceptionally well built _six-room and bath house, with all modern | conveniences, hot electricity, i | water heater. Owner leaving town —a forced sale. Act quickly. 1320 Monroe Street * Open Tonight and Sunday STONE & FAIRFAX 804 17th Street, Main 2424 ompletion of the pro- “Over Forty Years of Real Service." Open for Inspection Sunday Beautiful New Detached Homes Nevada Ave. and CHEVY Living Room, Dii McKinley Street CHASE ning Room, Pantry, Kitchen, Three Bedrooms, Bath, Garage, Large Porch, Hardwood Floors through- out. LUMBER STILL GAINS OVER 1925 RECORDS Volume of Sales Impresses Indus- try — Smaller Towns Believed Responsible for Peak Figures. Again last week the organized lum- ber industry of the United States re- ported a substantial margin of gain over the corresponding week of 1925 even with fewer mills report E being the last full week in Ms is the climax month of the lumber industry, leaves May, 1926, well in advance of May, 1925. Lumbermen are as much at sea as they were a week ago to explain the extraordinary height of the semsonal peak, except on the theory of revival of consumption in the smaller cities and towns and the countr N' telligent comparison of last the preceding week can be made on account of the fact that Monday being a holiday, many mills were unable to get their reports to the National Lum- ber Manufacturers’ Association here in time for compilation today, but telegraphic reports received from 371 of the larger softwood mills showed that the industry was keeping up the high level of activity that has char- acterized it for several weeks. 3 Reports were received by telegraph from 127 of the chief hardwood mills, of which approximately 35 mills failed to report on account of the holiday, but the inference is that there was no great change in the hardwood industry. Reports from the Southern Pine Assoclation were not received in time for publication in _this department. For the 106 West Coast mills the un- filled orders were 410,894,727 feet, as against 431,883,356 feet for 109 mills a week earlier. Altogether, the 359 comparable re- porting softwood mills had shipments 97 per cent and orders 96 per cent of actual production, For the Southern pine mills these percentages were, LARGE NEW HOME Just Completed in CHEVY CHASE, D. C. * 3545 Quesada Street N.W. 2 squares east of Chevy Chase Circle. Less Than $20,000.00 3549 Quesada St. Detached brick home of entrances, front porch, oak fl heat, hot-water stornge tank, ite and gray enamel gns range warming closet, sanitas on kitehen ft. alleys side and rear, entire lot shade trees throughout. odded, lnte roof, copper gutter and rai . will also he completed in 2 weeks. s and 2 tiled baths, front and side bullt-in refrigertor, h.-w. oms, closed atalrs 1o attie, , weveral farge s, house sereencd, shades All_work by reliable sub-contractors, guaranteed by them and by me. Terms arranged conveniently. Open All Day Sunday WM. H. HOPPER Owner and Builder 1333 Belmont St. N. Col. 7923 15 Vee St. N. North 5976 | YOU CANNOT BEAT THIS SEMI-DETACHED BRICK HOME CASH 1350 Monthly Inspect Sunday This very desirable lo- cated home, near stores, school, churches, cars, etc, and containing six large rooms, tile bath, hot-water heat, elec., large rear yard, two-car garage, paved alley. William S. Phillips & Co. Inc. Realtor. 1432 K. Never Bought More! New Modern Homes Northeast | respectively, 107 and 106; and for the ‘West Coast mills, 99 and 91, (Of the reporting mills, the 329 with an established normal production for the week of 225,427,079 feet, gave actual production, 106 per cent; ship- ments, 105 per cent, and orders, 102 Col. Wooten Relieve Col. Willlam P. Wooten, Corps of |}l Engineers, has been relieved from ||ff duty as Instructor at the Army War | Coliege, Washington Barracks, _ef- | fective August 1, and ordered to New Orleans for duty as division engineer per cent thereof. | EE 813 15th St. N.W. of the Gulf Division. I Rl Rl R L T T T ST T T R T eIl See Them Sunday . New Brick Homes $9,350 42nd and Jenifer Streets Chevy Chase, D. C. $500 Cash Sample House Furnished ALL. E. ABKER ANDES O ! Main 2690 = = Your Owe Your Ghildren a Home of Their Own You'll ind a home they'll be proud of in any of these good buys. 3107 Oliver Street, Chevy Chasc., D.C. y: mew detached bricks in Chevy Chase for Six rooms and bath, open fireplace, built-in ‘refrigerator; wide front porches. 238 Willow Ave., Takoma Park, Md. A_well built bungalow on largs lot with attractive shrubbery; paved street, large rooms, open fireplace, perfect condition. 3141 Ordway Street, Cleveland Park. Many features unusual in_ordinary house construction make thie an exceptional buy at $18.500, Detached brick: eight rooms, three baths, exceptionally high Built-in garage. 43rd and Brandywine. New brick homes of six rooms light attic clevation tiled bath, large Worth your immediate inspection . Open Sunday EATON & MARTIN 1010 Vermont Avenue N.W. s — built-in garage, e LOOK THE TOWN OVER—AND Takoma Park THAT YOU WILL FIND VALUES LIKE THESE FOR THE MONEY $11,950 anduvr iT’s IN THOS. A. 906 New York Ave. N.W. [P o 0 e g g i e S T e R 2 o REAL ESTATE. Brinkley-Built Homes ANACOSTIA Chicago Street—One Square to Anacostia Street Car Line 25 Built—19 SOLD _ Brick homes, six rooms and tiled bathroom. Color front porch. Double rear porches. Buiit-in ga Low Price—Reasenable Terms Turn Off Nizhols Avenue at Police Station WM. P. NORMOYLE Realtor 810 F St. N.W. Main 2255 Jamesonh- Built Homes 920 to 924 Quincy St. NW. Only 2 squares from 14th St. car line Inspect at Once Six large rooms. tiled bath, ho-wh., electric lights, hard- wood floors and trim. one- piece sink, built-in ice box, in- stantaneous water heater, and other extras. Double rear porches. cement front porch. With or without built-in garage. “Ask the man wwho owns one” TAMESON COMPANY Main 5526 In Historic Georgetown : Ratcs, 2906 P Street N.W. Exceptionally Easy Terms Sample House 2010 Benning Rd. N.E. Open for Inspection Daily and Sunday Six rooms and bath, hot-water heat, electric lights, hardwood floor, colonial front porch, double back porches and many other attractive features which make this the best buy in Washington today. Long lot to alley. Room for garage. To Inspect: Take H St. Car marked “District Line.” Get off at 20th St. N.E. J. DALLAS GRADY 904 14th St. N.W. Main 6181 EXCELLENT APPOINTMENTS $14,000% $14,500% Terms WEAVER BROS. Realtors 809 15th St. NW. A HOME AND GARDEN capable of an interesting development along old colonial lines. THIS property. when remodeled, will make a home of distinction and is one of a very few homes left for sale in this increasingly desirable 6 toH Rooms section. Exhibit House—616 Whittier St. N.W.. Your Inssection Is Invited Open Sunday From 2 to 6 P.M. For Details of Development and Price See W. C. and A. N. MILLER CO. REALTORS 1119 17th Street N.W. Main 1790 i ¥ (i gk b (b it e i e R AR R R R R R R R R R R R Rttt thththtRt RRLR: M. 9486 Builder—Realtor LR H e H R H e e R R R A SRR LR e R Best Buy in Southeast 1352 D Street A “Life-time” Home in a community of “Life- time” Homes— Price— s7,450 Cash— $9 50 Monthly—$ 59 .75 Just around the corner from the other handsome Homes we built on Kentucky Avenue—and identically like them— 6 Big Rooms, Large Covered Porches, Tiled Bath, Hardwood Floors Handy to schools, churches and l!oreo‘ and close i to Lincoln Park. Here’s a bargain for somebody—at a price and upon :;mu that make it wasteful for you to pay rent another Y. Sure _2nd.&BryantN.E. 2304-2336 Secend St. Siec e You Will Choose This Home —because it is built right and has the features you want e Spacious Homes on Large Lots Contains six roems—living room with open fire- place, three bedrooms, bath with bait-in tub and shower. Colonial decorations, mahogany ami white trim throughout. Inclosed sleeping porch and break- fast porch. Exhibit House, 2621 17th N.E. Located two blocks from Main Northeast thoroughiare in Woodridge. Drive out R. 1. Ave. to 16th Place N.E. (17th St. is under consiruction) and turn right at Evarts. | { o0s. A. Herbert & Sons ‘ 1013 15th St. N.W. — Incidentally | —the price is Less Than $7,500!! on terms that will suit you 6316 Meadotv Lane Chevy Chase, M. Eight Beautiful Rooms—Two Tiled Baths 2-CAR GARAGE : TO INSPECT—Drive out Connecticut Ave., and turn leit into first street after passing Bradley Lane, then turn right on Meadow Lane to house. House one block from Connecticut Avenue. Be Sure and See It Today o - e Inspect the sample house today Six large rooms—tiled bath—screened throughout—hard- wood trim with natural wood finish—built-in refrigerator—en- ameled kitchen cabinet—one-piece sink. ‘We'll have the Home open from 9 AM. to 9 P.M. for your n. Penn. Ave. cars to ldth St. S.E., walking west; Lincoln Park cars to Kentucky Ave., walking south. Or we will be very glad to send one of our autos. s CAFRITZ . || %L SANSBURY €O luc Owner and Builder of Communities I TS Main 4590