Evening Star Newspaper, October 16, 1926, Page 13

REAL ESTATE WASHINGTON, D. C, hc ?flgfliflg §1af SATURDAY, OCTOBER 16, 1926. CONSTRUCTION WORK CENSUS i PUTS CAPITAL IN SIXTH PLACE $53.292.950 Operations Since First of Year Advance This City Above 19 Others:; Florida Is Recovering. With a total of $53,292 the Na- flonal Capital moved from eighth to ixth among the 25 leading cities in uilding construction for the first nine months of this vear compared with the same period in 1925 'he cities that are tngton New ahead of Wash- York, Detroit, Chi- cago, Philadelphia and Los Angeles, all iter gities industrially and in population, “For the month of Sep- ter Washington also stood sixth in comparison with the other cities of the country. September, 1925, it was e t A loss of 16 per cent was sustained in building permits filed in Septem- ber in the 463 principal American cities and towns, compared with Sep- tember, 1925, according to the na- tional monthly bullding survey of B. W. Straus & Co. made public yes- terday. The same cities lost 415 per cent during the first nine months of the year compared with the same perfod vear. The volume of plans filed for the three-quarters of the year amounted to $3.28 compared with $3,437,31 the same period of 1925 during Decline Is Scattered. The decline in building activities was fairly well scattered over the country. New Yor Los Angeles, Cleveland. Boston, St. Louts, Mil waukee, Pittsburgh, Portland, Oreg. and Oakland, C: reported consi erable losses in September as com- pared with the same month a vear ago, while important gai were shown in Chicago, Detroit, Fran- cisco, Newark, J.: Baltimore, Al- bany, Cincinnati, Buffalo, Yonkers and Columbus, Ohio. ‘The W. Straus & Co. figures, which comprise the first building re- ports from Fl since the storm, indicate fairly large activities through- out the State. While the September figures showed a pronounced decline a8 compared with the same month last vear, a very sizable volume of permits were filed in the leading centers of the State. Among these were: Coral Ga- bles, $1,112,654; Daytona Beach, $584,- 200; Jacksonville, $1,216,617; Lakeland, $834,650; Miami, $844,496; Miami Beach, $321, Orlando, $1,052,297; St. Petersburg, $672,600; Tampa, $916,- 077; West Palm Beach, $216,540. For the first nine months of the year the 29 principal centers of the State had building permits of $144,686,512 com- pared with $162,839,478 for the same period in 1925. Material Prices Steady. Building material prices throughout the country were steady for the most part during September.” Wages in the building trades were well stabilized, although a survey of more than 60 princpal citles indicated a small ad- vance in the average level of wages as of October 1. Twenty-five cities reporting largest volume of permits for three-quartsr of 1926 are: New York-P., F. . Chicago . =33 ] 23! 3 e 2Bl o o R i) 2909695t oD Sl NN 923 2 INSTALLMI%NT BUYING DANGER PSYCHOLOGICAL, SAYS BABSON BY ROGER W. BABSON. BARBSON PARK, Ma: October 18. —“Without doubt the good business which this country h: enjoyed the past two or three vears has been greatly helped by installment selling. Installment selling has made possible a new form of credit. Individuals end families who have bheen unable to reccive open account credit are now able to enjoy installment credit. This installment credit has been as much of a factor in retail trade as the Nation’s entire exports have been in wholesale trade. Although the sta- on instaliment sefling do not in- a large figure, vet it must be mbered that an increase or de- crease of 10 per cent is a tremendous business factor. “Our foreign trade when highest figure amounts to only 7 per cent of the tota at less than 15 per cent of ¢ ers are out of emplo York consumes 100 cz potatoes a day. a shortage of five cars will send up the price of the entire 100, while a surplus of five cars will bring down the price of all the car- loads. Installment selling has stimu- Jated business. Even although it has had a tendency to oversell the con- sumer, it surely has been a great benefit thus far to business as a whole. Iment selling has ‘put business over' the past few vears, ‘What Statistics Show. It is estimated that retall sales in totaled $40,000,000,000, of which ,000.000,000 consisted of in- sales. . Of this $3,000,000,- 00,000,000 was advanced on automobiles alone. Although these figures show the instaliment business 1o be less than 10 per cent of the total business, the injection of this $3,000,- 000,000 has i a tremendous effect on ‘speeding up all retail sales. It has been a great stimulant to busi- ness, which would have been surely missed otherwise. Howe it must he remembered that a stimulant is always a stimu- lant, and in order to he effective it must be served in constantly increas- tng doses. This especially applies to the installment business, because the greater the amount of installment business, the greater the amount of ready cash must be used in paying up previous installments and a lesser Re-subdiv amount of cash is available for new purchases. Retail sales, unfortunate- 1y, quickly adjust themselves to the installment business the same as any person becomes accustomed to the use of a drug. This means that for the installment business to benefit general business in the future it must continue to increase as one must in- crease the doses of a drug in order to enjoy its continued effect. Installment Selling and Depressions. I am sorry that installment selling has developed so generally. I feel that it is dangerous and sooner or later will give us trouble. On the other hand, it must be generally rec- ognized that it would be a very bad thing for the business situation to have installment purchasing stop at this time. Any such attempt would surely bring about a panic and busi- ness depression. It would be like suddenly drawing a needed stimulant away from a sick patient. Now that we have started installment selling, we must continue it, or at least con- tract it very gradually. “T go further and say that there is nothing in installment selling per se to bring about a business depression. The business community has adjusted itself to installment selling, and its confinuation on the present basis should have no direct effect toward bringing about a business depression. Business depressions are primarily caused by the weather, the desires of people, the public health and new in- ventions or new developments. After business has adjusted itself to any- thing any change is apt to cause trouble. Therefore, although I am sorry that the installment business has started, I would be the last one to stop it at this time. Why Is It Dangerous? Tf the above is the case, then the question immedlately arises, What objection have bankers and others to installment buyving? The objection is as follows: In previous depressions the only debtors were a small group of manufacturers and merchants ®ho became overextended. This was prob- ably less than 6 per cent of the com- munity. Others have suffered in busi- ness depressions only through unem- ployment. Thus previous depressions have aroused no strong feelings or antagonism by the taking away of property from the masses. Today, un. Massachusetts Park sion on Woodland and Rock Creek Drives, ad- joining Rock Creek Park, one block west of Conn. Ave. Bridge and near Mass. Ave., now available. Included in what remains of The Triangle of Increasing Values —between Connecticut, Massachusetts and Cathedral avenues. Over 250 homes bu 1t and under construction. Actual improve- ments and home values exceed $10,500,000. Wooded villa sites, lots, central and side hall homes, with lots from 50 to 300 feet front, from $25,000 to $200,000. Middaugh & Shannon, Inc. ESTABLISHED 1899 717 14th St. N.W. Rejuvenated Roofs By Rose HEN you stop to think, there isn’t a more ex- i)osed paft of the building than the roof. t catches the peak of the storms; and suffers the heat of the day. That calls for the best of materials; and the most skilled roofmanship—or it'll continue to be a bill of expense. Rose roofs don't give their owners any anx- iety—nor involve them in up-keep expense —because we built. build them as they should be Thousands upon thousands of roofs in Washington are examples of Rose ability. Much cheaper in the end— and no more beginning = $120.2122 Georgia Avenue ive at to let “Rose do it.™ COMBANY North 847848 NEW REAL ESTATE BOARD OFFICERS The following officers were elected to head the Washington Real Estate Board at the annual elections last Monday. Upper, left to right: John F. Maury, president; W. C. Miller, vice president; Ben T. Webster, second vice president; James P. Schick re- mains secretary-treasurer. Lower: Three members elected to serve with the officers as the executive commit- tee. Left to right: Clarence F. Dono- hoe, Claud Livingston and Jesse Hedges. der the installment system, things are entirely different. When the next depression comes, instead of only 5 per cent of the peo- ple owing on their property, 30 per cent will be owing on their property. Although the total money involved is not very large, the total number of people involved is large. When such a great number of people have pres- sure put upon them and have property taken away from them, a very resent- ful feeling is generated. It is not de- pressions, but rather revolution which installment selling may hasten. Of course, this is offset in part by labor leaders taking an active stand against installment purchasing, as they fear vage workers are less likely to be willing to strike when they owe a large amount to the installment houses. But, although installment buying may tend to dam the stream and postpone trouble, does not this mean that it may be all the greater when it comes? Statistics Needed. However, my purpose is not to op- pose or encourage the instajlment business. It is here to stay and has brought many comforts to many fam- illes " which ~ they otherwise would not have. I, however, do appeal for statistics relative to the finance com- panies dolng installment business, At the present time we have splendid re- ports on our banks, but no statistics on these finance companies which are dolng far more dangerous busin than the banks are doing. Thes: tistics should be avallable. Instal ment companies may be in a splendid condition, but no one knows whether they are or whether they are not. The publication of facts never did any harm and usually does good. There- fore, no matter how we may feel on the installment situation, we should get the figures. It has been commonly supposed that buying on the installment plan has .increased greatly during recent years and that it is increasing at a rapid rate, but this is not so. In- stallment selling, in all trades, has in- creased only 7 per cent between 1923 and 1925. Furthermore, with 25 per cent paid down and the balance paid within a year this form of credit has real uses. Surely this is a factor in the Babsonchart still being 16 per cent above normal. (Covyright. 1926.) HARRIS -EWING Photos Mayor’s Signature Makes Baltimore Court-Censored Zoning Law Effective BALTIMORE, October 16.—With the signing of a city ordinance this week by Mayor Jackson, Baltimore is again operating under a zoning law. The new ordinance, compiled from several older measures, contains fea- tures not “knocked out” by the Court of Appeals. The compilers sald they believe it is “all the courts -will sus- tain” until the Supreme Court of the United States decides the question. The measure embodies the following principles: 1—The section of the building code REALTORS PLEDGE HELP T0 BOARDS IN FLORIDA National Association Acting as Clearing House for Firms Wish- ing to Aid Relief Work. Looking forward to the.work of rebuilding and replacement which must be undertaken by Florida com- munities swept by the tropical hurri- cane of September 18 and 19, the National Association of Real Estate Boards, through its officers and its members, has assured Florida and the real estate boards in the storm area that realtors of the United States and Canada are anxious to help them. Telegrams have been sent by the association to its larger boards stating that while it is assumed that mem- bers of the boards generally will pre- fer to contribute through their local Red Cross branch, the National Asso- ciation of Real Estate Boards wishes to offer its facilities as a clearing house for any realtors or boards who desire to make a contribution as such. The assoclation is forwarding funds 80 recelved promptly to Red Cross offi- cia’s in ¥lorida. Of course most modem, Avenue. living and dining rooms, 1412-Eye Street Meeting’ the Vog’ue for Spanish Homes There's sufficient Spanish charm in this home design to suit any one—and the appointments are new British Embassy, just off Massachusetts North of the site of the Mass. Ave. Heig’hts First floor contains wide reception hall, cloak closet and attractive Colonial staircase. Large each with French doors to concrete side porch, breakfast room with Pull- man diner, and a completely equipped kitchen. Four bedrooms; screened sleeping porch; beautiful tile baths on second floor. quarters with bath also. entered from paved alley. One of the few new homes available in this section. Open All Day Sunday Hedges & Middleton, Inc. Realtory two Servants’ Large built-in garage Franklin 9503 : B, e S5 — nm@g‘)mq;—‘w,_fi prohibiting certain uses without pre- vious authority of the mayor and coun- cil. Hospitals, “nuisance industries” and others come under this clause. 2—The so-called ‘“mayor’s ordl- nance,” with the addition of bottling estabishments, motor vehicle repair shops and bakeries. It limits the loca- tion of 31 different types of use of buildings through the inspector of buildings and the mayor. 3~—It requires owners who erect new buildings, other than residences, or who change present uses, to apply for a permit. Before a permit is granted the property must be posted, but need not be advertised. 4—1It prohibits permits for uses of property which create hazards or en- danger public health or morals. It allows appeals to the board of appeals and the courts. Standards are set controlling decisions of the building engineer and the board of zoning ap- peals. 5—It requires residences that are converted to commercial uses to com- ply with structural requirements of the building code. 6—Permits must be exercised within six months from date of 1661 NEWSPAPERS BACK LOCAL INVESTMENT Co-operate With Realtors’ Associa- tion in Urging Advantages of Home-Town Field. Newspapers in'a number of cities are co-operating notably with the real estate boards of thelr localities in the national co-operative advertising cam- paign sponsored by the National As- soctation of Real Estate Boards to set forth the advantages of the home town as a field for investment. The Omaha Bee, recognizing the campaign as one of community build- ing, has donated its space to the Omaha Real Estate Board for the serles of 12 advertisements calling at- tention to the advantage of “staking out a claim in your home town where you can watch it.,” and of making that investment one which would ad- vance with every advancement which the city made in growth or prosperity. The Chicago Herald and Examiner has similarly donated full page space to the national series in the name of the Chicago Real Estate Board. L] HOME & GARDEN 13 - REAL ESTATE MEN WILL HOLD EXPOSITION HERE NEXT WEEK Public to Get Ideas on Better Homes and Building at Six-Day Exhibit at Washington Auditorium. The Better Homes and Bullding Ex- position to be conducted by the Wash- ington Real Estate Board at the ‘Washington Auditorfum will be opened Monday at 7 p.m. and will con- tinue until Saturday night. This exposition is open to the gen- eral public and has been arranged largely for their educational pur- poses. The hours of the exposition will be from 1 o'clock in the afternoon until 11 p.m. The purpose of the board in bringing about this exposi- tion, while in a large measure for the benefit of those engaged in the real estate and building business, is pri- marily to bring to the citizens of ‘Washington more adequate knowledge of the details and problems that enter into home construction, home pur chasing, home equipment and the modern methods of operating and maintaining a household. The board has endeavored to ar- range the exposition so that it will present to the purchaser, to the seller, to the housewife, to the real estate man, to the builder, to the architect and others closely allied in the home problem 2 means of closely studying the most modern methods that are employed in housing in the I\atlom\l Capital and throughout the United States. Other Drganizations Help. Among the things that will be of in terest to the general public, and which are closely related to the home, will be the exhibit by the Visiting Nurses Society of the District of Columbia, the American Red Cross and the Pub. lic Library. These organizations, which have had the benefit of wide ex perience in the intimate details o: home life, will co-operate with the real estate board in presenting ex hibits of interest and of an educational nature. A model house, complete in every detail as to architecture, modern con veniences and furnishings, has been built on the floor of the Auditorium and will be one of the outstanding ex hibits. A modern street lighting sys tem will also be one of the large ex- hibits. Real estate men engaged Iir the sale of unimproved property wil have displays. Dealers in every con- ceivable modern device for labor sav- ing in the home have taken more thar 150 booths that will completely fill the upstairs and downstairs areas of the Auditorium. Manufacturers of raw materiales will exhibit and manufac turers of brick, steel and other mod ern materials that go into building : house have arranged for large dis plays. The Potomac Electric Power Co. is having an elaborate booth. Methods of financing, furnishing, etc., ‘will be shown. Lectures for Housewife. Of particular interest to the house- wife will be a series of lectures to b given during the evenings on such topics as cooking, interfor decorating landscape gardening, household hints color combinations and the preserva tion of evesight by proper lighting. All methods of heating a house, kitch en equipment, etc., will be shown. The newspapers of the city will exhibit showing the relation of the dafly newspaper to the home and their worlk toward better homes. Life insurance companies will have educational booths and statistics of interest to home builders and home owners. The exposition will be confined to educa- tional actlvities for better homes and better buflding. No efforts outside of this line, such as contests, etc., will ba made. Dem- onstrations will be confined striotly to subjects and talks useful to the building of better homes. The hope has been expressed by the officials of the Washington Real Estate Board that this first experiment of theirs in the National Capital of a better homes and bullding exposition will meet with generous public response, so that they might repeat annually this affair which they have inaugurated purely as an educational feature and to en- courage home owning in the National Capital. Tt is the hope of the board also, that the beauty of Washington and its reputation as a desirable resi- dentfal city will be greatly benefited by such expositions from time to time, The exposition 1s in charge of Clarence F. Donohoe, John F. Maury, W. C. Miller, Albert E. Landvoigt, Thendore M. Judd, Jesse H. Hedges and Ben T Webster. Among Those Exhibiting. The following organizations are among those who are exhibiting at the show: Amoss & Dowsley, Asbestos Shingle Slate & Sheating Co., Aurora Hills Homes. Inc.; American Furni- ture Co., Barber & Ross, P. F. Brand stedt, Bonded Guarantee and Mort- gage Co., Carroll Electric Co., Crane Co., Delco Light, Frigidaire, Poter Dorsch, Doubleday-Hill Electric Co. Edgar Morris Sales Co., Electrical League, Fries, Beall & Sharpe Co., Furnas Electric Co., Hudson Supply Co., Hydraulic Press Brick, Kelvina- tpr. Lee Helghts, Lehigh' Portland ‘ement Co., Lyon, Conklin, Lyon & Fitch, Lyon Village, Master Plumbers Association, Minneapolis Heat Regula tor Co., C. A. Muddiman Co., Murphy & Ames, National Electric Co., Na- tional Mortar Co., New Method Stove Co., Ofl Burner Engineering Serv- ice, Ploneer Fireplace, Pennsylvania Building Supply Co., Point Lookout, Inc.; Potomac Electric Power Co. Rock Creek Nursery, Rosslyn Ste and Cement Co., Shade Shop, ilent Automatic Corporation of Washing- ton, Smith & Kline, Inc.: Waller Dishwasher Co., Welsbach Co., W. H. West Co., Andre-White Corporation, Edson W. Briggs, C. O. Buckingham, Equitable Life Insurance, Arthur Jordan Piano Co. Metropolitan Life Insurance Co., “Mike,” W. C. & A. N. Miller, Smoot Sand and Gravel Cor- poration, Willcox & Gibbs Sewing Machine Co. Washington Post, Washington News, District Title In< surance Co., The Evening Star, Stelos, Boss & Phelps, John F. Donohoe & Sons, Red Cross, Public Library, Vis- iting Nurses' Soclety, American In- stitute of Architects (Washington chapter) and Times-Herald ITATION to visit a model suite RNISHED With Special Fitments by DULIN & MARTIN Open Daily Until 9:30 P.M. Adjoining 2400 Sixteenth Street Across from Meridian Park MerB: WARREN Ploncey Washington Builders of o-Operative Apartments 925 Fifteenth Street—Main 9770 Crescent Place CO-OPERA-TIVE