Evening Star Newspaper, January 19, 1929, Page 14

REALDL ESTATE. JAMES DESCRIBES LOAN ASSOCIATIONS Attorney Gives Lecture Be- fore Real Estate Classes at “Y” College. Bullding and loan associations of the United States have taken a vital place in the business structure of the country in alding in the purchase of homes, C. Clinton James, lo- cal attorney, de- clared this week in a lecture before the real estate class of the Y. M. C. A College, in which he outlined the general methods followed by most associations. Today building and loan associa- tions are serving more than 12,000,- 000 members over the United States, having assets of B¢ approximately $7.- 000,000,000, he said in pointing to the tremendous growth of such business since the first organization of this type }I;Sfl its inception in Philadelphia in 1. The principle of such organizations, he stated, is to receive savings from members and to loan it to those who want to build or buy homes or to re- finance or purchase real estate. The returns from loans are credited to mem- bers after operation exvenses are cared for and after the setting aside of re- serves to act as safeguards against loss. Protected by Laws. “There are Federal and State regula- tlons which protect the public and help the building and loan associations to maintain a safe program,” he said. “These regulations have the effect of | keeping questionable interests out of | this fleld.” ‘The operation of building and loan @ssociations was described, as follows: ‘To become an investing ‘member of a building and loan association one can start an account in the association op- erating on the permanent plan, which means an association that declares a C. Clinton James. dividend each year, by depositing $1 up |j, and such other sums as one may be able to spare from his income. In the serial associaticn, in which ‘ & new series is started every six months, & person may become a member by pay- ing back the months that have elapsed since the series started and so get the full benefit of the serial, if he stays until the series closes. A slight reduc- tion is made for those who withdraw before the series matures. $300 Tax Exempt. Accounts can be opened at any time in either class of association. The ad- vantages of membership are: Three ‘hundred dollars dividend is exempt from Federal income tax: all dividends are exempt from intangible tax, except special deposits. The association, how- | ever, pays 2 per cent on its gross earn- ings as intangible taxes. A person desiring to borrow must first make application. His property is then THE EVENING STAR, WASHINGTON, D. C., U. S. CONSTRUCTION IN 1928 BY D. A. GARBER. General Manager. Ascoclated General Con- tractors of Ameri Construction operations 1n the ‘United States leaped forward during 1928 to establish a record which, beyond logical doubt, represents the atest volume of building ever accomplished by a nation during any single year in the history of the world. The expenditure for construction of all types in this country last year may safely be estimated at approximately $8,000,000,000. The following estimates for distinct types of construction work handled last year are approximated: General building, $5,500,000,000; engi- neering construction, including public works, $1,000,000,000; highway con- struction, $1,000,000,000, and railway construction, $500,000,000 Expressed in terms of dollars, last year's construction work certainly reached amazing totals. But the full significance of the activities of the con- struction industry during 1928 cannot be found until the results of a study of shipments and consequent consumption 0{ t:’asic building materials are scruti- nized. Seventh Record Year. Viewed from this angle, perhaps the most impressive feature is found in the fact that 1928 was the seventh con- secutive year which eclipsed previous annual totals of construction operations. The constant increase since 1921 has served to place the latest annual total upon a level virtually twice as high as ure recorded for 1914. Ever since 1924, the advent of each new year has found many observers de- claring a decrease in volume of con- struction operations to be imminent. Those who made periodic statement: that “the peak has been reached” ha their eyes upon the pre-war normal volume of construction. Meanwhile those who were in a posi- tion more closely to study construction conditions realized that a “new normal” had been established and that no return to the levels of earlier years was pos- sible. The “new normal” is mainly the re- flection of the new American standard of living attained during the last 10 years. Additional influences are found in the increase of population and in the tendency of people to drift toward | metropolitan areas. Opening is Slow. The year 1928 opened with construc- tion activities almost belying the state< ments of those who felt that the United States was in a position normally to ex- pend approximately $8,000,000,000 an- nually for its new projects calling for buildings, public works, highways and railroads. January of last year showed 2 volume of below that recorded for the same month of 1927. When February, ——— loan is approved, the only expenses he bears are for examination of title, draw- mg the necessary papers, recording, fire insurance, notary fee and tax certifi- cate. The borrower is required to pay back monthly on his loan $1 for each $100 he borrows. One-half of this amount is credited to interest and one- half to principal, the interest being at appraised by the association appraisers, at an average cost of about $4. If the the rate of 6 per cent. Another Showing of Fine Homes In Washingten’s Finest Home Section See Them ‘Adjacent to Million Dollar Bridge, Rock Creek Park and Wardman Park Hotel $14,950 on especially attractive terms Exhibit Home 2637 Woodley Place Open 9 A M. to 9 P.M. ABOV SUPE HIGH TN A OF LOVELY St. NW. e Exclusive Agents E THAE C W RB COMMUNITY HOMES 3827 Cathdrd Ave. BUILT BY WENGER BROS. We are offering the public a group of wonderful homes of which the above is a unit. vary in size and price. ‘These homes ‘This home is detached on spacious lot, built of brick and stone, of the best ‘workmanship and material. Five bedrooms, three Jovely baths, one a shower; big reception hall and living room with handsome room adjoining_dining fireplace; breakfast room: splendidly equipped kitchen with General Electric Refrigeration; Oil Burner; two-car built-in garage. Many other beau- tiful and fascinating features in each dwelling. Located just across Wisconsin Avenue between the Cathedral and Glover Park. See these properties that occupied by the corresponding fig- | ESTABLISHED WORLD'S MARK Approximately $8,000.000.000 Expended for Building Represents Largest Sum Spent in Year by One Nation. March, April and May indicated small inclination to build up activities to the level held by the same months during the ding year, it seemed that the construction industry had “reached its ceiling” after a steady six-year climb. During the first quarter of 1928, how- ever, orders and shipments relating to construction materials reached a volume which definitely indicated that months of the near future would produce activi- ties that would combine to put the year in the role of a record-breaker. June found all previous figures for a single month exceeded. A slight de- cline in July was followed by a rise in August. Then came a sensational spurt which sent the September sky- rocketing to a level which astounded even those most familiar with ‘the in- to the end of the year earlier marks ml before the immense volume of activity. The result was that new records for individual months were cement front porch, garage. 1433 K St. N.W. I e Call the 1 Office for Auto Service established eight times during the yea Special interest centers in uu that the Autumnal and early Winfer months found operations fighting hard and successfully against the seasonal declines which in previous years had been thought to be inevitabie. Standard Contract Gains. The tendency to reduce the volume of “Winter lay-offs” formed but a part of the general inclination to rid the aonstruct!on industry of wasteful prac- ces. Broad advances were made toward a more general use of standard contract forms approved by architects, engineers, public officials and contractors. Ap- plication of these forms to construction operations repeatedly kept all parties concerned out of legal entanglements by the simple medium of “making ev- ery thing clear” before work was be- gun. A most important action to give the prospective owner “more for his money” was found in the effort to place the construction Industry upon a sound credit basis. Until last year, it was possible for almost any man to be- come a “builder” overnight by the sim- ple expedient of submitting the lowest bid on any job which he fancied to handle. Practices which are relics of the chaotic conditions existing in the in- dustry during earlier years long had made it possible for “fly-by-nights” to secure construction materials and equipment without more than a frac- tion of financial outlay. Both the fields of engineering and building construc- tion found determined assaults made Convenient to car line, Walter Reed Hospital and business houses. located on a lot 50 feet wide and 110 deep, contains 6 large spacious rooms, tiled bath with built-in tub (also a servant’s toilet in basement), outside pantry. 7 clothes closets on second floor, etc.; has oak floors thfoughout, open fireplace, automatic heater for service water, copper-clad shingle roof and other desirable features. Reasonable terms. Realtors—Established 1887 the practices co-operative eflarf.l of all elements n’h the construc- industry. While the necessity of -kln these assaults had long been rulhed it remained for the year 1928 ta witness the first general effort to the second largest industry of '.he Unlud States upon a businesslike basis. BALTIMORE MORTGAGE FORECLOSURES INCREASE Ten Per Cent Gain Is Blamed on Realty Market Slump and Business Conditions. Special Dispatch to The Star. BALTIMORE, January 19.—A 10 per cent increase in mortgage foreclosures during the last year, as compared with 1927, is shown by the records of the two Equity Courts in Baltimore. Court clerks gave a real estate market slump and bad business conditions as thelr explanation of the increase. There were 2,529 foreclosures last year, compared with 2299 in 1927, Both courts showed an increase in fore- closures for 1928. . Realtors Send Invitation by Radio. Realtors who would like a direct in- vitation to the annual business meeting $12.500 "DETACHED BRICK CORNER (S.E. Corner 7th & Fe"l Sts. In the BEST SECTION OF TAKOMA PARK, D. C. This beautiful home, Separate Critical inspection invited as to construction, design and equipment as ‘we believe that we are offering an unusual bargain. WM. H. SAUNDERS CO., Inc. District 1017 SATURDAY, JANUARY 19, 1929.° of the National Association of Real Es- tate Boards, in Birmingham, Ala, Jan- uary 23, 24 and 25, have only to tune NFAL ESTATE. in on Station WAPI, wave length 263 meters, Thursday, Priday or Saturday evening at 8:55 and they will hear the five-minute lnvluflon which will be broadcast by irmingham local committee. SHELBOURNE HOMES BLADENSBURG ROAD AND M ST. If You Are Slow to Act on “Hunches”—Let’s Hope You’'ll Act on Facts THE OPPORTUNITY OF YOUR LIFETIME! Everything to be found in $10,000 homes. you will find here for 87950, for a limited time, with concrete streets and alley included. The effect that the location, practically next door, will have on values here, is tremendous. You are thus afforded the golden opportunity of buying a home in this attractive subdi- vision now at a price and on terms that will be unheard of when Sears, gigantic local enterprise is completed in June of this year. If you don’t share in this increase in real estate values, there will he no one to blame e e e e but yoursell. Sears, Roebuck & Co., of Chicago, are to begin at once the construction of an ultra-modern retail department store, just two squares below this restricted new home sub- division on Bladensburg Road. of this billion dollar organization Roebuck & Co.’s Architect’s drawing of structure which will be erected on Bladensburg road by Sears, Roepuck & Co. Construction will :tart in two weeks. If You Ever Acted Quick, Do It Now! Prices Remain the Same, Only Until the Few Homes We Have Left Are Sold EXHIBIT HOMES OPEN 10 A.M. UNTIL 9 P.M. GEORGE A. WILSON COMPANY Bladensburg Road and M St. N.E. Atlantic 1274 WHERE CAN YOU FIND THEIR EQUAL? “WE CHALLENGE COMPARISON” Open, Lighted and Heated Every Day Till 9 PM. Positively the Largest and Most Complete Six- Room Homes for $8,950 Rent-Like Payments Big AR oOWN YOUR OWN HOME. [l BUY WITH CONFIDENCE [ DUNIGAN’S PETWORTH HOMES See the Exhibit Home—5020 Fifth St. N.W. Porches Big Rooms Big Bath and GARAGE Convenient to Cars, Busses, Schools and Stores Just Off Kansas Ave. CONCRETE STREETS—PAVED ALLEYS All city improevements, including concrete streets, alleys, curbs, sidewalks, sewer and water are made and paid for. There can be no special taxes. See These Homes Sunday at once if you desire a high-class home. Drive out Mass. Ave., across Wi Re® GnaMiefi Aon CithearareRte: Open All Day Sunday and Daily, 2 Until Dark BOGecELPS 1417 K St. Main 9300 1319 N. Y. Ave. Phone . National 1267 D. J. DUNIGAN, Inc. H et