Evening Star Newspaper, February 2, 1929, Page 15

~REAT ~ESTRTER W.L KNG DELNERS FIVANGIG TALK Ability of Broker to Arrange Payments Big Factor, “Y” Class Is Told. In this age of the universal popu- Jarity of installment buying, the ability of a broker to finance real estate trans- actions is in a large measure an index of his success in his business, W. L. King, member of the firm of Boss & Phelps, declared this week in a lecture on real estate sales delivered before the class in real estate of the Y. M. C. A. College. The great majority of homes today are sold on some form of deferred purchase plan, he said. While there was a time when a mortgage on the home was considered somewhat of a stigma on the family name, modern tendencies have com- pletely changed the situation, with the result, according to Mr. King, that perhaps 95 per cent of the homes in the District of Columbia have one or more mortgages secured on them. “Where a purchaser desiring to buy # home or make an investment in other types of real estate is in a position to pay all cash or approximately 50 per cent cash, no special ability is required in connection with the financing of such a purchase,” he said. “With al- most unlimited sources available for in- vestment in first mortgages approxi- mating 50 per cent of the value of the property, the broker or his client ex- periences little difficulty in consummat- ing a transaction predicated on the payment of 50 per cent of the purchase price in cash. “Trust companies and life insurance companies, with their vast resources of capital and trust funds, are in keen competition in keeping their money in- vested and choice first mortgages have for a-long time been their preferential form of investment.” In discussing junior financing, Mr. King expressed the opinion that the home owner would benefit by a modifi- cation of the usury law to permit the placing of a second trust at an interest rate greater than the legal amount now allowed. Such a modification would make available larger sums of money from a wider range of sources than at present available. Under existing con- ditions the borrower finds it difficult to lace second trusts. DT the oent meeting of the class John A. Petty, executive secretary of the Washington Real Estate Board, will close the course with a discussion of real estate ethics. MARYLAND’S TAX BASIS $2,739,311,549 IN 1928 Records of State Commission Show Figures Nearly Doubled in Less Than Decade. Bpecial Dispatch to The Star. BALTIMORE, February 2.—In less than a decade the taxable basis of Maryland has nearly doubled, accord- ing to records of the State Tax Com- mission. The taxable basis in 1919 was $1,588,485,326. Last year it reached $2.730,311,549. During the 10-year period the State tax rate has been reduced from 36.31 cents to the present rate of 25.74 cents, which will be continued for the fiscal years of 1930 and 1931. $ ‘While the tax rate has been reduced, the State expenditures have greatly in- creased. The budget which Gov. Ritchie recently presented to the Legis- Jature is the !ll‘l;l:“ in the sm hu; tory. It contempl appropr! of sn:ogiooo for 1930 and of $27,200,000 for 1931. ¢ B SLLVRRS GOVERNOR TO TAKE OFFICE Portes Gil Will See Successor In- augurated in Mexican State. MEXICO CITY, February 2 (#).— President Emilio Portes Gil, who is still nominally night aboard a special train for Tampico to attend the inauguration of his suc- ago to become secretary of interior in the cabinet of former Presi- dent Calles, a post which led later to the provisional presidency, which he now occuples. His regular term as governor expires next week. He will be accompanied to Tampico veral members of his cabine! THE EVENING STAR, TWASHINGTON, D. C. SATURDAY, FEBRUARY |HOMES PURCHASED BY TWO OFF[CIALSl Maj. Alfred Bainbridge Johnson, new personnel officer of the Army, has purchased from Boss & Phelps the house at 4414 Q street, shown at the left of the illustration. during the Wilson administration. Maj. Johnson formerly was military aide to the President, The adjoining residence, 4416 Q street, recently was purchased by Elwood Street, director of the Community Chest, now conducting its first financial campaign for the support of local charities and social service agencies. Architecture Begins to Express Age Of Machinery and Speed, Report Says Speed, mass-production, huge cor- poratiol high-pressure salesmanship, advertising campaigns and jazz are ele- ments of modern life, which demand truthful expression in modern buildings, declares Gerald Lynton Kaufman of New York, in a statement made public by the American Institute of Architects. “Obviously,” says Mr. Kaufman, most expressive product of the machine age, combining both speed and mecha- nish, is the elevator. The elevator mace the skyscraper possible; its presence in- side such a structure is emphasized by a predominance of vertical motives in the treatment of the facade. “Steel, a product of machines, mass- production, and huge corporations, is also essential to the modern building. Considerations of climate prevent the ‘acfual exposure of steel on a facade, but nothing hinders the true expression of this form of construction in the design. “The products of the machine age in glass, metals and alloys, in tiles terra cottas and concretes, offer an extensive alphabet with which to write for pos- terity the message of today. “Modernism is trying to express this third dimension of truth. If materials are machine made, let them proudly pro- claim the fact rather than hide behind false pretenses. If a building is erected by a corporation conscious of the advertinsing value of the facede, let it have black brick, gold ornament and flood lighting. “If a purely commercial structure is built, let its lines express steel framing, Overlooking Eastern High Inspect 1700 B St. N.E. Attractive seven-room homes in this beautiful new all-white development, containing _tiled with = shower, hardwood floors and trim, and every other attractive feature to make this house just THE HOUSE you have been looking for. Built-in ga- rage. 3 Streets and Alleys Paved Low Price and Terms R. E.Kline, Jr. Owner 718 Union Trust Bldg. M. 5246 Or Any Broker Drive north 2 blocks from 17th and East Capitol Streets. Interesting Proposition Will be made in connection with the price and terms of this attractive Home— 5329 Reno Road Chevy Chase, D. C. Drive by Sunday and go through it. It's a most complete Home, located in the highest part of Washington, Detached, —with 5 bedrooms.- in the basement for lavotory on the screens, awnings, on lot 60-foot front first weather 8 rooms -and an additional room the servant. Complete floor. Oil burner, strips. Every- thing a home ought to have. No obligation for inspection—and you can learn price and terms at that time. Open Sunday from 10 AM. to 6 P.M. Out either Connecticut Avenue or Wisconsin Ave- nue to Harrison Street—to Reno Road. W. C. and A. N. Miller 1119 Seventeenth St. Decatur 610 elevators, glass-lit high rent office floors and machine made ornament. Archi- tecture is just beginning to know its age and to be self-conscious in its expres- sion of today $6,111,550 LOANED IN D. C. BY COMPANY New York Life Made 3,735 Mort- gage Investments Here in 1928. Mortgage loans on property in the District of Columbia amounting to $6.- 111,550 were made by the New York Life Insurance Co. during 1928, according to an announcement today by Earl Karew- son, agency director. For the entire field of its operations the insurance company during the past Yyear made 3,735 separate mortgage loan investments, amounting to $99,962,522 and accommodating 13,128 families, it was stated. These loans were distrib- uted throughout 246 cities within 41 States and the Dominion of Canada. The total outstanding mortgage loan investments of the company now are re- ported to be 29,607 for $533,420,660. DETACHED 9 ROOMS 2 BATHS southern exposure. porches, big, 6th St the Retervoir, Rork Creek Par fu heat, electricity, is modern ane 317 Woodward Bldg. have been sold out of 44 built. 7 Rooms Tiled Baths Built-in Showers Big 145-ft. Lots Fine Garage Exhibit Home 1825 Otis St. N.E. Open Till 9 pm. Burleith open fires make warm friends and bring the family closer together. After all, there is no luz- ury to surpass the joy of an open fire. The colonial mantels are authentic re- productions of a mantel in a famous Connecticut mansion, feet ‘of ground it makes a real suburban home risl concrete front porch, lined with flower boxes, is almost a Summer home in itself. IT 18 THE LAST OF THIS ESTATE OF 11 HOMES, EASY TERMS PAUL MAGOFFIN Exclusive Agent *‘Outstanding Values! Most Beautiful Homes, Ever Built in N.E.I That's why 41 Homes @ ELOQUENCE SMAL PORTION OF REALTY Silver-Tongued Salesmanship Is No Longer Consid- ered a Factor. Silver-tongued salesmanship plays a small part in real estate business be- tween brokers and chain store exec- utives, Charles H. Sandford told mems bers of Ihsc}ynkcrs' dviision of the Na- tional Assocfation of Real Estate Boards at the annual business meeting of the | organization. Mr. Sandford, who is in charge of the location problem for a |large chain store business, added that the chain store executive wanted in- exhaustible information from the real estate broker, rather than salesmanship. In outlining the main elements to be considered in locating a chain store Mr. Sandford named: Type of location —a men’s location can best be found near clothing, shoe and sporting goods stores, and women's location shouid be convenient to department stores; location percentage, which can be de- termined by a stop watch count of traffic on the most suitable corner of the town and a count from which a comparative percentage may be figured, on the spot offered, and the purchasing power or quality of the traffic passing the location being considered . For the fact that many cities have no limitation and a lack of diversification in their chain stores Mr. Sandford blamed realtors. Such a condition, he said, depreciates the value of property in a town. “Naturally, the well established and successful chain store operators do not view this condition with pleasure,” Mr. Sandford declared. “Chain stores, de- spite their national aspect, are inter- ested in the cities and towns which they serve. They have their share of local civic pride. Their investments are in the locations they back, and their | § interest is as great if not greater than that of the individual local merchant. They have as much interest in main- taining the reputation of the city as a good business center as has the biggest local booster. “Since no city can support more stores than those justified by existing purchasing power, it necessarily follows that limitation and diversification are to the best interests of the town. The realtor can do much to*bring this about by replacing outgoing tenancies with in- coming chains of diversified lines.” LYON VILLAGE’S l;!EHWAY BORDER TO BE PARK AREA Development of Property Is Urged by President of Company to Beautify Road Route. Borders of the new 28-foot Lee High- way where it passes through Lyon Vil- lage, Va., will be developed as a fully landscaped park area, according to plans announced today by Frank Lyon, president of Lyon & Fitch, Inc., de- velopers. Mr. Lyon suggests that all owners of property along the reconditioned high- way would do well to make reasonable expenditures to beautify the environ- ment of the thoroughfare. The cost of such improvements would be more than offset by the increased value to the property affected, he said. 1347 Montague St. N.W. STONE HOME Wonderfully constructed with heayy. thick blue-granite walls, warmth in the Winter and coolness in the rooms, one bath and big sleeping porch are on (he first foor. ne_fire $14,500.00 Lot 50x132Y/, Open which_mean e Summer. of its & 1 . Tta 'detlenttui d 'the igh-class location’ near Remember, 2 Bt In the elt: lis fmmen: Phone Main 3023 199 $350 Cash $59.50 Mo. A big, new Government i Park lies arcoss from these Semi-Detached Homes. The Standard of Compariten COME OUT AND INSPECT! NO OBLIGATION TO BUY! s ot A UR]EITH You may enjoy the comfort of your own open Hearth in Burleith 3603 R Street N.W. HIS home contains 6 fine rooms—3 are bedrooms— a ftiled bath—an open fireplace, double rear porches, a Colonial mantel, hardwood floors throughout, and a large basement with laundry tubs. Completely equipped kitchen —hot - water heating system, automatic hot - water heater and beautifully designed in- terior woodwork and decoration complete this marvelous dwell- ing. Of course, it is ideally lo- cated on an attractively land- :clned lot. $10,950. Only one OPEN FOR INSPECTION MISTRIAL FOR GALLOGLY. Jury Deadlocked in Case of Youth Accused in Murder. ATLANTA, Ga., February 2 (®).— A mistrial was declared early last night in the case of Richard Gray Gallogly, accused of the murder of a drug store clerk during a hold-up last October, when the Superior Court jury reported that it was hopelessly deadlocked after nearly 24 hours of deliberation. The 19-year-old son of a soclally prominent family here was accused of participating in the attempted robbery with George R. Harsh, a college mate. Williard Smith, the clerk, was shot down when he attempted to resist. Harsh, who confessed the shooting and implicated Gallogly as his companion. recently was convicted and sentenced to die in the electric chair. Gallogly denied that he participated in the hold-up and said he attempted to dissuade Harsh when the latter an- n;:ounced his intention of robbing the store, % The jury stood six for acquittal and six for conviction with a recommenda- tion for miercy, it was announced. On the first ballot taken three were sald to have voted for acquittal and nine for conviction with the mercy recom- mendation, which would have carried a sentence of life imprisonment. S s MAN GETS FIVE YEARS. Fred Curley, Colored, Convicted on Two Counts. | Chlef Justice McCoy, in Criminal | Division 1, yesterday sent Fred Curley, colored, to the penitentiary for five years for depredation on private prop- erty. There were two charges against him and the court fixed the penalty at two years and six months in each case to run consecutively. He removed & quantity of copper from a junk yard, September 4, and fixtures from a vacant house November 4. 150-ft. lots. room. electric landscaped grounds. 1418 Eye St. N.W. * N. L. SANSBURY CO., INC. 2, -1929. LEVEL OF CONTRACTS EXPECTED TO BE HIGH | Upward Trend of Industrial and Public Utility Projects Is Predicted. A high level of contracts awarded for new industrial and public utility proj- ects is in prospect for the next six months, the Brookmire Economic Serv- ice, Inc., reports. “With heavy general business activity practically assured, the demand for in- dustrial space is expected to continue its present upward trend,” the report adds. “The same applies to the public util- ity fleld. Last year in one month there were listed in the contemplated records || two large projects, one for road work in Towa totaling $100.000,000 and the other for an $80,000,000 electrification project in Philadelphia. “Plans such as these augur well for continued growth in this field. Under the Hoover administration it is likely that the Government programs, such as the Boulder Dam, St. Lawrence water- ways and road building will be pushed, thus creating a good demand for heavy building materials. On the other hand, there is a decline in new activity in residential and commercial types of building, accompanied by a well defined down trend in new plans contemplated.” RKEAL ESTATE. forbids local administrations to impose such levies. - Oil companies operating in Mexico recently decided upon vigorous measures to oppose such laws, even to resorting to complete stoppage of their develop- ment work. 15° Baltimore Lease Closed. BALTIMORE, _ February 2.—The Peoples Service Drug Stores, Inc., of Washington has just closed a lease for its second store in Baltimore at 5§39- 539'; North Gay street. $16.500 Owner Transferred Leaving City This is a Most Convenient Location 1412 Eye St. N.W. Realtors Wonderful Opportunity In Woodley Park 2913 Cathedral Avenue Just Off Connecticut Ave. Four Bedrooms & Two Baths Wonderful View. House in Perfect Condition. Be Sure to Inspect Today Open Sunday 10 to 6 P.M. Hedges & Middleton, Inc. Franklin 9503 MEXICAN TAX. PROTESTED. MEXICO CITY, February 2 (#)—El | Universal today says that.several oil companies have sent a note to the Mex- ican government protesting against laws passed recently by the government of the State of Vera Cruz, which they charge are unconstitutional. ‘The laws apply additional taxation to the oil industry in that State. The companies argue that the constitwtion HOMES OF OUTSTANDING INDIVIDUALITY CLEVELAND PARK Ed FOUR new detached brick homes on Varied floor plans, each including eight rooms, two baths, first-floor lavatory, and attic with finished maid’s Brick garage. refrigeration, metal weather strip, large colonial brick fireplace, automatic storage water heater, plastered basement, slate roof. Beautifully Features include copper screens, 3518 PORTER ST.—Open for your Inspection daily and Sunday until nine P.M. National 5904 OWNERS-BUILDERS SUPERB MANSION ABOVE OPEN ALL DAY SUNDAY <> DAIL 2 UNTIL > ¥ DARK NEW TYPE THE BUILT BY WENGER BROS. 3827 Cathedral Ave. We are offering the yondertul homes of whic a price. * This clous'lot, built best workmanship and bedrooms, three lovely baths, ‘ol in_garage. Man. fascinating s Located Just ENGLISH HIGH CETY ublic & group of h the 4o ize home is detached on s of brick and stone, of material. ne a 5 reception hall and living room with handsome firepl: room adjoining equipped kitchen with Gene: Refrigeration; Oil Burner; two-c: dining room: it) ar - y other beautiful and in each dwelling. these properti sire a high-class home. floor. pXh7aiI7@Vi78X MODERN 3-story, fireproof Automobile Sales and Serv- ice Building, 7,200 sq. ft. each Fine corner display room— electric elevator, and office rooms. Immediate Possession For further information apply THE COMMERCIAL NATIONAL CO., Inc. ' Commercial National Bank Bldg. 1522 14th St. N.W. N.W. Corner of 14th and Church Streets