Evening Star Newspaper, March 9, 1929, Page 21

REAL LOANS ON HOMES TOTAL §374.011.647 f}Fifty-six Life Insurance Com- panies Report on Amounts Carried in Year 1928. ESTATE. THE EVENING STAR, WASHINGTON, D. C. SATURDAY, MARCH 9, 1929. ance companies, hout the coun- | loaned 7 on American | iomes in 1928, according to the National | \ssocation of Real Estate Boards. In rticle on home financing the asso- > man who really his own can call on 1 NS were “tight” it might be ult the avera; man to become e owner, but money for this pur- lentiful and the sources insurance companies rt of their tremendous nome field only since the | and of the 56 companies 4 companies, is field, have lent gle and two family ave turned f s into the k ar, 1 Average Mortgage Estimated. ‘ Assuming the average home mortgage | to be $3500, this would mean that a| group of 56 life insurance companies 1i 106,860 hearth fires during the | year and that 34 of these companie et up 380,063 establishments in | st-war period. »companies have or +ing this type of loan. | The 56 insurance companies whose | figures are quoted have combined assets ©Of $9,438,956,861, and are among the | 100 largest companics in this country. | "They are located in cities from coast to | a The association points out that the n for the release of these vast mounts to the home buyer lies in_the fact that the home buyer is such a | risk.” Experience has shown al institutions that the man cme under a mortgage or ayments rarely defaults, nce company funds are trust 1ds; they represent the entire capital hundreds of thousands of people, and the men who invest them must be cer- | tain of their security Companies Loaning Abeve Million. ‘Thus an insurance company that is carrying more than a lion dollars in t is our judg- ment that there is no form of security for trust funds over a long term offer- ing less trouble or liability or deprecia- tion or expense of collection that owner- <o T a servative appraisements with proper equity remaining in the borrower.” Applications for loans usually call for such information as would be necessary to secure a fair picture of the property | eoficred as security, together with infor- | §mation ebout the borrower that would | cate his financial standing and in- || y. The life insurance ccmpunyil sentative then ins) cts the prop- || n order to be sure that the security || 15 adequate. | cans are usually limited to com- | leted property i built-up here a loan is desired for construc tion purposes sometimes building opera. EQUIPPED With EVER_Y_T HING At No Extra Cost Electric Refrigeration Automatic Water Heaters Open Fireplaces . Full 20 feet wide 1 and 2 Tile Baths Hardwood Floors Front and Back Porches Built-in Garages 2206 Tunlaw Rd. N.W. ‘The most modern home you have seen—and with a different Toom arrangement. Open for Inspection Until 9 P.M. occupied residence loans, made on con- | | | HOME BOUGHT BY SAM WOODLEY Residence at 5437 Chevy Chase parkway, which has been purchased from the Meatyard Construction C through the office of Frank M. Doyle, by Mr.| g Woodley. an officer of the American Association for the Advancement of Science. ations are financed by temporary loans, usually for one year during construc- tion, and new papers are drawn later for the permanent mortgage. But in most cities the usual practice, in mak- ing construction loans, is to draw the ermanent loan papers in the first in- tance; the insurance company repre- sentative uses these papers as collateral for cash advances during construction and delivers the papers to the company on completion of the building. Rate Policy Outlined. Local representatives of insurance companies are instructed as a rule to charge the local rate of interest on first mortgages. In addition to the in- terest charge, most insurance com- panies permit their correspondents to charge a commission or service fee, which covers their appraisal of the property offered as a security for the loan as well as the administrative work of approving the loan, advancing the funds, and collecting interest payments, which are generally required semi-an- nuall This service charge usually amounts to about 2 per cent or 3 per cent of the loan, and e insurance company loans run from 5 to 15 years this is a comparatively small item. Such service charges are made by correspond- ents for their services and on their own responsibility and such charges yield no return to the insurance companies. The only additional charge in securing an insurance company loan is the charge for title examination. As a rule | insurance companies require a title | guaranty policy or certificate, though | some of them will aceept an abstract or attorney’s opinion of title. Few insurance companies make straight mortgages, but require install- ment payments on the principal, averag- | ing from 3 to 6 per cent a year, Many | companies defer these instaliment | periods for a period of two or three years after the loan is placed. This practice affords an opportunity for the borrower, who may have to place a scc- ond mortgage against his property, to pay this off before he is required to | make principal payments on his first mortgage. DENOUNCES FREE TRADE. | | Menace to Irish State, De Valera in Speech. LIMERICK, Ireland (#).—Eamon dc Valera, Irish republican leader, dec- nounced free trade in a recent speech demanded a policy of protective tariffs. “We must be prepared to make some sacrifices,” he said. “We might have to wear less fashionable though not serviceable shoes, hats and hosier; Seven Real Rooms Two Tiled Baths Two-Car Garage St. to Fulton St. Easy Terms Available Robt. W. Savage 717 Union Trust Bldg. Main 6799 Location: Just a few squares north of 37th and T Sts. N.W. or. gaoare south of Wisconsin: Ave. and to Spring St. and J. €. BDouglass Co. Exclusive Agents 1621 K St. N. The Buy of Chevy Chase at the Price—$15,750 209 Spriiig Street New Brick and Shingle Center-Hall Colonial Lot Approximately 120x120 Open AUl Day Sunday Drive right from Conn. Ave. on Shepherd Sun Parlor, 10x17 Open Fireplace Fine Location then turn right 100 feet left to home. Metrop. 5678 R R R R R R R R R R R R R A LR LR R AR SRR LR AR If lcoking for an exccptiona]ly fine home in one of the most exclusive sections of the Northwest, be sure to inspect this one. Wm. H Saunders CO.. Inc. 1433 K St. NW. 5908 16th St. N.W. This new and strikingly attractive 12-room and 4-bath detached Brick residence, about 43 feet in width with a lot frontage of 60 feet, embodies cvery modern feature, including a Silent Autematic Oil heating plant‘ npproved Electric (or Gas) Refrigeration, and a 2-car brick garage with overhead doors. OPEN SUNDAY Exclusive Agents District 1017 ifi Declares | as a menace to the Irish Free State. He | declared that the interests of Ireland | less | i B I o T 1 1 i g e g e g g i i g g e o g 1 g1 g1 g o o o e 1 g G i o T CAPTAL EXGELS AS LAGE TO LV C. H. Hillegeist Points Out Advantages of Washington to Realtors. As a residential city, Washington Is | unparalleled in the combination of ad- | vantages it offers, Charles H. Hillegeist | declared in an address made in _th> re- | cent_realtor speaking contest held by | the Washington Real Estate Board. He | | spoke as follows | “Located on the majestic Potomac, | | within an_hour’s auto ride of salt-water | | bathing and fishing, Washington enjoys jan exceptional climate, the average | Summer temperature being 86.0 and the | average Winter temperature, 28.0. Of | its 43,000 acres, 8,000 are Government- | owned—a self-evident stabilizing factor. | “Its population of 552,000, supple: mented by 120,000 in adjacent Virginia and Maryland, gives it a trading popu- |Iation of ‘approximately 700,000. Thirty- e per cent are gainfully employed, over 71.000 being on the Government pay roll, with an annual income of $150,000,000—an assurance of business land professional stability found in no other cit “Stability sometimes degenerates into | stagnation. But Washington, without | taint of boom, continues a rapid and | | healthful growth, there having been an increase of population during the past cight years of 115,000 | Railroad Center. “A leading railroad center, it has eight main lines. one of the, most spacious and beautiful passenger terminals in the world, and the largest freight yard south of New York. The goal of seeing | washington first is attained by hun- |dreds of thousands annually. Two | | | | t | minds from the tim> of L'Enfant. steamship lines ply the Potomac and Chesapeake, the waters of which furnish SOUTHERN 5727 5th an abundance of sea food for which Washington is so noted. “Our splendid boulevards make the| istoric points of interest in the adja- cent country easily accessible, Government is formulating plans to locate here one of the greatest airports in the world. “ashington is not only beautifully located, but by every criterion is er titled to its appellation ‘the City Beau- tiful'—beautiful for its 425 miles of wide paved streets lined with 115,000 ( shade trees, flanked by buildings of gleaming stone and marble, all kept within_a limited height prescribed by law. The embassies and legations of 60 foreign countries, the 345 churches, many of them national in scope, and the buildings housing many national organizations, enhance the beauty and splendor of the city. “Washington residents enjoy a para- dise of parks covering 3,700 acres well | provided with all facilities for healthful recreation. Rock Creck Park is fasci- nating with its beautiful drives and rugged scenery and immediately adja- cent is the Zoological Park with its 2,000 specimens of animal and bird life collected from all over the world. “Washington 1s unique in having been developed not by haphazard but according to the plans of the finest ol- lowing in the footsteps of the wise minds that have given us the Washington Monument, the Capitol, the Lincoln Memorial and the Memorial Bridge, and | to making Washington the | with a vie: most beautiful and perfectly equipped Capital city, the Government is now engaged in carrying out a building pro- gram involving the expenditure of $200 000,000 within the next few years. Commission plans a series of boulevards and the acquisition of 17,000 acres of | Jand in and around the. District for park development. “Washington is educationally unique. It has 170 public schools together wi several nationally recognized univer- sities and many private institutions of learning. It has 21 libraries, headed by the famous Congressional Librar: Its art galleries and unmatched scien- tific research centers, including the Bureau of Standards, open unrivaled fields to the seeker of knowledge. “The Washington resident may en- EXPOSURE Corner Home of 8 Rooms and 2 Baths Built By Frederick B. Mills 12,750 St. N.W. Cedar Lined Closets—Electric Refrigeration Automatic Heater—Real Open Fireplace Built-in Garage—Paved Streets 2 Blocks from the 14th St. Car Line DIRECTIONS: Drive out Georgia Avenue to Longfellow Street and turn east on Longfellow Street to 5th, and north on 5th to Model Home Investment Building Beautiful colonial in master bedroum. See This Drive out Wiscon:in Avenue A 1418 Eye 5t. N g CYRUS IMMON Exclusive Agents National 1022 NEW DETACHED BRICK HOME IN CLEVELAND PARK All-brick construction 65-ft. frontage 13,950 Here is real value for you! entrance, spacious side porch off ]iving room, private lavatory immense bricl( fire- place in living room, oak floors upstairs and down, slate roof, garage, tastefully landscaped grounds. Sunday 3635 WINDOM PLACE to Windom Place, or drive out Connecticut Avenue to Bureau of Standards, turn left to Reno Road to Windom Place. Ao, Sansbury COMPANY INC, National 5904 Several | airports have been established and the; The | National Capital Park and Planning | joy an unusual social life. The presi-| dential, the Government official life, | the diplomatic_corps, the Army and | Navy circles, make the city socially | unigque, | “And _Washington s financially | | unique—free from all debt. Its real| | estate_ value exceeds ~$2.000,000,000. | The 42 banks and trust companies and | 22 building associations and the 150.- | 1000 resident-owned automobiles ~ evi- dence Washington’s financial prosperity. Its wealth is exceeded by only 19 States. ‘The Zoning, Planning and Fine Arts Commissions have done much | |to add to the. beauties of Washington land to stabilize its values. Its public utilities are uncxcelled. “Though not an_ industrial city, | Washington and the Metropolitan area have over 600 industries producing {more than $100,000,000 annually. “Washington_is a convention city. Last year 145 national convention were held, with 130,000 delegates in at tendance, for whom our 60 up-to-date | hotels adequately provided.” ( PR | | | PR iR 5 FARM RELIEF INQUIRY. | House Agriculture Committee | Hearings Begin March 27. | i Hearings before the House agriculture | committee on farm relief legislation | were set yesterday to begin March 27.. | Chairman Haugen of the Cummm.c:“ - | »For Sale 1413 Hopkins Place N.W. 9 Rooms, Bath, Brick Price, $7,500.00 Easy Terms H. L. Rust & Company Main 8100 i E: |5 SPRING THOUGHTS ARE OF HOME FLOWERS, SUNSHINE YOU CAN HAVE THEMALL WHEN YOU BUY A HOME Main 3830 occupied. Streets and alleys are paved—every- A . Special Eight-rooms, bath PEICe . . . WARDMAN 1437 K Street N.W. equal at . . . Proposition! REAL ESTATE 21 said the hearings should be completed | for the appearance of a limited number by the end of the first week in april in | of witnesses or the filing of briefs on order to allow a week for the drafting |the proposed legislation. of & farm reliet bill to be introduced during the first day of the special ses-| An effort is to be made to raise the sion of Congress beginning April 15. | stipends of the dean and chapter |of Approximately 2,000 farm groups and | Westminster Abbey. The dean receiyes marketing associations, Haugen said, | 310,000 a year and five canons, $5,000 had been asked to make arrangements ! a year each. Il 5419 Thirteenth St. (northwest) SAUL'S ADDITION In a Neighborhood Where Property Is Promptly Sold To those who are unfamiliar with the Northwest Sections we ore safe in say- ing that Saul's Addition offers many rare opportunities in_excellent homes, such as this. Of brick construction, 20 feet wide, and Colonial architecture, with full width concrete floored and covered porch. The house is entirely modern and in excellent condition. Six good sized rooms, double rear porches, screened; oak floors downstairs; new automatic water heater; very attractive . interior decorations; = well _equipped kitchen and basement. BUILT-IN GA- RAGE. Drive out 13th St. to the 5400 block of this beautiful community and inspect. Just a block cast of 14th St. carline. OPEN. ALL DAY SUNDAY BOSSEPHELPS Realtors The H 1417 K st e Home of Ifomes Woodley Park LOWERS, sunshine and birds aplenty will be yours to enjoy in this beautiful in- town subdivision. Here you will find your ideal home of artistic design and substan- tial construction in a setting that combines those desirable advantages of city location with suburban charm and freedom. Being only a couple of squares from one of the city’s finest thoroughfares—Connecticut Avenue, and only a few mindkes” drive from downtown Washington, Woodley Park is most advantageously situated. The homes, which are distinctive in appearance, are set well back from the roadways and surrounded by lovely green lawns and shrubbery. pEnanTs Ao AND BIRDS - . Select your home in Woodley Park; where the flowers bloom and birds sing—where re- finement and culture are evident on every hand. Come out today and inspect the sample home and learn at what moderate cost and on what reasonable terms you can become a home owner in this most attractive community. Sample House 2909 29th St. Three squares west of Conmecticut Ave. at Cathedral Ave. Open Every Night Until 9 P. M. FROM 200D oot ool lolnelo oo oo lneloads Qoodnele e deale o feolode o dn e afueoln frdo oo o e o ool k2 A A $8,950 . . . .this is proven they have no EXHIBIT HOME 5028 Fifth Street N.W. open every day and evening until 9 p.m. These fine homes—big rooms—wonderful bath— three porches and a garage—are real “buys.” Every one realizes the quality of a Dunigan-built home —and the neighborhood is complete. You face a simliar group of Dunigan-built homes—all sold and thing is ready for your comfort and convenience. EASY TERMS! RENT-LIKE PAYMENTS! See Them Sunday and a garage at a remarkably low $9,650 D. J. DUNIGAN, Inc. 1319 N. Y. Ave. Natl. 1267 ASK THE SALESMAN!