Evening Star Newspaper, August 31, 1929, Page 13

[]2 zflpflg]gflg %iaf‘ Sopome ’AUGU.ST ‘3, 10e; 7| HOWE: & CARDEY / * lome-Owning Aand’v Building Section for Washington and Suburbs REALTY SECURITIES EXCHANGE + /" WILL BE OPENED IN NEW YORK 'r'i)ublic Reaction to Determine Future of Mart Designed to Function Like Stock Market. 5 BY DON S. WARREN. | One month hence, a novel and outstanding new financial development is to be launched in New York City with the opening of the Real Estate Securities i Exchange, a mart for trading in real estate securities, designed to function as the New York Stock Exchange does in its specilized field, according to reports from Gotham, where the project has been cktensively publicized, Public reaction * will determine its future. Since bond issues 1 most cases are the life blood of large, building opera- tions in this age, the new exchange, its promoters and advocates believe, will | have tremendous effect on real estate, making bond and stock issues, secured by real such securities may be negotiated, sold and transferred. The future of this project, the first able to prospective investors. so that, if of its kind, will be watched with inter- they wish, they may form independent est by bankers and realty leaders in opinions on the sis of responsible 1 estate, a more liquid commodity by providing a regular market where | ‘Washington and other cities, since the d: scope of the exchange, as planned, is to be national. It is predicted here that if the exchange proves successful, its members may open branch offices in Washington and other cities. The Real Estate Securities Exchange is ‘reported to be the culmination of two years of study and intensive work and ‘is being sponsored by the New York Real Estate Board. Protect Investors. The exchange, in the opinion of its members, will serve in the protection of investors in real estate bond and stock issues, which total many millions in value annually. This is to be ac- complished by rigid scrutiny and ex- amination of the security back of each issue before it may be listed on the | exchahge boards. Few large-scale building operations are financed out of the pocketbooks of the developers or promoters. Bondhold- ers are the real owners. But, the ex- change officials declare, the ability of corporations to obtain funds for large opera®ions has been hampered by lack of facilities for marketing their securi- ties and the “reluctance” of investors 10 place money in securities not read- jly resalable prior to maturity and for which, in many cases. there was no authoritative source of information as to their soundness. Cyrus €. Miller, president of the ex- change, gives the following outline of the set-up and aims of the organiza- tion: “It is the purpose of the New York Real Estate Securities Exchange to make real estate securities liquid by providing a regular market where real estate stocks, bonds and other securi- ties may be negotiated, sold and trans- ferred. The exchange will direct its ef- forts also to safeguard the interests of both dealers and investors. Investigate Listings. “Proposed listings will be rigidly in- vestigated. Their acceptance or rejec- tion will be based on appraisals of property and examination of the finan- cial condition, the records of past ac- tivitles and the personnel of the cor- porations and individuals offering se- curities. This information will be avail- CO-OPERATIVE DWELLING PLAN HAS SEVERAL NEW FEATURES Groups of Buildings in Hampshire Gardens Will Be Operated Control. Several new features are contained in the financial nad legal set-up made by the Hampshire Gardens Develop- ment Corporation for the co-operative apartment project which has been ctarted on a 50-acre tract near New ‘Hampshire avenue and Emerson street, according to J. B. Shapiro, president of the corporation. What is go'.‘liev?d to be an innovation in the co-operatively owned apartment home plan is that groups of buildings in the development—rather than one— are to be organized to operate under corporate control. In other words, control of each group of buildings will be vested in the hands of a board of cirectors composed of one member clected by apartment owners in each building, each director to be a tenant- ovwner of an apartment. i Central Heating Plant. Other features, as outlined by Mr. Shapiro, are that the nine buildings in each group are heated by a central Theating rlum. which is an’ innovation in Washington: that there is but one trust outstanding against the apart- ments as purchased by tenants, and that each building is not to b2 operated as a co-operative unit until the build- ing is 100 per cent sold out, deposits meanwhile to be held in trust by a local bank. In addition to members of a board of directors of owners for each group of buildings, elected annually by the stockholders of the various buildings of a house committee of three members for | each building, the representative on the directors’ board to act as chair- man. 3 Agency to Handle Details. Under the legal arrangements the directors must employ the services of a managing agency to handle all de- tails of actual operation, to keep books, make all collections from stockholders, hire janitors, gardeners, to purchase supplies, etc. This agency must be adequately bonded, it is explained. It is also made obligatory that the directors nust obtain, under yearly re- tainer, the services of a disinterested certified public accountant to make periodic audits of its accounts, main- tained by the management agency, and to render statements to the board showing all fiscal conditions of the group, there is to be formed a | Under Corporate group of buildings due to an arrange- ment whereby the development cor- poration takes the personal note of |an apartment purchaser in all cases ‘Whtr! the tenant buys a unit on time payments. 'URGES U. . CONSTRUCTION AT TIME OF DEPRESSION SR | Boston Architect Suggests Action to Spur Prevention of. Serious Downward Trend. As soon as a downward trend be- | comes manifest business instinct tends | to slacken production and so accentu- ates the downward trend, says Willlam Stanley Parker of the Boston chapter of the American Institute of Architects, in discussing “The Road to Plenty” in Octagon,” monthly journal of the institute. = “As soon as the bottom has been clearly reached every one climbs aboard the escalator until literally dumped off at another .peak. Thus the present scheme of business tends toward ex- tremes of depression and peak. “The Government should lead by a constructive effort to refrain from com- peting for labor in times of business activity and to throw its public work into the balance as a downward ten- dency becomes apparent. “With such a leadership it is felt that | private enterprise would be encouraged to co-operate and thus add further weight to the counter-balancing move- ment that would prevent thé downward tendency developing into a serious de- pression, or the upward tendency into a hectic peak.” el New Corporation Formed. Special Dispatch to The Star. BALTIMORE, August 31. — The Twenty-five E Street Apartments, Inc., 40 Grafton street, Chevy Chase, has been incorporated under the laws of Maryland. The company is authorized to operate apartment houses. Harry R. Loveless, Elizabeth W. Brandenburg and Thomas L. Lloyd are the incorporators. o Diamonds mined in South Africa in a recent month were valued at more than group of buildings. Only a first trust stands inst the Missacauserts Park West of Kalorama -Across Rock Creek. Mass. Ave. entrance at 30™ St. One Square east of New British Embassy The National Cathedral on west Sites for Individual Homes Priced from *150 per sq.ft. up Within 2 miles of White House ld,oclt'_tion. and mt;m;:fi:&n never be icated in ington againe 0 Prices and Mimln'? . DDAUGH AND SHANNON Inc. M $21,000,000. Plan Calls for .Center Hall That Is Rectangu- lar in House Outline. BALANCE IS ATTAINED - BY HEAVY CHIMNEYS |Garden Walls About Front Lawn Are Designed to Give Privacy. The design by Harrison Clarke of Los | Angeles, which was awarded the second place and a $3,000 cash prize in the National Better Homes Architectural Competition, sponsored in this region | | by The Star, calls for a brick dwelling | of rather formal, symmetrical aspect. in | the English Georgia manner of about | 18 ata. “Stabilization of the real estate mnr-! ket values will an outstanding | achievement through its tendency to { curtail blind speculation and its strong | | emphasis of the aspect of sound invest- ment. “Real estate men whose securities are | accepted will gain sales prestige by | having their securities bear the ap- | proval of the exchange, and the public | will be served both by the liquid mar- [ket as well as by the exchange's dis- couragement of unsound offers. “We realize keenly that the exchailge must merit public faith and that ‘the | degree of confidence it inspires in the public will measure its success.” Dowling Heads Commitiee. The task of accepting or rejecting | proposed offerings on this market is, | placed in the .hands of a listing com- | mittee headed by Robert E. Dowling. It is announced by the exchange committee that individuals and corpora- | | tions proposing their securities for list- | ing must make thorough statements of | their financial condition, personnel and business history, as well as file report of qualified appraisers on the actual physi- cal_condition of the property. | The financial condition of the com- | pany applying must be explained with | regard to mortgages and other forms of indebtedness, showing date, ma- turity, interest, rate, convertibility and | | whether redemption is arranged by | | sinking fund or otherwise and how | much is authorized and issued. | | " The applicant also must recite other | liabilities, such as leases, guarantees | and rentals, together with a statement | of the company’s policy with irgard to | redemption. Dividends paid or de- clared by the applying company, its | predecessors and constituent and sub- | sidiary companies miust be reported, to- ‘gether with a mass of other data. | A board of governors of the exchange | | is ‘given tHe right to suspend dealings | | in any securities previously admitted to | quotation on the exchange or sum- | | marily remove them from the list, and | the committee is authorized to remove from the list securities whose oulstand- | ing amounts have made further deal- 'ings inadvisable, it is announccd. 00. ‘This design, illustrated herewith, was the only prize-winning plan with a cen- tral hall that is rectangular in house outline. A recessed entrance doorway, with architectural frame of wood pilas- ters and lintels and a bay window with leaded lighst, are among particularly attractive exterior features of the frontal facade. Balance is attained by the provision for heavy chimneys capped by chimney | pots rising at either side of the house, | | by windows set into the roof on either | side of the main facade in the second | story, the bay window and French doors placed in corresponding positions in the first story and the center enrtance and circular window above. Plans call for garden walls about the front lawn for privacy, an ornamental | pedestral as the central feature in a circular portion of the entrance walk from the gate, somewhat to one side of the property, and a stone terrace be- fore the French doors off the living room. | A garage driveway runs along the left side of the 50-foot lot to a paved park- | ing space at the rear and leading to | the garage at the right rear of the lot. ‘There is provision for a formal gar- den at the right of the rear lot, with a | fountain placed against the front wall of the garage building, and for a chil- | dren'’s play yard and service yard placed | as ;wo units on the left of the rear yard. To the right of the center hall, from which rise the stairs to the upper floors, is the living room, with an out- look on both front and rear gardens and the side. This room is 14 feet wide by 22 feet deep. To the left of the center hall is a dining room at the front, with the kitchen and breakfast nook at the rear. On the second flbor are three bed-l rooms and two baths. There is provi- sion in the basement for a recreation room 14 by 22 feet, in addition to the boiler room, laundry, storag> space and | other features. * BUILDING WORKERS’ WAGE | NOW HIGHEST IN HISTORY New York Takes Lead With| $1.87 1-2 an Hour Rate Allowed | to Bricklayers. | ‘Wage rates for building workers { thtoughout the United States are the highest in history, New York taking the | lead with the $1.871; rate paid to brick- | layers. The wage rate for this craft will be increased on the 1st of the year by a few cents and the contract then is | to remain in force until 1932. Plasterers in New York are at present receiving $1.75 an hour, while in Chi- cago both the bricklayers and plasterers have negotiated an agreement for $1.70 an hour. ~The Chicago plasterers are engaged on a five-day week basis. | Iron workers in New York receive $1.75 | an_hour; in Chicago $1.62'; an hour. | There ‘are a number of New York | trades, however, receiving $1.50 an hour, | a greater percentags of them, in fac than in Chicago, where the average wage rate is $1.62! - ARCHITECTURE’S FUTURE. Seen as'Subject of Intellectual Con- | cern by Institute Director. No generation has ever witnessed so0 “lusty or animated an exercise of the | art of bulldlngfi the present,” de- | clares Louls Le Beaume, a director of | the American Institute of Architects. Mr. Le Beaume says it is probable that architecture, sooner or later, in America, as in other civilized lands, will be a subject of intellectual\as well as_esthetic_concern. 00000000000000000 Only One Left! DETACHED HOME 6 ROOMS—2 BATHS FRIGIDAIRE—GARAGE 4605 Norwood Drive CHEVY CHASE TERRACE delightful al home, southern re, with garage, on a wide drive with center parking, one block south of Bradley Lane, just west consin Avenue, over- ing Chevy Chase Club e . . . Six un- detached beautiful brick open fire-' place, dining room, well equ and pan- try, Frig rooms. Concrete cellar with laundry trays and toilet, instantaneous hot - water heater, all modern equip- ment . . . Lot 50x132 ft., andscaped. Artistic lighting fixtures and deco- ration, hot-water heat, elec- tricity, screens throughout. Terms can be arranged to . English Georgia Home Design Is Portrayed Design by Harris Clarke, second national prize winner, copyrighted by Home Owners Institute, Inc., which conducted | the competition. STATEMENT ON ZONING URGED IN REALTY DEAL AGREEMENTS Taliaferro Proposal Would Pro-vicle Posi- tive Means of Understanding Between Buyer and Seller. A proposal that a definite statement of the zoning of a property about to be transferred be appended by local title insurance companies to their certification of the condition of the title to the property before sales or trans- fers are consummated, was made today by Commissioner Taliaferro, who is a member of the District Zoning Commission. By thus providing a positive m-ans of understanding between buyer and seller as to the zoning restrictions on a property, the commissioner contends, the title companies would be doing a worthwhile public service. ‘The suggestion of Commissioner ~ “In order to avoid uncertainty, dis- Taliaferro was prompted by statements | putes and perhaps litigation % souia made to the zoning commission which, | seem to be highly desirable for pur- ne sald, indicated that property buyers | chase agrecments in respect to real in some cases either had been mis- | cstate, and for the certificates of all understood or misinformed as to the | real estate titlo companies in the Dis- zoning status of the property pur- | trict, to carry a simple statement chased. He contends that since zoning | to the zoning of the Feal ‘estate wilet has a vital effect on the possible use of property, this information as to zoning is of importance to the owner e, The Commissioners made the follow- ing statement regarding his suggestion: “Laws respecting the zoning of real estate which give the designated authori- ties power to specify or limit the height of buildings, the character of occu- pancy and the area of occupancy are of comparatively recent origin in this country, but the fundamental princi- ples of such laws have been tested and sustained by the courts of several of the States and by the Supreme Court. Heretofore it has been the effort of a purchaser of real estate to make sure he obtains a good legal title thereto and | that the property is free of all encum- brances, “It is the common practice for real estate title companies to report as to those items, and also as to any cove- nants running with the land which would affect and restrict the enjoyment |is the subject of such agreement or | report, as,” for instance, ‘Zoned first | commercial C area, 90-foot height; Iot ,mrlnost equal to a certificate of the occupancy, 90 per cent.” | it ol T |COLLEGE OF MUSIC | GOES TO NEW HOME | Will Be Relocated in Property Pur- 3 chased at 2107-09-11 S Street | Northwest. ‘The Weshington College of Music. for {many yfars_located at Seventeenth street and Pennsylvania avenue, has | purchased as its new home three resi- | dential buildings located at 2107-09-11 | S street, it is announced by the real | estate office of Seaford & Sealord, TRIBUTE TO L’ENFANT. His Idealism and Broad Vision Are Praised. Architects offer their tribute to L’Enfant in remembrance of his public service, Glenn Brdwn, past secretary of the American Institute of Archi- tects, asserts in an institute composium | on pioneer architecture in America. “Education in France and quick pro- motion on Washington's staff proved his efficiency,” Mr. Brown says. “His plan for a Federal city larger than London or Paris, when our country had only 3,000,000 inhabitants, and designs for the home of Robert Morris to com- pete with Versailles indicated his idealism and broad vision.” West Bradley Lane Opposite Chevy Chase Club Grounds $14,950 On one of the most prominent boulevards of Chevy Chase, this new brick home, surrounded by shade trees, contains six care- fully planned rooms and two tiled baths. There is a large side porch and floored attic. Of course, there is plenty of closet , space, screens and a garage. Open for inspection daily and Sunday until 9 P.M. Drive out Connecticut Avenue Bradiey Lane. (4t west. td Broperty: z:n‘:“-n‘g“m?“(n Avenue to Bradley enst to 3 Wisconsin Ja73, '© Property. or phone M. & R. B. WARREN Lot 95 Ft. Frontage by 180 Ft. Deep $11,000 A charming colonial home fh the " final stages of construction. An op- portunity to embody your own ideas in wall paper, electric fixtures, li leum and colors of paint without ad- ditional cost. Built on ground purchased nearly eleven years ago, this price positively cannot be/ duplicated. Absolutely complete, including built-in garage, bronze ‘screens and open fireplace in living room, 23x13'2 ft.: on beauti- fully landscaped lot, with sufficient shade trees. Drive out Wisconsin Avenue to Le- t - (Just b M. & R. B. WARREN 6312 Georgia St. Near Connecticut Avenue $12,950 Although extremely modest in price, this home, of stone, brick and stucco, is absolutely modern and complete in every detail and appointment. Simi- lar in floor plan to our 1929 Star Model home in Leland, the rooms are large with cross- ventilation in every room. fireplace in living room, bronze screens, garage, beautifully land- We cannot do justice to this e sramal. Inabettion, _Open . n Bundsy and daily until 9 P.M. Drive out Connecticut Avenue to hone’ Wisconsin 489, " % {BUILDING ASSOCIATION FORMED AT BALTIMORE land Law With $5,000,000 Capital. Special Dispatch to The Star. BALTIMORE, August 31.—The Citi- | corporated under the laws of Maryland, | with a capital stock of $5,000,000, con- | sisting of 100,000 shares, par value $50. ‘The principal office of the company is PP NPT | | | Howard H. Howlett, J. Bernard Dia- Firm Is Incorporated Under Mary- mond, jr. and William F. Prettyman | are the ‘incorporators. i | zens Building and Loan Association of | chased a tract of 129 acres of land at | Montgomery County, Inc., has been in- | South River, Md., it is reported by Sea- | located in Rockville and under charter i The price was reported to be $85,000. ‘. LN TFoxhall )/l'”agc Seven Minutes from Dupont Circle Initial showing of the Gloucestershire GROUP —Class 1 award for distingui by the Architects’ Advisory Council of the Dis- the company is authorized to conduct a homestead and building association. Garland W. Wolfe, Roy M. Heizer, Robert L. McKeever, Frank L. Hewitt, Buys Maryland Tract. The Edson W. Briggs Co. has pur- |ford & Seaford, which handled the transaction in association with James J. Lampton Co. The property was ac- quired from Miss Mildred L. Davis. America’s Smartest Colony of English Group Homes. inguished architecture trict of Columbia. Three to six bedrooms—one to three baths—each with shower—single and doube face brick garages—some of studio type—oil-burning furnaces and Frigidaire. ARGER HOMES FROM $17.750 TO $24,500 HOMES FROM $11,750 TO $13,750 PRICES ON L. OTHER Extraordinary Values SEND POR BOOKLET OF PHOTOGRAPHS ’. 906 New York Ave. 'Ankdull-uml)-uth‘.‘\ Open Daily, 10 AM. to 9 P.M. Prom Dupont Cirele drive west on 908, sguare to Reservoir Road and west to Jameson-Built Model Homes 6, 7 and 8 Large Rooms Now Ready for Inspection 415 to 445 Jefferson St. N.W. 914 and 925 Quincy St. N.W. 1521 to 1527 Isherwood St. N.E. Isherwood St. One Square North of 15th and D N.E. FOR SALE BY ' THOS. A. JAMESON CO. BOSS flrHELFS Creators and Exclusive Developers of the Village to_ Wisc Ave. S ¥inmee. Cuare tefi hand p ., mort] village. turn at Inspect at Once The architecture of these fine homes has been carefully designed and selected by our experts of superior home de- signs. The material also has been carefully selected: All labor furnished by skilled mechanics of the best grade. These homes contain six, seven and eight large rooms, tile bath and built-in tub and shower, one- piece - sink in kitchen, extra large porches front and rear. Oak floors, latest fixtures; floor plugs in each room and lots of extras. With Each House National 5526 of the property by the purchaser. It!which hardled nej i 2 gotiations. has been ths common practice of rea! ‘The property was acquired from Dr. estate agents to include in agreements | Arthur Rams The consideration in- for the purchase of real estate a state- | volved was understood to amount to ap- proximately $100.000. The college is headed by Dr. Hugh Roberts. president. and W. W. Delano, vice president. nants running with the land. “Zoning laws have introduced rglt(rqu lne;z elletmem mu:{, lthc O‘Xvn ship of land. It is probably of almost equal importance to the purchaser of | Many Homes Lack Bathrooms. real estate to know whether under the More than 20.000,000 residents of in- Jaw it may be used for residential or | corporated cities and towns live in gxigfiswp‘irnmo i; as ;:4 is {,g:fiuch ::;’d- i h’)lfi*fi lacking bathroom facilities, ac- w how he ol ns a | cording to the Housc] 21 - fee simple title to the land. { reau of Peori e “The Way to Beautiful Homes” Furnishings by— D. S. Pool, Inc. Draperies by— Amos W. McDevitt The Furnished Home of Breuninger Directions— Drive out 16th St. to Alaska Ave.. to Morning- side Drive. fo Iris St.. turn left 73 block to furnished home. G PreuningerS Sons 211 Investment Bldg. National 2040 Washington’s Oldest Established Builders . '$11.250 Fully Detached Six Large Rooms Ofpen Brick Fireplace Tile Bath—Built-in Tub Lot 50x200 Detached Garage Cedar Closets Tile Drains 6406 Georgia St. Drive east on Shepherd St. from Conn. Ave. three short blocks to Georgia St. and turm ' left ome-half block to house. » Open All Day Sunday 3. €. Bouglass Co. X % Realtors 1621 K St. N.W. _ Metropolitan 5678