Evening Star Newspaper, December 21, 1929, Page 17

HOME & GARDEN 17 21, 1929, REAL ESTATE fRATURDAY, DECEMBER WWASHINGTON, D. C, he Foening Stad, Home-Owning and Building Section for Washington and Suburbs REAL ESTATE SECURITIES MARKET OPENS THIS WEEK First Exchange of Kind Planned to Make Realt Bonds and Other Paper More Liquid Commodity. The New York Real Estate Securities Exchange, the first organized market for trading solely in real estate securities, which may assume a place of major importance in realty finances if its career is carried forward as planned by its sponsors, was launched this week. Planned as a means of making bonds and other real estate securities a more liquid commodity and organized along lines of the Kew York Stock Exchange, the new mart is designed to provide a recheck on the appraisals on which real estate stock and bond issues are based and which constitute the keystone of the security back of such issues. First mortgage bonds totaling many millions in value have been sold each year, and this is the primary means of financing the larger construction operations. TOTAL OF §141.340 " LISTED IN BUILDING Private Construction Out- lined by Inspector Oehmann. Recent Permits Issued. Expenditure of $141,940 for new pri- vate building operations in the District is provided under plans approved dur-| ing the past week by Col. John W. Och- | mann, building inspector. New projects | | include_five dwellings and a number of | remodeling_operations. Among permits issued are the following: W. C. Miller, owners and builders; Gordon E. McNeil, architect: | to erect one 2!s-story stone dwelling, 15016 Rockwood parkway (part of par- cel 13/36, square 1430) to cost $23,000. S. Kann Sons Co., owners; L. & J. G Greater confidence and greate: will result, the exchange sponsors cater Confidence to Result. r interest in first mortgage bonds believe, from its scrutinizing ap- praisals made for bond issues and by providing a market for the sale The Realty Securities Exchange was| Yostered and is sponsored by the New York Real Estate Board. Cyrus C. Mil- | ler is president of the exchange and Peter Grimm, who as president of the | New York Real Estate Board “fathered" creation of the exchange, is chairman of its board of governors. Officers of the exchange, in a formal announcement, state “As a central market for the use of buyers and sellers of real estate securi- ties, its four main purposes are: | “To facilitate the negotiation, sale and transfer of stocks, bonds and other securities based on real estate and the financing of real estate: | “To provide a regular place for the| trading in real estate securities under proper rules of business conduct; ! “To investigate securities offered for | listing, accepting only those which pass | the tests of rigid appraisal and listing requirements; and “To maintain high standards for dealing in rcal estate securities by es- | tablishing_membership based on' firra business character and reputation. “The offering of unsound securit'es | based on improper appraisals or issted | by irresponsibie organizations should be | minimized by these steps. and the mar- ket should be stabilized by recording | sale prices and reporting them daily. | With real estate securlties liquid and | means created for investors to dispose of their investments and reinvest with | safety, broadened public interest in this type of security may be expected.” Scope Is National. While the exchange is located in|not being patrolled at night), prison| 5121 Cathedral avenue (lot 832, square | New York, this does not limit the loca- | designers have directed their energies | 1437); to cost $3,500. NEED OF MODERN PRISONS VOIGED !Architect Committee Says Penology Has Not Kept Pace With Civilization. The Nation's prisons should be mod- ernized, according to R. W. Zimmer- man of the Chicago Chapter of the American_Institute of Architects, who declares that penology has not kept pace with the advance of mankind. “Even our best prisons,” Mr. Zimmer- man says in a symposium to be pub- lished in the chapter year book for 1929, “are so overcrowded that it is difficult to maintain order and prevent riots and almost impossible to provide proper work for the inmates, so that reclama- | tion receives but little consideration. Cell Blocks a_ Specialty. “Inasmuch as the individual cell has always been considered the only safe place of confinement (the wall gencrail serving to protect the yard only and nnr; of the properties on which the se- | toward the cell blocks, with complicated | curitfes are listed. The scope is na-|locking devices and toolproof steel bars | tional. In describing how securities |and walls, without due consideration to way be listed, exchange offic e: | the effect of this type of cell on the | “Before a security can be listed it |mental and physical condition of the must undergo the scrutiny of the com- | inmates. mittee on listing. The object of the| “A study of the escapes from various committee is not to guarantee sound- | prisons indicates, however, that it is| ness, but to prevent, in so far as hu- [not the design of the cell, with its steel | manly possible, the sale, transfer or|bars, that prevents escapes, but the other disposition of securities which | vigilance of the keepers, even though might be prejudicial to the welfare of | the prisoners are confined to their cells. the public, real estate or the exchange. | Regardless of how securely the cell is To this end the committee informs it- | constructed, escapes have been made self in detail as to the financal condl- | when survelllance is relaxed. ion, e personnel an ha istory . o of the corporations and individuals who .‘Ex;;'én';:.“",:’ ',‘::c',:“‘;‘:g; Hias offer securities for listing. This data IS shown that, although escapes have been | kept on file and is available to members | made from every type of cell house, the of the exchange. : real security lies in a properly designed ‘The appiication for listing must be | ang ‘guarded prison wall. It is prac- accompanied by a report of qualified |tica)ly impossible for the inmate to appraisers on the actual valuation of | construct, secrete and use the neces- the property. sary scaling equipment in the unob- “In addition to a quantity of routine | information, the application must re-| cite the purposcs for which the security | is issued, the amount issued for con-| tracts, securitics of property and the | history of the corporation, its prede- | cessor companies and of constituent, | subsidiary and owned and controlled companies, together with facts of their incorporation and stock. Mast Furnish Data. “The financial condition must be ex- | plained with regard to mortgages and | other forms of indebtedness. The date | of maturity and rate of interest must | be given and whether the securities against such mortgages have a con-| vertible feature. Whether they have a redemption feature and whether this is arranged by sinking fund or otherwise also must be given. How much stock 1s authorized and issued must be stated. “The application also must recite liabilities. * * * A complete financial statement must be provided. * * * It is required that the committee must be furnished with all information affect- ing the security, such as mortgages, in- denture, trust or other agreement; liens, roperty covered, buildings, securities, Tights, titles, francise, leases and all other factors affecting it. Besides com- prehensive information as to the char- acter, organization, resolutions and by- | Jaws of the company, the application ‘must include an opinion as to the legal- | ity of the organization and authoriza- | $lon and the issue and legality of the | Stocks. | “The board of governo:s (of the ex- | :lngc) holds the right t spend | alings in any securities greviously ad- mitted to quotations on the exchange summarily remove them from the t, while the gommittee (on listing) is @uthorized to remove from the list se- ritles whose outstanding amounts bn\'e made further dealings inadvisa- le.” _— E S R S A A R R 411 Emerson St. NW.| 6 ROOMS—3 PORCHES FRIGIDAIRE—GARAGE An attractive tapestry brick home th covered concrete front porch and 2 covered, ecreened rear porches in a oplendid new home com- wiunity im the Northwest, @onvenient to schools, stores, churches, bus and ear lines. Reception hall with coat closet and mirror door, 6 large rooms, tile bath with built-in tub and shower, bright kitchen with Frigidaire, concrete cellar with laundry trays and toilet, garage, paved street and alley. In excellent condition, just papered and painted, hardwood floors, hot-water heat, automatic hot - water heater, screens throughout, all modern conveniences. Terms arranged to suit. $9,750 CAFRITZ 14th & K Dist. 9080 SANRAAVEALCURANEEANNSRNNNNS — e structed area adjoining the wall. “The wall should be designed with observation towers not more than 700 feet apart. There should be no build- ings nearer than 100 feet to the wall, and all openings for utilities should be properly guarded. “No drainage pipe of a greater di- ameter than 8 inches should be used, and the foundations should extend to rock or 12 feet below finished grade. The height of the wall should not be less than 30 feet at any point.” ADOPTS APPRAISAL PLAN. Seattle Real Estate Board National Standards of Practice. The Seattle, Wash.,, Real Estate Board has adopted the appraisal stand- ards of practice as passed by the Na- tional Association of Real Estate Boaras at the latest annual convention of the association, and recommended to realtor appraisers in making valuations of property. Under the procedure as outlined in the standards of practice the appraised value of property is doubly checked | and the value of adjacent property computed on an income-earning basis is taken into account in making the appraisal. The Seattle realtors are the fourth sl group holding membership in the national association to adopt the stana- ards Similar action has_previously been taken by the Boston, Mass., Real Estate Exchange, the Real Estate Board of Newark, N. J, and the Los Angeles, Calif., Realty Board. 1o Parcons, jr., builder; to make aitera- | tions, 1216 and 1218 G street (lot 4.’!': | square 289); to cost $20,000. Stone Dwelling to Cost $18,000. W. C. & A. N. Miller, owners and | builders: Gorden E. MacNell, architect; to erect one 2!5-story stone dwelling. 4320 Garfield street (part of lots 22 26, square 1619): to cost $18,000. Estate of M. W. Beveridge, owners; J. 1. Parsons, jr., builder: to make al- torations, 1214’ G street and 1215 F| | street (lot 38, square 289); to cost | $15.000 |~ Continental Oil Co., owners and de-| signers; Bright Shepherd, builder: to| erect one 1-story filling station, 936 to | 940 E street (lots 41, 42, 43, 45 and 46, | square 378); to cost $10.000. H. R. Howenstein Co., owners and builders: R. M. Briscoe, designer: to| erect one 2-story brick store and dwell- ing, 2017 Bunker Hill road northeast (the east 37 feet of lots 26 and 27, square 4230); to cost $8.500. Edwin Jacobson, owner, designer and | builder; to_erect one 2-story brick and frame dwelling, 5412 Nebraska avenue | (ot 60, square 2024); to cost $8,500. Lincoln National Bank Project. Lincoln Natfonal Bank, owners and builders; R. H. Sanford, designer; to make repairs, 37 L street southeast (lot —, square 699); to cost $6.000. Max ‘Simon, owner and builder; J. R. | Cadle, designer; to erect one 11;-story frame and stucco building, 3522 Broth- | ers place southeast (lots 14 and 15, | square 6070; to cost $5,000 | Jeflery & Aronson, owners ny Construction Co., builders; to mal repairs, 228 to 232 First street (lot 801, squere 574): to cost $5,000. J. B. Collier, owner; Sears, Roebuck & Co., aesigners; B. . Kemp, builder; | | to erect c.c l-story frame dwelling, | BUILDING MATERIALS | SHOW PRICE DECLINE Structural Steel and Cement Could Not Offset Drops in Brick and Lumber. Building material prices showed a de- | cline in November as compared With the preceding month, it is reported by | S. W. Straus. . “Because of the heavy structural steel awards, however, prices for this ma- terial were firm,” the report continues. “Cement prices also halted their down- ward trend and in scme localities 1 creased. The steadiness, neverthele: !in these items was not sufficient to off- set the considerable declines in brick | and lumber items. Starting materials | were irregular. “Coincident with a drop in building permits throughout the country of more than seasonal proportions came reports from labor officials that among build- ing craftsmen there is considerable un- | employment. “Meanwhile, it is significant to note | that friendly relations between contrac- | tors and union labor were assured ai the | recent building conference convened at | the suggestion of President Hoover. “Developments during the past month | tend to show the early formation of | | some body to handle jurisdictional dis- | putes between various branches of the buildings organizations. The building trades department of the American Fed- eration of Labor, recognizing the serious need of such a body at this time which would vitally affect the’ public, the manufacturer, the builder and labor, has extended an invitation to the National Association of Bullding Trades Em- ployers to meet with the executive com- mittee of the Bullding Trades Depart- ment in Tampa, Fla, on January 20. | Both contractors and labor officials hope | that a recognized jurisdictional body can | | then be created in order that this issue | may be definitely settled.” Two-Story Colonial Home Sold. Mary G. Settle has purchased the | two-story Colonial brick dwelling at | | 245 Rock Creek Church road, it is re- | ported by Boss & Phelps. The house | | was acquired from Mrs. Wilbur Crafts. | ?’i‘her New rJrame Homes in S occupied by the department store of J REALTORS T0 LODK AT NATION'S NEEDS Will Hold Midwinter Conven-| tion at Phoenix in January. The present situation of real estate in the national economic structure will be one of the central topics on the program for the annual Midwinter meeting of the National Association of Real Estate Boards, to be held tn Phoe- | nix, Ariz, January 23 to 25. “A Nation-Wide Tax Policy for Real Estate” is the subject of an addr be given by Bimon E. nd, as professor of economics at the Univer B of Chicago and tax consultant for the mssociation. Mr. Leland's address, January 24, will take up the present tax problems of perticular importance to real estate. Kissell, Bpringfield, Ohio, sident of the National As- sociation, will address the first eral session, Thursday afternoon, January 23. ‘Thomas D. Campbell, Hardin, Mont., operator of & 95000-acre wheat farm and adviser to the Russian government on how to manage the great farms once the property of the Czars, will address the opening session. Mr. Campbell, an engineer by training, will talk on the industrial opportunities now existing in agriculture, Activities of the association for the coming year in the field of Federal tax- ation, State taxation, the advertising of real estate as & commodity, the devel- opment, of real estate education and the sound development of city planning will be brought before the delegates to this ear's business meeting of the associa- | tion in reports to be made by the chai men of the several committees which this work is going forward. Harry H. Culver of Culver City and Los Angeles, president of the associa- tion, will review the work of the asso- ciation during 1929 and give an ac- count of his observations in visiting, during the year in person, practically every one of the association’s more than 600 member boards. Induction of the officers of the asso- ciation for 1930, headed by Leonard P. Baume, incoming president, will take place at an inaugural banquet to be held the evening of January 24. NEW—-DETACHED INCLUDES: Spacious living room dining room, de luxe kitchen w cabinets, breakfast nook and p Drive_out Conn. Ave. to Nebraska property or through Rock Creck Park, left one block to the property i HAPPY WILL BE THE FAMI SELL Open daily 6 to 930 P.M., 506 Tower Bldg. son-Built Petworth Priced From $8,250 Up Inspect at Once 415 to 445 Jefferson St. N.W 6,7 and 8 large rooms, tiled bath, built-in tub, shower, hardwood floors, sedar-lined closets, servant’s toilet and wash trays. Frigidaire and other modern appointments. Double rear porches and concrete front porch. Paved street and alley. Lots 140 feet deep. Garage with each house. Conveniently located to schools, street cars. stores and churches. EASY TERMS Thos. A. Jameson Co. OWNERS and BUILDERS | | ! 906 New York Ave. N.W. Nat’l 5526 During the Week of December 24 to January 1 THI e ) s N = 1119 17th St. PemememeE | Permit Is Requested for Monu- $11,750.00 5315 Nebraska Avenue— Chevy Chase, D. C. One Block Of Conn. Av Seven Delightful Rooms, Complete Tile Bath, Built-in Garage ample closet space and a full tile bath with shower over the tub. DUPLICATION DEFIED—at price & location | HIS HOME M Saturday afternoons and all day Sunday. MITCHELL QUICK COSTLY NEW HOME HERE FOR JULIUS GARFINCKEL & CO. Nine-story structure now being erected at the northwe st corner of Fourteenth and F streets, the entire space to be It will front 185 feet on F street and 145 feet on Fourteenth ius Garfinckel, street. The store exterior now is nearing completion. Couple Purchase Aged Georgetown Brick Residence Mr. and Mrs. Joe Harry Lapish have purchased the two-story brick dwelling at 3414 O street and after extensive improvements will occupy it as their residence. The house was built about 100 years ago, when O street was known as ‘Second street and one of the prominent thoroughfares of Georgetown. The sale was transacted through the George- town office of J. Leo Kolb, NATIONAL BODY IS JOINED S | Owners’ Association Wins 100 Per | Cent Enrollment in New Jersey. The Real Estate Board of Orange and Maplewood, N. J., is the first mem- ber board of the National Association of Real Estate Boards to affiliate 100 per cent of its associate members with the national association’s property owners’ division. Reports fro mthe Orange and Maple- wood organization indicate that more than 125 property owncrs will be brought into this new division of the national association, which was estab- lished to enable property owners for the first time to speak as a body and to take action in regard to legislative proposals of importance to real estate. g LIBRARY PLANS FILED. mental Shakespearan Institution, Plans for the monumental Shake- <pearean Library to be erected on the south side of East Capitol street be- tween Second and Third streets, on the site of the historic “Grant Row” | dwellings, were filed this week with | the District building inspector with an application for permit. The structure is to be erected for Henry C. Folger by the James Bard Co. "Paul Cret is the architect, witn Alexander B. Trowbridge as his Wash- ington assoclate. The construction cost is estimated at $1,450,000. W. M. Altcheson has purchased from John F. Ebersole the detached stone and stucco dwelling at 4417 Garfield street, it i reported by Boss & Phelps. The house is of center-hall type and contains eight rooms and two baths. e. DUTCH COLONIAL with fireplace, enclosed sun parlor, vith double drain tile sink, built-in antry; three cozy bed rooms with and turn right one long block to the across Military Road to Nebraska and LY WHOSE “SANTA CLAUS” FOR TH Metropolitan 3788. TRANSEPT RATED AS DISTINGUISHED Design of Section of Wash- ington Cathedral Approved by Architect Council. ‘The design for the part of the north fransept of Washington Cathedral, now being erected at a cost of $350,000, has been accorded a “distinguished” rating by the architect’s advisory coun- cil, the highest award given by this voluntary jury, composed of members of the local chapter of the American Institute of Architects. The new project at the Cathedral E’ s] designed by Frohman, Robb & tle. The council, following a scrutiny of plans for new projects in the office of Maj. Donald A. Davison, A: Engineer Commissioner, also has * mended” plans for a dwelling for 2434 Massachusetts _avenue, _designed for | Charles M. Remy by Smith & Ea- wards, to cost $44,000; for a monastery g at Sixteenth and Shepherd signed for the Order of ghe Friars of the Province of the Most Holy Name by Chester Oakley, and a dwelling for 3055 W street, designed for Mrs. Paul Bastedo by Wyeth & Sullivan, to cost $ 000. 102,000. ‘The council has “approved” plans for a dwelling at 7529 Morningside drive, designed for L. E. Breuninger & Sons by H. L. Breuninger; for a public garage for 429 New Jersey avenuw, George A. Didden, owner and archi- tect; for a dwelling for 2918 Courtlana place, designed for N. L. Sansbury Co. by George T. Santmyers, and a hotel at 25 E street, costing $250,000, de- igned for Harry R. Loveless by Pler- on & Wilson. Healthy Conditions Vital. But few things, if any, contribute to the cultural and refined tastes of an in- ividual more than inviting and healthy di living conditions. $2,000,000,000 IS SET AS MODERNIZING GOAL Elimination of Slums, Remodeling of Homes, and New Furniture Purchases Considered Chief Items Expenditure. Expenditure of $2,000,000,000 for modernization work throughout the country is the goal for 1930 set by the national building industries and it is within bounds of reason to believe this total will be reached if the modernization idea is given widespread publicity the coming year. This was the declaration made by H. S. Sackett of the Home Modernization Bureau at the recent business conference called by the Chamber of Commerce of the United States at the instance of Presi- dent Hoover. “As far as the modernization of existing structures is concerned, the best statistics which we have available at the present time indi- cate that about $500,000,000 was spent for this purpose in the United States during the 12 months ending June 30, 1929, said Mr. Sackett. He reported no figures were available for previous years or for the | reports from governors, past six months of this year. Modernization is Neglected. Modernization of cities is a neglected field offering vast opportunities for the | building_indust declares D. Knicker- | backer Boyd, chairman of the commit- tee on public information of the Phila- delphia Chapter of the American In- stitute of Architects. A healthy year is ahead for building if those associated with the industry realize the possibilities of the situation, according to Mr. Boyd, who points out the need of collaboration between archi- tects and builders and planning and zoning commissions and Kindred or- ganizations. The construction consciousness of communities and citizens has been aroused by President Hoover to an ex- tent that should assure prosperity, in the opinion of Mr. Boyd, who is also president of the Philadelphia Building Congress. “Aside from the construction in hand and in sight for 1930, as indicated by mayors and others, there remains a big field of heretofore neglected work for the whole of the building industry in almost every locality,” Mr. Boyd sa: in & state- ment issued by the institute. “This fleld can be opened up in two ways: “First, by participation in the home modernization movement, so well es- tablished in certain communities. The vast majority of buildings have been allowed to deteriorate or become ‘out of date’ to an alarming extent, and they should be rejuvenated without delay. “This rehabilitation would carry with it not only the sale of building ma- terials and other manufactured prod- ucts, but also would result in vastly in- creased sales of furniture, equipment and devices which always follow in the wake of activities in the building in- dustry. Slums Elimination Urged. “Second, by the elimination of slums | and the modernizing of the older se tions of our growing cities. Fortunate: 1y, attention is now being called by the better homes in America committees and women’s organizations to the ne- ity of improving slum districts. “Here again is & vast opportunity for activities in the building industry which will improve the living conditions and surroundings of those now residing in | the older portions of communities, neg- lected while new areas have been built up. 'his movement can be carried on only through collaboration with city- planning and zoning commissions. Such bodies should direct the individual and association enthusiasm now being created through the work of the chap- ters of the American Institute of Ar- chitects, construction organizations and civic associations. These efforts should tered activities to overcome seasonal periods of depression. They have shared in promoting the construction of schools and other buildings through- out the Winter and have made investi- gations and issued statistics showing the economic and communal advan- tages of year-round construction. “Both the public and the industry now seem to recognize thoroughly the general advantage of Winter building. This statement, however, does not apply with the same force fo some construc- tion activities, such as road building, street repairs, sidewalks, sewer con- struction, ete. “Viewing the situation broadly, it may be sald with confidence that the build- ing outlook has never been brighter.” ORGANIZED GATHERING OF STATISTICS URGED Real Estate Board Is Told Method of Preventing Over- building. Special Dispatch to The Star. BALTIMORE, December 21.—An organized system of gathering statistics was urged by Rufus S. Lusk, executive secretary of the Operative Builders’ Association of Washington, this week at & meeting of the Real Estate Board in & discussion of methods for prevent- ing_the overbuilding of homes. He told of questionnaires sent through real estate companies at the National Capital in order to_obtain necessary _information. The Depart- ment of Commerce, he said, is study- ing the method of gathering the sta- tis in planning a uniform system of the country. A Beautiful Estate of Seven Acres Five Miles from District Line Just Off A Main Highway Ideal for Professional or Retired Man Improved by nine-room house, four-car garage, with servants’ quarters; also barn, chicken houses and greenhouses. Chickens. Stock and Implements go with the place for a auick sale. Priced well under $20,000 and $6,000 under original sale price. FOR COMPLETE DETAILS AND APPOINTMENT TO INSPECT DISTINGUISHED new home in exclusive Kalorama Heights ] 2324 Tracy Place * Detached, brick and stone construction; eleven rooms, five baths; gar- age for two cars. Open Sunday Until 9 pm. Ave. to th Dri 5. t to Tracy PL out M and turn right J\G'.C.M_‘Qansém;y CERIDANY INCe 1418 Eye St. N.W. Nat'l 5904 An Evening Drive THROUGH Wesley Heights GARDEN SPOT OF WASHINGTON will reveal to you a charming community, artistically illuminated. The pride of home ownership and the unusual community spirit in Wesley Heights are again evidenced by the manner in which the residents have decorated their homes for the Christmas Holidays. ‘Why not enjoy this beautiful spectacle by motoring out some evening. E May we take this opportunity of extending to our many friends Best Wishes A Joyous Christmas AND A New Year of Happiness and Prosperity W. C. and A. N. MILLER N.W. for | | ‘ | | Decatur 0610 / / ; ; : ; ; gg ; A ; ; co-ordinated wherever possible by building congresses or similar bodies. Building congresses in New York, Bosion, Portland (Oreg.), Philadelphi and elsewhere have for some years fos- MITCHELL QUICK 506 Tower Blds. Metropolitan 3788 Massacuserts Park West of Kalovama -Across Rock Creek. Mass. Ave. entrance at 30™ St. One Square east of New British Embassy The National Cathedral on west Priced from %190 per sq.ft. ub Within 2 mlles of White Fouse Location and contours can never be dublicated in heart of Washington again- Prices ana Data from= MIDDAUGH AND SHANNON Ixc, 1435 K St Na8685 4317 Elm Street, Chevy Chase, Md. Lot 90-Foot Frontage (Nearly 1§ Acre) $11,750 One of the most beautiful lots we have ever built 2 home upon, with many shade trees and evergreens, with rustic bridg¢e over the delightful stream in the garden, this new Colonial home of brick and claphoard, located in that delightful new section near the Chevy Chase High School. 6 well-planned rooms with tiled bath and shower; garage; screens; in fact, everything is included to make a thoroughly complete home. W, surpr This Home Should Be Personally Inspected Drive out Wisconsin Avénue to Leland Street (just north of Bradley Lane). turn east three short blocks to 4éth Street and morth two short blocks to property. M. & R. B. WARREN e Day or Evening Open, Lighted and Heated Until 9:30 P.M. bought this lot more than 10 years ago, which explains its gly low price.