Evening Star Newspaper, December 28, 1929, Page 13

REAL ESTATE WASHINGTON, D. C, hB zt]fl[ing %1af‘ SATURDAY, DECEMBER 26, 1920, |HOME & GARDEN | 13 WITR SUNDAY MORNTHG PRIVATE BUILDING BRINGS IMPRESSIVE CHANGES TO DISTRICT: $36,078,345 IS 1929 CONSTRUCTION COST ESTIMATED Total Approximately 29 Per Cent Below Last 13 Year—Stock Market Situation Adversely Affected Operations. BY DON S. i:lr now ending, though . WARREN. the construction volume was well | low the totals for private building operations for all years WASHXNGTON grew impressively in physical stature during the | since 1921. ‘While the Federal Governmen t was proceeding steadily with its building program, which already has brought classic and monumental changes to the city’s skyline, private operators were expending even greater sums for new apartment houses, office buildings, hotels, churches, dwellings and business structures. Exclusive of Federal operations, new buildings erected or started in the District this year have a total estimated cost of $36,078,345, | not including a comparatively small number of projects which will | be approved the last few days of this year. The real estate sales volume has been below that of last year, but operators are looking for a gradual improvement in the coming year, basing their belief on the steady growth of the city and the recession | that has occurred in new building The importance of private building work here to the Federal city is seen when it is remembered that, while the Government is expending about $10.- 000,000 for its program in Washington, private enterprises here during the past year amounted to more than $36,000,000. This_year's building total, however, is far below last year, when the total was $51.255080, a decline of $15,176.- 645, or app: ately 29 per cent. This year’s figure, however, will be increased | somewhat when projects for the last few | days of the year are included. This is | expected to amount to about $100,000. | ‘The position of the construction here this year as compared with former | years is shown in the following tabula- Estimated value of work - $20,300,000 19,500,000 64,610,513 63,499,330 36,321,450 1928. . 51,255,080 1929 (estimated). 36,078,435 Stock Market a Factor. ‘The stock market situation during the | year and tight money conditions ave adversely affected building opera- tions here, as elsewhere, making it more difficult for operators of largs projects to obtain mortgage funds. More re- cently the slump in Wall Street stock quotaf in October and November, proved a stumbling block to real estate sales, as investors in stocks were forcad to call on their savings and available cash to cover up holdings in the stock by t the bond iss Throughou year bond issues were not as popular as in former years, be- cause of the flow of huge sums of the money of investors into stock pur- Chases, downward turn of stock prices, with losses to holders, will heighten interest in first mortgage issues, through | which large building operations are Some financlers already have that increased funds are com- to bond investments. year was marked also by some Jabor difficulties, & number of union building trades demanding and rbtain- ing some increases in wages. Con- struction of but few bulldings, however, was tied up during disputes, most of these being Government structures. Several building trades groups stopped work during discussion of new terms, but new agreements were reached amicably, with no disorders occurring. Fallures Less in 1929, A number of real estate and con- atruction concerns here failed or went into the hands of receivers during the year. but the total was fewer than number of similar failures occur- ring in 1928. Evidence that the basic underlying con- dition of the real estate market in the District has made a turn for the beiter is seen by the Operative Bullders' As- sociation in figures on sales and con- struction of houses in the 70-day period ending December 10. The survey, compiled by Rufus S. Lusk. executive secretary, showed that nearly twice as many new houses were sold during October, November and the first 10 days of ber as were placed under construction in the same period, indicating :.ru:k-up in the rate of new dwelling jes, though not in the volume, as compared with last year. ‘The annual survey of apartment va- eancies made by the association and re- ported early this month showed even a more encouraging situation in apart- ment houses. ‘The association found that despite the tremendous volume of apartment house | construction carried forward here In the part two years, the percentage of vacancies in completed buildings was 9.86, & reduction from a vacancy total of 10.94, whereas a vacancy of 10 per cent is regarded “normal.” Statistics regarding apartment va- eancles were obtained from 43 property management departments of local real- ty concerns and covered 18,600 apart- ment units, approximately 40 per cent of the total in the city. 1,355 Houses Erected. In contrast to last year, the cost of dwellings this year exceeded the cost of apartment houses. In both years, how- ever, the number of apartment units exceeded the number of dwellings. According to figures compiled by the Operative Builders’ Assoclation, there were 1,355 houses erected or started this year, at a total estimated cost of $10,996,755. On lhzh:)ther hand, there ‘were 56 apartment buildings erected or started, providing a total of 2,040 hous- ing units, having a total construction cost of $0,658,500. 1928, there were 1,304 houses erected or started. having a total cost of $10,271,750. The number of apart- ments was 75, providing 3,040 housing units, at s total cost of $18,284,500, ‘Thus, the total number of new hous- ing units erected or started this year was 3,395 as compared with 4344 last r. The cost of this construction s year totaled $20,655,255, as com- pared with $28,556,260 in 1928. It will be seen also that while the cost of dwellings erected this vear was nearly the same as last year, the cost of apart- ment buildings this year was a little over half what it amounted to last year. Activity in Business Property. ‘The year has been marked by activity in business property leases in the down- town section, many new leases for long terms indicating a rise in properiy ‘vaiues, an F street particularly. Asige from extensive dealings in apartment houses and ties, and the sales in dwellings, a num- ber of large transactions added inter- est to the year. The Willard Hotel passed into new hands. when control of the large hos- teiry was acquired from the Boomer- @u Pont interests to a new operating y headed by Prank S. Hight, Who for many years has manager the bistoric place. During the Summer Harry Wardman closed a transaction under which wc- tive management of :he major hotel and anartment properties of his con- = (Continued on Fourteenth Page.) but observers believe that the | of operations. oo Ll SURVEYS BUILDING CONDITIONSIN U. S, Realty Board Reports Busi-5 ness and Home Construc- tion Meeting Demands. The family home and business prop- erty have at present a healthy ratio of supply to demand throughout the coun- try, according to the semi-annual sur- vey of the real estate market made by l];l:.Nltlonll Association of Real Estate rds from reports filed by 411 local boards. - & o This conclusion may run somewhat counter to a general existing impression —that the country is overbuilt—and demonstrates that the only reliable basis for knowing the real estate market con- ditions of any given city lies in data collected through a careful inventory of that city, the assoclation states. Single Family Dwellings. In single family dwellings 62 per cent of the 411 cities supplying data for the survey showed a normal ratio of supply and demand, 19 per cent reported over- building in family homes and 19 per cent reported a shortage in this type of normalcy as to supply and demand in 68 per cent of the cities, a shortage of cent. The supply and demand ratio for apartments was normal in 55 per cent of the citles, but there was a shortage apartments reported in 27 per cent 18 per cent. Of the 411 cities reporting, 51 per cent showed rentals on single- unit dwelling the same as a year ago, lings showed practically the same sta- bility. In 56 per cent of the cities the rentals of this type of residential prop- erty vere the same as in 1928, 14 per cent reported an increase and 30 per cent reported lower rentals on the two- family units. Apartment rentals showed an even smaller divergence from the 1928 fig- ures. Apartments are renting at the same price this year as last year in 67 survey, have raised their rentals in 18 per cent of the cities and lowered them in 15 per cent. property. Business properties showed |ton Memorial Bridge, and $80,000 has 10 per cent and overbuilding of 22 per |dria road from the District line to Four- Mile Run. Work was recently started of the cities and an over-supply in only | work of sewer construction. Heretofore all sewer work was done by private and community interests. Up until the last session of the Legislature the county while 32 per cent reported lower rentals | authorities lacked the power to con- on this type of property and only 17 |struct sewers an dto assess properties per cent reported higher rentals than a | benefited. year ago. Rentals for two-family dwel- | special County alone, giving the authorities this power was passed and as a result ap- the county for these Approximately $75,000 was spent by the county during the year in water exten- sions. of its area to Alexandria, L'l..‘hx'oulh an- nexation, occurred during the year, but per cent of the cities included in the opinions’ differ as loss of this revenue will some declaring that the county will Arlindton County Build- ing on’ Large Scale During 1929. VALUE OF PERMITS $1,000.000 Apartment and an Airport Terminal Are Big Future Projects. BY JOHN T. LIPSCOMB, Staff Correspondent of The Star. ARLINGTON COURT HOUSE, Va. | December 28.—With improved roads| and water and sewer extensions serving as a stimulus home-building_operations in Arlington County have been on a large scale during 1929." While no records have been broken for real estate development in the county, reports indi- cate that this section of the metropoli- tan area of Washington has shown good progress. The assessed value o/ new properties in the county, according to Harry K. Green, commissioner of revenue, will fall a’little below last year, although definite figures are not now available. The permit value, however, of new properties and those proposed will ex- ceed the $2,000,000 mark of last year. This includes a new $1,000,000 apart- | ment house to be erected at Addison Heights, permit for which has_been granted the McLane Properties, Incor- porated, and the proposed construction of an administration and terminal building and_hangars by the Washing- ton Airport, Incorporated. County Construction Lags. ‘With the exception of a new fireproof clerk’s office, costing approximately $45,000, the county has done nothing in the way of architectural construction. Approximately $200,000 has been ex- | pended by the County and State in new | highway projects. This includes $70.- | 000 spent on reconstruction and widen- ing of Wilson boulevard, $101,000 for | the rebuilding of Mount Vernon avenue from Military road to Four Mile Run, $50,000 for maintenance and repairs of roads, all of which was taken from county funds; $60,000 for the widening and improvement of Lee Highway from Cherrydale to Halls Hill and $40.000 for grading and gravel surfacing of Glebe road from Lee Highway to Columbia | Pike, State projects. ‘The old year has also given promise of other large road projects, $100,000 having been allocated from State funds for the establishment of the Jee Boule- vard, proposed as one ¢/ Virginia's elaborate approaches to the new Arling- been provided for the reconstruction and widening of the Richmond-Alexan- on this latter project and it is expected to be completed in the early Spring. For the first time in its history the county this year has engaged in the At the time, however, a act, applicable to Arlington proximately $10,000 was expended by improvements. County Loses Large Area. Loss by the county of a large slice to whether the be felt Office Rental Conditions. rentals in centrally located of- benefit. contending that more money was expended in the way of mainte- nance and improvements in that section other investment proper- | Office fice buildings were reported the same as & year ago in 79 per cent of the cities, while 10 per cent reported higher rent- als and 11 per cent lower. A majority business property to be the same as they were in 1928, but there were in- creases in the rentals of this type of porperty in 32 per cent of the cities and decreases in 11 per cent. Rentals in outlying office ‘were reported the same in 74 per cent of the cities, higher in ‘o p:lr he‘:nmr: lower in lfl r cent. Outly] ess_propert! E:I‘l the same rentals as in 1928 in 61 per cent of the cities, had increased in 11 per cent and dropped in 328 per cent. Regarding the supply of money avail- able for real estate mortgage loans, 28 r cent of the cities reported an equili- jum between supply and demand, 19 per cent reported a surplus of capital seeking investment in real estate mort- gage loans and 53 per cent of the cities reporting stated that real estate loans were seeking capital. The survey cov- ers a period when capital has been felt by all industries and all types of busi- ness to have been abnormally diverted to stock market investment, a condition which is not now a factor of the busi- ness situation, and shows in 32 per cent of the cities rising Interest rates on | ‘mortgages. During the past year interest rates had become lower in only 5 per cent of the cities, 63 per cent of the cities re- ported the same interest rates as in 1928. However, the assoclation points out, during 1930, with the wave of | speculation over, it is only reasonable to | | look forward to lower interest rates on | mortgages, and to a ready supply of |capital for well considered building | | projects. KOLB IN NEW FIRM. D. C. Man Director of Corporation Announced in Maryland. | Special Dispateh to The Sta BALTIMORE, December 28.—J. Leo| Kolb of Washington is named uvne of | the directors of the St. Paul Realty Corporation, which has just been in- corporated under the laws of Maryland with a capital stock of 1,000 shares, par value at $10 each. Officers of the new corporation are | John H. Mooney, president; Reginald . Meehan, vice president; John I. Peach, secretary and treasurer, and Mrs. Genevieve B. Eckenrode, assistant treasurer. ‘The directors, in addition to Mr. Kolb, are Cornelius J. Hamilton, Ernest G. | Glidenzpof and Frank C. Hor'gan. i Gi;el Christmas Party. | A Christmas party for employes of the Thomas E. Jarrell Co. was staged | at the offices of the realty concern | Tuesday, with Thomas E. Jarrell acting | as Santa Claus. Cash gifts were pre- sented to employes of the company. A | Christmas tree added color to the holi- day event, | ¢| City's VVllultion $1,175,234,432. | Special Dispateh to The Star. BALTIMORE, December 28.—The city’s 1930 tax roll bears a list of prop- erties with an assessed valuation of $1,- 175,234,432, of which $389.467,727 cov- lers land and the remainder bulldings. of the cities reported rents of central | pointing to the loss of approximately than was collected through taxation. Others, however, state that it will greatly work to the disadvantage of the county from a revenue standpoint, $35,000 received annually from utilities, most of which was available for im- provements in other sections of the | county. The county will receive $500,- 000 for the annexed area. Annexation becomes effective after midnight De- cember 31. Activities of the zoning commission have played an important part in the orderly development of the county dur- ing the year. The commission has held weekly meetings to consider applications of prospective builders. While it has approved a greater majority of the proj- ects brought before it, some have been rejected in their entirety, whil hers ally accepted after suggestions of the commission’s engineer have been com- plied with, The commission for the past several months has been working on a per- manent ordinance that will cover all ‘phases of city planning. A final public hearing will be held Friday night, Janu- ary 3, following which the ordinance will go to the county board of super- visors for its approval and adoption. The new Arlington Memorial Bridge is & year nearer completion and work is well ‘under way for the Mount Vernon boulevard, skirting the Potomac River, | Bankers Fear Shnfld} i{omel. “When & bank lends money to a home bullder it wants to be sure that the house will be in first-class, salable shape for the duration of the loan. A shoddy building s poor collateral and bankers, naturally enough, want thejr | collateral to be as sound as possible,” says Wyatt Brummitt. have been temporarily rejected and fin- | J- F: County Building Spurs Growth of Washington By Staff Correspondent of The Star. ROCKVILLE, Md, December 28.— Residential construction dominated pri- vate building operations in the metro- politan ‘district of Montgomery County during 1929, although there was con- siderable activity in commercial and industrial areas, according to J. Fred Imirie, bullding inspector. As the fiscal year in the county runs from May to May, there has been no compilation of figures showing a total volume for the calendar year, but it is estimated that the number of new proj- ects or the value will not exceed the $2,000,000 record of 1928, this figure not including public works. New Highways Give Impetus. Impressive impetus to suburban de- ing the past year In construction of important new highways and connect- ing roads and the starting of acquisi- tion of the Montgomery County exten- sion of Rock Creek Parkway. The new public developments will open up exe censive new areas for development, and these projects are expected to stimulate expansion of the suburban communities near Washington. Bond issues already have been ap- | proved for the acquisition of the large Rock Creek Parkway areas which will extend the famous park development well into the county. Preparation of velopments, however, was provided dur- | OPENING OF NEW ROADS AIDS MONTGOMERY COUNTY BUILDING Residential Construction Dominates, Al- EXCEEBS $2.000.000 . oo { though There Was Considerable Activity in Commercial Areas. the park addition will be started in the Spring. Outstanding among new roads is the East-West Highway, which recently was completed from Bethesda to upper Six- teenth street, at the northern portal of the District, and which is to be con- tinued across Georgia avenue to Sligo, connecting with the Colesville pike, Thus a new short cut from the Sil- ver Spring section to Bethesda is pro- vided, opening up a wide new area be- yond Rock Creek Park. The road in- tersects with both Connecticut and Wisconsin avenues extended. Railroad Acquires Property. During the year, also, a new and much wider roadway was laid on Wis- consin avenue from the District line to Bethesda, Among important real estate trans- actions in the metropolitan district of the county was the acquisition of a large site at Silver Spring by the Bal- timore & Ohio Rallroad for a North Washington station to be erected there. During the year, also, there was ad- ditional home building in the Kenwood, Chevy Chase, Silver Spring and Sligo sections. While it is estimated by Mr. Imirie that the number and total value of new residences likely will not exceed the volume for the previous year, there has been a trend to houses of more pretentious type and with more em- Dhtl!l.s placed on architectural char- acter. BALTIMORE PLANS {00 MILLION WORK Construction Operations Dur- ing Year Reach Total of $33,816,999. Special Dispatch to The Star. BALTIMORE, December 28.—Build- year just closed totaled $33,816,999, compared with $34,638,350 in 1928, a decrease of $890,627, according to fig- ures of building engineer's office. This, however, does not include the new $8,500,000 Western Maryland ocean terminal started in 1927 and turned over to the rallroad last September, at an annual rental of $547,500. Major building and engineering proj- ects at a valuation of between $50,000,- 000 and $60,000,000 are scheduled to be started in Baltimore during 1930. In- cluding projects planned for comple- tion within the next few years and likely to begin in the closing months of 1930 the total is in excess of $100,000,000. ‘The program is the largest in the history of the city since the reconstruc- tion period following the fire of 1904 and includes the $22,000,000 terminal, electrification and tunnel project of the Pennsylvania Railroad, and the city’s $6,000,000 street extension and east- and-west viaduct plans, and private valued at more than $200,000. Despite the fact the total volume showed a decrease compared with 1928, bullding of homes increased this vear, permits for the erection of 2,573 dwell- ings having been issued at a cost of $11,493,000, compared with 2,167 dwell- ings at a cost of $11,154,000, while the construction of apartments also showed an increase of $435,700 over last year. ‘The permit for the new Baltimore | Trust Co. Building, a 34-story struc- | ture costing $4,500, vas included in last year's permi GARDEN CLUB ELECTS. of Battery Park Organization. ‘The Garden Club of Battery Park at its December meeting elected the following officers to serve during 1930: Mrs. Leon M. Grant, president; Mrs. . F. Barkley, vice president; Mrs. Louls A. Gravelle, recording secretary; Mrs. Clyde A. Selleck, corresponding secre- Mrs. Reginald B. Looker, Mrs. J. Wilbur Green, pub- Mecity manager; Mrs. Palmer Smith, chairman of the board of directors, and Mrs. R. Granville Curry, Mrs. Thomas H. MacDonald, Mrs. F. O. Smith and Mrs. E. H. Hartnett, directors. Mrs. Green was commended for her year. A musical program was given by Mr. and Mrs. Fritz Hauer. Asso- ciate members, under the chairmanship of Mrs. George Hane, were hostesses for the meeting. Six-Room Dwelling Sold. Carey Witmer has purchased the de- tached frame dwelling at 725 Fern street from Herrell & Boesch, it is re- ported by the office of Boss & Phelps, which handled the transaction. The house contains six rooms and bath. Pnrcl:--;e; Three-Story House. Realtors WAnt License Law., At the recent annual convention of the Nebraska Association of Real Estate | Boards the delegate body of the con- | vention went on record favoring a State license law for real estate kers, | Raymond L. Kendrich has pur- chased the three-story row brick house at 750 Rock Creek Church road. The property, acquired through Boss & Phelps from Francis L. Neubeck, con- tains nine rooms and two bath: Massaciuserts 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 *1.50 per sq.ft. up Within 2 miles of White House 'd-“;?.‘"’“ and Contours can never be uplicated in hear| R i Bri of Wuhm.gron again ing operations in Baltimore during the | commercial and industrial enterprises | Mrs. Leon M. Grant Made President | services as president during the past | BUILDING BOOM IN ALEXANDRIA Approximately ~ $3,000,000 Expended in Purchase and Development in 1929. BY A. A. ALLEN. ALEXANDRIA, Va., December 28.— Approximately $3,000,000 was expended for the purchase and development of real estate in Alexandria during 1929, according to an estimate made by El- liott F. Hoffman, clerk of the Corpora- tion Court. The purchase and erection of private residences and small stores, especially on King street, was unprecedented, ac- cording to Mr. Hoffman, Major projects were: The Richmond Theater, which was remodeled at a cost of $50,000; the erection of the new office building of the Virginia Public Service Co., at a cost of $250,000; the opening of the new Montgomery Ward Store, which cost $110,000; the remodeling of two stores for the Kresge Five and Ten Cent Store Co., at a cost of $190,000; the building of a new store for J. C. Penny, at a cost of $100,000; the re- building of the Fairfax apartment house, which was gutted by fire, into a | modern office building with a drug store on the ground floor, at a cost of $100.000; the sale of the Monticello Hotel for $39,000; the building of a plant for the Shell Eastern Petroleum Prod- ucts Co., at a cost of $150,000, and the building of a storage plant for the Tide- water Oil Sales Co., at a_cost of $70,000. In addition, the new Brawner apart- ment house was erected on Prince street, dllfllélx the year. The apartment repre- sented an outlay of about $350,000 and is the most modern bullding of that nature in Alexandria. M. P. CANBY TO DIRECT SHANNON & LUCHS’ SALES Leaves Saunders Company to Take New Position on January 1. Medford P. Canby, well known in real estate circles here, and who has been active in the work of the Wash- ington Real Estate Board, has been appointed director of sales of the firm of Shannon & Luchs, Inc, it was ai nounced today. | Mr. Canby now is sales manager for the firm of Willlam H. Saunders Co., | Inc. He will take his new position | | January 1. He has been associated with | | the Saunders company for about seven | years. iNEW FIRM INCbRPORATED.' Baltimore Real Estate BSecurities Exchange Just Announced. Special Dispatch to The Star. BALTIMORE, December 28.—The | Baltimore Real Estate Securities Ex- | change has been incorporated under the laws of Maryland, it was announced this week. Thomas C. Williams, Arthur H. Miller and Richard Keating were listed | as_incorporators. ‘The promoters propose to deal in real estate securities, ground rents, deben- ture bonds on apartment: houses and | the like. The exchange will be on a | membership basis without stock capital. $11,750 | 5315 Nebraska Ave. | N.W. Chevy Chase, D. C. One Block Off Conn. Ave. New—detached-Dutch Colonial of 7 delightful rooms, tile bath and built-in garage embodying all modern con- veniences and many added fea- tures. An inspection will satisfy you that duplication at the price and location is impossible. Open daily 6:30 to 9 P.M. All Day Saturday and Sunday Drive out Conn. Ave. to Nebraska Ave. and turn left | o g block. I | MITCHELL QUICK | 506 Tower Bldg. Metropolitan 3788 1 ! i | {Prince Georges County| | Records Show Steady Increase. |STRUCTURES BETTER THAN DURING 1928 Many of New Housel Are% Sold for Cash Upon Being Completed. BY GEORGE PORTER. UPPER MARLBORO, Md., December 28.—A steady increase in building op- erations, without any tendency toward “boom” growth, was evident in Prince Georges County during 1929, according to county officials and prominent con- tractors. Although definite figures are lacking, it was said by County Assessor James H. Shreve that, while fewer | structures were erected in the county ‘thn in 1928, their quality was better, | with the net result that the year's building showed a ‘“normal” gain over 1928. It is conservatively estimated that the building operations of the county dur- ing 1929 total considerably more than $1,000,000. From July 1 to December 15 The Star | kept a record of the total estimated | value of building permits issued by the county commissioners each week. These | amounted to approximately $442,000. Estimate of Cost. A feature which must be considered | | in computing the total is pointed out | by Assessor Shreve, who says that it has become the custom of many per- sons to estimate the cost of a proposed structure at about one-third its actual cost when filling out applications for building permits. Some of the applica- tions do not contain any estimate at all, and in a number of instances houses or stores are erected without any | permit, according to Shreve. Real estate operators of the county agree with the assessor that the new houses built this year are better. There been very little speculative build- ing, it is said, 4nd many of the houses | were sold for cash. | Among the outstanding structures erected this year have been the $250,000 | telephone exchange and central office in Hyattsville, the palatial residence of Somner Wells at Oxon Hill and the Odd Fellows' Hall at Bowle. The long-sought overhead bridge at Hyattsville and the extension of Rhode Island avenue to Hyattsville also are outstanding. These were a part of a record road-building program carried on by the State Roads | Commission in the county. | _Public building eperations also include the inauguration of work on several new zchools. Old Mansions Purchased. Several old Colonial mansions were purchased by new owners, who made or | are making extensive alterations or im- provements, After some delay the county commis- sloners and the Maryland National Cap- ital Park and Planning Commission in- | stituted the mnew zoning regulations, with resulting beneficial effect on buila- ing operations in the metropolitan area. Trade Board Moving To Its New Offices About January 15 The new and larger quarters for the Washington Board of ‘Trade on the second floor of The Star Building, now being pre- pared, are expected to be ready for occupancy about January 15. The new home for the trade body will be larger than the pres- ent quarters on the fifth floor of The Stay Building and will be fitted with new furnishings and additional office equipment. The entire membership of the board will be invited to make an inspection of the new home after extensive remodeling operations ‘are completed. ‘The trade body is taking the space formerly occupled by the ‘Washington Bureau of the Asso- clated Press, which has moved to its new and larger quarters on ;,he third floor of The Star Build- ing. 3209 Oliver St. LOAN GROUPS GAIN $490,000,000 IN 1929 U. S. BUILDING Washington Associations Report Progress; Increases Regarded Remarkable, Considering Withdrawals. Total Assets for Nation I activities in the stock reports. The 12,340 building and loan will show an increase in assets of cent, according to a statement secretary of the national lea Now $8,606,000,000. HE assets of building and loan associations in Washington }-bd throughout the country will show advances in 1929 over 1928, despite withdrawal of savin gs during the October-November market, according to local and national associations of the United States about $490,000,000, or about 6 per just published by H. F. Cellarips, gue. The estimated membership is 12,- 000,000, a slight increase over 1928. The total assets for 1929 are estimated at $8,606,000,000. Locally, the 22 building an have total assets at the end of 1 standing loans on real estate of $61,000,000 at the end of 1928, it is president of the local and national leagues. BUILDNOW SLOGAN GIVEN ARCHITECTS “Costs Are Lower Than for Several Years,” Says National Head. “Build now!” is the sidgan of the architectural profession, according to C. Herrick Hammond of Chicago, president of the American Institute of Architects, who declares there is every reason to believe that 1930 will be a good year. “Costs are lower today than for sev- eral years, and those contemplating construction should be advised by the architect not to delay,” Mr. Hammond declares. “The outlook for 1930 in the con- struction industry is difficult to forecast. However, in all probability, the first quarter of the new year will show an amount of building construction some- what less than the corresponding quar- ter of 1929. This loss will, with reason- able. certainty, be overcome, and the total volume of construction for 1930 :l;g;ll'gl be equal to, if not in excess of, (uREPOrts from leaders of industry to lished at the suggestion of President Hoover, show, Mr. Hammond says, that most of the large corporations in_the country have extensive programs calling for expansion in excess of that for 1929, ‘These enlarged programs, he points out, will contribute largely toward an in- crease in the volume of new construc- tion for 1930. “The Federal Government,” Mr. Ham- mond adds, “will do its share in main- taining the stability of business by ad- vancing its construction activities be- yond point originally planned both in the National Capital and throughout the country. “Money formerly diverted through speculation from ~ construction loans should be available for permanent im- provements. There should be a stabil- ized market for both labor and mate- rials—with labor doing more work per day than has recently been the case.” DISTRICT ACQUIRES LAND. Three Properties in John Marshall Place Purchased. ‘Three parcels of property on the northwest corner of John Marshall place and C street have been purchased by the District government as a part of the site of the new municipal center, it was announced this week by Carl G. advisory council of business, estab- | J: d loan associations in the District will 929 estimated at $66,000,000 and out- about $63,000,000, as compared wa; reported by C. Clinton James, past Increases Despite Conditions. * Reporting on the national situation, | Mr. Cellarius states: 1 “Owing to abnormally high interest rates and credit stringency and diie somewhat to stock market speculations, receipts were not up to normal dury the year 1929 and the associations less funds available for loans on m gage security to finance home construc~ tion or home purchasing than have had for a number of years past:- “Notwithstanding unfavorabia factors, the building and loan assocla- tions will end the year by showing & fair increase in their total resources. By reason of the recent collapse of the stock market, it will be forcibly brought home to members of building and lcap associations that a fair return of inter- est or dividends with safety is more portant and more profitable in the loj Tun than a speculative venture in stock. “During the year 1929, it is estimat that the building and loan associa= tions of the United States made mort- gage loans to the amount of $1,850,000;- 000, ‘which _enabled over 500,000 of their members to enjoy home owner- ship. In 1928 the sum so invested amounted to $2,000,000,000.” 2 The growth of these associations dur- ing the past 20 years is shown by the following figure: H Year. ear. Total membership. *Estimated. Local Conditions Analyzed. Regarding the local situation, Mi es reported: 2 “The 22 bullding and loan associa~ tions in the District are in fine condi- tion. It is estimated that' their total resources at the end of 1929 will be about $66,000,000, and outstanding loans on real estate about $63,000,000, as aginst $61,000,000 at the end of 1928, means an annual turnover of al $10,000,000, considering 1] have been pald at maturity and those that have been paid off for reflnmch: anpoues. ‘The percentage of real esta oans to total assets in the District of Columbia is about 94 per cent. z “During the last three months there has been a slowing up in the amount of money loaned, due to heavy with. drawals during the month of either by bargain hunters on tHe stoc! market or by those who sought to m tect their holdings in stock speculal Money now is returning to the associa- tions and an increase in rate and the flow of money at the present time in the building and loan associations in the District is about normal. “There have been very few fore-‘ closures compared with the amount of loans made during the year and very few pieces of property have had to be bought in by the building as- sociations loaning the money. The year 1929 will be the best year, many of the larger associations: report, in the history of their organization, and they look forward to a substantial increase in CHEVY CHASE, D. C. Only $12,750 Here is one of the most striking and appealing new homes that we have seen in many a day. Built of brick and frame, it has a large living room with open fireplace, attractive dining room and a kitchen equipped with Frigidaire, electric dish washer and many other special features. There are 3 bed rooms and 2 beautiful baths, and a floored attic. Open fireplace for den in basement. 2-car garage to match house. All closets have electric lights and the electrical equipment of the house is su- perior to most houses at twice the price. If you want one of the most charming, most complete and atractive homes you have ever seen don't fall fo inspect this house, Open Sunday, 10 AM.,, Till Dark Drive irom Connecticut Ave. at ] to 3id thence morth to Olfver and turn right to No. 3209. | Two Attra business during the year 1930. “Good applications for loans - are coming in faster than many associa- tions are able to take care of and what they need, in order to help home- buyers and home-builders, is an in- Rosinski, who handled negotiations for the owner, Miss Elize Hughes. The consideration was $30,350, it is reported. The parcels have a frontage of 45.4 feet on C street and 129.2 feet on John Marshall place, the area|crease in revenue because of the greater amounting to 5,385 square feet. demand for loans.” $333328383232328238838328882882323288822233888238383 4317 Elm Street, Chevy Chase, Md. Lot 90-Foot Frontage (Nearly 14 Acre) $11,750 One of the most beautiful lots we have ever built a home upon, with many shade trees and_evergreens, with rustic bridge ever the- delightful stream in the garden, this new Colonial home of brick and clapboard, located in that delightful new section near the Chevy Chase- High School. Six well planned rooms with tiled bath and showes garage; screens; in fact, everything is included to make a thoroughly complete home. We bought this lot more than 10 years ago, which explains its surprisingly low price. This Home Should Be Personally Inspected Drive out Wisconsin Avenue to Leland Street (just north of Bradlev Lane), turn east three short blocks to 44th Street and morth two short blocks to property. M. & R. B. WARREN b Day or Evening Open, Lighted and Heated Until 9:30 P.M. ctive Groups of | Superior New Homes 1207 Owen St. N.E. ¢ 224 17th St. N.E. In the beautifully de- ko i veloped Trinidad Section, Ad;a:-mn, Eastern (h""‘ i School in a new restricted with paved streets and . alleys. Only 2 blocks from | neighborhood; the mear- est to downtown, Sears-Roebuck. Six and seven well arranged rooms, a tiled bath with shower; many distinctive features, including paneled walls, oak floors, chestnut trim, the new Green Jacket heating system. Built-in garage. As Low as $7’950 Very Easy Terms Robert E. Kline, Jr. 0"01--.!:!'“!7 718 Union Trust Bldg. Or Any Broker Nat'l 6799