Evening Star Newspaper, May 10, 1930, Page 20

REAL ESTATE NEW $15.000,000 SKYSCRAPER ERECTION BEGUN IN NEW YORK EARLY BULDING PLANSARE URGED Setting Forward of Program Advocated to Put Funds Chairman, bankirg a Jtouse of R The energetic support of business leaders throughout the country should be given the effort now being made by the National Building Survey Con- ference to set forward the start of Spring residential construction by a! month or six weeks and to continue ar into the Summer as possible. is important not only because | 4t will shorten by so much the period | of abnormal unemployment in the building trades and_building material- producing industry, but also because of the fact, as shown by reports to the Building Survey Conference, that there | is @ large amount of smail mortgage | money now available for residential con- struction and which is not at present in full use. 3 It is highly important that this money be put to work on construction | in order that it may not be forced by | idleness to seek an abnormal market | in another field. Such abnormal de- | mands, in whatever fields of business, bring on panics, business depressions | and the resultant unemployment, due | to the absorption by one field of an| excessive proportion of the credit re- sources of the country, thereby starving ( other business groups. Too Much Cash Idle. Recently there was a_very quick re- turn of funds from speculative fields to smaller financing institutions and many of these, without realizing it, are holding too much cash in idlenecss which should be out working in the residential and commercial construction fields, particularly the former. In the normal process of business the period of unused money is not of long duration. But since, in this case, due | to co-operation of Government and business agencies, the money has becn made available more quickly than usual, there is greater need for accelerating the demand for its use in residential construction fields. The benefits of the Teturn of these funds to small institu- tions from the concentrated funds in Wall Street cannot be fully felt until the money is employed. To accelerate such employment, the demand for prudent residential construction should be stimulated by all proper means. While high money rates are often | described as exerting a stranglehold | on business and construction, unused | money creates a stagnant condition | which has a dulling effect on all com- | mercial enterprises, resulting in con- ditions of unemployment and busi- ness pessimism. Second-Mortgage Problem. Financial leaders may_also “consider how best to increase this demand for residential cbnstruction by _eliminat- ing the necessity for the highly ex- pensive second mortgage. Closer super- Vision in the purchase of materials and in design, location and construc- tion will make it passible for small mortgage sources, such as building and Joan associations, to increase the Tela- tive size and possibly the length of time on first mortgages, making it practicable for the person desiring a home to build with relatively less capi- tal and still insure to the mortgage holder a high and safe resale value in the event of foreclosure. Closer co- operation between financing agencies, contractors, Tealtors and producers_of bullding materials to this end is highly desirable. The same is true with respect to modernization financing, which if prop- erly encouraged and directed can be depended upon to further extend the residential-construction period and ob- | quarters Special Dispatch to The Star. NEW YORK, N. Y., May 10.—Con- struction of a skyscraper having an estimated tost of $15,000,000 was start- ed today for Henry L. Doherty & Co. | on the block bounded by Pearl, Wil- liam, Pine and Cedar streets, this city. The site comprises 32,000 square feet of ground space in the financial district. This is to be the first of several new skyscrapers in the financial district to be developed within the next three years, it 15 announced. The westerly scction of the sky- scraper is to be completed by May, 1931. The easterly portion will follow s soon as existing leases expire and will be ready for occupancy by May, 2. The first 19 floors will be occu- pied by Henry L. Doherty & Co. and | Citles Service Co. It'is planned to connect the present 26-story Doherty headquarters at 60 Wall street with the new building by a bridge at the six- teenth floor. | The new building will be topped by a tower 30 floors in height, the top floors of which will be reserved for the personal use of Henry L. Doherty, where he will have his library, private offices and quarters for his assistants. A private elevator will connect these with a higher terrace, in- closed with glass and equipped for rest and recreation. Among the novel features planned for the building will be double-deck eleva- tors, which will take on and discharge passengers of two floors at the same time. This will be the first use of this type of elevator. There will be 17 ad- ditional elevators of regulation® type. Another feature will be escalators serv- ing the first seven floors. Artificial ventilation will be used for all lower floors. The first setback will be at the eleventh floor. | | | | | Modern Mortgages Serve as Foil for Landlord Villains Present Day Plan Helped Many Save Homes by Amortization. The villain who held the mortgage got the beautiful daughter, in the old- fashioned plays, because her father had never heard of “amortization,” says the National Association of Real Estate Boards in the seventy-ninth of its series of articles for the public. Modern people may chuckle at the old themes that pictured the family being evicted at the hour the mortgage was due, which usually occurred in the dead of night during a heavy snow- storm, says the assoclation, but few stop to think that these scenes re- flected the tenor of those times. People did lose their homes in those days through the operation of the old- fashioned mortgage, says the associa- tion, first, because its term usually extended for only a year, and second, because there was no plan for its grad- ual reduction by periodical payments. 0l Circumstances. ‘The year would pass only too quickly, sickness and other unforeseen events would drain the family savings, and the maturity date of the mortgage would find them faced with the neces- sity of either raising the entire amount or throwing themselves on the mercy of the mortgagor for renewal The gradual development of the long- term mortgage and the imauguration of the amortization plan of paying it off in small monthly installments has helped thousands of people to buy homes in this country and to retain them after they got them, according to A. A. Zinn, Kansas City, president of the Mortgage Bankers' Association viate the sharp Summer and Winter seasonal lulls. I understand the Na- tional Building Survey Conference is paying particular attention to. this phase of the problem. of America. “Pifty years ago most mortgages were made for 12 months, with the principal due all at one time,” says Mr. Zinn. “But the growth of the country, and A Rare Value New Chevy Chase Home 4612 Chevy Chase Boulevard Price, $14,900 Built to Sell for $19,750 Spacious Detached Brick & Stucco Close to Chevy Chase Club Grounds DESCRIPTION Eight rooms—four Bedrooms Two Fully Tiled Baths—Shower Material—Brick and Stueco Hot-water Heat Two-car Garage Two Fireplaces Open Saturday Afternoon and Sunday TO INSPECT—Drive out Conn. Ave. to Bradley Lane, west to Wisc. Ave. South to Chevy Chase Blvd. (Arched entrance) or drive Wisc, Ave. out The Commercial National Co. Commercial National Bank Bldg. 14th and G Sts, National 2680 On the Highest Point in Petworth Between Webster'aml Allison Sts. on Third 90 Ft. Wide—6 Rooms 3 Porches—Garage Frigidaire gt S s Attractive Features Colonial Buff Brick Home 20 ft. Wide by 32 ft. Deep Slate Mansard Roof Covered Concrete Front Porch 2 Screened Rear Porches Receftion Hall, Coat Closet with Plate Glass Mirror Door Beautiful Living Room Daylight Kitchen Fully Equipped Large, Bright Dining Room Spacious Master Bedroom 2 Other Large Bedrooms Black and White Tile Bath Built-in Tub and Shower Concrete Cellar with Toilet Gad Baundry Traye Automatic Hot-Water Heater B.b752 Boof Garage ‘Artistic Decoration Paneled Wallpaper Hardwood Floors and Trim Wardrobe Closets with Lights Screens Throughpy$ $9,250 Also I Group New 8-Room Home $9,950 and A new corner, Center Hall plan, 8 rooms, with 9-car garage, Inspect 4415 3rd St. N.W. Open and Lighted Until 9 P.M. CAFRITZ Dist. 9080 especially the growth of the savings banks and life insurance companies, gave the mortgage more dignity and the home owner fewer bad nights. “These institutions, supplemented by regular mortgage loan companies that were beginning to specialize in this field, soon realized the advantage of having steady incomes for more than the usual year pericd, and the terms were gradually extended to three and five years, with the full principal, how- ever, still payable at maturity. Remove Fatal Day. “Then the plan of reducing the mort- gage by periodical payments was evol- ved, which provides for monthly, semi- annual or annual principal payments. “In addtiion to removing the dreaded fatal day when the entire sum was due, the amortization plan teaches bor- rowers habits of systematic saving, which they often Continue after the mortgage is paid.” Only 906 New York Ave. These 1418 Eye St. NW. Isherwood St., One Square North of 15th 1601 TO 1619 D ST. N.E. CRAFT WORK DISCUSSED William Ludlow Expresses Requi- sites.of a Good Craftsman. What is a good craftsman? This | question is answered by William O. Lud- low, chairman of the craftsmanship | committee of the New York Bullding Congress, who says: “A good craftsman first of all is a man who does first-class work. Noth- ing he does is shoddy, ugly or of poor | quality. He is known by his workman- ship. “A good craftsman is loyal to the men of other trades. He never inten- | tionally or wilfully injures the work of | another man. If he is a carpenter he | doesn't draw pictures on white plaster | walls, and if he is a plasterer he doesn't | drop ‘mortar on a newly laid floor.” | i Exdidires |REPRESENTATIVES NAMED In order that all the specialized phases of real estate practice may be repre- sented in working out the advertising program of the National Association of | Real Estate Boards, the executive com- mittees of the nine specialized divisions of the national association have named a member to co-operate with the asso- ciation’s advertising committee in deter- mining advertising policies. 'he_ advertising commitice will meet with these divisional representatives at the coming annual convention of the National Association of Real Estate Boards to be held at Toronto, Ontario, July 9, 10 and 11. An Unusual Value 1309 Shepherd Street A modern spacious six-room house in a de- sirable and convenient northwest neighborhood. three large porches, an attic, a large yard, and garage. $8,900 Open Sunday 11 AJM. to 6 P.M. Robert W. Savage 717 Union Trust Bldg. Natl, 6799 JAMESON-BUILT MODEL HOMES 6. 7 AND 8 LARGE ROOMS Now Ready for Inspection 412 to 442 JEFFERSON ST. N.W. 938 QUINCY ST. N.W. 1337 TAYLOR ST. N.W. 1521 TO 1527 ISHERWOOD ST. N.E. 1 Left d D Sts. NE. Inspect at Once The architecture of these fine homes has been care- fully designed and selected by our experts of superi. home designs. The material also has been carefully lected. 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. Frigidaire and Garage With Each House FOR SALE BY THOS. A. JAMESON CO tional 5526 * “Ask the Man Who Owns One” omes WOODLEY PARK are THE TALK OF THE TOWN These new homes are selling rapidly because the lbeation is- uneguallad, ‘the housestare so attractive, both in interior plan and exterior charm, and the prices so reasonable. COME OUT TODAY EXHIBIT HOME—2910 Cortland P]. T0 REACH: From Conn. Ave. West on Cathe- dral Ave. to 29th St., then North to Cortland Place, Open Daily and Sunday Until 9 P.M. Qansbum? SCpANY INGS Nat'l. 5904 NEW FIRM TO OPEN William K. Hartung & Co. Take Offices in Shoreham Building. The firm of Willlam K. Hartung & Co., with offices in the Shoreham Build- ing, will be opened formally Monday for the conduct of general real estate g‘m. , it was announced today by Mr. Hartun Mr. Hartung entered real estate prac- tice here in 1913 as a salesman for Shannon & Luchs, Inc., and was asso- ciated with that company .until 1919, when he formed the partnership of OPEN SUNDAY 2 PM. to 6 PM. 1300 Geranium Street N.W. DETACHED CORNER HOME THOS. E. JARRELL CO. REALTORS 721 10th St. N.W. Natlonal 0765 Night Phone Adams 0735 K. HARTUNG. Marietta Place N. MARRIETTA PARK $7,750 The only moderate priced home in all this pretty and con- venient park. Near graded and junior high schools, stores, churches and transportation. This low price has been made to sell these houses quick and all but three have been sold this week. Semi-detached, six bright rooms, oak floors throughout, big side porch, double back porches, hot-water heat, built-in bath, large lots, garage and paved street. Open and Lighted for Inspection To Reach—Drive out Sth St. to Marietta Place, 2 blocks mnorth of Longfellow. LA A 90 Two Distinctive Home Groups Both Open for Inspection Today and Sunday Cathedral Heights—Detached Brick 3829 Cathedral Ave. N.W. No section more beautiful, no home in Washington more modern, distinctive or of better value than these. We ask you pection and com- parison, that's all. The first floor contains four beautiful rooms, the large living room having a beautiful fireplace, the dining room extra bright, and the sun parlor a real dream room. The kitchen is large and equipped with one-piece fixtures, frigidaire and large pantry. Also tiled lavatory on this floor. Four large bedrooms and two baths with shower make up the second floor, while the attic is finished with two rooms and bath. The large basement, oil burner, automatic heater and two-car, built-in garage will take the man’s eye. Drive out Mass. Ave. just past Wisconsin Ave., left on Cathedral Ave. one block. Look for the Metzler signs. Chevy Chase, D. C., Detached Brick, $12,75 3609 Jenifer St. N.W: Open for Inspection Now for the home you have been waiting for. A real detached home, of finest construction, artistically arranged, and rooms that will take yeur furniture. i -room and 2-bath home is extra large and you will like it. The large living room, across entire house, the beautiful open lace and the large side porch opening off the ng room will more you. Splendid, large kitchen, one-piece fixtures snd large ce yard, trees and garage. Nothing left undone to suit the ous. All we ask now is that you drive out Conn. Ave. to Nebraska and east on Nebraska to Jenifer and inspect this besutiful home. Look for the Metzler signs. METZLER—REALTOR ' 1106 Vt. Ave. DEcatur 5800 Nights, ADams 0620 Tower Bldg. pantry. New Homes of Real Distinction Well Built—Attractively Finished Beautifully located in the new all-white sub- urban community facing Bastern High School. EXHIBIT HOME 1707 C Street N.E. Open Daily Until 9 P.M. Fronting on the new 160-foot boulevard The Entrance to Anacostia Park. Seven large rooms and a tiled bath with shower and built-in tub. Oak floors, hardwood trim, the latest in electric fixtures and beautifully paneled walls. A kitchen that you have dreamed about. All white, with inlaid linoleum floors and a Frigidaire. Two large porches and landscaped lawns, Built-in garage. Low Price and Very Easy Terms ROBERT E. KLINE, JR. Otwner—Builder 718 Union Trust Bldg. Nat’l 6799 Or Any Broker REAL ESTATE Hartung & Gibbons, which later became Willlam K. Hartung & Co. Samuel A. Young, formerly with the Hartung Co., ciated with Shannon & , will 205 OXFORD ST. Chevy Chase, Md. A PERFECT HOME —brand-new—in this wonder- ful location; entrance hall, large living room, fire- place, open bookease with leaded windows above, very sizable covered concrete porch, dining room excellent wall space; well planned and equipped kitchen, There are 3 unusually fine bed rooms, 6 large closets d 2 complete baths. Lot 65x120 with giant trees; 2-car garage. PRICED TO SELL. Come out Conn. Ave, just north of Chevy Chase Circle to Oxford St., 3 blocks east to home. Heath Berry Phoneo{l]’:l‘f };Salsl; Owner Transferred From City Offers Home at Sacrifice 1717 UPSHUR ST. N.W. Semi-Detached Brick Southern Exposure A complete home in Washin, ton’s most desirable close-in resi- dential section adjacent to Rock Creek Park. Fight nice rooms—two com: plete baths—attic—outside try, electric refrigeration, open fireplace—oil burner—m weatherstripped throughout— OPEN SUNDAY from beautiful large lot—garage. 10 AM. to 7 P.M. Come out and see it! WAPLE & JAMES, Inc. 1226 14th St. North 0962 @ Your Home... Distinctive New Ideas for It --- .+ s FREE Charming little cottages . . . stately colonials with eight to ten rooms . . . glimpses of Early ‘American interiors . . . English garden fences. You must see these Thirty-Four pages of allur- ing pictures of lovely homes—some actually built and lived in—some original designs. “For Home Lovers”, a colorful new book of homes, is yours for the asking. Phone your request, drop a note in the mail, or, better still, call at our office—we’ll see that you get your copy. Galliher & Huguely, Inc. Sherman Ave. and W St. N.W. North 0465 and more recently asso- an officer of the new Hartung concern.