Evening Star Newspaper, August 2, 1930, Page 13

HOOVER LAUDS SERVICE OF BUILDING AND LOAN President Tells Association Convention Employment Is Stimulated by Use of Funds Put Into Home Construction. HE service of building and loan associations is of special impor- tance at this time as a means of maintaining and increasing employment by stimulating President Hoover stated this week in a message of greeting to WASHINGTON, D. C, use of funds for home building, REALTORS OF U. 5. ASK TAX REFORMS State and Federal Changes Urged at Recent Conven- tion in Toronto. Two demands were made upon State and Federal Governments for reforms in property taxation by the National the thirty-eighth annual convention of the United States Building | Association of Real Estate Boards at and Loan League, held at Grand The President’s message was read at a general session, during | which officials of the league reported that building and loan associa- tions, important factors in the home financing field, in spite of the business depression of the past year increased their assets by nearly declared to be a good omen for the future. $700,000,000. This was District Shows The District of Columbia, with ship totaling 72,043, showed an increase of $5,045,768 in assets and past year, H. F. Cellarius, league 3,500 in membership during the secretary-treasurer, reported. At the $68,409,716. 7 President Hoover in his message to the convention stated: | “The provision of funds for building of homes is one of thei most important functions of our | economic machinery, and, in turn, | is one of the most stabilizing in- | fluences in our economic life. The building and loan associa- ! tions have for many years played a part of major importance in this vital work, and their service is especially important now, for one of the most potent influences in maintaining and increasing em- {:loyment would be the stimula- ion of the use of the funds in this field.” Making his yearly report before the | eonvention, Cellarius described _the growth of this business during & “bad year” and said it was significant that #ll building and loan associations were able to pay the heavy withdrawals that !’f.l-“luwed stock mrket crash of last 1L, Association members that number more than 12,000,000 people, with sav- | ings of more than $8,500,000,000, in- vest these funds m building and loan associations, who relend these large sums exclusively for home-buying pur- b associations _are under tate supervision in most States. Finds Business “Picking Up.” Although Mr. Cellarius reported a lessened demand for mortgage money for the second quarter of 1930, the league treasurer stated that business was gradually “picking up” throughout the country, and referred with pride to the $700,000,000 the public was able to lay by in 1929. Thus he that the average amount held by building and loan members increased $49.71 last year and that $717.94 is the average amount now held by each of the 12,000,000 members. | “To us this means that everything | did not vanish last Fall” said Cellarius. *“People who had withdrawn their sav- ings from local associations have re- established their accounts. New ac- counts have been opened. We have assefs today of $8695,154,220, an in- crease of $679,119.893, or a growth of nearly 85 per cent in the bad year of 1929 “During the last half of 1929 a spec- ulative mania ran riot among all class- es of people. It culminated in one of the greatest slumps in stock prices ever witnessed by our people. A large vol- ume of savings of our people was with- drawn from building and loan associa- tions and other financial institutions and poured into the stock market, it is needless to recall with what disas< trous results. “About the middle of December, how- ever, there was a notable change in con . The withdrawal demand decreased considerably, moneys began to flow back into the associations in better volume. In the first quarter of BEST BUY 1423 Whittier St. N.W. (Half Block off 16th St.) Owner is out of town and has placed a price on this prop- erty that commands a quick sale. In mew house condition. Oil burner, draperies and com- plete equipment. INSPECT SUNDAY OPEN 10 UNTIL 6 %95&01 , Gompany | anshury e 1418 Eye St. N.W. Nat'l 5904 Thousands of persons have told us the features they want in homes — You get them all at 1708 C St. N.E. For a Reasonable Price and on Convenient Terms Note— Seven large rooms, natural chestnut trim, new paper patterns, artistic lighting fixtures, abundant closet space, tiled baths with showers, completely equip- ped kitchens, electric re- frigerators, basement toilets, bullt-in garages, front and rear porches, paved alleys. This is a restricted-to- white community. Drive north from 17th and East Capitol Streets. Robert W. Savage 717 Union Trust Bldg. Rapids, Mich. Good Increase. 24 associations, having a member- end of the year assets totaled e | ROCKINGHAM COUNTY WINS HOMES AWARD Reconditioning of Three-Room Rest | Center Features Contest. RICHMOND, Va, August 2 (®).— Rockingham County, Va., has been se- lected for a special award in the 1930 better homes campaign conducted from Washington, D, C., in which more than 850 counties in all parts of the United States took part. The awards were made on the basis of quality and educational value of the programs, freedom from commer- cial features, appropriateness to the community, comprehensiveness, com- munity interest and co-operation. The principal feature of the Rock: ingham County campaign was the conditioning of a three-room rest cen: ter, which is to be maintained through- ouf the year as a permanent center of home information. The work of reconditioning and re- finishing furniture was dohe by wom- en of county, under the direction of Mrs. Mary F. Claytor of Harrison- burg, who, with Mrs. O. D. Garber of Bridgewater, served as chairman of the county Better Homes Committee. Lec- ture programs and exhibits were held in various parts of the county. o Albert Blum Appointed. Albert Blum, a member of the board of managers of the Silk Association of America, has been designated by the Presient as a delegate from the United States to the Third Congress of Deco- rative Arts, to be held in Antwerp the the recent Toronto meeting. The convention adopted one resolu- tion_asking that the general property tax be abolished in the various States and a second resolution requesting that the Federal revenue provision as to cap- ital gains be changed so that the rate 12, per cent. The preamble to the resolution asking the abolition of the general property tax declares ihat the financial burden of State and local governments throughout the United States falls primarily upon property and mainly upon real estate and declares the tax, irrespective of the type of administration system under which it operates, to be inequitable as between territorial jurisdiction under the authority imposing the tax as well as between types of properties which it attempts to tax. The statement like- equitable between individuals in rela- tion to the amount of property owned by them. The preamble further declares that State and local governments have failed to perfect this system of taxa- tion so that it operates fairly. ‘The resolution itself urges the aban- donment of the tax as a major source of revenue for State and local gov- ernments and the substitution of a rev- enue source which “will have the sup- port of all interested in equitable tax- ation and in the establishment of a tax system more nearly in accord with mod- ern_needs.” ‘The_ resolution on the capital gains tax asks that the rate to be applied to capital gains and capital losses should be kept separate and distinct from the rates to be applied to ordinary income. It also requests that the rate on capital gains and allowance for losses should decrease as the number of years the capital assets is held increases, until the fifteenth year, after which there should be no capital gain tax and capi- tal losses should not be deductible. The resolution further favored an amend- ment to the capital gain section of the income tax law to provide that profit on the sale of realty should be held to be capital gain whenever property has been held for more than three years by the taxpayer, regardless of the business of the seller or the purpose for which he acquired the property. - Man Sues for Divorce. Absolute divorce is asked in a suit filed by J. Prank Biddinger, 1217 In- graham street, against Jeanette S. Bid- dinger, 1100 block L street. They were married at Alexandria, July 4, 1929, and separated last Saturday. A co-respondent is named. Attorney Charles P. Henry appears for the hus- latter part of this month. YA 3 D) = =13 = S in th e ;‘3 of al sold. el avail s il B Nat'l 6799 Or Your Broker L GIF ANNOUNCING The Completion and and Final TILDBEN GARDENS EGINNING today the last building to be erected in Tilden Gardens will be opened for public inspection. It marks the conclusion, one year ahead of schedule, of a $3,000,000 development that has been pronounced one of the finest and most’ successful operations ever projected in Washington. The new structure contains sixty apartment homes—forty of three and four rooms and bath, ten of five rooms and bath, and ten of seven rooms and two baths. Each of the smaller apartments has two exposures, and the larger ones three, assuring cross ventilation in every room. Prices range from $7,000 to $18,500, with a moderate cash payment and monthly payments as low as $42 plus the maintenance charge. The six buildings in Tilden Gardens (210 homes) occupy one and one-half acres of the five-acre tract of high wooded land, the balance of three and one-half acres being devoted to one of the most beautiful landscaped gardens is section of the country, Surrounded by Connecticut Avenue, Tilden and Sedgwick Streets, with the grounds of the U. S. Bureau of Standards to the north and a proposed Government Park to the south, residents of Tilden Gardens enjoy secluded quiet, ample fresh air and sunlight and safety from undesirable adjacent structures. The Club Building, one of the group of six, contains a splendid Dining Room, hotel accommodations for guests, a spacious lounge for entertaining, and many other desirable features, Garage space is provided in the basements 1 buildings. This newest and last building is your final opportunity to secure a co- operative apartment home in Washington’s unique and outstanding Garden Development. Of the sixty apartments, more than twenty per cent are already May we suggest, therefore, that you visit Tilden Gardens at your earliest convenience, while each size, arrangement and style of apartment home is able. TILDEN GARDENS A Warren Development Cotinecticut Avenue at Sedgwick Street — — Telephone Cleveland 6084 he: will be reduced to half of the present | wise terms the general property tax in- | WITR SUNDAY MORNING EDITION Property at 1757 K street, which has been sold by Dr. Ralph L. Morrison to a local investor, whose name- is not disclosed. The transaction was reported by Story & Co. The property has an assessed value of $202,100. FRATERNITY HOUSE MORRIS BURKA LEASES PERMIT IS ISSUED 11TH STREET QUARTERS —_— Five-Year Proposition Announced | Alpha Lambda Rho A umni As o-| by Boss & Phelps for Arthur ciation Plans $25,000 Borden, Property Owner. Building. Business quarters on the first floor of 723 Eleventh street have been leased to Morris Burka for a term of five years from Arthur G. Borden, owner, it was | announced today by Boss & Phelps. | The corner store at 741 Twelfth | street has been leased to the New York Sandwich Shoppe for a term of five | vears, it also is reported by the realty concern. By a Staff Correspondent of The Star. UPPER MARLBORO, Md,, August 2. —Construction of another new frater- nity house in College Park was author- ized recently by the Prince Georges County Commissioners. Permits were issued by the commissioners for 14 other structures, to cost $52,569. . The new f{raternity house is to be bullt by the People’s Lumber & Supply Co. for Alpha Lambda Rho Alumni Association of the University of Mary- land, Inc. The cost of the house is estimated at $25,000. Other permits issued include the fol- lowing: Thomas Anglin, owner; Walter C. Johnson, builder; $6,500 dwelling, Hyattsville. Two Rooms, Kitchen and Porch, $37.50 The Wilson 412 First Street SE. 3 e Opening of the Sixth Building at S % > PERERENE=ED 2 U e ERRSRE APARTMENT HOUSE ON K STREET SOLD Local Investor Purchases Seven-Story Brick Build- ing of 28 Units. ‘The seven-story brick apartment house at 1757 K street has been pur- chased by a local investor, whose name is not disclosed, from Dr. Ralph L. Morrison, accordirg to an announce- ment today by Story & Co., which { handled the transaction. ‘The building contains ment units of large size. It has a gro:mge of 60 feet and a depth of 100 eet. ‘The property has a current assessed value of $202,100. The building is as- sessed at $106,900 and the land at $95.- 200. The consideration paid for the property just closed is not revealed. Nearly $20,000,000 has been advanced recently by the Japanese government to help silk producers. 28 apart- | | Harris, designer; Boyle-Robertson, Inc., nzning %1&1?' 'TYSATURDAY, AUGUST 2, 1930. BUILDING NEWS D. C. BUILDING PROJECTS FOR WEEK HIT $570,000 Largest Item in Total of New Work Allowed Ié Construction of Five-Story Storage : and Manufacturing Plant. : RIVATE building projects for the District having a total cost estimated at $570,000 were approved during the past week by Col. John W. Oehmann, building inspector. - | The largest item in the new list of work was a permit for the construction of a five-story concrete and brick manufacturing and storage plant at 910 Franklin street northeast for the Stone Straw Co. at an estimated cost of $203,000. H Julius Garfinckel obtained permit for the construction of a twos story stone, brick and concrete store building to be erected at 616+ 622 Fourteenth street, near the new home of Julius Garfinckel & Co. The cost is estimated at $75.000. D. J. Dunnigan, Inc. obtained | builders: to erect one 5-story concrete permits for the construction of 11| and brick manufacturing and storage dwellings in the 5500 block of |bullding 910 Franklin street northeast Fourth street, costing $66,000, &nd | {UE ok R00aqustayDBEN o oo ‘'ooley Bros. revealed plans for g " erection of eight dwellings in the v;’:""{:lg;ffln:;fli&?;"'ci:-li:u 1-8(’, ggogm}:‘l)%%k of T street at a cost| Tompkins Co. builders; to erect one 2-story stone, brick. concrete, frame, Permits issued include the following: | Steel store, 616 to 622 14th street (lots Stone Straw Co., owners; H. 14 and 15, square 224): to cost $75,000. (Ce ued on Third Page.y —_— Come to Shepherd Park See 7517 14th St N.W. (here pictured). Spend an hour seeing this furnished home and other homes in Shepherd Park. It will be worth your while. 7517 14th St. N.W. This Is Our Latest Furnished Home Furnishings by D. S. Pool * in Shepherd Park—a Home Community ALREADY M-A-D-E | N this City . . . wherever homes and home fur- nishings are discussed, you'll hear praise for Shepherd Park and She.pherd Park's Furnished Homes . . . for these unique events llreldy have attracted more than 250,000 visitors. completely furnished by This home, D. S. Pool, is on display. It is different . . . in design, floor plan, finish, fur- nishings and in price. Never before has there been such an opportunity to see the new, the un- usual, the beautiful . . . to make comparisons and to study values. Over 140 individual de- tached homes now comprise this delightful development. Directions—Drive out 16th St. 20 Alaska Ave. to 1éth St.. t lefe 3 “blocks to Home, .6 Breuninger & Sons Investment Bldg. 395395399999 ¢ BB D DD DDDD DD DS lightful English above. pantry; on the di 'HE fourth house to be ready in Meadowbrook (the first three were sold immediately on or prior to completion) is the de- The spacious lot is completely sodded and beautifully landscaped, with a charming small formal garden in the rear yard. On the first floor are a big living room, dining room, kitchen, floored attic above: also a built-in 2-car garage, and wide covered side porch. Walls are insulated with Celotex; there are General Electric Refrigerator, built-in kitchen cabinéts, Sanitas (wash- able) walls, and other features. Inspect this National 2040 Builders—Realtors | type brick and white weatherboard home shown second floor, three large bed rooms, two baths; home at your earliest convenience. Open week- 1to 8 and all day Sunday. Drive out Con- . turn west (left) block to property. A WARREN DEVELOPMENT IN CHEVY CHASE ¢ 7 ¢ ¢ 599535555555 595-¢ = B333nr33333 3225 %