Evening Star Newspaper, June 6, 1931, Page 18

REAL ESTATE THE EVENING REALTORS T0 ASK PRESIDENTIAL AID Will Sumbit New Mortgage , Discount Plan to Him for Consideration. (Continued From First Page.) fect to frozen condition so far as ac- ¢-pting new mortgages Is concerned. Sepositors under such circumstances often are unable to withdraw their sav- ings, a fact which disturbs the whole financial structure. “2. Many lending companies have be- come very restrictive and selective in their mortgage loan policies. Short-Term Financing Hasard. “3 Short-term home financing has been always a hazard, deterring buyers, stors and builders. The home owner who is unfortunate enough to have a short-term loan come due in a period of depression is a vietim of the present system. lost to their owners this past year due to inability to refinance mortgage excessive cost of financing hes increased the cost of homes and at the same time has driven thousends of small buflders out of busi- ness. “Long-time real estate mortgage in- vestments should be made available as collateral security for debentures which would be sold on the open market and would be comparatively liquid. To ac- complish th's purpose the following ten- tative suggestions are offered for dis- 1. The Federal Government should create a central residential mortgage bank with regional discount branches, the function of the central bank being supervisory. “2. The members of the regional dis- count banks shall be local mortgage banks chartered under an act of Con- gres Such local banks would be au- thorized to take subscriptions to their stock from commercial savings banks, | trus. companies, building and loan asso- ciations, mortgage companies and indi- viduals dealing in mortgages under certain uniform regulations laid down in an act of Congress for the cont.ol and operation of su.h units. These | Jocal mortgage banks shall in no case ceal directly with the borrower. Their function shall be to determine the avail- ability and to submit to the regional banks for purchase or rediscount, those loans in the hands of stockholding morigage dealers _or brokers, meeting | type aggregate $117,771,200. Not grouded | its requirements Yor rediscount. Each local unit shall be a member of its Tegional mortgage bank. Purchase Loans for Members. “3. The function of the regional bank | weculd ke to purchese firsc mortgage lans from its members only and to' iscue deb:ntures secured by such mortgages as well as by its own capital and surplus. The regional bank would secure its capital and surplus tbrough the subscription of the local units. Purchasable paper should comprehend only first mortgages on urban residen- | tial property, long term and amortized. “Income from not exceeding $5.- | 000 of these debentures might be made ' tax exempt in order to stimulate pur- chase by small investors. “4. Regional banks should lay down certain regulations as to procedure and appraisal which should be approved by | the Central Bank before beccming e in the region. It should be the policy of this Innumerable homes have been | | Junior | IThree Washington Realtors Holding National Positions| Three Washington realtors now hold official positions with the Na- ticnal Association of Real Estate Boards. ‘Waverly Taylor, local builder and broker, was elected a member of the Executive Committee of the Home Builders and Subdividers’ Division of the national body at the conven- tion last week in Baltimore. He was elected for a three-year term. Jchn L. Weaver, a past president of the national association, repre- sents the local board in the national body as & member of its Advisory Board. Willlam C. Miller, former presi- dent of the Waskington realtors and foriner chairman of the Home Bullders and Subdividers’ Divizicn of | the National Body, is serving as & member of the Board of Directors of the naticnal association. CITES MILLION-DOLLAR BUILDING PROJECTS| {Head of Dodge Corporation :oints to $183,347,100 Total Since March 1. i WHITE SULPHUR SPRINGS, W. | va., June 6.—Enterprise on a large | scale " continues as a characteristic | habit of the American people even in times of stress, according to Truman S. ration, Speaking before the National Lime Association convention here this \“”& he pointed to a $183,247,100 total isince March 1 in million-dollar con- | struction projects alone. “The building job costing a million dollars or more Js still with us in spite lof the .enml adverse cenditions,” Mr. | Morgan <a ‘Uncle Sam has not dis- carded hls hnbll of doing things on 2 big scale even in a period of deflation | and stress. “In the period from March 1 through May 15, 71 projects of a million dollars and over were entered in records as in | the contracts awarded stage. They totaled $183,347,100. Thirty-one of them are being built by private interests at a cost of $65,575,900, and include such buildings as huge apartments, office and | bank buildings and theaters “"The larger part of this millicn total | is to be placed in buildings which serv- ice the public or are built entirely by public funds. The 44 projects of this in one large center but extended into many cections of the country, these huge expenditures will assure a happy distribution of their funds and the | benefits they will spread. | | appraisers and the setting | standards of practice w | of the plan contend, w result in more widespread care in _establishing realty values. The plan will be sub- | Ject to action by the directors of the | association later, and is to be brought before the association at the January business meeting. | —e Five hundred tons cf Russian oats. the first_ever shipped direct to Morayshire, i Scotland, have just been discharged at | | Lossiemouth, the port. up of REALTOR BOARDS 1 CALLED ADVANTAGE 2 {H. U. Nelson Says Member- chip in Organizations Lead to Business. Upholding the advantages to real estate operztors from membership in | a local real estate board, Herbert U. | Nelson, executive secretary of the Na- | tional Association of Real Estate | Boards, declared in an address recent- | ly before Washington realtors that ft provides personal contacts that lead to business. ‘Through the establishment of defi- nite standards of fees and commis- | sions for services rendered, real estate men are assured fair competition for their efforts, since schedules of fees ‘md commissions usually are accepted { by the ccmmunity as well as the | courts as proper. Preserve Business Relations. Morgan, president, F. W. Dodge Corpo- | h, authors ! Mr. Nelson also said that a realtor board's facilities for arbitration of dif- | ferences of opinion that arise in com- | | petition between real estate brokers not |only save time and expense of litiga- | tion, but also preserve business relation- | ships sometimes broken by court bat- tles. The newest and best methods of real estate practice, Mr. Nelson as- serted, are made available through the | activities of the real estate board, its | meetings, educational programs and the publications and advisory service of the National Association of Real te Boards. [ 39 ng__that membership in a 1436 Holly Street Beautiful 16th Street Heights 4 Bed Rooms 2 Baths HE rooms are spacious and beautifully decorated. Pan- eled walls add immeasurably to charm of lower floor. All oak floors. Big attic. ELECTRIC REFRIGERATION and splendid kitchen. GARAGE to match. Brick, stone and stucco construc- tion with slate roof. Big lot. Many ‘other fine features, includ- ing exceptionally reasonable price. Drive out 16th St. to Holly St. and east in first block. OPEN DAILY 6 to 9 & ALL DAY SUNDAY BOSS & PHELPS 1417 K St. N.W. Realtors STAR, WASH rulm organization gives an operator unm to exchange ideas and the national secretary "xnthumntrynmpeclflw who respects his work. pectthemmwhovmunnv- ing from the world by means which he despises. The best evidence that a man can offer to his community that he is self- ting and worthy of confidence is that he join with his fel- lows in making his own calling, the real estate business, more useful, more responsive to social needs expressive of the highest ideals of per- sonal and- business conduct.” LEASE STORE PROPERTY Business property at 1201 Good Hope road southeast has been leased for a i period of 15 years by Peoplu Dru‘ Stores, Inc., it was announced by the office of Lawrence D. Inn which handled the transaction. The rental consideration for the pe- riod was reported to be $45,000. The building is to be extensively remmled to suit the needs of the tes D. C, SATURDAY. PRINCE GEORGES NEW BUILDING INCREASES| Return of Speculative Construction Seen in Issuance of Permi d: B ff Correspondent of The Star. A marked incrgase tions in Prine in building opera- es County has been building permits issued by the county commissioners during the Iast few weeks. The list of permits issued include the following: Hi ©O. and Florence Eisenhaur, North Washington Realty Company, bullder; $18,000 residence -nu um garage, University Park. ‘Wilson, owner and build Buy a Home With All Convemences $7,650 Sample House 1835 Bay St. S.E. Daily Between 15th. 19th, B & C Sts. S.E. Salesman on Prem Eastern ieh School Until 6 P.M. "Cleetric dish washer Fiald" Beatnolseless ‘oil burner GARAGE $60.00 a Month TERMS_ssoo Cash (Includes Interest on Both Trusis) Steuart Brothers, Inc. Real Estate Construction 138 12th St. N.E. 801 MONTGOMERY AVE SILVER SPRING, MARYLAND Drive out Geor, Avenue to Montgomery Avenue (Ford Motor Sales Room on corner), turn right to house. OPEN FOR INSPECTION SATURDAY UPPER. MARLBORO, Md., June 6.— || reflected in an increased number of |l | JUNE 6, 1931 EAL ES TATE. !wo ,500 dwellings, Riverdale. Julius Benchen owner and builder; two $1.300 wellings, Capitol Heights. W. E. White, awner. Peoples Lumber & Supply Com- g:n{ bullderr, $3,500 store, College Harry Rogers, owner; C. M. mlt!, builder; $3,300 dwelling, Hyatts- e. Malcolm A. Dent, owner; Edgar Wol- ford, builder; $5,000 residence, East Hyattsville. Anson Weston Smith, owner; $1,900 dormitory and boys' camp; e e CORNEZR OF MEADOW LANE AND WesT CYPRESS STREET IN HARMONIOUS Drive out Connecticut Avenue to Columbia Coun- try Club, turn west (left) on West Cypre: Street . Silver Spring two blocks to Home, 202 West s Street. Phone Wis- Homes—Priced from 313,500 to $2,400 dining and recreation room, and $1,100 addition to dwelling, Btl'lvflu Harvey Dairy, Inc., owner; $10,000 dairy, near H!ate';rv'flh K.lnAumbu T. Baldwin, owner; e , builder; 86, residence, Oakland. ” b MEADOWEROOK ARCHITECTURE —is an outstanding feature of the homes in Meadowbrook—a feature possible only where one builder designs and constructs ALL the homes in the com- munity. Visit Meadowbrook today and see for yourself. ONROE AND BEN. S. WARREN, JR, OWNERS AND DEVELOPERS A Restricted Community of Fully Detached 318,500 Iu*’zm*xu:—c wm'm‘m e T T T 27T, ‘Announcing the official opening most up-to-date, 1931 model of the home, designed and built by Max Sugar. entire system by using conservative | appraisal methods and by requiring amortization payments beginning im- mediately when the loan is made, to increase up to 75 per cent the per-| centage of value that may be lent with | AFTERNCON AND SUNDAY safety, hazards of junior financing. “This plan we think is feasible nnd! will create a new fleld for conserva- tive investment. It is designed to serve the needs of the home buyer as we see them. We believe that public sentiment will accept and support this or any other system which will meet these needs.” Ask National Tax Conference. ‘The convention also went on recol’d requesting President Hoover to call a | national tax conference, in which Federal, State and local gzvernments, as well as spokesmen for taxpayers, would participate, to devise means for | co-ordinating functional operations of | the Government, securing _efficiency and economy in services performed 2nd to adjust the revenue system to “mcre nearly meet the ability of the eitizens to pay.” The appraisal division of the national body, after a year of study, approved a plan for certification of real estate appraisers. The plan pro- vides for creation of an institute of At the Tep of Nebraska Avenue CHEVY CHASE D. C. Corner Nebraska Avenue & 31st Street New Center Hall Detached Brick —Featuring— Brick Construction 8ix Large Rooms S Tl Baibs Bhewer Breakfast Llr'a Attic fate Koot arace Sorner Wooded Lot Only $14,950 Open All Day Sunday Schwab, Valk & Canby 1704 Conn. Ave. Pot. 0830 A HOME will always prove the best Permanent Investment and affords you the oppor- tunity of saving out of the necessary monthly expense. These New, Semi-Detached, Center Entrance Hall Homes Have the Additional Ad- vantage of The Choice Location of Brookland Six Rooms Electrical Refrige: 1311 Shepherd St. N.E. o 12 3 or dieleen 4re 18 s e - Carage 225E i SR CHAS. M. WALLINGSFORD Builder and Owner 1010 Vermont A: ‘National 2990 thus eliminating the coss and | Beautiful Home At Edgemoor, Md. A Great Value ' Real Estate Mortgage 1610 K St. Nine lovely rooms and three baths. Built_on the center-hall plan. Ha ches. Large cenlr ' “quarters. Oil Sanshine o Electric vatory on first floor. T ave " Darze lot60x38, Containing 15,048 sauate feet Lo Lane between n Lanes, Edse- To Be Sold on Easy Terms Qpen’ for Inspection ut and See It and Guaranty Corp. Natl. 1403 Come One of the best buys in Washington 4456 Faraday Place A NEW CORNER HOME 512,000 'OR rare charm, spaciousness and fine building, this home cannot be excelled in )){ashinaton 3t the price ouuafy oo o £3sy ferms emeiiie e we onn - Washington at the price . . . easy terms. Open Daily Until 9 P.M. BOSS & F PHELPS @o north on Wisconsin sznue to an Street, west to 45th Btreet, turn right half block to home, 15 minutes to center of city. PRICED FOR IMMEDIATE SALE A beautiful center hall home of brick and stucco on a corner lot having approximately ten thousand square feet of ground. There is a large living room with open fireplace, big dining room, a kitchen of unusual size: on the second floor there are four bed rooms and 2 baths. Im- mense attic, with easy stairway. A large concrete side porch and a detached 2-car brick and tile garage. H.G.Smithy Co. .. UCCESSOR TO BUSINESS 5904 N.L.Sansbury GOMPANY INC. 1418 Eye Street !The Qua'int Charm | ? of { ' ENGLISH ARCHITECTURE | 'SUBURBAN SETTING The pure, invigorating air of the hills and woodlands, #0 much sought after on warm Summer evenings, comes right through your bed-room window in Burleith Heights. For this restricted development is set against a back- ground of heavily wooded land far above the city level . and yet within 10 minutes’ easy driving of the busine center. Take time now for a leisurely inspection of the Model Home, 3811 T St. N.W. e od . M. . Moses & Son The restful, appealing character of authentic English architecture . . . an inviting interior with its sympathetic furnishings . . . and a glorious outlook over city, river and surrounding countryside will make your visit thoroughly enjoyable. This particular house contains 8 large rooms, 2 tiled baths, front and screened double rear porches, open fire .l e, Frigidaire, Celotex m-uhnon and other comfort- giving features. Brick garage is on’rear of 175-ft. l.nd- scaped lot. Priced surprisingly low, Modest cash payment and only $100 per month. . Also ask representative to show you the mew group of & 7 room_homes, now near ing completion in this section. g conpiesion m -[Illl Jecoom 6 coley Bros. Tower Bldg. Nat’l 9240 1708 TAYLOR ST N.W. In the Heart of the Exclusive Rock Creek Residential Section West of Sixte Route to property: North on 16th St. west to 1708 Taylor St. N.¥. to Taylor St., enth St. turn House open and lighted week days and Sunday till 9 p.m. MAX SUGAR 1905 KENYON ST. Builder of Good Homes N.W. L e 2 2 2 e 2 2 E 2 Ouuuuulmg Corner All-Stone Center-hall Planned Six Bedrooms, Three 5909 Sixteenth First Flgg:'hl.‘uvatory St‘ N W 0il Burner, General Electric Refrigerator Sun Room, Southern Exposure Two-Car Garage extensive NOTE: Built by owner, long experienced in home construction and building materials, which assures yow of its quality. Owner moving to Florida permanently. Sk (Open Snndax Open ’S”unday Priced: B8 (5t Oger cvidmen: "L. T. Gravatte 927 15th Street N.W. Realtor Beautifully Luudu‘aped Grounds, 9,461 sq. }s. Feet Fronting Si xleeuth Street There is a huge living room, adaptable to entertaining, fireplace, dining room, breakfast room, but leY's pantry on 1st /loar finest quality oak floors, triple-plate, handsome silver electric xtures and fittings, doors; servanis’ bath and laundry in base- ornamental stone gumzcood trim and Below Actual Cost of Construction. NAtional 0753