Evening Star Newspaper, July 25, 1931, Page 17

AL U.S, HELP URGED FORHOME BUILDERS President Kissell of National Realty Boaras, Proposes Finance System. Possibility of establishing in this | country a system which would serve | the needs of existing home flnnncmg} agencies much as the Federal Reserve system serves its member banks has been brought before President Hoover | by Harry S. Kissell of Sprl.ngfleldaohio, president of the National Association of Real Estate Boards. Mr. Kissell, in laying the matter be- fore Mr. Hoover and Secretary of Com- | merce Robert P. Lamont, acted persuant | 10 a resolution adopted by the delegate | body of the National Association ol‘ Real Estate Boards at its recent con- vention in Baltimore. The delegate body of the association, stating that it would not appropriately approve detailed plans prior to in- vestigation through proper accredited | channels, approved a study of the sub- ject of establishing through Federal iegislation a system permitting the dis- count of mortgages on urban residences. It further asked for a study by the | Federal Government of long-term and | short-term credit as applied to financ- | ing of home building and home owner- &hip. Offers to Help Study. Mr. Kissell offered the services of the Natijonal Association of Real Estate Boards through a committee of five to be appointed by him to aid any study or investigation that President Hoover may see fit to make upon these subjects. As authorized by the delegate body, he laid before the President and Mr. Lamont, for the purpose solely of initiating discussion, a tentative sug- gestion for meeting the needs of home financing outlined by the Executive Committee of the association and unan- imously approved by its board of directors. The tentative suggestion outlines the need as follows: “There has always been a weakness in our system of home financing. Govern- ment has offered its facilities for the development for various features of the financial and business structure, but up o this time the important field of home financing has not received its proper attention. Immediate consideration must be given to this grave national problem. A prompt solution will hasten economic recovery. “Homes which have a permanent as well as a resale value never have been financed on terms as liberal as con- sumption goods, the value of which is destroyed in the use. Luxuries have been purchaseable on easier terms than one of the prime necessities of life— shelter. “Long-term financing, say 20 years, with installment payments on principal not exceeding 4 per cent per annum, and with certain rights of pre-payment, is a necessity, and would enable the family to accumulate a reserve for times of stress. “Such a system of long-term credit requires that there be central banks of discount to serve mortgage companies, building and loan associations, and savings banks just as the Federal Re- serve system serves the commercial banks. Such a structure can be created only by the Federal Government.” Suggestions Outlined. 1t outlines suggested action as follows: “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 this purpose the following tentative suggestions are offered for dis- cussion: “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 discount banks shall be local mortgage banks chartered under an act of Con- gress. Such local banks would be au- thorized to take subscriptions to their stock from commercial savings bank, trust companies, building and loan as- sociations, mortgage companies and individuals dealing in mortgages under certain uniform regulations laid down | in an act of Congress for the control ' and operation of such units. These local mortgage banks shall in no case deal directly with the borrower. Their functions shall be to determine the availability of, and to submit to the regional banks for purchase or redi- count, those loans in the hands of stockholding mortgage dealers or brok. ers meeting its reqiurements for redis. count. Each local unit shall be a mem- ber of its regional mortgage banks. “3. The function of the regional bank would be to purchase first mortgage loans from its members only and to issue debentures secured by such mortgages as well as by its own capital and surplus. The regional bank would secure its capital and surplus through the subscription of the local units. Pur- chaseable 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 purchase 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 becoming oper- able in the region. “5. It should be the policy of this entire system by using conservative ap- praisal 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 safety, thus eliminating the costs and hazards of junior financing. I I l‘ New Northeast Homes 58,150 Most Reasonable Terms Sample Open to 9 P.M. SEE IT! 1705 D St. N.E. Near Eastern Hich School! In a Restricted Community of all new Homes. Convenient to transportation. Just a few minutes to all Government De- partments and downtown shop- ping center. Many attractive features sel- dom, if ever, found in homes at the low price we are asking. Six cheerful rooms, beautiful bath with shower, colonial front porch, screecned breakfast and sleeping porches, hardwood floors throughout, paneled paper- ing, natural hardwood trim, best electric fixtures, many electric plugs, large closet in each bed room. “See the Delightful Kitchen” Electric refrigeration, Ilatesf Tange with heat id inoleum, dinette tha away when not In use. Built-in G Retaining Wall Waple & James, Inc. 1226 14th St. N.W. North 0962 B ESTATE AR Design_drawn by Joseph A. Parks, Washington architect, of house to be erected for Dr. and Mrs. Matthew White Perry at 2613 Thirty-first street, Mass- achusetts Park section, by the home construction division of Sears, Roebuck & Co. HOME WILL ADOPT FUROPEAN STYLES Dr.and Mrs. M. W. Perry Plan Residence in Park Area to Cost $40,000. A modern adaptation of the Norman French style of architecture is to be employed in the construction of a large residence for Dr. and Mrs. Matthew White Perry at 2613 Thirty-first street, in_the Massachusetts park section. ‘The house is to be erected from plans by Joseph A. Parks, Washington archi- tect. by the home construction division of Sears, Roebuck Co., the total cost, including building, land. equip- ment and furnishings, being estimated at_close to $40,000. The site is a wooded, hillside plot having a frontage of 60 feet and a depth of 130 feet. The exterior construction of the house will be of brick, which will be painted white. The tall oak trees standing on the site and the lawps and gardens planned will form a back- ground for the bright aspect of the building. The roof will be of dark slate. The house will contain nine main rooms, three baths, an extra lavatory and a two-car built-in garage, and will include a large recreation room. One of the features of the construc- tion will be the absence of exposed woodwork on the exterior of the build- ing. The garage entrance will be from the front and will lead into a court so arranged that, with the placing of walls and a gate, the garage doors will not be visible from the street, it is ex- plained. Due to the slope of the site, the house will be of two stories in the front and will have four floor levels at the rear, all above ground. The rear elevation will be broken by a series of arched windows in the lower story, a large partly covered balcony above and a series of dormers at the cornice line. The living room will have a floor level two steps lower than that of the dining room, the two rooms being ar- ranged practically as one unit. ‘The house is to contain four bed rooms, the master's suite including a private bath, A feature will be a study, which is to be finished in knotty pine paneling with beamed ceiling. and will have a floor of random width oak. The house will have three open fireplaces, one built into the recreation room. ‘The house will have concealed radi- ators, served by an air conditioning and heating system. = Washington’s Finest New Close-in Community of DEeTACHED BRrick HOMES Close to Connecticut Ave. and Shopping Center. Close to Rock Creek Park, Close to Your Office. Inspect this attractive group of They are soundly constructed and planned to please. Drive out Cowmecticut Ave. to Fessendew St, turm ome block east. Wm. 5. Phillips, Bullder PHILLIPS and CANBY 1n. Realtors Investment Bldg. TR TGS FASTEST SELLING 55 Built In the Highest Restricted N.W. Section INSPECT TODAY—OPEN UNTIL 10 P.M. 4th and Emerson Sts. N.W. ATTRACTIVE FEATURES 3 Spacious Covered Porches 6 and 8 Large Rooms Gorgeous Kitchens Fully Equipped Latest Type Frigidaire Beautifully Decorated Bath with Newest Fixtures Copper Screens Throughout Built-in Brick Garage Large Wardrobe Closets NEW SUBDIVISIONS Solon Originated Home Buying in Athens 600 B. C. People who purchase real estate today with a stroke of the pen probably never stop to think that Solon, great Athenian statesman, helped to make this readily possible 600 years before ‘Christ, the National Association of Real Estate Boards explains. A history of the world's significant economic reforms shows a steady recog=- nition of the fact that all people want the privilege of land ownership, and noted leaders, long dead, devoted their lives to movements which make us take |1t for granted that the masses today | may buy homes and lots or acquire in- terest in any fofm of land. | “Born about 638 B.C. Solon became archon” of Athens about 594 B.C., and had unlimited power. His sweeping | changes, which included a revision of |the system under which a few were | gradually accumulating the land, thus | | releasing it to the masses, are said by | | some authorities to have formed the basis of the great democracy which reached its maturity later under Pericles. When Solon took office he saw as he walked through Athens countless stones all alike set into the ground. These stones offered mute testimony to com- ing inactivity in the real estate business at that time in this great city. The stones were used to mark the boundary lines of the land. Under the laws of the time, debtors mortgaged their bodies to their creditors, and when, as was hap- pening, they became enslaved for what | they owed, the creditors moved the boundary stones again and again, en- compassing the land which they were taking over from them. The spectacle of these stones, moving from field to field and adding to the holdings of the wealthy, seemed wrong to Solon, walking through Athens in | his sandals. He abolished the old Attic .uutuu‘uuwu;uuuwu: * Myers Electrically Driven ~ Water Pumps —provide an even, steady flow of water from deep or shallow wells, so that you can enjoy water on tap in the country, just like in the city. n Always Insist on “Schafer Quality” Materials E. G. Schafer Co. 4100 Georgia Ave. Telephone ADams 0145 Ak A TR “‘.‘¥“¥¥¥‘.¥.¥¥¥‘¥'C"¥'. ¥, e A e s ok e e e ke e e sk e e sk ek e ke 6 and 8 rooms, two-bath homes. ki e S NAtlL 6400 R HOMES IN TOWN 49 Sold T AID COMMUNITIES Better Neighborhoods Made ‘by Developing Land Before Sale. Protected neighborhoods and com- munities are being created through changing tendencies in the subdivision of land, according to Frederick Bigger: of the Pittsburgh Chapter of the Amer- ican Institute of Architects. “Originally the land subdivider mar- keted lots, just lots and nothing more,” says Mr. Bigger. “Later the subdivider came to the point where he had the water, sewers, paving, and even the lighting, installed prior to the sale of lots. In other words, subdividers began by selling land, and later they sold a groug of building sites. A relatively small number of persons went even further and added houses as the final part of the first undertaking. They were pioneers. “There are still ploneers in this fleld. Today more is being created than mere sites. Something is hap- pening which shows the exercise of intelligence and effort. Protected com- munities are now appearing. Even social organization may be a possibil- ity through a continuation of this definite and thoughtful planning. “If architects are to make an addi- tional contribution of something of value to their communities, they will lay aside, temporarily at least, the idea of doing something dramatic or miracu- lous. There must be patient investiga- tions and analysis. “Land subdivision used to be under- taken with the idea that the land could be used for any purpose at all. Slowly another idea has been coming into the picture, the idea that pieces of land by themselves mean very little, while a plece of land with a building upon it is an entity, a physical element in the make-up of our communities.” law of debt which permitted loans on | the security of the debtor's person, he restored to freedom those who had been enslaved for debt, and he regulated the accumulation of the land so that by the end of the Peloponnesian War there | were only 5,000 people in all of Athens who did not own real estate, a situa- tion said by authorities to be one of the most remarkable facts in the economic i history of the city. | The privilege of willing one's holdings as one pleased, now taken for granted, originated with Solon. Before his time no one, not even the wealthy, could dispose of their property as they wished. Estates of all deceased persons went to their families. Plutarch says that the “archon” esteemed friendship a stronger tie than kinship and affection stronger than necessity, and thus allowed every man to dispose of his estate, but with some restrictions. BEAUTIFUL MICHIGAN MANOR A wonderful home in a beautiful community, where all homes are new and pretty—and your neighbors selected with utmost care. New Attractive Features Six and seven rooms, two beautiful baths, two- color tile; bright cheerful rooms, elaborate kitchen, Sanitas-covered walls, large beautifully paneled walls with side lights, practical firep lar, large lot beautifully ded. Paved street and alley. Unquestionably the best value ever offered less than English type residence at 1554 Forty-fourth street, Foxhall Village, pur- | chased this week by Lieut. Comdr. Francis W. Rockwell, U. 8. N., from Boss & | The home contains nine rooms and three baths. accommodations are provided in a two-car detached structure—Star Staff Photo, | Phelps, realtors. Garage SEWER GAS FATAL Laborer Asphyxiated While Work- ing on Seventeenth Street. Overcome by sewer gas fumes while working at Seventeenth street mear | | John Hawkins, & fellow worker. Allen« was employed by the District Govern- | ment as a laborer. Brick Industry 0. K.’s Rules, ‘The common brick industry has ac- cepted the changes in its trade practice conference rules as recently suggested | Decatur street, John Allen, colored, 58 | by the Federal Trade Commission. The 1Y!N’S old, of 211 L street, was asphyx- rflmn\xiésfim} dedi‘gf" lY‘o approve or Eg. i oy cept. rules originally adopted at e lated yesterday. conference of February 3, 1930, held in ‘ in the wording of several other rules. A Real Bungalow! At the Low Price of $7,500 Terms 2514 4th St. N.E. (Just Above R. I. Ave.) 6 Rooms—Bath | 2-Car Garage i Lot 60x119 Feet. Open for Inspection! Waple & James, Inc. 1226 14th St. N.W, \ The man was dead when found by | Memphis, Tenn., and suggested thangzs\ EAL ESTAT BRIDGE TEAMS DIVIDE CHAMPIONSHIP HONORS Protest at End of Play Leads New York Quartet to Share Prize ‘With Runners-up. By the Assoctated Press. ASBURY PARK, N. J.,, July 25.—The national mixed team-of-four contract bridge champlonship will be shared for the next year by two teams, each of which wil] keep for six months the Shepard clay Cup, “symbolic of the champlonship. In the play-off, necessi protest at the end of play Wednes- day, a team composed of George Reitch, Mrs. Robert B. Fuller, G. 8. Lockbridge and Mrs. G. A. Bennett, representing the Knickerbocker Whist Club of New York City, won first place. The team, however, agreed to share the honor with the team which was first at the end of scheduled play Wednesday. That team was composed of David Burnstine, Mrs..Vivi Hanson, Mrs. Helen Scranton and Howard Schenkin, all of New York City. The national women's pair cham- plonship was won by Miss Eleanor Mur- dock and Mrs. Vivi Hanson, both of New York. 6200 Georgia Ave. N.W. Call Metropolitan 4333 $12,950 Chevy Chase, D. C. 8 Rooms, 2 Baths, All Brick, Porches, 2-Car Garage Corner Lot Geo. E. Dieffenbach Exclusive Agent Call at 5615 Nebr. Ave. National 8850, Emerson 4117 or Designed and Built by Max Sugar In the heart of the exclusive Rock Creek residential section, west of 16th St. . . . Immensely underpriced for the 1931 Model Home. and lighted daily and Sunday until 10 p.m. L] Drive out 16th St. to Taylor, west to house MAX SUGAR 1905 Kenyon St. N.W. Adams 0546 2808 34th Street N.W. Fourteenth Street N.E. C. H. Small, Bldr. VACANT Massachusetts Avenue Heights A distinctive New England colonial brick residence, appealing in its simplicity of design and reflecti; charm of refinement throughout. Situated as it is, just north of Massachusetts avenue at the Nav. Observatory, its close proximity to the National Cathedral and new embassies—a definite character of maid’s_room, pantry with Westinghouse 1704 lace, cedar closets, daglight cel- Conn. Ave. lanted and completely sod- and at a price b you- expected to pay. Be Sure and See This Home Sunday! Drive out North Capitol St., right on Michigan Ay n Ave. to 140§t ‘and left to housex, ot take Brookland car to Michi= an Ave., walk right to Tower Bldg., 14th & K oy $8 450 ;' Easily Worth $1,000 More $500 Cash—$65 Monthly Exhibit Home 4926 4th St. NW. A Beautiful Corner Home || 40, Feet Wide—southern Exposure Center all unusually spacious and well nned rooms. Equipped d dec ed to queen’: ta built to for a l| 1areer price. Price Only $10,950 home value today uch ks, Sherpan, e, Bue fo Ene 156,55 & "and Emerson sea" e CAFRITZ Ouwners and Builders of Communities 14th & K Sts. Dist. 9080 Over 3,000 Lifetime Homes Built and Sold Price, Including AN Tel. Georgia 1534 L., turn houss, Wiitenhouse St. Here at Last 18-foot all-brick semi-detached houses with built-in garage—priced less than row houses. 7th & Quintana Place N.W. (% Block South Rittenhouse St.) $500 Cash—$65 Monthly Six large rooms, tiled bath, built-in tub with shower. Equipped with latest Frigidaire. Lin- oleum on kitchen floor. Evergreens planted. Curbs, sidewalks, alley and street paving paid by present owners. Henry M. Reinhart Owner and Builder’'s Representative Martin T. Dryden, Agent Rouses, or Ga. Ave. to Ritten- f,’é" o T s"n‘y‘fl?'t': b T e 8 A L Y 4th st. Dist. 0853 Open $8,250 ‘Sum{ay Interest at 6% Completely screened. . “Tust North'of Cathedral Ave. West of Conn. Ave. Open Until 9 PM. proper environment has been established—a real suburban atmosphere and yet within 15 minutes’ drive of the heart of the city. Featuring living room and library with fireplaces, sun room, first-floor lavatory, four bed rooms, two tile baths (both with shower), enclosed sleeping porch, bath and_storage room, Beautiful lot 60x122}5. Out-of-town owner has authorized an unusually low price, and it represents an unprecedented value Open Saturday Afternoon and Sunday 10 A.M. Until Dark oil heat, three-car brick garage. Entire property in new-house condition. Decatur 2333 Schwab and Valk Exclusive Agent 2913 28th St. N.W. (Exhibit Home) Two Distinguished English Village Homes available at several thousand dollars under their original price! $12,950 $13,950 delightful homes to be found here. One is a semi-detached house, with nicely land- scaped front and side yard. Both have 6 rooms and 3 baths, including maid’s bath. Garage, and The charm of lovely English Village is reflected in its im- mediate appeal to families of refinement and good taste. We are in a position to offer, at substantially under the average price of property in this section, two of the most Large reception hall; spacion;s living room Feaiures with open fireplace; fine dining room; bright kitchen with rubber tile flooring; three splendid bed rooms; ample closet space; screens and awnings, NATL MORTC. & INV. CORP. 1004 Vermont Avenue NAtional 5833