Evening Star Newspaper, October 17, 1931, Page 18

REAL ESTATE. THE EVENING $13,500 . M Some Wise Buyer —Wwill find in this detached home what he has sought. Located in desirable Saul’s Aadition, between 14th and 16th Sts., the keynote of this horne is livable spaciousness. Four real bed rooms, large attic, rear stairway, a kitchen that invites real liv- ing, a detached two-car ga- rage, a beautiful yard, are but contributing factors to the opportunity some family now has to buy a great deal of living for a small price. The price more than pro- vides for the re-decoration you may want to do. 1405 Emerson St. N.W. Open Today, 6-9 P.M. Sunday, 2-9 P.M. HANNON & LUCHS 1435 K St. NW. NA. 2345 $2,950 CASH WILL BUY —the equity, over $10.000, in the biggest bargain offered in Chevy Chase, Md. Practically new de- tached brick, three bed chambers, two baths, first-floor lavatory, fin- ished attic, screens, weather- stripped, two-car garage, 65-foot lot. "It's well worth your inspec- tion. Out Wis. Ave., opposite Chevy Chase Golf Course, turn left to 4704 Langdrum Lane. 3700 Albemarle St. N.W. (Between Wis. and Ch. Ch. Detached home-corner lot. over brick; attached do 3 upstairs be room with firepl r Lines) stucco Rarage e Living oom_first break- igerator. ge closers, storage o concrete screened porcn 00f; established ~shrubbery. light. “ventilation ight Owner wishes It’s Better to Buy Than to Rent You save money! You have a permanent home! You have more modern conveniences! You have a new home! The Greatest Value Is . . . 322 17th Place N.E. Substantial, all brick construc- tion; seven large rooms, tile bath and extra tile lavatory to facili- tate arrangement of rooms into two-family apartment if desired. Spacious kitchen with every up- to-the-minute convenience. Beautifully decorated and thoughtfully planned. The ga- rage is built in. In a convenient restricted to white community near Eastern High School. Reasonable Initial Payment Small Monthly Payments Robert W. Savage 717 Unfon Trust Bldg. Nat. 6799 Or Your Broker “The Best We Have Seen” Was the unanimous ver- dict of the crowds who, on last Sunday, inspected the first showing of 5556 Nebraska Ave. Beautiful corner lot, 55 by nearly 100 feet, with several large shade trees. ALIL BRICK, 8 rooms, 2 baths, first-floor lavatory, living porch 36 feet long. Elec. refrigerator, two-car garage. A perfect home— very different, very spa- cious. Price, $15,750 Open All Day Sunday, and 2 to 9 Every Day 2P SEIEES Realty Associates 1427 Eye St. Nat. 8744 Nat. 7890 SHEPHERD PARK TWO OUTSTANDING BUYS OPEN FOR YOUR INSPECTION SATURDAY AFTERNOON AND ALL DAY SUNDAY 7538 14th Street N.W. Just North of Hemlock St. 7516 Morningside Drive Drive Out 16th St. to Alaska Ave., Out Alaska Ave. to Morningside Drive, One Square Left to House H.G.Smithy Co. & 1418 EYE ST. REALTY BUSINESS | LITTLE CRITIGIZED | Secretary Petty of Washing- | ton Board Blames Evils on Few. ___(Continued From First Page) | development in the realty investigation as follows: “The real estate brokerage business as such has been unjustly con- nected with much of the notoriety and publicity given to certain failures and | disclosures during the past two years, most of which occurred in the mortgage | loan field. Looking back over the past | two years, we find that throughout the | investigations by a Congressional Com- mittee, the Department of Justice and the grand jury and subsequent indict- ments and criminal trials, there has been a total of seven cases which caused the various difficulties publicly discussed. | _*“A study of these seven cases discloses | that four concerned financial institu- tions dealing in mortgage investments and more commonly considered invest- ment bankers. Two of these were not located in Washington and the other two, incidentally, have in the main been conducting their business on a national basis. The other cases con- ! cerned a finance corporation which can be classed as a purely speculative ven- i ture from its very inception; the ac- tivities of a discredited lot promoter who was expelled from membership in the Seattle Real Estate Board and whose license to operate was revoked by the State of Washington, which latter action automatically prevented his operation | in most of the States having real estate ! license laws; and, finally, the acts of a | real estate broker who, in selling certain | homes, permitted _settlements to be | made without exhibiting title examina- | tions with the result that the existence of certain ground trusts was not dis- | closed. No Actual Loss. “This last case referred to is the cnly | one that can properly be considered as involving the acts of a real estate | broker as that term is usually referred to, and, incidentally, it has been publicly stated that in this particular case none of the home purchasers sustained any actual loss. “While this board and all honorable, | thinking people unite in condemning the fundamentally wrong _practices which- were the causes of the unfor- | tunate situations and while we regret the losses which perhaps in many in- stances will be serious, at the same time | we realize that erroneous conceptions, | prejudice, ignorance and suspicion | which do not reflect either accuracy or truth have caused a confusion in the | public mind which has unfairly and unjustly associated the real estate | | brokerage business with the happenings which have occurred in, the past year or so | a result of the confusion and grave apprehension precipitated during the period of discussion of these un- fortunate instances several items of real estate legisiation were introduced in Congress, gome of which, however, would not™ have reached any of the | cases involved. The real estate brokers’ license law which this board has in- (dorsed for eight years would have definitely prevented, or at least in- stantly removed from the fleld, the operations of the lot promoter and the one real estate broker enumerated among the cases. Mortgage Foreclosure Procedure. “It is also significant that during the past two years' discussion of these matters there has not been a single in- stance involving the mortgage fore- closure procedure of the District of Co- lumbia and neither has there been a single case publicly presented to the Senate Investigating Committee which questioned the propriety or fairness of our local mortgage foreclosure proce- dure. This fact alone justifies the posi- | tion taken by the Real Estate Board as | well as the major business and profes- sional organizations of Washington that | there is no need in Washington for any. | drastic legislation dealing with the fore- | closure of mortgages “Our Legislative Committee, with a broad viewpoint and holding paramount in mind the best interests of the City of Washington, is conscientiously en- deavoring to develop helpful suggestions for legislation designed to make as & matter of law the methods and prac- | tices which for many years have been followed by banks, building associations, trust companies and legitimate real es- tate brokers in the foreclosure of mort- gages, together with such other econ- | structive suggestions which its study may reveal as desirable in furthering protection to the public. “Reviewing failures in the mortgage loan fleld I have noted that all of the | prominent failures have been firms op- erating on a national basis. There has not come to my notice any failure of an important mortgage brokerage house which confined its operation exclusively to its home city. For this reason I draw the conclusion that, aside from crim- inality, the high commissions necessi- tated in selling mortgage investments | nationally is one of the direct causes of | inflated loans which almost inevitably bring to grief the houses issuing them. | | Blame in Financial Field. “From this statement it will be seen | that most of the wrong doing and wrong | practice have occurred in the so-called | financial field, and in this connection :nur board has consistently favored the | enactment of a fraud law to cover im- | proper_practices in the sale of securi- tles. We do not object to a so-called | blue sky law so long as the require- ments necessary to qualify mortgages are based on fair market value as dis- tinct from the value placed by the as- sessor for taxation which for practical | purposes cannot be used as fair market | value and which in fact is not so used in any State having a blue sky law. “‘Our board will agaln press for the enactment of the real estate brokers’ | license law which is designed to reach | the sharp practices of irresponsible and | untrustworthy real estate brokers, We ‘wfl] also co-operate in the development ‘of any legislation which offers assur- ance of préventing a recurrence of the | unfortunate happenings in respect to | the releasing of mortgages. | .~ “All of our efforts and influence shall !be directed toward obtaining for the Officers Chosen by Realtors STAR, WASHINGTON, D. C, SATURDAY, OCTOBER 17, 1931. REAL ESTATE. LAUNDRY T0 HONOR BUILDING FORCES 600 or 700 Who Figured in Tolman Construction to Be at Reception. All contractors, engineers and build- ing mechanics who played a part in the construction of the new plant of the Tolman Laundry, just completed, at Wisconsin avenue and Jenifer street, are to be honor guests &t a reception | to be held soon, it was announced to- o Inounc This reception, to be given under suspices of Fred W. MacKenzle, pres- n“:tx\‘xtno{!m co;n:l:em, is to be in the of recognition of the part played by both labor and professional workers in the modern construction industry, Awards for Merit. ropolitan centers, where & bufldhu‘ congress, a building owner or other ; agency of the building industry is awarding certificates of merit to build- ing mechanics. Between 600 and 700 mechanics and others who figured in the construction of the laundry g‘l;nn'. are expected to at- tend the recepf 3 The new plant, Mr. MacKenzie sgid today, represents a total investment”of | approximately $500,000, including the cost of the building and machinery. Plant and Offices. ‘The new plant consists of & one- story brick structure on & site having a depth of about 300 feet and a width of 400 feet, over all, with a two-story building of 40-foot front which houses the offices of the concern. ‘The new plant, which is to be placed in operation Monday, replaces the for- mer location at Sixth and C streets, which will be & part of the new Munici- pal Center site. ‘The building contains more than 6,000 panes of glass in windows lighting the interfor. A total of 502,150 bricks, 36,- 760 bags of sand, or 1,838 tons; 405 tons of steel and 2,762 tons of gravel were used in construction of the bullding. ‘The building was erected by the Samuel J. Prescott Co. Inc., from J. F. M. Bowie (upper left), a vice president of the H. L. Rust Co., was elected president of the Washington Real Estate Board at the annual meeting of the board this week. He succeeds Arthur Carr. Claud Livingston (upper right), who is president of Willlam H. Saunders Co., Inc., was elected first vice presi- dent, and Willlam J. Flather, jr. (lower left), of the firm of Glover & Flather was chosen second vice president. John A. Petty (lower right) continues to serve as executive secretary of the board. Seven new directors also were elected. They are M. P. Canby, Earl M. Mackintosh, John T. Meany, F. Eliot Middleton, Percy H. Russell, F. L. 8andoz and Charles S. Mulr. District of Columbia all needed legls. 1 3 lation to protect the public and the in. Cheap Material Costly, tegrity of the real estate business, but, A house that is built of cheap ma- we shall endeavor to have such legisla- | terials is expensive to live in. Over a tion drafted in a manner that will pre- | noriod of time such a house often will vent undue restrictions and handicaps «on legitimate business and unnecessary | Actually cost the owner more than it would had he spent a little more hardships on home owners {n Washing- | money when building. NEW PLAN N EXHIBIT HOME SEMI.DETACHED—ALL BRICK 3 Double Bed Rooms Master Bed Room Across Front Large Lot With Lavatory Two-Car Garage 1336 SHEPHERD ST. N.E. Drive out Michigan Avenue to 13th Street, then up the hill one block to Shepherd Street ALSO INSIDE-TYPE HOME Prices, $9,150 up CHARLES M. WALLINGSFORD Owner & Builder \ 1010 Vi. Ave. N.W. T =S i BUILT BY DUNIGAN BUILT _RIGHT A NEW GROUP ... AND THEY'RE SELLING FAST X Choice Location Electric Rafrigeration National 2990 N One Left , W very important SEE THE NEW DUNIGAN IDEA! Equipped with Frigidaire, latest type gas rang®, 6-ft., one-piece porcelain sink, built-in cabinets, inlaid lin- oleum and Sanitas wall cov- ering. In a Home at #8950 AND . .. TERMS Half block from 14th Street car line, close to churches, schools and stores -SEE 5515 FOURTH STREET N.W. Street and Alley Paved One Corner Home Dunigan-built means wonderful home value. spect it at once. $10,950 [ In- A Dinette . . . just off the kitchen Six large rooms, detached garage, cedar-lined closets, oak floors, hardwood trim, Colonial brass fixtures, large, airy cellar, fully screened. Double laundry tray and servants’ toilet, screened breakfast and sleeping porch and coat closet with full-length mirror. Wrought-iron rails on stairs, new type radiators (narrower to save space). Colored tile bath room with shower; toilgt and lavatory adjoining the master bed room. Newest artistic fixtures. D. ]. DUNIGAN, INC. National 1265° Tower Building of Philadelp! Incidentally, it is in line with a movement which has gained some head- Way In New York and some other met- ing. 7 zgzzzzzaz WOODLEY PARK ALL-BRICK HOME $12,950 Open and Lighted Daily and Sunday 2.9 PM. 2913 TWENTY-EICHTH Exceptiofially located—beautifully conditioned—containing six good rooms — 3 baths —maid's room — built-in garage. Paved street and alley. This is dne of the best loca- tions in the city. NATL. MORTGC. & INV. CORP. 1004 Vt. Ave. Nat. 5833 Reasonable Terms Open for Inspection Daily—Sunday—Until 9 P.M. Wonderfully Constructed Detached Home 5317 Chevy Chase Parkway One Block East of Conn Ave. 8 rooms, 2 baths. each with bullt-in shower: built-in, 3-car sarage: No. 1 cClear, plain white Bradiey oak Beorimi: oai in Kitchen cabinet across length of room double’ drainboard and chromium ‘fxture gas range: Genersl Electric Clock: n acious closets: open frepiac uttering and downspouts; slate roof with ventilators $11,950—%$13,950 DIRECTIONS—Go north on Conn. Ave. to 5100 block, turn right on Chevy Chase Parkway. inoleum; J. E. DOUGLASS CO. 1427 Eye St. Met. 4333 27 Builtb ' | SECURITY HOME g Meeting the INVARIABLE STANDARD of Cooley-Built Homes 5613 2nd Pl. N.W. . B. Moses & Sons . sound all-brick construction . . . d lowest prices consistent with high quality are the factors that have made for the continued popularity of Cooley-built houses. And this new group is no exception to the standard. Inside and semi-detached; 6 big rooms, cement front and screened double rear porches; detached brick garages; variegated tile baths, model kitch- ens with Westinghouse refrigeration, cedar closets, etc. Situ- ated on lots almost double the usual length. Just a few steps from Fort Slocum Park. Paved street and alley. e 58,950 and 59,150 o Drive out 16th, 13th or Georgia Ave. to Longfellow, thence east to 2nd Place, or take 14th St. car marked “Takoma” or “Sheridan St.” Get off at Longfellow—model ooley Bros. " BUILDERS OF FURNISHED AND DECORATED BY Good location newest features . . TTRR HOMES® Tower Bldg. - Nat’l 9240 plans by the Austin Architecture Co. a. Hungary's corn imports-are increas- ol ———o]c——— o] —=|o]=—+=3][u| m m 9 “WHAT A HOME FOR m . 514,500% Right in the heart of development of Chevy Chase, fi fi D. C, this 4-bed-room and 2-bath all-brick home is ready for occupancy. 5461 NEVADA AVE. N.W. Cement and brick front porch. Slate roof. xatural trim, Screened dining porch, Breakfast room. A woman’s kitchen, Floored attic. Detached garage. Lot 40x145. This 1931 home has a 1921 price EATON & COMPANY 1010 Vermont Ave. N.W. fl | | | m | [ [olc———lalc———|o|———]o|———]q] Alesley Hrights THE GARDEN SPOT OF WASHINGTON 3018 44th Place Just South of Cathedral Avenue Southern Colonial Home BEAUTY—CHARM—WARMTH Heat—Electrle Pergolas Ten Rooms—Three Baths—Two-car Garage—Oil Refrigeration—Formal Garden—Pool—Artistic LOT—120 FEET FRONTAGE Open—Sunday—10 AM.—9 P.M. W ¢ and A, N. fMiller Realtors—Builders 1119 Seventeenth Decatur 0610 LANDLORD Keep your tenants ... . satisfied! «+ . Give Them Westinghouse REFRIGERATOR With Buffet Top Broom-High Legs ‘Temperature Selector HENRY J. ROBB, Inc. Recently equipped twenty-four new apartments at Warder St. and Manor St. N.W. with Westinghouse Refrigerators. Mr. Robb states that he made an exhaustive investigation of the efficiency, construction and public acceptance of all refrigerators, and his conclusion is that the Westinghouse is the best from point of view of both landlord and tenant. ghouse Zfrigeralor Viasme "WESTINGHOUSE' Lo yous guatases. Edgar Morris Sales Co. (Refrigeration Division) METROPOLITAN DISTRIBUTORS 736 Thirteenth St. N.W. NAtional 1031 Westir}h