Evening Star Newspaper, January 23, 1932, Page 17

REAL ESTATE HOME LOAN BANK PLAN | ATTACKED Hearings Before Senate Subcommittee Draw Con- | flicting Views—Head of Mortgage | Bankers Opposed. ONFLICTING views on the C The bill, which provides for c lowing the ideas suggested last yea: 1y opposed by & number of witness Mortgage Bankers’ supported by others Disapproval day, brought a quic Association of Real tem of Federal home loan ban dwellings throughout the count the Senate subcommittee, headed b; diana, which is holding hearings on t Association of America, and was as strongly WASHINGTON, D. O, he Foeni n WITH SUNDAY MORNING EDITION Star. AND PRAISED progosed establishment of a sys- s, to rediscount mortgages on were laid this week before Senator Watson of In- he subject. reation of a banking system fol- r by President Hoover, was round- es, including a spokesman for the voiced for the mortgage bankers, registered Tues- | k response from the president of the National Estate Boards, denying that the mortgage bankers had a right to assume to speak for urban home owners in this matter. | The National Association of Real Estate Boards yesterday voted to urge Congress to take immediate action on the Federal home loan bank system bill. * The disagreement over the pr n O-yA S WA posed new banking system, to be devoted specifically to the purpose | of making liquid large sums fori home building and home pur- chases, emphasized the impor- tance of the legislation. K| Fear Overproduction. Fears that the Federal home loan banks would have the effect of stimulat- ing overproduction in dwellings in sub- sequent years, producing in turn a de- pression of values of existing dwellings, were voiced before the Watson Commit- tee of the Senate by opponents of the measure, while advocates of the bill | were registering belief that the home Joan banking plan was necessary to provide needed funds for dwelling de- velopment, Hiram S. Cody of Chicago, president of the Mortgage Bankers' Association of America, told the committee he could not make his opposition to the legisla- | tion too outspoken. He said he could see little need of it even as an emer- gency measure, and was opposed to it ! as a permanent unit of the Nation's| banking system. On the other hand, H. J. Lofgren of | South Orange, N. J, and Theophilus ‘White of Baltimore, both representatives | of mortgage concerns, declared they saw no immediate hope for new funds for | home financing unless the law be en- acted. The administration proposal also was supported by W. H. Wood, Charlotte, N. C., banker. Do Not Challenge Sincerity. Concluding his testimony against the Federal home loan banks, Mr. Cody of the Mortgage Bankers' Association de- clared “We do not challenge the sincerity of the sponsors of this measure. We do not assert that the organizations back of it are actuated by selfish motives, but behalf of the unorganized home owners, our partners, we earnestly pro- | test against any permanent legislation | like the Federal home loan bank, which, | in our judgment, would adversely af- fect the security behind the $26,000,- 000,000 of mortgage assets of our finan- | cial institutions, and would result in the | loss of an untold number of homes, | which the owners, in the face of every | obstacle, now are struggling to protect.” | The statement quickly brought a tele- gram from Harry 8. Kissell, president of | the National Association of Real Estate Boards, who last week testified in strong support of the proposed home banks HOOVER PROPOSAL Council to Seek Legislation to Create Administration of Public Works. Legislation to create an administra- | tion of public works, in accordance | with President Hoover's recommenda- | tions to Congress, will be supported by engineers under the leadership of the American Engineering Council, it is anhounced by the president of the council, William S. Lee of Charlotte, | N.C The council will work for the enact- ment by the present Congress of the bill introduced in the House by Repre- sentative Cochran of Missouri “to ac- celerate public construction in periods | of business depression through the cre- | ation of an administration of public works and to provide for a more effec- tive co-ordination and correlation of the public works functions of the Gov- ernment.” Numercus amendments to the Coch- | ran measure will be urged upon Con- | gress by the engineers. “Favorable action by Congress is now | believed to be probable owing to the | disappointment of the people over the faflure of public works activity to pro- vide the measure of unemployment re- lief which had been expected. The tax- | payers, it is belleved, are aroused to | the point where they will demand such a realignment of public works bureaus and services as will respond to national eeds in times of economic distress,” the council states. “Passage of this legislation will be a | large factor in bringing about economies | in the Federal administration and in | balancing the Federal budget. Presi- dential sponsorship of public works consolidation will evoke a sympathetic | response from both parties in Congress, | signer; L. BUILDING PERMITS | TOTAL $341.800 | : | 12 Private Dwellings, Several | Flats and Factory Among Those Approved. Specifications for the construction of 12 private dwellings, several small flats, | Transept Near Completion REVEALS PURE GOTHIC ARCHITECTURAL STYLE. a manufacturing building and a lodge | hall costing $150,000 Were approved | during the past week by the District | building inspector, Col. John W. Oeh- mann. The total cost of all new operations of private builders within the District was estimated at $341,800. Permits were issued the following: Hall Association, G. U. O. O. F.,, of District of Columbia, Inc., owners: Albert I. Cassell, architect; H. P. Whitty Co., Inc., builders; to erect one 4-storv brick lodge building, 1849 to 1855 Ninth street, to cost $150,000. Colonial Ice Cream Co., Inc., owners; R. O. Scholz, architect: Baer & Scholz, builders; to erect one 2-story brick and concrete ice cream manufacturing building and garage, 416 Canal street southeast, to cost $100,000. C. W. Williams, owner and builder; Santmyers, architect; to 2-story brick dwellings, 5200 to 5208 Kansas avenue, to cost $30,000. Prank D. Phillips, owner 2nd de- E. Harding, builder; to erect one 2-story brick and tile dwelling, 3105 Legation street, to cost $9,000. J. E. Mills, owner and builder; George T. Santmyers, architect; to erect one 2-story brick dwelling, 5313 Thirtietn place, to cost $8,000. Paul T. Stone, Inc., owner and build- ers; O. L. Edwards, designer: to erect one 2-story brick concrete and frame dwelling, 6238 Thirty-third street, to cost $7.500. O. T. & W. A. Carr, owners and builders; W. A. Carr, designer; to erect one 2-story brick and tile dwelling, 4709 Forty-ninth street, to cost $7,000. George J. Wells, owner and builder; George T. Santmyers, architect; to erect one 1-story brick dwelling, 4917 Forty-seventh street, to cost $5,000. | Everette C. Thomasson, owner and | designer; W. E. Earnshaw, builder; to| erect one 2-story brick flat, 814 Second street southwest, to cost $4,000. Emma Schenck, owner; R. B. Carr, designer: C. T. and W. A, Carr, build- ers; to erect one 2-story brick and tile flat, 751 Thirteenth street southeast, to cost $7,000 | H. L. Thornton, owner; Doran S| Platt, architect; Davis & Platt, Inc, builders; to erect one 2-story brick George T. erect five 2. | dwelling, 413 Van Buren street, to cost OTABLE progress has been made recently in the construction of imposing units of the Washing- ton Cathedral on Mount Saint Alban, on the high elevation at Wisconsin _and Massachusetts avenues and Woodley road. Revealing additional details of the pure Gothic architectural style, of the fourteenth century motif, of this mod- ern structure, the North Transept has been carried to & point of virtual com- pletion, as _shown in the illustration | above. Meanwhile, construction of the South Transept has been started, as well as | inasmuch as the ends sought are non- heilis telegram, read at the committee | political. Many millions of dollars g by s | annually will be saved if the public | | | Jection to the statement by the head | yorks proposal becomes law.” $5,500. | other units of the huge edifice, in cor | formity with the plan of Right Re BUILDING MATERIAL formity with the plan of Right Tt PRICE DECREASE SLIGHT | intton, o continue building activities as steadily as possible. This keeps em- R ployed a staff of expert workmen The wholesale prices of building ma- | trained to their tasks through a long terials as a group showed a decrease of | period of years. less than 1 per cent in December as| The intricate carving of the decora- compared with November last, according | tions of the North Transept has becn to index numbers just made public by completed and a filigree composition the Bureau of Statistics, Department | now is revealed as an important part of Labor. | of the Cathedral fabric. The central A slight increase is reported for lum-| feature of the design is a large rose ber, while there was no change in the | window which eventually will be filled wholesale price levels for brick, cement | with colored glass made in the Cathe- and structural steel. Paint materials | dral's studio and laboratory in Penn- and other items in the group showed|sylvania. Tall pinnacles, a high gable declines, surmounted by & cross, a wide balcony, The decline in the index for building | sturdy flying buttresses, and a series of materials was less than that for the en- | stately Gothic window tire list of 550 commodities which the | glazed in colored sunlight, are other buerau surveyed, showing a price de-| details of the design. More than 2,000 crease of nearly 3 per cent for Decem- | carved crockets soften the lines of the likewise to be of the Mortgage Bankers' Association that he spoke on behalf of the urban home owners. Mr. Kissell reiterated his belief that the home owners of the country are in need of the proposed | legislation. No Source of New Funds. Testifying last week, President Kissell of the national realtors declared: “There is no reason why the Federal Govern- ment should not lend its help. Com-| merce and industry have a great Teser- | voir of credit in the Federal Reserve System, to which their bankers can go; the private home owner cannot do that, for the agencies with which he deals | have no source of new funds and credit is dried up at this time.” Mr. Cody, speaking for the Mortgage Bankers’ Association, told the Senate committee that advocates of the Fed- | eral home loan bank system are con- tending: 1, That it will relieve the home owner who now fears foreclosure, owing to the mlleged inability of financial institutions to refinance existing mortgages, 2. That it will help the manufac- turers of building supplies and members of the butiding trades. According to estimates made public by the Federal Government, it would be possible to construct 3,000,000 residences within the next five years, if the plan should be put into effect. 3. That it will revive the real estate market and stabilize existing values. Arguments Against Plan. Mr. Cody then presented as the argu- ments against the proposed plan the following points The normal rate of construction of w homes is between 300,000 and 400,- advocates of this next five years or 600,000 annually present rate of population growth and " (Continued on T e ENVIRONMENT IN FOXALL Few things in life bring greater joy or happiness than the owner- ship of one’s home . . . a home built to endure . . . in an environ- ment permanently protected. The superiority of our materials, workmanship and _construction insure durability, while Foundry Branch Valley Park, the Upper Potomac River Park Develop- ment and surrounding estates as- sure the continuance of its pres- ent ideal environment. Visit our Furnished Model Home, open until 9.30 p. m., at 4400 Volta Place, three short blocks south of Reservoir Road, and see for yourself what living in Fox- all really means. Prices $11,350 to $14,950 e WAVERLY TAYLOR 5 1522 K Street Nat'l 1040 e e S R R The Cochran bill provides for the | appointment by the President of an | administrator of public works to hold | office for 15 years at an annual salary of $15,000, and for the establishment in the administration of public works of a group of bureaus, each headed by a director, to administer the -various public works services The council will oppose the plan to place the National Commission of Fine | Arts under the jurisdiction of the ad- | ministration of public works. Inclu- sion of the commission in the admin- istration, it is thought, might deprive the Government of the service of the Natlon’s leading architects. 7-ROOM COLONIAL BRICK HOME PRICE ONLY $7,9500 You will be surprised at the value offered. 1609 D St. N.E. All _modern — electric refrigeration, built-in_ garage, ete. Open Sunday and Daily Wm. M. Throckmorton DIst. 6093 Inve: CENTER HALL PLAN NEW BRICK HOME $11,500.00 UNEXCELLED VALUE 1334 Sheridan St. N.W. Just 1% blocks east of 16th St. Eight large rooms. one & recrea- tion room, with four outside windows and _op most _pleasing room, with bay window and ace, very spacious dining room, ing & desirable sun room adfoin: and an up-to-date model hen. The center hall has a_wide ase, Wwith metal rail. Three size bed complete and shower and extra half Real large, lighted closets, gas built-in’ heated garage. Open Daily Phone Georgia 9815 “Why didn’t you tell me” “’99 L] “That I could purchase a real home like this on such a modest down payment and the balance like rent. That I have been foolish to pay rent for so long, when I should be living in this lovely HOME of six spacious rooms, two baths and modern in every detail. “That REALTY ASSOCIATES, INC., are keeping 3020 McKinley St. open every day from 10 am. to 9 pm. so that T may inspect it, which I am surely going to do to- day.” u bath bath || furnace, | ber as compared with November. ‘The index numbers are based on the | average prices for 1926 as 100. The| index figure for the building material group was 733 for December, 1931; 74.0 for November, 1931, and 844 for| December, 1930. ‘ S \ & BRICK 5428 31st Street ‘\711]‘(‘11‘ se - & of beautiful led < icd $13,950 othrough- dmire and appreciate in In the heart just morth A NEW CO 3100 45th St. Corner Klingle Street Open Daily for Inspection d most_ distinguishe; brick residence is one Washington. characterize perfectiol be Two large shade tree: Schwab and Valk 1704 Connecticut Ave. transept exterior. Work is now being started on the North Cleveland Park 383 Windom Pl Detached $9,950 6 rooms, glassed enclosed sleep- ing porch, oak floors, open fire- place. In new house .condition. Open St.mday Harry A. Kite, Inc. 1019 15th St. NNW. NAt'l 4846 RNER BRICK RESIDENCE north porch, which will furnish an ap- propriately beautiful entrance to the North Transept. The first stone of this portion of the edifice was laid by Mrs. Herbert Hoover. Funds for the work are being provided by American women organized in a Volunteer Committee under the leadership of Mrs. Willigm Adams Brown of New York. The building of the East Cloister of the Cathedral will follow. TAKES NEW POST Benjamin J. Canby Made Vice | President of Phillips & Canby. Benjamin J. Canby has become as-| soclated with the firm of Phillips & Canby, Inc., Washington real has been elected vice president of the concern. Mr. Canby has been engaged in the real estate business in Washington for the past 25 years. 4 T tVicginia Belle Haven On the Mount Vernon Memorial Highway Home Sites Homes| NORMAN C. BROWN Investment Blds. NA. 1818 GARDNER L. BOOTHE, 2d 106 5t. Asaph St. Alexandria, Va. SNGLISH “DREAM” 5431 30th Place Chevy Chase, D. C. JFOR_the family that cares.” A new home, charming 'in " every detail of _appearan arrange- and equipment. bright rooms, tiled ' baths, fireplace, recessed radia- tion. separate furnace room, built-in garage, electric refrigeration, cop- per acreens, etc. _An amazing e on con- venlent terms! Open till 9 P.M. . WESLEY BUCHANAN REALTOR 1427 Eve St. Met. 1144 Wesley Heights RCHITECTURALLY blending with the preserved natural beauty and delightful woodland vistas that provide the setting for the Capital's Its spaclous d ‘residential community, this impressive center hall of the most desirable homes now available in floor plan and unusual refinement of structural detail n in design and craftsmanship. There are nine rooms (five bed rooms, with unusually large master baths, and first floor lavatory. oo s trees flank the entrance to the.home. Garage for two cars. Decatur 2333 estate | brokers, it was announced today, and | BULDERS MOVE FORSTABLIZATON ‘Formation of Constructiom‘ League Held Big Forward Step in Industry. : The building industry of the country | is moving in the direction of functional organization through the formation of building congresses, such federations now operating in 25 cities, it is de- | clared by Robert D. Kohn, president of | the American Institute of Architects. | A big forward step, he reported, has | been taken by the bullding industry in | the formation recently of the Con- struction League of the United States, | = forum to which 20 or more national organizations of the building industry have agreed to bring their programs | and gain support for those things which are of value for the industry as a whole. | yet serve to increase the value of its service in meeting the public need. Development of Solidarity. “In the long run,” Mr. Kohn added, | he Construction League will prob- ably prove to be the center in which | | will develop both an industry con- | science and an industry solidarity. Here will doubtless center, in time, in- formation on which the industry can start the process of stabilization and of measured production based on need. “Thus the building industry is pre- paring to integrate its processes, but | not to -be managed and directed by | government. We are suspicious of all | political government. We want to get | |ready to use the resources and the unique resourcefulness of the American | construction world so that they may | then relate themselves to all other | processes of modern life in the crea- tion of a new functional organization.” Lack Central Organization. To iflustrate the need for a_ central | | organization for units of the building | | industry, Mr. Kohn declared: | “It is a low estimate to say of the building industry in New York City that those who function in some way or other in the process of building con- struction are organized separately into | 350 different associations, unions, trade | | groups, or professional societies. “Very little has been done to develop in any one of them an understanding |of the effect of their acts, either in- dividually or as a group upon the total process of which they are a part and {upon whose success they are de- pendent.” ! M. A. Sauvant, a French inventor, | |who said he had invented a “crash- | | proof” plane, was officially forbidden | ;m stage a demonstration crash. New Detached Home Tdeal Northwest Location Built to Sell for § 00 Now Reduced $2,000.00 3712 Yuma St. N.W. Several Sold—1 Left at This Price Open Sunday & Daily to 9 P.M. Wm. M. Throckmorton Invest. Bldg. DIst. 6093 BUILT BY DUNIGAN.. A NEW SEE 5433 KANSAS AVENUE N.W. Exhibit Home e servant’s toilet, screened rails on stairs, new type space). Colored tile bath off the kitchen. Newest a D.]. Tower Building REALTORS TO ESTABLISH INSTITUTE OF APPRAISERS National Convention Authorizes New Organization With Object of Eliminating Unsound Valuations: By the Assoclated Press. T. LOUIS, January 23.—Organization of real estate appraisers into a national body was approved this week by the National Association of Real Estate Boards at its Midwinter meeting here, The new organization was declared to be a step in pre- venting the present Qefau]ting of real estate bonds by tending to eliminate over-appraisal of property, which was one of the char- acteristics, leaders said, of the last real estate boom. The organization is to be known as the American Institute of Real Estate Appraisers. It will replace the present appraisal division of the national organization. R. L. McKallip, chairman of the Community Research Bureau of the Pittsburgh Real Estate Board, told the association how Pittsburgh reduced its city tax rate 10 per cent in four months’ time. The association also listened to an exposition of a 10-year plan to revive business by rebuilding agri- culture, given by Charles F. Col- lisson, agricultural editor and lec- turer of the Minneapolis Tribune. Effective in Minnesota. ‘The plan, he said, has been in effect in_ Minnesota for 10 years and has re- sulted in a tremendous increase in farm buying power. Revolving of crops, diversified farming and an in- | ber of the Executive Committee of the | division. “Homes of today must be of today's vintage,” he declared. “Beauty, con- venience, sturdiness, complete equip- ment and value all are demanded. The home of yesterday no longer inspires. | More beautiful, compact and con- | venient interiors, elaborately equipped, | seem to stand out particularly at the moment. _“The_kitchens must be compact and and coat closet with full-length mirror. lavatory adjoining the master bed room. A dinette . . . crease in dairying are salient points of (Continued on Third Page.) the plan. It is known as the cOW-soW~ | == = he.rrl plal’a‘i d Beckett, Indi State | o¢ Ran . Indiana State Priced for Immediate Sale Senator, told the association a reduc- | tion of governmental cost is necessary | in solving the tax problem. He out- Two Beautiful Brick Detached Homes—Built by L. E. Brueninger & Sons lined the system used by the State of | Indiana in controlling government ex- penditures and said the public opinion has been growing in support of the | plan. The public of today is quality-wise | Both Open for Inspection and construction minded, Waverly Tay- | till 9 P.M. lor, Washington realtor and architect, | told the Home Buiders ana suo- |§ 4209 18th St. N.W. dividers’ Division of the National Asso- | $15,950 ciation of Real Estate Boards at its convention this week at St. Louis, Mo. Sold PUBLIC QUALITY-WISE. | Waverly Taylor Makes Statement in | Talk Before Realtors. Hard times and advertising have ed cated the public to expect a high degree | of workmanship from the builders of homes, said Mr. Taylor, who is a mem- ' Shepherd Park See Our Furnished 4-Bedroom Home at 1335 Hemlock St. N.W. L. E. Breuninger & Sons. Concrete tront porch, large rear sun porch. Beau. tiful vard, rock garden. pond and shrubbery. I heater. A real investment and s beautiful ome. Be sure and see it today or Sunday ‘or call us for auto service. 1734 Taylor St. N.W. Priced one year ago for $32,500. Seven rooms (3 bed rooms) and two : by one of Wash- best builders, ~ artistically - designed and containing every med- ern convenience. Large open fire- piace in living room. Both front and ack yards landscaped. You will en- oy inspecting this home. = Same sacrifice as on above home. See it today or Sunday, pecatur METZLER 1106 Vi Realtor Aves Sunday and Night—Ad. 0620 LBUILT RIGHT GROUP . . . AND FOUR ALREADY SOLD 5419-5435 Kansas Ave. N.W. See these beautiful homes. Have a chat with some of the folks who have bought over 2,000 Dunigan Homes. Ask them what they think of their investment . . . and ask your banket’s advice, . $8950 TERMS IF YOU WANT THEM! Never Such Features at Such a Price Six large rooms, detached garage, cedar-lined closets, oak floors, hardwood trim, Colonial brass fixtures, large, airy cellar, fully screened. Double laundry tray and Extra Large KITCHEN Equipped with Electrolux, latest type gas range, one-piece porcelain sink, built-in cabi- nets, inlaid leum and San wall covering. breakfast and sleeping porch Wrought-iron radiators (natrower to save room with shower; toilet and rtistic fixtures. Dunigan, Inc. . National 1265