Evening Star Newspaper, February 13, 1932, Page 17

REAL ESTATE SENATORS TO HEAR FIGHT OVER HOME LOAN BANKS Committee Hearings Start Next Week, With Friends and Foes of Proposed Legislation Prepared to Defend Their Stand. UPPORTERS and opponents of the plan to establish a system of Federal home loan banks, designed to make readily available a flood of funds for Yhe finance of housing, will meet next week before a Senate committee, when hearings on the proposed legislation are to be resumed. Initial hearings on the project, held recently, brought out strong support from national real estate and building loan leaders and vigor- ous objections from a spokesman for the national organization of mortgage bankers. Meanwhile, principal arguments for and against the proposal, which would provide for creation of an entirely new and highly im- ortant element on the Nation's financial system, have been whipped nto shape for the forthcoming test before the Senate committee, headed by Senator Watson of Indiana. The National Association of Real| Estate Boards and the United States Building and Loan League, urging pas- sage of the measure, both have set up temporary “national headquarters” in ‘Washington for the duration of the congressional hearings and meanwhile have sent out to their members over | the country educational reports spon- soring the Home Loan Bank plan. Opposition Explained. ‘The Mortgage Bankers' Association of America, which registered opposition to the measure at the initial Senate Committee hearings, also has made public a statement issued from Wash- ington giving its reason for contesting the plan. The measure, introduced in the Sen- ate by Senator Watson and in the House by Representative Luce of Mas- sachusetts, provides for establishment of | 12 banks scattered throughout the| country whose sole business would be to | discount first mortgages on dwellings held by building and loan associations, | banks, insurance companies and other home financing institutions. Herewith are reported the positions taken by the spokesmen for the three national business organizations on the | proposed plan. | L. T. Stevenson, Pittsburgh, president of the National Association of Real| Estate Boards, reported that witnesses called by his organization would bring | out the following six points in support of the banking plan: | First, that the Home Loan banks are | desperately needed to meet the great amy growing problem of home mortgage Tenywals. “fecond, that. contrary to general opinion, the country is not overbuilt in homes and that the proposed system will be required very shortly to furnish funds for new co ruction, there being practically no morteage funds aveilable for this purpose in hundreds of cities. Stability Need Cited. “Third, that the banks are needed to a stability that has never existed to the construction and allied businesse: w financing has depended in the | pot en loc2l conditions that should not affect home ownership. | “Fecurth, that the banks are needed to bring long-term financing to the home owner, which will immediately take thousands of people out of the renting class. The bills provide a premi for discounting long-term as a means of encouraging of long duration. This also encourage home ownership. Fif that the banks, by provi & constant source of money purpose, will lower interest which will give another tremendous | impetus to home ownership. It has| been estimated that a saving of 1 per cent in interest rate on a home mort- gage would make a saving of 16 per cent in the ultimate cost to the home buyer. “In addition to the above, the banks are urgently needed if the President’s program on hoarding is to be carried | out. Building and loan associations and | banks could apply to the Home Loan | banks for advances on their sound first | mortgages and thus release the savings of large sums which would be restored to hundreds of communities.™ Agency Called Sound. As the representative of the building and loan field, William E. Best, Pitts- burgh, president of the United States Building and Loan League, this week issued this statement: “The agency proposed in the Home Loan Bank bill is sound, conservative and built upon existing institutions which are subject to inspection and regulation by the States. It is non- inflationary and is planned to give financial support to existing home financing, thrift or savings institutions. It will fill an immediate need, as finan- «cial institutions have millions of dollars of preferred first mortgages on homes upon which they cannot raise funds sufficient to meet the demand for re- financing existing mortgages which have been called, come due or are being (Continued on Second Page.) ng for this rates. | 16th Street Heights NEW DETACHED ALL-BRICK COLONIAL 1414 Hemlock St. $14,500 TWO BATHS Rarely in the past years has such a value heen of- fered the public. A beauti- fully modern home with attic, breakiast dinette, a marvelous kitchen, newest design. charming interior decorations, creens, slate roof, GARAGE. Convenient to bus and schools. One of hichest points in, city. In- spect at once. Drive out 16th St. to Hem- lock, east to house. 5349 Broad Branch Rd. In Chevy Chase, D. C: $13,950 SPACIOUS, DETACHED ALL BRICK, 2 BATHS COLONIAL . . . 2.CAR GARAGE, DEEP LOT Drive out Connecticut Ave. to Military Road, East to Broad Branch Road, and South to property. OPEN ALL DAY SUNDAY BOSS & PHELPS 1417 K 8t. Realtors NAt. 9300 | growing at a slower rate and the un- NEW HOME ESTIMATE IS NOT MADE BY U. S. No Government Figures Available on Effect of Home Loan Bank Act. James 8. Taylor, chief of the division of building and housing. Department of Commerce, said today that no Govern- ment estimate had been made to the effect “that the passage of the home loan bank act would bring about the construction of 3,000,000 homes in the next five years.” Mr. Taylor said that this figure was high by a million of what could rea- sonably be anticipated at this time. “An average figure of 600.000 fam- ilies provided with newly built homes a year would be in excess of the yearly rate for 1920 to 1930 and the rate dur- ing that period was higher than is likely during the next five vears. | “In the first place, 'the population is usually great movement from farms to cities which was so pronounced during the last decade has been reversed, at least for the time being. “Although exact computations are ' impossible, few estimates of home con- struction during the next five years amount to more than 400,000 vearly. At that rate the number of homes con- structed during this five-year period would be much more like 2.000.000 | than the 3,000,000 attributed errone- ously to the Government." MURPHY C0. LEASE F STREET PROPERTY Rental of $240,000 to Be Paid by Chain Concern Over 10-Year Period. Business property at 1219 F street has been leased for a period of 10 years, beginning February 1, 1933. by the G. C. Murphy Co., chain merchandising concern, according to papers filed with the recorder of deeds. The rental consideration for the pe. riod was recorded as totaling $240.000. This advance lease was made by the G. C. Murphy Co. in connection with a new lease it has just consummated covering the present location of the concern at 1217 F street. This lease also is to run for a 10-year period, beginning January 1. 1933, with the total rental consideration for this prop- | erty placed at $240,000. DWELLINGS PLANNED Two-Story Building to Be Erected on Thirteenth Street. A two-story brick and frame dwell- ing is to be erected at 3912 Thirteenth street northeast at an estimated con- struction cost of $5,000. according to plans filed with the District govern- ment by Jerome S. Murray as owner and P. F. Fox as builder. Plans for a two-story brick and tile dwelling, to be erected at 1240 Quincy | Street northeast, at an estimated build- | ing cost of $7.000, also have been filed by Mr. Murray and Mr. Fox. @ 78\ 8 Rooms - 2 Baths Q@ ooms - Z baths ) Best value in Chevy Chase! New English home vith ished recreation 0 fireplaces. of fine trees. equalled at only- $11,950—Terms Arranged J. WESLEY BUCHANAN Reaitors Metro. “V M\ 1427 Eve St. NS he Fp ening Star, WITH SUNDAY MORNING EDITION SATURDAY, FEBRUARY 13, 1932. Residences in National Capital Currently Purchased FOUR OF THE NEWLY ACQUIRED HOMES OF METROPOLITAN AREA. 5% 2 Upper left: Georgian type of resid Development Co. It was built by Alfre ation room in the basement. The lot is Upper right the house contains six main rooms and Lower left d contains six main rooms and two baths and garage. A wer right House at 5555 Thirty-second street, Chevy Chase, D. C.. purchased by Mr. and Mrs. O. Dahl and acquired through the agency of Realty Associates, Inc. 2 80 WA FT ence d T. Newbold from p 120 by 123 feet. two baths. It has a lot of 40-foot fre ‘The lot is 50 by 122 feet. e at 15 Chamberlin avenue. Kenwood. Md. purchased by R. H. Stacy through the agency of Kennedy-Chamberlin lans by A. H. Sonnemann. The house contains nine main rooms, sieeping porch and large recre- | Home of Mr. and Mrs. John P. Bills at 6003 Thirty-fourth place, in Wrenwood. purchased from Shannon & Luchs, Inc. ontage, 80 feet in width at the rear, and 96 feet deep. Residence at 7808 Morningside drive, Shepherd Park, purchased by Mrs. Pauline Latterner from L. E. Breuninger & Sons. It was built by F. M. Johnson and W. L. Moore It contains eight main rooms, two baths and a built-in two-car garage. o s ———y Vo S P BUILDING NEWS |B—1 * NATIONAL GROUP TO SPUR SCIENTIFIC HOME BUILDING Association of Real Estate Boards Announces Crea« tion of Committee to Assure Full Use of Efficient REATION of a new national committee to bring into full use Methods—Edward A. MacDougall Chairman. =fficient methods for home building and home ownership and to advance what has been called a science of housing is an- nounced by the National Association of Real Estate Boards. The purpose is to put the best present information actively at work. The committee will act through and with a new network of local committees exgected to be set up by member boards in some 580 cities. The whole machinery will be one through which housing needs in each community may be studied and through which recom- mendations of President Hoover’s Conference on Home Building and Home Owership may be considered as they bear on the specific sit- uation in each city or town. As a clearing house for the develop- ment of more satisfactory housing, the committee will have an active four- fold co-ordination—with the Presi- dent’s Conference, with real estate Boards, with other organized groups in the field of planning, construction and finance and with the various civic, semi- civic, scientific and philanthropic groups and institutions now working upon the housing problem. MacDougall Chairman. Edward A. MacDougall, New York, member of the President’s Conference and president of a corporation which has built some $50,000,000 worth of housing. will be chairman of the commit- tee. Other members, appointed by L. T. | Stevenson, Pittsburgh, president of the association, are: Benjamin Bills, Chi-| cago; Robert P. Gerholz, Flint. Mich.; H. | C. Thorman, San Antonio, Tex.; G. A. | Nichols, Oklahoma City, Okla.; Justin Matthews, Little Rock, Ark. and Harry Allen, San Francisco, Calif. The committee is expected to draw FIRST SHOWING Colonial Four Bed Rooms 6139 Utah Ave. (Chevy Chase, D. C.) $11,95 > Seven large rooms, ft. liv- ing room, open fireplace, model ventilated kitchen, breakiast room, chestnut trim through- out, huge bath room (tub and shower), numerous closets, built-in cabinets, slate roof, copper gutters, etc. Open Sat. Of Colonial precedent, It is of Colonial motif —Star Staff Photos. ELEVATOR CONTRACT LET Otis Company to Install 13 in New Supreme Court. Another unit contract for construc- tion of the new home of the United States Supreme Court has been let. The Otis Elevator Co. has been award- ed the work of installing 13 signal con- trol elevators in this building, actual erection of which was started recently. ‘The building is to have four eleva- tors having a capacity of 4.000 pounds each and designed to operate at 500 feet per second. The other nine are to be of 3.000 pounds. operating also at 500 feet per second. In addition to these, there are to be installed one car, switch control elevator, and five dumb- waiters. FARM ROSTER READY A roster of farm land specialists of the United States and Canada. the first list of its kind ever to be issued, has been compiled by the National Associa- | tion of Real Estate Boards through its farm lands and country estates division. The roster, prepared as a special service to members of the division, con- tains 454 names, covers 44 States, the | District of Columbia and Hawaii, and | |lists five Canadian specialists. ‘The roster has been issued to help members of the division establish con- tact with other capable and responsible | men in their own field in other States. | It is expected to facilitate interstate farm land sales and exehanges. Sensational Value MARIETTA PARK DETACHED BRICK Colonial Design. 25 ft. wide. 37 large rooms. 2 full baths. Real fireplace. Natural woodwork. Electric Refrigeration. Pantry. Garage. Large lot. 613 Nicholson St. N.W. Open and Heated Daily Until 9 P.M. Drive out Fifth St. turn left on Nicholson. Tower Blds. DIst. 0854 7525 12th TOWCI' Bldg. This beautiful home, located in one of Washington's finest resi- dential sections, contains living room, fireplace, fast room, elaborate kitchen, with electric ventilati tric refrigerator and lavatory on first floor. 2 beautifully colored (green-black) tile baths on second floor. attic, large lot with five wonderful old oak trees, 2-car brick garage. See this before buying Ezclustve Agents. St. N.W. dining room, break- ng fans, pantry, elec- Four private bed rooms, Finished Dist. | cilities and hotel business among the | i largest cities of the country in the final and employed 5.175 hotel workers | Washington holds fourteenth place in| First Washington ranks well in hotel (n-‘ report on the first hotel census of the United_States, which has been made public by the Bureau of the Census. Figures are given for the 37 cities having more than 250,000 population, as found in the 1930 census, showing number of hotels, number of guest| Tooms, total receipts, salaries and wages | and number of employes. The tabulations show that while population, it ranks twelfth in the number of hotel guest rooms, eighth in payment of hotel salaries and wages, seventh in the number of employes, seventh in hotel receipts and fourteenth in the iist for number of hotels. Washington, the report shows, had at the time of the census 77 hotels, with 13,465 guest rooms, receipts total- Too Good to Overlook! 500 Whittier St. N.W. Detached Bungalow 7,650 A corner; six rooms, sleeping porch, front porch, open fire- place; garage, large, beautiful Census of Kind Ever Completed by Federal Bureau. lot, paved street and alley. Open Saturday and Sunday Phillips & Canby, Inc. Realtors Homer Phillips, Medford P. Canby, Benjamin J. Canby Na. 4600 Investment Bldg. WASHINGTON RANKED NEAR TOP IN FACILITIES OF HOTELS IN CITY | Undertaken Recently ing $17.620,000, paid out in hotel sal- aries and wages a total of $4.852,000 In _the number of guest rooms Wash- 7-ROCM COLONIAL BRICK HOME PRICE ONLY $7,950-%0 You will be surprised at the value offered. 1609 D St. N.E. All modern—electric refrigeration, bullt-in garage, etc. Open Sunday and Daily Wm. M. Throckmorton Invest. Bldg. Dlst. 6093 T DA 16th STREET HEIGHTS NEW GROUP HOMES $9.950 to $11,500 EASY TERMS Block and Holf East of 16th on Sheridan We invite the public to inspect these homes wher have reduced housekeeping work and drudgery to a aiternoon—all day Sunday. Drive out east from Conn. Ave. to 32nd and Rittenhouse, east on Rittenhouse one square, north to property. Realty Associates, Inc. 1427 Eye St. N\W. Nat. 1438 ington was exceeded by New York,| Chicago, Detroit, Los Angeles, St. Louis, | San Francisco, Minneapolis, Kansas City, Seattle, Portland, Oreg., and Den- | ver, according to this survey. In this classification Washington _ exceeded Philadelphia, Cleveland. Baltimore, Boston, Pittsburgh. Milwaukee and Buffalo, all of which have populations of greater size. | New Corner Home Detached Represents a Big Saving at the Price of — $15,250 Was Built to Sell for Considerably More 4330 37th St. N.W. (3 Blocks East of Wisconsin Ave. at Yuma St.) Center-hall plan, large rooms, finished third floor, 2 baths, 2-car built-in garage, large yard. Open for Inspection Daily Wm. M. Throckmorton Invest. Bldg. Dlst. 6093 House—36. The ultimate in from its co-operating local committees conclusions and recommendations from time to time which may be helpful to the President’s Conference and to hcme-building industry. New standards of mortgage finance and standards for housing ordinances, zoning ordinances and building ordi- nances may be developed through the effective co-operation of all agencies in- terested in better housing, Mr. Mac- Dougall says in oudining the scope of (Continued on Second Page. 3150 Monroe St. N.E. Bungalow $6,500 Five rooms and bath, mod- ern; large lot. In new-house condition. VACANT OPEN SUNDAY Harry A. Kite, Inc. 1019 15th St. N.W. NAtional 4846 CHEVY CHASE, D. C. $9,950.00 New detached. all brick. well located home, with a lavatory and large inclosed sun parlor on the first floor, three large bed rooms and beautiful tiled bath on the second. Exceptionally deep and level lot with garage. Be sure to see this bargain at 6145 Utah Avenue. Open All Day Sunday Eaton & Company 1010 Vermont Ave. NNW. 6 Rooms, 2 Baths All Brick, Colonial CHEVY CHASE, D. C. Smaller homes in this splendid section can be erected to meet your needs at— $13,950 & up 27 Chesapeake St. AKEFIELD Offers. .. center hall Colonial homes. Special features include Bryant Gas Furnace— Electrolux _Refrigeration — Celotex Insulation —Curtis Woodwork—Metal Weather Stripping —Maid's Room in Attic—Paved Streets, Alleys and Sidewalks. Restricted _er schools. car lines, 1909 Mass. Ave. the builders um. All tile baths and showers, gas heat and refrigeration, finished social room in basement. It will be well worth your visit to see the kitchen alone. Open Daily Until 9 P.M. 1334 to 1342 Sheridan Street N.W. Phone GE. 9815 For Sale by Boss & Phelps . . . 1700 Hoban Road, one of the Georgian homes given a high rating by the Board of Review of the Architects’ Advisory Council of Washington, D. C. Open daily. Horace W. Peaslee, Architect; Rose Greely, Landscape Architect. To reach: Q St. to Wisconsin Ave., north one block to Reservoir Rd., west to 100 ft. beyond 44th St. irol rment. convenient to public and overlooking the city. To Inspect: Drive out Conn. Ave., turn ieft on Chesapeake St. to houses Inc. CLev. 9837 ANNOUNCES THE OPENING OF tfie ome ofi Furnished and WOODWARD ©® Drive out Que voir Road, make Volia Place. Tomoreow FOXALL Sponsored By THE WASHINGION POST Decorated by & LOTHROR Landscaped by 1M SMALL & SOMS 4422 YOLTA PLACE NORTHWEST Street and Reser- lo#t turn ot 444h Street, three short blocks sowth 0