Evening Star Newspaper, March 19, 1932, Page 18

HONE LOAN AN URGEDATHEARNGS National Real Es:tate Boards’ Officials Appear Be- fore Senators. Hearings on the measure proposing creation of 8 system of Federal home Joan discount mortgage banks were started this week by a subcommittee of the Banking and Currency Com- mittee of the House, headed by Repre- sentative Reilly of Wisconsin. The measure calls for the creation of a system of 12 new banks whose Business would be restricted to the discounting of first mortgages on homes. B 5 SRt dwelting Anaace funds. e liquid dwelli ce funds. m'?l’m lq ent.:'of the bill are of the National Association of Real Estate Boards and of the United Btates Building and Loan League. At recent hearings on the same measure, introduced in the House by Representative Luce of Massachusetts and in the Senate by Senator Watson of Indiana, opposition came principally from a spokesman for the Mortgage Bankers' Association of America. Witnesses speaking for enactment of the legislation at the hearings before the House committee Included Repre- sentative Luce, Lawrence T. Steven- son, president of the National Associa- tion of Real Estate Boards; Gen. Na- than William MacChesney, general counsel for the realtors; C. C. Sherlock, managing editor of a national maga- zine; O. K. La Roque, assistant insur- ance commissioner of North Carolina; W. C. Ermons, president of the New Orleans Homestead Clearing House As- sociation, representing Louisiana build- ing and loan associations; Eugene W. Lewis, Detroit banker and manufac- turer, and William E. Best and I. Friedlander, representing the United States League of Building and Loan As- sociations. Prices of resideatial real estate are weighted down by a lack of credit sup- port for this kind of property, the Home Building and Home Owning Committee of the United States Build- ing and Loan League concludes after five months’ study of the present de- cline. The only practical suggestion to remove the barrier has come from the Government in the form of the Luce- Watson bill, proposing the establish- ment of s Federal home loan bank system, the committee says. “The present slowness of the residen- tial realty market has been blamed on everything from the Miami bubble to the lack of family desire for & home,"” says Ward B. Whitlock, Springfield, Ili, chairman of the committee, “Our study shows that none of these causes is responsible. ‘The real problem is that any market restricted to the abil- ity of buyers to pay cash must neces- sarily be a very narrow market, and in guch times as the present, it would have practically no bottom. Adequate ctedit support is a necessity in maintaining a market for any commodity. It is of paramount importance in the home market, since the cost of the home Is greater in proj to the family in- come than clothliu and !‘zd ’lu use extends over a leng period of years, and the type of credit needed is defi- mitely long term. Unfavorable Pressure. “The home which cannot be refl- nanced is todsy exerting unfavorable In 1930 me Building and loan associations are fi- nancing more than s half of these on the long-term, amortisation plan, which eliminates the cing problem. e Selens, moribages, avereq- nan m , averag- $4,000 in amount. “In & three-year business depression such as the present, three-fourths of these or about & million an 3 {for refinancing, involving $6,000,000,000. ‘The 2,200,000 amortised mortgages, de- manding no refinancing, saved the cred- 4t structure the strain of another $6,- 000,000,000 during this period. The nnnnnnlfi, difficult to get at the be- ginning the crisis, bec most an impossibility now. Each year of the past three has had to face the mflduy of half a million being thrown on the market be- cause the mortgages could not be re- newed. Bill Favored. “The Home Loan Bank bill, as in- troduced by Senator Watson of Indiana and Representative Luce of Massachu- setts, has been favored bj evidence in Senate subcommittee hear- ings. Its passage is essential to pre- vent further decrease in home financ- in, and it to the interest of every citi- Home of Mr. and Mrs. Charles E. T garage. It was built by Max Sugar. Tibby at 4419 Argyle terrace. This house, recently acquired by Washington real estate operator, contains 10 main rooms, 4 baths, a club room or recreation quarters and a two-car The main rooms of the first floor have paneled walls. Mr. Tribby, H. A. GARDNER TO GIVE TALK IN NEW ORLEANS “Tung Oil Industry in South” Subject of Local Man Before | Chemical Society. Henry A. Gardner of this city, direc- | tor of the scientific section of the American Paint and Varnish Manu- facturers’ Association, is scheduled to make one of the principal addresses at the 83d convention of the American | Chemical Society at New Orleans on March 29. Painting problems in the South will | We the general theme of a national | symposium to be held by the division | of paint and varnish chemistry at the megting of the society, Mr. Gardner will discuss “The Tung | ©Oil Industry in the South,” it is an-| nounced by H. A. Nelson, division chair- man. | “The situation in regard to tung oil in the American paint and varnish in- dustry is somewhat analogous to the | early stages of the rubber plantation development,” the announcement states. | “Development of the tung oil tree in | the South and in California promises to make America independent of China as a source of this material.” Research to improve the finish and durability of protective coatings is be- ing conducted by the paint and varnish division of the soclety. City traffic officials of Tokio, Japan, are trying to find a way to decrease the number of collisions between bi- SEE THIS NEW MODERN, FULLY DETACHED BRICK HOME! Center-Hall Pl :";gn and_automobiles. | DROP IN BUILDING SEEN AROUND TWO BILLION| Contrast With Last Year's Total of $4,080,000,000 Cited by Writer. Last year's grand construction total was estimated by F. W. Dodge Cor- | poration at $4,080,000,000, it is recalled by Theodore M. Knappen in the| Magazine of Wall Street, “If the present trend continues, the | 1932 construction output will fall below $2,000,000,000, representing a shrinkagl" for the year of about $2,000,000,000," he writes. “Of course, costs will be less, 50 that the actual reduction in physical volume will not be so great, but when $2,000,000,000 is converted into 1913, we find that 1932 may take us down to war-time bullding restriction bottoms. “A pronounced general improvement of business ps; chulo%y and facilitation of filnance will doubtless considerably | increase these figures, for the vear is young yet; but the change will have to come within the next 60 days to reglster pronouncedly durlntg 1931. 1t is evident that there to be no | building rebound to usher in better | times. This time the happy days will have to come in without the usual | ilot—at least if they appear this year. | f the revival is postponed until 1933, | it is possible that building may set the | pace.” 8 Rooms—2 Complete Baths Large Attic—Garage Open for Inspection 5610 New Hampshire Ave. (At Blair Rd. & Longfellow St.) Waple & James, Inc. 1226 14th St. NW. North 0062 SUGAR-BUILT HOME IN SHEPHERD PARK 7716 14th St. N.W, A new home with all modern conveniences. Extra large rooms. Situated on a large lot In an exclusive location. Don't depth. w price 4 DWELLINGS PLANNED Fourteenth Street Northeast Proj- ects by C. H. 8mall & Co. C. H. 8mall & Co., owners and build- ers, filed plans this week with e District Government calling for the construction of four two-story dwellings at 4418, 4420, 4424 and 4426 Fourteenth street northeast. The total construction costs is estim- ated at $25600. The houses are to be of brick and frame construction. Scotland Yard was called upon re- cently to recover the lost manuscript of a_detective stol NEW CENTER HALL BRICK CORNER 300 OGLETHORPE ST. N.W. 8 Large Rooms, 3 Complete Baths, Floored_Attic. Slate Roof, Open Fire- place, Built-in” Garage. Open to 9 P.M. Waple & James, Inc. 1226 14th St. North 0062 CLEVELAND PARK 512,500 2957 Newark Street nusual circum: auoted above, Open All Day Sunday Schwab 1704 Conn. Ave. & Valk Decatur 2333 3645 Kanawha St. N.W. One Block From Conn, Ave. ANTIOUES LEAGLE CROWING RAPDLY Dealers Brought Together in Amicable Way by New Organization. BY CHARLES MESSER STOW. A small group of dealers in Jamuary, | 1926, formed the Antique and Decora- | tive Art League. Since then this organization has established itself and | grown in influence. It it had done nothing more (.hani settle satisfactorily the half dozen or | more disputes brought before it for | arbitration, it would have proved its ‘worth. But it has done more. It has brought not only the leading dealers in New York in amicable association. but, as Felix Wildenstein, the chairman of the Executive Committee, pointed out the other day, it has received into its membership dealers from various parts of the United States and from | Europe as well, so that it is an inter- national organization, and as such has been compelled to take a world view of the antiques and art business Unity of Purpose. Though there is a diversity of accents, there is & unity of purpose, namely the advancement of the profession of sell- ing antiques and other forms of art During Ehe six years I cannot recall one instance when the motive behind any measure proposed was not rather to the advantage of the public than the dealer. During the league's dis- cussion preceding the formation of the code of ethics under which it operates the effort was always to insure pro- tection for the public. ‘There was the case of a dealer who sold another dealer some Oriental por- —_— . oA celains which were later sold to A col- lector who questioned their au- thenticity. This matter was decided by arbitration in favor of the collector. whose doubt as to their was _found to be well founded. ‘There was another case which was a dispute between two dealers, one of ‘whom bought a painting which he later found to be not as represented. He was sustained in the arbitration and the first dealer made restitution to the full amount in goods. Then there was the case of a collector mfl tglullonzd the genuineness of a e he had bought. The Arbitration Committee found that he was t. Another complaint was that of the purchaser of a tapestry from a dealer Wwho Was not & member of the league. The Executive Committee consented to_arbitrate, however, and the experts called in decided that the Wa§ &S repreaenlud, ‘The impertiality of the I 's ar- bitration is attested by fl';.:‘u:u‘m::r of cases which have been decided in gd\l]‘l' of the customer as against the ealer. Extraordinary Value Foxall $10,950 Open Sunday and Daily Until 9 P. M. 1605 44th St. N, W. Drive out Que Street to Reservole Rond to Forty-fourth St ; turm left to house. T Boautiful ENGLISH-TYPE resi B looking ‘an_attrastive Iandscancd SARKWAY OVERNMENT PARK. Un: - tiieg "ath, A 3 etal weatherstriy o Tor Immediaie secupaney, - TAGE. ~Ready J.E.DOUGLASS CO. 1621 K St. N. W, MEt. 5678 UTICA RADIATOR CORPORATION Fourth and Bry Decatur 3159 Tel: | 54§ 31st Street ant Streets N.E. . [National Realty Boards Represent- tapestry | REAL-ESTATER: COMMITTEE IS CHOSEN WANTED or 9 Room House Modern attractive, de- tached. 4 bed rooms, 2 baths, 1st floor lavatory, library, roomy porch on side or rear, 2-car gar- age. Prefer Colonial type. Moderate size grounds. Heavy traffic street or bus line will not be considered. Address Box 59-R, Star Office ed on U. 8. Legislation and Tax. L. T. Stevenson, Pittsburgh, president | of the National Association of Mll Estate Boards, announces today the| appolntment of the association’s com- mittee on Federal Legisiation and Taxation. Henry G. Zander, Ohicago, is chair- man, Among other members are 'x‘homu‘ B. Young, Wilmington; Robert R. Otis, Atlanta; Harry E. Gilbert, Baltimore: R. Ammi Cutter, Boston; Guy S.| Greene, Detroit; H. Y. Dunaway, Char- lotte, N. C.; John G. Willlams, Phila: delphia; H. P. Stone, Providence, R. I. J. Vincent Price, Charleston, 8. C.; O. | M. Roberts, Lynchburg. Va., and W. B. Hilton, Wheeling. W. Va. 8 “NOT LOTS—BUT ESTATES—NOT CONTRACT HOUSES—BUT CUSTOM-BUILT HOMES” Woodside Park Established as a Residential Community of High Character, Excellent Location and Unsurpassed Natural Beauty e L g——— We Will Build This Beautiful Pennsylvania Colonial Home In Early American used brick on a $4,500 site (containing 18,554 sq. ft.) complete for $16,950.00 - Large rooms. Two and one-half baths. Built-in parage. Stone construction edd $2,000.00. - Inquire without obligation about its many advantages. Many other attractive plans at low cost. HOPKINS-ARMSTRONG, Inc. 9101 Georgia Ave., Md. Shep. 3336 i 17 32d Street (Betwsen McKinley 8 Northamgton Sts.) Chevy Chase, D. C. At $12,750 this.new brick home is going to be hard to beat. 6 spacious rooms, 2 tile baths, breakfast room: garage: finished attic. O biag Tomm: sk cliower 4 stwens suclibieima ol ‘A REALLY WONDERFUL VALUE wen in any way concgrned with home valties” [EGSCRAFERTD 4100 Georgia Ave. AD-0145 OPEN ALL DAY SUNDAY Edw. H. Jones & Co., Inc. 5520 Conn. Ave. Clev. 2300 ce that emphasizes permanence, dignity and pfestige. miss the opportunity to inspect this wonderful value. Open daily and Sunday from 10 AM. to 6 P.M. See your broker or deal direct with owner. M. Z. SUGAR Owner and Builder Adams 0546 There is something about a stone resid This attractive new home, situsted at one of the highest points in Chevy Chase, D. C., between Nebraska Ave. and Military Rd., is beautifully de- signed, exquisitely finished and reasonably priced. The setting of lovely shade trees is but one of its numerous charms! Dow't Miss Seeing This Home! J. WESLEY BUCHANAN, INC. ~rrie 1427 Bye St. gt Metro, 1144 $13,950 Easy Terms 4-foot. Living Room—Southern Exposure WM. H. SAUNDERS CO., Inc. BUNGALOWS Visit Our Bumgalows Temorrow! ntages: Dist. 1015 1519 K St. N.W. SEMLDETACHED BRICK HOMES! 8 ROOMS—2 COMPLETE BATHS!! . A NEW HOME BUY OF SUCH UNUSUAL CHARACTER THAT IT SHOULD BE SOLD IMMEDIATELY Only One Left! —and it’s the sample home Noise (one block hea: Bpecial Fe: - o Low pricy Drive out 16th St. togSheridan, turn right; o out Georoia Ale. fo Shériden; turn left. G. W. CHASE, Dunigan built nine! They are all sold but one. We believe the extra large kitchens made them sell so fast. Washington people have bought over 2,000 Duni- gan Better-Built Homes. 415 Cedar S North Ceved Park 3830 Windom Place Detached $9,850 8 rooms, glass inclosed sieep- ing porch, oak floors, open fire- place. In new-house condition. Open Sunday AR WOODRIDGE 3150 Monroe St. N.E. Bungalow $6,250 Five rooms and bath, mod- ern; large lot. In new-house Large Kitchen Siz large rooms, de- . o tached garage, cedar-lined with Dinette closets, oak floors, hard- wood trim, Colonial brass fiztures, large, airy cellar; Jully screened, Double laundry tray and servants’ toilet, screened breakfast and sleeping porch and coat closet with full-length mirror. Wrought-iron reils on stairs, new type radia- tors (marrow to save Colored tile bath with shower; toilet and lavatory adjoining the master bed room. Newest artistic Aztures, This is located on ¢ wide is beauti- fully center-parked; olose to stores, churches and achools, D. J. DUNIGAN, INC. Tower Building Equipped with Electrolux, latest type gas range, one-piece porcelain sink, built-in cabinets, inlaid lino- leum and Sanitas wall covering. And just off the well-planned kitchen is roomy dinette; convemient and practical. $8950 AND TERMS in 16th Street Heights AT THE TOP OF Fourteenth St. Go straight out 16th St, to Hem- lock St., east to 14th St., north te property. At one of the highest points _in A EW NEW SAMPLE NOW OPEN 5718 3rd St. N.W. Just North of Madison St. at 3rd 8 yooms, 2 complete baths, natural hardwood trim thtxcmht:nt, r&ll op;nuar!;phu large try, eleow ric refrigeration, buf . House screened throughout. stre'e‘cn':nd alley m Facing “Fort Slocum’ ark Where Values Are Assured! SUBSTANTIAL SEMI-DETACHED BRICK HOMES. Facing 17-acre wooded park in Washington's finest development of all new homes—conveniently located. Large h:z'xlkl side and rear lawn. Rustic stone re- YOUR PROMPT INSPECTION INVITED! PRICED TO SELL—TERMS ARRANGED! WAPLE) & JAMES, Inc. 1226.14111 St. N.W. M&wen> Washington Real Estate Board ‘Washington. N DETACHED ALL-BRICK, . TWO- BATH COLONIAL, TWQ-CAR THE CITY BRICK GARAGE on paved alley. Celotexed attic. Breakfast nook. ELECTRIC_REFRIGERATION. Side porch. Slate roof, A home simply replete with beautiful, mod- $13,950 ern decorations and special features, OPEN SATURDAY P. M. AND ALL DAY SUNDAY BOSS & PHELPS Members of the Washington Real Estate Board VACANT OPEN SUNDAY Harry A. Kite, Inc. 1019 15th St. N.W. NAtional 4846 National 1265 1417 K 8t Nab. 9000 North 0962