Evening Star Newspaper, May 28, 1932, Page 18

REAL ESTATE. 3645 Kanawha St. You are invited to inspect this charming Colonial Home over the week end. Open daily till 9 P.M. $13,950. J. V. Parker with & Dowling at’l 5520 De 8 1130 14th St. $5,250 1427 Ridge PL S.E. Anacostia It will be worth your while to inspect this modern brick home, in a restricted new house section. Near all con- veniences and a large park. Very reasonable terms. Open Sunday and Monday after- noon. Union Finance Co. 916 Woodward Bldg. Nat. 7936 BE SURE TO SEE OUR NEW HOMES! Sample Open to 9 P.M. 528 Madison St. N.W. j 8 rcoms, 2 baths, recreation room, deep lot, brick garage. More house than you have seen for the money. Come out: you will enjoy seeing the many added features we have installed for convenience. Price Lower Than You'd Expect. TermsArranged WAPLE & JAMES, Inc. Owners and Builders 1226 14th St. North 0962 Another home in Beautiful North Takoma Is ready for your inspection 120 Philadelphia Avenue Distinctive type of brick and frame construction—3 bed rooms and an extra bath. $9,850-% Lot 50x165, overlooking 11 acres of woodland. Schools, car line and bus nearby. DAVIS & PLATT, Inc. 6900 4th St. N.W. Takoma Park, D. C. W RE-ROOF 'RE-SHINGLE 'NQ MONEY DOWN Convanient Torms!, INSPECT! 6814 9th STREET N.W. New detached English Home; stone and brick construction. 6 rooms, 2 complete baths, center-hall plan, artistic recre- ation room. Cement front and rear s, slate roof, deep lot, 2- The right. price and terms are Will consider trade. OPEN DAILY TO 9 P.M. WAPLE & JAMES, INC. 1226 14th St. N.W. North 0962 Must Sell for Client in 30 Days Lifetime opportunity to purchase modern brick home, corner detached, large grouads, 2-car garage, oil heat, 2 incloded porches, 4 bed rooms. No Offer Too Low for Consideration Mr. Benjamin Kail ttorney National . 7986 North Cleveland Park CENTER-HALL CORNER HOUSE COLONIAL TYPE—3§ FT. WIDE 4218 Reno Rd. N. W. $13,950 Destrable location, design and con- struction are combined fn these modern < Large_rooms. two ‘tront_porches, Bouble re es: garages to mateh. Open and_ lighted unttl 9 p.m. Drive out Comn. Ave. to Van News St. (Bureau of Standards), west two biocks . sten, CHAS. D. SAGER Realtor and Builder NAL. 0038 LR IHOME MORTGAGE'S BIRTHDAY NEARS First Successful Completion of Idea Came 91 Years Ago June 5. ‘The home m( ge that. never comes due and results in clear title for the owner passed the experimental stage 91 years ago, June 5, the United States Building and Loan e points out. Although the mon repayment mortgage is 100 years old in this coun- try, the paying off of the first mort- gage of its kind took place June 5, 1841, the first vindication of the safety of the plan, says Ward B. Whitlock Springfield, Iil, first vice president of the league. Duration of the loan was nine vears and three months, and the Oxford Provident Bullding Association of Frankford, Pa., was the lending insti- tution. Building and loan associations have followed this example consistently ever since, he said. Investor Alded. “Not only the home owner has suf- fered less stress under the 91-year-old mortgage plan,” says Mr. Whitlock, “but the investor in home financing institu- tions which lend on this basis has en- joyed unparalleled safety of his prin- cipal. By continually decreasing the amount owed to the financier this kind of a mortgage safeguards a loan on home property, so that its fundamental soundness is not affected by any decline in quotations on real estate. “Sensibly a man should not undertake home ownership unless he expects to own the home outright within a reason- able period and divest himself of the carrying charges. There has been little emphasis on this feature when a man got credit to buy a home during the past 10 years except by building and loan associations. The idea seemed to be that home ownership credit, like credit for expansion of industry or for capitalization of manufactures, should in the nature of things run for a period of years, mature and be renewed, cartying charges continuing, of course. Aversge renewal fees reported to the President’s Home Ownership Conference last De- cember, 1.68 per cent of the loan, helped the popularity of this kind of thinking. There was no mention of paying off the mortgage until credit became equally tight for both debtor and creditor. “Wider use of the monthly repayment loan which does not come due for re- newal will undoubtedly result from this example of what happens when home owners have to take a large amount of maturities to the credit market in tight credit years. The increase in volume of home financing done by building and loan associations has shown that the wisdom of this mortgage principle was perhaps more apparent to the home borrower than to some of the lending institutions. Long-Time Loans Better. “In 1901 we financed 50,000 homes; in 1910 there were 87,000; in 1920 as many as 210,000, and in 1928 the peak of 615,000. At present count more than half of the country’s home mortgages are held by our associations, 2,200,000 out of the 4,059,593 reported in the 1930 census. The average period of loans now being made is 10.15 years, accord- ing to association replies to the Presi- dent's Conference Finance Committee. “Replies to this committee from other home lending agencies show that in late 1931 there was increasing recogni- tion that long-time loans and amorti- zation features are more efficient in the home mortgage fleld. Partial amortiza- tion, usually on a semi-annual or an- nual basis, however, is the extent to which the change has gone. from 151 savings banks showed them making amortized home loans ranging in length from one to five years. Thirty- four similar institutions reported home Toans from 5 to 20 years in length, par- tially amortized. Of insurance com- panies 14 of those replying. make three to five year partially amortized loans, and seven reported amortized home loans on five, seven and ten year bases. Forty-five of such companies give their straight loans from three to five years to run, according to present policies. “When the Oxford Provident Build- ing Association made its first loan of Replies year period, with regular monthly re- payments, it established a precedent whese value has not been realized until the present crisis. Today the mortgages on homes which are made on this basis are the rocks on which our home credit structure stands.” TAX LOAD BLAMED IN FORECLOSURES Unemployed Also Regarded as Important Factor by Bankers, Many real estate bond issues that normally would have weathered the storm have been forced into fore- closure during the depression due to “excessive taxation” and unemploy- ment, it is declared by the Real Estate Securities Committee of the Investment Bankers’ Association of America. ‘The report, released this week after a meeting of the association’s board of governors, also discusses work of re- | construction of defaulted bond issues and concludes that the present system of real estate finance “must undergo very radical changes.” “If provisions had been made to re- tire bonds out of sinking funds created from net earnings, many issues now in difficulty would be still in good stand- ing,” the committee declares. “There has been considerable un- called-for criticism of bondholders’ committees. The Real Estate Securities Committee has investigated a number ]of these committees and generally finds them composed of honorable, well in- tentioned men who are doing their best to serve the bondholders. “There are well set methods of pro- cedure for reorganization or foreclosure which form the framework on which bondholders’ committees build their plans. We believe that each property presents its own problems which should | be carefully analyzed by those eng:!z:ld in the reconstruction work and it each property should be worked out separately. We do not as a general rule favor combining a number of bond is- sues and properties into a common pool. Each bondholder is entitled to his pro- portion of the security covered by his bond unshared with other bondholders, irrespective of whether the result be for the better or for the worse. “While we do not believe in pooling bond issues and properties, we are thoroughly in accord with the efforts of committees to build up management departments and through them system- atize records and costs and cut down operating expenses -by sup- plies in wholesale lots.” . The report was presented by Charles B. Crouse of Detroit, in the absence of Louis K. Boysen of Chicdgo, chairman of the committee. SEE THE SAMPLE OPEN TO 9 P.M. 1814 “C” St..N.E. 7 Rooms—2 Baths Real value. [Easy terms. Before buying elsewhere, see it. WAPLE & JAMES, Inc. 1226 14th St. North 0962 $375, to run for a nine-and-a-quarter- | Completed ADDS CHAERM TO R. H. CHASE HOME e 4 LY. . o T Upper: New residence of Mr. and Mrs. R. H. Chase, at 435 Raymond street, Chevy Chase, Md,, containing seven main rooms and two baths. Below: A view of the original frame dwelling of six rooms as it appeared at an early stage in the remodeling operation executed by Sears, Roebuck & Co. |brick _construction and has _entire} i y Extensive remodeling of the resl-| L' orc and new electrical and dence of Mr. and Mrs. R. H. Chase, at | el pask 435 Raymond street, Chevy Chase, Md., °;‘t ‘:‘ W‘;apme ) T recently was completed which con- i ;gne 9“1:“;" = v‘ll‘lflz verted a frame dwelling six rooms and | room. e’:’”d‘:m g y 1:; 3 ';fl one bath into & seven-room, two-bath | €nIar ! nsb rocm':“ :’ ) e brick house with modern equipment, | 2ddition of & bay containing three ‘While saving approximately two- thirds of the old structure, the owners 5”3 k”;;:‘“!;’:m’:e;f;' 1:;’:‘-“0 = i n made considerable expansion of their rooms of extra size, with & communi- former housing and made & modern | cating bath and a guest bed room dwelling of an old frame dwelling. |and bath and 8 tz)r;si:\‘{\g Jfifié"mg“; i d here, a portion of the | attic e remode! olé‘s bx\lxln;‘;:;:wu e adland a new | suitable for division into two additional s : ted on the basis of | rooms T e e “mcreased quarters | In the remodeling work, executed by and modern equipment and finish. | Sears, Roebuck & Co. & new addition The new house has an jor of | measuring 171 by 35 feet was added. Sholl's wndows, a first-floor lavatory and qu-. Grill HOUSING DIRECTOR tion and maintenance of multiple d . lwellings. WILL BE SPEAKERZ== James S. Taylor to Address Cincinnati Convention of Real Estate Boards. James 8. Taylor, chief of the division of bulding and housing, Department ©of Commerce, will be a principal speaker before the National Association of Real Estate Boards at its coming Cincinnati convention when it takes up the ques- tion of the future in residence con- struction. Mr. Taylor will address the home bullders and subdividers’ division of the association on “New Economics in Materials and Construction.” It is ex- pected that his talk will bring before the convention an evaluation of pres- ent and prospective new building meth- ods as they have been reported to the Commerce Department and the Presi- dent’s Conference on Home Building and Home Ownership. ‘The convention beth in its general| sessions and in the special sessions of the homebuilders and subdividers’ di-, vision will be concerned with the out- look for eventual resumption of resi- dential construction activity. This dis- cussion will center largely around the question of lowering housing costs. Talk Mortgage Form. ‘The guaranteed mortgage, its ad- vantages and disadvantages, will be the | central topic of mortgage financing spe- cialists of the National Association. Hubert F. Breitwieser, New York, will lead the discussion. Mr. Breitwieser is vice president and senior loan officer of the New York Title & Mortgage Co. He is a member of the New York State | Legislative Commission which recently | drafted & new law regulating construc- ' gress, Mr. Bingham, co-author with Elmore L. Andrews of a book on real estate financing, has since January 1 been act- ing general counsel for the Guardian ‘Trust Co. of Cleveland. Assoclation Problems Faced. ‘The financing program of s State real estate association will ,come un- der discussion in the States’ Council of the National Association. Property. EGSCHAFER GO KOHLER of KOHLER Plumbing Fixtures in White or Color 4100 Georgia Ave. AD-0145 Chevy Chase Gardens Maryland 4619 Langdrum Lane Mortgage Company of- fers opportunity to pur- chase beautiful * detached brick and stone home priced far below original cost, on convenient terms. FEDERAL SECURITY & MORTGAGE CO., 1522 K St. NW. Met. 1200 _Everything You Want in a Home Upshur St. & Arkansas Ave. A New Operation omy $11,950 All-Brick Construction 2 Covered Porches 8 Spacious Rooms Step-Down Living Room e Recreation Room with Ornamental Fireplace Concealed Radiators Near 16th Street Easy Terms Gorgeous New Kitchen New Model Frigidaire Folding Dinette Set 2 Cclored Tilg Baths Copper Screens 2-Car Brick Garage Lots 142 Ft. Deep EXHIBIT HOME furnished by GOLDENBERG'S OPEN AND LIGHTED UNTIL 9 P.M. OWNERS fl‘ ITZ BUILDERS ® OVER 3,000 CAFRITZ LIFETIME HOMES BUILT AND SOLD ® at 1020 Connecticut Avenue N.W. Restful quiet and excellent cuisine distinguishes Sholl's Cafe at Trinity Towers—3027 14th Street N.W. Wherever QUALITY comes first—there youll find Kelvinator. The Shoreham, Kennedy-Warren, Westchester, Tilden Gardens, Sedgwick Gardens, Sholl’s Cafes and other prominent Washington buildings and institutions. Quality surely counts! - Dealers Are Located at Convenient Polats Throughout Washin, Drep in to See Your Nearest Dealer Toni lon and Suburbs isht! HECHINGER CO. 15th and H N.E. 5925 Georgia Ave. N.W. Sizth and C Streets S.W. MONTGOMERY ELECTRIC CO. 8515 Georgia Avenue Silver Spring, Md. JULIUS LANSBURGH FURNITURE CO,, Inc. 909 F'St. NW. A. G. Watkins Rockville, Mad. PRINCE_FREDERICK MOTOR CO. HUB FURNITURE CO. Prince Frederick, Md. 7th and D Sts. NW. E. B. ADAMS CO. 641 New York Ave. N.W. P. J. NEE CO. 7th Street at H N.W. COLLEGE PARK AUTO PLACE College Park, Md. NATIONAL FURNITURE co. J. FRANK CAMPBELL 1300 Good Hope Road Anacostia, D. C. E. B. SELBY Landover, Md. DAMASCUCSOELECTRIC Damascus, Md. TAKOMA PHILGAS & APPLIANCE CO. 266 Carroll St. N.W. Takoma Park, D. C. J. T. FISHER & SONS Poolesville, Md. .7th and H Sts. NW. BROWN MOTOR CO. Sandy Spring, Md. ADAMS-BURCH' CO. Sizth and C Sts. N.W. REAL ESTATE. . | the meml Teal estate of Vatious Bikies. S, J. W. Jacoby, chairman of the Board of Real Estate Examiners for Ohlo, will talk before the States’ Council on real estate licensing law experience with an to_the future of public i thrcugh such legisiation. oo % Buy a Home With All Conveniences $7,650 Sample House, 1824 Bay St. SE. ldnnn;l on Premises Daily ntil 9 P.M. d o Between 15th, 19th, B EAraveod oors ".‘.l"' trim Walker dlell‘: dhb washer REASONABLE TERMS Steuart Brothers, Inc. Real Estate Construction 138 12¢h St. N.E. Wesley fieigbts The Garden Spot of Washington % L 4 Al 4530 CATHEDRAL AVENUE HERE is @ property where the greatest thought was exercised in 4 creating a plan hard to improve, both in the house itself and in the extensive layout of the grounds, running to a depth of 246 feet, with stately shade trees, beautiful landscaping, prize-winning (l,"’flnl, d rus pool. The house has a reception hall with adjacent lavatory, living room, library, dining room, large sun porch, kitchen, and pantry; 4 bedrooms, 3 baths, and large porch on secend floor; finished third floor; a suite of three rooms and bath in basement. Electric refrigeration, gas heat, and two-car garage. Open for your imspection Sumday or Monday 10 AM. until dark. W. C. & A. N. Miller 1119 17th Street DEcatur 0610 iy Beautitul ot Newest Cafe st 1219 G St. interier Sholl's Newest and Most Modern Cafe She LW. recently opened at 1219 G Street N.W. KELVINATORS I, myself, asked the managers. They explained about their reputation . . . about the people who come there. Said they couldn’t afford to have any but the best—Kelvinators! And no matter \WWHERE you go—where dependable refrigeration is needed—it's Kelvinator! ”» Lowest Prices in Kelvinator History. .. It has always been purely a point of QUALITY with Kelvinator. Now it's both quality AND ECONOMY. Kelvinator did the unusual; created 17 brand-new 1932 models (one for every home), THEN REDUCED THE PRICE OF EVERY ONE! Theyre of famed Kelvinator quality all the way through— and never were such values offered! When you come in and see the model designed.for YOUR home ...when you have learned the advantages of truly automatic control...the economy ard efficiency of Kelvinator—you will surely realize that there is no reason NOW why you should content yourself with any less. Bring your requirements with you and mmevglrea’ued for a delightful surprise. For VALUE (Kelvinator value) is the order of the day. Refrigerators—3rd Floor IONERNATIONAL 820 o Relrinator Rioetrie Rofrice , A~ g B g R B 0 A