Evening Star Newspaper, July 23, 1932, Page 13

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REAL ESTATE WASHINGTON, D. C, n Star. SATURDAY, JULY 23, B—1 * 1932. BUILDING NEWS , Home-Owning and Building Section for Washington and Suburbs AID FOR MILLIONS SEEN N HOME LOAN SYSTEM Federal Bank Designed to Permanently Strengthen W Financing Structure as Well as Provide for Immediate Relief Needs. the Congress has placed in the hands of the administration as one of its parting acts before adjourning, a two-fold plan to fight the depression, in the form of the Federal home loan banking system. The bill, creating a series of regional banks having capital up to $125,000,000, was signed by the President yesterday. Its primary feature, of course, is to bring relief to millions of small home owners in America and to protect the investors, and its effect in this regard will soon be felt. But in fashioning this legis- lation, due regard has been given to its applicability in preventing a repetition of America’s current experience. Reduced to simple terms, the system establishes a central reser- voir of credit, created on the one and on the other to strengthen structure of the country. Directed, not at the owner of the| expensive home, but at the field of modest housing, this is how the plan is designed to work Controlled by Board. President Hoover is authorized to ap- | Another example where relief may be point a Federal Home Loan Board brought is where private individuals which will oversee a system of new may hold a mortgage, or mortgages, on banks, one to be created in each of some homes. They are pressed for the 8 to 12 districts into which the ' funds and as a mortgage comes due, country will be divided. | may demand immediate payment under Funds will go into these institutions | penalty of foreclosure. ~home loan discount banks—in three | They may have made unsuccessful ef- ways: Initially by money advanced by | forts to find a market for the mortgage. | the Federal Government. by stock sub- | Under the operation of the new Federal scriptions from each organization wish- | system, a local building and loan asso- ing to borrow funds and, mainly, from | ciation or bank. because it may get public sale of bonds. THhese bonds will | funds through the Home Loan Bank, be secured by the collateral which the | could be in a position to take the mort- members of the banks—building and loan associations, co-operative banks. homestead associations and savings and loans associations—deposit as security | for their loans, as well as by the notes of the members themselves. ! DDING to the economic security of every American home owner, whose financial distress is in turn re- lieved, and does so without pressing the | home owners whose mortgages it holds. Individuals Benefited. get his money while the house owner may keep his home The home loan discount banks thus. by insuring a source of liquid funds to the eligible organizations, would act to The funds may then be loaned to | relieve worry or actual financial distress members of each home loan discount | to home owners, and enable depositors bank Eligible organizations will be | to get the money they had saved for required to subscribe for stock equal to | emergency use one per cent of the unpald principal _ The system may promote home build- of the total home mortgages held by | ing also particularly in small communi- them. Congress has set the minimum | ties, since an organization which has subscription at $1.500. In order to get | liquid funds available if the need be- money from the discount bank a mem- | comes pressing may be willing to loan ber organization must deposit in the|on new projects the money it has now bank promissory notes for the amount | been holding to protect itself against of the loan. together with home mort- | depositor demands. : gages as collateral. | "As funds for financing become avail- Each organization will be able to bor- | able, it is expected also that much de- row on its mortgage coMateral a maxi- | ferred remodeling. modernization, or re- mum of 60 per cent of the unpaid bal- | building may be started. ance of amortized long-term mortgages A Federal survey at the beginning of and a maximum of 50 per cent of the | the vyear showed that approximately unpaid balance on unamortized or $250,000.000 worth of remodeling and short-term mortgage loans. modernization alone was being held up i because of inadequate first mortgage Liqaid Assets Needed. financing. Backers of the Home Loan In a recent address in the National | Bank system believe it will give an im- Radio Forum arranged by Senator Felix Hebert of Rhode Island summed up the functioning of the sys- tem by citing & hypothetical case. “Let us assume that a building and loan association or a savings bank has invested & considerable part of its de- posits in home mortgages,” Senator He- bert said. “The depositors are calling for the return of their funds. Neces- sarily the bank or building and loan association needs liquid assets to meet these demands. They must find a 1ar- ket for their mortgages and if unable to do so they must cease making further advances or, as the last resort, call them in for payment as they ma- ture.” The Senator pointed out that, with the mortgagors themselves, that is, lhe‘ home owners, hard pressed for funds, the bank is confronted with the neces- sity of closing its doors and applying | combating unemployment. Aimed for Small Owners. The Federal bank system is aimed directly at the field of modest housing, | expensive homes not coming under its scope by a limitation of $20,000 valua- tion on houses on which mortgages may be accepted as collateral. | " As a permanent system, the Federal | set-up is viewed as giving literally tens of thousands of local institutions—as- sociations and various kinds of binks— each of which has depended on its own individual reserves, or, at best. tempo- rary borrowing from local commercial banks—access to a central reserve | through which they can draw on the central money market of the country. | The system has the indorsement of |the United States Building & Loan League, as well as favorable response irom nearly 8,000 banking institutions hand to provide immediate relief, permanently the home-financing | gage and enable the private holder (o‘ The Star | Petus to this work and be an agency in| | in painting the room. Dr. Burlingham, | . 1 Maximum Floor Space| New Dwelling. DECORATION GIVES | CHARM TO HOME {Built for Mr. and Mrs. Arland J Craft of Golf Club Manors. HOME that exemplifies the pleas- ing characterisitcs of the quaint Dutch Colonial style of archi- tecture has just been com- pleted in Golf Club Manors, Va., for Mr. and Mrs. Arland J. Craft. Planned to creste a low, rambling | |effect, while retaining a maximum | | amount of floor space in rooms and | closets, the dwelling, located at English i and York avenues in Golf Club Manors, possesses typical Colonial features. The wide center hall is flanked on the | | left by the spacious living room, with its picturesque fireplace and hearth, and on the right by the dining room, | leading through to the kitchen in the i e rear. From the living room French Soars giveomy oot it g ek | EXTENSION PUSHED porch and terrace. | A feature of the second floor plan is the full height bedrooms. with large closets. The master bedroom has a | private bath, while a second bathroom | occupies the center of the upper floor. A rtoomy den also is located on this | floor. | The garage, attached at the side of | the house, is entered from the rear, and gives added length to the dwelling. The floor space above this, as well as |over the porch. has been adequately | utilized. A basement runs the full | | length of the residence. The interior decoration throughout has been carried out with careful re- |gard to true Colonial style, enhanced | by early American wall paper designs and old ivory woodwork. Greatly Improved—Building Increased by Third. Building operations in connect. development program have during this year, The“exterior of the structure, while of the club in Arlington County are dominated by Dutch and Colonial in- rapidly taking definite shape. | fluence, also blends harmonious varia- The club property, owned and tions. The house is of used brick con- | Jeased, consists of more than 300 ac struction, painted white, with green | of land, and approximately 280 ac shutters thrown into sharp relief | of this will have been placed in against this background. Brick bor- with the completion of the new nine- dering arcund the front steps, porch and sidewalk, also adds to the effect- iveness of the design. | _The Craft home was built by J. H Coleman & Son, Clarendon, Va., con- tractors. from plans drawn by A. F. Thelander, architect, also of Clarendon. It occupies a spacious corner lot. ART AIDS MEDICINE ST. LOUIS, Mo, July 23—Modern| medical science has turned to the artist for aid in relleving the aver- age patient’s terror of the operating room. | ‘The operating room at Barnes Hos- pital, St. Louis, has been painted with fantastic scenes to distract the at- tention of patients undergoing opera- tions performed with local anesthetics —rabbits, gnomes, pine trees, cupids, | penguins’ and fairyland sea creatures swimming in painted waves. Miss Gisella Loessler spent six months struction and will bring the golf cilities of the club up to 27 holes. completed at the club this year, two original courts resurfaced. In and will utilize the fortifications of Fort Richardson, part of the ci grounds. plans of the club. brought its over-all length to ings in the county. The ment of the men's locker rooms and the roof garden provided. New Sink Offered. A seamless kitchen sink made market. It is satin finished except superintendent of the hospital, states that the therapeutic value of the work has already been demonstrated. | What the results would be on a vic- | time of delirium tremens is not stated. | polished panels in back and splashes. for the appointment of a receiver unless | some means can be found to provide | Upited States, to whom questionnaires funds to meet these demands, on the legislation were sent by the Sec- | The association solves this problem | retary of Commerce. by becoming a member of the Home “Quifons asked in this inquiry were: Toan Bank in its district by a stock | T \euld the facilities provided by subscription, gl}:es its pr;}mirst;ry dflote oposed home loan discount ‘banks | or notes for the amount of funds it| — e e wishes and deposits as collateral suffi- | Continued on Second Page.) | cient mortgages. It obtains the mone meets the demands of its depositors, and other organizations throughout the DETACHED | Corner Property || Bonsie fully iGendscepedi L 4300 Chesapeake St. N.W. Near River Road 6 Rooms and Bath 9-Car Garnge ONLY $8,950 On Easy Terms OPEN DAILY Earle M. Dawson CLev. 4288 On a Virginia Hilltop Overlooking the Potomac Belle Haven On _the Mount Vernon Memorial Highway Home Sites—Homes Plat on Request NORMAN C. BROWN Investment Blds. Na. 1818 GARDNER L. BOOTHE, 2nd 106 St. Asaph St. Alexandris, Va. OUTSTANDING IN BEAUTY, LOCATION | ..AND HONEST VALUE | 2445 39th St. N.W. Open Every Day until 8 PM. | A handsome, new. all-brick English Village home, set on beautifully | planted lot; 6 Tooms, recreation room. | 2 colored {ile baths built-in garage, | built-in bookcases. 3 covered porches, completely screened; the larger size electric refrigerator, etc. Beautiful outlook over park. High elevation. Easy_terms. Gilover Park 0% 4% <% % %0 %0 o% o5 o% oo ote B R X X XTI XXX XX A Charming PANISH HOME 5333 16th St. N.W. JN A GORGEOUS SETTING on 16th Streei near the entrance to Rock Creek Park. this delightful detached Tesidence presents a picture of Spanish beauty with its lovely garden green. | built-in gxzh'\'ush!r s‘]’;h i & cabinets and . . four spacious e closet space, tile baths with B.H. GRUV.ER, BUILDER builiin fixtures, two large screene rches e servants’ &7 Investment Bldg. Nat. 1737, and storage room. mo plant with oil burner . . . ome is in excellent condition ‘and has just been refinished throughout. _Priced for quick sale. with terms to suit. Open Until 10 P.M. Realty Associates 3929 Jenifer St. Incorporated | Lovely, quiet street in Chevy 1127 Eye St. Na. 1438 /| Chase, in a location west of O0.2% 4% o % o% o0 <%0 %o oo.a%. | 13250950 430 030 430 00 < To 430 450 050 Connecticut Avenue. This home has been completdly recondi- tioned. Beautiful setting, with abun- dant shrubbery and large yard. Features include bed foom with adjoining lavatory and toilet on first floor, and three bed rooms and bath on the second floor. DETACHED SEVEN-ROOM HOME Sauls Addition | 5104 13th St. N.W. Between Gallatin & Hamilton Sts. 310,950 This is an attractive home, and EN on first #loor, big screened a real buy at— rear porch and wide covered front porch are added features. Stone foundation and fireplace. huge attractive kitchen with new, modern range and cabinets add ma: pretty lot Garage to Easy tel $11,500 Open for your inspection Satur- day and Sunday. J. Wesley Buchanan, Inc. Realtors 1427 l"mll. NW. arbor and flowers. All in new condition. can be made. OPEN SATURDAY AFTERNOON ALL DAY SUNDAY BOSS & PHELPS 1417 K St. Realtors. Nat. 9300 Met. 1144 |46th AND DAVENPORT O A Restricted Community of | DETACHED HOMES ! 7 and 8 Rooms Step-Down Living Room Recreation Room Gorgeous De Luxe Kitchen 2 Colored Tile Baths Concealed Radiators Separate Garage $11,250 ve pagne Tastes on a De- pression Pocketbook? Did Youl‘ erry a Lady to the Manner Born? THEN LIVE IN THE BLUE BLOOD BELT! BUT NOT IN NOAH'S ARK! Under Construction in Belle Haven, Va. Tandscape Veil’ pi - riors, beautifully decorated: 7 and 8 spacious rooms. finished recrea- tion room with fireplace. Some of these homes have a paneled den and step-down ' living room Fith open ‘fireplace. 4 ‘and 4 Authentic Modern Baths ony $9,850 , ample Clflxstdl Tadlo utiets. screens Follow Mount Vernon Boulevard and" weather stripping. Street one mile bevond Alexandria, turning Tight at Belle Haven sign. then fol- low directions posted to Glen Drive se. R. L. KANE, Inc. 108 S. Washington St. Alexandria Phone Alex. 2400 and alley paved. Drive out Massachusetts Avenue to 46th Street, north to property CAFRITZ | 000 MAKE UP YOUR PAY CUT IN FOXALL ® Before the axe fell, perhaps you could afford the extravagance of renting. But now, can you? With a moderate down payment and monthly payments less than the rental value, you can build up an equity in your home which will considerably more than offset your salary reduc- tion. ® Get on the band-wagon and smile with the landlords . . . stop fussing and fuming and worrying in the ranks of the tenants. ® Come out to Foxall . . . visit our furnished Model Home and let us show you how you can “‘beat the depression’ and really live. ® Drive out Que Street, 35th Street and S Street to 39th, then south one block to Reservoir Road, west to 44th Street and south three short blocks to 4422 Volta Place. L WAVERLY TAYLOR e 1522 K Street National 1040 BY COUNTRY CLUB Army-Navy Course and Grounds with the Army-Navy Country Club’s increased the size of the club house by one-third and plans for e; tending the golf course and groun: hole course which is now under con- Five new tennis courts have becn | development, the club has preserved The site of the fort itself is to be made into a picnic ground, under Additions to the club house have feet, making it one of the largest build- improve- ments include a new kitchen, enlarge- Additional facilities for woman members also have been stainless steel has been placed on the end S P S S S| Do You Have Cham- Authentic Colonial Architecture } e ion Tes res use fa- old lub 225 of | cratt, style, with Center sketch shows the first floor plan, while the lower illustration depicts the s of for i NN Puuu“ 24“\ e e ' Upper: Architect's drawing of the new home of Mr. and Mrs. Arland J in Golf Club Manors, Va., illustrating the characteristic Dutch Colonial fations. d floor arrangement. Home Exemplifies Quaint Dutch Colonial Style 3228 CLEVELAND AVENUE A Distinguished Residence Massachusetts Avenue Park $23,500 B —priced many thousand dollars under cost of reproduction—and one of the most tempting values ever oficred in this exclusive section. Brick construc- Open Dail, tion, 6 bed rooms, 3 baths, 2 solariums, ‘:f! P.M. i breakfast room, Ist floor lavatory, S5 built-in garage. In new-house con- Turn west on Calvert St. at Conn. Ave. Bridge into Cleveland Ave. dition. National Mortg. & Invest. Corp. 1004 Vermont Ave. NAt. 5833 1355 Jonquil St. N.W. Whether you build, buy or remodel, a visit to this home in Shepherd Park will provide you with the most modern improved ideas of con- struction and decoration. This completely furnished home contains 6 rooms, 2 baths, dining alcove and completely finished base- ment, den and attic. Drive out Sunday and see one of the city’s delightful detached brick and stone house communities at the present day prices. It costs little more for a detached guaranteed home. Drive out 16th St. to Alaska Ave., to 13th St., turn left to Jomquil St them 'left to our Washington's Oldest Established Builders ' D. C. BUILDING DECLINES, BUT HOPEFUL NOTE FELT | Plans for New $230,000 Pharmaceutical Structure, Filed But Not Yet Approved, Expected to " Swell Next Week’s Total. value and volume, to be authorized in the District for several months was recorded here during the past week, when the estimated total cost of proposed building operations approved ?g’:’ 4C;} John Oehmann, District building inspector, reached only An encouraging note, however, for the forthcoming week's au- thorized operations came with the filing of plans for the new head- quarters building of the American Pharmaceutical Association, to cost approximately $230,000. It is expected that specifications for this | structure, to be erected in the square bounded by Twenty-second, | Twenty-third and C streets and Constitution avenue, will be approved | next week. | The largest items in the list of per- | mits granted this week were those THE lowest weekly total of constructién projects, both as to frame dwelling, 2311 Military road, to | authorizing the construction of two ' cost $8,000. $12,000 homes by private owners, both |~ Curtis Bros. 1801 Minnesota avenue to be erected in the northwest section. s st, owners; R. M. Briscoe, de- Permits for only nine new dwellings s to erect one 4-story concrete were issued by the building inspector eet south- and brick addition, 1110 V s 100. for the week. east, to cost $8, | __Joseph D. | $11,000 Store Approved. | | Approval of plans for an $11,000 brick store to be built at 1711 Rhode Island avenue northeast provided the only | other item in the list which passed the | $10,000 mark. Permits issued by the building in- spector included the following Elizabeth C. Licarione, 1002 Eleventh street. owner and builder; H: A Brandt, architect; to erect one | stone and brick dwelling, 2600 Thirt sixth street, to cost $12,000. Julius and Eva Marcey, 1240 Twe! | eighth street, owners; Frank Davis, 1240 | Twenty-eig: | signer: to erect o ing, 2606 Thirty ; $12.000. J. B. Stein, Hyman Stein and Joseph Levy. 482 Louisiana avenue, own d | signers and builders: to | 1-story brick store, avenue northeast, to cost $11.00 L. E. Breuninger & Sons. | vestment Building, ow I | ers; H. L. Breuninger, designer: to erect | one 2-story brick dwelling. 7705 Morn- ingside drive, to cost $9,000. | Edmund G. Warther, street northeast, own: 1, 4200 Sixteenth street, (Continued _on Second Page.) The Sensation in Brick Row Houses Never before could the home buyer find a new home within one block of 16th St. for only— $9,500 1368 Sheridan St. N.W. Attractive Enclish architecture, N M T S T bathe.” 2liar Teatare: elec, ereened Siceping bore clevation, one retrie. B Vers hixh near Rock Creek Park. Open Every Day 20 reach,. doive Gat 14IR.SE o nCSEL urn. rioht one t o Rouses. builder; to erest cne - Realty Associates Inc. Price Slashed to Bone! Realtors 1427 Eye St. Nat. 1438 3627 Chesapeake St. N.W. New Center Hall Brick Corner, 7 hs, 2-car garage, gas heat and refrigeration. Open Sunday Until 9 P.M. R. Bates Warren Wis. 3068 A New Colonial Brick Home Amid CONVENIENT LOCATION AND EXCEPTIONALLY LOW PRICE ARE TWO FEATURES OF 1226 Eye St. N.E. A modern 20-foot Brick house, in fine condition; good lot, with 2-car garage. et roostand Barh: 119 West Bradlev Lane CHEVY CHASE, Md. Situated om Beautifully Wooded and Landscaped Lot, 75x200— Opposite Chevy Chase Goif Course You owe it to yourself and family to see this home. Price $6,950—Terms Open Saturday Afternoonm ond Sunday All Day Georgia 1368 & center-hall home 4 bed rooms, 2 col 8 spa- at model kitck attached OIL or COAL f: scaped garden is a revelal Priced to Sell! Open Afternoons and Evenings All Day Sunday Alfred T. Newbold Ovner Builder Clev. 8000 5211 Wis. Ave. The la YOUR FRST VISIT TODAY SHOULD BE 104 Longfellow St. N.W. THERE 1S NO BEITER EXAMPLE IN WASHIN TON OF_PROGRESSIVE MODERN BUILDING AND PLANNING AT AMAZINGLY LOW PRICE OF $8,950 —than you will find in_these handsome all brick English iront homes. 2 Complete Baths, Recreation Room, Big double rear screened Porches, are outstanding features of Built by Dunigan « « . Built Right 1932’s Greatest Values Invest in a Dunigan | Home Exhibit Home 5413 Kansas Ave. On a Beautiful Boulevard With Two Baths, Dinette, Recreation Room and the Large Dunigan Kitchen. %9250 their many fine points. Un= usually low terms. From “16th St. or Georgia Ave. drite east on Longfellow to houses. of take 14th St. car marked “Takoma' to 3rd and Lomgfellow and walk east 10 houses. Open Daily and Sunday to 9 P.M. BOSS & PHELPS 1417 K St. Realtors. Nat. 9300 Rent or Jale COUNTRY ESTATE | @ Charming Colonial brick manor house, built in 1796 and recently thoroughly modernized, containing 17 rooms. Set in a magnificent grove of trees on a 45-acre tract of Maryland's finest land. Fruit orchard, pond. large stone barn, out-buildings and original slave quarters. | @ Oa a hard-surface road 10.2 | miles from the District Line at | 16th Sr. and 15 minutes by | | | motor. Truly a home for gentle- folk at an amazingly low price of $47,500 or rental at $200 per i month. @ AND TERMS | WAVERLY TAYLOR She || - J; Dunian, Tne. ‘ Or Your Own Broker I N\ NAtional 1265 e e SE )

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