Evening Star Newspaper, January 28, 1933, Page 13

REAL ESTATE HOME BUYERS ARE REAPING BENEFITS OF LOAN BANKS $35,000,000 New Funds Circulating Through Mort- gage Field, According to E. C. Baliz of Institution in System. MERICAN home buyers now are receiving the benefit of the recent establishment of the Federal Home Loan Bank System from new funds now beginning to circulate through the home mortgage ficld, it was reported today by E. C. Baltz of Wash- ington, vice chairman of the Winston-Salem Bank of the system. Ten of the 12 regional banks of the system already have sanc- tioned lines of credit for member institutions totaling $35,000,000, and most of them now are making loans, he said. The Home Loa2n Bank of Winston-Salem, having charge of an Eastern territory including the District of Columbia, has granted credit lines to member institutions for a total of approximately $4,000,000, the official announced. “The member institutions which are| —#— nities are the building and loan as- IVA]’E B”"-BINGS | | retailing these funds to the commu- soclations, in the main” the statement PR Eight Dwellings on List of issued by Mr. Baltz continued. “More than 1,700 of these associaticns have New Projects Approved by District Inspector. subscribed for capital stock in_the banks and the Federal Home Loan Bank Board now is checking their bor- Towing specifications at the rate of 15 a day. Important in List. “There are many important build- ing and loan States in the list cf those ‘whose laws do not now permit Home § Loan Bank membership by the associa- | tions. Effcrts will be made in 33 State | Legislatures meeting this menth to cb-' tain legislation meking the associaticns | in these States eligible, and thereby making available to the Home Loan Bank System thousands of other retail | outlets for its funds. Indications are numerous that many of the leading as- sociations in these ncn-eligible States will lose no time in demonstrating their faith in the system by subscribing for y is granted i | Private building projects for the Dis- | trict of Columbia having a total esti- | mated construction cost of approxi- | mately $63,000 were approved during the past week by Bullding Inspector John W. Oehmann. Included in the |list of new work were plans for eight | dwellings, these accounting for most of the building volume. Meanwhile, duricg the week the Dis- trict government submitted for review | specifications for a masonry school and time for the Federal Land Banks in |shop building to be erected on a site the Federal Farm Loan System to start 'hetween H and K, Twenty-fourth and making loans. We must admit that the | Twenty-sixth streets. The building, to Home Loan Bank System, which is de- i be of a maximum height of two stories, signed as a companion structure to the | has an estimated construction cost of gther two, has gathered remarkable | $245,000. momentum when we realize the num- Pe ber of States which have yet to amend“ e o Weck. their laws before participating at all. | Permits were issued during the past o+ - nk | Week for the following projects: The Federal Home Loan Bank | “Eg 1o the JOlomng projects: = Board, cautious and conservatiie, but | fGENRG G GVREer, owmer and 7 3 { buily at the same time bearing in mind the o desperate plight of y b erect one 2-story brick dwelling, 3337 home owners, has set up a structure T*fl;fi;fi'{‘gif;ttfi c::,;:,}pfio% wil- of such sounancss thau tiere <hould be | oy designer; Hafry " Poretsky, Inc no difficuley in marketing the necessary | pujlders: to erect one 2%4-story ma- bonds which the business of the 12 sonry dwelling, 3701 Morrison street, to banks is to be financed. Under the |cost $8,000. 2 act, bonds may be issued by the banks Matheny Construction Co. owners up to 12 times their capitalization. |and builders; G. S. White, designer; to ‘With.the initial capitalization of $134,- ‘ erect one 2-story brick dwelling, 4901 000,000, which the banks now have, | Chesapeake street, to cost $8,000. could be issued to a maximum oti Edgar H. Bon Durant, owner; A. O. ,000. This initial capital was | Tolson, designer; Tolson, Kemp & Nix, ibed $12,000,000 by eligible in-|Inc. builders; to erect one 2-story s, 2nd the remainder by a loan | brick and tile dwelling, 5605 Thirty- the United States Treasury. | seond street, to cost $6.800. e o | _J. B. Tiffey, owner and builder; Rob- stock as soon as the eligibilit; by the State law. “The actual dispensing of funds by the Home Loan Banks began scarcely two months after they opened for business. It took nearly a year for | the first commercial paper to be re- discounted under the Federal Reserve System, and about the same lengih of th St. N.W. (Just South of Military Rd.) A Beautiful Stone French Farm House Type 7 rooms, 2 baths, immense g room, paneled library, gas heat. Attractively Priced Open Sunday 1to 6 P.M. [ Wm. H. Saunders Co., Inc. & 1519 K St. N.W. Di. 1015 F R EEERERAREEE Ry cmber instituticns 'oormwmg‘g" P. Tiffey, designer; to erect one into a definite under- | DRVERPOIt street, to cost $5.500. ace all of the money ob- | Brick-Frame Dwelling. s. Bearing in mind the | Joyce, designer and bullder: to. erect distressing _situation confronting _the | one 1%-story brick and frame dwelling, the board has set up a rule of priori- |$5.200. ties for the use of the money which| Robert L. Chaney, owner; Conrad M. 1. “71 ber institutions and non- | one 2-story brick and frame dwelling, i o 3603 Fourteenth street northeast, tgo * P. Lavin, owner; Wil 3 MID-ATLANTIC BUILDING | Certer “cesiner i buider; to" srect ton street northeast, to cost $4,500. BELOW THAT OF 1932 i siest norfiest o €% S4300” classes, having a total cost volume of | ten Co. Inc., bullders; to make re- $3,281,700 were awarded in the Middle | pairs, 1114 and 1116 Connecticut ave- lumbia, during the period from| Nellie L. Grinsted, owner; Harry Po- g:nfi:ry 1 through }anuary 15, accord- | retskv, Inc., builders; to erect brick During ai eriod of | cost $1.000. 1932 a tgot‘ak\molcg?.%%?zr:mmv%aspreponed;“B(;ncngrcgnnonul Home, owners; Wil- December construction awards let in | ;““8 trepairs, 1290 Crittenden street, the Middle Atlantic States totaled $14,- | to cost $1.000. to erect one 1-story brick and concret 1 rete Deoeroier s B s between No. | £asoline and oll statlon, 1707 Water building, public works and public_utili- tles were not large enough to offset a For the full year, 1932, a total of $227,615,100 was reported for all classes t $356,807,000 for the year :;af‘ax‘::ses from 1931 totals were re- mente and hotels from 1931 levels was | for | “m the Home Loan Banks | 2-Story brick and frame dwelling, 4813 vast reservoir in loans = Mattie B. Morrls, owner; Maurice home owner because of the depression, | 3355 Brothers place southeast, to cost the banks stand ready to loan: Chaney, designer and builder; to erect (Continued on Third Page.) osh $4.800. iam F. -story frame dwelling, 2613 New- Contracts for construction work of all| Pyle, architect; Davis, Wick, Rosengar- Atlantic States, including the District | nue. to cost $4,500. ing to the F. W. Dodge Corporation. | private garage, 3701 Morrison street, to for the same area. C. & A. N. Miller, bullders; to 968,500, as compared with $15,230,700 Gulf Refining Co., owner and builder; vember and December in non-residential | Street, to cost $800. loss in residential awar of construction in this regional territory, for each of the four major lines3 O e tase of residential bullding, the decline in construction volume in apart- | relatively larger than that shown one and two family houses. The immediate sale of these || MODERN DETACHED )| Houses is necessary and YOUR OFFER —is solicited. ~ The location, construction and condition is of They are medern with | st. | Pt slate roofs, hardwood || | 2 baths, floors, etc. INSPECT SUNDAY 2—6 P.M. || 5429 NEBRASKA AVE. N.W. 1371 HAMILTON ST. N.W. For Detalls and Auto Service, Call WM. L. MOORE DI. 8917 GE. 2802 " EVERYTHING You Want in a Home 4th & EMERSON STS. On a high elevation in a 'WASHINGTON, D. 0, Upper left: Luchs Co., builders. The house contains Upper right: Home of Mr. and Mrs. ing contains six main rooms, Lower left: Lower right: contains 10 main rooms and three baths, Residence at 125 West Woodbine street, Chevy Chau::. Md., which has been purchased by Mr. and Mrs. Robert D. Barnes, from Shannon & | Residence at 1614 Tuckerma, FOUR OF THE NEW HOMES ACQUIRED HERE RECENTLY. six main rooms and two bat Inc. Dwellings Purchased in Greater Washington Area Fred M. Barker at 2810 McKinley street, acquired from I. Bliss Hill through the agency bath, attic and garage. Property at 3316 Northampton street, containing six rooms and two baths, purchased by Mr. and Mrs. Wilbur M. Plugge from Jacobson Brothers, through the office of J. Wesley Buchanan, n street, acquited by Ruth B. Shapiro from 8. Benson Walker, through the agency of L. T. Gravatte, The house The property has a frontage of 83 feet and adjoins the Rock Creek Park golf course. MODERNIZING h£ Z..p.gml!g %{&f’ BATURDAY, JANVARY %, 190, m!&-{ WORK URGED AS CURRENT REALTY NEED Better Employment Conditions to Absorb Vacancies in Residential Properties, Realtor Tells Convention. A ENGINEERS DIVIDED ON REGISTRATION| Proposed Legislation Indorsed by Three Organizations and Dis- approved in Six. Members of different engineering societies in the District are divided in opinion concerning the proposed enact- | ment of a measure calling for registra- | tion of. professional engineers, according to a report published recently by A. B. McDaniel, chairman of a joint com- mittee, which conducted a poll of en- gineers here. The statement shows that on 'the organization unit basis, the proposed legislation as presented to Congress was indorsed by three associations and met the disapproval of the majority of members in six other organizations. e T 5 TR ——— A o, W S was estimated at 1821, of which 359 were reported in favor of the bill and 413 against, more than half of the total members not casting votes in the poll, according to the statement. The poll report shows that the ma- Jority of votes cast by the foHowing organizations was against enactment of | the registration measure: American In- | stitute of Electrical Engineers, Ameri- | can Institute of Mining and Metal- | lurgical Engineers, Institute of Radio Engineers, Society of Automotive En- gineers, American Society for Steel | Treating by Executive Committee vote | |and the Society of American Military | Engineers. Organizations reported favorable to of Phillips & Canby, The dwell- —Star Staff Photos. RETURNS FROM PROPERTY} {BEST IN DECIDING VALUE| Realty Appraisers’ Session Hold to| Seek Guidance in “Living” Re- sults During Slump. The return that a property is pro- | ducing is the most potent factor in arriving at the value of a piece of real estate today, members of the American | Institute of Real Estate Appraisers, in convention here this week, were ad- Vised by Francis K. S. Stevens of New York City. “We must look to the ‘living’ prop- | ertles, those that have weather storm, for our guidance as to value, sald, stressing the point that the pres- ent abnormal conditions have served to create an abnermal market condition. “Real estate values in this country | have never gone backward perma- nently,” he also said. “They have had | setbacks, but each succeeding wave has been higher than the preceding one. | The normal value line is not at the top | nor at the bottom, but through the | middle.” | - Dwelling to Cost $5,000. William McAllister, owner, has filed specifications with the District building | inspector for the erection of a two-story brick and frame dwelling at 4804 Forty- sixth street, at a building cost of $5,000. Buy Now in FOXALL @ Higher prices are on the way. No longer is there intelligent ex- cuse for DELAY. Your family deserves a home of its OWN . . . you know that economies can be effected by the purchase of the RIGHT one in the RIGHT place at the RIGHT time. FOXALL is the place and the time is NOW, before real estate values once more follow the general procession UP- @ Visit our Model Home at 4447 Volta Place, three short blocks south of Reservoir Road, and see what FOXALL really offers. Open to 9.30 p. m. e WAVERLY TAYLOR s 1522 K Street Nat’l 1040 AT AUCTION Monday, January 30th AT 5 PM. (Postponed from last Wednesday because of rain) Hotel Business Formed. Spectal Dispatch to The Star. BALTIMORE, January 28 —Twe Index Number for Group of Com- |, SALC ot N eet, Tnc.. Che modities 70.3 Against 70.8. Chase, Md., has been incorporated to engage in business pertaining to A slight drop in the wholesale cost of | apartment houses and hotels. The cap- building materials occurred during: the | ital stock consists of 240 shares com- week ending January 21, according to | MOR stock. no par value e of Chevy Chase, Md., and the current report of the United States | giaics 3. Roses and Lyach B Walo PETWORTH The index number for the group of | 441 Decatur St. N.W. commodities stood at 70.3 for January | Former Star Model Home 21, as compared with 70.6 for January | 14, 70.7 for January 7, 70.8 for Decem- | for $3,000 less than cost. Convenient _to ber 31 and 70.9 for December 24. The index numbers are based on average | etc. Completely Vacant. prices for 1926 as 100. | The wholesale cost of house furnish- | Open Sunday from 1 p.m. till dark or phone Ge. 1446 MATERIAL COSTS DROP ing gcods also declined, the index being | 72.8 for January 21, as compared with 73.3 for January 14, $4,575 6 Built—5 Sold 1 Left 4604 CHESTNUT ST. Bethesda, Md. Many builders, brokers, 1en and mechanics have tedly claimed that this is the best home for the money since the World War. Colonial front porch, large living, din- ing room, kitchen, 2 grand bed rooms, hall, large closets and modern bath and attic. Lot 40x120. Drive out Wisconsin Ave. 6 blocks north of Bank of Bethesda to Chestnut St., right 113 blocks. Open Daily Until Dark schools, busses, * renovated. LINOLEUM in the new L. E. Breuninger MODEL HOME was laid by QUAKER CITY LINOLEUM CO. Capital Housing Corp. F street at 6th Call Nar. 8383 Artistic 3349 Tennyson St. | ler, both of Washington, are the incor- | porators. Kenneth D. ' [ < 2 Zs & 4 the bill were \he American Associa- | tion of Enginers, American Scciety of | Civil Engineers and the Washington | Society of Engineers. - $10,950 4611 Morgan Drive Chevy Chase OPEN SUNDAY North Wisc. _Are. from District line ta Chery Chase golf grounds: turn lejt_at Morgan Drive to property. on This modern home contains 6 well proportioned rooms, 2 baths; large attic, garage, attrac- tive grounds with wide frontage. THOS. L. PEYTON District 2637 1427 Eye St. N.W. (UL Rreiggrgliergues TYPIFYING THE HIGHEST IDEALS 8 soon as funds become available for industrial purposes, and as soon as employment conditions are definitely improved, the present vacancy in residential properties should be absorbed quickly, members of the National Association of Real Estate Boards, in convention here this week, were told. The thought was expressed by Harry G. C. Williams, president of the Philadelphia Real Estate Board, during an address on how to slow down the process by which buildings become out of date, in which he emphasized the economic and social value of city planning. While declaring that a quickening of real estate activity would my a part in a return of real prosperity, he stressed the importance ay of programs for modernization of properties. Mr. Willlams, speaking before mem- bers of the American Institute of Real Estate Appraisers, pointed out the need of greater forethought at the time buildings are erected, so as to cut down the overhead cost of unnecessary obso- lescence, and the need of a detailed study of supply and demand in plans for new construction. . Returps to Be Expected. “Any construction on the land should be of such a nature as to return to the owner not only income annually but a safe return of principal as well. Any one who devotes thought to this subject must today take a broad view of com- munity interests and activities. City planning is very real,” he said. As to some changes in American life that are causing us to grow away from | our existing buildings before their nor- mal time of usefulness has expired, Mr. | Williams asserted: “Many of our families today with automobiles prefer living in the suburbs, which has caused some city properties, although well constructed, to become (Continued on Third Page.) ‘The total membership of the chapters . Built by Dunigan, Built Right |The Same Money You Pay Rens Buys Your Home EXHIBIT HOME 5416 Kansas Ave. N.W. High elevation on a boulevard— Built-in garages—6 rooms with 2 colored-tile baths and showers— paved street and alley—recreation room and Dunigan dinette and screened-in sleeping porches. Im- cluded are G-E Electric Hot-Point Range—G-E Electric Refrigerator with Momitor Top—G-E Electric Water Heater—G-E Electric Vemti- lators—G-E Electric Clocks, TERMS LIKE RENTI On a Beautiful Boulevard Open Every Day Till 9 PM. D. J. Dunigan, Inc. Tower Building NAtional 1265 7515 MORNINGSIDE DRIVE N.W. A home because it was made so; a home with refinements, yet with a stern avoid- ance of pretentiousness. The architectural beauty is exemplified in its simple lines, an authentic reproduction of the early New Jersey Colonial Farm House. Substantial outside the home of this home is moderate. You will enjoy seeing for the first time in this city “an outdoor living room” . . . not an added attraction, but rather an additional room as well as within. This new fashion results from more than the pub- Only $1,500 Cash Required This desirable brick and stucco home, containing eight rooms, every convenience, including en oil-burner, 2-car garage; on a large lot in the best section of Chevy Chase, D. C,, will be sold at auction under a foreclosure of the first trust. (Chevy Chase, D. C.) Price only $13,950 Drastic reduction in price makes this the outstanding bar- gain in this high-class section. Brick construction, 8 rooms, 2 baths, large attic. Sun room 20 feet long, huge living room of Spanish design, oil burner, large level lot with many shade trees. A beautiful wooded street, of dignified homes. restricted Petworth community lic’s consciousness of “back yard” barren- ness. It is the home owner’s own solution to the problem of how to get the most value out of his property and the most enjoy- ment out of living. To reach this distinctive home, drive out Sixteenth St. to Alaska Ave., to Morning- side Drive; turn left to our home. Furnished by D. S. Pool in construction with a maximum of com- modious, livable space. Its simple Colonial style is enhanced by harmonious, tastefully selected furnishings. A model electric kitchen, planned for the utmost in conven. ience and comfort. The oldfashioned Colonial “tap” room below the first floor with its open fireplace, the paneled den, the ladies’ dressing room and other new conveniences are on display and the price Breuningers Sons @ WASHINGTON’S OLDEST ESTABLISHED BUILDERS @ “YOU WILL SEE SOMETHING NOVEL IN THIS HOME” \ i3 6 and 8 Spacious Rooms 3 Big Porches Step-down Living Room Finished Recreation Room Gorgeous De Luxe Kitchen Completely Equipped 2 Colored Tile Baths Concealed Radiators Built-in and Detached Garages Some Lots 142 Feet Deep Paved Street and Alley Unlike the usual auction sale where the terms are all cash, the party secured has authorized the trustees to sell on a cash payment of $1,500, taking back the balance of the purchase p n one mortgage, payable 1 per cent monthly, which includes interest at 6 per cent, run« ning until paid. THIS MEANS NO RENEWAL EXPENSE. 3358 Tennyson St. N.W. Open for Inspection Sunday from 10 AM. to 6 P.M. To inspect: Drive northeast on Western Ave. from Chevy Chase Circle six blocks to Tennyson St., then east two doors to property. To reach, drive out Conn. Ave. to Circle, turn right on Western Ave., about 5 squares to Temnyson St. Open Today and All Day Sunday Realty'Associates, Inc. REALTORS Ouly 5500 Cash TERMS LESS THAN RENT CAFRITZ RS TN T TN T 1427 Eye St. Nat. 1438