Evening Star Newspaper, January 28, 1933, Page 14

LEADER DEFENDS HOME LOAN BANKS Associations Admitted to Sys- tem -Sound, Declares League President. Each building .and loan association admitted to membership in the Federal Home Loan Bank System is a financially strong institution, Ward B. Whitlock, Springfield, Ill, president of _the United States Building and Loan| League, declared today. The statement was issued to correct a mistaken conception in some quar- ters, he said, that the system is a sort of “benefit society” to bolster up finan- cial institutions, an idea that de- veloped because the law was passed by Congress as a part of its program of xeuef legislation. “Only the sound institutions are par- ticipating in the Home Loan Bank System today and thousands equally sound are waiting to use the facilities of ‘the regional banks when their ap~ plications are approved and the tem- | porary barrler raised by State Jaws has been eliminated,” said Mr. Whitlock. “There is no place at all in the sys- tem for membership of any institution which may have gotten itself into trouble with unsound credit practices and now as a last resort tries to save the day by borrowing money. Safeguards Are Taken. “The practical home financiers gov- erning this system and its units have acted on the theory that a weak in- stitution which tries to solve its prob- lems by going deeper into debt eventu- ally becomes a distinct liability on the financial community. By its policies of strict examination for participating associations, the system is retailing its funds through those which have been tried and proved sound, and is thus seeing to it that the home financ- ing done in 1933 and the years to come will be by sound institutions. “In addition to its fundamental pur- pose of expanding home-owner credit, the new system is designed to en- courage the loaning activities of the sound institutions. Therefore, it is un- thinkable that a credit institution with the permanent responsibility of the Home Loan Bank System should try to perpetuate any of the weak units in the financial structure by giving them a_temporary blanket for the mistakes which may now be resulting from past unsound practice®. Idea Called Wrong. “The idea that there is some weak- ness about an institution which uses credit is entirely erroneous and out of line with our present credit economy. Quite the contrary, any association ‘which belongs to the system has dem- h’lted its strength. As a matter of the building and loan associa- tiom rather than putting a substantial amount of their own money into the Home Loan Banks when they become members, by buying capital stock equal to one per cent of their assets. “Their participation in the credit fa- cilitles of the system in this instance is a major effort to be of greater service to the community, to have funds for making loans, which have been lacking in the past ‘two years be- cause savers did not have much money to invest, and because those.who had saved in many instances were forced to fall back upon their ‘rainysday’ funds. Inability of these associations to make new loans in the depression | period was in no way a reflection on thetr financial soundness, as the in- YVestigations of the Federal Home Loan Bank System have shown. “Private capital will be required to keep the Home Loan-Bapks function- | ing as the chief reservoir of creMit for the local home financing institu- tions. The banks will issue bonds to obtain these funds for their opera- tions. Since the strong institutions | are the ones pamdpaung in the Home | Loan Banks, there is every reason to believe that the bonds will find a ready market. It is important that the pub- lic get clear once and for all that no home financing institution seeking a dole is being allowed to participate in | the Home Loan Bank System.” BILL URGED TO BACK REAL ESTATE. THE EVENING STAR, “WASHINGTON, D. C. SATURDAY, New Home foi' Chfii'ch of Assumption Drawing of the new structure to be the Assumption. The building erected, starting is to be erected by Bahen & Wright from Monday, at 3411 Nichols u:nue southeast, for the Church of ¥ architect. Pplans by Donald The construction cost is estimated at $30,000. km style 15 suggestive of Roman interior will be of brick and interior woodwor] marble altars over flagstone flooring. Lighting fixtures and baofchelm altar railing will congregation is Rev. Francis X. Cavanagh. \PERCENTAGE LEASE COMES INTO FAVOR Commercial Properties Successfully Contracted in Depression Ar- rangement, Session Told. The percentage lease in contracts for the rental of commercial properties has come into extensive use during the period of the depression, and success- fully so, Henry Wolfson of New York, vice president of a large retail organiza- | = tion, declared in an address this week at the business meeting of the National Association of Real Estate Boards. The percentage lease is a lease whereby the tenant contracts to pay a certain percentage of the total sales made upon the leased premises, rather than a definite flat sum, The “new deal” in leasing retail glm,s a lease L\nz is property cont ord and fair to the fair to the lan tenant, he said. “Wherever necessary interest rates $10,000,000 PAID OUT Huge Sum Distributed by Mary- land Building Associations. Special Dispatch to The Star. hfm'{uofil -Ylnll:‘lnl'!. 28.—Mary- ding associat! paid a Approx- imately $10,000,000 in dividends in 1932 to thousands of investors, it is esti- mated by C. Philllp Pitt, secretary of the Maryland League of Building Asso- ciations. The average interest rate is about 6 per cent, he said, in spite of the reduc- tion of the more conservative associa- tions to a rate of § cent. Many of :.lu county pay 8 per cent. First New Homes —In 1933— Spacious and Attractive SEE THEM NOW Tazni sipetme e arrangements & u-&.n- inco.rwnud in these NEW Ill"lthm( beo(mn;ht:mu mmo{m Two Brick Flats Projected. Two brick flats of two stories each are to be erected at 1200 and 1206 Oates street northeast by A. Resnick and M. Talpalar, according to specifications filed with the District building inspec- tor, M. Gumenick is listed as the builder. ” -J KEEPUPPROPERTY REALTORS URGED Maintenance Imperative, and Good Business as Well, Convention Told. lnu‘nlnee of ANUARY 28, 1933, cnsnnmuh he de- m'm'“mm d-r-x-muum more quickly than to neglect the prop- | ants. properties, | proj not only is lmpenun. Illzllloodb\ulnmm ndnflmnwnn%ev):e‘d'fi s dimcult at the | at e present tain properties up to 4611 Asbury Place N.W. Just off Massachusetts Ave. in American University Park. New, al m detached home contain- ing 7 rooms, 2 baths, garage, ]lr'e lot. The buy we have offered in many years. Open Saturday and Sunday until 9 P.M. Floyd E. Davis Company 733 12th St. N.W. Nat'l 0353 1926—$17,000 NOW—$10,500 Cleveland Park! 3175 Porter St. Four bed p.m-m.B: lmm. Bewly' nfluh?‘hg.. clous rooms, mplete] now better at fievabie Drics for the best fim e n, Just two "".%‘a"'e'm.““m-: the Sob School. & OPEN TO 9 P.M. The North West Realty Co. 3508 Conn. Ave. Clev. 0936 w" that mrylud t | rather getting a_dole, are |t must be reduced charges’ certainly must be ‘Taxes must come down. Sample Open Daily to 9 P.M. 1659 C St. N. .E.) (Corner 17th & C Sta. NE) . vigilant electorate can achieve the latter. Truly, taxes stand Cerberus-like in the of recovery.” that percentage leases made at depression nnuh have proved very successful, the speaker said many fac- tors enter into the qufitlon of 'hlt the percentage lease charges should be, and that no general fixed rate could be established for a line of business. Local conditions, operating expenses, mark-up, minimum wage laws, local taxes, the location and size of property, investment in furniture and fixtures, competition and sales volume, all have a direct bearing on the percentage ot rent that can and should be paid, he declared. BLUE LACE FLOWER GETS NEW ATTENTION Bloom Originally From Australia ‘Had Been Stand-by of Many Beautiful Gardens. Many vears azo the blue lace flower. or Blue Queen Anne’s Lace, was one of | the ctandbvs of most gardens. but fashion in flowers is as changeable as fashion in apparel. Within the last 20 years onlv a few gardens included it. 'The renewed interest in rarer flowers, however, again lmvughz it to the attention of garden It is difficult to understmd how such a lovely and easily grown annual could almost have been lost sight of. Few pat 5 Minutes to U. 8. Capitol. 6, 7 and 8 Rooms—2 Baths (Easily Arranged for 2 Families) Large Recreation Room ‘erms MARSHALL, OWNERS AND BUILDERS. WAPLE & JAMES, INC, 1226 14th St. NW. Dist. 3348 ‘TWO OF THE MOST REMARK~ ABLE NEW HOUSE BUYS IN m CITY OF WASHINGTON. 5523 1st St. NW. Detached Brick Colonial,: . Marietta Park. se“:e‘:.\moml; including Celotexed Attic; 2 Complete' Baths; beautiful modern Kitchen and Electric Refrig- eration; deep lot and garage. Now is the time to buy. Note the price. 4633 Asbury Pl From Massachusetts Ave. and 46th St. drive North to Davenport 8t, West to Asbury Place and South to 9 53 HOME LOAN BANK PLAN Maryland Measure Would Permit Building Associations to Buy Stock. Bpecial Dispatch to The Star. BALTIMORE, January 28.—The pro- posed bill to permit the use of building association funds for the purchase of |d stock of the Federal Home Loan Banks is termed an emergency measure by C. Phillip Pitt, secretary of the Maryland lt_:gxe of Building Associations. e bill is drafted so as to become leffective immediately upon the will tacle the way of Maryland building associa- 101 bership in the e g ‘The bill has been prepared by Harry . Karr, counsel for the league. EASILY ACCESSIBLE FROM ALL PARTS OF City —Transportation Facilities Unexcelled. PARKING C’ONDITIONS ARE MUCH MORE Then Locations. Favorable in Other “The Best Knoun Address in Washington™ x BROKERS PROTECTED this exceptional buy. De- tached Colonial; copper gut- ters and spouts; Club Room; 200mplele Baths; breakfast front and side other fine features. Now Is the time to buy. Note the price. annuals are as dainty and graceful as the broad umbels formed by flowers of a rich, clear blue. ‘This bloom originally came to us from Australia. The seed germinates treely, provided the sowing is kept mod- erately moist at all times. The plants grow about a foot tall. If started in- doors, the plants should be kept at 50 degrees until the weather is warm enough for transplanting into the gar- len. ‘Transfer with care to pl'event dis- turbing the roots. This subject is as fine in the garden as in v-m ‘where it will keep in good condition for a long time. GREATLY REDUCED 3816 Jenifer Street, Chevy Chase, D. C. *10,800% 'HIS center hall, Colonial residence located one and one-half blocks west of Connecticut Aver nue, containing four bed rooms, two baths, sleeping porch, on s lot of seventy-foot frontage, in new house condition, has been reduced from the price of $20,000. Owner leaving Washington has authorized the sale of this delight- ful property at this tremendous reduction. $ OPEN SATURDAY P.M. ALL DAY SUNDAY BOSS & PHELPS Open Saturday afternoon and all Sunday for your careful Wfi‘: EDW. H. JONES & CO., Inc. Exclusive Agents 5520 Connecticut Ave. Cleve. 2300. 2400 MASSACHUSETTS AVE. To rent at reduced price, the besu- tiful apartment (shown at left), front- ing on Massachusetts Avenue and 21st Stfeet; unobstructed exposure on three sides (Sun throughout the dAy). con- sists of Living Room, Dining Room, K.\t.chen, 2 Master Bed Rocms and Full Hotel Service of linen, electricif “31:'(, ume;num ..fi OTHER APARTMENTS from to five rooms and bath at,atiractive prices rented on a transient, weekly or monthly basis. An excellent Testaursnt, moderately priced. ; EAST A Most Attractive Home in On of Washington’s Finest R sidential Hotels Catering to a Discriminating Patronage. For further particulars inquire D. E. Stqhn,.ln., bLMH. REAL ES ve at this time. In com- redesigning of the hallways, new of {lluminal types tion, “On ruuence property good land- scaping is very desirable. This is an item too fmquenuy overlonked by the owners and managers. A hundred dol- lars spent for good landscaping is, in mm cases, ene of the best investmentay un E that les st mcrease m'i‘r":z""m%.. Argentina’s new national highway law is similar in many respects to the | Unltefl Btates Federal aid highway | TATRE EMBASSY SITE T0 6O Auction of Former British Location Is Advertised. The former site of the British em- bassy, at the northwest corner of Con- vacticut avenue and N street, is to be <aced on the auction block next Tdes- day afternoon, according to a lega! totice publhhed by the American Se curity & Trust Co., trustees under & deed of trust. The property has s frontage of morc than 142 feet on Connecticut avenur ¢ | 254 on N street and 130 feet on Nine Lh street, and contains 29,164 sq: rty now is unimproved, thc o]d ln famous brick structure having been razed following the moving of the itish bessy to its new home on | M BARGAIN HOME FOR SALE NEW Beautiful Detached Center Hall Brick, Southern Exposure 10 Rooms—3 Baths 1401 HEMLOCK STREET N.W, —OPE N— One block east of 16th Street Heights Also Handsome Stone- Front House Available CALL GEORGIA 1584 WITH THER ALL- (/ZA HOME “Last year we purchased this new home in Beechwood, featured as an ‘all-gas home.’ The mere thought of living in it is still a joy and we can't tell you how much real comfort and happiness we have found. We are com- pletely satisfied and more than pleased.” Ceutrt I 6405 Beechwood Drive After being advertised as an All-Gas Home, this house sold promptly, and now, like many others who have purchased All-Gas Homes in the past two years, the owner wouldn’t do without automatic gas heat, gas refrigerator, modern gas range and water heater. Mr. and Mrs. Goldbeck ‘are especially proud of their all-gas kitchen, which includes the modern insulated gas range and quiet, efficient gas refrig- erator. More proof that modern living demands modern appliances, for more leisure hours and fewer house- hold cares!” Look for gas appliances in the home yon buy. Insist on the All-l;aa Home. A WASHINGTON GAS LIGHT COMP:&NY Builders’ and Architects’ Division 411 Tenth St. N.W. « District 8500 Biron Brothers Boss & Phelps L. E. Breuninger & Sons Breuninger & Phifer Edson W. Briggs, Inc. Cafritz Construction Co. Capital View Realty Co. Casey Engineering Co. Henry J. Connor Cooley Brothers Federal Construction Co. Thomas J. Fisher Co. Fox Brothers Clarence W. Gosneix B. H. Gruver Gruver & Marshall In addition to G. F. Mikkelson & Son, the following Washington Builders install and recommend gas appliances Harvard Terrace Development Corp. L. M. & L. A. Herbert Fred W. Horton Independent Investment Co. Randolph L. Jennings A. Luchs and A. Wulf Robert L. RMcKeever W. C. & A. N. Miller A. T. Newbold H. Poretsky Shapiro Construction Co. ‘Waverly Taylor, Inc. J. B. Tiffy Triangle Realty Co. ‘Walter Vaughn Waple & James C. W. Williams Edward M. Willis P. H. Willis Realty Co. Young & Oppenheimer