Evening Star Newspaper, March 18, 1933, Page 17

REAL BANKRUPTCY ACT BRINGS BENEFITS National Association of Build- ing Owners and Managers Issues Statement. When the new bankruptcy bill became law on March 3, all landlords and owners of real estate in general were benefited, according to the National Association of Building Owners and Managers. The officers and local asso- ciation presidents of this organization had successfully sponsored amendments which were included in the bankruptcy act. The new law is an amendment to the bankruptcy law which was enacted by Congress on July 1, 1898. Addi- tional jurisdiction is conferred upon the bankruptcy courts by provisions for the relief of individual debtors general- ly, relief to farmers in financial dis- tress, and reorganization of railroads engaged in interstate commerce. Explains Conditions. According to President William E. Malm of the National Association of Building Owners and Managers, “the chain store bankruptcy racket "which developed last year demonstrated that there was an organized raid on rental values by large corporations whose sole apparent purpose was to use the bank- ruptcy courts in order to become re- Jeased of liability under existing long- term leases. There is no doubt that this practice has to some extent been successful in the case of corporation lessees, but in the case of individual Jessees, release from rental liability un- der leases could not be obtained in ‘bankruptcy, because upon discharge the bankrupt is only released from provable claims or debts, and for 35 years, the courts have been holding, rather con- sistently, that claims for future rent under existing leases were not provable debts in bankruptcy; hence, in the case of an individual the lease liability con- tinued notwithstanding his discharge in bankruptcy proceedings. “In drafticg the new law Congress sought to give relief to individual debtors of all claims, whether provable debts or not, and the legislation as first drafted did not make it clear that a claim for future rent was included. ‘The officers of the national association felt that the definition of the term ‘debt’ should specifically include a claim for future rent, and also, the classification of who is a creditor should likewise be clarified to include a claim for future rent. Important Feature, “iHowever, more important of all, is the amendment which the association sponsored, providing that a claim for future rent shall constitute a provable debt and shall be liquidated. “We believe the amendment extends the prior existing law, and in effect, reverses all of the court decisions since 1898 which held that a claim for future rent was not a present or fixed liabil- ity which constituted a provable debt in bankruptey. ‘“The officers of the national associa- tlon feel gratified that Congress has recognized that a claim may be pre- sented in bankruptcy by the landlord for whatever damage may be sustained by reason of the anticipatory breach of the lease contract lhrough the bank- Tuptey of the lessee.” o RADIO CITY PROJECT NEW YORK, March 18 (#).—Work has just started on another of the | buildings to comprise the Fifth avenue ESTATE. THE EVENING STAR, WASHINGTON, D. C, SATURDAY, MARCH 18, 1933. Colonial Dwelling Bought recently by Meadowbrook, Inc. and 2 baths. Home of Denham B. Barnes at 112 West Aspen street, Meadowbrook, sold ‘The house, of Colonial design, has 6 rooms Occupancy permits were issued dur- ing the past week by Col. John Oeh- mann, District bullding inspector, the following: ¥ 55 = Agnes Louise Beauty Shop, ll H street; beauty shop. Iowa Rankin, 4812 Deane avenue northeast; cleaning and pressing. Tiffany Motor Co., 429 K street; used car sales room. Sanitary Grocery Co., Inc., 1911 Penn- sylvania avenue; grocery store. Sanitary Grocery Co., Inc, 3339 M street grocery store, B. S. Nash, 3106 Eleventh street; delicatessen. Abbey Radio Service & Electric, 3547 Georgia avenue; radio and electric service. Kaspar Mayerhofer, street; bakery. M. T. Shipp, 1335-37-39 L street; auto parking. Theodore and Peter Zacharia, 1100 Twentieth street; lunch room. Rudolf Rzeminrecke, 705 Irving street; 3303 Eleventh consin avenue; printing office and sta- tionery store. Ernest A. Clement, 624 T street; bil- liard parlor. August Heller?3215'; Mount Pleasant street; bakery and lunch. Joseph Privitieror, 830 Twentieth street; shoe repair. John Vlissides, 122212 Eleventh street southeast; lunch room. Charles Chustakis, 501 G street; deli- catessen. Shaffer Bros, 719 Ninth street; merchant tailoring. Earl A. Brown, 45 H street northeast; | restaurant. R. Bouldin, 39 Florida avenue; elec- tric shop. Thomas Cunningham, 914 F street; flower shop. William Jackson, 827 Twelfth street northeast; grocery sto Max Darlington, 915 'Nentieth street; restaurant. R. L. Phelps and G. L. Munson, 1008 K street, basement; photographic studio. Morris Schwartz, 1407 V street; gro- cery and delicatessen. The Great Atlantic & Pacific Tea Co., 714 K street; general merchandise store. Lena Levine, cabinet Tepair shop. Dumbarton Printing Co., 1422 Wis- 1519 K St. N.W. ¥ ARERRRAREEE N this delightful section of Chevy Chase's most expensive homes you may have this new, impressive brick home on a Y;-acre lot beautifully wooded for the price of a row house— 811, WM. H. SAUNDERS CO., Inc. The Safest Investment—Your Money On A Home grocery store. 204 Oxford St. Chevy Chase, Md. To inspect, drive out Connm. Ave. to Ozford Street, turn right three blocks to the house. 950 Dlstrict 1015 1000 Twentieth street, | MONEY HELD NEED IN REALTY LINES Benjapin F. Betts, Editor of American Architect, De- plores Building Drop. Dec! that the present decline in construction work throughout the coun- try is largely due to real estate being less liquid than many other forms of investment, Benjamin F. Betts, editor of the American Architect, professional magazine, believes that one of the es- sentials of business recovery is to start money flowing into real estate and building channels. “Present indications are” Mr. Betts sald recently, “that liquidation of many properties not soundly financed must continue before the competition that now exists between rew building costs and value established by foreclosures of first mortgages can be overcome. This question also involves general business Tecovery in all fields.” Pointing out that economic laws often upset man-made laws, the editor suggests modifications in the written laws. He suggests that: 1. Usury laws should be changed to permit charging interest rates com- mensurate with the risk involved. With this the mortgage bonus would disap- pear. The law of supply and demand would take care of the excessive inter- est rate question. 2. Laws which make the recovery of mortgage loans through foreclosure proceedings difficult and time-consum- ing require revision. The recovery of such loans should be made as simple NOW and safe as in the case of time pay- ments on automobiles or other com- !Amlumdn! them m & parity with equmy good stocks and bonds. tax burden on real shouid be lightened. To this end 'nv- emmuul expenditures should be con- nnh’l:h ) lcflvl“fi:‘.‘“ urposem W] apparently serve a in limited flelds should be mlde self supporting and Government competi- tion with private business should cease. More equitable methods of taxation should be adopted. Make Bath Room Modern. The bath room is as important as the living room. Old fixtures, such as a tub on legs, create an unfavorable impression- on guests, on prospective tenants and on prospective purchasers. $250 Cash! New Home in Mt. Pleasant are seldom for sale, 1855 Ingleside Terrace An opportunity well worth investigating Open Sunday and Daily to 9 P.M. Wm. M. Throckmorton 208 Investment Bldg. Dist. 6092 1370 Somerset P1. N.W. OPEN NEW POWER PLANT READY IN OCTOBER| 5 Buxlrlmg Permit for Completion of Work on Waterfront Is. sued This Week. Completion of the new power plant of the Potomac Electric Power Co. on | g the waterfront site acquired for the| tion purpose in Southwest expecud by October, id today, mated at $731,000. machinery, however, neighborhood of $5,000,000. of Boston, desighers and ashington, ds| It jpment and cost in the iction by May Cut Operating Cost. ‘The reputable heating contractor is ready and willing to make a complete survey of any bullding and submit & report of the condition of the mechar- ical equipment, together with recom- mendations for improving its efficiency, thus cutting down operating cost. 2919 43rd St. N.W. (Bet. Garfield & Hawthorne Sts.) $29,500 instant approval. and with the very best of materials. floor lavatory, library, electrical refrigeration, servant’s quarters and bath, two-car garage. Lot 90-ft. frontage. Open Saturday Noon and All Day Sunday Phillips & Canby, Inc. “Ina Wooded Section of Wesley Heights.” DMIRABLY situated in this delightful suburb, where improvements and restrictions are of such a high character as to assure permanency Exclusively in value, this beautiful Colonial stone home will meet with your It was built for a home,.with strict supervi Eight rooms, two baths, first ion Investment Bldg. This attractive new detached home offers unusual value. All brick con- struction with slate roof: 6 rooms and bath: detached garage: lot, project popularly known as Radio City. t is the French Building along the Fifth avenue side of the plot and is adjacent to the British Building, now pretty well along, to which it is to be a companion structure. Foundation and #teel work is in the preliminary stage. Other buildings partly completed and occupied are the two theaters, the RKO Building and the Central 75-story sky- scraper. $1,500.00 Cash and YOU WILL 5 years in mo. payments SAVE WHEN YOU BUY 427 INGRAHAM ST. N.W. Facts:—Prices Reduced Fifteen Hundred Dollars. All-Brick Construction (including rear porches). House 42 Feet Deep New Price $7,950 Easy Terms 40x92Y/, feet. Drive out 16th Street to Sheridan . . . then one block east to 14th Street and one block north to Somerset Place. *9,500” Featuring a Modern Electric Kitchen Electric Range Electric Ventilating Fan .[ acobson Bros. 1616 “K” St. N.W. District 2126 7 Large Rooms 2 Complete Baths Elaborate Kitchen Oxford Cabinet Hardwood Floors and Woodwork Daylight Cellar 147Y,-Foot, Lot (completely sodded) Paved Street and Alley Garage OPEN—LIGHTED—HEATED Electric Refrigerator Electric Clock THE GENERAL ELECTRIC CoO. THE STANDARD OIL Co. and the POTOMAC ELECTRIC POWER CO. Extend to You a Cordial Invitation to See This New Fascinating STUDIO ' LIVING ROOM HOME Built by the DEVELOPMENT CO. Furnished by Dulin & Martin HE home is totally electric, the very newest electric kitchen including the new ‘dish washer. Heated with the new Standard Oil Electric Spark Oil Burner . . . Besides the extraordinary two-story timbered, wood paneled living room, there are many very new features like the con- vertible first-flooy, library—guest apartment . . . with its private bath. The new S & L all-purpose storage room, two baths, bookcases and corner cabinets help round out a perfect dream home. A $20.000 Atmosphere. PRICE, 13,500 RIGHT IN CHevy CHASE West of Connecticut Avenue NOTE—Similarly equipped will be the new 4-bed-room, 3-bath home which we are now selling for $13,950. TO INSPECT Drive straight out Connecticut Ave., past the Chevy Chase Club to Lelgnd St.'(our sign), Turn left two squares. DONT REGRET—INVESTIGATE REAL ESTATE TOWER BUILDING DIST.3100 1319 Farragut St. $9,950 In Saul's Addition, 1 square east of 14th St. 7 rooms, in- cluding den or sun room, large living room with stone fire- place. Slate roof, large front porch, Southern exposure, house in splendid condition. Lot 150 ft. deep, 2-car garage. O 0 O O s $135,000 T TIVIITreT) Open today and all day Sunday Realty Associates, Inc. Realtors 1427Eye St. Nat.1438 " okl i CBE s : f Lorrasseniosians i 5101 TILDEN STREET Magnificent Spring Valley Estate of Robert D. Longyear, State Dept. Official Now Living Abroad Situated on a Commanding Elevation of nearly 5 Acres 9 This exceptionally well built and planned brik mldence, surrounded with an abundance of shade trees and flowering shrubs, overl Beautiful ecarlia Park- ‘Woodland Sefl.mg of 160 acres of trees and water. Truly an in the m:tnct of Columbia. 5 ite House. This home contains 22 ROOMS AND 7 BATHS, 4-CAR BUILT-IN GARAGE. Tllil property is especially adapted for entertaining and contains every appointment necessary in a splendid residence of this type. IM- MEDIATE OCCUPANCY can be obtained. ' ‘or Sale by Miss Laura Harlan John F, Maury W. C. & A. N. Miller Agent on Premises Sunday 11 to 1 P.M.—3to 5 P.M. ; Drive out Mass. Ave. to Cathedral, then west on Cathedral to Spring Valley, turn left into Rockwood Parkway and follow to Tilden St. MORE SOLD WHO will be the GLOVER PARK MODEL HOME Built by Brown Bros. g 7 closets 3 brick garage 5 sunny ‘basement THIS WEEK! ONLY 1 LEFT Lucky Buyer ? OF THIS LAST HOME Overlooking the City Beautifully Furnished Open 9 A. M. to 9 P. M. 3818 Calvert St. N.W. @ 6 & 7 large rooms 2 colored baths tile clsb room breakfast nook deep lot weather-stripped all brick near transportation Out Mass. Ave. to Wis., south four blocks to' Calvert. right ome block. Tower Bids.