Evening Star Newspaper, November 29, 1934, Page 32

B—18 LOWL0ST HOUSING YIELDS DIVIDENDS 37 Years of Experimental Investment Successful for 2 Firms Here. The -interest aroused in low-cost housing by recent attempts of Com- missioner George E. Allen to under- take a housing project with F. E. R. A. funds recalls the fact that building of low-cost housing has been going on successfully here for 37 years. There are two private corporations in this field, the Washington Sanita , Improvement Co., founded in 189 and the Washington Sanitary Hous- ing Co., founded in 1904, and they have built and are renting between 958 apartments, 539 for whites and 419 for colored persons. . Subscribers to the stock in these companies at the beginning. in many instances, did not expect any return on their money. investing it as a chari- table enterprise, primarily to rid the city of tuberculosis-breeding slums. The history of the enterprises, how- ever, is that they have paid 6 and 5 per cent, respectively, on their stock for years. Average $18.16 Per Month. What these companies mean by “low cost,” in terms of rent, may be shown by rentals on a block of 108 apartments for colored persons. Rentals are for two rooms and bath. $12.50 per month; three rooms and bath from $15.50 to $21 per month. Only three of the apartments rent at the highest figure mentioned. The average figure for three-room apart- menta is $18.16. The particular block is owned by the Washington Sani- tary Housing Co. Similar figures obtain for the other company. The most recent venture into the low-cost housing fleld in- vades the realm of the poorly paid white-collar worker. A group of 14 apartment buildings with 56 units has just been finished at Trinidad avenue and Raum street northeast. The apartments form a hollow square, the interior being a landscaped play- ground. These apartments rent for $32.50 up to $44 per month. For the higher figure the renter gets a six- room apartment. These apartments are heated by oil and have electric refrigeration and gas for cooking. Water is included in the rent. but the tenant pays for the gas and electricity used This development Wwas experi- mental, but before the apartments were ready there were more than 300 applicants for the 56 available apart- ments Cheaper Units Predominate. But the cheaper units, which pre- dominate, are principally two-story apartments ranging in size from two rooms and bath to five rooms and bath. Each apartment has its own front door and rear exit. The build- ings are of brick, with large rear porches. The earlier buildings had Wood stoves. It was found that this tended to litter up the premises with various bits of scrap lumber. The more recent units have two gas heatrolas per apartment. There is gas for cooking and heating water. The company also supplies radio aerials on the apartment roofs. The finances of the companies present an interesting picture, in view of recent discussions of the need for amortizing capital investments in low-cost housing over periods of 50 Neither company has any tion period. They started operation with cash subscribed for stock. Ever since then their oper- ations have been. substantially, to in- vest profits above dividend and sur- plus requirements in new housing ventures. While the cash is accumu- lating the companies usually invest it in real estate notes. If the notes are not readily to be liquidated when it is decided to undertake new construc- tion, the companies open a credit at a bank. Such was the case when it was decided to build the group of buildings at Raum street and Trini- dad avenue. Arrangements were made to borrow $100.000 against collateral security. The full amount was never borrowed, and the balance on the original debt has already been re- duced to approximately $37.000. No mortgage was ever put on the prop- erty. Price of Land Varies. For the apartment buildings, the companies buy land ranging in price from 12c to 50c per square foot. The 12c price, however, did not include all improvements, such as sidewalks, curbs and gutters. Construction costs have ranged from 12 cents per cubic foot to 20.8 cents per cubic foot. Depreciation is charged against the building at the rate of 2', per cent per annum, although originally the charge was 2 per cent. Those who originally subscribed to stock in these companies did so from charitable motives. It was intended to decrease alley population and fight the tuberculosis rate with cheap but well - built and efficiently managed housing properties. A recent finan- cial statement, however, shows that the Washington Sanitary Improve- ment Co. had assets of $1,409,844.61. The capital stock was $500.000, re- serve for depreciation, $451,200.22, and surplus, $458,44439. This com- pany paid 5 per cent dividends from the start until 1923, when the rate was raised to 6. The 6 per cent has been paid throughout the depres- sion - The Washington Sanitary Housing Co. has net assets of $366.692.00. Its capital stock was $200.000, the reserve for depreciation, $73.536, and its sur- plus, $88,116.68. For the first three years of its existence, this company paid 4 per cent dividends, and it has paid 5 per cent ever since. 350 TO BE RETIRED Gov. Murphy Signs Gratuity Act for Philippines. MANILA, November 29 (#)—Gov. Gen. Frank Murphy yesterday signed a gratuity act which provides bene- fits for approximately 350 Americans who will be retired from the Philip- pine government service upon estab- lishment of the commonwealth gov- ernment. The benefits, which are based on length of service. with a maximum of $20.000, are expected to involve an outiay of between $750.000 and $950.- 000. Some of those retiring probably will be re-employed under new con- |- IS OPEN AND SANTA'S EXPECTING YOU! English-style Doll Coach —with streamlined hood. Duche:«. type gears. front extens * STAR, \V\STIINGTON, D. C., THURSDAY, ‘Ridem’ Dump Truck —a Keystone steel truck, 20 in. long, with long steering handle, And it actually SI.OO dumps . Third Floor. Fa Z = \ Q;/ Movie Funnies Komic Kamera Simply set film in camera and turn knob. Dick Tracy, Orphan Annie, Moon Mullins and other fa: vorites, Camera and 1 film. C Extra films, 10¢ pusher and hand brake. Blue, gray or $995 — maroon ...... Third Floor. LSS i Dolly With Her Own Scale A composition dolly (mighty hard to break, all wrapped up in her own blanket and with ker own padded bas- ket scale. Like a “cure- enough” brand-new in- $‘|69 fant 21-in.MammaDoll —with real hair curl.. eve ose and the prettiest o $1.95 “Cadillac” Bicycles In Two Sizes —26 and 28 inches. Fitted with the new departure coaster brake and muidgu; May bes bought on the iy $99.95 Christmas ... lflQ ‘Third Floor. 9.95 “"American Flyer” Electric Train —with steam-type locomotive, coal tender, 3 electrically lighted passenger cars with doublearuck wheels, 10 sections of track and transformer. Third Floor. NOVEMBER 29, 1934, | THE HECHT CO. ® MEN'S SHOP; Clearance! Broken lots of! SHELDON SUITS | 3?117195 187 Suits priced for quick action.’ In neat patterns, plain shades and fancy mixtures. Not every pattern in every size but all sizes in the group. Many with extra trousers to match........$4 NO CHARGE FOR ALTERATIONS. 46 Society Brand Suits A Group of Sample Suits—$35 and $10 Values. Sizes 36, 37 and 38 only $20 30 Famous Sheldon Overcoats Originally $25 and $29.50. Majority are browns an(l‘ several grays. Sizes: Regulars 34 to 1 [ 9"' 46, shorts 35 to 40, longs 39, 40 and 42 eI 34.Society Brand Overcoats Originally $35, 15 and $50. Suede velours, meltons and imported Irish fleeces in raglan and boxcoat styles. Sizes: Regulars 34 to 42, shorts 2,44, long 1,30, 2,/42; stout 3,42, =l /88T Fdel e O 26.7.) 19 Famous Sheldon Tuxedos Originally $25. Single or double breasted models. , 1,46; shorts 5,36, 2,737, 3,38, 3,/42: longs 1,39, 1,/44; stout 1,/42, short-stout 1,739 ... il 19.70 | Sizes: Regulars 1 9 Society Brand Tuxedos Originally $40. Single and double breasted. Sizes:| Regulars 1,35, 1,36; shirt 1,35, L fl=d]| 1,36, 3,/37,1,/39 long 1,/40.. ... . 29.75 and Trousers 6 Orizinal $35 and $40 Sheldon Tailcoats 2 7" ‘ ests 29,75 Originally $6 and S8 Black Silk and White 4 95 . Pique Dress Vests (Men's Clothing Sports Shop. Main Floor) 60 Men's Warm WOOL SWEATERS . 1.49 Originally 2.95 and 3.95. Pat- terns, plain colors, fancy jacquard designs. Crew and V neck. Scme slightly soiled 10 Men's Suede LEATHER JACKETS 2.94 Originally 4.95. Slightly spotted. Zipper or button front. Knitted or self con- vertible collar. In grays or browns. Odd sizes. 12 Men’s Warm HORSEHIDE JACKETS 5.94 Originally 9.95. Button front. leather collar, lined with plush. Odd sizes. 50 “Rowfit” Wooden ROWING MACHINES 19¢ Originally §1. Adjustable seat, elastic pulls. Light in weight and packed in indi- vidual cartons. Men’s Luggage 2 Original $50 Full Size Trunks. 00f. canvas covered._F! samples e Et: (Luggage, Main Floor.) Men’s Sports Shop 12 Original $3.95 and $5.00 Men's Riding_Breeches. A group of odd sizes. Slightly soiled. 5 5 Original $3.95 Men's Cr etted Tweed Sport Coats. fastener front. Odd sizes 20 Dozen Original £1.95 Dozen Whiz Golf Balls. Long flite tough covered balls. Doz 51.00 100 Original $1.00 and $1.99 Kraydon Hickory and _Steel Shafted Irons. Odd numbers 49¢ (Sports Shop, Main Floor.) Men’s Furnishings 15 Original 50c Men's Ready Made Bow Ties % Se 63 Original 50¢ Men's Pure Silk Hand Blocked Handkerchiefs Sc 39 Original $2.00 Men's Imported French Lisle Hose. Sizes to 11 35 Original '$2.95 i ing Becond Floor.) (Men’s Wear, Main Floor) 67 Men's Smart PAJAMAS 95¢ O{IKIHIII_\' 1.55, 1.95 and 2.50. A group of odds and ends| that you won't want to miss Slightly soiled or mussed. 312 Men's Hand-Tailored | SILK NECKWEAR 89¢ Originally 1.50. Repps, bas- | ket weaves, crepes, stripes. small figures and all-over patterns. Christmas box 1if desired. 31 Mens Beacon BLANKET ROBES 3.95 Originally4.95and 5.50. Warm, well made robes Small, medium and large sizes. Attractive patterns, cord trim, 16 Pairs Men's RIDING BOOTS 2.95 6.50 Value. Leather lined.| In black or brown. Broken sizes. Would make a fine Christmas gift. Men’s Furnishings 9 Original 50¢ Men's Tie Holders. Takes up little room 19¢ 1 $2.50 Men's Duon. Warm Union Suits. and ends....... 13 Original K 50 Men's Superior Union Soiled. sizes 34 and 50 only. (Men’s Furnishings, Main Floor.) Men’s Footwear 60 Original $1.95 Men's Leather Bedroom Slippers. Sampl Broken sizes $1.25 30 Original $1.95 Men's H Sandals. - Leather bottoms ana straps. Sizes 6 to 11 . 69e 20 Original $5.00 Men's _BI: Shu TBhek Oxforas ™ Broken siies O DUIG L L SRS 20 Original £1.25 Men's Ruh- bers. Small sizes only 49¢ (Men’s Shoes, Main Floor.) Men’s Hats 21 Original $3.00 Men's Velour Finished Felt Hats. Nationally- known make. . ... $1.49 1 Original $8.50 Man's Demount- able Malacea Cane. . $2.95 (Men’s Hat Shop, Second Floor.) SORRY, NO MAIL OR PHONE ORDERS. THE HECHT CO. 'S SHOP Rayon Undies irr all Sizes 29c Full-cut lace Arimmed and tailored rayon undies in reg- ular and extra sizes. (Main Ploor. The Hecht Co.) The Hecht Co. Floating Soap 2 5C doz. Lirgetie cresue soap made specially for The Hecht Co. choice of fragrant (Main Floor. The Hecht Co.) Palmolive Beads for Laundrying 1 0 pkgs. for 4 8c The safe way to launder vour silks and woolens. “Suds” quickly and is safe for the finest fabrics, (Main Floor. The Hecht Co.) Clearance! Wool Jersey Blouses 49c¢ Chiefly two-toned combina- tions, Belted styles made 1o sell for much more. Broken sizes of course. (Main Floor. The Hecht Co.) 50c Tre Jur Single Compacts 15¢ In Modernistic decign and a wide choice of colors . . . The Joose-powder style so many women prefer. (Main Floor. The Hecht Co.) Tre Jur F;agrant Bath Powder 3 for 5] Dainty pink or green boxes of TreJur bath powder in bouquet Odeurs . o . with large velour puff. (Main Floor. The Hecht Co) Hundreds of Gift VALUES at The Hecht Co. Vacuum-Filling Transparent Pen 49c A fountain pen that holds 3 times the usual amount of ink. Fitted with a guaranteed 14-kt. pen. (Main Floor. The Hecht Co.) Corduroy Pajamas $3.39 Good looking one - piece lounging pajamas in lovely colorings. All regular sizes. (Main Floor. The Hecht Co. 3 Men’s Initialed Handkerchiefs 7 9c¢ Box Hemstitched white linen handkerchiefs, with fancy colored initials. Packed 3 in a gift box. (Main Floor. The Hecht Co. Pretty Nosegays in Gift Boxes 50c¢ Gay floral clusters . . . gar- denias, velvet clusters and more tailored styles in a charming gift box. (Main Floor. The Hecht Co. Character Dolls with Metal Heads 59¢ Some with eves that move. All are 16 inches long and have unbreakable metal heads. Youngsters adore them. Third Floor. The Hecht Co.) Women's Rayon Gowns & Undies 2 for $1 Gowns in pastel shades. Lace- trimmed and tailored undies in tea and flesh. Broken sizes. Sold separately, 59c. (Main Floor. The Hecht Co. Women’s Warm Flannelette Gowns 79c Fulleut. well made gowns with voke and lonz sleeves, In pretty stripel patterns. All regular sizes, (Main Floor. The Hecht Co.) Real Petit-Point Double Compacts 50c¢ Genuine hand-made petit- point motifs on oblonz mertal compacts containing rouge and place for loose powder. Lovely colors. (Main Floor. The Hecht Co Men’s Fitted Traveling Cases $2.29 Discontinued real leather cases. completely fitted and in a wide variety of styles. A real pre.Christmas “buy.” Black or brown, (Main Floor, The Hecht Co. Wool Scarf, Hat and Glove Sets $1.98 Matching wooly gloves, tam and scarf in brillian color- ings. Gloves in sizes 6, 7 and 8, with large cuffs, (Glove Dept.. The Hecht Co.) Junior Boys’ Overcoats $1.95 Just 68 of them. Sheeplined coats in sizes 4 to 8 and regu. lation chinchillas in sizes 3 and 4 only. (Second Floor. The Hecht Co.) Children’s Felt Booties 79c Red or blue felt slippers with velour turn-back cuffs. Padded soles, with cord and tassel on vamp. Sizes 6 to 3. (Main Floor. The Hecht Co. Hechit G F Street at Seventh