Evening Star Newspaper, December 1, 1934, Page 16

__ B REAL ESTATE. _ THE EVENING STAR, WASHINGTON, D. C, SATURDAY, DECEMBER 1. 1934 MORTGAGE MONEY IS DECLARED SAFE me Loan Bank Review T2nies Interference by Government. " Iortgage men and mortgage money | 2d have no fear for the future, ac- cording to an analysis of the situa- tion in the leading article of the liovember issue of the Federal Home | Loan Bank Review, just published. The article makes plain that the crea- tion of various Federal agencies deal- | ing with home financing and hou ing does not mean that the Govern- ment plans to take over the home nortgage business from private hands. To dispel the uncertainties which are harassing mortgage men the article reviews what has happencd to the mortgage market, what the Gov-| ornment has been forced to do and what the trend for the future may | be. It is shown that to check the' ollapse in 1933 of the home financing | tructure was only half of the Gov-| rnment’s immediate task. The other | half was to revive the mortgage mar- ket and reopen general invesiment hannels to mortgages. This, it is :d, could be accomplished only by ecting deep-rooted weaknesses in e mortgage s ructure, particularly 1e widespread use of the short-term lamortized lcan and of second ortgages. To Correct Defects. To correct these defects, the article ates, is the purpose of each of th srmanent agencies under the Fed- val Home Loan Bank Board and ine ederal Housing Administration. The “overnment’s program aims by pro- ding adequate safeguards “to stimu- ite a flow of private funds under orms fair to the lender and favor- | ble to the borrower.” The article concludes with an analy- s of the immense need for r THE EVENING STAR, WASHINGTON, D. C., SATURDAY, DECEMBER 1, District Low-Cost Housing Scheme Successful The Trinidad avenue frontage is on 1934, U. 3. HOUSING UNIT TOPROTECT PAPER Mortgage Groups to Aid Proadening Hom: Ownership. i (Continued From First Page.) are expected to be in a more recep- tive frame of mind toward prospec- tive borrowers, since they will know sured, mortgage can be turned into cash at any time it is desired to do so. “No mortgage money available” is a!| cry that probably won't be heard agal in. Directly tied in, of course, is the || | basic maximum interest charge of 5 | per cent fixed by the Federal Housing || Administration. This means virtual standardization of intevest rates all over the United States, so that ex- || cessive borrowing costs may not be a barrier to home owning. From the standpoint of lending - | stitutions, too, the plan offers a na- the right and Raum street on the tional field from which to select satis- factory borrowers. The working funds of the National Mortgage Associations wil be obta.ned through the sale of their own deben- tures, to be issued against the security of equivalent amounts of irsured home mortgages. The terms of the nationa! Fousing |}/ act pe-mit each association to have outstanding at any time debentures in an amount up to 10 times ils paidin capital stock. Thus the minimum capacity of h for trading in insured home mortgages wouli be in excess | of $50,000 000. | Stock in one of these associations should earn a substantial dividend, those who have studied the plan be- lieve. The margin hetween the interest || it receives on the insured mortgages in its portfolio and the interest it pays on its own debentures, plus | the earnings from investing -hat part | ) sociation will only come into being REAL ESTATE. total net earnings of this association | under the most careful safeguards of up to 8 or 9 per cent on its capital | the Government. k. Coupled with the mortgage insur- The initiative in forming these as- | ance features embodied in title 2 of soctations must be taken by private | the national housing act, which were individuals, and for that matter uny“ discussed in previous articles, the group of persons meoting the :ualifi- | formation of mortgage associations cations and approva! of the Federal | under title 3 will complete the ma- Housing Administratin might start | chinery necessary (o bulld a stabilized, a mortgage association. But an as- | permanent home financing structure in the United States. Home A Lovely New that if they lend the money, the in- | In Historic Falls Church, Va. 1140 Memorial Drive $8,750 1} real bed rooms. 2 colored- modern_kitchen, facilities, Lot Featuring all-brick and steel beam construction tile baths, large living room with wood-burning fireplace, aluminum screening throughout: many other home-like 55X162 with nice trees and garage at rear. Open and Heated Daily Drive over Memorial Bridge. out Wilson Boulevard through Clarendon or over Lee Highway to Zast Falls Church, turming left on Memorial Drive. Harry A. Fellows, Jr., Owner Upper view shows one of the latest developments of the Washington Sanitary Improvement Co., consisting of apartment units designed for low-paid white-collar workers, but more expensive than the general run of low-cost housing schemes. These apartments rent at $32.50 to $44 . ‘the $44 being for an apartment of six rooms and bath. This opment is located at Trinidad avenue and Raum street northeast. of its capitai not otherwise tied up. might possibly bring net earnings of | an association up to 8 or 9 per cent, some nave estimated. A hypothetical case: An associa- tion’s insured mortgages on nand yield an average of 5 per cen® interest. John H. Smith, Contractor Phone Falls Church 22.J-1 iancing existing mortgages on resi- | ntial and commercial properties :d the financing of new mortzage: | ) provide new nomes. | All the qualified m ge tale! ailable and more.” the article con left. In the rear of these buildings is a landscaped playground The lower picturz shows a more standardized form of construction of low-cost apartments renting from $12.50 per month (two rooms and bath) to $1550 and $21.00 per month (three rooms and bath). These are located on Half street southwest. O street is on the left. There are four blocks of similar apartments in this area. udes, “will be required in recasting 11s huge volume of mortgage ebl- ness in long-term form which again Il command the confidence of in- vostment markets. With the existing situation rationalized in the light of | vesent values the groundwork will| > laid for a revival of building con- | ruction and of new mortga nancing.” ; New Business Methods. practical plan to permit build-! and loan associations to underiake | busincss while at the same time the liquidation of theis ‘ is contaim e second article of the Noveriber Ceview. This plan recommends the segrega- ion of such assets as are income-pro- ducing from those which are not. It arges the reorganization of brilding and loan associations with laree per- | centages of non-profit-producing as- scts into two institations: One, a virile (inancial institution which can imme- ! diately serve the investors and bor- rowers of the community, and the ‘ther & liquidation agency operating under economical management Encouraging evidence of the public snfidence which the Federal stamp 1 thrift home financing institutions mmand is given by a report in the tteview on the growth of new Federal avings and loan associations. This 1ows that in 282 new Federal asso- ations private investment has aver- sed & 171 per cent increase since weir organization less than cix 1onths ago. At the same time tl A “casing rtgage The N 1er articles » preblems of incrist to erecutives thrift home f.nancing i the count.y. JLONY NAMES OFFICER ving Forest Group Elects A. L. Landvoigt President. Albert E. Landvoigt rccer ted president of the Maryland ying Forest Club. during a meeting members to select officers and a rd of governors for 1935, F. E. Dietz was named flrst vice sident; R. N. Crampton, second © president: Miss Mable G. Hunt, vetary, and Walter L. Bean, treas- r. In addition. nine members wer cted for the board of governors. “nping Forest is a Summer colony S < WINTER REPAIRS | FOR WALKS URGED Now Is Time to Prepare Steps and Aprroaches for Bad Season. that N now to conditions demand home owners give atten sidewalks, paths, steps, terraces and | similar approaches to their houses Besides the comfort and convenience afforded by properly conditioned walks, there is added protection against falls which might result in serious injury. Lack of good. level, clean walks | also means muddied, ruined shoes, wet feet, often followed by colds and pn2u- monia. In addition, walks repaired | now will minimize breaking and buck- ling due to water getting under the walks or in cracks, then freezing and | expanding. In laying a concrete walk, dizin- age should be provided so that water | will rot accumulate under it. If the drainage is i, the concrete may be poured directly on the egr und, althougt constru tion the y a base of about 6 or gravel. This is 0 4 inches of mixed aggregate over which is poured three-quarters »f an inch to an inch of fine aggregate concrete. Wood forms usually are used to ob- tain straight sides and to keep dirt out of the concrete. They are placed that the edges of the boards mark urface of the walk and are used leveling. The surface > cbout 2 inches Winter Embassies Kept Repaired, Adjacent Places Neglected In 50-odd embassies and lega- tions within the District there is not one showing a sign of dis- rcpair, although some adjoining American-owned properties are in a sad state of dilapidation, ac- cording to James Ring. special housing investigator for the Pub- lic Utilities Commission. The hedges and walks of the official diplomatic residences are neatly kept. Entrances are fresh- Iv painted and brasswork bur- nished. The masonry work is clean and the roofs are in perfect repair. PAINT HELPS LIGHTING Factory Executives Given Point- ers on Modernizing. . Plant and factory executives, who pre medernizing their properties and devoting particular attention to proper lighting, are learning that even in so-called daylight plants with many windows and sky-lights, it is essential for walls to be properly painted with regard to light reflection INEW TAX SYSTEM WOULD AID P00 ‘Vice President of Baltimore Coun- cil Proposes New Plan. Special Dis) i BALTIMORE, December 1.—Some- | thing new in the way of taxation by | which taxes on the small property with | an automatic increase on large prop- | erty holdings. was announced this week by Dr. Charles J. Wells, vice chairman | of the City Council. Dr. Wells, who is now studying such a plan, said he felt that the time had [come to make some permanent ad- | justment of taxing principles, so that | the burden could be adjusted to the | ability of the individual to bear it. He | expressed the opinion that taxation in | accord with a sliding scale was the best way of meeting the problem. “Under such a plan I would exempt to The Star. value. The pale tints of high reflect- | ing value—particularly those” most closely approaching white, cream and | ivory—are proving very satisfactory. Modern construction, which considers | windows, lights and paint as three aids to one end—better vision—is mainly responsible for this interest- | d. Something New Country Club Village In the Heart of Seven Country Clubs The first of thirty-two individual homes. Others now under construction. Most beautiful, natural Nature unspoiled. homeland ever offered. Refined home community. Stone walls, flagstone walks, driveways, ete. Just think, brick homes in a $25,000 setting at from taxation the owner of a small property who is out of work,” said Dr. | Wells. “Those who have little would | have only a small tax burden to carry and those' who have a great deal would bear the largest part of the cost of government. Iam not very much im- pressed by those owning large proper- ties who maintain they are seeking reduced taxes to aid the poor man. What they want is reduced taxation for themselves. Debentures require the payment of on average of 33, per cent per year Total expenses of the association are 3, of 1 per cent. If the association had outstanding the full amount of debentures authorized, the 1z of 1 per | | cent remaining would still amount to 5 per cent on its capital. Earnings cf | | capital not tied up in buildings and | furnishings might easily bring the | “I want to see the poor man re- | lieved as far as possible of an onerous tax burden, and relieved outright, if he is out of a job. But I think that those who have accumulated a great deal of this profited most from the services of the city government should have a corre- | spondingly large part of the tax cost to pay.” . Attachment Shells Peas. One of those versatile electric kitchen mixers has had a new at- tachment added—a pea sheller said to shell vari-sized pods as fast as | they can be fed with never a pea | missed. * 3307 MILITARY ROAD, Chevy Chase, D. C. $12,950 WE INVITE YOU TO THE FIRST SHOWING Of this complete Colonial brick residence, cally located in a splendid neighborhood, and ready for your immediate occu- pancy. world's goods and who have | HOMES ON ACRE SITES Model home open daily and Sunday until 6 P.M. Directions —Out Wisconsin Ave. fo ank of Bethesda and follow car roed to Lurmanor signs. Just 25 minutes jrom the heart of the city., tine Offered at Real Bargain Prices 3105 Northampton St. Chevy Chase, D. C. New Brick Home 6 large rooms. 2 recreation A splendid value. baths, electrie kitchen. room. finished attic. Must be seen to appreciate this fine eoffering. Priced at only $10,950 ACACIA Mortgage Loan $8 Per $1,000 PLAN Reduces interest cost each months Reduces the amount you owe, each month; Has a definite, unchanging, reason- ablc payment rate each month, that you can plan for; Has the low interest rate of §%273} A Brings vou steadily and surely closer to the time when you can say, “We own our home frce from debt.” Pays out in 15 years and 6 months and can be paid up any time. Ends all commission and renewal expenses. (This loan runs until fully paid.) This loan plan is available to owners of satise factorily located properties in Washington and nearby Maryland and Virginia. Write for Circular, or Call at MORTGAGE LOAN DEPARTMENT ACACIA MUTUAL LIFE INSURANCE CO. Assets More Than $54.000.000 D.C. 1437 K St. N.W. Washington, Now Open, Heated and Lighted 9 AM. to 9 P.M. To recch: Drive out Wisconsin Avenue to River Road, left on River Road one-half mile beyond Kenwood Country Club—Come this way until Massachusetts Avenue extended is paved. Smith Bros. & Co. BUILDERS AND DEVELOPERS NAtional 0327 719 Evans Bldg. NOrth 4533 W KOOP, Owner Three bedrooms (all twin-bed size), two completely tiled baths, excellent recreation room in basement, celotexed third floor. Kitchen with electric refrigeration, built-in cabinets, and Breakfast alcove. OPEN AND LIGHTED DAILY AND SUNDAY EDW. H. JONES 8 CO., Inc. Chevy Chase Properties 5520 Conn. Ave. Cleve. 2300 tad on the Severn River, near apolis. L] “LARKE JOINS BROWN 4707 Hunt Ave. Chevy Chase Gardens $9,750 Sales Unit. ~lavde F. Clarke, well known in N, <hington real estate circles, has °n over the active management of at $9.350. Gardens " will Brick reem pacious side po! pen fireplace, den. dining room. complete kitchen. sales department of Walter A. wn's office. it was announced today. “larke has had wide exnerien rcal estate field and was at one | o vie asident and treasurer of | r & Co. Recently he | his own cf css proper and investmetns s one of the oldest in the city. e "OIN HILLEGEIST FIRM mer City Manager and Mrs. Hathaway Signed. “lyde G. Brown, former city man- ¢ of Florence, S. C., has bscome ated with the sales department the C. H. Hillegeist Co., it was an- | inced today. | It was also announced that Mrs. | rrison R. Hathaway of Edgemoor, 774, likewise had joined the Hille- | { “ist sales force. In the Shadow of the Cathedral / 3846 Macomb St. N.W. ® 4 Bedrooms, 2 Baths ® 3rd-Floor Playroom @ Automatic Heat @ All Insulated Unquestionably the best new house value in the city for $14,750 Open Daily and Sunday FRANK S. PHILLIPS Realtor 927 15th St. DL 1411 18 North Mansion Drive Cape Cod Colonial Home containing many new and unusual features. OPEN DAILY AND SUNDAY Drive out 16th Street or Georgia A Delightful Avenue Spring, short distance to Wynnewood Park. 10th St. COMWANY REALTORS—Established Since 1915 Suburban Office, 8955 Georgia Avenue. to traffic light in Silver thence on Colesville Pike a Phone Nat’l 0765 Phone Shepherd 3530 BUY OR BUILD IN Greentoich Forest A DISTINCTIVE COMMUNITY FOR THE DISCRIMINATING HOME LOVER ATURE has been most generous in Greenwich Forest providing magnificent fully matured trees and a gently rolling terrain. The developers, deeply appreciative of this perfect setting have preserved these beauties and have contributed architectural achievements in the homes now completed. Not aPromise But a Reality HERE YOU WILL FIND Paved Streets Sewer Water Gas Eleetricity Transportation Schools Private Public Flementa Junior Senior Hish Churehes Stores Police Protection Fire Protection Movies Banks City Mail Delivery HOMES NOW AVAILABLE OR UNDER CONSTRUCTION We challenge comparison in construc- tion. This is not idle talk for we urge you to inspect these homes in every detail . . . the best of materials woven into homes by the most skilled artisans. HILLEGEIST 1621 K St. Realtors NAtl. 8500 Why not drive out to this latest residential community and get first-hand knowledge of what is being done to enhance the splen- dors of our Nation’s Capital. Drive West on Bradley Wilson Lane, three bed- ths (mastet’s m h bath); attict ge. attractively landscai nsportation facilities and sche nearby, To Reach: Out Wisconsin Arenue o Hunt Avenue. opposite Cherv Chase Club ‘golf course. turn left two blocks to properties. 3618 Warren St. The Only Remaining NEW HOUSE in This Section for Sale The lowest price ever quoted on a new home of this type in this section — the closest in-town mew- house suburb i Washington—and one of the highest elevations in the city. All .brick. 6 rooms 2 baths. i porches. fireplace. Ox- ford cabinet in kitchen. electrie re- {rigeration, screened and weather- stripped. Large fenced-in _ lot. Near new Photbe Hea 00l A remarkably fine buy at the low price offered. Terms can be ar- ranged. . 1500 Allison St. N.W. $13,750 Large Corner Brick House brivate Attractive center-hall pl: room. dining sun One block from 16th St. Convenient to cars, bus, etc. . Remember All 4 Homes Are Open Daily and Sunday Wm. M. Throckmorton Realtor Investment Bldg. District 6092 / N ALL-STONE Walls 15 Inches Thick! The only row ef stone homes available in the city today! Completely modern in every feature, you will be astounded by the amount of value you are getting for only $9,750! They are located on Riitenhouse Street between 13th and 14th. in 16th Street Heights; sample home, beau- tifully furnished, is open from 9 a.m. to 9 p.m., at 1320 Rittenhouse St. N.W. Paneled living room with stone fireplace; complete dinette; handsome kitchen with Electrolux gas refrigerator, Magic Chef gas range, and tiled linoleum; 3 master bedrooms capable of holding twin bed sets, each with full-length mirror closet doors; 2 Hollywood tiled baths; paneled recreation room; laundry room with electric washer; gas heat; recessed radia- tors; KOHLER plumbing fixtures; instantaneous water heater; stone retaining walls; stone garage; copper troughs and down- spouts. Come Out Today By All Means!!! Landscaped lots, 147 fect deep; hardwood floors; com- pletely screened; weatherstripped; cau'ked and furred walls. Modern Gas appliances by Washington Gas Light Co. Drive out 13th Street, left on Rittenhouse Street to homes. TOWER DIST. BLDG. 31oe