Evening Star Newspaper, March 23, 1935, Page 21

REAL ESTATE. DEPRESSION OVER FOR REAL ESTATE Washington Board Told of National Improvement by | President Schmidt. # The depression in the real estate! business has been left belind, Walter S§. Schmidt of Cincinnati, president of the National Association of Real Estate Boards, told members of the | ‘Washington board in a meeting Tues- day night in the Mayflower Hotel, | Schmidt said the problem today is to “retain the real progress made inl past eras, to eliminate the mistakes | of our recent prosperous one and to push ahead to new advance, material | and social, using all the good that | survives. Sound principles and prac- | tices and forward-looking policies as regards real estate will be the back- bone of that advance.” “The severity and long duration of our troubles,” Schmidt continued, “were unquestionably due in .arge measure to an inadequate protection of our banking system. particularly in the matter of long-term or mort- gage credit. Government recognized the fact and has established various great agencies. For its sympathetic consideration of realty distress 1t de- serves our gratitude. These agenc.es —the Home Loan Bank, the Federa: Housing _Administration and the Housing Division of P. W. A—have all extraordinarily competent person- nel. To the Housing Administration we are especially indebted for a truly national campaign promoting the de- sirability of real estate ownership and value restoration, Caution and Compromise. “If the measures adopted are not all they should be it must be remem- berec that the approach was cautious and the bills themselves filied with compromise. What exists is there. Instead of criticizing let us be co- operative and work constructively for such remodeling as will make the agencies of the greatest value. “With that orientation I these proposals “PFirst. Remodel the home loan bank act so that this agency, designed to lend on mortgages of members, may and shall serve all such lenders of make i ,’ l Cottage THE EVENING STAR, WASHINGTON, of Cape Cod Colonial Design This drawing of a quaint Cape Cod Colonial cottage was made for The Star by Maurice S. May, ‘Washington architect. A house similar to the drawing has just been completed for A. 8. Lord in Woodridge Gardens. The house is of brick construction, painted white. Exterior woodwork is stained dark brown. The porch, which opens off the living room, is finished with rough-hewn timbers. It is a six-room house with two-car garage. The cottage atmosphere 15 carried throughout the house, with quaint electric fixtures and attractive wall paper in Colonial SCHOOLS PLANNED I Maryland University Extension | Service to Sponsor Course in Beautification. Home owners in Maryland this Spring will be given an opportunity -| velopment of scientific methods, This to learn about a long-time program D. C, SATURDAY, MARCH 23, 1935. CEMENT HANDLING INWINTER SOLVED Thawing of Ground in Win- ter Paving Work Found Advantageous. Cement has been added to the list | of building materials which can be handled with comparacve ease under average Winter conditions, due to, de- makes possible the laying of concrete walks, driveways, garage and basement floors, and similar activities at any time except in severest weather. First among the several Winter- time precautions is not to lay con- crete directly upon grozen ground. The ground, if frozen, should first be thawed out and dried. * ‘The different ingredients of the concrete mixture should be heated, with the exception of the cement, to around 120 degrees. Higher tempera- tures are likely to produce a flash set. Heating by Steam. | The water can be heated by injec- tion of live steam, where steam is available, or in any container which | happens to be handy. Sand and stone should be heated separately, over steam coils, on a sheet-iron platform over a masonry fire box, or by piling it over an old iron pipe, a section of culvert, a smokestacR, a boiler shell or a steel barrel laid horizontally in | which a fire has been built. Tar- paulins laid over the heated sand and | stone will assist in preventing heat | loss until they are ready to use. | A cement mixture should be as stiff as practicable, then placed promptly | to prevent the loss of heat. | Since cold retards the hardening | of concrete, it should be protected | from low temperatures. It hardens | best between 70 degrees and 100 de- | gress, Fahrenheit, so that in cold | degrees for at least three days. | Protecting of Concrete. One method of protecting walks, | drives and similar concrete work is | to cover them with heavy paper, then with 12 inches of hay or straw, and contractors cover sidewalks and simi- APARTMENT WORK NOW ATLOW PRICE Modernization Urged While Dollar “Still Has High Pureha\_se Power.” » In view of expected changes in rental demand, today’s dollar, with its relatively high purchasing power, represents a “spending opportunity” for owners of apartment buildings to fortify their economic position. That is the conclusion of L. W. Hil- ton, Chicago, writing on “Economics of Modernization” in the current is- sue of the Journal of Real Estate Management, technical quarterly published by the Institute of Real Estate Management of the National Association of Real Estate Boards, The article is of special interest in view of congressional action now pending to open F. H. A. insured mod- ernization and other loans to apart- ment buildings, and in view of R. F. C. action, announced March 15, to get mortgage money supply under way for income-producing real estate, in- cluding apartment properties. Modernization Problems. “The abode of the average man, the ordinary apartment building, usually three stories high, ranging from two to over 100 units, with rentals from $30 to $125 a month” forms the group cited as that in which modernization may hope to have its greatest eco- nomic possibilities, but “in these days of paying out high-priced dollars, high wages, high material costs, we may as well face the fact that many of our properties are not worth mod- ernizing.” Badly “out” are buildings where undesirable population move- ments are taking place. “The migration is about to start for a better place to live,” Hilton be- lieves, on the promise of a coming weather it is advisable to keep the | credit inflation, with the sense of | temperature of the concrete above 50 | wealth it would bring. “The past five | | All Different years have curbed as never before our fundamental instinct for satisfying human wants. Wealth has always burped its hole in the pocket. The home, as always, will serve as the out- let for a goodly share.” Meantime, “the stage was never set finally with tarpaulins or boards. Some | to the better advantage of the alert | property manager. At the present REAL ESTATE. with & given number of dollars de- | clines, the importance of equity hold- ings in real estate will increase. | ‘Through modernization we have con- verted our wealth from dollars to| commodities; we have also, to the in- tent of the additional investment, hedged against the coming change. “It makes no difference where the dollars to modernize come from. They may come from the owner's | pocket or, if possible, they may be | borrowed. For example, view a prop- erty whose status is 90 per cent mort- gage, 10 per cent equity. Assume a rise in general commodity level of 25 per cent. The building’s indebtedness remains the same, at the same time the equity has increased 350 per cent. “It is the salvation of the owner to continue to ride this thing through.” | Outlook for higher future prices for maintenance items is another reason for whipping costs around the mod- ernization post, Hilton finds. In wisely chosen improvements, “we | have wisely spent our dollar of today, | and we have at the same time con- | served our low value dollar of tomor- | row. “A tiled wall does not have to be painted in the future. The same thing is true of the canvas walls. It but the wisdom of so doing will be doubly demonstrable as time goes on. The waterproof papered bath takes on & new importance. It saves on the future, when to spend will avail us | less. The lowly linoleum on the floor saves varnishing and reconditioning, | that on the wall saves painting. It, too, has fulfilled a two-fold purpose. | It solves our problem of the future, its own of the present. It will con- tinue to do so for a long time to come; at least, until another economic cycle descends upon us. Then we shall | need both new linoleum and new eco- nomic theories.” U. S. Equipment Used. American office appliances are be- ing used extensively in Greece . [ will cost money to put them on now, } | B-$§ Feature for Boys’ Room. A useful bit of equipment for a boy’s room is a sheet of wallboard at- tached to one wall with a narrow molding tacked around the edge. This supplies a handy place to put up drawings, posters, prints and other material. The wallboard can be painted to match the wall against which it is placed or may be coated in a contrasting color. The molding can be finished to match the wood- work of the room. A MARVELOUS NEW STUDIO HOME NEW studio type home, set among towering trees on a large landscaped lot. Massive studio li room with big firepla cony, bedroom, bath, g room and kitchen on main floor. Two bedrooms and bath on second floor, open- ing on balcony. Venetian blinds throughout. s+ 123 * W. WOODBINE ST. ® CHEVY CHASE e MARYLAND OPEN ALL DAY SUNDAY AND DAILY! Drive out Comnmecticut Ave.. beyond Chevy Chase Circle to Woodbine Street and west to home. ‘ CREATI! For thirty years we have been NG ORIGINAL DESIGNS money. At the time, due to conditions in the enabling legislation, none but building associations (with one or two exceptions) use the system; other mortgage investors find it impossible or disadvantageous to join. Building associations have been valuable in- strumentalities, but, if the total of private lending, never properly esti- mated in statistics, is taken into ac- count, their volume represents but about 20 per cent of the total of home mortgages. “Next. Make these changes in the national housing act: “1. Revise the insurance so that it is real insurance, either cash or deben- tures bearing the same interest and terms as the last-issued Federal se- curities selling at par. The idea be- hind the insured mortgage was to make the investment attractive, but if the insurance is not real the plan in- volves expense to the lender without commensurate advantages. “2. Revise the cost of the insurance 0 that this cost is not fixed at a per- centage of original face, but on the amount due in principal at the com- mencement of each year. The insur- ance becomes more and more expen- sive as the mortgage is paid down, a strange anomaly. The whole mutual feature is an encumbrance rather than an advantage. “3. Dissociate the ideas of ‘ability to service’ and ‘financial responsi- bility’ in fixing the basis for deter- mining eligible mortgages. Any pos- sessor of money should be an ‘eligible mortgagee, capable of owning an in- sured mortgage. It need be required only that the mortgage be serviced by an approved agency, and unnecessary restrictions against holding an insured mortgage and transferring it should be removed. At this moment no indi- vidual can own an insured mortgage— none but State and Federally in- spected institutions. The wording of ~ the law is such as to leave the ad- | gage associations, as now constituted, will have serious difficulty in operating | profitably. None have been .ormed and it is unlikely that many will be, since it is apparent to investors that they have small chance of substantial net earning. The secret lies in ability | to sell bonds of low vield to provide an adequate ifferential between in- terest received and interest paid. A two or five or even a hundred million- dollar bond-issuing corporation will not possess sufficient public confidence to secure the desired result. The guarantee of the central bank will assure bond saleability.” WALL SWITCHES RULES | Location Depends on Habit in Reaching in Dark. The location of electric wall PREVENT GARAGE COLD Experts Use Heating Apparatus or Strips. In the case of garages built in the basement or attached to the house, many owners take the chill out of them during damp and cool weather by installing an independent heat- ing unit in them, or a unit connected with the main heating plant. Like- wise, the infiltration of damp and | cold drafts into the garage can be | retarded by weather stripping, or by nailing strips of felt or rubber sheet- | ing around the doors, so that the cracks will be covered when the doors are closed. The materials being | flexible, they will bend readily when the doors are opened. switches is 3 minor but important | detail which often receives | cient consideration in remodeling an | existing structure or building a new | home. | The location of the switch with reference to the habit of reaching | for it in a dark room involves three important factors, namel its dis- tance from the trim, height from | | the floor and the side of the door | opening on which it is placed. Today’s Greatest Value ministrator little alternative but to | adopt such regulations. Federal Mortgage Bank. “Finally, create a Federal mortgage bank empowered to buy sound mort- gages from any holder without recourse against the scllers on any kind of urban property, not merely residences. If desired, the purchasable mortgage on business property can be limited in | amount to say $250,000, if there is fear of larger sums The mortgage bank should be empowered to sell bonds against mortgages it owns. If the United States does not wish to guarantee these bonds so that they can be sold on a basis of low interest yield, then a sufficient capital, say a billion dollars, should be pledged by | the Government. Thus, the bonds issued would have the necessary se- | curity to find public acceptance at the low yield required for successful oper- ation. The actual funds needed would be small, say 10 per cent of the pledged subscription, as the corporation would meet its money needs by sale of its own securities. “The bank could be empowered to buy the stock and guarantee the bonds of mortgage associations provided under the national housing act. These mor 812 Quackenbos St. Built by FRANK FANNING. Inc. ERE you will find an all-brick house with six fine rooms an floored _attic which you will acknowl- edge the greatest bargain in Washing- ton. Three large bedrooms. big modern kitchen. slate roof fireplace. Beautiful 50-ft. landscaped iot with large oak trees. Paved street. near school. stores and transportation: brick garage. Drive out Georgia Avenue to Quacken- bos, turn right two blocks to house. Horning Realty Cc Tower Blds. NAt. 2030 4421 Garrison St. N.W WE RECOMMEND this attractive Cape Cod (all-brick) as the greatest value wec have offi time. AFTER INSPECTION y. ered in a new home for some ou will agree. COMPLETELY MODERN AND WELL BUILT Large Lo t 54x157 8,250 Open Saturday Afternoon and Sunday Out Wisconsin A ve. to Fessenden St., left to 44th, North to Garrison. F. ELIOT MIDDLETON REALTOR Investment Bldg. Met. 2827 insuffi- | LOCATION! CONVENIENCE! PRICE! 3 Good Reasons for Seeing This Home | for general beautification of their | home grounds at a series of one and two day schools, which will be held in a number of the counties under the auspices of the University of Mary- land Extension Service. ‘The purpose of the program, which will be under the direct supervision of the home demonstration agent, will be to make the home grounds more attractive and add to the pleasure and enjoyment of rural life. Material for the 10 projects has been compiled in four-page circulars with many illustrations. Subject mat- ter of the circulars include the follow- ng: “General Management,” “Drive- ways and Walks,” “Planting and Care of Lawns” “Use of Trees,” “Foundation Plantings,” “Boundary Treatment,” “Screen Planting,” “En- trance Features” “Use of Architec- | tural Peatures” and “Special Develop- ments.” According to those in charge, a new project will probably be taken up each | year although this decision will be left largely to the co-operators. As each project is finished the co- operator will be given credit in the | {form of a seal added to a certificate. | lar flat work with removable wooden | turn of the cycle, modernizing., under or canvas tents built in panels. Sala- | skillful management, will kill manders, or small stoves, used, especially where the concrete building on a plane above its non- | | can be inclosed. Insured modernization loans for do- are often | birds with one stone. modernized neighbors, the Federal Housing Administration. | tomorrow.” —_— Boy, 17, Is Skating Ace. ! Price Advance Seen. upon us. 502 GODDARD ROAD BATTERY PARK, MD. It will put the | equip it to| meet competition from other build- ing masonry work are being used by ings whose owners get the moderniz- | many home and building owners un- | ing idea. And the cost will be in | der the modernization credit plan of dollars of today, paid off in dollars of | ‘These dollars will not be the same, | Jack Dunn, who won third place in | Hilton holds. His reasoning: “There | the European figure-skating champ- 'can be no recovery without advance | fonship contest at St. Moritz, Switzer- land, is only 17. in prices. The advance is already As our purchasing capacity EXCEPTIONAL VALUE two | You Washingtonians who know home values will find these NEW homes with their seven rooms and two baths of un- usual possibilities: The first floor has large living room with wood-burning fireplace, well proportioned dining room and modern electric kitchen with every desirable convenience. The second floor offers three spacious bed rooms, two tile baths, large closets with linen storage space. The THIRD floor is one‘ big room, finished for occupancy. while & RECREATION ROOM is a feature of the basement. 512 Quackenbos Strect N.IV. 508 and 514 have been sold. ‘To see these homés. drive out Georgia Avenue to Quackenbos Street, turn right to homes. Price °9,150° OPEN FROM 10 A.M. to 9 P.M. FURNISHED EXHIBIT HOME This new center hall home, located in the prettiest section of Battery Park, is well worth your considera- tion. A large living room with fireplace, opening on a lovely screened porch; a modern electric kitchen, large daylight basement with extra lavatory, laundry Dist. 1015 1519 K Wm. H. Saunders Co., Inc. St., N.W. Or Your Own Broker TO BE SACRIFICED BY TRUSTEES A BEAUTIFUL HOME IN ROSEMONT, ALEXANDRIA, VA. 123 West Walnut St. NEAR MASONIC TEMPLE Brick Colonial on finely land- scaped lot 100x125. Large Center Hall, living room, dining room, library, pantry and kitchen. 5 Bed Rooms on second floor; one room and plenty of usable third floor space; oil heat; built-in garage. Drive out new Mt. Vernon boule- vard to 1st traffic light in Alezandria, SUNDAY, 10 TO 6 right to Russell rd., right to Walnut TODAY & MON., 2 TO 6 st. and left to house. BOSS & PHELPS Realtors IN PRICE 'WAY DOWN TO $18,000 OPEN trays, Automatic gas water heater. bed rooms. To Reach—out Wisconsin Ave, to Bank of Bethesda. Three lovely Beautiful 18t 73 ft. wide, with garage. ollow car lime to Battery Lane—left to proverty. Built by Alfred T. Newbold—Presented by CYRUS KEISER, Jr. 5211 Wisconsin Ave. New Quier MAY Oil Furnace adds four Features to the best in Oil Heat. ESIDES an amazing new arrangement for clothes drying —Quier MAY Oil Furnace gives you these four other plus features: 1. 2 3. 4 Heats any size house for less cost than coal and, in our experience, for less than any other oil furnace. 180 gallons of household hot water per hour. No tanks necessary—it all comes right out of the furnace. Heats cellar without radiators. Turn off the heat in Summer—get hot water just the same. 3 Ask us to show you hoy these five revolutionary featu:®s work. COLUMBIA SPECIALTY CO. Fuel Oil 1636 CONN. AVE. NORTH 7861-2-3 Air Conditioning and building homes. We consider these new designs the greatest step forward we ever have seen in all these years. BE INFORMED BEFORE BUYING PRICED NOW $12,450 Three Bed Rooms, 2 Baths, Large Living Room. A new type garage, electric kitchens, oil heaters, full size attics and cellars; 60-foot lots—up to 100 feet slight extra. Many new ideas and the most home for the money in all Washington. PRICED NOW $13,450 Four Bed Rooms, one of which is a studio room, 2 Baths, First-Floor Toilet, Big Living Room and Dining Room. All our homes are brick and stone. Inside garage entrance. Electric Kitchens, Oil Heaters. Ultramodern. & We are building and selling these extraordinary homes at these unheard-of prices for a very defi- nite and specific reason right now. YOU CAN PROFIT BY IT They are located in what we consider the finest home section of Chevy Chase, Maryland, near all the important golf clubs. Sunday we will be at 6542 Maple Ave., Chevy Chase, and in a few moments will take you to see these homes. We advise you to |nvest‘igate —then we ask you to look all Washington over for such a value —TO INSPECT— We will meet you at 6542 Maple Ave.—one of our $13,750 homes. Drive straight out Commecticut d4ve. to BRADLEY LANE (Chevy Chase Club), turw LEFT 2 squares to Maple Ave., then TURN RIGHT 4 squares to 6542 Maple Ave. SHANNON & LUCHS LOPMENT Co.