Evening Star Newspaper, May 11, 1935, Page 19

" REA MILLION SET ASIDE FOR MORTGAGES Pennsylvania Allocates Fund for Purchase of In- sured Paper. The State of Pennsylvania has be- eome an approved mortgagee under the terms of the national housing act, the first State to so qualify, and has allocated $1,000,000 surplus of State workmen's insurance fund for the purchase of insured amortized mortgages. This is one of the items included in a report of latest developments in the housing field compiled for the investment firm of Fenner & Beane. Other items in the report include: General Motors announces through its executive vice president that dur- ing the past year it has modernized 1,764 homes in which the corporation is interested, for a total expenditure of $394,000. B The Hawaiian Electric Co. of Hono- lulu pledges $300.000 plant moderniza- tion program at opening of better housing program in Honolu'u. A beauty shop modernization com- mittee to encourage general modern- ization of such shops has been formed in New York. The chairman of the newly formed committee estimates that $2,500,000 worth of such modern- ization can be stimulated before the end of the year. Forty thousand licensed beauty shops throughout the ecountry will be urged to co-operate with this program. Dallas Improvements. Dallas, Tex., Manufacturers’ Asso- ciation reports $1,500,000 worth of plant modernization and repairs ac- complished in Dallas area. Hundreds of men have received employment due to this program. The president of Sherwin Williams Paint Co. recently stated that its busi- ness for 1935 to date is 28 per cent ahead of last year. Better Housing News Flashes, a series of motion picture shorts re- cently released, are now being shown by 1,025 theaters throughout the country. Nine thousand theaters have signified their desire to make definite booking. Electrical equipment production ghows a 50 per cent increase for the first quarter 1935 over 1934, with sufficient orders on hand to main- tain this ratio for current quarter. Banitary equipment manufacturers are showing a 20 per cent increase over last year'’s production and the activities of the Federal Housing Ad- ministration are expected to make | further increase in this ratio possible during next few months. Factory shipments of household washing ma- chines for February were largest in the history of the industry. Construction Gaining. Residential construction is gaining generally throughout the country. Construction for March in 18 metro- politan areas reached total of $21,- | 000,000, as compared with a $1 000,000 total in March, 1934, wi many cities showing substantial in- creases. Manufacturers and contractors re- port greater employment in March. Figures supplied the Bureau of Labor Statistics from over 10,000 contrac- tors show a gain of 4.1 per cent in employment and 7.3 per:cent in pay rolls for March, 1935, as compared with 1934, Plusses are indicated in practically every classification of the building material and equipment field. LIEBER IS CHOSEN C. OF C. DIRECTOR| Former President of United States | Building and Loan League Honored. Philip Lieber, Shreveport, La.. for- mer president of the United States| Building and Loan League, is one of the new directors of the Chamber of | Commerce of the United States chosen at the annual meeting of the chamber in Washington last week. Mr. Lieber | become: one of the two directors for the States of Kansas, Oklahoma, Mis- souri, Arkansas, Louisiana, Texas, Colorado and New Mexico. Services to the home financing in- dustry of such outstanding nature as to merit his election to the director- ate of the national business body have been rendered by Mr. Lieber in his years of official connection with the league and with the American Sav-| ings, Building and Loan Institute, its| national educational affiilate. | In his own institution, the Pirst| Federal Savings & Loan Association of Shreveport, Mr. Lieber has inaugu- rated many of the progressive prac- tices now in use by the leading thrift and home financing institutions in all States. Prominent among these was | the supervision of construction on all new building loans made by the asso- | ciation. In 1930 he was voted by the national organization as the most significant contributor to the develop- L ESTATE. THE EVENING STAR, WASHINGTON, D. C. HREUEH 7 EXPRESS S{’ARK To Convert Factory Into Apartments e ] HEERE M EHH ‘| toward it? i 1mn The 100-year-old building on Washington street, Alexandria, shown above, which will be modernized into an apartment building of 23 three and four room units. The cost of the project is estimated at $70,000. Plans for the remodeled structure were drawn by A. B. Lowstuter. John Loughran, owner of the property, has named the Mohler Construction Co. of Washington to carry out the job. ALEXANDRIA DUMMY’S FATE IS DEBATED IN BUILDING CHANGE (Continued From First Page.) house in which it “lives.” A story that smacks of some authenticity re- lates that the dummy was used in the Jamestown Exposition of 1907 and then brought to Alexandria,) where it has remained since. Attire Changes With Season. With the passing of each season | the “man’s” attire, such as hat and | suit, has been changed. Recently he | was rigged up in a police uniform, cap and all. However, with the com- ing of warm weather the policeman’s | visored cap has been replaced by a cool straw hat. Life for the dummy since his ar- rival in Alexandria has not always been so easy as one may imagine from his present posture. He has been the butt of innumerable pranks and practical jokes. The worst oc- curred about a year ago when the | dummy was found dangling by a rope from the Taft Bridge. Police, how- ever, came to the rescue and he was restored without a great deal of io- jury to his seat in Alexandria. SHELVES IN ATTIC Device on Sloping Sides Elimin-| ates Chest of Drawers. When modernizing your home with an F. H. A. loan, remember that a useful device for attic rooms 1s a set | of shelves along the sloping sides. They can be brought out to the point where a person can stand upright in front of them. While this takes up some of the floor area, it gives addi- tional space to the room by eliminat- ing the necessity for a chest of drawers. Another method of utilizing this wall space under the eaves is to build in long seats provided with storage ment of the building and loan in- dustry. WYNNEWOOD PARK Charming New Stone-!‘rt 21 Fairvi OPEN DAILY AND SUNDAY To inspect—Out Sizteenth or Georgia Avenue to trafic light, Silver Spring. Out Colesville Pike to signs on lejt. REALTORS 721 10th St. Established Suburban Office, 8955 Georgia Avenue drawers. Home ew Road Phone Nat’l 0765 Since 1915 Phone Shepherd 3530 ‘Washable Wall Coverings. While doing the customary Spring Use Solvent on Removers. If paint or varnish remover is used house cleaning replace old out-of-date | before applying a new coat, all traces wall paper with some of the new | of it should be removed, using turpen- washable wall coverings, especially in | tine or another solvent. Most remov- kitchens, play rooms, bath rooms and | ers contain wax, and no varnish or similar places which become easily | enamel will dry properly when applied MONTGOMERY over wax. COUNTY ACREAGE Carefully selected properties of from 5 to 1,500 acres and ranging in price from $30 to $300 per acre, in- cluding improvements. WISE INVESTORS ARE BUYING ACREAGE WALKER & Tower Bldg. PRESCOTT, Inc. District 7834 Saturday Afternoon and Sunday—Phone Rockville 86. Unquestionably tfie Best Value in Beautiful Shepherd Park Just Completed 1419 A Detached Colonial Home of Unusual Beauty Gracefully situated on 3 beautifully Illd‘ scaped lot 50x142 feet, this unusual h You have'been looking for. Seleet "Snepherd. Fatk. surrounde 8 Rooms ® 2 Bath Mornirg Room Library Extra Lavatory First Floor Lot 50x142 Recreation Room 2-Car Garage Oil Burner Built by C.W. McKENDRIE || stantial homes. d ted furge. electrie kitchen fast room. Each room linen eloset in’ ballway. Construct and compiete ins has an unusually large liv- r:l;' with fireplace, large. beautifully dining _room. _panel library, ; ln.lg In!lr::: b pstairs e 3 large hs. 'l‘. inclosed showe large closets with si ttic is finished and papered a! t tile floor. res include furred walls OPEN DAILY & SUNDAY i street past Walter Reed Hos- Piiar 16" o visim Street, turn TiOht fo home. Frank S. Phillips REALTOR 927 15th St. District 1411 SATURDAY, BETTER MORTGAGE FINANGING SOUGHT New York Banker Makes Plea for Improved Methods. A declaration for better methods in mortgage financing was delivered here yesterday by Robert L. Hoguet, speak- ing before the National Association of Mutual Savings Banks in the Wal- dorf-Astoria, New York City. Mr. Hoguet is vice president of the Emi- grant Industrial Savings Bank, New York, and a well-known mortgage au- thority. “It is not within my province to discuss whether a recovery already has begun,” he said, “or how far off its inception may be. There are many who believe that, recovery is well under way, and all of us are hoping for its early development. If, as and when such recovery develops, what should be the attitude of mortgage lenders “I hope that we have learned the value of co-operative effort. Cut- throat competition must stop. It is| essential that &ny recovery should be kept within bounds. We must try to furnish capital in an orderly and measured fashion, and avoid excessive | production of new building. I do not see how this can be accomplished ex- cept by a definite appraisal of the | needs of every community, and by an understanding among the lenders in that community, that such needs, and only such needs, will be financed by them. “I regard the second mor e as the greatest enemy of a helflntghayg read | estate market. Its cost is ruinous and its maturity usually is so short as to make repayment according to sched- ule virtually impossible. “In the mortgage lending of the future I should like to see the inter- est charged on » mortgage loan reflect the quality of the transaction and the proportion between the loan and the | equity investment. If a 60 per cent | mortgage carries a 6 per cent coupon, | then it seems to me that a 25 or 30 per cent loan should not be expected to pay more than 3!, or 4 per cent.” | | 1,764 HOMES REPAIRED l General Motors Corporation Re- ports $394,000 Expenditure. | Real estate officers of the General | Motors Corp. reported recently to the | Michigan director of the Federal | Housing Administration that they | had spent $394,000 during the last year on the modernization of 1,764 homes in which General Motors is financially interested. William S. Knudsen, executive vice president of General Motors, has also signed the “Declaration of De- | troit” whereby 100 industrialists in- dorsed the better-housing program of the Federal Housing Administratio Facing Folger Library Capitol 202 Hill East Capitol St. Nine Rooms—2 Baths 2-Car Garage NEW HOUSE CONDITION An imposing brick home, individ- ually built. with attractive outlook, diagonally across the street from Congressional Library. within & stone’s throw of the new Supreme Court. Has extra lavatory on ist floc d bath on 2nd; 3 rooms and on 3rd: Tot- water heat (oil-burner); electricity. Garage facing nd St. A Repre- sentative or Senator will appreciate the convenience of this home. It is. also. admirably adapted to the needs of a physician or dentist | Will consider lease to responsiblé part PRICED ATTRACTIVELY FOR SALE aily-Evenings and Sunday L.T. GRAVATTE 729 15th St.__ Realtor _ Nat. 0353 3 rooms | broad-gauge committee appointed to | | 4,000 members engaged in | new mortgage conditions as follows: MAY 11, 1935. REALTORS GET SET FOR REORGANIZING Proposed Shift in National Group to Be Talked at Conference. Proposed reorganization of the na- tional group of realtors engaged in real estate mortgage servicing and mortgage financing so that they may better meet present very ecritical changes taking place in the whole real estate mortgage fleld will come before a meeting of the mortgage and finance division of the National Asso- clation of Real Estate Boards to be held in Detroit May 30. A national meeting of realtors en- gaged in the business of mortgage financing, called by the division in Chicago May 3, drew up tentative plans for future work in aid of the division members in their individual business activities and authorized ap- pointment of a committee to make recommendations for the proposed re- | organization. Action taken by the division at its Debroit meeting will come before the board of directors of | the association at their meeting in Detroit, also opening May 30. Earle G. Krumrine, Chicago, chair- man of the division, presided at the May 3 meeting and will preside at the | opening meeting May 30. Townley Culbertson, Kansas City, Mo., was appointed chairman of the submit plans for the divisoin’s future action. | The association has approximately the mort- | gage field. Walter S. Schmidt, Cincinnati, pres- ident of the association, comments on “Within the past two weeks we have | entered a new condition in the real | estate field. Money has become avail- able for mortgage financing. Some months ago it became evident that| this would he true. But only within | the past two or three weeks has the | r i REAL ESTATE. money become really available.” Di- vergence continues sought and loans offered. With resi- dential vacancles rapidly becoming absorbed, lenders indicate themselves between loans | Schmidt states. [ still adverse to construction loans, Mr. Development of & sound loaning policy in this field to meet changing conditions is an im- portant present need. Just Completed—In Beautiful Chevy Chase, D. C. 6415 31st Street N.W. This is one of the finest and best built homes we have ever offered. It's = center hall plan with a spacious living room with wood-burning fireplace on right. Lary ight d SECOND each room. This entire home is Another Home Adjoining This Property $10,500 'HIS is another fine residence of unigue plan and desizn. Set on Large Lot. containing six rooms. 2 tiled baths. The bedroo are exceptionally large and _ bright. Concealed radiation. large closets and mod- ern kitchen sre among its many advantages. A large screened porch opens off this room through French doors. inine room and modern kitchen complete the first floor plan. FLOOR has 3 LARGE bedrooms. home is situated on a large wooded lot 115 feet deep. one of distinction and features all modern improvements. 2 tiled baths and large closets in The SOME OF THE FEATURES ® Slate Roof ® 6 Rooms ® 2 Tile Baths ® 3 LARGE Bedrooms ® Lot 50x145 ft. ® Concealed Radiators ® Garage East on Rittenhouse St. from Chery Chase Cirele to Utah Ave. Turn left one block to 31st St., turn right to property. Wm. M. Throckmorton Realtor and Exclusive Broker INVESTMENT BLDG. DI. 6092 4820 North Lane EDGEMOOR New. all-brick. 6-room, insulated. electric kitchen health homes. Only $7,950 and Sunday 9 P.M PAUL T. NEW CHEVY CHASE, D. C. DEVELOPMENT STONE’S First Showing Of These Ultra-Modern OUTSTANDING VALUES ARE TO BE OBTAINED IN WRENWOOD, WASHINGTON'S MOST CONVENIENT NEW HOUSE DEVELOPMENT—JUST A STONE’S THROW FROM CHEVY CHASE CIRCLE—HIGH ELEVATION, WOODED LOTS—WITH PUBLIC AND PAROCHIAL SCHOOLS, STORES, CHURCHES, TRANSPORTATION HANDILY CONVENIENT—YOUR THESE HOMES IS INVITED—WE KNOW THEY WILL EXCEED YOUR CHERISHED EXPECTA- TIONS. ONE FEATURES 1st FLOOR BED ROOM AND BATH—ACT NOW—THESE OPPORTU- NITIES AT PRESENT PRICES WILL NOT PREVAIL LONG—COSTS ARE GOING UP! New Detached Homes. Open Daily Until 9 P.M. Paul T. Stone, Inc. 918 15th St. WRENWOOD 3335 QUESADA ST. N.W. CHEVY CHASE, D. C. = Modern Gas Appliances Through Co-operation of the Washingtow Gas Light Co. At Chevy Chase Circle turn right into Western Avenue, one block to Quesada Street. Nat. 0843.