Evening Star Newspaper, June 15, 1935, Page 18

REAL ESTATE. 300 LOAN GROUPS ARE 50 YEARS 0LD Assets of $503,650,000 Held by Associations in 30 States. Three hundred savings, building and loan associations which are mem- | bers of the United States Building and Loan League will have completed | their fiftieth anniversary by July 1| this year, it is reported by the league. | Scattered through 30 different States, | these half-century-old home-financ- ing institutions have assets of $503,- | 650,000, according to H. F. Cellarius, | secretary-treasurer of the league. | The league's leadership is closely | associated with these long-enduring institutions. Four of its directors are | connected with associations 50 years | old—Edward C. Baltz, Washington; | Albert O. Horner, Pittsburgh; Charles | S. Moore, Atlantic City, N. J. and Prank O. Schneider, Kankakee, IIl | Its first vice president, L. W. Pellett, | Newburgh, N. Y., and its second vice | president, H. T. Donaldson, Lansing. Mich., manage associations which | have already passed their forty-ninth anniversaries this Spring. Citing all these institutions’ 50 years of continued operation as wit- ness to the soundness of their mort- gage-making procedure, Mr. Cellarius said that their principles should be | recognized as competent guides for | mortgage practice throughout the Na- | tion in the future. Loans Are Long-Term. | “The consensus of opinion among the managements of these senior in- stitutions is that their five decades or more of stability are due to the mak- ing of long-term amortized home loans with long-term funds,” said the | league official. “Happily the country has recently recognized on a wide scale the superiority of the long-term loan from the borrower's point of view. But that is only half the story. | Equally as important, from the point of view of the investor, the man or woman whose money goes into the mortgages, is the fact that such loans | have been made by the associations with long-term money. The necessity for safety’s sake of combining this practice with the other is not gener- ally accepted yet, if we are to judge by repeated attempts to give the com- ! mercial banks more mortgage busi- | ness. Yet is it one of the important | lessons which these 50 years of build- ing and loan history show. “Here is a group of local institu- tions. managed usually by the sub- stantial citizens of the community, which have maintained their solvency end most generally their earning | power for the investors throughout the devastating business and financial conditions of 1893-98, 1903-05. 1908- 09, 1921-22, 1930-34. Since 90 per cent of their investments during those 50 years have been in mortgages on residential property, they would have had to develop a sound procedure or perish. It is flying in the face of | experience to disregard a fundamental of the procedure they did develop, viz, the use of long-term investments.” | London Joins Celebration. Indicating that the last 50 years have been significant ones in the de- velopment of specialized thrift and home financing institutions, Mr. Cel- larius also calls attention to the fact | that the largest building society in London. the Abbey Road. is this year celebrating its fiftieth anniversary. “While this plan of home financing hes been in operation here for a hun- dred years and in England for more | than a hundred and fifty, its major development in both countries is a | matter of the last half century,” he explained. “This is largely due to the prevalence of ‘termineting associa- | tions’ in the earlier history of building and loan. For this reason when we look at the institutions which are now | || rounding out their fifth decade or more we are looking at the first perm- anent stones in our specialized mort- gage financing structure. “The 1880s were a period of par- ticular interest in the building and loan type cf institution. We find that 15 of our 48 States organized their | first association some time in that decade. The growth and success of | the thousands of small cities which took their first strides ahead in this great era of expansion in the '80s, was safeguarded by the faet that they had found a logical and practical way to finance their homes early in their development.” $75,000 PROPERTY \ SOLD Apartment House on Lamont St. Goes to Investor. | Sale of an apartment house at 1665 [ Yamont street to an unannounced | local investor was made public today | by the business properties department | of the Cafritz Co. The apartment contains 21 units of three bed rooms and one bath each. Though the pur- | chase price was not disclosed the Property was assessed for $75,000. THE EVENING STAR, WASHINGTON, D. C, SATURDAY, ~ JUNE 15, 1935. Homes in Nearby Virginia Sold Recently Two Virginia homes that have been sold recently by W. 8. Hoge, jr., real estate firm. Above: Peck- ham, adjoining Mount Vernon and located on a portion of the original estate, sold to Mr. and Mrs. Louis ‘Tucker Peck of Staunton, Va. Be- Jow: Fairfax Lodge, originally the hunting lodge of Lord Fairfax, sold to Mr. and Mrs. Ray T. Middle- ton of Detroit and New York. Mr. Middleton was an aviator with the AEP SEVERE MODERN STYLE HOMES WIN IN CONTEST Awards Pm Ceremony ; Broadcast From “Little House” in New York. Several residences in the severe modern style, in which straight lines predominate, won prizes or honorable mention in the Better Homes competi- tion for dwellings erected during 1934, The awards were presented by Bet- ter Homes in America, the organiza- Government Film Shows How Pair Renovated Farm House | tion sponsoring the competition, in & heated garage, frult and vegetable | eremony which was broadcast last storage ahd & convenient kitchen. It | geep from “America’s Litle House” at is insulated for comfort in SumMer | park avenue and Thirty-ninth street and Winter. Because the stone from | ney \’nr‘:tle “ g : an old house down the road could be | Tne gold medal and first award had for the hauling, the owners de- | went to Richard J. Neutra, architect | cided to use it for the exterior. for the residence of William Beard Throughout the picture. the farmer |at Altadena. Calif. First honorable “The Will and the Way,"” & two-millimeter sizes and takes about 20| anq his wife, Mr. and Mrs. John B.| mention in the story-and-a-half ciass reel motion ‘bicture showing how an 80-year-old farm house in Wisconsin was turned into a modern home by an ambitious couple who inherited it, has just been released by the division of motion pictures, Extension Service | of the United States Department of Agriculture, , for the use of schools, colleges, social organizations and any | others interested in the remodeling of farm houses. The picture was made for the Bureau of Agricultural Engi- neering. The film is available in 16 and 25 minutes to show. A short fllm strip, used by the Federal Housing Admin- istration in {llustrating its house- | Pord, are seen planning and working ! also went to Mr. Neutra for a house in together on the remodeling of the old | modern style built in Los Ahgeles, homestead. ! Calif., for Ernest Mosk remodeling program, also is available. | Short lecture notes accompany the film strip. Either of these fiims and many others may be borrowed from the Extension Service by paying trans- | portation costs. The 80-year-old house was of frame ‘ construction and sound, but had no modern conveniences. The remodeled home is larger, has eight rooms, a bath room, water supply, electricit; ™ city water and sewer. Lake. ~Follow car line FISCHER 8 907 15th St. N.W. 9103 Coeticut Avenue ERE is a real value that you cannot afford to miss. big home of 8 exceptionally large rooms, 4 bedrooms, Il situated on a magnificent lot 80 by 150 with numerous huge shade and fruit trees is really a small estate. Ju: at great expense, including new decorations inside and out; Modern fixtures and new brick fireplace. Price $9,500 FINANCED WITH 15-YEAR HOME OWNERS LOAN TRUST Drive out Connmecticut Avenue fo Chevy Chase Open Sunday—@ther Times by Appointment This Just remodeled Hot-water heat, gas, 13 mile to open sign. COMPANY Met. 0045 THEY'VE GOT EVERYTHING Location—Design—Construction Par Excellence Homes Selling Before Completion The Price Must Be Right 5711 Kansas Ave. N.W. Just Above Madison St. BEAUTIFUL DETACHED BRICK HOME Only 1 left in this desirable location and no more avail- able building sites. Facing into 22-acre Fort Slocum wooded Government Park. Near bus and street car transportation, stores. Very high elevation. Facing into 120-ft. boulevard, which leads direct downtown. Open to 9 P.M. Daily and Sunday Dri Ave, Waple & James, Inc, 1226 14th St. N.W. Owners and Builders Recreation Rooms out Kansas Large Lots te Hous, District 3347 TIDE HELD TURNINGi 2= INOFFIGE BUILDING Vacancies Checked, Head of Association States at Convention. Special Dispatch to The Star. CINCINNATI, June 15—The pres- ent problems of the office building in- dustry are problems of recovery, Frank 8. Slosson, president of the National Association of Building Owners and Managers, stated in the opening ad- dress of .the association’s 28th annual convention held here this week. He pointed out that the downward trend in office building occupancy and rental rates had been checked and urged the delegates, in view of this, to grasp the present, opportunity to do worthwhile things for the industry. 3 | “Portunately, the tide has been | stemmed,” he stated. “The opposing | forces have at least been halted. Each | vacancy survey beginning May 1, 1929, showed an alarming and constantly increasing average in vacated areas in office space throughout the United States. Through organized effort, stabilization and constructive team- work we have finally been able to overcome this trend, with its attendant !I/ih of rent reductions and delinquen- cies.” Mr. Slosson called attention to the figures brought out in the associa- tion's occupancy surveys, beginning January 1, 1934, each successive one of which has shown a slight but im- pressive increase over that immedi- ately preceding it. Rentals and rental collections, he said, have also shown an improvement. Warning his fellow managers not to | | rock the boat, Mr. Slosson urged that | | the organization’s labor policies be | | maintained in spite of the passing of | N. R. A. “The passing of the N. R. A. should not change our labor polieies regarding hour and wage pro- | visions of the modified P. R. A.” he said. This voluntary agreement with the Government was carefully worked out, was practical, scientific, finan- Icially economic, and did not impose too great a financial burden on the | industry. | | “We believe it was fair alike to em- loyer and employe. We were advised el ool iviysssdyndinmi | the 1420 Iris Street N.W. $16,500 A beautiful Shepherd Park all- brick lumtblln n‘:lmr landscaped Saturday and Sunday Ralph Morgali Exclusive Arent 923 15th St. NNW. NA. 3925 REAL ESTATE, by the Government that after investi- believed that our agree- WAGNER BILL FOUGHT ment has been lived up to in good faith by the entire industry. This is | Measure Demlofi ieti not only gratifying, but is unquestion- 4 | o Enough by Realty Board. l;)lyh:ound in juld:menz on the part of the industry’s leadership in connec- tion with its labor problems and ita| i W Sner bill has drawn the fire relations with employes.” | of the Real Estate Board of New York. Meemugf of the Apartment House The measure has been found not re- Division the association were held | strictive enough in its scope, and as concurrently with the convention , result there may be no end to the sessions. lnmount of housing the Government —e could construct under the provisions of the measure. The board does not Paths to Cost $633,750,000 | see the need for Government in hous- Equipping Britain's highways with | ing, except in providing places for the bicycle paths will cost $633,750,000. | very poor of the city. 9107 WOODLAND ROD Just Completed! In Lobvely Woodside Park 6 Room Brick Colonial Qil Heat—Recreation Room—2 Baths A beautifully planned, new, center-hall home of 6 large rooms, 2 complete baths, Frigidaire, built-in garage. Two master bedrooms on second floor with connecting bath and shower. Also first-floor bedroom with bath and standing shower. Large living room with fireplace. Reception hall. Large, bright dining room. Model kitchen, double porcelain sink, console stove, built-in cabinets, inlaid linoleum. Completely weather- stripped. All hardwood floors and trim. Two cedar closets, Screens. Beautiful front lawn, 40x65 ft. can’t be duplicated at this price *10,750-°750 can Balance Like Rent TO INSPECT e out Georsia Ave. thru_Silver Spring. continue North traffic light at Sligo to Noves Drive (Arst street beyond driving course), turn right ene block to home. Built by STEUART BROS. Nat.3007 . . . See Your Broker OPEN ALL DAY SUNDAY 5 Would you accept judgment—a expert advice on the Decoration of your Home . . . if it cost you nothing? THE creation of a charming home offers many problems and pitfalls that call for expert knowledge and trained plan that will not be disappointing when it is carried out—furniture that is fine, but not costlv— draperies that are as beautiful and unusual as they are reasonably priced—a home livable and comfortable. as well as smart and attractive. Maybe you are facing decorating problems this Spring —wishing there were experienced and trained judg- ment that you could seek—some one who knows the unusual—some one who can create a charming home to your liking—some one whose good taste you can trust, 4 Bed Room New Detached Brick It is because there is a real need for expert service and trained judgment in matters of interior decoration and furniture that Mayer & Co. offers you the benefit of their years of experience to help you solve your prob- lems. This is a sincere offer that carries no obligation— no cost. Will you come in and bring your problems? Or phone District 8976 and a decorator will call. Centrally located in this popular suburban community, less than two squares from Georgia Ave. and short distance from school. BEAUTIFUL LOT, 50x180 FEET. QOpen 10 AM. to 9 P.M. Today and Sunday . t 16th St. or Georgia Ave. to Silver Spring s . "mén‘r):i‘:';:c. N ponirant St and turn rignt to the houses . " SHANNON & LUCHS AGENTS 1500-04-12-16 UNDERWOOD ST. N.W., Just Off the Avenue of Presidents Drastically Reduced to $12,950 Each home is as individually different as your calling card. All detached. All two-baths. The place you want tolive. TO MISS SEEING THEM TODAY AT THIS NEW PRICE ARRANGEMENT IS LIKE TAKING MONEY OUT OF YOUR OWN POCKET. Wm. H. Saunders Co., Inc. LIFETIME FURNITURE—DRAPERIES—FLOOR COVERINGS BEDDING — RADIO—LAMPS — SUMMER FURNITURE, ETC. MAYER & CO. Seventh Street Between D and E _HAHHOIE OPEN DAILY AND SUNDAY 10 TO 9 P.M. Distriet 1015 NAtional 2345 ‘1519 K St. NW. 1505 H St. N.W.