Evening Star Newspaper, June 15, 1935, Page 21

REAL ESHATES LOAN AGENCIES SERVE COUNTIES $350,000,000 Made Avail- able Through Federal Associations. Because home owners in 1,580 coun- | ties out of the 3,072 counties in the United States had no local home- | financing facilities at that time, Con- | gress in June, 1933, passed an act to establish and encourage private local | mutual thrift agencies, to be known | as “Pederal Savings and Loan As- | sociations,” in communities where they were needed, as demonstrated by the lack of existing facilities to meet the needs of home owners for Joans for building, refinancing or mod- ernizing their dwellings. | Now, lessthan two years after that | authorization, Federal savings and | loan associations are serving all or | parts of 790 of the 1580 counties which formerly had no local home- financing institutions whatever, or ex- actly half of the counties which lacked #uch mortgage-lending agencies. Many of the remaining counties not yet served by local thriff associations are sparsely settled areac where none are needed. $350,000,000 Available. The amended home loan act signed by President Roosevelt recently en- courages the development of Federal associations by increasing the appro- priations of Federal credit for invest- ment in their shares. A total of $350,000.000 has now been made avail- able for this purpose, compared with the $50,000.000 total previously appro- priated. The additional sum is also available to purchase bonds of the Federal Home Loan Banks and for | investment in State-chartered asso- ciations which are members of the bank system or insured under the Federal Savings & Loan Insurance Corp. The amendment permits any estab- | lished institution converting into a Pederal savings and loan association | to continue to lend in the entire | territory in which it had made loans while operating under State charter, thus freeing it from previous restric- tions to a loaning area within a 50- mile radius. | A further appropriation of $200,000 | for the promotion and development of &uch local thrift and home-financing institutions is included in the new act. Resources Are $270,000,000 The 803 Federal savinzs and loan #ssociations now chartered, having to- tal resources of over $270.000.000. are | operating in some 690 cities and towns, comprising the bulk of urban popula- | tion of the United States, varying in size from a few thousand people to the largest metropolitan centers. The safety of each of their investors hold- Ing withdrawable accou is protected azainst loss up to $5.000 by the Fed- eral Savings & Loan Insurance Corp. Summarizing the objectives of this | program to date, the Federal Home Loan Bank Board made the following statement: “In the supervision of Federal sav- ings and loan associations, this board is directed by law to embody in their operation the soundest savings and mortgage lending practices developed in the century-long history of the | building and loan business. e | Two Main Functions. savings and loan associa- | two main functions to the public. by =setting up a permanent framework for safe long-term invest- ment of the savings of the people, and by providing loans at economical rates for the ownership. improvement, re- financing or construction of homes.” As of May 21, applications for Fed- eral charter by conversion were pend- ing before the board from 341 addi- tional established building and loan associations, with total assets of $340,- P16,787. In many States, local groups of business men are engaged on their own initiative in the organization of | new Federal associations as a com- | munity asset. Some 140 such groups have recently made formal applica- tion and have received the board's “permission to organize,” making a total of 481 charters pending. in ad- dition to the 803 Federal savings and loan assoclations already in opera- tion, i BALTIMOREAN HOPES | FOR END OF K.0.L.C. Unfair Competition With Pri- vate Enterprise Objection of Legislative Worker. Serve “Federal tions serve Epecial Dispatch to The Star. | BALTIMORE. June 15.—Hope that | the Home Owners’ Loan Corp. will soon be a thing of the past was ex- | pressed by Martin Gaudian, who | watches over the legislative interests of the United States League of Build- ing and Loan Associations in Wash- | ington, in an address at a meeting here | of the Maryland League of Building Associations. “We hope that some day we may eay the H. O. L. C. is a thing of the | past,” Mr. Gaudian said. The H. O.| L. C. is regarded in building and loan | circles as competing unfairly with | private enterprise. Mr. Gaudian voiced the hope thut‘ the tenure of the H. O. L. C., if the present Congress gives it new life, would be limited to 30 days of op- eration. O. K. La Roque, president of the Federal Home Loan Bank at Winston- Balem, N. C, which serves the State of Maryland, declared that the build- | ing associations must “wake up” if | they expect to continue in business. —eeeee For Sale By Owner Center Hall Colonial 7 Rooms, 2 Baths 1360 Kalmia St. N.W. ~ Price $14,500 Open and Furnished Daily & Sunday, 10 a.m. to 9 p.m. Attractive < PFiest FLoon - This attractive small-home design was made espe cially Small-Home Plan ~ SEcoND Froop ~ for The Star by Donald S. Johnson, architect Features of the plan are the unusually large living room, downstairs bed room and the large bed room on the second floor. Modernizing Contest Is Begun | For Architects and Designers “Modernize Main Street” is name of a competition for archi- tects and designers opening today ing trades industry in co-operation with the F. H. As re-employment program. The plan was conceived by a glass manufacturing company of Toledo. Believing the competition will stimu- late the interest of architects and builders and will encourage specific action of business property owners | throughout the country, the firm is| offering $11,000 in cash prizes. Conducted by Magazine, The competition is launched to obtain the country's best thought in redesigning present business places which could profit by a “face lifting” treatment. It will be conducted by the Architectural Record magazine, with Kenneth A. Stowell, architect, of New York City as professional adviser. Better merchandising demands the modernization of thousands of shops and stores, and the better financing terms now available makes such im- provement work possible for mer- chants everywhere. Plans must, therefore, be designed to attract the public, to enable a more up-to-date display of goods and provide so much more convenience and comfort for customers that shopping becomes a genuine pleasure. The problem consists of designing a modernized front and interior for existing building of four types familiar to Main street of every city, town, vil- lage and community. They are the food store, the drug store, the ap- parel shop and the automotive sales and service station. 3 Prizes in Fach Division. Each division will carry first, second and third prizes of $1,000, $750 and $500, and there will be $50 awards for the | each of 40 honorable mentions contest closes August 12 “Your new competition is a most throughout continental United States constructive and timely development and considered by many in the build- | in the growing interest in moderniza- as one of the most ' tion and reviving construction,” writes comprehensive moves started as yet | Stewart McDonald, acting administra- 511 UNDERWOOD 1405 Eye St. tor of the F. H. A, in & letter to John D. Biggers, president of the sponsoring firm in officially approving the plan. “Widespread examples have al- ready come to our sttention of in- creased income resulting from mod- ernization of business properties.” Mr. McDonald wrote. “The broadening of the national housing act to permit insured modernization loans on busi- ness property up to $50.000 greatly in- The of the F. H. A." Two Outstanding Values in Delightful New Homes 514 UNDERWOOD ST. N.W. ST. N.W. Overlooking Government Park Home lone A Charleston Colonial Double front porches 26 ft overlookine Government park Living room about 14x23. Open Dining room (Wagner Feature). stairway leading np- stairs out of dining room Kitchen with Monel sink. Elec- iric_refrigeration. _Built-in cab- inets Upstairs. three bed rooms. which willhold. twin beds. ~ Bath and a half ' Two upstairs bed rooms _connect with _upstairs porch. Purred walls. copper water Dipes throughout. concealed radi- ‘ation. weather - stripped _ and screened throughout, slate roof. A lovely new Cape Cod Co- lonial home containing § big rooms, beautiful bath and shower. Living room with fire- place, furred walls, weather- stripped and screened throughout, slate roof, garage, rear porch off living room, electric refrigeration. In fact every modern convenience that is contained in the mod- fireplace. Frank J. Wagner Co., Owners and Builders R Ap- N S Price 58,950 Price $7,800 Homes Open Daily and Sunday ’til 9 P.M. GOSS REALTY CO. NA. 1353 J. S. Eaton—Sales Dept. A Brick Bungalow That Will Appeal To Homeseekers Who Appreciate Real Value DEIVE OUT EARLY Go Fork ™to Flower Avenue, then blocks to the mew homes. Sligo Avenue right two blocks. OoR Drive oul 18th St. and Kalmis ! St. and right one block to home. 1005 Flower Avenue, Takoma Park, Ma.ryland "7,350! Open Saturday Afternoon and All Day Sunday Piney Branch Road through Sligo 3 Tight "tioo From Georgia Avenue in_ Silver Spring 5 to Fiower Avenue, From Takoma Park o up Carroll Avenne to Fiower vomue. then telt to the 100 Block, Slate Roof Coverad Concrete Porch Furred Walls 0ak Floors Full Tiled Bath With- Shower Labor-Saving Kitchen Factory-Built Cabinets Console Type Gas Range Frigidaire Ribbed Metal Weather-Strinping Screered Throughout Built-in Garage 5 Large Rooms Spacious Attic High, Light Basement with Space for Nice Recreation Room MOSSae Tower Bldg., 14th and K Sts. Metropolitan 1776 55-Foot Lot Many Other Features Evenings: Shepherd 1871 or Columbia 7685-W creases the scope of the co-operation METHOD ADVANCED FOR RENT SUBSIDY Find Out What Can Be Paid, Supply Differences, Par- ley Is Told. Bpecial Dispatch to The Star. « CINCINNATI, Ohio, June 15—If the people in the lower income brack- ets in America are to be housed prop- erly, there is but one way to_approach the problem, according to Charles F. Palmer of Atlanta, former president of the National Association of Build- before members of the Apartment House Division of that organization in an illustrated lecture at one of the | week's convention sessions. “Find out what the people whom we are trying to benefit can afford to pay, and then work back and supply by subsidy the difference between the rent these people can afford to pay | and that which is actually the eco- | nomic rent as set up in the pro- | cedure used for & private enterprise,” | he said. As in England the rent per dwelling per week has been placed at an aver- age of 10 shillings, Mr. Palmer stated, | 50 1n this country the rental should be placed at $15 per month. This figure was based on figures which have been developed by the real property inven- tory of the Department of Commerce. | basis at present contemplated.” he said, “we are going to set back low | cost housing in America ‘many, many | years, I refer to the approach which | says we must charge a certain amount of interest, 3 per cent or whatever it is going to be. and amortize on a 40 to 60 year basis, with operating ex- | penses 'so much and taxes so much. Adding these figures and doing some {dmdlng gives s0 much per room per month rent. Such is fallacious from the beginning, and it has been found | 50 abroad.” Housing by the hundreds of mil- | lions of dollars is to be accomplished | fact no matter who sits in the White House, Mr. Palmer asserted. “Noth- ing under Heaven could stop this movement in this country, and we must see that it is really low rent housing we are doing and protect it Six Home Sites Sold. | Sale of six home sites at South- | haven Beach during the past week, was reported today by the Robert L | McKeever Co. It was stated that cach of the purchasers expressed in- tention of building permament homes on the lots. ing Owners and Managers, who talked | REAL ESTATE. BRENTWOOD HEATING COMPANY IS FORMED William N. Wiles, Mary A. Wiles and Rosemary Thwing Mem- bers of New Concern. Special Dispateh to The Star. BALTIMORE, June 15—Willlam N. Wiles, Mary A. Wiles and Rose- mary Thwing, all of Brentwood, have incorporated the Loose-Wiles Heating Co. of Brentwood, Md. to deal in real estate. The capilal stock con- -w;' of 100,000 shares, par value $1 each. Ralph W. Bohrer, Marie H. Boh-er, both of Bethesda, and T. Ormonde Nichols of Chevy Chase, have incor- porated the Ralph W. Bohrer, Inc, of Bethesda, Md., to engage in general contracting business. The capital stock consists of 50 shares, par value $100 each. STEEL FRAME HOUSE SOLD TO NEWS EDITOR Second of Type Under Construe- tion in Bethesda to Be Opened for Public Inspection. ‘The second of the two Berloy steel- frame houses being erected in Beth- esda, at Roosevelt and Jefferson “If we start our projects on the | streets, has been sold to John J. O'Rourke, news editor of the Wash- | ington Daily News. The sale was made by R. Bates | Warren and possession will be taken | after the house has been opened for | | inspection by the public. | The first Berloy house was recently | purchased by Dr. Louis Cohen of the | | Bureau of Standards. | | Both houses were completed by Carr Pros, after the Berger Co. had erected the steel frame. LIVE IN c» UXMANOR' The Suburb of Contentment HOMES ON 1, ACRE SITES OR MORE TWO NEW HOMES NOW UNDER CONSTRUCTION Be Sure and Inspect Today Direetions—Out Wisconzin Are. 10 Bank of Bethesda and foliow line road to Lurmanor signs. Just 25 minutes from the heart of the city N-&LUCHS co.: Mesley theights A At & HANDSOME TREE 'HE GARDEN SPOT OF -BORDERED HOME WASHINGTON i 4343 Cathedra Lovely roundings car garage value! landscaped grounds Spacious corner lot with 4 bedrooms and 2 baths on second floor. Priced moderately—this home is a real Open today and Sunday. | Avenue glorious trees and sur- Home is white stucco Two- W. C. & A. N. MILLER 1119 17th Street BETTER HOUSING BACKED. “ Junior Chambers of Commerce | Take Active Interest. ‘ Several junior chambers of cqm- merce throughout the country are taking an active part in sponsoring | modernization pr--:ams, demonstra- tion houses and .er better housing | exhibits, according to a report from the United States Junior Chamber of Commerce. Better-Qousing 'activity is becoming a major part of the Junior Chamber of Commerce pro- gram, it s said. The work is being carried on in connection with city and county beautification projects of junior chambers in many sections. Trade Your Small House or Clear Lots LARGE “MODERN BUNGALOW With almost Acre of G Eastern Avenue Takoma Park, D. C. Located on one of the hichest points in Takoma Park. with plenty of shade and fruit trees. Inel s 'y & afternoon. Dri Past Review and Herald straighi ahea hlocks te house. UNION FINANCE COMPANY 916 Woodward Blds. Nat. 7936 3913 Igomar St.; (lhc\" Chase, D. C. (West of C: onn. Ave.) THIS delightful center-hall suburban residence with 4 bed rooms, 2 baths, 2 finished rooms on third floor, ample storage space, garage, has been thoroughly recon- ditioned and is now offered for sale at a very reasonable price. schools and transportation. Excellent residential section. Near grade and high OPEN TODAY Edw. H. Jones Co., Inc. 5520 Conn. Ave. Be Sure to ClLev. 2300 See Those a1 LIWoon HOMES in Virginia It is a genuine satisfaction to gi to Hillwood as an ideal home community development on the remarkahle ve our unqualified endorsement We regard this MEMORTA1 NEW LEE BOULEVARD in rearbv Virg'nia as most desirable for the home seeker who is looking advantages and city improvements. all embodied in one section? these essential features BEAUTIFUL, doors. ACCESSIBLE, te District. hilly via country for a combination of country Where else can vou find in the great out- Superhighway—18 minutes MODERN, detached homes with all improvements. ALL AT PRICES far below comparable home values in any other suburb., irty-nine new homes now under construction—several will be ready and open next Sunday for public inspection—but it will pay vou to see us now and make vour own selection of wall paper and other details of finish and appointments. Come 01 out Sunday and look around. TO REACH PROPFRTY: Until L ROULFVARD The Toledo Guaranty Corporation 1026 Woodward Building Notiee to Builders: See of all English #ls0 in a po- sition to as- sist you with your con- struction A- nancine. District 4464 ANNOUNCING The Opening of Four New Colonial Cape Cod Homes in Edgemoor, Maryland Ranging in 5001 Elm St. screened. Government-insured loan taxes and insurance until Directijon: Out 5211 Wisconsin Ave. #7.150 to $7,650 N THE corner of Elm St. and Arlington Road. Built of all brick. May be purchased with a reasonable cash payment and the balance through an F. H. A. payment of $55.00, including curtailment, interest, HEALTH HOME BUILT BY ALFRED T. NEWBOLD Wisconsin_ Ave, on Edgemoor lame to Arlington Road.. CYRUS KEISER, JR. Price From NAUC'L 2626 Just ome of the stone studio homes now betng burlt in Hillwood—many others tupes—center hall Cnlonials, style Colonials and any other design to suit your fancy. Only 1 Left! At 8,750 Permanently financed —this New Home is the Greatest Value in Nearby Washington. slate roofs. Insulated, with a maximum monthly paid. to Bank. of Bethesda. Left Left to property. 613 N, Lincels 5t., Clarenden, Va. SIX ROOMS, TWO BATHS, RECRE- ATION ROOM, HOT-WATER HEAT. THE LIVING ROOM- géssed Radiation— Preach Door. 5 by 13's—High ‘Wood-Burning Fireplace—Three Windows— Specially Built Mantel Corniced Ceiling—Re- THE DINING ROOM--14 by 14—Corner China Closet—Two-Tone Dado_Panels—Colonial Paper. THE KITCHEN_ Larze Double Sink—Built-in Cabinets Across one 3 s ide—Choice ‘of Gas or Electric Refrigerator—Magic Chef Gas Range—Linoleum. THE BATHROOMS—Two-Tone Tile—Tubs and Showers—Medicine Cabinets THE BEDROOMS—_Three larse. Large Linen Closet in Hal THE FLOORS—Early American Down—Brilliantiy Polished—Unique pach with two Windows and Closet— Wide Plank Hardwood— Pegzed and Exceptionally At~ tractive—seldom found in houses costing less than $30,000. THE RECREATION Knotty P ROOM_—20 by 13— Pinis e Laree Wood-Barning Fireniace Benaii] intde THE GARAGE_Brick—wifh Arched Colcnnaded Sheitered Passase- to House. THE LOT—50 by 130-_Beautifully Landscaped—Large Youns Shade s—Shrubs—Restricted. THE FINANCING—Pirst Mortgage by Metropolitan Life Insurance Company. 5% per cent interest—Amortized in 17 years—No Renewals—No Commissions. Drive out Wilson Blvd. to North Lincoln St., left to property or out Pershing Drive to North Lincoln St.; turn right Washington CL. 5371 Building EAVER BRO REALTORS 2 blocks to property. District 9486