Evening Star Newspaper, June 29, 1935, Page 18

R 2 - REA LN ES BAURE S PERMANENT VALUE OF H.0.L. . SEEN Fahey Says Trend to Long- Term Loans Supple- ments Aid. John H. Fahey, chairman of the Federal Home Loan Bank Board, today issued a statement on the per- manent public value of H. O. L. C. emergency relief operations through their influence upon American home mortgage practices. The statement follows: “The expiration at midnight last Thursday of the time limit set by Congress for filing home loan appli- cations with the Home Owners’ Loan Corp. foreshadows the end of the emergency relief efforts of the Gov- ernment on behalf of distressed urban home owners. It also calls attention to the way in which the H. O. L. C. has attacked the problem of devel- oping sound home loan practices for the protection of the entire public. “The Home Owners’ Loan Corp. was called into existence in 1933 by the | freezing up of hundreds of thousands | of short-term home loans, such as| represented more than two-thirds of | the entire $21,000,000,000 of urban home mortgages then outstanding in | the United States. Home owners faced foreclosure because they were unable to pay those maturing loans in full. 900,000 Requests Granted. | “The task of the H. O. L. C. is to | save these homes for their owners by | taking over the defaulted loans and | refinancing them as long-term amort- | ized loans, repayable in small monthly | amounts over a 15-year period. In the past two years, the corporation has received about 1,800,000 applica- tions for mortgage loans, nearly 900,- 000 of which have already been granted, in the amount of $2,700,- 000,000. “Long-term loans have been suc- cessfully in use in Great Britain and Europe for upwards of 150 years, to THE EVENING STAR, WASHINGTON, D. C, Game Room of Madison Street Home This attractive game or recreation room is in one of the new homes recently completed by Cooley Bros. in A furnished house is located at 117 Madison street. the 100 block of Madison street. —Star Staff Photo. Well-Planned Kitchen Is Key To Ideal Apartment Scheme, Just as the surest way to & man's heart is through his she spends her days at home or is a | the kitchen. They realize that it IA! tomach, the usually the women who makes the | Droperty at 425 Seventh street to Louis most direct route to a woman renter’s ' final decision about renting, and that | Tobriner, Washington attorney, was avor is through the kitchen. Whether | an attractively painted kitchen is apt ' announced today by the Shannon & to clinch the deal. | $100,000 BUILDING SOLD | Three-Story Business Property on 7th Street Changes Hands. Sale of the three-story business Luchs Co. The purchase price was | SATURDAY, F. H. A, EXTENSION OF CREDIT LAUDED Called “Break for Little Business Man” by McDonald. Extension of the maximum amount of modernization credil insurable by the Federal Housing Administration to $50,000 is seen as a means of cre- ating more equal competitive condi- tions between small and large man- ufacturers, according to Acting Fed- eral Housing Administrator Stewart McDonald. “Bringing the little manufacturer into the market for machinery and equipment should be cne of the big factors In the revival of the heavy industries,” McDonald said. Aid Little Man. “The extension, under the recent amendment to the uational housing act, should be the salvation of the little manufacturer who. in the past, has been treated like a red-headed stepchild and has had to get along with hand-me-downs and old equip- ment. He has had to look longer and harder than his competitors, but can now compete with them on even terms with new machinery and equip- ment bought under terms of the $50,~ ‘(fin amendment. He gets his cut at . 'fhe acting administrator pointed out that a wide market for equip- ment and machinery is to be found JUNE 29, 1935. emong small manufacturers, depart- ment stores, apartment buildings, hos- pitals, colleges, schools, orphanages— a field which was not cligible for mod- ernization credit under the original limitation of $2,000 as applied to res- idential property. F. H. A. Insures. The new regulations governing mod- ernizatioa of commercial-residential and industrial properties provide that the Federal Housing Administration may insure such credits advanced by approved lending institutions when the funds are used vo purchase ma- chinery or equipment “peculiarly adapted to the business conducted therein or necessary to the operation thereof.” The question of rating applicAnts for credit under the extension will be left largely to the discretion of the respective lending agencies, Mc- Donald explained. e MARYLAND TREES VARY 150 Species Flourish Due to Fa- vorable Climatiec Conditions. 1t is sald that more than 150 differ- ent varieties of trees are native to Maryland and that because of favor- able climatic and growing conditions found in this State, an infinite number of other exotic and interesting types may be grown here. Maryland is par- ticularly favored in that trees of some variety may be grown in every section of it. Shellac Brushes Need Cleaning. Shellac brushes may be kept sus- pended in shellac a day or two, but | no longer than that. It is better to clean them with alcohol immediately after using. Chevy Chase, D. C. DETACHED BRICK HOUSE $9, 500 3246 Quesada St. Practically new and so perfectly refinished you would never know. it had been occupied. bery and a garage. Fully detached, on a big lot with pretty shrub- REAL ESTATE. MILLERS TO OPEN WESTERLEIGH TODAY Development of Moderately Sized | Homes to Be Seen by Publio. ‘The official public opening of West- | erleigh, a development of moderately sized homes, will take place today, it was announced by the firm of W.| C. and A. N. Miller, Eighteen homes already have been | sold in Westerleigh, located between | Spring Valley and Massachusetts ave- | nue, and 16 other houses are either | completed or in the process of being | built. The Miller firm started the subdivision which includes their | smaller homes a year ago, and have ! devoted the last year to getting it in shape. { Dean Rathbun, well known in real | estate circles of the Capital, has com- | plete charge of the construction and | selling of homes in Westerleigh, and the development of the subdivision in | general. The Miller firm owns a large | tract of land in the section, and it is planned to bulld there for years to come. The homes range in price from $12,500 to $21,250. An exhibit house will be opened lt‘ 4101 Fordham roed. It is designed along the lines of the French country house. For the convenience of visitors the house will remain open daily and Sunda; A SMALL ESTATE on Conn. Ave. for only 9,500 9103 Conn. Ave. containing 13,500 feet of ground (90 fi. frontage). A home with a real home atmosphere, a marvelous place for children, high and healthy. Spacious lawns, won- derful shade, ample fruit. The house has just been re. modeled at great expense, in. cluding new decorations inside and out; modern fixtures and a new brick fireplace. Hot- water heat, city water and sewer. The house contains elght large rooms (4 bed rooms) Follow car line half @ mile beyond Chevy Chase Lake to OPEN SIGN. Fischer & Company 907 15th St. Met. 0015 or Col. 7260-J. and second floors, 2-in water pipes throughou out, slate roof. 58,950 511 Underwood Street N.W. $1,000 Cash—$75 Per Month Cheaper Than Rent NEW brick home. First floor: Living room, dining room, kitchen, Second floor: 3 large bed rooms, bath and half. Front porches on first ch furred walls, copper t, concealed radiation, metal weather strips, copper screened through- Open Daily and Sunday ’Til 9 P.M. The house is entirely modern, in every detail, having six large Driv t 5th St. to Under- rooms, attic, fireplace, new Frigidaire, built-in bath with shower, extra b A o Under wood St., left to property. GOSS REALTY CO. the almost complete exclusion of the ', ; usiness girl, the modern woman fs short-term type of home loan. Had |drawn to an attractive, well-planned | — | approximately $100,000. | The sale was the largest in the long-term home finance been the rule, | kitchen as though it were a magnet.| HOTEL OCCUPA Iavatory to big bed room, and priced very low for immediate sale. Is rather than the exception, in the | s NCY HIGH |business section of seventn street in handy to public and parochial schools, stores, transportation and all It is a wise apartment owner who | " United States, there could have been = fyears. | The ploperiy; I8 Jocied accom | conveniences. Na. 1353 reach: Turn vight at Chevy Chase takes full cogniza f this fact and | 0] stchi 2 115 mortgae ¥ crizish in| e O e daned | Steady Growth Reported in New | the street from Lansburgh & Bro. It| ,D 1933 as actually developed. | “The immediate purpose of the | Home Owners’ Loan Corp. has been to protect great numbers of | distressed home owners against the loss of their dwellings through fore- closure. Its main permanent objective is the encauragement which it has given to the adoption of the long- term home loan plan, in place of the hazardous short-term loans, formerly | in such general use by life insurance companies, mutual savings banks and other sources of private mortgage money. Assures Flow of Money. “A vital aspect of the long-term amortization loan when employed by private lenders is that it automatically | furnishes a continuous supply of new mortgage money for new loans to home owners. whereas the short-term | renewable loan completely locks up | invested capital, to the greater risk | and expense of all concerned. This | can readily be illustrated. | “When a home owner borrows $3,00C | on a short-term Man, falling due in | full in three years, but actually re- newable under normal conditions at the end of that time, the $3,000 re- mains invested in his own particular property vear after year. No other‘ home owner has an opportunity to use that same credit, because the loan is not repaid except for occasional re- |scheme of the kitchen. Many owners | | ductions to offset depreciation of the home. “On a $3,000 loan, on the contrary, the home owner begins at once to pay off the original principal, month by month. At the end of the first year, he has already | repaid about $185. After ten years, more than $2,450 of the $3,000 princi- | pal will have been repaid to the lend- | er. Each monthly payment makes new credit available for new loans to other home owners, as a revolving fund. “The borrower benefits through the | amortization loan by being able to clear his property of debt conveniently. | 12-year amortized | pays special attention to the decora- tion of the kitchen and kitchenette | in the apartments that are being of- | fered to the public. | Of great importance is the color scheme—particularly at this time of the year, when the heat of Summer will soon be bedraggling us. A care- ful selection of light and cool tones helps immeasurably on days when the thermometer gets high. Surfaces paintea in pale blues, off- | whites, gray greens or pale tints of | primrose yellow are refreshine to look at and easily cleaned. Because of the smoke and grease that is prone to collect on kitchen walls, gloss paints are 8 wise choice for the household | workshop. Kitchens built around a novel idea are specially intriguing to women. Foreign-looking kitchens have a hint of glamour to them. It is a simple matter to lend a distant-land atmos- phere to the most prosaic kitchen by || lettering in a colorful shade of paint | the words for “bread, cake, soda, | sauerkraut or spinach” on drawers | and cupboard doors. If there are n} number of kitchens to be decorated, | it is possible to have one kitchen let- tered in Spanish, another in Swed- ish—still others in Greek, French or German. Numgrous apartment owners are improving the appearance of battle- | scarred linoleum by having it coated | with a linoleum lacquer in a shade |} to harmonize with the new color of vacant houses are taking a tip on | tenant-attracting from the apartment | house managers and are paying spe- cial attention to the decorating of New Detached Four-Bedroom Brick 58,950 | countants and auditors. L York for Five Years. \ In 39 New York City residential and | club hotels, containing 17,535 rooms, | occupancy has grown steadily for five years, although the average room rate has fallen over 30 per cent, according to Harrls, Kerr, Forster & Co., ac- It reveals a change in manner of living, following | the continued shift from large to | small units in apartment houses. ‘ e SRS s = § Shepherd Park ’ 1420 - Iris St. N.W, transferred—will sell his beautiful modern brick and stone trimmed home on one of the best land:caped lots in the city at $7.500 less than original cost. A home of charm, containing 4 bedrooms, 213 baths, 3 large, airy porches, recreation room, oil heat, 2-car brick garage. Sit on the front porch and enjoy / the view over Rock Creek Park. Open Saturday and Sunday Ralph Morgali Exclusive Agent 923 15th St. N.W. Na. 3925 il was understood that the purchaser will hold it as an investment. * Bedutiful New ENGLISH ¢ NORMANDIE ' HOMES NOW OPEN ® Recreation Room ® 2 Real Fireplaces VISIT OUR MODEL HOME 231 Jefferson St. N. W. Complelely Fornished by the Palais Royal Electric Kitchen Health Home oruing Rcaio Co! Tower Bldg. NAt. 2030 Tower Bldg. Circle, four squares on Quesada St. to house. Open Today and Tomorrow RM HOOKER Met. 2663 3530 QUESADA ST. Chevy Chase, D. C. (Corner Nevada Ave.) New center-hall brick residence, near the Circle, schools, stores and transportation. Three bedrooms, two baths, finished third floor, living room with entrance to rear porch, dining room, excellent kitchen with breakfast alcove, first floor toilet and lavatory, attached garage, rock wool insulation, copper gutters and downs;-outs, weather- stripped, screened, oil burner. Open and Lighted Daily and Sunday Until 9 P.M. EDW. H. JONES & CO., Ine. 5520 Connecticut Ave. CL. 2300 Modern Financing Makes It Easy to Own a New Cooley Bros. S:omuni Group Hom 1405 Eye St. J. S. Eaton, Sales Dept. A NEW AND LARGER Brick Bungalow Featuring * Unusually Large Rooms * Tiled Bath With Shower * Large Attic and Closets * Modern Kitch d Pantry * Large Porch * Gorner Lot; 60x100 * Convenient to Stores and Transportation * Detached Brick Garage OPEN AND FURNISHED Drive out Wisconsin Ave. past Bank of Bethesda to Maple Avenue, turn right to house Frank A.Simon 417 Southern Bidg. NAtL seer ‘The lending institution benefits by its steadily increasing equity in the prop- | erty and its ability to serve a much Situated on beautiful lot, 50x180 feet, less than two blocks from Georgia Ave. and every convenience. Exceptionally fine living room; extra paneled room off stair landing; complete modern larger number of home owners. The general public profits from the amorti- zation loan by the greater activity of mortgage credit which it assures, re- sulting in a larger volume of available funds, more liberal lending terms to home owners and more stable pros-| perity for industry as a whole.” R S N ! Clean Before Painting. Jane Stewart Davis, in Better Homes and Gardens, advises the home crafts- man to be sure that porch or garden furniture is thoroughly clean before beginning to paint Soap and water can be used if ail the soap 18 re- moved—any.soap left on the furniture damsages the finish. Water contain- ing a little ammonia is very easily rinsed Grease can be removed with gasoline or turpentine without diffi- culty. THROCKMORTON’S SPECIALS Here is a list of houses that have been reconditioned and put in perfect shape and are being sold at bargain prices. 526 Central Ave. N.E. 6 rooms and 2 screened porches, sarage, colonial front porch. $6,500 1533 Isherwood St. N.E. ] roé)m: and 2 porches, enclosed. al Price $6,500 938 Quincy St. N.W. This home hag 6 rooms and bath and 2 porches, and priced $7,750 445 Jefferson St. N.W. This home has 8 large rooms, but is priced at only $8,250 1844 Mass. Ave. S.E. A corner semi-detached home of 8 rooms and bath. Priced at $8,450 t drive around and look at these ouses. Our sign is posted on_ every one. Or call us and we will be glad to show them to you. We feel con- fident these homes are the best resale values in Washineton and cgn be pur- on very easy terms. Open for Inspection Wm. M. Throckmorton Realtor. equipment; attached garage. Terms arranged to suit purchaser 811 Bonifant Street Silver Spring, Md. Open Daily and Sunday to 9 P.M. SHANNON-& LUCHS 1505 H St. N.W. Wesley Hrights THE GARDLEN SP( IT “C Nat. 2345 " WASHINGTON HANDSOME TREE-BORDERED HOME - - - 43 43 Cathedral Avenue Lovely grounds, glorious trees suft iscaped and roundings. Spacious corner lot. Home is white stucco with 4 bedrooms and 2 baths on second floor. Two- car . Priced moderately—this home is Teal mum today and Sumday. IS W. C. AND A. N. MILLER 1119 17th Street 201 Inv. Bldg. DI. 6092 District 4464 Exhibit Home 117 Madison St. N.W. Artistically Furnished by P. J. NEE CO. *9,250 = The houses are financed by the convenient F. H. A. plan through the Security Savings and Com- mercial Bank of this city. After a reasonable cash payment the balance can be paid over a period of twenty (20) years—no renewals or fees required. The monthly pay= ment is from about $62.00 to $75.00, depending on which house is pur- chased. The monthly payment in- cludes all insurance and tazes. Tower Building IT IS difficult to express the intangible appeal that these new group homes have in quality, price and environ- ment. In a choice location at one of the highest, coolest ¥oints in the city, one block from wooded Fort Slocum Park. hree different types. detached home. One a 4-bedroom, 2-bath, semi- One a 3-bedroom, 1-bath, inside home with first-floor lavatory—and one a 8-bedroom, 2-bath, semi- detached home. All houses have first-floor sun room and beautiful recreation room with furred and paneled walls. Schools, churches, stores and bus and street car service within two blocks. Noteworthy Features: ® 4-inch rock wool insulation, insuring Summer comfort and economy of heating. ® Rear of houses furred and Plastered over plaster board. @ Interiors finished in hardwood trim with beautiful oak floors and washable wall papers. ® Houses caulked, fully screened with aluminum wire, and completely metal weather-stripped. @ Bryant gas boiler through the co- operation of the Washington Gas Light Co. ® Latest type Oxford kitchen cabinet units. ® QUALITY gas range. @ Large Westinghouse refrigerator, tifully landscaped lots. Open Daily and Sunday Until 9 P.M. ooley Bros. "BUILDERS OF BETTER HOMES" ® Detached brick garage. Beau- To Reach: Drive out 16th St. or Kansas Ave. to Madison St, and turn right to homes. National 9240 —Built to Insure Lasting Satisfaction! 4506 Highland Ave. (3 Others Nearing Completion) Conr oo 7250 fort, beauty and dura- bility has been built into these very complete brick homes designed by E. Burton Corning. Living room 14 by 16, with open fireplace; dining room, two full-sized bedrooms and second floor is “roughed in” for more rooms when needed; colored tile bath and shower; eficient Electric kitchen with G. E. refrigerator; large recreation room with open fireplace; radio outlet, copper water pipes and full-length copper screens throughout. Fine quality brick lined with hollow tile. Separate garage. Lot fronts 60 feet on completed street in established community. Land- scaping by J. H. Small. Bear right om Wisconsim Ave. at traffic light in Bethesda. Straight 4 blocks to Highland Ave. Turm right 2 blocks to homes. Curtis Walker Wm. H. Prescott WALKER & PRESCOTT Member Washington Real Estate Board OFFICE: TOWER BLDG.—Phone DIst, 7834