Evening Star Newspaper, July 20, 1935, Page 18

rB4 % SAVINGS AND LOAN RULES SIMPLIFIED Change Designed to Spur Insuring of Investors’ Accounts. Simplified regulations, designed to encourage the insurance of investors’ accomts by home-financing institu- tions throughout the country, have just been adopted by the Federal Sav- ings and Loan Insurance Corp. The purpose is to afford the maxi- mum protection to shareholders in insured institutions at the lowest possible cost, while enabling all sol- vent properly managed building and loan associations to give their in- vestors the advantages of insurance of shares with a minimum of delay, according to an article in the current issue of the Federal Home Loan Bank Review. At present, there are 850 insured build’ag and loan associations in the United States, with an aggre- gate of 674,313 individual shareholders whose accounts are insured against loss up to $5,000 each. Insured Up to $5,000. Accounts held jointly in these asso- eiations are now insured up to a total of $5,000, but each of the joint holders may hold a separate account insured up to the maximum of $5,000. Another rule provides that an insti- tution obviously ineligible may apply for examination and appraisal in order that the corporation may recom- mend the changes necessary to enable the association to qualify later on. An insured association may now make loans on real estate beyond 50 miles from its office, provided it supplies the corporation with information designed to assure the safety of such loans. In compliance with the amended act, which cuts the cost of insurance to the institutions in half, the pre- mium rate has been reduced from one-fourth to one-eighth of 1 per cent of the total of all insurable accounts, plus all creditor obligations. The limit on possible additional assess- ments is now one-eighth instead of one-fourth of 1 per cent. More than twice as long a period as before is allowed for the accumulation of re- quired reserves by insured institu- tions. Another provision permits expan-| sion of institutions through merger| and the purchase of assets of other| institutions. Brokerage activities by | associations are restricted. Regulations Revised. Revised regulations for Federal sav- | ings and loan associations, now being published, give any person interested | in the federalization of a State- chartered building and loan associa- | tion a right to be heard before the | Review Committee at Washington. To lower costs and to speed exami- nation of institutions taking full ad- vantage of Federal co-operation with jocal building and loan asosciations, | the Federal Home Loan Bank Board has adopted a flexible new application form to be used by institutions seek- ing membership in the Federal Home Loan Bank system, conversion to Fed- eral charter or insurance of shares, permitting these three exnminauonsl to be made simultaneously. This form | also represents a step toward greater | uniformity of accounting practices in | the building and loan field. MANY DEEDS FILED IN FAIRFAX COUNTY 118 More Papers Recorded Than| Same Month Last Year for New Record. Bpecial Dispatch to The Star. FAIRFAX, Va., July 20.—Probably establishing an all-time record for a| single month, 306 deeds, deeds of trust and contracts were recorded in the office of F. W. Richardson, county clerk, for the month of June. The same month last year there were a total of 188 such recordations, an in- crease of 118 this year. Likewise, recordations for the first six months of 1935 are 344 ahead of the corresponding period in 1934, it was disclosed. For the former year 1,074 such papers had been recorded through June 30, while for the cur- rent year the number is 1,418, A comparison by months for the two years is as follows: January, 1934, 170; January, 1935, 163; February, 1934, 149; February, 1935, 170; March, 1934, 162; March, 1935, 240; April, 1934, 187; April, 1935, 254; May, 1934, 218; May, 1935, :g: June, 1934, 188, and June, 1935, To date for the present month the number of such documents admitted to record is continuing the same high average as for preceding months, the records reveal, —_—. LOG CABINS FOR COLOR Many people who have large back yards are building therein garden houses in the form of rustic log cabins. ‘These picturesque structures sur- rounded by tall hedges of thick ever- greens can be made to seem as remote from the life of your daily household s if they were in the Canadian woods. A shingled roof, with the shingles dipped in creosote and then stained— of wallboard, painted a cool, gray green or a soft tone of yellow. = Double- bunks transform the garden house into a real vacation house that : beloved by youngsters of Beautiful New Home SHEPHERD PARK REAL ESTATE, THE EVENING STAR, WASHINGTO Chevy Chase Home "C,hanges Hands Mr. and Mrs. Oliver Anderson recently purchased the above home, at 3617 Legation street, Chevy Chase, through the office of Walter A. Brown. The dwelling contains eight rooms and two baths. —Star Staff Photo. New Typ e of Residence Builder Held Emerging FromDepression NEW YORK, July 20.—From the crucible of the depression a new class of residential builders is emerging that is restoring the confidence of the pub- lic in home ownership, according to Joseph B. Mason, Eastern editor of the | American Builder. Hard times, a better informed public and lately, F. H. A. rules and regula- tions, can be credited for this improve- ment, Mason said. “Most of the incompetent and irre- sponsible operators were shaken out early in the building slump,” he con- tinued. “Those that stayed were men whose reputation and financial stand- ing were able to stand a tremendous buffeting. For even the best of builders had to stand by and see houses they had built with almost lov- ing care lost in foreclosures. “Today it is difficult for incompe- tent or irresponsible men to get back into the field. Financial institutions will not loan money to them. Lumber dealers are hard boiled about credit. Prospective home owners check their | qualifications. Two Groups in Field. “The field today is largely made up of two groups: stantial builders who survived the de- pression; (2) a newer, younger type that is bringing life and new ideas into | home building. Many of these are men with good educations and excel- lent training. During the depression they had ample time to study and per- fect house building methods and to- day these improvements are beginning to show. “Of course no one claims that this rough and tumble construction fleld has been fully ‘purified” But the ma- jority of builders are giving honest value today and are working for a system of licensing laws that will keep out jerry builders. “Regulations and practices of the Federal Housing Administraticn have helped greatly to standardize home construction procedure. Important Changes Cited. “The most important changes are: “1. Complete plans gnd specifica- tions are now prepared before a con- struction loan is secured. This makes the contractor plan more carefully. He specifies his materials and equip- ment more fully in advance. “2. Changing of specifications is discouraged, if not entirely prevented. ‘This means that once a builder has specified a certain type of building material or equipment, there is little chance that an inferior one will be substituted later on. “3. By improving the quality of workmanship and using better ma- (1) The solid, sub- | terials and equipment the builder can obtain a higher loan rating, which means & bigger loan at lower interest. This is a strong incentive to better | quality. “Among the whirl of changes taking place in the industry today is a ten- | dency toward centralization of control. In the past the home owner had many people to deal with. Now the trend is for the builder to give a complete service. He is being forced to this by the threat of prefabricated house | builders. He delivers a ‘turn-key’ job, with the house ready for occupancy. | By centering responsibility on one | place the home owner is better pro- | tected and, as a rule, better served. Home buying today as a result is | easier, safer and more satisfactory than ever before.” WoODWARD O™UT™F awo G SrazeTs months—gets rid of rustproof materials as; isfactory and efficient i West of Conn. Ave.—Just About Exclusive Chevy Chase, Facing Public Reservation GARDEN MOTIF POPULAR Espaliered Trees Painted on Wall . of Dining Room. ‘These days people who love gardens can have their penchant reflected in- side their homes as well as out. An | attractive dining room seen recently has a garden for its theme song. IPumixhed in French provincial style, 1t has those formally trained espaliered trees painted on its greenish white walls. The indoor shutters are painted in floral designs in tones of green, white and cherry red. PR Paint Proves Economical. It is more economical in the long run to apply s sufficient number of paint coats to a surface at one time. Two coats of good paint applied to exterior frame siding will afford better protection and be more durable than one coat applied every two years. New wood should be given three coats. & Lortiror Prone Have Your Home Weather-Stripped Now : —at Summer’s Low Prices We Are Offering Special Low Prices for Metal W eather-Stripping Metal weather-stripping in your home makes it more comfortable during the Winter cold areas around the windows—safeguards the health of your fam- ily—keeps fuel costs at a minimum. Our experiénced workmen and fine quality sure you of a most sat- installation. Telephone Dlstrict 5300 for fur- ther information or an estimate MANUFACTURING DrvisioN OFFICE, SEVENTH FLOOR, Md. the Circle 3 West Lennox Street Imposing Detached Colonial Six Bedrooms—Two Baths—Garage This neighborhood between the Circle and the Chevy Chase Country Club has always been admired for its beauty, refinement, exclusiveness and convenience. D. C., SATURDAY, RECORD BUILDING INPRINCE GEORGES $466,080 Permits Issued for First Six Months of Year. By & Btaff Correspondert of The Star. HYATTSVILLE, Md, July 20— skyrocket new high during the first six months of 1935, Permits for structures estimated to cost $466,080 were issued during the period by George F. Adams, building inspector. Most of the permits were for new private homes. The building industry was almost at a standstill in January, when per- mits totaling only $26,450 were issued. That was the worst month on record at the building inspector’s office. PFrop January, however, a steady climb began, which reached its peak during the May operations, valued at $126,000. Adams predicts construc- tion will continue over the $100,000 mark during the rest of the Summer, with & seasonal decline expected in the Fall. Pigures for the other months of the half year follow: February, $46,540; March, $66,365; April, $84,180, and June, $116,015. Coincident with the boom in private building, Government construction ex- panded in the county between Janu- ary and June. A new post office cost- ing $80,000 was begun in Hyattsville, building and repair work involving about $500,000 was statted at the Uni- versity of Maryland, and several school buildings, undeftaken in 1934, were finished. JULY - 20, 1935. BOARD LOSES HOPE FOR LIGENSE BILL Needed Real Estate Check Must Wait Until Next Session of Congress. (Continued Prom Pirst Page) to act as ‘s real estate broker or real Commissioners. Not more than one of the appointees shall have been engaged in or closely license must furnish bond of $3,500, while salesmen would be forced to post a $1,000 bond each. The bond | for brokers was reduced from $5,000 | and for salesmen from $2,000, required in last session’s bill, in order that no hardship will be exacted on small OPEN DAILY Stlver 605 Bonifant Street Silver Spring, Md. Tms beautiful new home is built of stone and frame on a large lot with 63 feet of frontage. Six large rooms and lovely bath—roomy living room with stone fireplace, off of which is & concrete screened-in porch—three good sized bedrooms—slate Toof—furred walls—copper flashings, and garage—fully insulated second story. - Louis T. Rouleau, Architect price 58,750 AND SUNDAY 0 INSPECT—Drive out Sizteenth Street and Alaska Avense Spring. out Georgia Avemue to Bomifant Street, turn right at Peoples Drug Store—three dlocks o property. Dalemont Realty & Construction Co. Ga. Ave. and Montgomery Ave., Silver Spring, Md. Phone Shepherd 1705 .6007 Broad Branch Road $11,750 REAL ESTATE. offices. Brokers are required to pay a $35 annual license fee, while & nual license fee must be paid by sales- men. License would expire yearly, but will be subject to revocation at any time. Presentation of charges and a public hearing must precede such revo- cation. The grounds for revocation, as stated in the bill, include substantial misrepresentation, false promises, act~ ing for more than one party in a transaction without the knowledge of ali, failure to account for money or — .HOUSTON VACANCY.LOW Vacancy percentage in Houbton, Tex., for all types of residential prop- erty, including apartment structures, as reported to the National Associa- tion of Real Estate Boards, is 17 per cent. This is the lowest residential wvacancy so far reported to the asso- clation by any city of the country. As a measure of building activity in the city it ts stated tha there is not a single carpenter, mason, plumber or vlasterer in the city on reszf. Unusual Value - 1313 Taylor St. Northeast All-Brick—Semi-Detached Three Bed Rooms—Two Baths Recreation Room—Oil Burner—Double Garage De Luxe Kitchen—First Floor Toilet Insulated—Screened—Electric Refrigerator C. M. WALLINGSFORD 1010 Vermont Ave. N.-W. Natl. 2990 out. Slate roof. Detached garage. OPEN DAILY SULLIVAN 1520 K St. N.W. L] JUST COMPLETED 6 Rooms—2 Baths A Detached All-Brick Home in $Ha Safle Park 1836 Varnum St. N.E. LOVELY new home in this charming residential section combining the finest of construction with the latest in modern equipment. Living room with fireplace, 3 bed rooms, 2 baths on second floor, recreation room in basement. House fully insulated, weather-stripped and screened through- Electric refrigeration. Lot 46x100. Price, 58,950 AND SUNDAY To Inspect: Drive out Michigan Ave, to 18th St., morth one square to Varnum St. or Take Bus Direct to Home. BROTHERS Met. 4323 A SILVER STAR HOME In MWrermood 3359 Quesada Street N.W. Corner Broad Branch Road, One Block’ South of Rittenhouse An all-brick center-hall Cape Cod Colonial. Built for economy of of maintenance and gracious liv- ing. Six large rooms and two lovely baths. On a beautiful cor- ner, tree shaded lot. —FIRST OFFERING- The builder has completed immediately adjoining the Silver Star Home a group of homes of various designs. They are all built to the rigid speci- fications of the Silver Star Home and are now available for inspection. 6011 Broad Branch Road $12,500 Both of these lovely homes contain 6 rooms, 2 baths, recreation room and finished attic. Superior construction, charm of architecture, delightful floor plan, combined with en- vironment, make these homes an outstanding value at the price. All of these Homes Built by Paul T. Stone, Inc. ave Electric Kitchen Open For 'nlboefi'on Daily and Sunday Until 9 P.M. Health Homes. Ave. to Clievy Chase Circle, East one-half block on To Inspect: Out Conn. Western Avenue to Quesada Street, thence two blocks to property. Presented by J. WESLEY BUCHANAN, Inc 916 15th St. N.W. Phone Met. Individual in design, it is outstanding among the fine ht:mmli with its beautiful , lawns, shrubbery and shade. First floor: Reception room, living room, dining room, newly equipped kitchen, front and side living porches, screened rear Second floor: Four delightful bed rooms, bath and uncovered cglmh Third Two bed rooms, bath and attic. Has hot-water heat,- electricity, weatherstrips. The lot is 85 ft. frontage facing public reservation and 125 2t. deep. New House Condition—$15,000 Open Today, Sunday and Evenings L. T. GRAVATTE 729 15th St. N.W. 1432 Juniper St. N.W. Now on Display Lovely new center-hall.plan Colo; al. Compl rooms, 3 baths, recreation 2-car brick ga- room, oil burner, rage, besutiful lot. Open All Day Sunday rive out 16th St 'to Juniper t. Turn right % biock to house. 1143 Tower e Realtor i)