Evening Star Newspaper, June 20, 1936, Page 27

REAL ESTATE. EVENING STAR, WASHINGTON, ACACIA BULDING 10 OPEN MONDAY New Million Dollar Structure to Be Occupied for First Time. The Acacia Mutual Life Insurance Co. Monday will occupy its monumen- tal new home office building, located on Louisiana avenue facing the United States Capitol, it was announced last night by William Montgomery, president of the company. The struc- ture, the only large office building erected here in the last five years, cost_approximately $1.000,000 “This building conforms in archi- tectural style to the great Federal buildings adjoining.” it was stated by President Montgomery, who has been the company’s directing head for more than 40 years Structure Is Modern. “Six stories in height, the building includes every modern feature for the expeditious handling of the company’s business. It has been carefully plan- ned for efficient and economical op- eration. From its impregnable vault to its completely equipped medical laboratory, from its spacious filing rooms to its soundproof and air- conditioned offices, this building has been designed and executed as the last word in modern business struc- tures “The building has been designed so that while it is a complete unit in itself, additional units can be eco- nomically added as they are required through the growth of the company. It is planned that ultimately tk building will cover the entire squa Growth Has Been Rapid. Joined the small local insuran “society” which has developed into | Acacia’s Nation-wide organ the organization occupied a small room over a hat store in enth street northwest. Mr. Montgom- ery was the sole em ye From its home office here in W ington are directed the activities of more than 1.000 employes, and its | branches in more than 60 principal | cities throughout the country. The | cdnpany's assets total more than $62,500.000 and its insurance in force 4s above $355.000,000. by eliminating cross streets wit Below: A better example o by the Cincinnati project in the Zoned Against Traffic Hazards Top: At the Langston housing project in Washington, P. W. A. has planned control of traffic hin the subdivision. A, 3 S s f how housing experts are meeting this problem in cities is shown heart of a huge congested area, with its labyrinth of streets and alleys. Residents within the protected area are safely zoned against city traffic. Employes of the company will begin |~ work in the new building Mon area is cross-a by streets laid off like morning at the regular hour. Later|a checker-board. an assembly will be called which will addressed briefly by President | gomery. The formal opening for lic inspection. and the dedication. to be held in conjunction with a con- tion of Acacia field representa- tives, will be announced later. P. W. ! (Continued From First Page.) Safety Is Consideration. The Cincinnati project. as planned 18 1r | di | be made comparatively safe for ten- ants through streets. There are no alleys the area. It is served by well-guarded trade entrances and pedestrian walks. Large playgrounds provide a maximum |of safety and freedom for children. | The Concinnati project, as well as Langston Courts and others. are as adequately protected against traffic rise to problems that are responsible for most of the daily toll of deaths and accidents. hazards as it is possible to provide in The Government’s slum clearance ga city. project in Cincinnati, a scaled model As these housing projects are de- of which is shown here, serves as well | signed for families of low income, as any to illustrate what the housing | stands to reason that children largely planners are trying to do. The area | predominate, for the children of the ts in the neighborhood of the new | tenements, as statistics show, greatly Union Station, a typically crowded | outnumber the children of well-to-do district duplicated in any large Ameri- | families. The Government experts can city. Within this area the Gov-|had this problem in mind when they | ! clearance development was planned | villages. Because of the Government In the first place, it contains no 317 living units will be built to complicate traffic conditions within | for a crowded area in the southwest !sornrm Unable to obtain title to the iland. the P. W. A. eventually located a 2 | site in the undeveloped section north nded to demonstrate how a sub- | of Benning rond. The area selected sion within a crowded district can |is a 14-acre tract, the greater part of {which will be devoted to park and | recreational space. Within the area servative estimate of the population vould be about 1,500, a majority being | children. Drive Encircles Area. | At Langston the traffic problem is ! met by a driveway encircling the de- | veloped area. This would lead into Benning road. one of the main eastern | entrances to Washington and crowded | always with motor vehicles. There | will be no cross streets or alleys, as {6 | in neighboring sections south of Ben- | ning road, to create traffic problems. | Langston Courts will be an entity to | itself. | The Housing Division makes no | claim of originality in carrying out | such planning, but the idea is rela- | A con- | | prestige behind them, the 50 odd hous- ing projects should serve a very help- ful purpose in guiding city planners in the future There is another aspect to the pic- | ture. an economic phase, which is equally important. The cost of main- taining city streets has always been an onerous burden on the taxpayer. The average city has at least 25 per cent of its area laid out in streets and alleys. In the planning of the P. W. A hous- ing projects less than 15 per cent of the area is devoted to street and driveways, without reducing the ac- cessibility to homes The work at Langston progressing under contract foundations are about completed. Contracts for the super-structures, was said, will be advertised in a short while. ‘Women to Aid Judge. Circuit Court Judge Krause of Har- | rismith, South Africa, recently ap- Courts 1s | The | it | C, HOME EQUITIES BEING INCREASED Building and Loan League Cites Refinancing by Private Funds. Refinancing of home mortgages tak- ing place since last October has paved the way for some 190,000 families to increase their equity in the property each month, the United States Build- ing and Loan League points out. A definite sign of the return to more normal conditions in the field is seen in the fact that a majority of the transfers of existing debts were to privately financed lending agencies rather than to emergency Government lending bodies. The figures, given date from Octo- ber because the savings, building and loan associations began to keep‘ month-to-month records of their lend- ing at this point, and these associa- tions did the largest block the October. to May refinancing among | the non-distress agencies. They wrote | some 78,500 loans, formerly held by other lenders, on their monthly re- payment plan which kills off the debt | systematically. During the same pe- riod the financing institutions using the’F. H. A. mutual mortgage insur- | ance plan of monthly repayments, ex- clusive of building and loan associa- | tions, took over about 23,200 mort- gages from other types of lenders. The Home Owners Loan Corp., which also uses the monthly repayment plan, refinanced loans on 88,093 homes for distressed owners during this period. Borrowers Gain. In the case of all three types of refinancing arrangements the bor- rowers gain an increasing interest in the the property monthly L. W. Pellett, Newburgh, president of the league, says that a most impor- | tant influence of the increasing per- centage of monthly repayment loans in the entire mortgage structure will be the reviving concern of the owners | for their property, once they begin to | see their increasing participation in its ownership. The psychology as well as the economics of the long-term : $750 | CASH Balance—One Trust Payable in Monthly Installments Less Than Rent Attractive New Brick Bungalow with Finished Attic Recreation DY of and Room 205 Albany Avenue Takoma Park Eastern . Av Bufialo Ave to homes, Moss Realty Company Tower Bldg. MEtro. 1776 Evenings SHepherd 3742 SATURDAY, JUN E_ 20, 1936. monthly repayment plan origihated by the savings, building and loan asso- ciations 105 years ago, has been one of the secrets of its success, he said. Mr. Pellett predicted that the past few months will probably be recorded as the peak period for shifts in the status of existing mortgage debts, be- cause of the growing need from now on for all types of mortgage funds for new home financing and for the financing of home buying in a reviv- ing real estate market, ?lan Will Have Influence. “The growing popularity of the long-term, monthly repayment mort- gage will have its influence in contin- uing an appreciable volume of trans- fers from the straight mortgage sys- tem to the building and loan plan, but as the year goes along more and more | | of the association funds will go into the new activities,” he said. “The ederal Housing Administration will REAL ESTATE. T undoubtedly emphasize loans for | though in a few cases the duration of building and buying more definitely in | the loan is longer. the future than its refinancing loans, | since the primary purpose .of the| agency’s establishment was the re- | lease of funds for home bullding. The{ Modernizing and rebuilding Londo Home Owners' Loan Corp, of course. | sunway stations will cost. $20,000,000, ceased operations on June 12, so that R the great bulk of distress financing | = — & —————————————— will now be removed from current|g mortgage refinancing activities.” Mr. Pellett said that the building and loan associations’ refinancing ioans have averaged about $2,500 each, all of them debts which would have been carried along indefinitely by the families incurring them under the once popular straight mortgage sys- tem with its demand for periodic re- newals of the principal by the lending agency. Now that they have been transferred to the new basis the ma- Jority of these borrowers can reason- ably be expected to own debt-free homes inside of 8 to 11 years, al- Rebuild Subway Stations. 1349 Montague St. N.W. Stone—Detached—Lot 50x132 FOR LARGE FAMILY. Two floor price $13,450.00 Terms Just North of 11th & Kennedy Sts. Inspect Anytime PAUL MAGOFFIN 236 Woodward Blds. Natl. 9257 for GRACIOUS LIVIN In the Select Massachusetts Avenue Section 3927 Massachusetts Avehue Built by @ master builder of fine homes, of the finest construction and quality materials, this home is an outstanding value at the price. Ideally situated far back on a lovely ped a center-hall type with large living room modern all-electric kitchen, spacious first-f dining The second floor has 3 large b There are 2 finished rooms on third floor. The boiler room, w heat dry tubs. weatherstripped end there is a 2-car detached garage. Drive west on Massachuselts Ave Price, *17,300 [=u(&brm west of Wisconsin Ave.,to 3900 block HARRIS SHAPERO, Builder ADAMS 1539 WAS NEVER CONNECTED WITH ANY OTHER BUILDER OF SIMILAR NAME land: lot. This o h with its Ve and open firep ning; A room Beautifully Draped—Rugs by Hintlian OPEN DAILY AND SUNDAY tively new and has been embodied in | pointed two women to sit with him and | ernment has cleared a tract of sev- | planned the housing projects with & | (T S FEC S bech Bmbocied 1 | pointed two women i eral squares of tenements and small! view to recreational conveniences as business buildings. On each side | well as the regulation of traffic flows & main traffic artery. The old Washington's first proposed slum FOREST HILLS 4536 28th St. N.W. Seldom does the opportunity present itself to acquire such a lovely home situated ad- jacent to Rock Creek Park at such an at- tractive figure. FIRST FLOOR: Very large studio living room, beamed ceiling, set-back fireplace Dining room. Paneled library with lavatory. Bed room and tiled bath. Large kitchen com- pletely equipped. Pantry. SECOND FLOOR: Four large bed rooms, two tiled baths. One closet 8x10 and many others. Vapor oil burner. Laundry. 2-car detached garage. Landscaped lot, 60x114. Trees. Reduced from $35,000 to $22,500 Inspection by Appointment Only The Federal-Ameriran Company Real Estators Frank J. Wagner & Co. Present An Quistanding Group of Detached BRICK HOMES orthwest Location That Is Rapidly Increasing in Value Like Giving You $10,000. A 832,950 Home for $22.950 in beautiful, restricted Country Club Hills The Showplace of Virginia Imagine & residential development high above Washington with the most beautiful and finest golf club in the East as your front yard. Highly re- stricted . . . beautifully lendscaped . . . finest architecture . . . the best con- struction ... several other fine homes reaching completion . . . inspect NOW. We will take your home in trade. _J Furnished Exhibit Home 3125 N. Abingdon Street 10 spacious Open til 9 P.M. Daily Readced in_only 15 minutes'—via Canal Road and Chain Bridge, then 2 miles to Washington Golf and Country Club—turn The Beautiful Trees Will Sell You! We Challenge Comparison. -~ 1429 Eye Street N.W. NAtional 8032 _ Inherent Value in a Cooley Built Home in Marietta Park fi o s DRIVE (Just Off Western Ave.) The kitchen is entirely equipped with gas appliances and there are numerous hand-built cabinets. House is heated with a gas hot- water furnace. Lots are 50 feet front and 80 feet deep. Entire house is screened, weather-strip- ed, insulated with BALSAM OOL and has a SLATE roof and a beautiful porch. EXHIBIT HOME 6607 Western Avenue N.W. Center-hall plan—6 rooms, 2 baths, club room, attjc, etc. Single unit oil burner. An unusually attractive feature are the rear porches on these homes, quiet, restful, overlooking tree-filled unusually deep yards. Price $12,950 OPEN DAILY G i AND SUNDAY SMITHY co. HEALTH HOME TO 9 P.M. Drive out Connecticut Avenue to Chevy Chase Circle and east on Western Avenue to 6600 block, or north on Utah Avenue to Pinehurst Circle and Western Avegue. 4811 WESTWAY These amazing new homes are of all brick with 2-inch furred walls. THE LIVING ROOM IS 14 FT. 6 INCHES BY 17 FEET LONG. There are two unusually large bedrooms and tile bath. A FULL ATTIC WITH STAIRWAY and a BUILT BY light, cheery dining room. 422 Oglethorpe Street N.W. 20 ft. wide. 42 ft. deep, is el peice. ENtconddtnoned like Drive out Mass. Ave. to Westmoreland Circle, right on Western Ave. 3 blocks to LEROY PLACE, left on Leroy Place one block to Westway Drive and homes. OPEN DAILY AND SUNDAY! GOSS REALTY CO. . S. EATON—Sales 1405 EYE ST. N.W. A_lovely, almost new semi-detached brick home. offered you at a $2,000 reduction from its Origi new, it contains & rooms, tiled bath and first floor second floor and 4 rooms, reception hall. pantry and lavatory o Paved alley, two-car detached garage, electric refrigeration. Lot 30x160 CAN BE EASILY CONVERTED INTO A 2-FAMILY HOUSE $9 950 Open Saturday and Sunday y [ to 9 P.M. (ocley Bros 1a: Drive out 5th St. to Oolethorpe St. Right to home. Natl. 9240 Tower Bldg. NAT. Investment Building District 6092