Evening Star Newspaper, September 19, 1936, Page 27

REAL VIRGINIA REALTORS MEET NEXT MONTH Plans Pushed for Annual Convention in Roanoke October 9 and 10. 1 ectal Dispatch to The Star NORFOLK, Va. September 19.— Plans for the Virginia Real Estate Association’s sixteenth annual con- wvention, to be held in Roanoke Octo- ber 9-10, are rapidly being completed. At the office of Secretary Hollowell it was said today that no stone is being left unturned to make the forthcoming gathering of realtors one of the most interesting in the history of the association. Speakers will include A. P. Staples, attorney general of Virginia, who will discuss recent legislation and court decisions affecting the management and sale of real estate, and LeRoy E. Brown, Richmond, one of Virginia's foremost real estate appraisers, who will give his views on factors in realty valuation. Another prominent speaker will be Frederick M. Babcock of Wash- ington, chief of the underwriting sec- tion of the mortgage insurance division of the F. H. A. He will explain how the F. H. A. may be put to the best use by the real estate men. - C. V. W. Trice of Norfolk will con- duct the annual breakfast conference Saturday morhing. During the last three years the breakfast conference has been the outstanding feature of the convention. During the con- ference realtors-are given five minutes in which to explain some unusual factor entering into the sale or man- agement of real estate. Robert L. Rush of Roanoke will report on the activities of the Vir- ginia Real Estate Commission. The commission administers the regulatory license law, always a live convention topic. Entertainment features will include & luncheon complimentary to the association’s Executive Committee and local board presidents and secretaries. The annual complimentary banquet and ball will be held Friday evening, following the annual five-minute ‘home-town speech contest. C. C. Coll- muss, Norfolk realtor, winner of last year's cup, will preside during the | contest. C. S. Spindle, president of | the Roanoke board, will act as toast- | master. Other topics to be discussed in- clude “Puture Cost of Mortgage ‘Money,” “Successful Advertising Methods,” “Open Forum on Taxation of Real Estate” and “Recent Trends in Management and Sales Fees.” It is expected that upwards of 300 realtors will be in attendance for the convention. The association’s Executive Committee will hold a meet- ing Thursday evening, prior to the opening of the convention. o Mortgages (Continued From First Page.) employment which will bring a fair return and which at the same time will render a service to the commun- 1ty,” Fleming states in the article, Liquidity Loss Essential. “This is not to imply that we should depart from sound banking principles. We should recognize, however, that with the broadened facilities now available through the Federal Reserve System and the restoration of public confidence in the safety of banks there is no longer need for the main- tenance of too high a percentage of | lquidity. “We must always bear in mind, of course, that, based upon the character of our business and the type of de- posits placed with us, we should have what I would term an adequate de- gree of liquidity. But with the need for wide extra margins of liquidity relaxed, we can safely adopt & broader, long-range viewpoint both in dealing with our customers and in seeking new employment for their funds.” Fleming pointed out that amortized feal estate loans, particularly those | made under the provisions of title IT of the national housing act, constitute one form of such new employment of | bank funds mentioned by him. “Numerous banks, our own among them, are now making amortized morgage loans under that title,” he continued. “They, like ourselves, are finding them particularly aesirabie for a number of reasons. Stimulate Employment. “By making possible the construc- tion of homes, such loans can, for ex- ample, do more to stimulate employ- ment and increase the stability of the country than perhaps any other one thing. “Not only do they contribut: to the revival of the building industry and the thousands of other industries whose products go into the modern home, but they also permit more and more people to transform themselves from tenants to home owners. “While the value of such a trans- formation cannot be entered on the bank ledger, it is nonetheless im- portant to us both in our professional roles and as citizens. Perhaps more than any other group, bankers are interested in the continuance of our present order and the security which this country now enjoys. One of the soundest means to that end is for us to enable as many as possible of our fellow citizens to obtain material stakes in the country in the form of their own homes.” Still another socially significant factor inherent in Tiile II loans, pointed out by Fleming, is the fact that they assist in making unim- ed real estate liquid and thereby ly additional purchasing power. is frequently the fact that an owned site will represent at least the 20 per cent equity in the completed @welling which the Federal Housing Administration regulations require. Expansion Made Slowly. All of these considerations entered fnto Fleming's own bank’s early de- elsion to become an approved motgagee under Title IT of the national housing —_— Exeellent Value | 16th St. Highlands 5705Colo.Ave.N.W. New-House Condition Right Price Open Daily and Sunday L. T. Gravatte 729 15th St. Realtor Nat. | we hope ultimately to logn quite an ESTATE. THE EVENING STAR, WASHINGTON, D. C, New Home in Northeast Section This new home at 1346 Michigan avenue northeast was recently purchased by Glenna B. —Star Staff Photo. Ligon. The dwelling was built and sold by the office of Paul T. Stone, Inc. act and to expand its mortgage-loan | business considerably beyond its then rather narrow limits. As this was a comparatively new fleld, expansion was made slowly. “Our record as regards insured mortgage loans, therefare, is not particularly spectacular from the standpoint of volume,” Fleming con- tinued. “Even so, we have made more than $1,000,000 worth of such loans since February, 1935, when we closed our first one. This and the fact that additional sum in this way is the best. indication I can give as to the high regard we hold for this type of in- vestment. “We try to make the cases we sub- mit so sound, in fact, that they would be desirable investments to us even| without the insurance feature. While these loans, in their increased per-| centage and lengthened term, were | entirely novel to us and, I think, to| most other commercial banks, they have thus far proved most satisfactory from a practical banking standpoint.” FIRMS ACT T0 BAR ‘SHODDY’ BUILDING Lending Institutions Seek to Pro- tect Buyers, Official Says. Responsible lending institutions of the country, realizing the dangers lurking in boom building, already have taken steps to safeguard the pub- lic against shoddy building creeping into the present embryonic housing boom, according to Newell J. Nessen, prominent Philadelphia building and loan executive. “New home building,” said Mr. Nes- sen, “is still to reach boom propor- tions. We have a long way yet to go before we reach the figure of 500,000 new houses a year built prior to 1930. However, we have come quite a dis- tance from the 30,000 new homes built in 1934. This year will witness about 175,000 new homes erected in the United States, more than double the number built in 1935. “The better lending institutions are | [ aware of the dangers which face the home building industry. They know that in the endeavor to rush construc- tion to meet demand there is likely to be a tendency to overlook certain es- sentials necessary for a sound physical structure. They are guarding against repetition of “jerry buildin We Especially Want You to Inspect This Home 330 Ocala Street Draperies by Ligon, Rugs by Manoukian, I¥'s an exceptional home, the planning of which will appesi to you. ith large rooms so @ and airy. nged that they e The bath is furnished with the most day-lighted n equipment and the kitchen is @ model for housekeeping convenience. Furred walls end metal weather s! 9. Built-in gerage—and what is of the utmost importance, the construction is of the highest quality and character. Price Only $7,950 Terms $55 Per Month There are several other new homes of verying types in this beauti- i ity. handsomely londscaped. Voryi On large detached lots end ell ms o one bath to four bed rooms end two baths, from $7,250 to $9,350. Open all day Saturday and Sunday. Other days from 5:30 to 8 P.M. Handy to Reach From traffic light on Georgia Ave, in Silver Spring, drive up the Colesville Road past Mrs: K's Tavern to PFranklin Ave, then right three blocks to BRANWILL PARK. Tune in WRC 10:30 Sun- day mornings and “American Hom gram sponsored by us. MOSS&aw Tower Bldg. MEtro. 1776 Evenings, SH. 3742 189 Redwood Terrace Open Daily Until 9 P.M. Not just another house, but distinctive in every detail, with gorgeous features not to be seen in any other home in Washington. This magnificent residence is situated in Washington’s most exclusive section, on a large corner lot with 175-ft. frontage. Contains 9 rooms, 3'2 baths, extra lavatory and complete maid’s room with bath in basement. Solid black walnut floors throughout first floor. Black walnut stairway, American walnut library, and featuring individual oak room, ash room, walnut room and pine room. Other unusual features are unique desk and telephone cabinets, 5 telephone outlets, interesting closet arrangements, double mirrors, recreation room with bar, and fixtures throughout you will greatly admire. Impossible to really describe this home—you must see it and be the real judge. Best of material—perfect workmanship. A real creation. TO ' INSPECT: Kalmia Road to end of Built by Randolph L. Jennings 1106 Vermont Ave. Drive out 16th to Kalmia Road—west on road—and right on Redwood one block. Nazarian Bros., 1226 Conn. Ave. N.W. METZLER—Realtor District 8600 Sundays and Nights—Ad. 0620 SATURDAY, SEPTEMBER 19, 1936. REAL ESTATE. Individual Design and Charm Greet You In Bronkdale 4705 Overbrook Road $9,450 A Community of Distinctive Small Homes"” .Incorporating the Most Recent Innovations in Home Construction, and Featuring the Newest Oil Burning, Air Conditioning Equipment. Other Houses, $7,950-$12,000 Federal Housing Financing Brookdale is one block beyond Western Ave. and River Rd. on River Rd., 2 blocks beyond 46th and Fessenden Sts. COOPER LIGHTBOWN & SONS Builders and Owners A GROUP OF BEAUTIFUL HOMES, PRICED TO SELL. ALL IN EXCELLENT CONDITION & VACATED FOR THE DAY TO ALLOW THOROUGH INSPECTION Drive out Connecticut Ave to the Circle, cround to the west into Western Ave, thence to Oliver St. ond to house. We heartily rec- ommend this lovely home to your attention as a buyer. There ore 4 BED ROOMS, 3907 OLIVER ST, CHEVY CHASE, MD. ik 5018 42nd ST. N.W, CHEVY CHASE, D. C. A decidedly charming, corner home, insulated with Rock Wool from cellar to roof. Well built, center-hall home of 4 bed rooms. outomatic heat ond refrigeration; big, screened side porch; built-in garage; all in excellent condition. A very comfortable house in Sum- mer or Winter. Many other at- tractive features. Splendid home in fine N. W location. Priced way down. Built on lot 50x1325. Three bed rooms, two baths ond den-.on 2nd floor; well- planned first floor; screened side porch; oil heat and elec- 1312 IRIS ST. N.W. SHEPHERD PARK 2 BATHS; first floor lava- tory, basement shower, maid’s room; outomatic heat ond refrigeration; breakfast room; 2-car brick garoge, ond the price is right. Vacont and in fine shope. Moke it agpoint to come by. 6510 MAPLE AVE. CHEVY CHASE, MD. Offered at price $5800 less than owner paid for it. Beautiful wooded lot 60x191. Charming center-hall type; 4 recl bed rooms 2nd floor ond 2 baths; 2 bed rooms ond bath 3d floor; sleeping porch; den; 2-cor, built-in garage; oil heat. Drive out Conn. Ave. to Brodley, West to Mople Ave, north to house. tric refrigeration; weather stripped ond screened; finished attic; attoched garoge. A wonderful home, reached by driving out 16th St. to Iris St. end eost to house. THESE HOMES OPEN SATURDAY AFTERNOON, 2 TO DARK, AND SUNDAY, 10 TO DARK BOSS & PHELPS