Evening Star Newspaper, October 10, 1936, Page 28

R HOME FINANGING INENGLAND IS HIT Modifying Clauses Are Held “Jnkers” in Long-Term Mortgages. English home financing plans often eontain jokers which would not be tolerated in this country, according to Stewart McDonald, Federal housing administrator. Examining additional reports on the English housing program made by Dr. Ernest M. Fisher, head of the Division of Economics and Statistics, and Richard U. Ratcliff, his associate, who made a recent 60-day survey in Eng- land, McDonald said: “When you look for a long-term mortgage in England it's hard to find. So-called long-term mortgages at pre- sumably fixed interest rates have mod- itying clauses which are a joker on the borrower. “One of the most common jokers is that these so-called long-term mort- gages are callable at six months’ notice by the lender in case interest Tates rise. Interest Rate Fluctuates. “The second form which the joker takes is that the interest rate is not fixed at all but fluctuates in accord- ance with interest rates charged by the Bank of England. “Finally, another form which this Joker commonly takes is that the interest rate described in the mortgage instrument is one rate, while a gen- tleman's agreement is entered into with the borrower to charge him a lower interest rate than that specified in the mortgage. “The insured mortgage of the Fed- eral Housing Administration, on the other hand, bears an established rate of interest not to exceed 5 per cent plus one-half of 1 per cent for in- surance and one-half of 1 per cent for service charge. This is fixed and cannot be increased during the life of the mortgage, which may extend for as long as 20 years. Ten Years Behind U. S. “England is 10 yfars behind the United States in its housing program. Many factors influenced the delay of home building in England, includ- ing the war, the rent restrictions act and a serious shortage of skilled building mechanics immediately after the war. In addition, building costs advanced from 300 to 400 per cent. It was only after the government stepped in with subsidies that the home building industry revived. “What is happening today in Eng- land happened in the United States in the 20s. At that time we had a building boom, followed by a crash, which taught us some lessons England has yet to learn. It is pretty well | agreed that the decline in English building already has set in and it may be that England is facing a situation similar to that which the | United States encountered in 1929-30. | “The passage of our own national | housing act, the creation of the Fed- eral Housing Administration and the | introduction of such important pro- tective devices as the long-term, in- sured mortgage, with its provision | for amortization, indicates the United Btates has advanced to a point well | beyond England's experience. The in- | sured mortgage is exactly what it is represented to be and is actually a long-term mortgage without modifying clauses.” Convention (Continued From First Page.) one vice president of the United States league; C. Clinton James, | chairman of the Federal Legislative Committee of the national organiza- tion and a member of its Executive Committee, and F. Willson Camp, act- ing secretary of the local league. It is anticipated that the convention will name Baltz first .vice president, in which position he will be in line to | head the national group two years hence. Among other Washingtonians who *1,950 4 BEDROOMS with 2 TILE BATHS | J. F. Ebersole of the Harvard School | Morton Bodfish, Chicago, league exe- EAL ESTATE. THE EVENING STAR, WASHINGTO Dwelling in Nearby Maryland Purchased Russell M. Brown recently bought this home at 6517 Maple avenue, Chevy Chase, Md., from The transaction was made through the office of William M. Shannon & Luchs Co., builders. Throckmorton, realtor. It contains nine rooms and three baths. —Star Staff Photo. will attend the convention are Mrs. Buckley, Mrs. James, Mrs. Baltz, Mr. and Mrs. Carl Bergmann, Edward K. Jones, Howard S. Gott, R. L. Houston Jones, Arthur G. Bishop and Alfred B. Baker. The last report was that all reservations had been taken at the ‘Waldorf-Astoria Hotel, convention headquarters, and that adjoining hotels' were taxed to accommodate delegates. Speakers Are Listed. An attractive program has been arranged and some of the nationally known speakers to be heard are as follows: Senator Royal S. Copeland of New York, Henry Bruere, president of the Bowery Savings Bank, New York; Dr. of Business Administration, M. A. Linton, president Provident Mutual Life Insurance Co. of Philedelphia; 1. Friedlander, Houston, Tex. im- mediate past president of the league; cutive vice president; Allie S. Freed, New York City, chairman of the Voluntary and Non-partisan Commit- tee on Economic Recovery; John H. Fahey, chairman, end Fred W. Catlett, member, of the Federal Home Loan Bank Board of Washington, and Horace Russell, general counsel for the board. Gov. Lehman of New York will make the address of welcome. Expecting the largest attendance in their 44 years of organization the savings and loan leaders have ar- ranged a program which touches every current concern with regard to the billions of dollars from small investors, which find their way into home mortgages through the channel of these thrift and home financing insti- tutions. Important committees of the United States Building and Loan League will report to divisional or general sessions for the guidance of the entire industry on their conclu- sions on such problems as public housing, insurance of shares in sav- ings and loan institutions, the Federal Housing Administration, economie policies of the Nation, home taxation and public relations. Committees to Meet. Two days of committee meetings will precede the convention and the eve of the gathering will see the first meeting of the important Resolutions Committee, under the chairmanship of L. P. McCullough, Columbus, Ohio. The National Association of Builde ing and Loan Supervisors, organized as a division of the United States Buys One of These Detached Brick Homes On Lot 60x130 4 BEDROOMS LIBRARY 2 TILE BATHS 5540 WESSLING LANE BUANISHED AND OPEN DAILY FROM 9 A. M. TO9 . M. To Reach: Out Wisconsin er Comnecticut Avenue fto Brodiey Boulevard, left to Pairfax Road, right to houses. FRANK A. SIMON 417 SOUTHERN BLDG. 4 Built—2 Sold Big Semi-Detached Homes 5710 3rd Beautiful homes arranged for 2-family use. b bed room and bain o frst foor. Th bath on first floor. block_from car line and 22-acre Ft. Slocum Van Buren St. recreation center. Drive out 5th St. to Madison St., turn right 2 blocks to Third Place and lejt to new home group. 1420 K St. NW. == NATL. 3668 NEW MARIETTA PARK Pl. N. All-bri e fines Park, 4 bed rooms, 2 . some architectoral features. One Near stores, schools and big REALTY CO., INC. league, will have one of the most important sessions at the meeting. Ira A. McBride, Jefferson City, Mo., supervisor of the institutions of that State, is this year's presiding officer. The whole matter of the role of pub- lic supervision in the thrift and home financing field is in for earnest study these days and a movement in the direction of uniform examination pro- cedure among the various States has taken rapid leaps ahead in the last year. A special committee in charge of developing standard forms is to meet at this year's convention and its chairman, C. J. Burns, Iowa super- visor, will report to the divisional ses- sion. J. W. Ballard, chief of the Examining Division of the Federal Home Loan Bank Board, who heads the Federal supervision in the field, will address the group on co-ordina- tion of Federal activities with those of the States. The 4-year-old Federal Home Loan Bank system, which has been making such momentous strides in importance as a savings and loan reserve institu- tion during the last year and a half, will be discussed from the standpoint of new responsibilities which face it. Fred T. Greene, president of the Indi- anapolis Bank, will give his thoughts on the question: “Are We Making Proper Preparations to Raise Our Own | Capital?” anticipating the day when Government-subscribed stock and 5515 Worthington Drive Three bedrooms, two baths, attached garage, surrounded by tall trees. ° DIRECTIONS: Continue on Mass, Ave. half mile beyond . C. Line, 16,750 Government provisions to buy deben- tures of the Home Loan Bank system will have been completely utilized. Advertising to Be Discussed. Advertising concerns which have come to the fore in the last decade in the savings and loan business will be concentrated on in a special session the second morning with, emphasis on the size of the advertising budget and some practical means of providing s home planning service for new- home builders in connection with the home financing institution’s activities. Among the savings and loan leaders scheduled to talk are Harold T. Donaldson, Lansing, Mich., first vice president of the league; H. F. Cellarius, Cincinnati, secretary-treasurer of the league; Lloyd I. Tilton, Santa Barbara, Calif., president of the California Building- Loan League; Fermor §. Cannon, Indianapolis, Ind.; William H. Walker, Miami, Fla.; W. B. Furgerson, Louis- ville, Ky.; G. J. Casselberry, El Paso, ‘Tex., president of the Southwestern Building and Loan Group; Raymond P. Harold, Worcester, Mass.; Neill Davis, Los Angeles, Cal Paul Endi- cott, Pomona, Calif.; Ralph M. Smith, Somerville, Mass.; John Eden Far- well, Geneva, N. Y., and E. Clinton Wolcott, Rochester, N. Y. Ralph H. Richards, president of the Federal Home Loan Bank of Pitts- burgh; Oscar R. Kreutz, member of 925 15th St. NW. 1615 Juniper St. N.W, Fine Home Can D. C, SATURDAY, OCTOBER 10, 193. - HISTORIC HOME ¢ DATA CONPILED Long Island’s Disappearing Landmark Described for - Architects. A graphic record of Long Island’s rapidly disappearing landmarks is being compiled for preservation in the national archives. [Early houses, churches, public buildings and other structures, many with notable his- torical associations, are included in surveys now in progress under the direction of Leslie Bristol Pope, chair- man of the Committee on Education of the Brooklyn Chapter of the Amer- ican Institute of Architects. Photographs, architectural draw- ings and historical data are being as- sembled in the form of reports by & staff of architects working in co- operation with a committee which selects the buildings to be studied. The project is sponsored by the His- toric American Buildings Survey, in which the National Park Service, the American Institute of Architects and the Library of Congress are collabo- rating. Much Information Uncovered. Genealogies, letters, family docu- ments, titles to property and other sources are being explored and are uncovering a wealth of information significant of the social, religious and political temper of Colonial days, ac- cording to Pope. Valuable historical the Review Committee of the Federal Home Loan Bank Board; Gerard M. Ungaro, Chicago attorney; John W. Ladd, Chicago, division manager of the league's advertising and business development division, and Dr. Fred- erick B, Fisher of Detroit are other speakers listed. Two Real Values 2702 13th St. N.W. Open Sunday 1 PM. to6 PM. 1217 Decatur St. N.W. Saul's Addition Open Sunday 10 AM. to 6 P.M. Realty Associates, Inc. 1508 K St. N.W, Natl. 1438 "WESTHAVEN Controlled by Developers of Westmoreland Hills NA. 6370 Embodying All That a. Offer This sturdily built stone and brick home cost many thousands of dollars more than our esking price. It is richly finished and artisticolly planned. Lorge living room with screened porch overlooking beautiful garden. Dining room, breakfast room, kitchen and leve- tory. Five bed rooms, three baths on second floor, one of which con be used as maid's room; recreation room, two fire- pleces, 4 ttached, gas heat. Lot 50x150. Purchaser can buy the odditi i . 3 B e e ot & des ok it e i Dar g T o oiond e o o 27 e 3,300 We strongly urge your immediat: National 4600 spection. Open from 3 to 6 Saturday and 11 to 6 Sunday PHILLIPS & CANBY, INC. 1012 15¢th St. N.W. material long in obscurity is being contributed by descendants of the original owners. Some still reside in the homes of their ancestors. An interesting variation in early architectural styles is found in this region, Pope said. The old houses of Brooklyn and Manhattan are pre- dominantly of Dutch architecture, but on Long Island the influence of New England is evident. House Built in 1661. ‘The oldest building surveyed thus far is the Bowne house in Flushing, erected in 1661 by John Bowne. “The architect is unknown,” the survey report states. “John Bowne, the son of Thomas Bowne of Matlock, Der- byshire, England, was born in 1627 and migrated to Massachusetts with his father and sister in 1649. “Visiting Flushing soon after his arrival in America, he decided to establish himself there. He became a substantial merchant and in 1656 married Hannah FPeake, related to the Winthrop family of New England. His wife’s acquaintance with the Flushing Friends or Quakers led to a train of events that gave John Bowne and his house a conspicuous place in Colonial history.” BEAUTIFICATION PRIZE Winner of Brookmont $100 to Be Known Tonight. Winner of the Brookmont beauti- fication contest will be announced and the award made in a meeting tonight at 8 o'clock at the Com- munity House, Brookmont, Md. The | winner will receive $100 in cash. ‘The winning beautification plan will be read and discussed at the meeting. A committee of citizens of the com- munity will be appointed to supervise | the carrying out of the idea. Judges | for the contest were J. N. Starkey | Spring, Millard F. Hudson of Silver d R. ‘Watkins of Brookmont. Cupboard Great Convenience. In a living room or library or even in the hall, if there is a space to build a cupboard for the storage of old magazines and other things that ac- cumulate but can't be thrown out im- mediately, such a cupboard is a great convenience and a boon for the house- keeper whose duster must keep the rooms clean. REAL ESTATE. Nazis Decree Paint Mixture. Seventeen mills in Germany are now producing “El Firnis,” the subsi~ tute for linseed oil, which must bs used in all paints and varnishes for interior use, by Nazi edict. “E} Pirnis" consists of one-third linseed oil, come bined with synthetic resin, with pe- troleum spirits used as a solvent, ine stead of turpentine. iN SHEPHERD PARK A SUPERIOR HOME Rooms are large. rooms and twe baths on second flo Paneled recreation room in basement, Front and rear living porches. sarage. 1443 Locust Road N.W. JUST OFF SIXTEENTH STREET The wall coverings are not First floor contains living room with de luxe kitchen. Three grand bed- knotts pine paneled den. _Amble Built-in Open Sunday and Daily to 9 P.M. J. M. CHESSER, INC. Georgia 2248 New Homes—XKiip This Ad. It Will Save You Money!—New Homes | Look at these Homes, you will never know all about them Detached Brick 8 rooms, 2 baths, 4 bed rooms: oil burner. Winter and Summer hook-up. 100 Nicholson St. N.W. Detached Brick $9.450. Bargain. 7rooms, bath, facing Fort Slocum Park. 125 Oglethorpe St. N.W. Wooded Lot Detached brick. Finished. attic, 6 rooms, 2 baths, au- tomatic heat. 5105 Western ABOVE HOMES ARE OPEN TO 9 P.M. DAILY See us for your new home, any type, any section. We specialize in Homes—City and Suburban—Sales” and Trades. WAPLE & JAMES, INC. This is a select list. 1224 14th St. N.W. 9521 Georgia Ave. N.W. until you do Reduced Price Detached Brick Home overlooking Gov't Park. 6 rooms, 2 baths. 5715 Kansas Ave. N.W. Large Lot 27x212 Seml - detach- ed Brick. 6 rms.. 2 baths, rec. rm.. auto- matic heat. 323 Oglethorpe St. N.W. Near Walter Reed Hospital $9,950 Detached brick. Large lot, excellent location. 7 rooms, 2 baths. 6920 8th St. N.W. Realtors (Branch Office) Presenting Will ' Trade 8 rooms, 2 baths, recrea- tion room, oil heat; 22 ft. wide; row house. 317 Gallatin St. N.W. Near Parochial School Sem{-detach- od. 23 ft wide, large bed room. 2 lett will fade. 720 Quackenbos St. N.W. More House Than You have seen for the money. Street and alley in. Facing into Govt Park. Front and side porches. Pinished attic, large kitchen, 4611 River Road N.W. Dist. 3347 Shep. 4455 Another New Dunigan Group Completely Furnished Exhibit Home o5 e S T R e Large kitchen and dinette. 51 HAMILTON STREET N.W. Furniture by Hutchisons, Inc.—Drapes by John F. Ligon UILT as only Dunigan can build them, these all-brick homes, on one of the highest elevations of the city, have only the best of workmanship and materials, contain the best equipment that money can buy, and represent one of the best values we have ever offered. Seven large rooms and recreation room (heated and paneled), detached garage, cedar-lined closets, oak floors, hard- wood trim, Colonial brass fixtures, large, airy cellar, fully screened, G. E. electric refrigeration. Double laundry tray and servant’s toilet and coat closet with full-length mirror. Wrought-iron rails on stairs, new type radiators, two and three colored tile bath rooms with shower. heated with Bryant Gas Boiler. Many electric outlets; several floor plans to select from. Deep lot to paved alley. D. J. DUNIGAN, INC. Tower Building Rock wool insulation, OPEN DAILY AND SUNDAY TO 9 PM. National 1265