Evening Star Newspaper, January 16, 1937, Page 28

C—4 REA L ESTATE. THE EVENING STAR, WASHINGTON, D. BOWIE DESCRIBES FINANCING STEPS Rust Company Executive Lectures to Students in Real Estate. ‘The steps necessary in financing real estate transactions in the Dis- trict were described this week by G. Calvert Bowie, vice president of H. L. Rust Co, to students of the real estate course which is sponsored Jointly by Southeastern University and the Washington Real Estate Board. Roger J. Whiteford, counsel for the Washington Realty Board, will discuss “What the Real Estaie Bro- ker Should Know About the Law” at the session of the school to be held next Monday night. Rufus Lusk will lecture to the class Janu- ary 25, while Waverly Taylor, well- known home builder, will speak Feb- ruary 1 on “Home Building, Designs and Costs.” Important Activities. The financing of real estate is one of the most important activities in the real estate field, according to | Bowie, who said: “Many people have | & desire to own real estate, a home for their family, a home for their business, and to them the sale of Teal estate is a comparatively easy | task. It is very seldom, however, that such a prospéct possesses the full purchase price, and, even if he did possess it, in many instances the un- | Wwisdom of the payment of the full purchase price in cash is so apparent | that the consummation of a transac- | tion with such a prospect would be fraught with many obstacles to over- come. This desire to own, therefore, would mean practically nothing under these conditions if some means of financing a transaction were not available. Such a purchaser can so often take the amount and employ it in his own business to his pecuniary advantage that he would not be true to his obligation to himself and his dependents if he employed the major part of his capital in the ownership of real estate free of encumbrance. The very fact that at the present time, from best available figures, there are urban mortgages in force approxi- mating twenty-five billion dollars is the best corroboration of this state- ment. Undergoing Changes. “The methods of real estate financing have undergone—and, indeed, are still | undergoing—many changes. In so far as the local situation is concerned, there are five sources of mortgage money, and the volume handled by ‘each source is indicated by the order in which they are named, as follows: 1. Life insurance companies. 2. Trust companies. 3. Mortgage brokers. 4. Building associations. 5. National banks. “The mechanics of actually applying for a loan gre not complicated. The first step, of course, is to have the owner of the property sign an appli- cation and the forms prescribed for this use are complete but not labori- ously exhaustive. It is most helpful to have a photograph accompany the application. The next step is the inspection and appraisal by the com- mittee or individual acting in that ca- pacity for the lender of the money, and then if acceptable a formal com- ‘mitment is written, it being quite cus- tomary to provide in such commitment that the loan must be closed within e specified time. The application should, of course, embody all impor= tant provisions. It has always been true that a property owner's record for good credit is very helpful to him in obtaining his loan on the best terms | possible, and I think it can be said without fear of contradiction that in recent years more and more weight s being given to the borrower’s credit rating.” Loan Distribution. “I have previously referred to the | figure of approximately $25,000,000,000 ( of outstanding urban mortgages and you will no doubt be interested to know how they are distributed. The following figures, are, I believe, the best available ones: | . Life insurance companies $6.000.000,000 * Mutual savings banks__ 5.500.000.000 | 00000000 | e Re: serve Bystem and com- mercial banks . Mortgage companies, construction com- | 1.500.000.000 | New Homes in Kilmarock I: |RE PREVENTIUN New homes in Kilmarock recently sold for the builders, Coffey & Mason, by William M. Throckmorton, realtor. home—102 Anne street—was purchased by Miss Florence A. Blanchfield, while the lower house at 104 Anne street, was sold _to Dr. and Mrs. Jason H. Conger. The top »S!nr Staff Photo. Murals Gaining i In Recreation R Colorful mural decorations are rap- | idly gaining popularity as a means of | sounding a note of gaiety in recreation | rooms. There is, of course, no limit | to the type of subjects that are suit- | | able. Anything goes—from Mickey | | Mouse to exotic jungles with pink ele- | phants and purple monkeys. It's up | to the taste of the individual. Those for whom the sea has an unending fascination can succumb to the lure of their nautical notions and have sails, lighthouses and pounding waves painted on their walls. Those with a weakness for Alice in Wonder- | 1and can devote four walls of space to | “shoes and ships and sealing wax and cabbages and kings"—to say nothing of the Mad Hatter’s tea party. If you | have an unsatisfied yen for travel or | think with fond memories of some | | particular spot on the globe, the walls | | of your recreation room offer you an | opportunity to reproduce the duh‘ed‘ scenes before our eyes. | i If you're trained in the art of oils and brushes—well and good. Do the work yourself and have fun doing it. If you are gifted with no such talent, assign the job to some one who really knows how. Amateurish work will give you more headaches than pleasure. There are, however, other ways of transferring your chosen pictures to the walls. One is by having the pic- ture enlarged to the size desired by a commercial photographer and colored before it is applied to the wall. A second way is to have the image made up in glass slide form and project it on to the wall with a magic lantern or home movie projector. With such a process, it's a simple matter to draw | the outlines on the wall and fill in the colors. Cameras, as well as magic | lanterns can be utilized for such pro- jection. An ordinary card table can be used as a base of operations and | the camera, with the back removed ! » Benjamin Frankl in Popularity oom Decoration and the lens open as for a time ex- posure, should be placed facing the wall. A light directly behind the camera—so its light will shine straight into the open camera—will afford am- ple illumination. The slide is placed vertically—between the lamp and the camera, Just as You Like. It is suggested that a house located between two closely adjoining build- ings be painted in colors which will, | if possible, harmonize or contrast quietly with those on either side. An Outstanding Bargain Jameson Built 434 Jefferson St. N.W. 2-family house. 7 rooms and screened porch. Large lot with garage. Thorough- ly renovated. Price, $8,250—Terms of $825 Cash, Balance Easy Open for Inspection Daily and Sunday Wm.m IROCKMORTON.INC BCALTOR Investment Bldg. Dist. 6092 mn The Great Apostle Of | chimney, TIPS SUGGESTED Federal Recognition of Safe- ty Measures in Building Cited. Fire preventive technique recome mended to beneficiaries of Govern- ment-sponsored loans deserves care- ful consideration by all owners of property, old or new, in the opinion of Frederick P. Walther, chief engi- neer of the Continental Insurance Co. and Fidelity-Phenix Fire Insurance ‘Government recognition of the im- portance of safety in the structural form of homes and other buildings, is emphasized, said Mr. Walther, by the classification of hazard removal as a form of modernization. Points of possible danger, at which structural precautions are urged, in- clude stairways, basements, heating and ventilating systems, attics, chim- neys and fireplaces, lighting and power systems, garages and special equip- ment. Recommended Measures. Recommended safety measures in- clude: Closed stairways to attics and base- ments. Separating of furnace rooms from other basement space by fire-resisting material. Repairing of asbestos lagging of | furnaces and fireproofing of com- | bustible ceilings over furnaces where clearance is inadequate. Firestopping of spaces between studs at junction of first floor and exterior walls and also at the attic level. Fire-safe gas connections wherever possible. Closing of spaces where pipes pass | should be properly fireproofed with | through floors or walls with close- fitting metal caps and filling of spaces between any heat-carrying pipes and floors with incombustible material. Chimney Care Urged. Cleaning and repairing of chimneys, smoke pipes and flues—particularly important to see that brick chimneys | are of adequate height, are well pointed up, especially at and below the roof line, that no woodwork en- ters or is in direct contact with the that all unused flue open- ings have tight metal covers, that adequate clearance is maintained be- tween all metal smoke pipes or flues and combustible material or such ma- SATURDAY, JANUARY 16, 1931. REAL ESTATE. New Apartment Building Sold Apartment at 5040 New Hampshire avenue, cuntuinmg 30 units, which has been purchased | by an undisclosed investor from Bader Howar, throuyh the office of F. Eliot Middleton. pr perty was sold for about $90,000. The —Star Staff Photo. terial properly fireproofed; rewiring in accordance with the national elec- tric code with wiring systems ade- quate to meet full loads. Protection of garage walls and ceil- ings with fire-resisting material, if connected with home. unprotected areas, installation of fire | escapes, sprinkler systems, fire ex- | tinguishers, alarms. | Use of incombustible ash containers, fireproofed storage closets for oil mops, etc. Installation of lightning rods and | installation of automatic dampers or traps in ducts, shafts, etc, which incombustible material. Mr. Walther particularly cautions against the use of any combustible material as a sound deadener in air- conditioning ducts and against the insulation of an attic space against either Summer heat or Winter cold lar material without adequate fire- stopping of the wall channels at least at the first floor level. Neat Trick—If Done. Closet doors should be hung so that ‘hgm both natural and artificial, shines in the closet when the door | ! is open. “‘lll fan,o' 4007 T moean GAS & e use. ‘The first floor has living room. 16x16 ft.: attic. large recreation room and a refined environment. Directions to reach: Drive St. 729 15th St. N.W. Brand New Custom Built Home Delightfully Situated West of Sixteenth St.— Overlooking Rock Creek Park 8 Rooms—3 Baths Bedroom and Bath on First Floor A charming home individually designed and built for the owner's own breakfast room, kitchen and a well-appointed bedroom anc The second floor hes three master bedrooms and two baths and porch gas furnace Walls furred and insulated. built-in garage. offers a remarkeble opportunity to one seeking good value, quality construction OPEN Today and Sunday two blocks to 18th St. left on 18th St. L. T. Gravatte REALTOR 18¢th St. N.W. 26x13 ft.. reception hall. dining room. Lath. Finisned copper gutters and downspouts. Lot 57 ft. wide. This home out 16th St.. west on Tavior to house. NAtional 0753 2 Beautiful Homes You Should See 4501 Highland Ave. 511 Park Lane, Battery Park, Bethesda of Removal of garage incinerators from | | through the use of rock wool or simi- | MOISTURE IN WINTER NEEDED BY EVERGREENS | Evergreens, because they hold their | foliage during the Winter, continue | to lose large quantities of moisture during the cold season. If the soil contains ample supplies of water, the {loss from the foliage is compensated | by water taken in by the roots. During open Winters, thers is a| considerable evaporation of moisture | from the soil. This loss, together with the loss due to the requirements of the tree, dries out the soil markedly. If the tree is unable to obtain mois- ture to compensate for the losses due to dry air, it is certain to die just as | surely as it would of drought in mid- summer. In many sections of the country, trees are going into the Winter sea- | son with ample soil moisture supplies. —_— 1009 20th St. (In Virginia Highlands) Nevertheless, the home owner should | not take it for granted that the sup- ply of moisture will be adequate throughout the year. If the Winter is open and the soil becomes dry, the As soon as you see it you will want this charming Bungalow. We have thoroughly recondi- tioned it so that it appears a new home. Just 10 minutes from downtown. $3.250 With Financing to Suit Dnn- out Highway No. 1 to 20th - turning rigcht to No. 1009. M O S REALTY w:r :7 SHEP. 3312 VALUES SELDOM FOUND IN THIS SECTION ONLY *8,950 ELDOM will you have an op- portunity to buy a home in Chevy Chase, D. C., at the un- usually moderate price, . . $8.950 ... at which this new group of ECONOMY HOMES may be purchased. There are two types of homes - « . side or center entrance . each containing large living room with fireplace, living porch, dining room and a de luxe electric kitchen: second floor, two large bed rooms and a tile bath with built-in tub and shower. Several closets. Full size basement. Detached garage. Large lot. Latestimproved con- struction methods and materials used throughout. * Furnished b\ lllllchnonfi Inc. Color Arrangements. Winter, according to the welle known decorator and designer, Lurelle Guild, places thrilling modern color arrangements before us. “Here,” he says, “are the brilliant masses of sil- ver and white, with graying blue shadows, accents of bare, purple boughs, the greens of water uader ice, all blended and strengthened by the ever-changing sweep of Wintry skies, ranging from purest blue to luminous white.” New 6-Room DU-BRICK BUNGALOW %6,450 5001 Westway Circle Designed and built for com- fortable, modest living. See this outstanding value today. $750 Cash Monthly Payments Less Than Open Daily Drive out oAt on Le Roy P Bayard Blr'd. le, Westway Circle, right to home. “BAKER - 1420 K St. NW. turning DI. 1311 * Draped by Ligon D. J. DUNIGAN, inc. Tower Bldg. NAtl. 1265 3618 Livingston Street, Chevy Chase, D. C. *13,500 EXHIBIT HOME 2814 Rittenhouse Street N.W. 6 rocoms—3 bed rooms, which one is the studio type with knotty pine paneling. Automatic gas heat. Attached Here, in this delightful residential community, one block from Connecticut Avenue, has been completed this cheerful, comfortable home, embracing all of the refinements and conveniences found in the better homes of today. We invite you to inspect its airy bedrooms, beautifully tiled baths, electric Imposing corner lot. All-brick —5 rooms, garage. Built of the best construction. panies, title {nsur- snce companles and all others. 2.450.000.000 | 50,000,000 | You'will rio doubt also bé interested | in how the total volume of mortgages | recorded in this city during the nlne} months’ period ending September 30, | 1936, was distributed, for the purpose of comparison with the country-: widew distribution just referred to. Thrift ~tought America the important value of the home and its culture—of which Miller-built homes in the picturesque Miller-controlled communities of Wesley Heights, Spring Valley and Westerleigh are modern day exponents. garage. Drive out Wis ve. to trafic i{oni af Bank of Rethesda, left on Georgetown 7d., left on Bat- tery Lane and bear right info Goddard rd. to Park Lane and s TRIS IS AN ELECTRIC KITCHEN ME on left. Continue } squares to Highland Ave. and right § squares Drive out Wis- consin Ave. to traffic light at, Bank of Bethesda and straight ahead @nen. Heated and Lichted Until ® ACH: Out Comn. Ave. o Nebraskd A Fiant oA 4 Tet o Rittennouse and turn sharp right to houses. THIS IS AR ELECTRIC KITCHEN health kitchen, and see for yourself the ideal location of this residence. Open Today and Sunday “close in" e nNUMBER AMOUNT HEALTH HOME ] An Exclusive Presentation of J. Wesley Buchanan, Inc., REALTORS 916 15th St. NW. MEt. 1143 to development. houses. The latest is the Built by Walker & Prescott, Inc. 3100 Foxhall Road. In its charming setting in Wesley Beights Silver %fif Home A design and plon that combines luxurious hominess with those interesting and essential features for ideal entertaining. EDW. H. JONES & CO., Inc. 5520 Conn. Ave. ClLeveland 2300 $22.352.360 6.822, 19.106.765 40.103 R _ 348321503 C. discontinued making The L. loans early usz year. The Finest Corner HOME IN MARIETTA PARI( Beautifully Furnished Furnished By Hutchison, Sl English in type of brick and stone construction Four bed rooms and two baths on second floor. Bed room and bath on third floor, and servani’s room and bath in basement. Lavatory on first floor. Suggestingly furnished by Potthast, Inc.; rugs by Hinkle, Inc,; draperies by Wesley Heights Shops. The investment at the moderate price in this exceptional Home and in this beau- tiful community will be a genuine exemplification of Franklin Thrift. Directions — Out Massachusetts Avente into Cathedral Avenue zhibit home signs. 0000 the Built by Modern Builders, Inc. 34 Williams Lane Chevy Chase, Md. $10,950 A spirit of friendly welcome greets you as you enter this new, brick resi- dence, designed for comfortable and delightful living. —With the Trend of Today— Large living and dining rooms Electric kitchen Concrete living porch Built-in garage Cedar closets. Copper gutters and downspouts 3 bed rooms, two baths Paneled study or extra bed room Light, dry basement 3rd-floor storage room Oil burner Insulated—furred walls Beautiful Living Room of New Exhibit Home 315 NICHOLSON ST. N.W. Open Daily and Sunday to 9 P.M. Tx-ns lovely Colonial corner home contains all the features you want in your home . . . It has been proclaimed the “finest home in the city” and you are the judge. Sufficient to say it is of the center-hall type with four bed rooms. Automatic heat is a feature; only one of many. DRIVE Fifth Street to Nicholson Street Northwest, turn ouT right to Third Place and homes. This beautiful home in the heart of Chevy Chase, D. C., Washington’s most desirable resi- dential section, was sold to Mr. and Mrs. James F. Smith. Located at 3212 Tennyson St. Typical of Stanley-built houses, it is fully screened, weather-stripped and modern in every way. JOSEPH M. STANLEY BUILDER OF FINE HOMES 5513 BROAD BRANCH RD. THIS (S AN ELECTRIC KITCHEN HEALTH HOME W.C. & A. N.MILLER Developers and Builders 1119 17th St. To reach: Out Comnm. Ave. 6 Dblocks Dbeyond Bradley Lane turn right Edw. H. Jones & Co., Inc. 5520 Conn. Ave. Sales Cleveland 2300