Evening Star Newspaper, July 17, 1937, Page 23

REAL $a30,000,000 PAID BY SAVINGS UNITS Building and Loan League Reports Reduction in Cash Turnover. People with money in savings, build- ing and loan associations received about $590,000,000 the first six months this year from completed savings pro- grams, dividends and conversions of their holdings either partically or fully into cash. This report from the United States Building and Loan League em- phasizes that the turnover of cash on partially completed savings programs and on full-paid shares in the associa- tions has been cut down about half from its depression peak of demand and is now at a normal rate in pro- portion to the total investments. The capital returned to shareholders was around $300,000,000, it is esti- mated. In addition individuals who desired some ready cash but were un- willing to interrupt a systematic pro- gram of savings, probably with a bonus for faithfulness awaiting them at the end, negotiated loans on the security of their shares to a total of about $35,000,000. Dividends Total $105,000,000. .Dividends totaling $105,000,000 were announced several weeks ago for the period and besides these items there were about $150,000,000 paid to per- sons whose chief connection with the association is on the borrowing side. This included periodic payments made by borrowers to accumulate funds for taxes and insurance and some went to rancel mortgage indebtedness in the ease of hundreds of families whose loas were made 11 and 12 years ago on the plan of accumulating a sinking fund for repayment. Harold T. Donaldson, Lansing, Mich,, president of the league, com- ments that the demand for flow back of savings and loan funds into share- holders’ hands has been decidedly less this period than in similar days of 1936. Improvement il the number of Jjobs available, making it unnecessary for many families to rely upon their savings for a livelihood any longer, is held to be the chief factor in the lessened withdrawal demand. Fruits of Policy Being Reaped. “A further element cutting down on the outflow has been the fact that in- diiduals investing with the associations in the past five or six years have not been so likely to regard their accounts as put-and-take devices no wise dif- ferent from a bank savings account except that they earn more return,” #aid Mr. Donaldson. *“Definite efforts to encourage the savers and investors with at least a few years’ long invest- ment objective have been made since 1930, and the fruits of that policy are now being reaped. As a result we do have at the present time a more stable amount of money available for home mortgage lending.” The league president said that part of the capital paid back to savings, building and loan association members ‘was used to meet the necessary down payment for new homes, either built or bought. “Families which began to realize two years ago that they had to have some down payment to make the home- ownership venture, no matter how rosy some of the promises of easy credit they read about, have by this year accumulated enough to make the #800 or $1,000 down payment with ‘which a small home in the average community has to begin,” he said. Home Loan (Continued From First Page.) technical fee included in construction eosts. The procedure for the home seeker, heretofore forced to “shop” in a field |- with which he was totally unfamiliar, 4% simple in its application. When the prospective borrower applies for a | loan his resources and credit are ex- @mined. If theg are adequate, he then is turned over to an architect approved by the board for guidance in selection of a site, design and work- ing specifications. That completed, the lending institution draws a loan egreement, the contractor is selected and the work proceeds with the least possible delay. But the service to the home builder does not end there. Even proper de- ®igning and proper specifications, the | board declared, fail to guarantee sound | building. Supervision of construction | and & check on materials and work- manship are vital at every stage of | the building process. Essential pro- tective aervices are extended until the owner is in possession of his eom- | pleted property, the home registered | with the Bank Board, and the cer- | tificate of supervised construction is- L sued. Return of Jerry Building. Although the program was conceived | Primarily from the protection of the #mall home seeker, John H. Fahey, chairman of the Bank Board, empha- '| $10,950t0$11,950 ESTATE. Interior View The attractive dining room o, side drive, the Colonial Village of Rock Creek Park Estates. f the siz#h Silver Star Home of the year, located at 1813 Park- The dwelling will be open to the public through next week. It was built by Paul T. Stone, Inc., and was furnished by P. J. Nee Co. —Star Staff Photo. sized the interest of lending agencies in its purposes “The principle that those who lend money on the security of residential building should be concerned with its structural quality now is generally indorsed,” said Mr. Fahey. “But something more than mere indorse- ment of principle is needed. To achieve better housing and safer loans, lend- ers must actively foster better con- struction. As the building and home- owning public is taught to insist on better home values and as builders are provided with an incentive to build to a quality rather than a price, many of the evils now present in the small home field will be eliminated. “There is alarming evidence of a return to careless planning and jerry building. Repeated warnings have been sounded. Instead of depending upon warnings, the Bank Board is placing in the hands of experienced lenders a practical program for the benefit of the individual of limited resources which will enable him to obtain the full advantage of his in- vestment and own a home that is structurally sound and suited to his needs.” INSURANCE IS WA'|:CHED Manufacturers of standardized, na- tionally distributed building mate- rials are watching with interest the operation of the so-called “property life insurance law” recently en- acted in New York State. This law permits the formation of companies to write policies insuring buildings and equipment against depreciation. It the insurance companies wunder this statute turn their attention to the protection of building owners, the manufacturer’s reputation and the manufacturer's guarantee will become increasingly important, according to & representative of one large firm. Insistence upon integrity of perform- ance of all materials entering into construction will encourage the de- velopment of standard sizes and standard units, making for better buildings and lower ultimate costs. NEW STURBITTS-BUILT DETACHED HOMES IN CHEVY CHASE, D. C. Of 8 built, 3 are already sold Furnished Exhibit Home 4121 Jenifer St. N.W. Open Daily and Sunday 10 9 P.M. These new homes. with their many outstanding features. warrant the inspection v prospective home owner. 3 bedrooms. 2 baths, ample closet space, large light base- ment. “latest gas-heating _plant. Beautifully landscaped lot, 125 ft. from sidewalk to alley. Prices To reach: Qut Connmecticut Avenue 10 Jenifer Street N.W.. left on Jen- er St bz vldcks to “Romes. OWNER ) EMerson 5700 *ULP 4832 Leland Street Bethesda, Md. A new colonial center hall type home, 6 exceptional rooms, lovely home, 2 blocks attached garage. A from all conveniences. (Carefree comfort with Modern Gas Appliances.) Open and Lighted Sunday and Daily to 9 P.M. GEORGE A. SACKS, Inc., Developer GOSS 1405 Eye St. NA. 1353 REALTY CO. 6600 Wisconsin Ave. Wis. 2553 MICHIGAN MOVES TO FIGHT ‘BLIGHT’ Neighborhood Improvement Act Is First of Kind in the United States. Michigan has just enacted & neigh- borhood improvement act, first of its kind in the United States. The act, strongly supported by the Michigan Real Estate Association, is an en- abling act designed to open the way for co-operative action by property owners which would help cities to at- tack the huge problem of growing ur- ban blight. It is designed to give an effective instrument through which neighborhood action may be under- taken to 80 establish the character of & neighborhood as to make possible its best economic use. The act would authorize action in the various cities of the State to iden- tify neighborhoods as such, and to work out a plan for protection of the character of the neighborhood and/or for its improvement, this action to be in co-ordination with the general city plan, and using the existing city machinery. The measure enacted by Michigan follows without amendment the pro- pofed enabling act suggested for State study and action by the National As- soclation of Real Estate Boards after more than two years’ study of the problem cities now face in the rehabili- tation of existing urban regions that normally would find their best econo- mic use as home neighborhoods. ‘The plan is actively under study in & number of States. ———— ‘The greyhound is said to be the only breed mentioned in the Old Testa~ ment. Kraft Realty Co., Inc. New Address 1528 K St. N.W., Nat. 0583 For results Jist with n ses. Chain stores investment properties. We Have Cash Buyers If Prices Are Right W. B. Kraft, Sales Repossessed THE BARGAIN OF A LIFETIME 401 Rosemary Street— Corner of Maple Ave. by Finance Company and thoroughly reconditioned J. Wesley Buchanan, Inc. PPORTUNITY urges you to visit and in- spect carefully this truly charming corner home right in the beart of the choicest Chevy Chase, Mary- Jand, residential section. It is a brick Colonial with a large landscaped corner lot and two-car brick garage. The four bedrooms are ex- ceptionally spacious — two baths, of course. The rooms on the main floor are de- lightful, and are set off bv two de living porches. Here is a home that really defies comparison at the price and terms! Open Sat., Sun. & Daily REALTOR 916 15th Street MEtro. 1143 Visit beautiful HILLANDALE today and conclusively prove di to yourself that here is a really lf’erent and distinctive com- S munity of fine homes . . . at a price dyou can afford to pay. This attractive and stur: ily con- structed home is but one of the many different types of architecture found in HILLANDALE. It is complete in every detail: 4 large bedrooms, 2} baths, recreation room with open fireplace, dining room, modern kitchen, built-in garage, oil burner, furred walls, insulated, slate roof, weatherstrip- ped and screened. Bullt on 3 of an acre. TO REACH: Out 13th Street to This is an electric kitchen Aealth Aome Shep. 1654-J Piney Branch Road, viaduct, straight through Sligo Hills, 4 miles to property. MERRITT LOCKWOOD through Adoms 0022 OWNER—BUILDER .. SATURDAY, EUROPE'S HOUSING BETTER THAN U. 3. Expert Finds Low-Rent Spots Compare With High- Priced Places Here. 8pecial Dispatch to The Star. NEW YORK, July 17.—The tradi- tion that the average American work- ing class family is much better housed than similar families in Europe re- ceives a rude shock from B. G. Dahl- berg, prominent building materials manufacturer, who has just returned from a six-week study of housing and construction conditions aboard. Dahlberg found housing for low- income groups in many Northern and Central European countries far more developed and advanced than in this country. His observations were made with an eye trained for building de- talls during 20 years of close asso- ciation with the construction in- dustry. “Everywhere I went,” he said, Austria, Germany, Holland, Denmark, Sweden, in every large city that I visited, my first request was, ‘Take me to your slums, where your lowest paid workers live’ In city after city I saw low-rent housing projects in operation that compared favorably with some of our suburban develop- ments for relatively well-to-do Amer- fcans. Multiple Housing Advances. “Because the cost per unit can be reduced, the movement toward multi- Ple housing is advanced for those we would class as very poor. Develop- ments for the middle-class white- collar worker are about evenly divided between large multiple family units and the smaller detached multiple units which house from one to four families. “You will find very few ‘down at the heel’ houses wherever you go in Sweden. And very nearly the same condition applied to Holland, Ger- many and Austria. In model housing projects that I inspected in these North and Central European countries children were at play, not in traffic- JULY endangered streets, but in playgrounds attached to their homes. “Swimming pools on the grounds were the accepted thing in many of the projects. I saw not merely oc- casional model developments, but mile after mile of such houses giving their occupants the elements of happiness— the air, the grass, the flowers, the trees and many of the comforts which we in America, in theory at least, con- sider essential. British Still Lag. “On the whole, these advanced housing conditions did not apply in the same measure, I thought, to Eng- land and France. England, like Amer- ica, still has millions of poor to be properly housed and already she has made courageous strides in the right direction. “I felt,” he said, “that all of us Americans who have been pointing with pride, while we do have plenty to be proud of, might do less pointing and more building. Of what real use is all our reputed progress if our families cannot live healthfully and comfortably? “We owe it to ourselves as a Nation to provide the best possible living conditions for the greatest possible number. I think I am stating it con- servatively when I say that a 30 to 40 per cent rebuilding operation in our own country would be necessary be- fore we reached the standard of low- cost housing now in operation in some of the European countries I have mentioned.” 17, 1937. PROMINENT REALTOR™ DIES IN NEW YORK The real estate business lost one of its best known figures, with the death early this month of Alfred H. Wagg, West Palm Beach, Fla, vice president of the National Association of Real Estate Boards for the Southeast re- glon. He died in Eyracuse, N. Y., fol- lowing an illness of more than a year. Mr. Wagg, who had been vice presi- dent of the national association for the past four years, was a past presi- dent of both the Real Estate Associa- tion of the State of New York and the Florida Association of Real Estate Boards. He was the first president of the Palm Beach County Real Estate Board, and served in the Florida Sen- ate from 1929 to 1935. REAL ESTATE, GARRETT ACQUIRES LAND IN VIRGINIA Tracts Sold to Washington .Man and David K. E. Bruce. Special Dispatch to The Star. WARRENTON, Va. July 17.—Mr. and Mrs. Frederick W. 8harp sold to David K. E. Bruce of Charlotte County, Va., and George A. Garrett of Washington two tracts of land, ag- gregating 381 acres of land in Loudoun and Fauquier Counties, in one of the many real estate transactions recorded in this section of the State this week. Purchase price of the S8harp property Was $16,000. W. 8. Woolf and wife sold to Her- man G. Hanback 100 acres in Lee *» C—3 district, 1 mile from Bealeton, for $4,000. John T. Cochran, trustee, sold to Elizabeth 8. Rawlings the Town Hall lot at The Plains for $500. J. Donald Richards, trustee, sold to John Mason McClanshan three tracts of land near Turnbull of 88 acres, 48 acres and 15 acres, respectively, from the estate of his late father, Mason McClanahan; consideration, $9,000. John Mason McClanahan sold o Nettie R. McClanahan 55 acres at Turnbull for $3,000. Hattie M. Altman sold to Roger B. Altman 76 acres near Halfway, Scott district; price, $3,180. W. G. Bartenstein and wife sold to Mary H. Gill & lot on Locust street, Bartenstein subdivision, for $500. Mr. and Mrs. Louis A. Corbin sold to Mr. and Mrs. L. M. Barron 133 acres near Thoroughfare, Cedar Run district, for $2,200. J. Doneld Richards, trustee, sold to R. Nelson Moffett two and & half acres on Waterloo road for $6,500. F. C. Payne bought several tracts of land near Bristersburg from the Susan Virginia Herndon estate, sold at auction here. The price was $2, A DESIRABLE NEW CORNER IN SHEPHERD PARK 1201 KALMIA ROAD N.W. This new corner brick home, one of a new group of Smithy-built homes in this charming and convenient section, is of most unusual design, and offers a spacious center hall with a graceful stairway. The living room has unbroken south and west exposures which provide more light and air. There are three fine bed rooms, two large baths, first-floor lavatory, ceramic tiled floor in recreation room, floored attic with open stairway and detached garage. Prices in this group start at $12,950.00. ELECTRIC KITCHEN HEALTH HOME TO REACH—Drive out 16th to Kalmia Road, right so 12th St. OPEN DAILY UNTIL 9 P.M. NA. 5904 H.G. Smithy Co. REALTORS —BUILDERS 811 15¢h St. N. - A SILVER 4413 Warren St. N.W. One of a group of 1S. All other completed houses have been sold. Commanding a most beautiful approach through a section of some of Washington’s largest and finest estates. THE location is unexcelled. Facing a large government, property, the entire block of homes was designed and constructed by the same builder, thus assuring permanent beauty. The homes are of individual English and Colonial design. Here your children will have an opportunity to grow in the healthy outdoors—safe and away from the dangers of traffic and the heat and dust of the city. The homes are built on a lot 40 feet wide and extending 109 feet from sidewalk to alley. THE home is of the highest quality, having incorporated into its construction every known asset to comfort and durability, including a slate roof, rock wool insulation, furred walls, bronze screening, copper gutters, flashings and downspouts. Details of floor plans: Large living room with open fireplace, dining room, kitechen with full equip- ment, large screened porch, three bedrooms, each with dressing room; 2 eomplete tiled baths. Floored attic. De- tached garage with overhead doors. Full basement. Price Only $10,975 Built by Completely Furnished by J. B. TIFFEY HUTCHISON'S, INC. Open Today and Daily 10 AM. 10 9 P.M. TO REACH: Drive out Massachusetts Ave. to Nebraska Ave. Right on Nebraska about V> mile, left on Forty-second St. to Warren St. and home. / MODEL HOME ' ADAPTED FROM EARLY AMERICAN TRADITION A hame thot is selectred by The Star’'s model homes commuttee for the coveted Silver Star Award for merit in building must gxcel in building. all departments of house it _must be architecturally outhentic, structurolly sound,; livably planned, conveniently located in an environment of quality. Just such a dwelling is the Silver Star g % Home in Westhaven. Public acclaim over.the ‘past week hos justified the/decision.f The Star's Model. “ ‘ Homes Committe: newspaper. e in selecting this home for’ display“under quspices.of this Bespeaking character in its every detail, this fine residente at 5510 Writey Road_is the very essence of happy living. It includes living room, dining room, kitchen and lavatory on the first floor; three bedrooms second floor. Gas Appliances, hed by Woodard 8 Lothrop EST Gome gnd main both on the . room in the basement. g Carefree Comfart with: Modern .. Westhaven Development Corporation Fifteenth Street N.W. HAVEN Woestmoreland Hille _ NAtioost 6370) TO REACH: Y Drive out Mas-* sachusetts Avemse half wmile pust Westmorelend Circle se entrance to . WESTHAVEN, themce - right twe blecks so Wriley Read and left to the Silver Star Meodel Home.