Evening Star Newspaper, October 16, 1937, Page 28

.. THRFTFRWS INCARDLIA AT 17 Local Institutions Mem- ‘bers of Home Loan Bank in Winston-Salem. Seventeen thrift and home finance institutions of the District of Columbia are now members of the Federal Home Loan Bank of Winston-Salem, which eelebrated its fifth anniversary October 15. These institutions hold combined assets estimated at $103,347,000, an increase of $26,501,000 in resources since October, 1934, when the first reports on combined assets were com- piled. ‘They are the American Building As- sociation, Brookland Building Associa- tion, Columbia Building Association, Columbia Permanent Building Associ- ation, District Building and Loan As- sociation, Eastern Building and Loan Association, Home Building Associa- tion, the Home Mutual Building and Loan Association, Interstate Building Association, Metropolis Building Asso- ciation, National Permanent Building Association, Northeast Building Asso- eiation, Northern Liberty Building As- sociation No. 6, Perpetual Building Association, Washington Permanent Building Association and the First Federal Savings-and Loan Association. 92 Per Cent of Resources Here. These associations represent 59 per eent of the number and 92 per cent of the total resources of all such insti- tutions in the city, an index of their size and importance in this field. Only 11 States of the Union exceed the District in the total assets of their member institutions. Edward C. Baltz of Washington is vice chairman of the Board of Direc- tors of the Federal Home Loan Bank of Winston-Salem. He is secretary of the Perpetual Building Association. That the member institutions in this city are using the facilities of their reserve bank is shown by the cumula- tive total of $4,506,800 in advances re- ceived by them. Repayments of $3,- 876,800 leave an outstanding balance of $630,000, used by the associations to supplement local savings in making loans for the building, purchase, repair and refinancing of homes in their communities. Communities Served. Communities in the Washington metropolitan area which are served by Virginia and Maryland members of the Home Loan Bank System include East Falls Church, Arlington, Alexan- dria, Chevy Chase, Silver Spring, ‘Takoma Park, Hyattsville and Upper Marlboro. Preston Delano, governor of the Federal Home Loan Bank System, llustrates the operation of the system with the following examples: “The resources of a typical savings and loan association have been created by the accumulated savings of its share- holders and by reserves built up over a period of years. Most of its funds are already invested in long-term loans of home owners. Other people in its community seek to build, buy or modernize their homes or to pay off maturing short-term mortgages. “If this association is a member of the Home Loan Bank System, it can g0 to its district bank and obtain credit at low rates for any period up to 10 years. Against long-term advances the association deposits its home mort- gages as collateral. On short-term advances, its note may be sufficient security. a larger number of home-owner borrowers who would be unable to obtain loans otherwise. Although most of its funds are invested in long-term obligations, the member association can thus obtain advances to meet sudden or abnormal demands for re- purchase or withdrawal by its own investors, with no restriction on its lending operations.” Advantage of System. To the millions of investors and borrowers in these member institu- tions, the bank system has brought many advantages. By increasing the amount of credit obtainable at moder- ate rates, it has encouraged home building and moderization, creating greater activity for local labor and business. Through it, belter distri- bution of needed home-financing funds T throughout the country has been achieved. The system is a protection against sudden withdrawals of local home-mortgage credit. Among savings, building and loan associations, a desirable Nation-wide uniformity of practices is being stim- ulated. In many sections, home-mort- gage interest rates are lower than a few years ago, and appraisals are on a sounder basis, to the advantage of both borrower and lender. The system has contributed toward both of these move- ments. Perhaps the most important achieve- ment for tl?e welfare of the American people has 'been the extension of the long-term, amortized loan in place of the dangerous short-term mortgage. ‘This has tended to eliminate high-cost second mortgages, renewals and vari- ous fees and commissions that formerly penalized the home seeker. Thousands of savings and loan associations, in- surance companies and banks are now making “direct reduction” loans, by which the borrower's monthly equiv- alent-to-rent payment steadily re- duces his principal balance. This is the short route to debt-fret home ownership. The bank system is administered by the Federal Home Loan Bank Board at Washington, which also supervises Federal savings and loan associations, the Federal Savings and Loan Insur- ance Corporation and Home Owners’ Loan Corporation. $8,950 1 0f 3 New Homes — “a, 8801 First Ave, ‘WOODSIDE, MD. 6 rooms |or water paints or with too many It now can accommodate | ~ ‘REAL ESTATE: THE EVENING STAR, WASHINGTON, D. C, SATURDAY OCTOBER 16, 1037, BY DOROTHY DUCAS -AND ELIZABETH GORDON. OFT wood into hard. A feat of conjury? No, merely one of the miracles of modern building methods. It is done every day in factories; can now be done in your own home, if you have wall panels, doors, window frames or other mill- work made of wood that is likely to raise its grain when the humidity rises. There is a sealer which has been developed principally for use on ply- wood made of Douglas fir, but which can be applied also to any soft wood, that prevents change in the contour of the wood. Grain-raising, you see, happens in the best of families when soft wood comes in contact with water coats of oil paint or other finishes. The sealer to which we refer penetrates the pores when the wood is first sanded, and, no matter how many coats of decorative material you put on the surface stays smoothly weather- proaf. Much plywood, now being manu- factured, comes already primed with this hardening sealer, which acts also as a first coat for paint, stain or varnish. It is inexpensive to apply, and dries so quickly that panels can be stacked flat within five minutes after the sealer has been applied. 1t you are thinking of buying some | plywood for use in your new house | or in-remodeling your present house, investigate getting the pre-sealed kind. | You might be able to use it in new places, at a saving in time and money, because of the tougher surface. But even if you are not buying plywood you can take advantage of | this present-day miracle in wood transformation. The sealer comes in cans ready to apply to any wood. It will even go on canvas, paper, fabric, metal, cement and brick—anywhere that it can penetrate pores. And any paint you put over it is strengthened, 88 with the firmness of oak. One gallon covers about 400 to 600 square | feet, and it dries in from one to| two hours. Cedar and redwood are among the other woods which do well with this new sealer, which makes them easier | to paint because one coat less is needed. The sealer is said to hold back certain acids which cause many painting difficulties. And here’s a Winter note worth remembering: It has been found excellent on skis and ski poles. Another advantage: You can em- ploy the new, cheaper casein paints which use water as their vehicle with this sealer on your wood. ‘Write us if you would like to know where you may buy plywood already sealed with the clear sealer, or if you want to get some of the stuff to apply to wood already in your home. | * X ok % ‘HE Summer’s ravages of heat and * moisture are fully revealed at this season of the year, when points all over the house show gaping cracks to the ‘householder’s distracted gaze. But be of good cheer. Many of the loosenings-up, if not most of them, can be repaired without great ex- pense or trouble. Unless there has been major damage — REAL VALUES HOME of 2 real rooms, " liviny dining_ room, bath with shower, modern Kitchen with electric re- frigeration . and Oxford Cabinets, hot-water heat, lamdry ‘trays in_ hasement Furred walls, insulated with tock wool: ' screened and weatherstripped. bed- Cross 11th St. Bridge S. E. to Nichols Ave.. continuing south on Nichols Ave. to Mellon St.. right on Mellon st. to Fifth St. and left to homes, PAUL D. CRANDALL Investment Bldg. DI. 9246 ~SMALL ORDERS of Promptly Delivered We make a speciall of selling l!l:mhr‘in ’n:nynlll 3 you'l airs about the houst In_addition. we'll eut and rip your lumber to wanted sises at mo exira coat. Call the family Lumber yard for prices on lumber and millwork, J. FRANK LUMBER| done, an all-purpose tement we have found will take care of interior repairs. The cracks in tile, masonry, wood, as well as loose tile, porcelain, chair and ladder rungs, towel racks, knobs, and a hundred other pulled-apart parts of the inside of your house can be per- manently sealed with this/binder, be- cause it actually expands as it sets. Made by the same company that produces the expanding mortar for exterior brickwork, described in this column last week, the cement works in much the same way; you merely push it into the crack and leave it for from 12 to 24 hours, during which time it dries, swelling out to push— hard—against the sides of the crack. It is white, but can be tinted as you wish; it is not affected by water, steam, heat, pressure or vibration and if a Ppiece of glass is placed over it while it is setting, a high polish will result. Don’t put up with rattling, wobbling things around the house. Write us and we will tell you where to send for the expanding cement. * ok x x ‘HEY are forever dressing up in- sulating and building boards in new clothes; you meet them in sugh variety, wherever you go, you are not sure which family of board you are seeing. The latest in board fashions is a coat of moisture-proof and vapor-resistant asbestos cement, adhered to a well-known cane fiber board with a waterproof asphalt ad- hesive. The asbestos cement makes 8 hard, smooth, durable surface over the insulative thickness—and sug- gests itself instantly for finishing the inside or outside of a home or garage. With typical framing provided, a complete garage may be built in 8 few hours. Pale grey in color and with high light reflection capacities, the sure face won't crack if you nail through it, saw it, drill it, bolt it. And if you don't like the color, which we do —it’s so light it's almost white—you can paint over it with special cement coatings provided for the purpose and with the greatest of ease. Un- painted, it washes like a tiled wall. The hard surface coating provides 2 mineral protection for the fiber insu- lation .underneath, which is in no way affected by the outer garment. And asbestos cement neither rusts nor decays. It serves to make the board rigid, however, adding enough strength to make insulation board panels sui Group of Homes Sold in River Terrace This group of homes in the new River Terrace development, built by the National Insured Homes Corp., have been sold recently. Purchasers of the dwellings are James F. Lawrence, W. H. Wilcoz, R. F. Polito, Walter L. Green, Basil L. Pitzen, A. M. Krenkau and Philip Stalling. The com- munity is just off Benning road northeast. able for use between studs in frame construction. § Asbestos cement numbers among its other virtues that of fire-resistance. It comes surfaced on one side or two. ‘With the double-surfacing you can use the material for outside and inside walls, and even hang wall paper over the inner side if you wish. The panels may be cut to assimilate the appear- ance of clapboarding. Interesting effects are obtained also by combining the cement-finished in- sulation board with wood, to give & half-timbering effect, or with half- round logs for a modified log cabin. FIRE PERIL RETURNS Chilly Fall temperatures already have prompted the stoking of many furnaces, again calling attention to a prolific source of residence fires— faulty construction around heating plants, particularly over furnace stack pipes. Splendid insustion can be provided by finishing the basement ceiling over the furnace and its stack pipe with plaster over metal lath. Such con- struction has more than one-hour fire resistance rating. It will protect the wood joists against terrific heat. Be- cause plaster so reinforced will adhere to the flue and the basement wall, it will make a tighter job than can be had by using sheet insulation of any kind. The Greatest Home Values of 1937 Only 2 Left 4711-13_Morgan Drive Chevy Chase Gardens ® 4 bedrooms e 2baths _ e 310950 TO REACH: Out Wisconsin Ave to Morgan Drive. Turn left to prop- erty. Morgan Drive is in the 6500 block of Wisconsin Ave. PICHLER-RICHMOND CONSTRUCTION CO Owners—Builders Waple & James, Inc 8433 Georgia Ave. SHepherd 5200 Silver Spring Office ing the value. Colonial Homes. to Broad - = HIGHWOOD CHEVY CHASE, D.C. A Community of Fine Detached Homes Reflect- Quality of Mikkelson's Cowstruction. Nowhere in the city are such values being offered as in Highwood. The progressive development of Highwood assures you of permanent Environment, superior construction, spacious floor plan and beauty of design are the requisites exemplified in these new EXHIBIT HOME 3346 Stephenson N.W. Furnished by Hutchison, Inc. Drapes by John Ligon, Inc. OPEN DAILY AND SUNDAY From Ch,evl Chase Circle, turn right on Western Ave. foxr seuares ranch Rd., turn richt 1 square, then leff to oroperty. anrons 5, F. Mikkelson & Son somoees MILTON F. SCHWAB, Sales Curtis Millwork and Lumber by W. T. Galliher & Bro. RISK-RATING PLAN OF F.H. A HAILED Should Contribute to Sound Mortgage Structure, W. E. Best Asserts. The thorough-going, risk-rating sys- tem which the Federal Housing Ad- ministration is fostering should con- tribute immensely to a sound home mortgage structure in this country in the opinion of William E. Best, a director of the Fedeéral Home Loan Bank of Pittsburgh and former me:1- ber of the Federal Home Loan Bank Board. Best is also a director and former president of the United States Building and Loan League. In an article appearing in the currentrissue of the “Insured Mortgage Portfolio,” official publication of the Federal Housing Administration, Best outlined his experience with insured mortgage loans, both as counsel for a large financial institution in the Pittsburgh area and as attorney for five building and loan associations. Management of foreclosed properties has not been a profitable venture for building and loan associations with which he has been connected, Best states. He emphasizes that insured mortgage loans are devoid of this real estate hazard since mortgagees may turn over to the Federal Housing administrator all foreclosed properties in exchange for debentures. This, he said, does much to offset any ad- vantage that may be shown uninsured loans, from the standpoint of yield. “Probably the most important fea- ture of the Federal Housing Adminis- ’ tration service from our institution’s standpoint is the mortgage risk rating which the administration has intro- duced,” he writes. “Mortgage lending is & ‘eomplex activity involving s0 many ramifica- tions that it is difficult to give proper consideration and weight to each factor without a well-organized method for doing s0. Such a method is provided in the Federal Housing Administra- tion's risk rating procedure. The method of arriving at a final rating of the loan is as ingenfous as it is sound. “All in all, the thorough-going rating operation which the administration is fostering should contribute immensely to a sound home mortgage structure in this country. “Another feature of the Insured Mortgage System which appeals to me is the protection it affords financial institutions against the real estate hazard in mortgage leanding. I am attorney for five building and loan associations and I am familiar with the amount of time spent by associ- ation officers in managing and han- dling properties taken over by fore- closure. “In my experience, at least, it has been demonstrated t] there is no profit for the building and loan associ- ation in real estate ownership. Quite the contrary. I would much prefer to exchange properties for guaranteed debentures bearing 3 per cent interest * * * than to assume the management of those properties.” Attractive Boy’s Room. An exceedingly attractive boy's room has natural finished pickled oak fur- niture, walls painted lettuce green. Against the walls are colorful prints of sports figures in white, coral and blue. The oval rug repeats these colors. It's laid on a floor painted a deep spice brown. The draperies are green, brown and beige over white curtains. 1,300 ASSOCIATIONS UNDER FEDERAL PLAN Savings and Loan Groups Super- vised by U. 8. Have $1,000,- 000,000 Assets. The number of Federal savings and loan associations in active operation in the United States passéd the 1,300- mark this week, it was. announced todsy by the Federal Home Loan Bank Board. Authorized by Congress in 1933, these thrift and home-financing insti- tutions now number 1,301 and have assets of more than $1,000,000,000. Of these, 652 converted from State to Pederal chartey and 649 were newly organized. ’ Illinois leads the country with 99 Pederal savings and loan associations. Ohio is second with 98. Texas ranks next with 89, and California follows with 69. Other leading States are REAL ESTATE. ida, 50; Kentucky, 48, and Georgia, 43, Federal associations are local, mu« tual thrift institutions, privately man- aged but subject to supervision and examination by’ the Federal Home Loan Bank Board. They make “direct reduction” home mortgage loans, in which the face value of the mortgage is continually reduced by monthly payments, similar to rent, until the borrower owns his home free of debt. Savirgs invested in Federal assoct- ations are protected up to $5,000 on each, account by the Federa! Bavings and Loan Insurance Corp. Many State-chartered associations slso pro- vide this protection for savings. PRCEE Bed Room Colors Low-Toned. In & modern master bed room, pic~ tured in the current issue of House and Garden, the color scheme is low- toned; soft peach walls, pale beige bedspreads, and the furniture an al- most white holly wood with silver in- lay and ivory handles. The eggplant color of the rug is repeated in the upholstery of the chaise longue, whers Indiana with 65; New York, 62; Flor- it is combined with chartreuse. DON'T FAIL to older Tls— Opportunity is Knocking at Your Door | CASH—$650.00 Monthly Payment, $81.48 Recapitulation Shows Actual cost of rent, including taxes, $54.61 monthly. Taxes Based on Present Rate. No Renewals—No Surprises. In Beautiful Woodside Park An all brick and stone, large ultra-modern, brand- | new house and garage of appealing appearance. Built County Road North of Prospect Street Kensington, Maryland Will Save Many Steps Today’s Kkitchens . u are sclentifically % planned as to arrangement, lighting and E]acement of cabinet units. Make Kkitchen ours pleasanter for HER. If you own your own home it will cost little the Superior way. Let us estimate the cost of modernizing “YOUR kitchen. UPERIOR 1331 G STREET N. W, CONSTRUCTION . CORPORATION MET. 2495 4106-4108 Grant Street N.E. Two Superb Colonial Semi-Detached Houses 6,995 Low Down Payment Low Monthly Payments You owe it to yourself to inspect these houses before buying, for here you will find the utmost in modern design .and value for your money. They are semi-detached brick, on large lots, front and rear porches, built-in garage, oil-burner furnace with Summer-Winter hook-up for hot water, large living room, spacious dining room, 3 bed rooms, 1 dressing room, cedar clothes closet, de luxe kitchen, space for recrea- tion room, Open Daily and Sunday to 7 P.M. To inspect, drive out Bemning Road lest om Minnesota Ave. two blocks to R. G. DUNNE NE, turn Grant §t. 604 H St. N.E. Lincoln 7636 e ™ You Would Want to Own a Home in Bradley Forest —RADNOR ROAD— NEAR GREENWICH VILLAGE, EDGEMOOR & ENGLISH VILLAGE California Colonial Bungalows $8,950 v On s deeply wooded tract, surrounded by homes and estates of $20,000 to $50,000 value, we have built-this gflnfl of beautiful bungslows priced within the aversge family's means. lose by are the Congressional and We 's Country Olubs. Stores, schools, churches and transportation s few minutes from’ your door. omes are all-brick. and, cream and fastefully trimmed with colorful blinds. . Large living rooms with open fireplaces and bookshelves, window seats. Dining room has doi s le terrace. "Kitchens are d in modernity. wo bedrooms. bath. full basements with the famous Wagner guarantee of dryness. Plenty of he Sosets with: ample storage space in the attics. and equipped with all the modern and accepted appurtenances 6 truly spacious rooms, abundance of closet space Full Hoored attic with regulation stoirway 2 luxurious baths—floors waterproofed Sun shine kitchen, breakfast nook nt utility storage closet Spacious porch—covered, cement floor, iron rails. Heavy Vermont varigated slate roof Copper 16-ozx. flashings, gutters and downspouts, Felted outside walls. Air condition, dual ducks system. National radiator Fenestra steel windows and screens throughout, coml innumerable details that make o house o true, lasting home. Price $12,650—Lot 50x138 Good transportation, adj. to schools, churches, stores Inspection by Appointment S. J. MONK, Builder Tel. GEo. 2433, GEo. 2143 TRADE CONSIDERED water piping plant d with other iveable and 613 GEORGETOWN ROAD, BETHESDA, MD. $10,950 Unusual, new, all-stone home; 6 rooms, 2 baths, bed room and bath on first floor; center-hall glan, Beautiful stone fireplace; fine old shade trees; established neighborhood. Convenient to everything. (Built by Robert L. Saunders) Out Wis. Ave. to Bank, left to Georgetown Rd. Carefree Comfort with Modern Gas Appliances GOSS REALTY CoO. 1405 Eye St. 6600 Wis. Ave. NA. 1353 Wis. 2553 | at 7427 Twelfth Street N.W. in gton, D. C. Built on the center hall ths, lavatory in basement, de- Featuring Reynolds Specifications. NEW COLONIAL AT SHEPHERD PARK =F 7427 12th St. N.W. U One of a group of new residences in the select Shepherd Park section of Upper Sixteenth Street. A center-hall-plan brick Colonial with six well-proportioned rooms and two lovely tiled baths—also screened living porch and storage attic. AIR-CONDITIONED through- out, automatic oil heat, slate roof, numerous special refinements. This home is QUALITY BUILT of the very LATEST AND FINEST construction! We are privileged to offer it at an amazingly LOW PRICE, with exception- ally small cash payment and the balance on terms like rent! REYNOLDS AIR CONDITIONED Two-story brick Colo: Shepherd plan it has tached brick garage. vi ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ ¢ /, ¢ OPEN SUNDAY AND DAILY out_Sixteenth THIS 1S AN 'y ELECTRIC KITCHEN »NEMYN HOME TO REACH: Drive Street to ska loe: as to new schools, shops and transportation. Carefree Comfort with Modern Gas Appliances A 5-room modern new home with every convenience, Meyer air-conditioning, hardwood floors, open fireplace, sunny and. cheer®:l, on extra deep lot, near school, churches and b line. KENSINGTON REALTY CO. Kensington, Md. Kensington 132 Open Saturday P.M. and Sunday “These Are Carefree Comfort Homes With Modern Gas Appliances” TO REACH: Drive out Wiscontin or Connecticut Avenue to Bradley Boulevard, Lane to Radnor Road. lejt on Bradley Boulevard about Y mile past Wilson Watch for sign on left sde of road. Open Daily and Sunday to 9 P.M. FRANK J. WAGNER, Builder 1515 Dist. K St. N.W. ‘3100 Recreation room Automatic heat Copper gutters and downspouts. Large fish pond Trees OPEN SUNDAY REACH: ' Out Georgia Ave. past Silver Spring trafic Soht, turn left on Fernwick Lane to First Av *11,950 LLY J, ) Built By PAUL T. STONE, Inc. J. WESLEY BUCHANAN REALTOR 1732 K Street MEtro, 1143 e. Waple G James, Inc 8433 Georgia "Ave. SHepherd 5200