Evening Star Newspaper, April 27, 1940, Page 22

Systematic Savings Toward Ownership 0f Home Forecast Loan League President Sees Young Couples Seizing Opportunity A large proportion of May incomes will be set aside specifically to start accumulating a down payment for & home than at any time in the history of this country, George W. West, Atlanta, president of the United States Savings & Loan League, said today. His statement was prompted by the fact that this week several thousand savings, building and loan associations re- ceived the impetus to start the younger couples in their communi- ties setting aside funds for the homes they will buy and build in 1943, 1944 and 1945, in “own-a-home savings clubs.” The money saved will run into many thousand dollars this coming month, Mr. West fore- | saw. Paraphernalia to organize the clubs and reach the people whose contemplation of home ownership is not yet in the financial stage will be provided by the league to all as- sociations which undertake the idea, the announcement they received this week explained. Both administra- tive plans and advertising programs will be requested by several hundred associations immediately, it is be-| ESTATE. lieved. | . Mr. West estimated that the typi- cal monthly saving in “own-a-home savings clubs” established the next few months will be around $25. On an average, such payments, plus| their earnings in the club, will ac-| cumulate to $1,000 by 1943, and to $1,600 by 1945. This will be sufficient down payment for homes running | EVENING STAR, WASHINGTON, GEORGETOWN GARDEN TOUR—This garden at 3230 Reservoir road N.W. is one of a group in G the public this afternoon from 1 eorgetown which will be open to :30 to 6:30 for benefit of welfare activities of Georgetown Children’s House. D. C, SATURDAY, Most of the historic estates in the old section are included in the tours, second of which will be held May 4. —Star Staft Photo. to pay, and not only is forcing the | owners of homes, farms and other from $4,000 to $6.500, on the basis of 25 per cent equity when the home buyer or builder borrows to acquire the property. The funds of the clubs will be | {nvested in the savings, building and loan assgciations sponsoring the clubs and ‘will earn regular dividends | there. During the period of ac-| cumulation these funds will be lent to home buyers or builders who al- ready have their down payment and thus the savings out of this May’s income and all the months follow: Ing will serve a dual home-owner- ship purpose, Mr. West said. Conference (Continued From First Page.) of Ohio; vice chairman, Graham Aldis, Chicago, National Associa tion of Building Owners and Man agers; James McD. Shea of Wash ington, president of the National Apartment Owners’ Association; Fred Brenckman, Washington rep- resentative of the National Grange; Byron T. Shutz, Kansas City, Mo., president of the Mortgage Bankers’ Association of America; John C. Bowers, Chicago, of the National| Association of Real Estate Boards. Secretary of the new organiza- tion is to be a Chicagoan, Lawrence Holmes of the National Association of Real Estate Boards. Every de- partment and agency of the Gov- ernment dealing with real estate was represented at the sessions by par- | ticipant or observer. | ‘The comprehensive resolutions | covering three pages and 11 different resolutions were reported out by a committee headed by Mr. Aldis. “The burden of ad valorem taxes on real estate,” declared a resolu- | ship rights, but also constitutes a | amendment of the present Federal | Government tion, “has grown beyond the ability real estate to forfeit their owner- major deterrent to the construc- tion of new homes and other build- ings thus contributing to unemploy- ment and economic recovery. It is destroying the credit of real estate | 50 necessary to its improvement.” | Federal Commission Sought. Congress was asked to name a Commission on Taxation and Land Policies of the United States, to be | representative of the Congress, the local and State government, urban and rural taxpayers and appropriate ] executive departments and agencies | of the Federal Government. | The conference indorsed the principle of placing a constitutional or binding statutory limitation on the | aggregate of all taxes which may be levied against any parcel of real estate by all taxing units authorized to levy taxes. Each State should et up a central expenditure con- trol agency, the conference said. Congress also was asked to exempt capital gains and losses on rea estate rom the Federal tax, in view of the practical difficulty of administra- tion and determination of such gains or losses in this type of prop- erty. . | The conference recommended estate tax to permit not less than 10 years for liquidation of estate properties, “in order to decrease or eliminate the avoidable losses to and to ownership rights caused by forced liquidation.” An appeal was made to the Gov- ernors and Legislatures of every State to study the problem and! recognize the need for a “drastic change.” See Stability Undermined. “The general property tax as ad- ministered in America today,” said EXHIBIT HOME—31 GUDE FURNISHED ® All Brick ® Air-Conditioned © Full Basements ® Large Lots OPEN DAILY 'TIL 8 P.M. Drive out New Hampshire A mile past D. C. Line t left 200 feet to home: Albert H. Davis, Sales, HAMPSHIRE KNOLLS *4990 v» Fifteen Minutes From Downtown AVE., TAKOMA PARK, MD, BY RGE'S SMITH & GOTTLIEB, INC. SHep. 5154, SHep. 4479-J Per Mo. Inclu ing Interest, Pri ¢ipal, Taxes and Insurance. the concluding resolution, “and par- ticularly as it is applied to homes, farms and general real estate, is a vicious, demoralizing agency, the operation and enforcement of which is undermining the stability of the basic commodity which is the foundation of the prosperity and weil-being of the individual States and the Nation as a whole. “We petition the Governors and the legislative bodies of every State in the Union to seriously consider the effect of the present adminis- tration of the property tax upon the individual ownership of homes, farms and general real estate, as presented in the foreclosed real estate now owned by the financial and lending institutions of this country, and to recignize the need 3600 Greenway Drive is as much home as $8,350 can buy, including its large, beautifully wooded lot with over eighty-foot frontage. All this ‘in Fairfield, Wash- ington’s distinguished, rigidly restricted community of fine small homes. Let Fairfield be your measure of comparison. DIRECTIONS: Drive out Penn- svivania Avenue S.E.. turn ripht on Branch Avenue, left on Den- ver Street, right on $ith Street to FAIRFIELD. Open until 9 P.M. daily and’ Sunday. DESIGNED AND PLANNED BY DANIEL, DANIEL & DANIEL STANDARD PROPERTIES 213 Woodward Bldg. NAtional 5573 for a drastic change in the opera- tion of the property tax system in order to encourage, extend and pro- proper limitations” and declared that “no form of wealth or income should be exempt from paying its tect the private ownership of prop-| proportionate share of the costs of erty and the great institutions of home ownership and farm owner- ship.” ‘The conference adopted the prin- ciple of “relating property taxes directly to property income with'yesterday afteroon instead. government.” Banquet Called Off. The conference, which was to have closed' with a banquet last night, was brought to an end late Exhibit Home—67103 FAIRFAX RD. *8.250 OF COURSE you want the best . . . and this particular group of Bowling and Gardiner homes (one of which was recently F. H. A. APPROVED OPEN DAILY awarded the coveted Silver Star) place to find it. homes in an unexcelled location on high is the Spacious 3-bedroom elevation one block south of Edgemoor 10 AM. to 9 PM. Club. Quality construction and modern features throughout. Churches, schools and shopping center are convenient—bus at TO REACH: Oyt Wiscon- sin Ave. to Bradley Blvd., left on Bradley Blvd. to Fairfaz Road, then rioht to Ezhibit Home. your door. going fast. Come out today—they are THE INITIAL SHOWING OF AN UNUSUAL GROUP OF DETACHED HOMES PRICED $6,950 to $7,250 Furnished Exhibit Home 4523 Cheltenham Drive WESTBORO Bethesda,Md. Rep- APRIL 27, 1940. resentative Celler, Democrat, of New York, who was to have been the principal speaker at the ban- quet, delivered his address at the afternoon session on “Need for Resl Estate Tax Reform.” taxation, Mr. Celler called on the tax and real ertate experts present to support his proposal, now pending commission for study of the whdle tax structure of the country—Fed- eral, State and local—and to make recommendations to do away with overlapping taxation of the more than 175,000 existing taxing units. property for tax purposes primarily on the basis of its earning power, Ivan A. Thorson of Los Angeles, vice Estate Taxation of the National As- sociation of Real Estate Boards, than Federal taxes, and that an ad valorem tax is a capital tax. Real Estate Taxpayers will be operated out of the Chicago head- of Real Estate Boards room, maid’s Investment Bldg. A Pointing to the evils of double | § in Congress, to set up a Federal tax | f§ Discussing the plan of valuating | chairman of the Committee on Real |§ pointed out that in the lower income | groups local taxes are far greater |® The new National Conference of |§ quarters. of the National Association | B R‘EAL'ESTATE. OPEN SUNDAY, 11 TO 6 "SKY MEADOWS" One of the few remaining acreage estates in nearby Maryland’s best residential section, now being rapidly developed. A suburban estate of charm and distinction. Mellowed field stone residence of Colonial design; 11 delightful, well-proportioned rooms; 3 baths; 2 servants’ rooms and bath; barn and playhouse; several acres in gardens and beautifully landscaped grounds, rich in trees and view. In hunting country and near golf clubs. From 14 to 32 acres available, comprising a number of lovely building sites so situated that their development would not detraet from the residence now com- manding the acreage. 2 A DRIVE OUT SUNDAY—North on Wisconsin Avenue to Bradley Blod., west five miles fo proverty (Y mile beyond Nat. Woman s Couniry Club), and turn right to enfrance on Seven Locks Road. FRANCES POWELL HILL 1644 Connecticut Avenue DEcatur 3422 weekdays Wisconsin 4939 Sunday WHAT ARE YOU DOING ABOUT SPRING? Rock Creek Hills A Community of Smart Homes In Nearby Montgomery Co., Md. OFFERS YOU A COUNTRY ESTATE Exhibit Home—9519 WEST STANHOPE ROA A magnificent home in a setting of beauti- ful trees—an incomparable suburban en- vironment, close to the center of the city. Eight rooms, three and one-half baths, club quarters, screened porch. Lot containing nearly "2 acre. Yet, with all of its exclusive features, this home is priced surprisingly low. CONTINENTAL LIFE INSURANCE CO., INC. TWO OTHER HOMES COMPLETED—SIX UNDER CONSTRUCTION. HOME- SITES WITH 100 FT. FRONTAGE OR MORE AT- TRACTIVELY PRICED. Drive out Comnecticut Ave. past Chery Chase Lake over bridge to Beach Drive and turn right. See our signs. 2-car garage, OWNERS & DEVELOPERS OF ROCK CREEK HILLS GO NA. 8503 Interior View of the Love;/ Living Room A French Provincial in COUNTRY CLUB HILLS NEARBY VIRGINIA'S MOST HIGHLY RESTRICTED COMMUNITY Adjoining Washington Golf and Colintry Club DESIGNED, PLANNED and BUILT for GRACIOUS LIVING 3219 NORTH WAKEFIELD ST. Beautifully furnished by Hutchison’s, Inc. Draperies by John Ligon HOME of beauty and refinement in an unexcelled environment— only 20 minutes from downtown, yet enjoying a truly country estate atmos- phere. Located on a large corner lot with 158 feet frontage, containing '3 acre or 14,400 square feet, with a setting of lovely trees and having 7 spacious rooms, 2> baths and 2-car built-in garage. room to accommodate your Baby Grand and leave room t8 entertain your bridge club—you'll appreciate the size of this one, 15x30, with 2 doors opening onto It you have had difficulty in finding a living -bedroom brick homes in a fast growing select neighborhood; within 3 blocks of new Parochial School, Catholic Church, new Public Elementary and Public High School; within 2 blocks of theatres, stores and transportation. Measured by location and environment these new homes are a sensational value at the price. See them today and be convinced. A group of six thi perch or veranda, 10x40. The large studio master bedroom, size 15x27, with all modern equipmen! cozy den adjoining, will also intrigue you, as well as other features of this un- usual home. May we also remind you that Country Club Hills is really the SPRING VALLEY of nearby Virginia and offers the maximum in prestige and restrictions to insure a sound home investment. PRICED FOR IMMEDIATE SALE OPEN DAILY UNTIL 9 P.M. TO REACH—Drive over Key or Arlington Memorial Bridge to Glebe Road and Washington Golf and Country Club—turn right and follow arrows on Rock Spring Road along golf course 3 syuares to Wakefleld—then left 2 squares to property. SHEPHERD PARK 7605 14th STREET N.W. (Near Walter Reed Hospital.) AN UNUSUAL OFFERING IN THIS SELECT SECTION. IN IMMACULATE CONDITION AND BEAUTIFULLY DECORATED. PRICE QUOTED IS ABQUT $6,000 LESS THAN COST. There are 2 baths, automatic heat, electric refrigeration, breakfast nook, an_extra large modern kitchen, finished room on 3rd floor, 2 lovely porches, 2-car garage and a spacious, well landscaped lot. The elevation affords a splendid view over Rock Creek Park. OPEN SUNDAY 10:30 to 5:30 : ¢ 16th Street, past Walter Reed Hospital t0 T REACH, e ¥ burn right on’Iria to 15th Strest. BOSS & PHELPS (Exclusively) Built by Columbia Construction Co. OPEN DAILY & SUNDAY TO 9 P.M. TO INSPECT: Drive out Wisconsin Ave. past Bethesda Theatre to Cheltenham Drive. Turn right on Cheltenham Drive to homes. E. M. FRY, Inec. 4703 Hampden Lane Presented by KeitH D. BRUMBACK Developers Chestnut and Builders 3527 1417 K Street Ne. 9300 Wisc. 6740