Newspaper Page Text
THE WASHINGTON TIMES, SATURDAY, JUNE 28, 1919.
SEEKS WAY TO PROVIDE MO
METHODS OS TO
In the nation-wide own-your-own-home
campaign, conducted in co-operation
with the U. S. Homes Regis
tration Service, Department of Labor,
the problem of how best to finance
building operations has been solved
somewhat differently by various cit
ies, according- to their special needs
A. few weeks before the armistice
was signed the Columbia Investment
and Mortgage Company was organ
ised in Seattle, "Wash., to aid the
small investor and to make possible
the proper housing of workers en
gaged in war Industries. Its scope
included the buying, leasing, and ac
quiring of real estate and personal
property, the erection of dwellings
and other buildings, and the making
of improvements of any kind on its
The corporation Is enabled to ad
vance to owners of vacant lots the
difference between the cost of the
house and the amount of money that
could be loaned by insurance com
panies or other loaning agencies.
The capital stock Is $200,000, divided
into 2,000 shares of ?100 each. The
company was organized as a pa
triotic and civic duty, and arrange
ments were made with the Metropoli
tan Building Company to manage the
affairs of the new organization,
which is represented by fifteen trus
tees. St. Paul, Minn., worked out a plan
for the organization of the Own Tour
Home Financing Corporation, the ob
ject of which is- "to assist wage earn
ers to the ownership of their homes
and to that end to advance to them
not to oxceed 80 per cent of the value
of the property" on which a loan is
made such advances to be repaid in
monthly or other installments ana to
be secured either by mortgages, land
contracts or obligations and evi
dences of indebtedness. The com
pany may borrow upon notes, bonds,
and debentures such sums' of money
i.s may be necessary for the carry
ing on of business Provision is made
or a loan committee, consisting of
he president, vice president, and
Iiree members of the board of direc
tors, appointed by the president. This
committee must pass upon all appli
cations for money, and, upon ap
proval of an application, the form of
security to be taken is determined.
Provision Is made for the appoint
ment of a transfer agent and regis
trar of transfers.
South Send, Ind., has outlined an
other plan through its projected Home
and Investment Company. A commit
tee of citizens, appointed to suggest J
a method of relief for the serious
housing situation, reported in favor
of a company to be organized under
the voluntary association act, the ob
ject being the "borrowing and loan
ing money, buying and selling prom
issory notes, bills of exchange, ac
counts, choses In action, fees, and
all other evidence of indebtedness,
and buying, holding, owning, mort
gaging, leasing and selling real es
tate and personal property."
Janesville, Wis., decided on the
organization of the Janesville Hous
ing Corporation, its three objects be
ing, first, to provide attractive homes
for the citizens of Janesville upon
such terms as will enable them to live
comfortably at moderate cost; sec
ond, to create a means by which
manufacturing concerns can provide
bousing accommodations for em
ployes; and. third, to encourage and
foster building Improvements of a
character that will cause rapid and
substantial growth of the city.
Subscriptions to the capital stock
were made payable as follows: Twen
ty ncr cent upon organization, 40 per
cent pon order of directors, at least
30 dnys later than first payment; 40
per cent at least 60 days later than
first payment. The directors are em
powered to employ a general man
ager and such other employes as
may be necessary. The president also
appoints the executive committee,
finance committee, and various other
necessary committees, the personnel
of which include men specially fitted
for the tasks assigned to them.
Niagara Falls. N. T., found a seri
ous shortage of dwellings at the close
of the war. According to estimates,
10.000 houses will be needed within
ten years. To meet present and fu
ture emergencies it empowered its
Industrial Housing - Committee to
study conditions and make recom
mendations. The committee's report,
which was adopted, recommended the
organization of a housing corporation
and presented three methods of financ
ing building: First, by a straight
loan from a bank or Individual se
cured by first mortgage, the corpor-
FOR SALE HOUSES
Euclid St., Near Col. Road.
iu rooms ana Datn: 4 rooms on
Park View Section
Attractive 6-room home: 21 hi
feet wide: colonial porch: heated
by hot water, excellent location.
Within half square of this beau
tiful park; 2-story and cellar brick;
6 rooms and bath.
Near 3 0th and Q Sts. N. W.
This Is a choice location, a prettv
little home. 6 large rooms and
bath: Rood condition; semi-detached,
alley in rear.
East of Ga. Ave. N. W.
Strictly white neighborhood, a
colonial brick; 6 rooms and bath;
cellar; furnace; paved alley.
8 rooms and bath; hlth eleva
tion: located on 1st at.; be sure to
A semi-detached brick; located
in a. white neighborhood; within
walkine; distance of all depart
ments; 7 rooms and bath.
Near Congressional Library
A 9-room and bath brick; just
papered and painted; stone trim
ation taking a second mortgage for
the difference between the loan and
the cost of the dwelling, the second
mortgage to be paid in monthly in
stallments; second, a loan from a loan
association secured by a first mort
gage, payable In installments.on which
the company would take a second
mortgage payable at the end of a
term of years and maturing when the
first mortgage is sufficiently reduced
to absorb the second mortgage; third,
a loan for the full value of the build
ing, the borrower giving back a first
mortgage for an amount which would
render it marketable at once, this
mortgage being payable at the end
of a term of years, the balance qt
the loan being secured by a second
mortgage, payable by monthly install
ments. Under any of these principles the
corporation would take up the differ
ence between the first mortgage and
the cost of the dwelling. It was
recommended that the capital stock of
the corporation would be $250,000, all
of which would be common stock, with
a par value of $100 a share.
A plan that has been tested a num
ber of years is that of the Billerica
Garden. Suburb (Inc.), of Massachu
setts, Incorporated In June, 1014. with
a capital stock of $50,000. The scope
of this company included the building
of desirable homes at a moderate cost
or rental, the purchase of real estate,
the remodeling and repairing of
dwellings, and the management of
houses or other buildings. The 5,000
shares of common stock at $10 a share
were issued in small blocks, provision
being made for dividends at tho rate
of 5 per cent per annum, accumulative
on all shares outstanding at the time.
The property, affairs, and business of
the corporation are managed by a
board of directors.
Easier Money Market Is .
Great Help to Building;
Bis Boom Expected Soon
0 STUDY U
North Pa. Ave.
A 2-story 6-room brick; 18 feet
wide; convenient to cars.
Navy Yard Employes, Attention
"2-story and cellar brick; 6 rooms
and bath; near 1th and G ate. S. E.
WM. H. SAUNDERS & CO.,
807 15th St. N. W.
LONDON, June 28. Parliament has
been asked to appoint a committee to
go into the merits of a federal system
of government such as the United
States possesses. There is a growing
demand for a more efficient system of
running the British Isles.
The movement, while not prompted
by the demand for home rule In Ire
land, would give self-government to
England, Scotland, Ireland and Wales
on the theory that the present system
clutters up the government with too
nrany matters purely local to the va
rious sections of the commonwealth.
The aim is to correct this, leaving the
central government to deal with na
tional and imperial problems.
The suggestion is that each section
of the British Isles have its own leg
islative body. Ireland might need two
such parliaments, one for Ulster and
one for the Sinn Feiners. Murray
MacDqnald, John R. dynes, J. H.
Thomas, Sir Thomas Whlttaker, Major
Ormsby-Gore, Major 12. Wood and
other members of the House of Com
mons stanchly favor the idea. How
ever, little progress is expected to
ward realization of the plan for the
"Now that it Is conceded In financial
and building circles that it has been
the high cost of money and labor and
not the high cost of materials that
has been responsible for increased
construction costs, efforts that are
being made in various municipalities
to put plans into execution whereby
money may become more available for
mortgage loans are meeting with real
success," according to the American
Architect's weekly review. "Most
practical of the ideas so far advanced
to make loan money more liquid are
those which would exempt from in
come tax mortgage investments up to
$30,000 or $40,000, the Federal Loan
Bank plan, and diversion of mortgage
institution money from Wall Street
investment back to building loans.
"In the present situation, when so
much depends upon speed in getting
as many homes built by autumn as
possible to aid in the solution of tho
housing problem, the exemption from
income tax plan seems to be the most
practical of those advanced. It would
take considerable time for the Loan
Bank plan to be p.ut in operation and
consequently it could not aid much
in the present emergency. Exemp
tions from the State Income tax can
be made quickly, and then the Fed
eral authorities can be asked to give
some exemptions in favor of mort
gage holdings up to a reasonable
"It is unfair for the Government to
put farm loan bonds at 5 per cent to
the Investor and exempt them from all
taxation. That is favoring one class
against the rest of the people. The
dme should soon come when mort
gage loans for building can be had on
the same terras as farm loans.
"Opponents of these two plans,
which have been strongly, advocated
by the New York State Reconstruction
Commission, claim that in the case of
the Federal Loan Home Bank there
would be difficulty in selling the bonds
at this time, and that the exemption
of mortgage loans from the income
tax is poor principle, especially since
United States Government bonds are
still subject to tax. They charge bad
methods, but Is it not the best thing
to be done under present conditions?
It surely makes for the liquidity of
loans, and that Is what counts above
all else in the present situation.
"In attempting to solve New York
city's problem, which may be truly
STORE BRINGS HIGH
NEW HOME OF MECHANICS'
UNION NEARS COMPLETION
The new home of the Mechanics'
Union at the northeast corner of
Ninth and K streets is rapidly being
! rushed to completion. The building
is seven stories high and will cost,
when completed, something over
I The building Is expected to be
J ready for occupancy during the late
Make your money "rrork or fight."
If It ! not fighting for you In the
Industrial field, put It to -work In
"War Saving Stamp"
This Offer Clears Your Way to
UQuick development of BRADLEY HILLS is our aim, and we're pro
ducing results by being liberal.
We will Build You a Completed Bungalow, modern in all respects
from plans of your selection, and on a site of your own choice on
VERY CONVENIENT TERMS!
We want the terms to suit YOU, so call at our offices and effect ar
rangements. The total cost of building your home will Be Very Much
Less than you could possibly have it put up yourself.
(Between Chevy Chase and Great Falls)
has every feature in keeping with the character of its neighbor, Chevy
Chase: Trolley cars give through service from the city via Wisconsin avenue
and Bradley Lane clear to Great Falls; There are miles of macadam drives,
electric lights and other improvements; And the property is directly in the
favored zone of westward suburban growth, insuring steady enhancement of
fiFor your own and your family's good, seize this opportunity it means .
roof of your very own, on terms that will never be bettered!
Salesmen on Ground All Day Sunday
BRADLEY HILLS, Inc.
R. .B, BEHRENP, President
Temporary Offices of Company:
Rooms 412 and 413, Columbian Bldg., 416 5th St. N. W.
Phone Main 4639
Business property at 717 to 721
Fourteenth street northwest was sold
at public auction yesterday by Adam
A. Weschler to Joseph Fcrrero. a com
mission merchant at 009 Louisiana
avenue, for f 238.1 CO. This property,
which contains 5.054 square feet, with
a frontage on Fourteenth street o'
r7.3 feet and a depth of 104 feet, is
m the heart of the business district,
whore values increase almost over
night. Keen bidding was one of the salient
features of the sale, which was par
ticipated in by several score of busi
ness men, two of whom were from
New York and Boston. The bid was.
opened at S25 a square foot, and in
creased until the sale price of $40 was
The property is improved by four
business establishments, including the
cigar store of John B Newman. The
purchaser will probably hold the prop
crty as an investment
said to be barometric of conditions
elsewhere in the country, suggestions
made by Samuel Untcrmyer. widely
known lawyer, include immediate dis
posal by Insurance companies of tho
bank and other stocks which they
were required by law to dispose of
eight years ago; the compulsory in
vestment In mortgages and bonds in
unencumbered real property of one
half of the assets of life, Are, health
and casualty companies and the sav
Ings banks of the State, and investl
gatlon by the Federal Trade Commls
slon 'to break up unlawful combina
tions that now exist in the building
"In the meantime, however, archi
tccts all over the country are very
busy. There is a scarcity of drafts
men and those available arc asking
greatly increased remuneration". Ac
cording to the same publication,
"building is going ahead briskly in
all sections. There Is- not only a large
amount of planning for low cost
houses, but actual work has started
on many factories, stores and other
types of commercial construction. All
this activity is reflected in a greater
demand for building material. Lum
ber Is moving from the yards to regu
lar trade channels in exceptionally
heavy volume, and with an acute
scarcity of stocks manufacturers and
dealers arc experiencing difficulty in
replenishing supplies to meet the de
mand. All lumber is holding Arm in
price, with advances during the week
in the wholesale values of yellow
pine, hemlock, fir, cypress and some
of the hardwoods.
"Brick and all clay products are in
good demand. -The sane is true of
the metal building material items, es
pecially radiatiqn. Officials of a lead
ing radiator company report a marked
Improvement In business. They say
that in consequence of bigger build
ing projects there is a substantial gain
in the demand 'for boilers, radiators
and all heating equipment. Prices of
"In practically all lines of business
the former policy of waiting for lower
prices has changed to one of buying
at present quotations, and there are
few who now cling to the belief that
reconstruction will go ahead on a
lower price basis. Financiers and the
heads of big corporations now see
nothing but activity ahead, with a
building movement likely to develop
Into a boom following the signing of
the peace treaty."
HARVEY W. GODDARD BUYS
Harvey "W. Goddard has purchased
the attractive six-room brick' house
at 3568 Thirteenth street In Columbia
Heights, from E. O.' Merchant. Tha
sale was made through Boss &
This house was buUt several years
ago by Charles W. King, jr. It con
tains all mr rn improvements and
will be occupied by" the purchaser aa
his home. ""
Do 7on rraat to ivorlc for nothlngf
Then dont throw away the results of
your work on trifling expenditures.
War Savings Stamps are a solid.
tcnmlnx itu in.
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The Logical Place for YOU to Buy!
The location is IDEAL. There is no better,
cleaner, or more attractive spot for a home than
in Beautiful CLEVELAND PARK. Tall trees, with
their wonderful shade, "combine with the gentle
winds of Rock Creek Park to. keep you cool on
the hottest days.
CLEVELAND PARK is the happy medium be
tween the city and the suburb; it combines the
convenience of the former with the care-free
atmosphere of the other.
These HOMES are REPRESENTATIVE Cleve
land Park Homes!
Ten rooms and two tiled
Fireproof garage under porch;
All modern improvements;
Large lots, 50x150 feet;
Short distance from cars;
Price, only $14,000.
Convenient terms arranged.
Open for Inspection.
Three Homes Already Sold.
SMALL & SMALL,
217 8th Street S. R
DONT KNOW HOMES
BERLIN, June 2.S. One of the
groat tragedies of tragic Europe
the Russian prisoner.
Thousand of these men, many of
them incarcerated four years, still
remain in German' prison camps, and
perhaps as sad as any phase of their
plight is the fact that many of them
will never see home again, for the
simple reason that they do not kpow
11. o name of their home town.
The American Ued Cross prisoner
-erv:ce here, now in charge of Colonel
H.an and Col Carl Taylor, is doing
its utmost to help locate home3 of
these men. But theirs is a difficult
task, for when many of them are
a. Iced where they lived, they answer:
'Hy the big red mill," or perhaps,
"J'.y the white river," or "Near the
church on the hill."
Thcso men simply do not know.
They have lived for years In some
hamlet, have never learned to read
nor write, and have never been more
than a few miles away from their own
dwellings. The Red Cross is striving
to introduce some rudiments of
geography among the more enllght
ei ed prisoners in the hope that there
by they can be of assistance in solv
ing .the intricate problem of their
It is no little work that the Red
Cross has set its hand to accomplish.
It is not merely a question of flip
ping tllee men home, for the ways
are not open Poland is fearful that
they will join the bolshcvlki army
when they return, and hence doesn't
want them to pass through Polish
territory. And. if they go further
south, there is trouble from other
populations. So thus far, it has been
pohsible only to take a northern
route for returning the "Great Rus
sians." A few days ago a group of 1,000
sought permission to set out to walk
home, saying, they would take" the
responsibility for their fate upon
themselves. And, some of them have
actually attempted to make their way
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Have served the home-buyers' of Washington
faithfully and honestly for thirty-six years. The
firm, was established in 1883. Its years of service
have likewise been years of splendid growth.
Located in southeast Washington, its first concern
is the development of property in this section of
the city. Its business in general, embracing:
WE OFFER FOR SALE THE FOLLOWING CHOICE BUYS:
LTOsTir!3MDi:'.ni..'tt w dtii.1rciinimuw numi
522,000 The Nora Apartments
This practically new apartment building is on North Carolina avenue southeast, between Sixth
and Seventh streets. It contains six apartments and is one of the best investments in Washington
real estate. A detailed statement showing running expenses and net income will be cheerfully fur
nished. Let us show you this bargain. The building is in perfect condition; the location second to
none, and it is offered at this sacrifice price to close an estate.
HnaiWlimru.uiiNi.i m I iianuniii n HWUlinniirilBiiiirwwawawww imtmrnmaamTmnnEnssn;
e Mass. ave. X. K.. near Lincoln Park, con- g
taining lj rooms. ". baths, hot water heat. No
better built property in the District of Columbia.
z The owner of this property was one of the best
builders in this city and the house was occupied
e as his home. Reasonable terms and possession
e given when deal is completed. Let us show you I
a real house. i
1 $3,250 j
Third street S. E., near U. S. Navy Yard. I
1 6-room modern brick house in perfect condj-
tion. Possession given when transfer is
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MB3MIIIIIIW!lXHl..iJil!ll.im .LJU1H JHMM 1
Tenth street S. E., north of Pa. ae. 1
8-room, modern, bay-window brick; possession
July 15th; out-of-town owner instructs us to 1
submit best offer and terms. Property can I
be seen at any time by getting permit from
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A six-room frame house on 13th street S. B.,
I not far from Pa. ave. S. E., under rental of $32
per month; will easily rent for $45 per month.
If you want an investment you cannot pass this
1 up without Investigation. Reasonable terms.
JOHN F. DONOHOE & SONS, Inc.
314 Pennsylvania Avenue S. E.
ft Is much more f U8-to witch yonr
tnoncy gro thnn to aoh II
ltn w. N. S.