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Evening star. [volume] (Washington, D.C.) 1854-1972, July 25, 1931, Image 17

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President Kissell of National
Realty Boaros, Proposes
Finance System.
Possibility of establishing in this ■
country a system which would serve ,
the needs of existing home financing j
agencies much as the Federal Reserve
system serves its member banks has |
been brought before President Hoover
by Harrv S. Kissell of Springfield*. Ohio,
president of the National Association of
Real Estate Boards.
Mr. Kissell, in laying the matter be
fore Mr. Hoover and Secretary of Com- |
merce Robert P. Lamont. acted persuant
to a resolution adopted by the delegate
bodv of the National Association of
Real Estate Boards at its recent con
vention in Baltimore.
The delegate body of the association,
stating that it would not appropriately
approve detailed plans prior to in
vestigation through proper accredited
channels, approved a study of the sub
ject of establishing through Federal
legislation a system permitting the dis
count of mortgages on urban residences.
It further asked for a study by the
Federal Government of long-term and
short-term credit as applied to financ
ing of home building and home owner
Offers to Help Study.
Mr. Kissell offered the services of the
National Association of Real Estate
Boards through a committee of five to
be appointed by him to aid any study
or investigation that President Hoover
may see fit to make upon these subjects.
As authorized by the delegate body,
he laid before the President and Mr.
Lamont. for the purpose solely of
initiating discussion, a tentative sug
gestion for meeting the needs of home
financing outlined by the Executive
Committee of the association and unan
imously approved by its board of
The tentative suggestion outlines the
need as follows:
‘ There has always been a weakness in
our system of home financing. Govern
ment has offered its facilities for the
development for various features of the
financial and business structure, but up
to this time the important field of home
financing has not received its proper
attention. Immediate consideration
must be given to this grave national
problem. A prompt solution will hasten
economic recovery.
"Homes which have a permanent as
well as a resale value never have been
financed on terms as liberal as con
sumption goods, the value of which is
destroyed in the use. Luxuries have
been purchaseable on easier terms than
one of the prime necessities of lire—
‘‘Long-term financing, say 20 years,
with installment payments on principal
not exceeding 4 per cent per annum,
and with certain rights of pre-payment,
is a necessity, and would enable the
family to accumulate a reserve for
times of stress.
“Such a system of long-term credit
requires that there be central banks of
discount to serve mortgage companies,
budding and loan associations, and
savings banks just as the Federal Re
serve system serves the commercial
banks. Such a structure can be created
only by the Federal Government.”
Suggestions Outlined.
It outlines suggested action as follows:
"Long-time real estate mortgage in
vestments should be made available as
collateral security for debentures which
would be sold on the open market and
would be comparatively liquid. To ac
complish this purpose the following
tentative suggestions are offered for dis
cussion :
“1. The Federal Government should
create a central residential mortgage
bank with regional discount branches,
the function of the central bank being
“2. The members of the regional
discount banks shall be local mortgage
banks chartered under an act of Con
gress. Such local banks would be au
thorized to take subscriptions to their
stock from commercial savings bank,
trust companies, building and loan as
sociations, mortgage companies and
individuals dealing in mortgages under
certain uniform regulations laid down
In an act of Congress for the control
and operation of such units. These
local mortgage banks shall in no case
deal directly with the borrower. Their
functions shall be to determine the
availability of, and to submit to the
regional banks for purchase or redis
count, those loans in the hands of
stockholding mortgage dealers or brok
ers meeting its reqiurements for redis- J
count. Each local unit shall be a mem
ber of its regional mortgage banks.
“3. The function of the regional
bank would be to purchase first
mortgage loans from its members only
and to issue debentures secured by such
mortgages as well as by its own capital
and surplus. The regional bank would
secure its capital and surplus through
tire subscription of the local units. Pur
chaseable paper should comprehend
only first mortgages on urban residen
tial property, long term and amortized. |
“Income from not exceeding $5,000
of these debentures might be made tax 1
exempt in order to stimulate purchase j
by small investors.
“4. Regional banks should lay down I
certain regulations as to procedure and
appraisal which should be approved by j
the central bank before becoming oper
able in the region.
"5. It should be the policy of this
entire system by using conservative ap
praisal methods and by requiring
amortization payments beginning im
mediately when the loan is made to
increase up to 75 per cent the per
centage of value that may be lent with
safety, thus eliminating the costs and
hazards of junior financing.”
New Northeast Homes
Mott Reasonable Tormt
Sample Open to 9 P.M.
1705 D St. N.E.
Near Eastern Hirh School!
In a Restricted Community of
all new Homes. Convenient to
transportation. Just a few
minutes to all Government De
partments and downtown shop
ping center.
Many attractive features sel
dom, if ever, found in homes at
the low price we are asking.
Six cheerful rooms, beautiful
bath with shower, colonial front
porch, screened breakfast and
sleeping porches, hardwood
floors throughout, paneled paper
ing, natural hardwood trim, best
electric fixtures, many electric
plugs, large closet in each bed
“See the Delightful
Electric refrigeration, latest Im
proved (as ranre with heat control.
Inlaid linoleum, dinette that folds
away when not In use.
Built-in Garage
Landscaped Lawn—Brick
Retaining Wall
Waple & James, Inc.
1226 14th St. N.W.
North OM2
Norman Style House
.... - -S3, -
—A>idiMfeiaß>i : .riYi : ii»iTiiiW .iW.V. ■■■■■■■ I 1 ■■■■
Design drawn bv Joseph A. Parks, Washington architect, of house to be
erected for Dr. and Mrs. Matthew White Perry at 2613 Thirty-first street. Mass
achusetts Park section, by the home construction division of Sears, Roebuck & Co.
Dr. and Mrs. M.W. Perry Plan
Residence in Park Area
to Cost $40,000.
A modern adaptation of the Norman
French style of architecture is to be
employed in the construction of a large
residence for Dr. and Mrs. Matthew
White Perry at 2613 Thirty-first street,
in the Massachusetts park section.
The house is to be erected from plans
by Joseph A. Parks, Washington archi- j
tect. by the home construction division
of Sears, Roebuck & Co., the total
cost, including building, land, equip
ment and furnishings, being estimated
at close to $40,000.
The site is a wooded, hillside plot
having a frontage of 60 feet and a depth
of 130 feet. The exterior construction
of the house will be of brick, which
will be painted white. The tall oak
trees standing on the site and the lawns
and gardens planned will form a back
ground for the bright aspect of the
building. The roof will be of dark
The house will contain nine main
rooms, three baths, an extra lavatory
and a two-car built-in garage, and will
include a large recreation room.
One of the features of the construc
tion will be the absence of exposed
woodwork on the exterior of the build
ing. The garage entrance will be from
the front and will lead into a court so
arranged that, with the placing of walls
and a gate, the garage doors will not
be visible from the street, it is ex
Due to the slope of the site, the house
will be of two stories in the front and
will have four floor levels at the rear,
all above ground. The rear elevation
will be broken by a series of arched
windows in the lower story, a large
partly covered balcony above and a
series of dormers at the cornice line.
The living room will have a floor
level two steps lower than that of the
dining room, the two rooms being ar
ranged practically as one unit.
The house is to contain four bed
rooms, the master's suite including a j
private bath.
A feature will be a study, which is
to be finished in knotty pine paneling !
with beamed ceiling, and will have a
floor of random width oak. The house
will have three open fireplaces, one
built into the recreation room.
The house will have concealed radi
ators, served by an air conditioning
and heating system.
I • • "

Washington s Finest New
Close-in Community of
Detached Brick Homes
1 £
§ Close to Connecticut Ave. and Shopping Center, f
IQose to Rock Creek Park*
Close to Your Office* J
f Inspect thie attractive group of 6 and 8 rooms, two-bath homes.
They are soundly constructed and planned to please.
Drive out Connecticut Ave. to Fessenden St., turn one block east.
Wm. S. Phillips, Builder
Investment Bldg. Realtors NAtl. 6400
1 . I
55 Built 49 Sold
la the Highest Restricted N.W. Section
4th and Emerson Sts. N.W.
3 Spacious Covered Porches Easily Worth SI,OOO
6 and 8 Large Rooms More
Gorgeous Kitchens SSOO Cash — s6s Monthly
Fully Equipped Exhibit Home
Latest Type Frigidaire 4926 4th St. N.W.
Beautifully Decorated Bath A Beautiful Corner Home
, , .. . 40 Feet Wide—Southern Exposure
with Newest Fixtures £*P„ ter ' h J 11 ~p U. n • ” nu * u »"y
spacious and well planned rooms.
_ Equipped and decorated to queen's
Copper Screens Throughout {"£*, 10 * eH ,or » much
Built-in Brick Garage . ce onl y $10,950
See this unusual home value today
Large Wardrobe Closets Take shernan Cirele But to £mer .
son St., or Drive Out New Hampshire
Ave. to 4th and Emerson Sts.
Owner « and Buildere of Communitiee
14th & K Sts. Dist. 9080
Over 3,000 lifetime Home* Built and Sold
Solon Originated
Home Buying in
Athens 600 B. C.
People who purchase real estate today
with a stroke of the pen probably never
stop to think that Solon, great Athenian
statesman, helped to make this readily
possible 600 years before ’Christ, the
National Association of Real Estate
Boards explains.
A history of the world's significant
economic reforms shows a steady recog
nition of the fact that all people want
the privilege of land ownership, and
noted leaders, long dead, devoted their
lives to movements which make us take
it for granted that the masses today
may buy homes and lots or acquire In
terest in any fofm of land.
Born about 638 8.C., Solon became
“archon” of Athens about 594 8.C., and
had unlimited power. His sweeping
changes, which included a revision of
I the system under which a few were
gradually accumulating the land, thus
releasing it to the masses, are said by
some authorities to have formed the
basis of the great democracy which
reached its maturity later under Pericles.
When Solon took office he saw as he
walked through Athens countless stones
all alike set into the ground. These
stones offered mute testimony to com
ing Inactivity in the real estate business
at that time in this great city. The
stones were used to mark the boundary
lines of the land. Under the laws of the
time, debtors mortgaged their bodies to
their creditors, and when, as was hap
pening, they became enslaved for what
they owed, the creditors moved the
boundary stones again and again, en
compassing the land which they were
taking over from them.
The spectacle of these stones, moving
from field to field and adding to the
holdings of the wealthy, seemed wrong
to Solon, walking through Athens in
his sandals. He abolished the old Attic
j***************** ********
* Myers Electrically Driven *
\ <j „ Water \
I Pumps :
* fIT —provide an even, ♦
4 jin steady flow of water J
nin from deep or shallow X
* /• m wells, so that you can J
* ll illl enjoy water on tap in *
iIM y,e country, Just like in *
* the city. . ■*
I* •*
* Always Insist on
j “Schafer Quality” Materials *
it E. G. Schafer Co. «
it 4100 Georgia Ave.
it Telephone ADams 0145
Better Neighborhoods Made
by Developing Land
Before Sale.
Protected neighborhoods and com
munities are being created through
changing tendencies in the subdivision
of land, according to Frederick Bigger
of the Pittsburgh Chapter of the Amer
ican Institute of Architects.
“Originally the land subdivider mar
keted lots, just lots and nothing more,”
says Mr. Bigger. “Later the subdivider
came to the point where he had the
water, sewers, paving, and even the
lighting, installed prior to the sale of
lots. In other words, subdividers began
by selling land, and later they sold a
group of building sites. A relatively
small number of persons went even
further and added houses as the final
part of the first undertaking. They
were pioneers.
“There are still pioneers in this
field. Today more is being created
than mere sites. Something is hap- '
pening which shows the exercise of
intelligence and effort. Protected com
munities are now appearing. Even
social organization may be a possibil
ity through a continuation of this
definite and thoughtful planning.
“If architects are to make an addi
tional contribution of something of
value to their communities, they will
lay aside, temporarily at least, the idea
of doing something dramatic or miracu
lous. There must be patient investiga
tions and analysis.
"Land subdivision used to be under
taken with the idea that the land could
be used for; any purpose at all. Slowly
another idea has been coming into the
picture, the idea that pieces of land by
themselves mean very little, while a ;
piece of land with a building upon it i
is an entity, a physical element in the :
make-up of our communities."
law of debt which permitted loans on
. the security of the debtor's person, he
I restored to freedom those who had been
I enslaved for debt, and he regulated the
accumulation of the land so that by the
I end of the Peloponnesian War there
| were only 5.000 people in all of Athens
i who did not own real estate, a situa- ,
tion said by authorities to be one of the i
I most remarkable facts in the economic
history of the city.
The privilege of willing one's holdings
as one pleased, now taken for granted,
originated with Solon. Before his time
no one, not even the wealthy, could j
dispose of their property as they wished.
Estates of all deceased persons went to
their families. Plutarch says that the
“archon” esteemed friendship a stronger !
tie than kinship and affection stronger
I than necessity, and thus allowed every 1
man to dispose of his estate, but with |
some restrictions. '
——- ■ ■■ ■ ■ vMapncuacuaoeu:
A wonderful home in a beautiful community, where 3
all homes are new and pretty—and your neighbors jj
selected with utmost care. yj
New Attractive Features Jfj
Six and seven rooms, two beautiful baths, two- |£J
color tile; bright cheerful rooms, elaborate kitchen,
Sanitas-covered walls, large pantry with Westinghouse Jji
refrigeration, beautifully paneled walls with side
lights, practical fireplace, cedar closets, daylight cel- 31
lar. large lot beautifully planted and completely sod- UZ
ded. Paved street and alley. . Kj
Unquestionably the best value * 91 j
ever offered and at a price UI [
less than you expected to pay. rs» 1
Be Sure and See This Home Sunday! m
Drive out North Cavitol St., right on Michigan Are. to jAJ
14th St., and left to houses, or take Brookland car to Michi- LIZ
can Ate., walk ryrht to 14th St. ,
/ Tower Bldg., 14th & K Diet. 0853 $
Here at Last I
18-foot all-brick semi-detached houses with j|!;
built-in garage —priced less than row houses.
* • I
-i . ' "'| V
1m IL
7th & Quintana Place N.W.
(1/2 Block South Rittenhouse St.)
Price, $8,250
SSOO Cash —$65 Monthly
Including All Interest at 6%
Six large rooms, tiled bath, built-in tub with |j
|S shower. Equipped with latest Frigidaire. Lin- |
f o ieum on kitchen floor. Completely screened. |
Evergreens planted. Curbs, sidewalks, alley and 1
! i street paving paid by present owners.
Henry M. Reinhart
!il , Owner and Builder’s Representative
Martin T. Dryden, Agent
Tel Georgia 1534 Open Until 9 P.M. f
tst summst* tVsrfci.S’if.?-.? m:
j| ear to RUtenhouse St. |
_a a '
Home of Navy Officer
f I *
■ 'Mpl iyiwEllillp*
■ mjk L* i ,;v J!
jWBBg zT \, i fap
9k j 1
English type residence at 1554 Forty-fourth street, Foxhall Village, pur
chased this week by Lieut. Comdr. Francis W. Rockwell, U. 8. N„ from Boss &
Phelps, realtors. The home contains nine rooms and three baths. Garage
accommodations are provided In a two-car detached structure —Star Staff Photo.
Laborer Asphyxiated While Work
ing: on Seventeenth Street.
Overcome by sewer gas fumes while
•working at Seventeenth street sear
j Decatur street, John Allen, colored, 58
! years old, of 211 L street, was asphyx
iated yesterday.
The man was dead when found by
A Real Bungalow!
At the Low Price of
$7,500 Trrm ’
2514 4th St. N.E.
(Just Above R. I. Ave.)
6 Rooms—Bath
2-Car Garage
Lot 60x119 Feet.
Open for Inspection!
Waple & James, Inc.
1226 14th St. N.W.
North 096 S
John Hawkins, a fellow worker. Alien'
was employed by the District Govern
ment as a laborer.
Brick Industry 0. K.’s Rules.
The common brick industry has ac
cepted the changes in its trade practice
conference rules as recently suggested
by the Federal Trade Commission. The
commission declined to approve cr ac
cept 12 rules originally adopted at the
conference of February 3, 1930, held in
Memphis, Tenn.. and suggested changss
in the wording of several other rules.
sf 111
2808 34th Street N.W.
Massachusetts Avenue Heights
A distinctive New England colonial brick residence, appealing in its simplicity of design and reflecting
charm of refinement throughout. Situated as it is, just north of Massachusetts avenue at the Naval
Observatory, its close proximity to the National Cathedral and new embassies —a definite character of
proper environment has been established —a real suburban atmosphere and yet within 15 minutes*
drive of the heart of the city.
Featuring living room and library with fireplaces, sun room, first-floor lavatory,
four bed rooms, two tile baths (both with shower), enclosed sleeping porch,
maid’s room, bath and storage room, oil heat, three-car brick garage.
Beautiful lot 60x122fv. Entire property in new-house condition.
Out-of-town owner has authorized an unusually low price, and it represents an unprecedented value
Open Saturday Afternoon and Sunday 10 A.M. Until Dark
r 1704 Schwab and Valle Decatur
Conn. Ave. exclusive Agent 2333
jp ■ ■■ ■ t .
Two Distinguished
English Tillage Homes
available at several thousand
dollars under their original price!
$12,950 % and $13,950
Open '
r The charm of lovely English delightful homes to be found
0 7 Village is reflected in its im- here.
ounaay mediate appeal to families of _ . . , . . ,
refinement and good taste. °” e 15 »ee m,- detached
15 house, with nicely land-
We are in a position to offer, scaped front and side yard,
at substantially under the Both have 6 rooms and 3
average price of property in baths, including maid’s bath,
this section, two of the most Garage.
' Just North'of
Cathedral Ave. Fpa+urPS Lar S e reception hall; spacious living room
‘ 1 w jth open fireplace; fine dining room;
West of bright kitchen with rubber tile flooring; three splendid bed
Conn. Ave. rooms; ample closet space; screens and awnings.
1004 Vermont Avenue NAtional 5833
k _
Protest at End of Play Leads New
York Quartet to Share Prise
With Runners-up.
By the Associated Press.
ASBURY PARK, N. J., July 25.—The
national mixed team-of-four contract
bridge championship will be shared for
the next year by two teams, each of
which will keep for six months the
Shepard EtMrcl&y Cup, 'symbolic of the
In the play-ofT, necessitated by a
protest at the end of play Wednes
day, a team composed of George Reitch,
Mrs. Robert B. Fuller, G. S. Lockbridge
and Mrs. G. A. Bennett, representing
the Knickerbocker Whist Club of New
York City, won first place. The team,
however, agreed to share the honor
with the team which was first at the
end of scheduled play Wednesday.
That team was composed of David
Burnstine, Mrs.. Vivi Hanson, Mrs. Helen
Scranton and Howard Schenkin, all of
New York City.
The national women’s pair cham
pionship was won by Miss Eleanor Mur
dock and Mrs. Vivi Hanson, both of
New York.
Open to Home Buyers
1708 Taylor St N.W.
Designed and Built by
Max Sugar
In the heart of the exclusive Rock
lighted Creek residential section, west of
and Sunday 16th St. ... Immensely underpriced
until 10 p.m. for the 1931 Model Home.
Drive oat ISth St, to Taylor, west to house
1905 Kenyon St. N.W. Adams 0546
Reduced $3,000
Corner—Georgia Ave.
Thla beautiful ban* ha. alibi
roam., two hath*, aaraea. Madera
la every detail. rir.t commercial.
Caa be beathl aa ea.y term..
Open Sunday for impaction
6200 Georgia Ave. N.W.
Call Metropolitan 4333
Chevy Chase, D. C.
8 Rooms, 2 Baths, All Brick,
Porches, 2-Car Garage
Comer Lot
Geo. E. Dieffenbach
Exclutive Agent
Call at 5615 Nebr. Ave.
National 8850, Emerion 4117

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