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■ NEW MOKE PLAN ISHAILED Discount Arrangement by R. F. C. Seen Aiding Cen tral Agency Idea. “Recently announced arrangement 1 between F. H. A. and R. F. C. which opens insured mortgages on new homes more broadly than before to discount by the R. F. C. Mortgage Co., is a step in the direction of a central discount agency,” Edward A. MacDougall, New York, chairman of the committee on real estate finance of the National Association of Real Estate Boards, says in a brief comment on scope and effect of the new pro 0 Vision. “Set up specially to answer the question of liquidity as raised by many bankers in connection with F. H. A. mortgages,” MacDougall said "the new discount provision, both by what it does for a limited group and by what It does not do indicates the need of a comprehensive permanent discount bank or institution that would assure . market ability to all sound urban mortgages. Preferably Private Agency. “Such an agency should preferably be a private agency, though with supervision such as is provided for other parts of our banking and sav ings structure. This is the kind of agency we have needed for many years, as has been pointed out by the National Association of Real Estate Boards since 1931. It is this kind of mortgage discount bank which we ask be authorized by Congress. "The new R. F. C.-F. H. A. arrange ment, in effect since February 15, ' pledges the R. F. C. Mortgage Co., to purchase F. H. A. insured mortgages, ! under specified conditions, without re course, and leaving servicing charges to the mortgagee, where these mortgages originate in connection with construc tion started on or after April 1, of last year. Further. R. F. C. will make agreement to purchase where F. H. A. has made commitment to insure. Funds made available as a revolving fund for above purpose: The $10, 000,000 announced August 27, 1935, as so available. No mortgages will be bought except from the original mort gagee, who must continue to service the mortgage. The mortgages must net R. F. C. 4*/2 per cent. R. F. C. j will get its own outlet by selling mortgages to such other lenders as are F. H. A.-approved mortgagees. Liquidity to New Groups. “The arrangement, terminable, pre sumably, at the will of the Recon atruction Finance Corp., gives liquidity for the present to the specific group of new construction mortgages it covers, although, only so far as they are still in the hands of the original mortgagee. It gives this initiating • lender a greater and an assured market under certain limited condi tions. It does not give market ability to the mortgage, even for the decidely limited portion of the country's mort gages which it covers. The vast portion of the mortgage field, of course, it does not attempt to cover. "We welcome the R. F. C.-F. H. A. action both for what it should do to free funds of lending institutions for new home building and for the trend of thought It shows. We need discount facilities wherever there is long-term lending. Beginning February 15, we * have now, in one field of loans on new home construction, although for a very limited group of instruments and under decidedly narrow possibili ties of action, some practical illustra tion of what could be accomplished for all urban mortgage financing and for mortgage market ability through a central mortgage discount agency cr bank that would be permanent in character, privately owned, compre hensive in its scope.” I ONLY 1 LEFT $6,450—$650 Cash $50 Monthly 2132 R St. N.E. j Built bv Fox Brothers. S ! Fin*, splendid rooms, tile bath, con crete porch, furred walls, deep lot. fac Jnr Gov’t Park. An Electric Health Kitchen Home. Nearinr completion, a * new center-hall 6-room Colonial, corner | lot. *8.2.50. Open daily and Sunday to 9 P M. j To Reach ji Drive out N. Y. Arc. N.E. to Bladens burg Rd.. right on Bladensburg Rd. to R St. and left to homes. Or from 15th and H Sts. N.E. out Bladensburg Rd. , about 5 blocks vast Sears, Roebuck to ! R St. and right to homes. LOUIS H. HALL Realtor POtomac 6021 NEARBY VIRGINIA *6,850 EASY TERMS New 5-room brick bungalow in Lee Heights, Vi block from Lee High | way. Large attic space, j; hot-water heat, refrig erator, Magic Chef range, | detached garage, tile bath, lots of cupboard space. M. P. Gonnsen 4620 22nd St, Lee Heights, ^ Clarendon, Va. Phone Wolnut 7688 2 GOOD VALUES 523 Rittenhouse St. N.W. jj | Semi-detached brick, 6 rooms, I? bath, automatic gas heat, new house condition, garage. i —. 721 Mass. Avc. N.E. j Capitol Hill ' Semi-detached brick, 9 rooms, 5 bed rooms, perfect condition, garage. ; Price *10,950 Both houses open today and tomorrow HARRY B. PITTS CO. 1019 15th St. N.W. NAt. 0100 ■m Dwelling in Chevy Chase Sold This house, at 5535 Nevada avenue has been pure hased by Mr. and Mrs. James A. Finsh from Mrs. Dorothy B. Dudley. The transaction was made through the office of Edw. H. Jones & Co., Inc. There are nln* rooms and three baths In the dwelling. —Star Staff Photo. Winning Contract BY THE FOUR ACES. (David Burnstine. Michael Gottlieb. Oswald Jacoby Howard Schenken. world's leading team-of-four. Inventors of the system that has beaten every other system in existence.) two lasing clubs, and fulfilling his six no-trump contract. Six spades, of course, could not have been made, while six diamonds could have been beaten on a heart opening and heart return. At a six-diamond contract, declarer would have been forced to try the following line of play; First, cash the ace-king of spades; second, play the ace and a low dia mond. winning with the queen in dummy; third, discard a losing club on the queen of hearts; fourth, discard the other losing club on the queen of spades. However, at this point East would have trumped and beaten tire contract. (Copyright, 1936.) The Four Ares will be pleased to answer let,t,frsJjrom coders if a stamped <3-cent>, self-addressed envelope la enclosed with each communication. -•-. Etching Sells for $13,650. An etching by Rembrandt recently brought $13,650 at auction in London. ui nic girai> nuvnutd^ra of the Four Aces system of common sense, non-artificial slam bidding lies in the fact that the four no-trump bid conveys exactly the message that it should— namely, "Partner, I have a balanced hand and am interested in a slam. However, you are free to pass, in which case four no-trumps shoul be absolutely safe.” North, dealer. Both sides vulnerable. A A-K ¥ J-5 • ♦ A-K-J-7-6-3 A A-5-2 A J-9-6-5 A 8-2 ¥ K-10-7-2 V9-8-6-4 ♦ 8-4 ♦ 10-9-2 A J-6-3 A K-9-8-7 A Q-10-7-4-3 ¥ A-Q-3 ♦ Q-5 A 10-4 The bidding: North. East. South. West. I ♦ Pass 1 A Pass 3 ♦ Pass 3 A (1) Pass 4 A (2t Pass 4NT(3) Pass 5 A 14» Pass 5NT(5) Pass 6NT(6> Pass Pass Pass (1) South wishes to invite a slam at a later stage of the bidding and, there fore. makes a temporizing bid. (2) Following his partner's rebid of spades. North considers his ace-king of trumps sufficient for a raise. (3) A positive slam invitation. At II me same tune, ouum 10 euunuig balanced character of his hand and i North is free to pass. (4) A control-showing bid, accept ing the slam invitation. (5) South deliberately conceals his ace of hearts, since he does not wish to reach seven with such a weak spade suit. At the same time, the flve-no trump bid asks North to choose wheth er to play the slam in diamonds, spades j or no-trump. (6) North chooses no trump in pref erence to diamonds, since he wants the lead through _ „. his hand, not up HIGH CARD t0 it. and in VALUES preference to of the spades, as he system has DUti t*0 ACE . 3 ('ards in that KING 2 su‘t- . 4 4. QUEEN .,. 1 , Assist the JACK-Vt * »m; West dc „ i t , . cided to make a T° pLk m °f aaf« opening-a Average Hand 1 o W diamond. Declarer won the trick in his own hand, played the ace-king of spades from dummy, so as to get out of his own way, and then led the jack of hearts through, losing to West's 1 king. West returned the heart, whereupon declarer took two heart tricks and the queen of spades, discarding dummy's ll TO LIVE Within 10 minutes of downtown, vet overlooking beautiful Rock Creek Park p j IS the ideal arrangement. | Sample House f 3155 Adams Mill Road • Six Large Rooms • Automatic Gas Heat | • 2 Tiled Baths • Ultra Modern Kitchen • Recreotion Room • Detoched Brick Garoge We *re just comnlctin* seven more house*, of which two »re sold. District 6092 Investment Bldg. jj I New Colonial Home * j| In Exclusive Forest Hills—East of Conn. Ave., Overlooking Rock Creek hark. 2127 Chesapeake St. N.W. Southern Exposure—Eight Rooms—Two Baths— 1st Floor Lavatory—2-Car Built-in Garage— Amid the natural beauty of rugged terrain, approximately % acre of beautifully wooded grounds. Built of Spring Garden Brick (handmade type), it has the dignity, grace and charm of the best of American Colonial Homes. Beautifully finished white oak floors; washable paper, ultra-modern decorations and fixtures; screened, weather-stripped and caulked throughout. Buck Designed By ingham, Virginia, No. 1 slate roof, insulated with ° o i d k® Alfoll (multiple layers of pure aluminum foil), < i'ml marble fireplace facade, maid’s room and bath and S J. Monk finished attic, exceptionally accessible and spacious Rugs By two-car, heated garage with overhead doors. In Monoukian Bros. numerable other special features. ©Open Today, All Day Sunday and Daily, 2 to 6 P.M. To reach: Drive out Conn. Ave. to Albemarle Street, east on Albemarle to Linntan Ave., turn left to Chesapeake Street and right to house. L T. GRAVATTE 729 15th St. N.W. Realtor Notional 0753 p * * H.O.LC. REPAIRS ACQUJ_HOMES 39 Per Cent of Urban Prop erties Taken Over Are Reconditioned. In closing distress mortgage loans on 992,531 urban homes during the past 28 months, to a total of $3,005,408,862, the Home Owners’ Loan Corp. has un-1 dertaken reconditioning jobs on 388, 637 individual dwellings, or about 39 per cent of all the homes which it has refinanced. Reconditioning contracts awarded, and now more than nine tenths completed and paid for, on homes mortgaged to the corporation up to February 20 amounted to $72, 076,638. In addition, repair cases total ing some $4,000,000 are pending au thorization. Reconditioning advances incorporated In the loans are made under a pro vision of the home owners’ loan act requiring that all necessary repairs be made in order to put the homes in a livable condition and thus pro tect the equity of the owner and the security of the corporation. The aver age expenditure for reconditioning on these homes was $194. In addition the corporation has su pervised repairs on properties acquired through foreclosure, or following in sured losses on homes security its mortgages, amounting to $2,443,794. Pending jobs of this type total approxi mately $529,000. These H. O. L. C. reconditioning op erations when completed will represent total payments of over $79,000,000 in cash to workmen, contractors, trans portation services and producers of building materials throughout the country. About 75 per cent of the en tire sum was paid for wages of labor at the site, furnishing about 8.200,000 “man-days” of labor. The majority of the jobs involved painting, roofing and carpentry. From many sections of the country it is reported that the H. O. L. C. re conditioning work has stimulated simi lar repairs and modernization expen ditures on other houses in the neigh borhood of homes improved by the corporation. Repairs are carried out by a technical division of the corpora tion, acting as agent of the borrower, and operating under rigid specifica tions. All work must pass the corpora tion’s inspection before approval and payment. 150 New Moscow Schools. Moscow will have 150 new schools. HIGHWOOD CHEVY CHASE, D. C. Celebrates Its First Anniversary Today JN THIS new development where the living is at its best, the home, as well as the surroundings, are developed with one thought in mind, that of giving the owner the utmost in home comfort and convenience, plus the added protection assured by neighbors, whose homes are of similar character in design and construction. They are the basic reasons for the remarkable success of this newest Mikkelson development. Seventeen homes have been sold in this short period. Others now under construction are being built of varied design and floor plan and they, too, are being built to afford their owners the security of a Mikkelson-built W\f^ HOME home. **“™™"* EXHIBIT HOME 3361 Rittenhouse St. N.W. Detached brick—Center hall. 4 bedrooms, 2 baths. 2nd floor library finished in knotty pine with open fireplace. Priced less than other houses of similar character. Convenient to grade and parochial schools. OPEN DAILY AND SUNDAY From Chevy Chase Circle, turn right on Western Avenue to Rittenhouse St., then right to the property. o«uen 0 Mikkelson & Son BoUder‘ \ MILTON F. SCHWAB, Sales J Curtis Mlllwork and Lumber br W. T. GALLIHER A BRO. ANOTHER NEW HOME in BARNABY WOODS Louis R. Moss—Architect 6625 BARNABY ST. This new Georgian Colonial has a distinctly different center-hall plan—featuring a particularly attractive kitchen, first-floor laun dry and lavatory, and a big porch approximately 20x20 overlooking the wooded rear yard. There are 6 rooms and 2 baths; large attic. We believe you will appreciate the solid construction and the inter esting mural treatments. The lot, 60x120, is well wooded. Barn aby Woods is a controlled development in the District of Columbia, where sound architecture, large lots, and a naturally beautiful set Pl <1 AC A corT,bine to produce an ideal spot f° make your home. We cor ' dially invite your inspection. Open Daily-Sunday ’til 9 P.M. Drive out Conn. Ave. to Nebraska Ave., turn right on Nebraska to Utah Ave. ana ! continue on Utah Ave. to Barnaby St. THOS. J. FISHER b COMPANY, INC., AGENT 738 FIFTEENTH STREET, WASHINGTON, D. C. BARNABY WOODS DEVELOPMENT CO.. BUILDERS and DEVELOPERS - 4*. > «j* Range of Home-Building Costs Widening Throughout Country Perfume in Paint Form. A new product has been placed on the market—a perfume In paint form. It is useci to scent closet shelves, bureau drawers, hampers, coat hang ers, linen closets and furniture. The aromas, such as lilac, lavender and bouquet are furnished in colors to harmonize with the odors and are said to be equaf to fine French per fumes. A 4 by 6 inch area on the inside, sides or rear, or a shelf or drawer—or the underside of a piece of furniture—is coated with this material. It dries in about 20 minutes and may be washed off with water. The second monthly report of local costs of building an identical home in various cities, to be published in the forthcoming issue of the Federal Home Loan Bank Review, Indicates an even wider spread between different areas of the United States than shown last month. The figures are compiled from a reporting source, established in 100 cities, in order to show construction costs in specific localities, and to indi cate the trend of cost in any single locality. Such data are impc.tant to the prospective home owner and all agen cies concerned in building operations— home financing institutions, builders, materials dealers, appraisers and real estate interests. The Review index for February re veals that the same frame with brick trim home, selected for Nation-wide comparison, that can be built for $5,032 in Detroit, would cost $6,779 in Great Falls, Mont. The lowest C06t reported to date is $4,337, in Columbia, S. C. The figures published represent only the basic structural and finish elements that go into the dwelling and therefore are not to be taken as build ers’ estimates. Builders' profit is in cluded, but not the cost of financing. Complete specifications of the typical home selected for comparison are pub lished in the February Review. The Review will publish the cost for all of the 100 cities within three-month in tervals, giving a smaller group each month. Following are the index cost figures for the cities reporting this month: Atlantic City_$5,922 Camden _5.082 Newark _C.709 Albany _5,340 Binghamton _ 5,370 Buffalo _5,490 Syracuse _5,500 White Plains, N. Y..5,143 Indianapolis -_5,889 South Bend_5,787 Detroit_. 5,032 Des Moines _5,874 St. Paul.5,330 Kansas City, Mo_ 5.328 Springfield, Mo_5.808 St. Louis_6,342 Fargo _ 5,606 Minot, N. Dak_5,914 Sioux Falls_5,751 Boise __,_6,777 Great Falls_6,779 Portland, Oreg.._*_5,267 Salt Lake City_5,980 Seattle __ 5,315 Cheyenne _ 6,506 ONLY ONE LEFT, $7,950 I TTT~. .___ out Wisconsin GLOVER PARK'S I Street1 ^west^on ONLY DOUBLE FRONT Calvert Street to ■ ■ a . , »,* 39th Street, south HOMES on 39th Street to __ _ _ . ' tali to houses/U 3748 W StfGGt NlWl (Back Overlooks Park) THIS remoining new brick "Double * Front" home in Glover Pork is priced far under other homes in this section. Of solid brick construction, it contains three splendid bedrooms, big living room, dining room, tiled both with T V ’ll I'L shower (extra tiled bath off recreation 1 erms ioull Like room), knotty pine paneled recreation room, concrete porches front and rear, with a screened rear porch overlooking the rock garden and Govern ment parkway. Steel casement windows; concealed radiation and on abundance of closets are but a few of the many construction features PAUL P. STONE 4025 South Dakota Ave. N.E. NOrth 7471 NEW AND ONLY OFFICE [new brick home 5411 2d St. N.W. CORNER OF CONCORD AVE. The owner of this fine prop erty will rearrange to convert this new home Into two sepa rate apartments with separate entrances; each apartment will have tile bath and modern kitchen. Priced at $9,750. It may be acquired with a cash payment less than $1,000 (your bonus bonds can be used as part or all of cash;. Monthly pay ment so small that tenants in one flat will afford purchaser an opportunity to acquire this fine home on extremely low monthly cost. Open for inspec tion. J. WESLEY BUCHANAN, Inc. 916 15th St. N.W. Metropolitan 1143 Soon the residents of this unusual com munity will be enjoying golf, tennis and swimming at their own Country Club, immediately adjacent to their homes. A resident of Kenwood has advantages i that cannot be found elsewhere and an environment that is unexcelled. Come to Kenwood, this week-end, and visualize your home on one of the wooded home-sites that are abundant in this care fully planned development. Our architectural department is at vour service and we will be glad to assist you in the financing of your home. I ^y^ | 1814 24th Street N.W. A town house of distinction lo i cated in the exclusive Massachusetti Avenue section. An opportunity I to icquire one of the finest in town homes on the market it * decidedly reasonable figure. Completely Reconditioned 11 Roomt 4 Baths $22,500 THE 3frii?ral-Am*rtratt COMPANY REAL ESTATORS 1429 Ere Street N.W. Ne. 80S* Eveninri, Cleveland 3621. KENWOOD OFFICE KENNEDY DRIVE AND CHAMBERLIN AVE. Wisconsin 442 5. To reach Kenwood drive out Connecticut Avenue to Chew Chase Circle, west on Gratton street, throuah Somerset to Kenwood, or out Wisconsin Avenue to Dorset Avenue, west on Dorset Avenue throuah Somerset to Kenwood, or out Connecticut or Wisconsin Avenue to Bradlev Lane and tcest on Bradlev Lane to Kenwood. i; — —— - ' j Here's the Home You Have Waited For Low Price and Low Monthly Payment *7,150 ond *7,350 _Six Rooms, 2 Boths, Recreation Room ond Gorage AFTER DOWN PAYMENT, $49.00 PER MONTH PAYS INTEREST, PRINCIPAL, TAXES and INSURANCE. NO COMMISSION RENEWALS. OUR SAMPLE HOUSE 633 POWHATAN PL. N.W. , Open 9 to 9 daily Out 7th St. to 6100 Block HARRY WARDMAN, INC. | 1512 K Street Di. 3830 , % *