Evening star. [volume], March 07, 1936, Page C-5, Image 25

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
■ 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 ,
% *