Evening star. [volume], May 30, 1936, Page C-6, Image 18

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

Image provided by: Library of Congress, Washington, DC

                
IN MATE
Investment Bankers Report
Situation Is Best in
Several Years.
The outlook for the year in real
estate, and inferentlally real estate
securities, is the brightest it has been
In several years, according to a report
released today by the Investment
Bankers’ Association of America.
Given an increase of from 10 to 15
per cent in general business activity,
the continuance of easy money and
no material changes in real estate
taxes, it is reasonable to expect
further improvement in real estate
values, especially moderately priced
suburban property, the report states.
Income Should Increase.
The association report continues:
“Income from properties should In
crease, due both to higher unit rentals
and greater occupancy. The greatest
rise in income should take place in
lower and medium priced apartments
and homes. Rentals should also be
Improved by modernizing and Improv
ing property. However, any substan
tial increase in real estate values will
probably be checked by the large
amount of distressed real estate still
overhanging the market. According
to various estimates, residential con
struction should increase during 1936
about 100 per cent over 1935.
“An index of building activity in
various sections of the country, pub
lished by Dun & Bradstreet, indicates
the general improvement in building
activity nationally. The improvement
shown by these figures is largely con
firmed by the F. W. Dodge Corp. re
ports of construction contracts award
ed in 37 States east of the Rocky
Mountains.
... < i_n valiiac frtP
xraiij wuuuiiiB *
B15 cities:
1935. 1934.
New England. S41,748,000 $31,789,000
Middle Atl'tic.197,031,000 123,986,000
So. Atlantic— 65,291,000 40,737,000
East Central. 96,294,000 50,407,000
South Central. 54,980.000 27,242,000
West Central . 38,353,000 21,984,000
Mountain .... 12.191,000 5,692,000
Pacific _ 90,799,000 . 46,553,000
Total U. S. $596,687,000 $348,391,000
"Prom these figures it is apparent
that building activity in the year just
past was greatest in the Southern,
Middle Western and Western portions
of the country and that activity has
apparently lagged in the New England
States. Residential building is lead
ing practically every other line of in
dustrial activity at the present time.
Figures on Sales and Rents.
"Real Estate Analysis. Inc., of St.
Louis, which has collected figures
week by week in 25 major United
States cities, reports the following
figures for sales, rents, building ma
terial prices and new home building:
Par rAnt nf
1926 level.
Jan. 1, Jan. 1,
1936. 1935.
Sales . 520 48 1
Rents—single family—. 78.5 65.0
Rents—apartments - 58.0 50.9
Building material prices— 86.1 85.0
New home building.--■*!’.« 8.7
“This organization notes the gain
for rentals in relation to building
costs and suggests that we are ap
proaching a point where new con
traction may be expected in volume.
"Reports from various parts of the
country likewise indicate a definite
upturn in real estate income. This
improvement is due both to increased
occupancy and to slightly higher rent
als. New York, Boston, Detroit, Chi
cago. St. Louis, Minneapolis and the
Rocky Mountain district report an
improvement in occupancy and rents.
The improvement in Spokane and
many other Pacific Northwest cities,
however, appears to be due not so
much to normal causes as to the ac
tivities of the various governmental
agencies and to stimulation by the
Grand Coulee and Bonneville Dam
projects. Real estate income in Cali
fornia has shown a definite improve
ment due to higher occupancy and
moderately higher rentals.
securities snow uam.
“Reflecting the improved real estate
situation, prices of real estate secur
ities have registered substantial gains
from the low levels reached during the
depression. According to an index of
200 Eastern issues the average price,
which was at $218 per $1,000 bond at
the end of 1933, reached $408 In
March, 1936. New York Issues ad
vanced to $398. Philadelphia Issues to
$376, Boston to $572 and Pittsburgh
to $287. Theater issues were the
price leaders of this Eastern index,
rising to $619; office buildings at $466
■were next; housekeeping apartments
were next at $365. An index of 42
Chicago real estate bonds picked at
random from selected issues rose from
a low of $194 in February, 1933, to
$398 in March. 1936—an increase of
105 per cent. On the Pacific Coast,
and particularly In California, the
advance in the market price of real
estate securities has also been very
encouraging. An index of 50 Pacific
Coast real estate issues advanced 6.1
per cent during the two months of
January and February and on March
1 the average price for this group was
$538 as compared with a price of $367
as of December 31, 1934.
“Generally speaking, there have
been no important real estate offer
ings in the country during the past
year, activity being largely confined
to securities that are emerging from
reorganization. At least two locali
ties. Detroit and Chicago, report that
It would be extremely difficult to sell
new real estate Issues in these areas
or to refund issues at lower interest
rates. In California within the last
few months one small real estate Is
sue was refunded as first mortgage
4$ due 1951. The issue had a fair
sinking fund and call price and the
$406,000 bonds were secured by land
and building appraised at $3,321,000.
Earnings were about six times re
quirements, after taxes and deprecia
tion. Many large institutions such as
Insurance companies 5are reported
seeking such loans on a 4 per cent
basis, largely due to the extreme diffi
culty of profitably Investing funds on
hand.
On the whole. Government aid ex
tended to real estate owners has been
decidedly helpful. The R. T. C. loans
to banks, insurance companies and
mortgage institutions eased the strain
and made it possible for those insti
tutions to show greater leniency to
ward mortgagors in default.
Office Chair Is Handy.
Office chairs embodying a new tilt
ing ana swiveling mechanism which
Is squeakless, springless are now an
the market They're said to have easier
action, better balance, to need no
lubricating. i
'n
a
New Home Completed in Rollingwood
Attractive dwellina at 410 East Leland street. Rollingwood, Md., which has just been com
pleted for Dr. and Mrs. R. G. Lamb by R. Graham Watkins, builder. The house is Colonial in
design —Star Staff Photo.
Cottage in Silver Spring
Mr. and Mrs. Martin Ames have purchased thsi dwelling from
the North Washington Realty Co. It is located at 605 McNeil
street, Silver Spring, Md. —Star Staff Photo.
TRAEFIC COWCTIONS
RECKLESS DRIVING.
Virgil Rector Brannon, 1111 Mon
tello avenue northeast, $25.
SECOND-OFFENSE SPEEDING.
Phillip J. Kearns. 1807 Kenilworth
avenue northeast. $15.
Wilson J. Smith, 1822 L street. $16.
FIRST-OFFENSE SPEEDING.
Inez E. Onley, 638 Acker street
northeast, $15.
Grattis H. Parrish, La Fayette
Hotel, $10.
John Conrad. Virginia, $10.
Edward B. Lockett, 1255 Thirty
seventh street, $10.
Robert Higginbotham, $30 Gresham
place. $10.
Raleigh H. Diamond, 2316 F street.
$10.
William R. Broderick, 208 K street,
$10.
Maurice Shapiro, 1538 Upshur
street, $10.
James S. Brown, 736 Morton street.
$10.
Francis S. Walker, 2848 McGill
terrace, $10.
Thomas D. Williamson, 1511 F
street southeast, $5.
Leon Taishoff, '227 Concord ave
nue, $5.
James T. Mills, 1304 Sixth street.
$5.
Odissef Eliades, 2920 Eighteenth
street, $5.
Helen Scudder. Maryland, 85.
Champe D. B. Thornton, 1332
Massachusetts avenue, 85.
Jay I. Eisen, 638 Lamont street, 85.
Samuel W. Clark. Virginia. 85.
James A. Havenner, Maryland. 85.
Lafayette Vance, 328 K street
southwest, 85.
James M. Graves. Friendship Sta
tion. 85.
Clyde B. Atcheson, jr., 1929 S street,
85.
Roland F. Hayden, 2650 Wisconsin
avenue, 85.
PERMITS SUSPENDED.
Herman E. Ford, 2310 E street
northeast, 15 days.
George A. Fredlani, 1309 N street,
15 days.
Frederic L. Frost, 2526 E street, >0
days.
Emmett F. Gibson, Fortner Apart
ments, 30 days.
Jerome J. Gottlieb, 3193 Porter
street, 15 days.
Howard R. Grayson. 513 Alabama
avenue southeast, 30 days.
Deyerele D. Long, 44 New York ave
nue, 30 days.
Bernhardt W. Poole, 1215 I street
northeast, 15 days.
Clifford R. Scott, 928 M street, 30
days.
William F. Shaw, 518 M street, 30
days.
Swagar Sherley, Jr., 2600 Upton
street, 15 days.
Joseph T. Simmons, 634 L street
northeast, 15 days.
Vester Simmons, 103 I street, 15
days.
George N. Sisson. 5510 Kansas ave
nue. 15 days.
Millard T. Shlffln, 2126 Minnesota
avenue, 30 Jays.
Edgar C. Stevens, 244 Eighth street
southeast, 30 days.
Rita M. C. 8tevens, 1775 California
street, 15 days.
George R. Taylor, 320 Kennedy
street, 30 days.
John C. Trueblood, 22 Everett
street northeast, revoked.
George Viveretti, 1515 Lamont
street, 15 days.
Philip Wagshal, 3541 Hertford
place, revoked.
Richard E. Walker, 5327 Illinois
avenue, 30 days.
Fred L. Weber, 2520 L street, 15
days.
Frank Weikinger, 410 Gallatin
street, 30 days.
Jerome White, 442 New York ave
nue, 15 days.
Doors in Bright Colors.
Doors painted in bright colors seem
to be coming into favor. A blue door
with white or cream woodwork makes
an inviting entranceway.
HOME FACTORIES
PLAN IS DEBATED
Lower Costs Found Desir
able, but Mass Produc
tion Is Opposed.
artclal Dispatch to Th« Star
NEW YORK, May 30—President
Roosevelt’s recent remarks about the
need for factory production of houses
by automobile methods has created a
great deal of comment among builders
and building material producers, ac
cording to Joseph B. Mason, Eastern
editor, the American Builder.
"Most building men agree that lower
home costs are desirable,” Mason said,
"but they vigorously deny that the
approach to the problem is the same
as in the automobile Industry. It may
be comparatively easy to build a house
In a factory. The problem that has
stumped all prefabricated house
makers thus far is getting the house
delivered and erected economically
out on some distant hillside.
"The New Deal has done a great
deal for the home building industry
and through the introduction of the
F. H. A. single-mortgage eystem has
laid the basts for a great revival,
which is already getting under way.
Most building men, while appreciating
this fact, nevertheless feel that the
President’s statement has a harmful
effect on home building. Continued
publicity given to prefabricated houses
Is a constant cause of trouble and mis
understanding to builders. The public
Is led to believe that just around the
comer is some sweeping new develop
ment that will provide twice as much
house for half the money. Such an
expectation is out of the question.
The building industry Is too great,
widely diversified and slow moving to
make such rapid changes. Houses
are too closely associated with long
established living habits to change
; quickly.
“So the result of constant talk
about revolutionary new building
methods that will cut the cost of a
house in two is largely a negative one,
causing people who might otherwise
build to hold back.
"Publicity and comment given to
prefabricated houses is far greater
than their development Justifies. Oi
the 125.000 housing units provided in
the entire United States last year, in
cluding rural as well as city homes,
less than one-half of 1 per cent might
even by a stretch of the imagination
be described as prefabricated or fac
tory built. A vigorous new home build
ing program has gotten under way in
1036, and yet, in spite of five years
of constant publicity and promotion
there are practically no prefabricated
houses being sold.
“Informed building men feel that a
gradual trend toward greater prefab
rication of home parts, retaining tra
ditional styles, is taking place. This
is a movement that will probably con
tinue so that eventually wall, rool
and floor sections and many other
parts of the house may be built in
factories or small local shops. Win
dows are now delivered to the jot
ready for installation. Plumbing and
heating equipment has been simplified
i and delivered to the job in more
| quickly and easily installed complete
! units. Large sections of plywood
I u allboard and composition material!
have been perfected and are finding
their way into more general use.
“But to leap from this gradual evo
lution to the entirely Improbable con
clusion that houses can or will soon
be built in factories like automobiles
and run off on assembly lines, under
mass production methods, is unsound.
Nor is any drastic reduction in costs
at all probable.
Home Building Local Businaac.
“The building of homes la essenti
ally a local business. There are 167,
512 builders and contractors, 17,000
lumber and building material dealers,
11,000 plumbing and heating shops,
2,300 mlllwork plants, 25,000 hard
ware stores and thousands of other
lccal building institutions doing busi
ness in the 16,500 United States towns
and rural communities. Any plan to
prefabricate houses must take Into
consideration the strength and In
fluence of these local building firms.
It is possible that many units In a
house might be prefabricated by local
shops or millwork plants operating
over a 50-mile radius. To ship large
building sections any farther than
this is expensive and uneconomical.
“Building men are thoroughly tired
of hearing so much talk about pre
fabricated homes with so little real
results to justify It. They know that
a building revival Is getting under
way and that the two highest costs
In connection with the building and .
owing of a home are, first, financing '
charges and interest rates and, sec
ond, real estate taxes. The most ef- j
fective way to reduce building costs |
Is to reduce these Items. If building
construction continues to increase as
it has in the past 10 months, a large
percentage of the present body of un
employed win be provided with Jobs
In this industry. But if home buyers
hold back for a factory-built house
at half the cost, both they and the
unemployed will have a long wait."
SARSHIK SAYS MONEY
SUPPLY IS PLENTIFUL
Capital to Fund Heal Estate and
Industrial Projects Easiest
in Years.
More capital is available at the
present time for financing real estate
and industrial projects than has been
the case at any previous period since
| the beginning of the depression, ac
| cording to Morris A. Sarshik, presi
dent of the National Realty Appraisal
Co. He states that the insurance
companies in the country will have
from premiums about *3.000,000
to invest in mortgage loans this year
while banking institutions will have
practically an equal amount for
financing purposes.
"The provisions of the banking act,”
says Mr. Sarshik. “which permit banks
to lend on amortized mortgages up
to 60 per cent of the appraised value
for a 10-year period and also to in
vest up to 60 per cent of their savings
deposits in mortgages, are creating
additional capital for mortgage in
vestments.”
_
There are notural charms
in the Spring Valley section
of Wesley Heights that are
incomparable, and which
Miller planning and Miller
I designing have capitalized
to the utmost—creating a
community exclusive in its
character and outstanding
in its realty values.
It is a social distinction to
live in and a profitable in
vestment to own a home in
Spring Valley.
While out driving tomor
row stop and inspect the
newest addition in this
garden of beautiful homes.
4825 Woodway Road
Remembering that when
you buy in a Miller-con
trolled community you are
protected by rigid restric
tions that guarantee per
petuol immunity from de
teriorating elements.
Open (or Inspection Every Day
and Sunday.
W. C. & A. N.-Miller
Developert and Builderi
District 1119
4464 t7ftl St.
HEATING SMALL HOUSE
GIVEN INTENSIVE STUDY
Several Devices Have Been De
veloped Using Living Boom
Fireplace as Unit.
Heating the small house is a problem
that is being given intensive study
by many concerns that manufacture
heating equipment, and new devices
are being brought out in rapid succes
sion. It is a general belief that in the
next few years the bulk of homes {
built will be in the low cost groups,:
and manufactures are making a strong
bid for this business.
Several heating devices have been
developed using the living room fire
place as the heating unit so that in
addition to providing cheery glow to
the living room. It is also perform
ing the practical function of heating
the bath room and the dining room
and the bed rooms as well. These
fireplace heaters are made for both
hot-water and warm-air-heat.
Another inexpensive device has ap
peared, embodying a neat cabinet type
stove that stands inoffensively In the
living room and not only provides that
room with heat but circulates warm
water to the other rooms. As many as
five radiators for a total of 150 feet of l
radiation can be used with this heater,
ind the cost is surprisingly low. r
Friends are forgiven debts In the "
(1,688,000 will of F. H. Houlder, ship
owner of London.
</2 ACRE OR MORE
For Your Home Site
! 350 Wooded Acrei—Protective Reitrictione
I Sc Per Sq. Ft. Includes Street Improvement
In buying your home in this picturesque section, you not onty
get nature's most generous blessing in woodland beauty, but
your investment is also insured by wise protective restrictions, os
to size of sites, sat bock, character and price of houses, etc
BRADLEY HILLS GROVE
You can keep your horse or dog—your lot it large enough to
hove a tennis court, gardens, orchard or chickens.
{riw Out Over the Week End—To reach property go wett on
Bradley Boulevard from Wisconsin Ave. 3*9 miles to property%
R. BATES WARREN
UM l<th Wit. 5053-J Not. 9453
L . ,.. ...
. HAVE YOU SEEN. :
THE NEW HOMES
I 'i * In
IN
MICHIGAN GARDENS?
I B pi
A new restricted and controlled development of thirty
distinctive detached homes, properly termed the
CHEVY CHASE of Northeast—5 now being com
pleted.
Michigan Gardens has every advantage of environ
ment and location, combined with beauty of dasign
and highest standards of construction. Located near
Catholic University and Monastery, facing 120-foot*
wide avenue.
Open Daily Tolsen-Kemp &
and Sunday i ^EikS^S,/ N'X> DeaiSner»
Until 9 P.M. Buildert
—FEATURES—
• Throe Bed Rooms, • Fireplace,
• Do Luxe Kitchen, ® Slate Roof,
• Breakfast Room, • Copp*r GutUr» mnd Dow"' (
• Recreation Room, « Furred Walls,
P# Finished Attic, • Rock Wool Insulation.
We will build to your own
individual requirementa. f
TO INSPECT—Drive out Pint St. or North Capitol St. to
Michigan Avt.. then right on Michigan Avt. to South
Dakota Ave., and Big Michigan Gardens sign, left to homes. j
I j LOUIS H. HALL §
Member of Washington Real Estate Board
Ezelaslve Asent B
!
C • • * " • \ r
$7,650
Center-entrance plan. 6
rooms, tile bath; all mod
ern improvements. Hot
water heat. Faces Gov
ernment park, on a large
lot, with a beautiful view.
Can never be closed in.
1905 33rd St. S.E. .
Open Sunday 2 to 5
To Inspect: Out Pa. Ate. S.E.
RiOht on Branch Ate. Turn
left after 2 blocks on 2Jrt.
R. G. DUNNE ,
Exclusive Agent
604 H N E. Lincoln 7636 •
OPEN DAILY!
WASHINGTON'S
MOST BEAUTIFUL NEW HOMES
MODERN IN EVERY PARTICULAR—IN
ONE OF WASHINGTON'S BEST SECTIONS,
OVERLOOKING ROCK CREEK PARK
TODAY 6123 14th St. N.W. d°aE?
THESE New Modernistic homes ore the talk of the city . . . paneled
* wolls . . . step-up dining room .. . random width pegged floors . . .
center halt entronce . . . three beautiful bedrooms . . . two modern *
baths ... a modern electric kitchen in colors . .. large landscaped lot
ond built-in garage.
drive oi t now
Out 16th St. to Sheridan
right 1 block to 14th. St.,
and right to hornet.
■_ ■■■■■■■ ■
BUILT FOR
A FAMILY
THAT MUST HAVE SPACE
6517 MAPLE AVENUE
IN THE
FORREST SECTION
OF
CHEVY CHASE
-DESCRIPTION
Some of the Features
Bay windowed dining room lef* of a wide center
stair hall which is serviced by tv.o hall closets.
Big living room with open fireplace and large
screened porch. A real well planned kitchen. *
Roomy 2-car garage.
Off the first stair landing is the PERFECT LI
BRARY with its open fireplace, book shelves
and separate toilet MASTER BED ROOM
WITH PRIVATE BATH and 2 OTHER ROOMY
BED ROOMS WITH ANOTHER BATH. IN
SULATED. Attic over entire home.
SERVANTS' ROOM AND BATH. Lots of space
for play room. AUTOMATIC OIL HEAT. Fin
ished the Shannon & Luchs Way.
ITS A REAL HOME
-TO VISIT
4
Drive straight out Connecticut Avenue
to Bradley Lane, turn left 2 squares
to Maple Avenue, then right to home.
A MOST EXQUISITE ELECTRIC HEALTH KITCHEN
E
First Showing of '
This Stately
Colonial Home
HI
On Exclusive
Upper 16th
Street
Is An
Outstanding
Buy at
*16.750 !
7733 16th Street N.W. open j
You will find no value on today's new house market Jj Dftily * $"**7 |r_
to compare with this spacious, beautifully finished, 1 10 A.M. to 9 P.M. jr
| / perfectly appointed home. It is in one of the choicest
locations in Washington.
|- ' ‘ . ..
It is of center-holi entrance type with living room, den,
dining room and ultra-modern kitchen on first floor;
three bedrooms and two baths on second floor; finished I
attic, recreation room in basement. Detached 2-car
brick garage. Screened living porch. There's an , JACOBSON-BUILT
American Radiator Oil Burning Unit Heating Plant
and Hot-Water System combined, giving added con
venience and economy. Beautifully landscaped lot
with trees. Convenient to private and public schools.
JACOBSON BROS. 9
1616 K St. N.W. Owner*—Builder 9 Dlsfr. 2126 ||