The Washington times. [volume], October 18, 1924, Page 11, Image 11

About The Washington times. [volume] (Washington [D.C.]) 1902-1939

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VITAL STUQY OF
APPHMSALS
MADE
Babcbck’s Book on Real
Authority
. on Subject
The highly detailed processes
through Which the modern scientific
appraiser of real estate weighs the
factors entering into that valuation
with such exactness that their rela
tionship can be expressed in alge
byhlc formulae are the subject of
“The Appraisal of Real Estate,** by
Frederick M- Babcock, published by
the Macmillan Company.
The book is the third in the series
being published by Macmillans
under the auspices of the joint oom
mission on real estate education,
upon which is represented the Na
tional Association of Real Estate
boards, the American Association of
Collegiate Schools of Business, the
United Y. M. C. A. Schools, and the
Institute for Research in Land Eco
nomics and Public Utilities.
The publication of the Babcock
study is an important contribution
to the technical literature concern
ing real estate. Mr. Babcock, who
is a member of a leading firm of
Chicago appraisal experts, finder
takes ip accomplish for the first
time; first the outlining of a series
of appraisal procedures, and second
the indication of which procedure
or method should be applied to each
of the , various classifications of
property to be evaluated.
Book On Authority. \
His organization of the whole in
waived matter of the factors enter
ing into real estate valuation rep
resents a distinct advance in
thought on appraisal method and
procedure. ‘ The book' becomes the
authoritative text book on modern
appraisal work.
With its attached working tables,
graphs and formulae, the volume is
prepared for the use of the ap
praisal student and specialist, but
because it deals with the principles
which underlie real estate value and
with the practical elimination of
guess work from calculations of
that value, it is of vivid interest to
, everyone concerned with real estate.
Something of the book’s field is in
dicated in the fact that the quali
fied appraiser of real estate Is now
called to give a secure foundation
for the sale or purchase of prop
erty in reorganizations, receiver
ships and mergers; in investigating
the security for real estate loans;
in determining the expediency of
purchase of real estate bond issues;
in questions of rental values, of
rentals Under long-term leases, or
to distribute rental value to the
parts of a property. He can best
determine the assets of an estate
for inheritance tax purposes or for
the distribution of assets under
wills. He may locate values for in
come tax purposes or for the de
termination of rates for public util
ities, A most important field for
the trained appraiser arises in con
nection with valuations for taxation
purposes.
Problems of Appraisers.
No appraiser, of course, arrives
at his conclusions by the applica
tion of cold formulae. In applying
a “value equation’* there enters in
not only reliable determination of
such factors as Interest and dis
count rates, depreciation and abso
lescdnse, fotecast of the general
curve which rents will take over
the life of JI building and of what
the losses will be from uncollectable
rents, but also the whole question
of the potential highest and best
use to Which the given property
__ could be put.
And this involves the probable
future changes wnich will take
place in the district in which it is
situated and the whole direction <if
the growth of the cny.
$4,750
Va. Highlands
$350 Down
Why rent when you can
set your rent buy your home?
If you ever expect to stop
paying rent see this!
New 4-room bungalow
with 2 bedrooms and a. m. i.,
\ including oak floor over en
tire house, No. 1 standard
bathroom fixtures, standard
electric fixtures, highest
grade pipeless furnace, laun
dry trays, cellar under en
tire house, lot 50x120—fac
ing south, good streets, ce- ’
ment sidewalks. See this
house before it is too late.
Twelve minutes to center of
city, 1 fare,’ streets lighted,
high elevation, high pressure
water and plenty of it.
Come Out Sunday. Agents
' at Va. Highlands Station
Let ur take you out dur
ing week. Phone for ap
pointment to city office, 523
9th St. N. W., Room 2.
Franklin 7945.
J. Lee Price
Exclusive Agent
»" I 1 ’ 1 SSSS±"*'" J
THE WASHINGTON TIMES • • TA« AMomrf Daffy • • SATURDAY, OCTOBER 18, 1924.
ANOTHER LEWIS BUILT HOME
Hu!
t ■ ■' J’ ■ ■ mmk ml ■ ■fl
The “Cheltenham,” an attractive home just completed at Fourteenth and Floral streets north
west for Mr. and Mrs. Hugh Thomas, construction under direct supervision of Guy 8. Zepp, local
manager of the Lewis Manufacturing Company.
COLUMBUS SPANISH.
HISTORIAN INSISTS
LONDON, Oct. 17.—The century
old controversy over the nationality
of Christopher Columbus/has come
to the fore again through the pro
nouncement at a meeting of the
Anglo-Spanish Society of London by
Colonel W. R. MansfiMd that Col
umbus was a Spaniard, and not
an Italian, as more popularly be
lieved.
Colonel Mansfield has been en
gaged in extensive research and
says ho is prepared to upset the
popular conception of the early life
of Columbus. He asserted In his
lecture today that the Italian docu-
I Qiinrlfvy tbe privilege of selling more lots than
have eVer been sold in a similar day’s sale in the
■ ■ ■«■ S History of District of Columbia Sales of Ground
mr This Alone Was the Reason for THIS GREAT SUCCESS:
i ■ ' --J 1• * «■' ■ s> ■ ■ • . . i a -».■..?*« '■ ■ ■ • *« '*■“ . . •»
b r ' 5 .• ' ■i i | . ■ .?7 •.Hit.'
• L ■ i 1 Jf. 4 * ■ ■ '
EAST CAPITOL HILLS
a.t N »ZS2 n hil o L < "X£i ea £ THE FACT THAT EAST
EaS I fl IL I c rn 4-c a hnnr stfMra
SsSii.r" JUV I V $47.50 to $195 terms SnrJfe?
nouncement. • minutes’ride to the Treasury.
ACT AT ONCE—IF YOU WOULD OWN A LOT—NO WAITING FOR
THE TITLE—IT ONLY TAKES 18 MINUTES TO RIDE TO PROPERTY
’ ' ’ ■ ■ \ •
A photographic copy of the certificate of DON’T PUT OFF ANY LONGER—blaze the trail'to own- , EAST capitol hills is situated on a high hm over-
tiUe is given with every eale-NOTHING ' gm‘ LOT K THE EASIEST START-A 3 ”
TO WAIT FOR. , TODAT
? d \ place th « days ahe “ L i&
UAW TA RVACU A PART AND parcel of Washington, d. c. (not w , ± B V-’r r f #B
lltz W 1 V lUuA Vll HAm 1 suburban)—with its city streets running through—OFFEßS ing via Pennsylvania Ave. return
n intVAI IHIIC AN UNUSUAL POSSIBILITY—NOW IS THE TIME TO
(.Ari I (IL HlLl.ti ' WAKE UP—a lot may mean many dollars in profit to you USE THIS COUPON
\ a* in near future—PAY FOR IT OUT OF YOUR EARN- ; _
Take the District line or Kenilworth cars. Get off at Benning INGS. IIltClTlBtlOn&l Lcind Developing CoTD*
Station; walk across viaduct to Minnesota avenue; turn right , ’ , , , Room 507 710 14th St N W .
up to Ridge road;-east on Ridge road to sign on property—or Every lot IS tagged—giving Size, price, terms, etc. J With GENTLEMEN*
drive your machine either through h st. n. e. or Mary- coupon to fill out if desired. BY THESE TAGS you sell “‘““I 1 ”. ... - , »
land Ave. to intersection of Benning Rd.; out Benning Rd. yOUTSeIf the lot—and this is another reason why W 6 are able vMafniklr inform^ P n SStSSt
across viaduct; turn to right on Minnesota avenue to Ridge so SELL THE LOTS IN EAST CAPITOL HILLS AT SUCH Err T q rt “ er inform ation about EAST CAPITOL
- 'RIDICULOUSLY LOW PRICES! - -
Ave.; thence to Ridge Rd. and east to property—FOLLOW THE • _ Address
ARROWSI Owned and Developed By
International Land Development Corporation
REAL ESTATE DEVELOPERS
Washington Office Room 507 Union Bank Bldg., 710 14th St N. W. Phone Main 272
ments, which heretofore had Vip
ported the belief Columbue was an
Italian are forgeries, so clumsily
executed he wonders historians have
failed to realize their worthless
ness.
He declared documents which
have been advanced to prove the
pure Spanish blood in Columbus*
veins are proof of his nationality,
and that he was born at - Ponta
Vedra, in Galicia, Spain.
Will Aids Students
NEW YORK, Oct. 18.—The will
of Robert B. Hirsch, senior partner
of William Openhym & Sons, silk
merchants, bequeaths at least 9500,-
000 for free scholarships at Ethical
Culture School, Central Park and
West Sixty-third street. Doctor
Felix Adler is bead of the school.
BLACK EYE CHIEF CLEW
IN MURDER ARRESTS
NEW YORK, Oct. 18.—With a
dead man's black eye as their
strongest due,’ New York police have
arreeted Andrew Grase, twenty-one,
an ironworker, for the death of
Peter J. McCaffery, whose death
was caused by a fractured skull.
Joseph Haggerty, a rigger, was held
as a material witness.
Haggerty's story, coupled with
that of M6CSffery*s employer, Peter
Mullshey, owner of a chain of stores
where McCaffery wae a clerk, indi
cated that the quartet engaged in a
fy fight when clightiy intoxicated.
BUILDING GAINS
$40,000,000
IN 1923
Industrial Construction Fails
to Koop Pace With Needs,
\ Survey Shows
Mqney involved in building con
tracts awarded thia year for in
dustrial and commercial structures
will exceed that of 1923 contracts,
Engineering News-Record reports,
in making public a recently com
pleted survey of construction
progress since 1918. The total
value of contracts this year for
factories, power houses and other
industrial buildings; banks, office
buildings, hotels, apartment houses,
will be $1,175,000,000, the re
port estimates. The 1928 total
was $1,185,000,000. .
Contracts awarded in the last
eleven years to cover all branches
of construction have failed, says
the report, to catch up to the ac
tual needs of the country. The
construction industry, owing to
great Increasee tn costs, must find
a substitute for the 1818 pre-war
standard of comparison.
Avenge Exceeded.
Comparing general averages, thb
report shows that industrial and
commercial building contract to
tals, had construction gone for
ward at the total rate for 1819,
would be 99.000.000,000 for the
eleven years. Actually the total
is 912,000,000,000, which sum in
cludes an inflation of sixty-six per
cent in costa over the entire pe-
Construction other than that of
industrial and business buildings
has moved forward at a conserva
tive rate. There is much room for
development in this division, which
includes water . works, sewers,
bridges and other public works.
Had this branch of construction
moved forward at the rate estab
lished by the 1913 totals, the re-
port. further shows, awards to
date would total 95,400,000,000.
Contracts awarded in the eleven
years total <5,800,000,000. This is
an annual increase of eight per
qent. Since 1921 the annual gain
has been twelve per cent.
s 1920 Big Year.
Charts' accompanying the report
show that building construction gen
etally has been heavy Since 1918.
The heyday was from 1918 to 1930.
In the latter year alone, the value
of industrial building contracts Os
935,000 and more totaled 9482,-
000,000, as compared with 849,000.0*10
in 1918. The slump in 1921 was
abrupt,, the total dropping, to 9114,-
000,000, In 1913 to 1918/the yearly
1340 T St. S. E. /
■ $7,150
■
SMALL CASH
PAYMENT AND
BALANCE LIKE
RENT BUYS A
NEW 5 ROOM
AND BATH
All Modern x
Improvements
. BUNGALOW
«I7 O : W I ADJOINING AND OVERLOOKING
r air Daw it the new government park
Thee* homes ar* th* beat possible construction W* have just a few choic* loti left, from IMO
—built to last a lifetime. They are absolutely up. If you like Fairlawn, but wish to wait
modem In every resnect awhile, May a lot and let us build for you when
modem in every respect. S2O |lO
To Inspect: Drive across the Navy Yard bridge and turn to th* toft, or take Congress Heights or
Anlcostla Car on 9th St. Salesman oh premises dally. •
SOUTHEAST REALTY CORPORATION
H. B. TERRETT, Act.
631 Pa. Ave. N. W. / Mam 2090
averages was 9801000,000. Th date,
keeping to averages established early
in the eleven years* period covered
tn the survey, the building cost
totals would be 81,100,000,000. The
actual cost total for the period will
come to 82,424,000,000;
’ Four-Fold Gain.
“The war was largely responsible
for a slump in industrial building
in f919.1&20.” the report says, "but
it has nothing to do with the fact
that for the last four years such
building averaged annually four
times the 1913 values. Before the
war, contracts for commercial build
ings averaged 8180,000,000 a year.
At this rate, they would he due
to' reach now, at th* end <4 th*
eleven-year period, a 13,000,000,000
total. Th* actual total to H.144,000,-
000. This class of building to
‘booming.”
“Municipalvjsounty and State con
struotion has been Increasing stead
ily sine* 1918,” th* report farther
states, “but Government work has
followed a remarkably flat chart
curve, except for th* peak in 1917
and 1918. There to no reason to
look for a slump her*.”
“In general, the momentum given
by the war to. production In industry
to far from run down, as is clearly
evidenced by the tremendous vol
ume of plant construction in 1933
and this year.”
11