davidaulloa/AmericanStories huggingface dataset:
The Washington herald., 1921-10-30
FIRST MORTGAGE
IS STANDARD One
WITH INVESTORS
Says Possibility of Plac-
ing Those Carrying Big
Sums Is Limited.

.The history Of the FIRST mort
gage bond. Of course. goes back TO
the history of mortgages In gen
eral,, and that goes back TO some
very ancient period" declares an
expert In the N. r. e
aThe immediate predecessor Of
the frst mortgage bond is the
usual type of first mortgage or hrst
MORTGAGE trust deeds. secured by
notes an the usual fashion. with
which we are all familiar: whether
IL IL q first mortgage or not does
not, OF course, affect the essence
Of the matter, but the development
Of the present real estate mort
gage bond Is due TO certain needs
that the ordinary nrst mortgage
did not I'LL.
: THE first mortgage Investment
10 the standard one for the con-
sentative investor. and the mort
gage In its usual form still has and
always viii have an extremely I'M
portant function to perform In sat
isfying the needs Of certain types
Of Investors, but there are some
features which the ordinary hrst
mortgage does not supply. due to
certain Inherent limitations
Tn the first place, there are
limitations as to- amount, both
maximum and minimum amount.
when you get to mortgages Of
large amounts. say, several hun
dred thousand dollars or a million
dollars. the possibility Of placing
them or OF getting investors for
them Is extremely limited. Large
life insurance companies can take
them. and possibly one or two Of
the special institutions which have
large aggregates of funds TO in
vest. but the amount or number Of
mortgages OF large size that can be
placed through those sources Is
extremely restricted.
ION the other hand. there is a
minimum Limitation. The man with
800, or $500, or even $500 is not
likely to obtain q satisfactory
mortgage investment of the usual
kind. This means that the small
investor, and the great aggregate
OF small investors who have some
times, say, $1,000, or from 800 to
1000 to invest. are out Of the field
The Washington herald., 1921-10-30

A group Of experienced business
men have been working out the
problem of washington's self-suf-
iciency to take care of its housing
and employment needs.
The National Mortgage and In
vestment Corporation, of which Mr.
H. Rozier DuIany is, president and
which was organized primarily to
solve the housing problem fol
Washington and its vicinity, has
been working along this line with
very satisfactory results. .'
Close contact with conditions al
the National Capital should dispel
any tendency toward pessimism
Thcre is an abundance Of money
in the District. The condition OF
the banks is better than, perhaps
ever before, the deposit and saw
ing accounts being much above
normal. The depression of business
complained of in other parts of the
country is felt here scarcely at all
except as a state of mind" In the
case Of a few pessimists. Property
values have not shrunken at all and
do not show any tendency to shrink,
The growth and development Of the
city and its surroundings is not
likely to be retarded even by a de-
preston in other parts of the
country. because of its not subject
to the vicissitudhs of a industrial
center. The National Capital must
keep on growing with the increas-
ing Importance of the. United States
in the worlds affairs Its economic
problems are mainly those OF in
creasing its facilities rapidly
enough to keep up with Its growth.
Its housing, schooling and trans
portation are taxed to meet the
demand. The law of supply and
demand compels its greater de-
velopment. With abundant Capital
and almost unlimited opportunity
for its profitable employment, all
that appears to be needed is that
the money should be put in motion.
The building operations required
70 meet the housing demands would
furnish employment. directly and
Indirectly, to most of the unem-
ployed and the money going into
building material and equipment
would flow into the various chan
nels of trade. If the frozen assets
by second mortgage
which accumulate through
real estate transactions, were re-
leased II would not only provide for
but would be stimulant
to all business ip<the District. .,
Testimony before the Congress
sional Committee investigating the
housing situation in the District
fRst spring disclosed the need. of a
discount-banking institution to deal
The Washington herald., 1921-10-30

pioyment Of the cash procured from
each sale.
The buyer Of q home IL benefited
In two ways by cash being made
available 70 the builders through
the discountinG OF second trust
notes. II makes II easier for hin.
to get accommodating terms In buy
Ing his home and also the law Of
supply and demand operates to- his
advantage In the increased number
OF houses which the builders are
enabled to construct and put on the
market Selling q greater number
OF houses with a quick turnover Of
his capital. the builder can afford
70 deal on smaller margin or
pront as to each Transaction and
competition Is prohibitive of ex-
orDitant prices for homes. As the
supply OF homes approaches nearer
the demand. competition Is less
among buyers and greater among
builders: Fictitious valuations van
IAN ana prices are controlled by
real value based upon advantage Of
location. cost of constructor and
reasonable profit.
Money released from n dormant
state and employed In building and
buying homes ultimately finds it's
way into every business actively.
The volume Of money in the banks
- not iessened by being In motion,
ana deposits increase in response TO
increased employments and business
30 many applications for the sale
OF second trust notes were received
on It's becoming known that the
National Mortgage and Investment
Corporation was In the process of
organisation that IL was necessary
70 Begin operations at an earlier
date than originally contemplated.
BUSINESS was begun, therefore. in
temporary quarters on the 18Th of
July. During the three months
since that date a good many thou
sand dollars Of second mortRa ga
notes had been purchased, ana the
money released for further build
Ing operations The permanencv
and growth of the Institution is a..
sured by the fact that its opera
lions, while benefiting both the
home builder and home buyer. have
proven TO be very profitable to the
stockholders In the enterprise, Sim
liar discount-bankInR institutions
In other cities have all been large
money makers But earning large
dividends for themselves was not
the controlling motive Of the or
sanfzers OF the National Mortgage
and Investment Corporation. The
fact that large earnings would
be made was recognized as an incl.
dent necessary to insure success
ana stability. The enterprise
would have to be profitable 10 in.
terest the amount Of capital reou:si,
to its operations. But the bis
thing In the minds of the group OF
men who launched this enterprtst
was to found q sound and credit.
able financial institution
The Washington herald., 1921-10-30

per cent OF the home buying In
Washington is on the partial pay
ment plan. A part Of the purchase
money is paid down and the bal
ance Is divided into monthly pay
ments extending over maybe thirty
six months. without banking ia
cilities for discounting the second
trust notes for cash. the builder Is
deprived Of an opportunity to read
lily turn over his capital, and he
must wait a long time for enough
notes to fall due before he can re-
new his building operations. This
retards building and contributes to
the scarcity and high cost of homes
in, the District.
The normal difference between
the all-cash price and the selling
price of a house on time is per
cent, sometimes as much as 10 per
cent. II the buyer can pay cash he
saves this difference. II the prop
erty Is sold on time and the builder
can discount the second trust notes
at no greater expense than the diff
ference between his cash his time
price, 1t Is to him the same as a
cash sale and makes no difference
whatever to the buyer. The re-
quirement Of the builder Is money
for his operations. The need Of the
buyer is time within which to pay
for his home. The discount bank
ing institution steps in. with profit
to itself and meets the requirements
of both builder and buyer to the ad-
vantage of both.
1t has been demonstrated by ex-
perience that builder can con-
struct six times the number Of
houses on the Fame amount of cap.
ital IL he receives the cash on his
sales than he can II he must wait
for deferred payments. He can.
therefore. split his profits on eacr
transaction in half to procure cash
and yet make three times as much
on his capital by rapid turnover in
multiplied transactions At the
same time he is providing the
greater number of homes and CIV
ing employment to many more peo-
pie and additional business to
dealers in building equipment. With
a cash capital of $4,000, which
would build about FIVE $4,000
houses. he can do the work Of $780,
600, through the immediate en-
The Washington herald., 1921-10-30
EXPERIENCED BUSINESS MEN
TOSOLVE HOUSING PROBLEM
Local Depression of Business to Some Is
Merely Estate of Mind"

In real estate securities as an ala
to building operations. The bene-
Mt to the District which would re-
suit from the operations of such an
institution was recognized by some
Of the best known men in banking,
real estate and other business cir
cles. The National Mortgage and
Investment Corporation was organ
lied to I'LL this need. Mr.. H. Rozier
Dulany was chosen president of the
organization and some of the most
favorably known conservative and
philosophical business men of
Washington associated themselves
as officers and directors of the cor
ppration.
Their purpose was something
larger than merely the establish
ment Of a profitable business for
themselves. They sought to render
public service and to put Wash
ington on a parity with other i'm.
portant cities in its financial equip
meEt. As strong as the Nations
Capital Is in its general banking
facilities, there was no local dis
count banking institution organized
to deal in real estate securities.
Second trust notes to the amount
OF millions of dollars we're tied I'D
for long periods or were negotiated
under pressure at irregular and
often exhorbitant rates of discount.
The purpose of the new. organiza-
ton lis to supplement the existing
banking facilities by affording an
agency. for the ready conversion of
these securities into cash at a
standardized and reasonable rate Of
discount, so that the money might
be re-employed in further building
operations,
The builders are the first to re-
ceive aid through the release OF
these frozen assets, but the benefit
does not end with them. About 81
The Washington herald., 1921-10-30

local mercantile circles. becomes
the owner Of one Of shannon and
Luchs colonial homes al Isbs Ingrn-'
ham street. nirthwest
Mae v. seIbert purchased the de-
tached home at 1905 Delaheid street.
from Frederick A. Fennlng and Ig-'
natius J. costigan. Administrators Of
the Heinrichs estate.
Richard +. Jones became the own
er Of one OF Cahlii and Beyers pop
ular homes located az 1900 Eighth
street, northwest. this sale being
made In conjunction with the once
Of william X Hartung.
Another one OF Cahill and Beyers'
productions iocated-st 46oS Eighth
street was purchased by John II.
Bittenbender.
The attractive home at 1915 Mon
roe street was ~sold to walter q.
Gleason bysMae v. Seibert. The new
owner VIII occupy the property.
The property at T07 Massachusetts
avenue northeast was sold 20 Abert
z. Jost by Maude Moore.
Angelo Giovannetti as administra-
tor OF the estate Of Vincent Giovan-
netti. deceased. sold the house at
i37 d street northeast. 20 Lawrence
A Fur. who will hold the property
] for investment purposes.
John NJ Henderson. a local build
er, disposed Of the detached bunga-
low at 3s12 Jenifer street 20 Hon
Milton w. Shreve OF Pennsylvania.
who will occupy the house In the
near future.
Louis Hurwitz purchased 4ois
Fifth street northwest, q semi-de-
tached brick dwelling, which he
will occupy.
Helen L. Moore has purchased
from W. H walker a large lot near
the Trinity College in Brooklano
and will improve the property with
an attractive residence
The Washington herald., 1921-10-30
Unemployment Conference

Construction stands out pre-emi-
nently az the key industry at the
conference now IN
session in Washington. and the
work Of the construction commit
tee Of which Gen Marshall is
chairman. 10 one OF the main cen
tiers Of action Housing. Highways
public works, construction repairs
are urged as the best means OF
providing the only sound solution
of unemployment, viz, employment
The Washington herald., 1921-10-30
REALTY COMPANY
HAS ACTIVE WEEK
Shannon & Luchs Sell Ten
Residences-Report
Growing Demand.

The continued demand for desir-
able home properties is evidenced by
the sales reported by Shannon and
Luchs for the current week
The Washington herald., 1921-10-30

Continued on Page Ei0kt.
Evening journal., 1921-07-19
SENATORS TALK OF
WAR LOAN REFUND
tcontinued from lrst parel

CONTINUED from FIRST page)
low the railroads 70 fund their debt
10 the government so that II could
be paid over a series OF years
Leaving the conference Hoover
said II was the aim TO find a plan
that would help rehabnitate the
roads without any extra expense to
the taxpayers.
Senator Cummins expressed the
belief that the Government debt
could be paid the railroads without
further legislation.
Mellon has previously announced
that he favors payment Of $780,
100000 10 the railroads immed-
lately.
The government debt to the roads
Is for rentals and other charges
which accrued during Federal con-
troll. The road debt to the govern
ment is for improvements and bet
terments made to the roads.
Just how much the Government
owes the roads has not been settled.
the roads having put in a bill OF
about a half billion for depreciation
and Generalization Of labor which
they charge to Federal control This
claim denied by the Government is
now before the Interstate Com
merce Commission.
Evening journal., 1921-07-19
some STOCKS
SHOW Squirt
Foreign Holdings Hold
Limelight in Early Hour
of Trading

NEW YORK. July 10 Omitted
Press. .)-Foreign interests held the
limelight in early trading on the
stock exchange today.
Mexican. Petroleum. after being
buffeted about for the last few weeks,
responded to placing Of oil on the
free list in the tariff bill and gained
Az points at los Y. Atlantic Gulf
followed the trend with an advance
Of ~ at 81.
There was little change manifest
in the rest of the list. Steel COM
mon was off Il and General Electric
made an early low at 11S.
Tire shares were firm Rails were
dead.
Opening prices are: Middle States
Oil was off x at 10ss; Sears Roe
buck sc, up y; U. S. Steel 72%, of
~; Northern Pacific 72A, up 4
studebaker, sOA. up "; Republic
Iron ASK. off X. General Motors
10 IS, unchanged; Asphalt 501k. up
*; Baldwin 74A. off Il; Kelly
Springfield 81, up u; Union Oh 10
up Il Mexican Petroleum 1854, up
Az; General Electric 11sA. un-
changed; Panama so n, up az: At
lantic Gulf 21, up "
Evening journal., 1921-07-19
ER-HERBENER-

Special to The Evening Journal.
NEWARK. July IA beautiful
home wedding was solemnized at
the home of Mr. and Mrs. Ernest
Miller Elk Mills. Nd, on Saturday
afternoon. when Miss Helen. daugh-
ter Of Mr.. and Mrs. Ernest Miller,
was married TO Harry n. Herbener.
OF Newark, by the Rev. Mr.. Gray. of
Cherry Hill. Md. The only atten-
dants we're Miss Dorothy Miller.
sister OF the bride and Paul Rhodes.
Only the immediate families wit
messed the wedding.
The home was tastefully decorated
with ferns. potted plants and dais-
les. The bride was attired in a pale
blue satin dress with slippers TO
match, carried a bouquet of sweet
peas and nasturtiums. Following
the ceremony a reception was held
at the homo OF the brides parents.
after which the young couple toured
to Baltimore and Washington on a
short honeymoon. Upon their re-
turn they win reside at Rock Hall.
Nd. Miss Miller was graduated
from the North East High School. in
June and has a host of friends
throughout Cecil county and vicinity.
Mr.. Herbener is the son of Mr.. and
Mrs. Edward Herbener, OF Newark.
and is in business at the Edesville
Garage. Rock Hall. Md.
-O-O
You make a mistake n you do not tr,
a picnic at BrandyNWlne Springs Park
Adv.
Evening journal., 1921-07-19
$4,000 GIVEN
Higher UPS,'
FOR BERGDOLL
Cconth.-sd from nrst pare)

Ccopths-sd from nrst page)
in Washington and then asked for
$25, 900 more.
Clarence Gibboney. former civilian
counsel OF Bergdoll. Joined with
Campbell in making the demand, she
said.
The charges have been made be-
fore by Bergdon, but were given lit
tie credence at that time.
The story OF the demand was re-
lated to General John II. Sherburne,
counsel Of the committee by Mrs.
Bergdoll about two weeks ago. AT
first, today, she refused to answer
any questions, saying it might in
criminate her" After being assur-
ed she would be given immunity for
her statements, Mrs. Bergdoll told
how she had received a letter from
Bergdoll. now in Germany, asking
why she did not reveal the amount
said TO have been paid TO Campbell.
She said her refusal to answer at
first was caused by the fact that
her property was seized by the gov
ernment after her testimony few
weeks ago.
Campbell and Gibbons demanded
at Governors Island that 1 give
them s10O, 900" said Mrs Bergdoll.
Il told them to go to hell, but
Grover told me to hush. Then later
Grover told me to bring $4,000 for
Campbell. brought this to New
York, sewed in my dress and gave it
to Grover for Campbell. Then Camp
bell later told me he had paid the
$500 10 the higher ups. After that
they kept bothering me for more
money"
Mrs. Bergdoll said she had re-
ceived letters from all over the
country demanding money for var
ious schemes to obtain Bergdolrs re-
lease.
"A man named Harting wanted
IS, 900 and another named Sullivan,
who said he was an agent of Palmer,
demanded $4,000"
Mrs. Bergdoll charged that camp
bell told her Grover would be shot
at Governors Island unless the
100000 was paid.
Evening journal., 1921-07-19
JAPS WOULD
BAR YAP and
SHANTUNG IN
ARMS PARLEY
Continued from First Page.


state Hughes suggesting a compro-
mise for settlement Of the question
Of American protest against Japan's
mandate over the island Of Yap.
In her acceptance Of the proposal
to discuss armaments, Japan asked
whether only broad principles and
policies or specific questions we're
TO be taken up in connection with
the Far East Shantung would be
regarded as a SPECIFIC" problem.
1t also was learned for the first
time today just what the attitude
OF the United States Government is
on the situation, whether principles
and policies or specific matters are
to be taken up.
Secretary Hughes is believed to
have made II plain to japan that
the American government feels that
not only should principles and poll
cies" in the Far East be taken up
but also the application Of these
principles and policies to specific Sit
uations by more than two countries.
Possibly questions affecting only
two powers may be brougnt dp
should they be deemed so serious
that this would be necessary.
Under this plan japan is under
stood to believe and fear that the
American government intends to
bring shantung up in the confer
encc.
Japan's note suggesting a settle
ment OF the zap question is under
stood to have been presented 10
Secretary Hughes by Baron sFide-
hara, the Japanese Ambassador
here. before President Harding is
sued his invitations for the disarm-
ament conference. II is in line with
a plan that Japan IS now apparently
putting into execution TO settle all
far eastern questions sufficiently be-
fore the beginning of the Washing
ton conference to prevent them be-
ing taken up here.
Secretary Hughes has outlined the
scope OF the conference to other
powers besides Japan. It was learned
today. The outlines have been given
in conversations with Ambassadors
Evening journal., 1921-07-19
WOMAN HIT
BY THIS Shot
Continued from First Page.

Continued from First Page.
rested the two boys and brought
them 10 Elkton.
Roop and Cox lived with a brother
OF the former who was a tenant or
Thornton's farm. From what the
officers could learn on making the
arrest there had been several quar-
rels during the day between the
Roops. Cox and Thornton. At about
o'clock last night Thornton is
said to have seen Young Roop and
Cox approaching his home and be-
lieving that they were coming to
renew the quarrel he left the house
to hide from them.
Mrs. Thornton followed her hus-
band shortly afterwards II is al
legged that the two boys were close
enough TO see Mrs. Thornton form
in the semi-darlness and thinking
II was Mr.. Thornton one OF them
is said TO have fred the shotgun
loaded with No. shot at her The
entire load hit her in the side and
stomach.
Mr.. Thornton is said to have run
to his wifes assistance. while the
boys learning that it was Mrs.
Thornton who was hit are reported
TO have made their escape. Mr..
Thornton sent for DIT. Jack and he
on arriving found Mrs. Thornton in
such a serious condition that he at
once arranged for having her sent to
the hospital.
The officers are said TO have found
the two young men at the home OF
Roops brother. Mrs. Thornton ID
about As years Of age.
Evening journal., 1921-07-19
DEATHS

>---------------------------
GABRIEL--In this city. on July 1s, 1921,
Karl Gabriel, aged 20 years. Rela-
tives, friends. Order Of Harrigarie,
employees Of Pennsylvania r. r. Co.
and Electric Hose and Rubber Co.,
are invited TO attend the funeral SER
vices at his late residence, 1409 Marsh
Road, on Tuesday afternoon, July 10,
at O'CLOCK Interment at Lombardy
cvemetery.
SMITH-In this city, on Monday, July
Is. 1921, Margaret E., daughter Of
George w and Maggie NJ. Smith, Of
1924 Bennett street, aged is years.
Relatives and friends are invited TO
attend the funeral services from the
home Of her sister, Mrs. James F.
Carley, S. 2. Corner Tenth and Pop
lar streets, on Thursday afternoon,
July Il, at 230 o'clock (city time).
Interment at Silverbrook cemetery.
QUlNN-ln this city, on July IS, 1921,
Catherine, daughter Of william and
the late Mary F. Quinn Relatives
and friends are invited to attend the
funeral from the residenceof her par
ents, 5oi Spruce street, on Friday
morning, at . o'clock. Requiem mass
at st. Mary's Church. Interment at
Cathedral cemetery.
DI PIETRO-In this city. on July II,
1921. Raphael Di Pietro. Relatives.
friends and members OF Madonna del
Carmine and Principe di Napoli So
cieties. are invited TO attend the
funeral from his late residence, 512
LuNud4 cAIttlI on wednesday morn
ing. July 20, at o'clock. Solemn
requiem mass at the Cathedral In
terment at Cathedral cemetery.
JERSKIE--On July II, 1921, Helen G.
Baerenbach Jerskie, wife Of the late
Clement G. Jerskie- Relatives and
friends are invited to attend the
funeral at her late residence, 5546
Chancellor street, Philadelphia, Pa,
on Wednesday morning, at $50
o'clock. Solemn requiem mass at the
Church Of TRANSPORTATION, at 10
o'clock. Interment at New Cathedral
cemetery. Wilmington Del.
BRANCA-In this city, on July II, 1921,
Joseph Branca- Relatives, friends
and St Maria Of Carmine Society, are
invited to attend the funeral from his
! late residence, 5O6 North Lincoln
street. on Wednesday morning. July
20. at o'clock. Requiem mass at
St. Thomas Church. Interment at
Cathedral cemetery
, REED-At her late residence. The AIham-
bra, sos W. Tenth street on July IL.
1921, Virdie Seebold, wife OF David
A Reed. Funeral services Will be
held Tuesday evening, July 19 at s
o'clock. Interment at Pottsville Pa