Evening star., 1924-06-05

and aspirations. 1t coins new words
and phrases. supplies new ideas and
induces new ideals. 1T is the bone
and sinew of commerce. AS a mold
er of thought and promoter of action
il is one Of the most potent forces in
our modern life"
I'VE furnish "A home complete from
radio TO potato masher, put a cuck 90
clock on the wall and fivver in the
garage" said Mr.. Culver. Then we
buyers in the building and loan as
sociation. All the young fellow has
to do is to give us $500 and $50 a
month, and his bride can reduce this
a lot if she wants to take two or
three hours a day to write up savings
accounts in the building and loan as
ISOLATION"
No new division should be sold and
then deserted In Mr.. Cuivers opinion
According to the Californian, any
schoolboy can cut up a piece Of acre
age and parcel it out 10 home hungry
families. but it takes a man with
principles and brains to make II q
finished product that will reflect
credit on himself and on the COM
munity.
Financing Is Describes.
The question of finance for the sub
division he divided into two parts
getting his own deal swung with
profit to himself and showing the
small buyers how TO pay for their
homes. The latter he commends to
building and loan associations The
one in his own town was started four
wears ago with a capital of $4,000
Today il has 1900 people putting in
money every month. and over a mil
hon dollars in resources, he ex-
planned
The subdivider himself. he con-
tinued. may either pay for his prop
erty by bond issue or else pay q
small payment down and paying the
balance annually over six years. The
title he probably passes to a trust
company to issue contracts under a
declaration of trust. The lowest bid
der on street and other improvements
may accept certain number of lots
for one-third of his contract and the
balance monthly over a three-year
period. The public utility companies
will loan the money necessary for
their installations on a per cent
basis, payable to them out of re-
funding agreement OF $40 a home TO
the subdivider. Reliable building con-
tractors make advance payments on
lots, % per cent down, the balance in
second paper. The original owner of
the land accepts this second paper to
apply on releases from his mortgage
After this is done the subdivider
has to organize his selling force and
arouse the public interest In his prof.
ect. the speaker amplihed.
Received by President.
Although the morning session was
a full one, with many speeches, the
realtors adjourned in time to go to
the White House, where at 1s:13
o'clock President Coolidge addressed
them. The divisional meetings were
scheduled to stop in time for the
delegates to be At 18th street and
Pennsylvania avenue at $50 o'clock
to take special trains to Arlington
for ceremonies in the amphitheater
and at the tomb of the Unknown Sol
der.
DIR. J. J. Muir. chaplain of the
United States Senate, was to pro-
nounce the invocation, and Secre-
tary John w Weeks of tho War De-
partment to give the principal ad
dress. wreaths were to be placed on
the tomb by President H. r. Ennis
for the American Realtors and by
Col Goodwin Gibson of Toronto for
the Canadian Realtors.
The convention will close tomor
row with the general session at
Keith's Theater, whom reports will be
received from the heads of the eight
divisions and from a number of COM
mittees. Resolutions will be re-
ceived and acted on and officers for
the ensuing year elected. Invitations
also will be received from cities
seeking the 1926 convention.