Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-10-19

instances the market is reported
more active than last year, but a
considerable majority report that the
market is the same as last year. or
not quite so active. In other words,
the real estate market is becoming
more and more normal
Residential rents have clearly
passed the peak in the country as a
whole and are being stabilized at
present levels.
Further inroads are reported on
the shortage of structures. This is
another Indication of approach to
normal market condition
For the most part money for the
development of real estate is plenti-
ful but investors and lenders are as
stunning an attitude of caution and
severity, particularly toward specu-
latlNe enterprises.
THE labor situation in the build
ing trades is becoming more and more
satisfactory"
Read 1t Three Times
Fhe committee would point out its
belief in the necessity for much
clearer representations with more
complete details in circulars Offering
real estate mortgage bonds secured
by leasehold.
Many loans representing so or 90
per cent of the then value Of the Sc
curlty have been made in recent years
and sold to the public We think
therefore. that we are facing a test
ing time as to the soundnesS and
safety of such loans"
Life OF an once Building.
committee of the National
Builders Association has given the
life. useful and profitable, Of an Office
building at % years and draws the
lesson that long time credits are gen.
orally to be avoided in making real
estate mortgages, suggesting 10 to Is
years at the outside.
In this city the great majority of
loans are made for much shorter
terms than this, although the fact
that national bank cannot loan
money on real estate for more than
year cuts little figure but the trust
companies and savings banks prefer
three-year first mortgages, and home
builders prefer to have second trusts
taken up first telling the buyers usu-
ally that there will be no trouble re-
newing the first mortgage.
Third and fourth mortgages run I'M
I'll they become unsecured obligations
Eaid off or until their owners get
tired waiting for a settlement
Signs Arc Encouraging.
The report from which quotations
appear above. also says:
THE price OF Ia Dor is declining only
in certain sections, but the efficiency
is increasing
The building shortage has largely
Sappeared in this city; there is a
surplus of big Uptown buildings. and
1t VIII be some years before the de-
mands Will equal the supply.
The boom is over, but the level.
steady market for desirable trusts.
based on modest appraisement and
well sponsored, still exists-ergo, the
other doesn't
Opening OF New Bank Building.
After being housed Is years in its
brownstone front the southwest
branch of the American Security and
Trust Company, nee the Home Saw
ings Bank, has moved into a new and
appropriate structure that is in itself
an honor to that busy section of Wash
ington.
Last Tuesday afternoon the doors
were thrown open for a six-hour re-
ception 10 the friends and depositors
of the institution
That Southwest section is a great
money saving division of the city-a
section of homes. closely buided side
by side, with thrifty, hard-workinS
people housed therein.
And they visited their bank to look
it over. they investigated the great
vault and admitted that il was proof
against fire and burglars: they exam
ined the tellers' cages and met the
president of the parent company. the
vice presidents and other officials, and
there was general passing of con-
ordinations over the happy event.
Guests Cordially Greeted.
Charles ]. Bell. head of the parent
institution. was there; also Vice Presi-
dent B. F. Saul. first president and
only president and founder of the
Home Savings Bank; Howard Moran,
vice president and manager of the
branches of the American Security
and all Junior officials of the home
DR.. Boyd, Charlie Howe. secretary,
and all junior officials of the Home
bank and all branches.
victor Deyber. president of the
Bankers Association: w. S. Corby,
Harry V. Haynes. w. w. Spad. Jo-
seph Schiavone, W. p. Richards. NJ C.
Hazen, F. G. Addison, jr; Floyd f.
Davis, w. A H. Church and a thou
sand others.
Flowers were in great profusion. |
the gift of well wishers and friendly
enemy competitors.
The young ladies whose duty it is
to wait on customers at the bank
in their courtesy to the rank and
file of depositors as they guided them
around the bank. They were also
charming.
The structure itself cost $4,000, is
largely of Indiana limestone, with
the artistic trims. and is fitting
tribute to a community that has
tucked away $500, 900 in the old
brownstone bank, and of that
n N Of mol win
drawing per cent interest.
That is just as good as several
million commercial deposits.
The Southwest side. that part Of
Washington between the Mall and the
Potomac River. takes into consider
alton many OF the most prominent
public or Government enterprises;
the beautiful Potomac Park. much of
it: the Washington Monument, the
craving and Printing. Navy Yard and
many other prominent buildings.
A wonderful illustrated brochure
a fitting tribute to "Old Washington"
and the present southwest section of
the city, profusely illustrated was
presented to each guest of the oc-
casion as. a souvenir.
Commercial National Celebrates.
The Commercial National Bank, one
of the landmarks of financial Wash
ington, celebrates today it's Goth ami |
versary. having been organized by a
group Of prominent business men APP
preciating the need Of a progressive
up-to-date National bank on October |
10, 1904.
Oficers and directors of the bank |
have been the recipients of congratu- |
lations at the successful passing OF |
it's first score of years by the bank |