Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-05
BUILDING INDUSTRY
BODY ORGANIZED
N ationaI Conference
Launches Group Repre-
sentative of All Interests.
CONTINUED From First Page.)

Continued From First Page0
particular loss in traffic efficiency, and
the savings in the costs of the lots on
these streets would probably be as
much as Is per cent" he said. Paved
streets are expensive to put in and are
expensive to maintain.
Real Property Bears Tax Burden.
cat present 80 to 90 per cent of the
local tax burden is borne by real prop
erty. Probably about 20 per cent of
the expenditures of local governments
are of direct benefit to real estate. This
situation penalties the home owner"
AS a way of lowering the buyers
costs of home financing, Mr.. Reaume
stated that help might be looked for
from the removal of certain restrictive
laws, which now exist in many States
with respect to Junior financing. E-r.
Reaume announced that the Depart
rnent of Commerce, recognizing this
situation, has stated its Willingness to
start. with the National Association of
Real Estate Boards, an investigation
of such laws and how they could be
changed in order to facilitate the flow
of capital into the Junior financing
field.
E. j. Russell, st. Louis, director of
the American Institute of Architects,
told the conference delegates that
architects for the past two months have
been feeling a renewed building activity
which will soon express itself in terms
of building permits. Lower cost levels
prevailing in building materials account
for this recent activity, according to
Mr.. Russell. who predicted that the
building plans for which architects are
making preliminary sketches will ma
terialize and reflect on the building IN
dustry in all its branches within seven
or eight months.
Ernest Hale, Boston, president of the
United States League Building and
Loan Associations, outlined for the
conference the activities of building
and loan associations throughout the
country. Mr.. Hale brought out the fact
that one-seventh of the population of
the United States are now housed in
structures financed through building
and loan associations.
Funds for Real Estate Mortgages.
Fenton B. Turck, jr, New York City,
chairman of the National Building
Survey Conference, reported a rapid
flow of funds back into the real estate
mortgage field. This trend has been
particularly noticeable in the last TWO
weeks" he said Savings banks now
have money flowing back into them.
We are experiencing a return Of inter-
est rates to the. classic of per cent.
On March 81. $200,000,000 was with
drawn from the call money market in
New York by a group Of small city
bankers. This is an indication of the
return of money in local centers."
DR.. Hugh Baker, head of the depart
ment of trade associations of the
United States Chamber of Commerce,
addressed the conference on the nee
essity of organized effort on the part
of the building industries.
In speaking of the work which
the conference committee representing
building industries will be able to &C
complish Julius Barnes expressed his
belief that results could be far reach
ing.
Such committee can work toward
again making home ownership the
prime interest in the life of the man
of average means, so that this interest
will be placed before short-lived lux
uries in expenditures of income" Mr..
Barnes said. The purpose of your
committee should be a unified direction
of all industries concerned in the whole
business of building"