The Washington times., 1934-02-13

DOaTQ TO make
modernization loans direct to
owners who already are borrowers
from the board.
According to the board chair
man, the Government has begun
to realize that mortgage hold
er's investment is better protected
If the security is kept in good con-
dition. He said:
1--WE are told by our advisers
that even q new hOme-after
four or five years-requireS q
general reconditiOning, largely
because of the settling of the
structure, which inVari ably
takes place.
1T the property is not kept
In condition its depreciation
accelerates so rapidly in q few
more years that the owner loses
interest in his property II his
funds are too low to renOvate
the house, and the mortgage
investment then becomes q bad
one"
The board contemplates extend
ing modernization loans directly
only to those already borrowing
from it, but the bill will provide
funds from which private loan
companies may borrow to aid
their patrons similarly.
Herbert Shannon, of the Shan
non and Luchs outfit, sees in the
severe winter sure signs Of an
early spring.
Early spring means early fish
ing down at his Chesapeake Bay
place, which he has equipped
with all the convenient gadgets
his inventive genius can contrive.
One Of the best things he has
down there is a hybrid craft
half barge and half boat-tor
which he has no name. Ugly 1t
may be but its utilitarian pur'
poses have never been denied.
Robert v. Fleming, president OF
the Riggs Bank, while a guest OF
Mr.. Shannon'S. once said:
Herbert, / can't tell whether
this thing we are fishing off is
n back porch or q boat, but I
do know it is the most COM
Portable fishing I ever did,"
The Shannon and LuchS firm
is also very proud of all the out
standing real estate men it mas
sent out into the world in the
years gone by. The last two men
to 60 out with the paternal bless.
ings Of Messrs. Shannon and
Luchs are the whole show at the
District branch of the Home Own
ers' Loan Corporation.
Paul Frizzell does the heavy
work there but, like the good
newspaperman he used to be,
Charles Jones is the boss and does
the thinking. Mr.. Jones was once
a very, very good executive in the
Hearst organization.
Just as the melody fingers on
after the song is ended, events
that occurred during the conven.
ton of real estate boards at Coral
Gables. Fla, three weeks ago are
still being recounted in the real
estate journals.
Most recent is an article in the
Kansas City Realtor which quotes
excerpts from one Of the fine
speeches of William c.. Miller, who
retired as president of the or
ganization. Just to aid the optl'
mistic outlook despite the recent
inclement weather, we repeat a
portion:
"The 100000 families living
in doubIed-up quarters are be-
ginning to unscramble. Those
. quarters considered unfit for
human habitatiOn and housing
100000 of our people are being
torn down to an appreciable de-
gree.
"The 1,OOO,OOO new families in
the past three years are looking
for homes. The 500 million
fire loss annually is taking its
toll of residential property. Of
the 30 million buildings in the
United States, the average life
of which is so years, 100000
wear out annually, and for the
past four years they have not
been replaced. Real estate is
swinging back to its place in the
sun and we can all look forward
to the year 1894 with the expec-
tatiOn Of a fulfilled hone"