The Washington times., 1934-02-02

q finance firm R,cbard baker
In the city
which has not suffered through
reposseSsion of homes. They ART
still holding these properties, al
of which are desirable, and with
out occupants.
While the great hue and CRY
for building loans has been COINS
on. the finance company has hele
the bag in the form Of vacant
houses-relics Of repudiated debts
But high building prices are
coming to the rescue along witt
improved employment among the
working classes, and low-salariec
white collar groups who incline tt
the small home type.
Lumber Price Up
The controlling factor. however
is seen in the fact that the lum
ber price index has risen from
56.6 per cent in November, 1882
to 84.2 per cent in November. 1888
and other building materials are
increasing proportionately.
The small home seeker natu
rally will turn to existing prop
critics because they cost less than
new ones.
The absorption Of the existing
homes by this demand will then
open the market for new ones
and the finance gentlemen who
have "taken it on the chin" for
months will be in a position to
loosen up again.
" The National Home and Com
munity Builders Association went
ahead with it's hearings yesterday
however, on it's demand for PWA
provisions for 25-year small home
loans to private building COM
'panieS.
Unable to obtain a PWA hear
ing, the association has taken q
transcript of the testimony ad-
duced yesterday at the. Washing
ton Hotel and will lay it before
President Roosevelt.
) Today the association will make
its appeal to the Federal Home
Loan Bank Board for issuance OF
5000 million dollars in a new kind
of currency to be used in small
home financing.
Two old-time Realtors, Robert
l.. McKeever and William <. Har
tung, both Of whom have been in
the business for more than a
score Of years, have Joined forces
and opened offices in the Shore
ham Building.
The pair will operate under the
firm name Of McKeever-H -Hartung
Company, Inc, although the firm
of Robert L. McKeever Company
will carry on as in the past.
, McKeeTer entered the profession
with Shannon 65 Luchs' rent de.
.partment.. Later he made other
associations, finally returning to
Shannon & Luchs in 1918, where
he became head of the sales de,
partment. In 1920 he organized
the firm of McKeever & Goss,
Inc, and in 1880 organized the
Robert L. McKeever Company,
Inc.
He engineered the sales OF
the International Building, the
Shoreham Building and the Hur
ley-Wright Building. He is now
vice president of the Shoreham
Investment Company, which owns
the Shoreham Building.
Hartung also started his career
with Shannon and LuchS. Later
he formed the firm of Hartung
and Gibbons, afterward purchas
ing the entire business and oper
ating it as the William F. Har
tung Company. During his real
estate career he has sold more
than $55,000,000 worth Of prop
4erty.
It pays Washington real estate
investors to inquire whether the
property in which they are about
to invest was appraised by locaI
men.
Local appraisers made the first
appraisal of the Wardman prop
critics when the Halsey-Stuart
Company was about to refinance
the gigantic holdings, but the
appraisalS were cast aside wher
it was found that they were toe
conservative to justify the huge
loans demanded in the refinanc
ing.
Others Called
Outside appraisers we're called
In and they increased the figure
OF the local men by approx
anately one-third, according to 6
report on file in District Supreme
Court. The loan was made anC
the properties unable to bear the
burden, went in receivers hands
There are a number of fine
appraisers in the District. and si1
are members Of the American
Institute Of Appraisers.
Arthur G. Houghton Is a char
ter member Of the institute. Th'
others are Harold e. Doyle, Jo'
seph A. Herbert, jr.. Morton J
Luchs. r. Marbury Stamp anc
Curtis walker.