Evening star., 1950-10-09
Apartment Situation
Tighter in Capital
Since Korean War
By Donald B. HodIey

Not many apartments are avail
able for rent In the District OF
Columbia. but there are some va
cancies in garden-type develop
ments of nearby Virginia and
Maryland sections. according to a
survey of Washington real estate
companies today.
The apartment situation in the
District has frightened sharply
since the outbreak of the Korean
war, according to Henri P. Henry,
in charge of property manage
ment for Randall H. Hagner &
Co., big District real estate oper-
ator.
I'VE have no vacancies in any
of our $500 apartments" he de-
clared. For a while, we were
afraid our newest units wouldn' I
rent so quickly. but along came
the Korean invasion, and with
people flocking to WASHINGTON,
it's given us a shot in the arm, u
His firm does not have many prop
critics outside of the District, but
has raised rents 4 per cent on one
project IN nearby Virginia.
Edward K. Jones, vice president
of Weaver Bros. said most prop
critics under Weaver management
were older apartments under rent
control and therefore were very
much in demand. The situation in
this type Of property has been
tight for some time, he said.
Some Maryland Cuts Talked.
Three prominent real estate
authorities. who did not wish to
be quoted at this time, took pretty
much the same view of reported
vacancies and rumors of pending
rent decreases for some nearby
Maryland garden-type develop
mentS.
Garden-type apartments have
sprouted in many Maryland areas
in the last year. and number
of them were priced above the
market to start with. they said
What apparently is In the wind
now is an adjustment to realities
The older garden-type apartments
with lower rents have few va
cancieS.
In a survey Of the Nation, the
Wall Street Journal reported a
larger apartment supply and cited
rent cuts in most cities. but listed
defense-swelling cities like Wash
ington. Detroit, Cleveland and
Dallas as exceptions.
Bankers Meet Tonight.
The annual fall meeting of the
District Bankers Association at
the Shoreham Hotel tonight is
expected to draw a large at
tendance. A reception for guests
and association members will start
at $50 pm. and precede the
regular meeting starting at 8:15
pm. A buffet supper will follow
First session of American Uni
versity's sixth annual Institute or
Federal Taxes at Brookings In
stitution Thursday will be de.
voted to moot tax court pro-
ceedings. Richard l.. Shook will
serve as chairman.
Among those taking part will
be William G. Hamilton of the
Tax Court of the United States,
Harold A. Kertz. John P. Lips
combe, ir. and William B. Riley
and John e. Siegesmund of the
Internal Revenue Bureau.
E. Franklin Odor, certified
public accountant and lecturer on
cost accounting, will discuss
Overhead Analysis" for members
of Washington chapter. National
Association of Cost Accountants
tonight at the Willard Hotel,
starting at 7:30 o'clock.
ABA Credit Conference Called.
Financing of the Nations de-
fense program will be one of the
major problems to be discussed
at the Third National Credit Con-
ference sponsored by the Credit
Policy Commission of the Amer
lean Bankers Association at Chi
cago, December 14-16.
Virginia Electric g. Power Co
and the Hecht Co. were among
the 100 corporations winning
oscar of Industry awards fol
the best annual reports for 1949
the Financial World announced.
Vepco's report won first place
in the public utilities division
southern region, and the Hecht
Co. report was first in the depart.
ment stores division.
Hecht Co. today announced in.
creased disqualification benefits al
no increase in premium rates fol
its employees. Charles B. Duecan
Sr., executive vice president ane
general manager, said the new
benefits extend to more thar
1000 members of the Hecht EN-.
ployes' Benefit Association. Ar
allowance up to 5000 for surgica
expenses is among the new fea.
lures.
New Packards to Be Seen.
Two radically new 1851 model
of the Packard Motor Car Co. viii
be on view for the public in tn,
main ballroom of the Shorehan
Hotel tomorrow. A special pre-
view for Government and civi,
leaders will be held this evening
Banks in nearby Maryland ane
Virginia will be closed in State,
wide observances of Columbus Da,
Thursday. District of Columbis
banks will remain open.
CHICAGO Livestock