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WILMETTE LIFE, I·'RIDAY, DECEMBER 26 1924 I ' 23 JEW§ (Q)JF llN1f'Effi?.IES1r TIN ffi?.JE.AIL lESTA1I'JE. AMID ~tUlllLJD)llNG lFllEILlD>S AD. DED RENTS LWSEHA2SLDAPPJSEALSPROPBOER!!I\ JWNOJS ROADS StultaSuccumbs Realty Manqer to Poiaonina NOW IN SHAPE GIVEN ABLOW 11 IU\V , Chicqom Buya V ...W. Comer Tnct ill Wa..ett. Aaaoc:iation Would Stop Practice ries, Suits and Gowns Telephone ·us at once. Holding that "padded" leases, in which a larger consideration is named as rental than is actualJy agreed upon between the owner and tenant ,are becoming an increasing element of danger in the financing of construction, the Property Management Division of the National Association of Real Estate boards has taktll a stand unequivocally condemning a// such lease arrangements. The action was taken at a meeting of the executive committee of the division just concluded at headquarters of the association, Chicago. "This division is opposed to the making of leases with concession, free rent or rebates .unless such clearly shown on the face of the " the resolution states. Space a Commodity insure sound financing of apartbuildings and office buildings, a r-·llll!lj~;t,,1. analysis of the rental capacity maintc~na:nce costs of every proposed by an expert in property manto determine its earning powis as essential as an examination of land title by a competent lawyer, or drawing of its plans by an architect the examination of its accounting bj auditor, division officials point out. the building will pay interest loan is bound to depend on there a healthy relation between its rent and such matters as construction ~axation, an~ extent of vacancy. 1s a commodtty. The experienced manager knows what it costs sell a given type of space. Analysis of office and apartment to determine their net income or prospective will be an topic to come before the diits meeting in connection with meeting of the National AsReal Estate boards in OatJanuary 13-16, 1925. The meeting, which will be an informal round table on the problems of property management, will be held on the opening day of the session, together with simultaneous round table meetings of the divisions of the Association special. in industrial property, farm lands, ·~l:liiir~,.:tt: building and subdividing, real esfinance, general real estate broker· and real estate board organization. ational surveys will be underaken National Assaciation during the through the Property Management Division to determine the amount of residential vacancy normal to American cities, the prices actually being paid for store rentals and office space in cities more than ZSO,OOO population and in under that population and the detail of cost of property management. The Association also wilt study the rise fall in rents, the types of apartments in demand, the effect of overbuilding on rentals, and the tendencies in types of apartment buildings now being erected. · A .teasehol~ is property, and its cost and nterea~ m value are properly capital, accordmg to a decision just made ~Y the Board of Tax Appeals in relatlon to the Federal income tax. The bo!lrd, in regard to Decision No. 7Z, held : . 1. That a .leasehold is property and 1ts cost and mcrease in value prior to March 1, 1913 are properly capital. The owner of the leasehold is entitled to take deduction for exhaustion of such leasehold in the same manner as he would with any other exhaustible property. 2. That where the March I, 1913 value of a leasehold is determined and that value is used as the basis for' computing gain on the sale of a lease the taxpayer is entitled to take dedu~tions for exhaustion on the same basis. Thia Realty Board Pays Up Duea for Year 1925 For the third successive year the Louisville, Ky., Real Estate board claims the honor of being the first member board of the National Association of Real Estate boards to pay its annual national dues. A check for $1,000 representing dues for 200 active members for the year 1925, has just been received at national headquarters from the Louisville board. The board takes the occasion to extend to real estate boards throughout the national association the wish of the board to welcomes them in the new board home, recently purpchased and now being remodeled. The board expects to move into the new building within the year. In making the purchase, at a cost of $50,000, members of the board gave $10000 outright to raise cash for the fir~t payment. The board has made two increases in its initiation fee during the year but the increases, making the fee now '$250, have not been found to interfere with an addition of 19% to the membership during the year. Nor has it made the board less disposed to scrutinize appliCants for t;.embership as to tehir fitness, Maurice Dunn, executive secretary, reports. Funeral services for G. Wesley Betts, Axel Lonnquist. real estate openter manager of the Stults Realty company and Chicago and Florida aabcli'fider, ... offices on Central street, Evanston, fOI" bought the northwest comer of ~ 'three years past, were held from Cove- and Elmwood, Wilmette, t·t.SO. f« a nant church, Evanston, Monday Decem- ~rted $24,000, and iatends Main traveled highways in the north- ber 22. . · expensive residence. Georwe C. west which last week were impassable, The Rev. Almer M. Pennewell con- president of Heinsen · Kroll, necotia have been cleared of snow in Minnesota ducted the service, and interment was the deal Wi~onsin and Iowa, according to th~ at Rose Hill cemetery. A trio composed tourmg bureau of the Chicago Motor of Mrs. Keith E. Kellenberger, Mrs. C. GET REAL ESTATE PillS club. C. Wells and Mrs. William L. McKay, Gold enameled coat pins bearDic ...., Illinois roads are clear, but still slip- sang. emblem of the National Auodatioo ef per.y. The main highways are not rnaMr. Betts was well known in north Real Estate boards halle ;..t beea liftter1ally affected by weather conditions. shore real estate circles and among the sented to each member of the Red U.... Scattered snows in northern part of younger social set in this vicinity. His New Jersey, Real Estate board b7 the state and rain in southern catised roads death was caused by blood poisoning. retiring president, Edward S. Allaire. to freeze rough. Main highways are 1:;;;;:;;;:;;;:;;;;;;;;;;:::;;;;;;;;;;;:::;;;:;:;:;:::::::::::~=====; open and not materially affected by weather conditions. Illinois highway 2 is scheduled to be completely open January 1, between Sublette and Mendota; and between El Paso and Bloomington. Illinois highway 3, detour between H11lsdale and Carbon Bluff scheduled to be eliminated January 1. Illin?is highway 7, detour between Marsellles and Ottawa eliminated and road open. Illinois highway 18, road between Mendota arid Princeton scheduled to open January 1, 1925. . !E. · Seeuft~ . at E. H . Calvert, who appears in Pola Negri's latest starring picture of Para"East of Suez" was once a dtrector for Essanay. He gave Gloria Swanson, Agnes Ayres and Rod La Rocque their first work before the motion picture camera. ~ount, Evanston land is of the best. Our impr.o vements are well above the average. lloth are security for our Gold Bonds and Mortages. Coke Plant Now Trees-Shraba-Per...u.Ja This is the right time to pJant and buy trees, shrubs and perennials. Prices are lower now than in the spring. efurnace 'lay Coke. d clean. her with. Suspend Realty Dealer For Untrue Statements Recent action reported to the National Association of Real Estate boards by the Cedar Rapids, Iowa, Real Estate board illustrates the meaning of real estate board dicipline. The Cedar Rapids board has just suspended a member indefinitely for making untrue statements to a client, concealing from her the fact that the property he had shown her was next to a property occupied by a colored family. A second board member who in conversation acquiesced to the action of the first dealer was reprimanded by the board of governors of the real estate board. John Ostrowsky 1487 Aalaar., A·..ae H....._... Wood~ 1 - SHERMAN AVE. Uainnfty ~Ro.-. Par· IDI o Solvay iikes ita steady Ph-· Wiaaetka sti-J r!::=~~iiiiii~~~~~~~~~iiiiiiiiii;;;;;;;iiiiiiiiiiiiiiiiiiiiiiiiiiiii~f=~ Chicago · e higher %less. Just a Chat at Twilight 'EVERY evening after 8:30, long distance telephone rates (for "station-to-sta~ion" calls) are about 50 per cent lower. At midnight a still further re< .ction becomes effective and until 4:30 A. M. night calls are comday pleted at about one-fourth "station -to-station" rates: easy it is question in your neyour urplant, Make Fare and a Half Rate to Realty Parley A fare of one and one-half for the round trip has been granted all real estate people attending the annual meeting of the National Association of Real Estate boards in Dallas, Texas, January 13-16. The rates are given on the certificate plan. Tickets at the regular one-way fare for the going journey must be purchased on January 9-15 inclusive. NEWSPAPER ADVERTISING IS EDUCATIONAL IEDIUI The increasing value of newspaper advertising as an educational medium and the necessity of its use by public utility companies, was recently discussed by the Connecticut Public Utilities commission, when· the mayor of Stamford, Conn., protested to the commission that advertising was not a legitimate expense of t~e electric and gas utility serving that c1ty. The commission, in its ruling, said: "The experience and observation of commission has been that frequentCOinplain·ts by patrons in matters reutilities are due to the omisthe utility to provide intelligent lrom~aticln. opers1ze. ~ regulate ay~ke the We Ha·e Yoar 1925 Automobile Lica~M .I mandforfleWtek- 'J"lO meet the de· "This commission has ·always advoQted a proper amount of publicity on the part of utility companies in order that their patrons may be informed in a ~eneral way as to operating and financial conditions as affecting the rate payers. . "A fair and frank statement by a util~ty on controversial questions will assist m. maintaining a relationship of good Wilt and co-operation between the comPiny and its patrons." The commission found that there was no grounds for intervention and dismiss· ed the petition of the mayor. ApplicatiGa BJ..ka We invite you to avail yourself of our . complete · License and Notary Senice Just phone for you blank, and we will send it to you and help you in whatever way we can-no obligation on your part whatsoever. Q.OII, BUDINGER SMITH pho,ll more pla·t must be built-at costs greater than the cost oftlu awrt~ge of ourprnentplo,t. To do t/Jisrv~must obtam capital a·d to attract thiswemustpaysatis· factory retums. This rH ca·not do with· out adequate rates. This service makes it possible to call distant friends or relatives or your home if you are out of town, at a very small cost. Just give the long distance oper· ~tor the number of the telephone wanted and say you will talk to anyone who answers. Pia. Wil 1711 1177 WU..ette AY. WILMETTE, ILL "We - . here to sene yoa" ~s B. L STULTS BBAL'l'Y CO. '11 Carltaa .Aaaes Wiaaetka 1808 ILLINOIS BELL TELEPHONE COMPANY BELL SYSTEM WISHES YOU A MERRY CHRISTMAS AND A HAPPY NEW YEAR Let us give you "Service you will like" in 1925 One Policy · Minimum rtduutl rale is 25 unts One Syitetn Uniwnal~