Oakland Tribune from Oakland, California • Page 69

VOL. CVIII OAKLAND, CALIFORNIA, SUNDAY, JANUARY 1,1928 NQL Jesse L. Delanoy President of the Central Building and Loan Association of Alameda, who reports a large and growing volume- of Business for this well-known Secretary Hoover Sounds Note of High Optimism For the Coming Year. New Oakland Garage Building Completed John E. Lloyd, Thomas H.

Lloyd and Harold C. Broderick, owners of the Oakland Garage, announce the completion" of a new five-story reinforced concrete building erected at a'cost of $250,000. The Oakland Garage now has a' capacity of five hundred cars with entrances on both 'Alice and Harrison streets. The building was erected by F. C.

Stolte, general contractor, and designed by Reed and Corlett, architects. The concrete work was done by H. Fitzmaurice, cement contractor. 1 COMPLETION OF OAKUNDGARAGE IS ANNOUNCED sale price of all commodities at about 60 per cent above prewar is today the same as a year ago yet If we divide them into agricultural and non-agricultural goods. It will be found that the average price of non-agricultural products has fallen in the 12 months from about 60 per cent above pre-war to 51 per cent pre-war; while the average of agricultural products at Jf 1 IT fk mi till ife'Sr rlJfe" A "New Tear" statement Issued by Herbert Hoover, reads: "An answer to the usual annual request for a statement of prospects a short catalogue of the economic forces which dominate the business situation at our entry Into the New Year.

"The more general of. these forces, of course. Include the credit situation, the degree of accumulated stocks of goods or speculation inthem, the size of the crops, the rate of wages, the outlook In labor, relations and employment, the prospects of foreign trade and to these "also need be added the particular forces in- motion in the different major. industries. "Upon these points It may be said that there Is sn ample supply of credits atlow rates; the somewhat larger stock of.

goods which were accumulated during the summer are being reduced; there Is no consequential speculation tn commodities; the crops have been abundant: wages are at a high Hevel; we are recovering from some partial unemployment, especially in the automobile Industry. There is peace in most sections of the labor world except bituminous coal; there is more peace in the International world than at any time since the war; the foreign world Is recovering its economic strength and buying power, therefore, our foreign trade is steadily Increasing. The phenomena usually accredited as promonltory of a slump are therefore absent. During the past year have been Important shifts In our own economic world which have an Important bearing upon the future. While the average whole- Counsel For Oakland Real Estate Board Explains Usury Law 4 LARGE YEARLY COMPANY With, total resources of over $2,600,000, the latest statement of the Central Building Loan association, pioneer Alameda institution, shows a substantial Increase for 1927.

over the preceding year. "During the past five years, we have been loaning approximately 60 per cent of our funds In Oakland. This constantly increasing business, coupled with our desire to render a thorough convenient service to our customers, made Imperative the opening of our. centrally located Oakland office at Fourteenth and Webster streets." This Is the statement of J. L.

Delanoy, president of the Central Building Loan association. In pointing out the reasons underlying the steady, amazing growth of building and loan associations In California a growth which, continued for the next five years at the present rate of progress, will raise the total invested in these Institutions to one billion dollars, Delanoy stressed the safety, the comparatively high rate of Interest paid, ftnd the, inculcation to thrift, as some of the strong points of appeal of these-lnstltutions. He added: "Our Institution, which Is Identical In ownership with the Commercial National Bank of Alameda, confines Itself to financing the construction and financing of homes. These loans, made for a period of years, and payable In small monthly Installments In thousands of cases, the sole method whereby a person Is enabled to secure a honran immeaiateiy. we ao noi connne ourselves entirely to loans upon homes, and during the past few years, have granted loans upon Appraisal Course Finds Favor Here The course In real estate appraising, given Jointly 'by the California Real Estate association and the University of Southern California, is finding favor with a large number of real estate boards throughout California, according to announcement made this week C.

Colridge, field repre sentative of the university. Redlanda was the first board to start the course, while Oakland followed a close second. 777-- SEEN Modem Hospital NearsXompletion -The new building of the Alta Bates hospital, now being built at the southwest corner of Regent and Webster streets, Berkeley, adjoining the present hospital building, will be completed and ready to serve the needs of Berkeley and the Eastbay on March 1928. The new hospital is a monument to Miss Alta Bates, pioneer Berkeley hospital director. Clarence C.

Cuff is the architect and Harry C. Kjiiskt is the Reneral contractor for the new structure. (Lower) Mis Alta Bates. jt'Cenirai iiiaineis noes iibcii ahnnt 35 ner cent above Pre-war to about 53 per cent above prewar; however, prices on the-farm show only a rise -of from about 30 per cent above to about 39 per cent above pre-war. and distribution have by savings and diminished profits accomodated itself-to lower prices by de-of decreasing prices without reduction in the average level of wages and therefore tn the national buying power.

But the great extent-to which Industry has accomodated Itself to yower prices by 'decreased costs makes for a sounder condition for the ensuing year. Despite decreasing prices, production and consumption of manufactured commodities have been maintained upon a high level, as shown by car-loadings of class of goods, which have been about equal to those of last year. As to particular Industries, agriculture, textiles, bituminous coal and some metals still lag behind the others. The contracts let for future execution In the construction Industries are at as high a level as at this time a year ago. Taken in a broad sense we enter the New Tear with the forces of stability dominant in the business world.

whether a usurious rate of Interest la being charged. For example. II ser eent en $100 la lawful; 12 per cent on the full amount of $100 wher the borrower is required to -pay li atallments of principal within theear, would make the loan usurious. Interest at 12 per cent can be charged only on the unpaid balances. Where a loan of $100 is made at 12 per eent, and the interest is paid in advance; ao that the orrower gets $88, the loan is usury, for $11 a year on $88 Is at a greater rate of interest than 12 per cent, The lender may reimburse himself from the fund to be loaned for services performed or expenses incurred incidental to the loan if it is apparent that It Is not merely a device to exact additional Interest or profit.

Such actual expenses as are necessary or reasonable may be deducted, such as notary tees, recording fees, fees In connection with title work, reasonable cost of appraisement, and attorney's fees. These Items must be confined to specific services or expenses incidental to the loan, Incurred in such a way as to absolutely preclude any thought of its being merely a device through which additional interest or profit on the loan may be exacted. In this connection courts will carefully scrutinize the whole transaction, and declare its substance rather than its form. There are also criminal penalties of fine and Imprisonment for violation of the provisions, of the act Sections 1917 to 20 Inclusive, of the Civil Code were repealed. We have tried to make this article short but stilt desired to make it comprehensive.

Lenders of money and brokers representing them should be familiar with the limitations in regard to interest demands. mm Start the New Year With an Electrogas Convenient, economical, efficient Made in three, size bungalow, large home and public building sizes. No basement required; no pipes. Hears the cold air In the room, at the floor level. If r-iJ fim COMPLETION Alta Bates Hospital to Be Model Structure of Its Kind.

A splendid hospital structure In Berkeley, the new six story building of the Alta Bates hospital, soundproofed and of relnforced-concrete construction, is nearlng completion at the southwest corner of Regent and Webster streets. Berkeley, according to Harry C. -Knight, general contractor in charge of construction. Clarence C. Cuff, architect for the building, was associate architect for the Providence hospital and has designed nine other hospitals." An announcement reads: "The new structure, the only fire- proor nospitai ouilding tn Berkeley, Is the culmination of 20 years 'of hospital work done in Berkeley by Miss Alta Bates, -the founder and head of the Institution.

Located In the heart of Berkeley's residential section. It will fulfull the requirements of thjihew building ordinance requiring that all Berkeley hospitals must be of fireproof construction by 1935. "The new building will contain 109 rooms and will be fully equipped with every modern hospital device. Some of the features Include new type beds which can be moved out to a large solarium, one of which Is located on each floor; the solarium are- Sfeslgned with deep bay windows affording splendid views of thn far hllU Ftlnnlrot- warmlng equipment, noiseless dlsl appearing copper screens to insure proper ventilation, tile showers, electrlo heaters and closets, are some of the features of each room. "The hospital 'has been thoroughly sound-proofed with aolid Gypsum walls, furnished by 'the California Wall company.

"Every convenience and necessity for the comfort4f patients has been provided. are two major operating rooms, as well as smaller rooms, complete X-Ray department, maternity and delivery rooms and every facility for the prompt handling of all medical, surgical and maternity cases. "Incorporated into the construction of the new building are the Ideas of the 85 leading- Eastbay physicians and surgeons comprising the staff of the Alta Bates hospital. There will be ample passenger and freight elevator capacity. large dumb waiters insure that all food from the large and commodious kitchens will be hot when served.

"The hospital is set back from the street 30 feet which will be landscaped Into beautiful gardens. The exterior of the building will be finished In harmonious colored terra cotta. "Our new building Is being built to meet the ever-growing need in Berkeley for hospital accomodations," stated Miss Alta Bates. "In the past, with our limited facilities, we have beerl compelled -to turn away hundreds of cases. Under the new Berkeley zoning ordinance, it will be extremely difficult for any further hospitals to be built In residential sections of.

Berkeley and for this reason, the established hospitals are expanding to meet this vital community problem. "The new building Is being financed In large 'part from the earnings of the Institution, The excellent and steady earning record of the hospital prompted 4nvestors to promptly subscribe for the mortgage bonds issued upon the structure. The balance of the funds necessary for the completion and equipment for the hospital is being raised by the Issuance of common stock by the Alta Bates hospital" FRUIT EXCHANGE OWNS MILL. The California rul tExchange now has Its own lumber mill and box factory to provide Its members with box stock and other lumber requirements. Twenty thousand acres of timber lands are controlled "With enough timber available to last tO years.

Central California Traetj on mento to Stockton, reports to operating, from Sacca- Rallroad Commission its 1926 op crating revenue at $490,526.81, as compared with- $592,036.59" for 1825. LOANS We have a yariety of mortgage loans to suit the convenience and purpose of nearly every type of borrower FLAT LOANS Principal repayable in three years. MONTHLY PAYMENT LOANS Repayable over a period of years at the rate of $10 or $12 per $1000. CONSTRUCTION LOANS On a flat or installment basis. Special short term (6 months) loan for builders.

SECOND MORTGAGES Flat or installment second loans made or purchased. Quick Action Reasonable Rate Phone Berkeley 200 2045 Shattuck Ave. BERKELEY California New $250,000 Reinforced Concrete Building Completed on Harrison, Alice Streets. With tte completion of its new addition, a five-story relnforced-eoncrete building, erected at a total oat of (250,000 at 1435 Alice street, the Oakland Garage now hag total capacity of 800 cars. With large entrances on both Alice and Harrison streets, the garage is now In a stragetlc position to render a apeedy service to busy professional yeople, It Is pointed out.

"Although the new building la on Alice street, the main entrance to the garage still remains of Harrison street and with the added space, we now have the largest capacity tn the Eastbay," said John E. Lloyd, who, with Thomas H.Lloyd and Harold C. Broderick, are own-- ers of the garage. The new structure has been especially designed by Reed Corlett, architects, and was built by F. C.

Stolte, general contractor. Concrete work most Important in a structure of this type was done by J. H. Fitzmaurlce. "Every convenience that could possibly be Installed has en Incorporated' Into the new addition.

-Modern electrical gasoline pumps, hydraulic auto-lifts for greasing and repairing, a new modern electrical and battery department has been installed. Our. repair and overhauling shop Is fully equipped to render a speedy, dependable service. The garage is open day and night, with some of our force of 35 trained auto mechanics always upon the floor and available for Immediate service," said Harold C. Broderick.

Brodorick stressed the fact that the entire garage Is roomy with each car having a separate stall easily accessible- at all times. Ramps allow easy access to the upper stories of the new building. The accessibility of the Oakland-Garage to the downtown district was pointed out by Thomas H. Lloyd. Lloyd said, "Located as we are, Immediately off the main traffic lanes, and with wide entrances on wide streets, the garage now offers relief to busy people-'Drive in, jump out and we do the rest is one of the main reasons for our continual growth.

"Our new addition is nearly full and we expect to add an additional three stories to this building within a year. This will, give us an additional 300 car sapaclty, making the Oakland garage the. largest in Northern California." Personal supervision to the needs of each person and car entering the garage is said by Lloyd to be largely responsible for the growth of the business. The Oakland garage, local distributors of Auburn cars, are also the landlords for the Oakland office of the State Motor Vehicle department and have provided handsome offices on the ground floor of their new building for the state's business. State Speakers Bureau Increases Aooeptances have -been received ftom nearly BO leading realtors and business men throughout the state to be enrolled In the speakers' bureau of the California Real Estate Association.

Through the speakers' bureau the state association hopes to establish a medium tm furnish speakers to realty boards and other civic institutions anywhere in the state on short notice. The list of acceptance Includes authorities on many outstanding topics In the modern business world, including realty in Its variant branches, appraisals. Industries, title, escrow, city and county plan-atng, university, newspaper, advertising, and salesmanship fields. PRODUCE SHIPMENTS HEAVY. Approximately one hundred and eighty carloads of produce left Wasco, Kern county, in one week during the melon season.

A gen-oral cleanup of cantaloupe fields also provided shipments totaling 11 ears. In addition fifty-nine cars of watermelons and one car-: load eaclof onions, wheat and bay were smppea LOANS PLENTY OF MONEY FOR IMMEDIATE LOANS ON NEW CON-' STRUCTION. REASONABLE FLAT PERIOD AND PERMA NENT INSTALLMENT LOAN COMBINED. pi Service Reasonable Cosls Assets over $20,000,000 00 (Head 01 ice, Salt Lake City, Utah C. H.

McEntyre District Manager 1930 Broadway Oakland 4i fir H. BREED, Counsel O. R. E. B.

The first general law of usury In California is the initiative measure adopted by the people November. 6, 1918. The rate of Interest upon loans or-accounts after demand or judgment Is fixed at 7 per cent per annum. Fartles, however, may contract for the payment of interest not exceeding 12 per cent per an num, but any rate in excess oz 1 per cent must be clearly expressed in writing. These provisions apply to' both secured and unsecured loans.

A loan upon corporate bonds as security. In excess of the legal rate, Is Just as usurious as a loan upon any other class of security. No person shall charge or receive directly or Indirectly more than 42 per cent Interest. Interest may not be compounded, unless expressly agreed in writing. If In writing.

Interest may be compounded on any eontraot made if the maximum rate of 11 per cent can be not exceeded. As a general rule any benefit or advantage exacted by the lender from the borrower whatever be Its name or form, which added to the interest taken or reserved, would yield to the lender a greater profit upon his loan than the 12 per cent per annum allowed by law, is deemed usury. For example, where one borrows $25,000 and gives a note and deed of trust in the sum of $35,000, usury exists. The lender can only recover $25,000, his principal. He cannot recover the bonus or any interest.

If the. lender receives more than II per cent on the money loaned by adding Interest to a so-called commission, he may not take a commission for making the loan any more than he could charge a bonus. If he does. It Is held that the so-called commission constitutes an additional Interest charge and the lender forfeits all claim to interest, provided the so-called commission when added to the interest, allows more than 12 per cent per annum. Where the principal to be repaid In Installments, that fact is to be considered in determining MARTIN GREEN GEN.

MANAGES OAKLAND We have $100,000.00 on deposit with the bf California to protect you ASK YOUR BANKER Regarding our Service and Responsibility HE WILL TELL YOU Both are as perfect as humans can make them INSTRUCT THE DEALER Through whom1 you are buying any property to get the title searched by the ssmiiiiiiiiiiLttiiijuMjjsi mmmMsszmmgl PS New Berkeley Branch I 2029 Shatt 60 Flat ') Sold on ij Easy Payment MUARO SEACRAVECO. 320 13th Street Near Webster IL Gleeeoart 814 J) OFFICERS E. C. IYON EXECUTIV8 VICS-PRES. B.

A. FORSTERER PRESIDENT 1430 FRANKLIN STREET Jamieson-Towle-Willoughby Corp. 393 17th, Oak. 662 Mills Merced County ill harvest this year from 10.000 acres -of rice a crop representing a market value of $1,000,900. 1.