The Washington herald., 1911-12-31
BROKERS TO FIGHT
PROPOSED LAW
Mass Meeting Will Be Held
Next Thursday.
SAY THE MEASURE IS UNJUST
Real Estate Men Believe johnson
Bill VIII InJure Values IL En-
acted Into Law Declare 1t
Would Be an Annoyance and
Hindrance to Business.

Believing that the enactment into law
of a bill recently, introduced in the
House of Representatives requiring the
recital of the real consideration in all
deeds, mortgages, and deeds of trust, will
cause serious injury to the interests Of
owners of District of Columbia real es-
tate and unnecessarily embarrass the
operations of brokers and agents, the
arrangements Of fifteen OF the larger real
estate firms of the city have Joined in
calling a public mass meeting of real
estate owners and operators to be held
in the rooms of the Chamber of Com
merce January at $3.50 p. m, for the
purpose of protesting against the passage
of the measure.
The bill introduced in the House was
drawn up for the purpose of enabling the
tax assessors to learn the real considtra-
ton in real estate transactions in order
that they might be able to agree upon
an honest assessment. Real estate
brokers say that the enactment of such
a bill will prove disastrous to real es-
tate values. They maintain that there
are many instances when the real con-
sideration should not be mentioned, and
declare that they have sufficient grounds
upon which to base their claims. They
also believe that the form in which
deeds will have to be drawn under the
provisions of the proposed law will prove
to be a great annoyance and hindrance
to business.
Bill Is introduced.
The House bill which provides for a
new law regarding deeds, mortgages, and
deeds of trust was introduced by Repre-
sentative Johnson, of Kentucky, and
provides as follows:
That hereafter it shall be unlawful
for any officer, or any of his deputies
or clerks, whose duty it is or may
hereafter become, to put to record
any deed of conveyance for any real
estate in the District of Columbia, or
to put to record any mortgage or deed
of trust upon any real estate in said
District unless said deed, mortgage,
or deed of trust is accompanied by a
statement. subscribed and sworn to
before some one authorized to admin
lister an oath, by the grantor in deeds
of conveyance, or by the mortgage in
mortgages or deeds OF trust, to the eff
feet that the consideration as set out
in the said deed OF conveyance, mort
gage, deed of trust, or other like rec
ordable paper is the entire and real
consideration actually passed or be
passed
Neither shall any consideration
greater IMAM tlat 1ully expressed IN
the conveyance, mortgage, or deed of
trust be or become a lien upon the
property described in the said paper.
Neither shall any consideration for
the execution of any such aforesaid
paper which is greater than the con-
sideration mentioned therein be col
lectible in any court of law or equity.
Any person who shall swear falsely
in making the statement herein pro-
vided for shall be deemed guilty of
perjury, and subject to all the penal
ties imposed by law for that offense.
Any recording officer who shall vio-
late the provisions Of this act shall,
upon conviction, be removed from Of
flee; and, in addition thereto, pay a
fine of 800.
The call to the mass meeting has been
signed by the following firms: Swartzell
Rheem & Hensey Co, William H. Saun-
ders Co, Kennedy Bros. Unc.), Robert N. !
Harper, B. II. Warner, Davidson & Da-
wilson, Harry Wardman, Shannon &
Luchs, Stone & Fairfax, Moore & Hill, |
Story & Cobb, Boss & Phelps. ]. L. Will |
lige Co. James A. Cahill, and George Y. |
& Son.