The Washington times., 1912-01-22
REAL ESTATE MEN
CONCLUDE HEARING
ON Values BILL
r. H. Hagner, B. H. War
ner, and G. Y. Worthington
Finish Arguments.

Randall II. Hagner, b. H. Warner
and George Y. Worthington conclud-
ed the realty mems protest against
the johnson true consideration bill
at the third days hearing before TIC
House District Committee this morn
ing.
Mr.. Hagner argued that the pro-
posed law would reduce the borrow
ing value of real estate in the Dis
trict, mislead the assessors, and give
greater facility for fraud. The last
result. he showed, would be obtained
through the operation of wash sales
the declaration of considerations, the
proved.
Mr.. Warner gave notice Of his inten-
rose OF organizing a real estate mems
association to fight injurious legislation,
and warned the committee that this
purpose was the only one which made
Warner Glso brought out a stat ement
from Congressman johnson that he hal
introduced the bill uron his own initia-
tive. and not upon the request of the
commissioners.
At the close of the hearing r. l..
Monohan and 7. II. Airians, who intro
duced themselves as private citizens,
asked TO- be heard in favor of the bill.
ing at 10 o'clock.
The three days arguments and data
submitted by the realty men and the
responses of members of the corntnittec
have convinced the former that their ef-
forts to defeat the Till are certain OF
success.
Late Start.
1t was nearly II o'clock before the
hearing started this morning
Mr.. Hagner said that the bill would
ruin the borrowing value of real estate,
mislead the assessors, not prevent fraud,
and not show the true values of prop
critics.
He instanced the case OF a recent sale
IN II street for less than the real value,
which sold for more. If the assessors
followed these figures to assess adjoin-
Ing, property they would put too low
and too high valuations upon it,
The result. as to loaning, he said,
would be that lenders would take too
low valuations, and thus make borrow
Ing difficult
The placing OF affdavits reciting GER
tain, values would give great color of
truth in case Of wash" sales although
Mr.: Hagner denied that there is much
OF this sort Of trading in Washington:
that the difference between cash
prices and time prices for small
houses would work a hardship on all
atoms of large speculative builders
who are willing to make a small
profit by quick sales.
chairman johnson asked about the
whether 1t would not be advisable to
transfer property on the warrant of
the seller alone. He wanted to know
tWhny It's it Is necessary to pay $500 to
Mr. Hagner and Mr.. Worthington ex-
plained that every investor usually
preferred to have title company
pass on title in each case
Mr.. Warner followed Mr.. Hucner. lie
explained that he had obtained data
ron fortN-four States. and in no case
IS there any law such as thc proposed
lie read the kilograms from the ma
uonal banks of the various States.
Rothermel's Opinion.
Congressman Rothermel interruptcd
the reading Of message from a Phlla-
delphia bank to say that in Pennsyl-
Nahia we are opposed 20 anything re-
sliictinr the free acinatinr of pros
lterity."
He read r telegram from s s. Thorn
inc president Of the National Real Es-
STATE Exchange. pledGlng the support
fight. 'N'' .
lie pnid tribute to the Commits.
sicners, and especially to the Engineers
VII ii'iSS'0ltI anu MS pans FOR the
development of the city. He also COM
lnended the assessors. but alleged that
they ar" scared He declared that
the District has born every proper
burden Of is expenses, ard that in
United states ought rather to pay
back mor-v TO the District
Mr., Warner explained the necessity
OF the organization of the title com
panies, to save time and expense in
searching titles and Congressman
Iothermel again voiced his opinion of
the necessity.
lie gave notice of a meeting of real
estate men to form an organization for
the purpose of defending their rights
and to prevent injurious legislation.
Asks About Suits.
Congressman Cary asked whether
there are not four suits now pending to
recover the difference between amounts
received and collected for property. Mr..
Warner denied this, but said he would
look them up. Harry Wardman de-
Clared that the suits had not been de-
cided, and should not be brought into
the hearing.
TO Mr. Cary's question Mr. Worth
ington again took exception to the re-
Elections made upon the real estate
fraternity through the introduction OF
the bill, and urged that any dishonest
agents or brokers be prosecuted under
existing law.
Mr.. Cary said that he would examine
further into the suits to which he re-
ferred