The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-10-18
PROBLEMS BEFORE
REAL ESTATE men
Question of Taxation Discussed
in Address by President
Funston.

The Zeal Estate Exchange held a
most enthusiastic meeting last night
at it's rooms. 1913 East Main Street.
The reports showed the organization
in excellent financial condition and
rapidly growing in membership and
influence.
President Funston stated that the
most gratifying thing he coud state
was that nearly every effort Of the Or
ganization had been lent to improve
tho conditions Of the interests Of the
people the agents represented rather
than their individual interests. The
question Of relieving the property
owner Of the burden Of responsibility
Of delinquent gas and water bills was
one that was at the time commanding
the most earnest consideration Of the
board.
He urged che agents to take advant-
age Of the exchange and its ability to
furnish valuable infor NATION as to
delinquent tenants. This, he stated
would result in great saving to the
property owners in the loss OF rent that
could be saved to each owner by in
formation furnished by the secretary
Of the exchange.
Mr.. Funston said that the most vital
question that confronted the real es-
state interests of this city and State
at this time was the question Of the
taxation on real estate mortgages. The
State Of Virginia. he said, prescribed
the legal rate of interest at per cent
and yet required a lender Of money
to pay to the city and State "a PEI
cent tax. thus reducing the rate to
the lender to a little over per cent
What would this mean p" he said. Il,
means a material reduction Of the
building UP OF our city. How can 9
man AFFORD to lend money to a build
er at Per cent under such condi-
tons?
Borrowers of money on real estate
do not seek such loans for speculation
on the New York stock market. but
they do seek the money to build
homes. thus making a permanent tax
value that cannot be evaded or es-
capped.
He thought tina; the spirit of CO.
operation should prevail SO that the
Z
! weaker ones. and that all should work
together to make the usefulness oi
| the organization felt in the community
/ Mr.. McCurdy also spoke on the ex.
! ceIlent work Of the exchange and the
! board.
To Give EDtertainDenf.
| MI. Todd stated tina; the house
| committee was arranging for an en-
| tertainment at the JEFFERSON. to be
given to the members and their friends
! and il was decided to hold this early
| in November.
| Mr.. Hutzler also spoke on the eX.
! cellent work being done by the ex.
( change. and was most enthusiastic
| about the exemption o: real estate
! mortgages from taxation.
| Mr.. Bates thought that a closer re.
! lationship between the property own.
I ers and the exchange should be en-
=. couraged and suggested that IL would
I De well to have as many OF these as
possible at the entertainment. Nj
| Jacobs. the treasurer Of the exchange
| made a report on the financial condi-
| ton. AMI this showed good surplus
on hand. notwithstanding the erea'
| initial expense Of purchasing maps OF
ali kinds furniture. etc.
The reports 81 Secretary Boykirs
showed that the exchange was in
! position 20 furnish very vaiGabl. in
! formation to its members. and II wal
I I'd TO them 20 take ADVANTAGE of It