The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-11-26
CITIZENS DIFFER
ON MORTGAGE TAX
Real Estate Exchange Dinner
Scene of Spirited Discus
sion Of Problem.
SPEAKERS ADVOCATE REPEAL
Mr.. Rountree Dissents From
This Niew-Pleasant Success
full Social Affair.

Beginning with happy toast offered
by President T. T.. Bryan. OF the BUS
mess Mems Club. the dinner OF the
Real Estate Exchange at the Jefferson
Hotel last night proceeded harmo-
7 niOusIy to a discussion OF Richmoho
/ commercial and particularly It's feai
! estate abilities and DISABILITIES. Al
: 10 o'clock IL reached it's climax IN
: striking arraignment by Leroy E.
! Brown OF mortgage tax laws as admin
| istered IN this State.
| The program proceeded smoothly
| until II o'clock, when, IN response W
a call from Toastmaster o. II. + IN
! stem for voluntary speakers from the
I ranks If property holders present
! Henry w. Rountree took the moor with
/ a short speech. in which he deiehoeo
! the retention OF the present mortgage
laws and made light Of the srie'.
ance presented by Mr.. Brown. II caiied
/ forth a spirited reply from President
! Funston, of the Real Estate Exchange.
| which. was promptly met by a counter
! reply from Mr. kountree
John c. Easley took up arms Tor ms
! real estate confreres. and Tor twenty
: minutes the meeting took on the gen
/ eral character o. an intercourse
{ debate Shortly before midnight inc
! chairs invitation for additional SPEAK.
.rs failed 70 meet with response. ana
! ,he gathering adjourned. mutually en-
, lghtened, with malice towards hohe
| and charity towards all
All Around Good Time.
| Roughly sketched, the foregoing IS
an outline OF the big features OF last
! nights dinner. There were many
/ others. To begin. there was sup
! s,antfal beefsteak feed. with the usual
| side dishes. More than 100 rear esta'e
/ men and as many more from othei
| fields Of industry were seated d. '"e
! :. HES arranged in the form of large
| b,,low sc,,are. when T. =. Bryan
! brought the gathering to its feet WIKI
, ,oas, to the long life and usefulness
/ of RI, Richmond Real Estate tx
| change.
president 0 H. Funston. OF the ex-
| change. was POSTMASTER and opened
| the program at $50 O'Clock WIN
| general address Of welcome ana =
| statement OF the organization iuhe
| ton in the community. the exchahse'
; he said among other Things ios'efs "
xet-toSether spirit between its mem
hers makes for unan!mity OF action
| along the line of reforms relating 10
| the transfer of records. and anoros us
! members protection by supplying IN
| formation as to property and tenants
| not to be secured through individual
| effort.
| Attacks Mortgage Laws.
1.-TWO things only are certain IN IKE.
! said Leroy +. Brown. opening MS
tack on the Virginia mortgage tax
"d..,h and taxes. And from the way
| some OF the latter are imposed In this
S,.ts !, is but an Indifferent choice
between the two
| Roth from the standpoint OF the
! real estate dealer and that OK the III
| weston. said Mr.. Brown, the pfesehI
| obnoxious ad valo-em tax on deeos ana
mortgages is the most glazing defect
! of the States taxing system COM
pared with New York. winch IMPOSE
a tax of s. on the $1,000. payable only
once during the life OF the moftsasc'
| Virginia. he said. exacts tax OF >i.-'o
FOR the same unit. payable annually.
| The removal of this unjust double
tax. he said, would destroy in largo
NAT the incentive toward underraiua-
| t.on and perjury which is resorted 10
| NOW in an effort 10 evade its burdens,
| and would increase the revenues Oh
,he state py providing for prepayment
| at the time Of filing instead or al the
end OF the year. the present practice-
II would lessen the rate OF interest oy
| rrovidiny abundant capital for invest
ment.
| Opposed by Mr. ROuntree.
| Mr. E.ountree IN the free-for-au die-
| cusston which followed the formal
| sneechmaking. declared himself as w
| terly opposed TO the principle mus
laid down, and said frankly that ne
.aw no distinction between taxing the
| solder If a mortgage and levyinG upon
On. nossessor Of other kinds Of prop
ertv He hoped. he said. that the
| present tax OF mortgages would never
be removed.
Mr. Euusten admitted the possibility
Of a difference Of opinion on all ques-
tions. but Stoutly insisted that the
| grievance Of the real estate men was
real one The Real Estate Exchange
Of Richmond" he said, will secure the
| r.p.al OF this tax or die in the n"oie
fight
Presiden, W. II. Adams. OF the Board
Of Aldermen. spoke WORD on oeha,,
| of the city government and u.seo an
men with money TO invest to listen TO
Ricbmondrs real estate men and stride
on 70 certain fortune. John C. Easiey
mas. a pl.s for the annexation OF more
TERRITORY particularly that To the west
~ ,bs city. i'm orde~ that the municipai
government might ne placed In posi-
,ion ro deal effectively with the Insist
en-, railroad problem In that secu"h-
A. I. Adamson. of South Richmon"'
! called forth a hearty cheer WIN ths
statement, that the city has fuihlisa
all Of its annexation promises TO the
Sou,hs.de. and asked the Counch TO
hasten the completion OF the new
! bridge T NJ Darlington and w l.
pahncy brought message OF CO.
opera,icn from the Chamber OF '"m
uercc and T. r. Bryan spoke TOT IN"
! business Mems Club q n raw H'"s
! ....,,Ssca discussed the delinquent gas
"a v,.c- bill problem. and called upon
en-. huvs,rss Mon present to aid in So
! Curing thu repeal OF the ordinance
I which SADDLES this responsibility upon
real estate dealers.
Cc-ss,~ Ds~peueer CSWsiesed-
J o., Yc~a, ~,icrsS. was convicted BY .