The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-09-14
TAX REFORM WILL
AID REAL ESTATE
LOCAL AGENTS GREATLY INTER
EsTED IN THE FoRTHCoM-
ING CONFERENCE
HAVE. A DULL WEEK
TWO INTERESTING SALES RECORD
ED DURING PERIoD--AGENTs
ALL OPTIMISTIC AND LOOK
FOR BETTER TINES
HAVE A DULL WEEK

Real estate men are greatly inter,
esled in the proposed conference OF
members of the general assembly,
which is to be called by the chamber
of commerce in the near future to dis
Cuss the matter OF TAX reform. II
there is one thing that needs REFORM
ing more than another IL is the pres
ent tax system of the Commonwealth
Virginia, and leading real estate men
express the belief that the proper
amendment of just one statute--the
mortgage tax proposltion-will do
more to boom the real estate business
than anything else they can think OF
Just now.
THE reform of this law" said a
leading real estate man yesterday,
will have the effect of loosening the
money market, the tightness of which
has been most largely responsible for
the long period of inactivity 1t will
put local money in circulation. and 1t
will have the effect of bringing to
Richmond outside capital. for Rich
mond real estate is an attractive in
vestment, But outside investors do
not want to pay taxes on their money.
taxes on the mortgage and taxes on
the real estate. In other words they
won't stand being taxed To death"
Agents Are Hopeful.
The real estate men are very hope
ful that the forthcoming conference
will accomplish something OF mo-
ment. and see no good reason why 1t
shouldn't.
The progress man found another
quiet period to report, with few sales
of consequence, though everybody Is
optimistic and expecting and predict
ing shortly renewed activity in the
real estate market.
The largest sale recorded was tina
transfer Of the property at the corner
of Seventh and Cary streets, formerly
occupied by the Export Leaf Tobacco
company. 10 the Pocahontas Building
company, the consideration being $685.
000 II is understood that the old
building now occupying the site will
be AT once removed and a modern
four story structure to cost $T5.000
will be erected thereon for the Rich-s
mond Dry Goods company, who will
occupy 1t as soon as 1t Is completedk
d. Wiley Anderson is now preparing
the plans of the structure. The off,
GERS and directors Of the two concerns
are Identical, the tirst-named COM
pany being organized solely for the
purpose of carrying out the building
scheme. f. r. Sydnor is president Of
the Richmond Dry Goods company
and one of Richmonds most progress
sive business men.
Transfer OF Interest.
Another transfer of considerable In 4
terest was the sale of the building
at Twentyffth and Broad. occupied
by the Commonwealth bank as =
branch home. The sale, which was
conducted by j. Thompson Brown y
Company. was under foreclosure and
the property brought only $4,000.
John T. Wilson, the contractor. waa
the purchaser and his friends arc
congratulating him on the fact that
he got a bargain.
Generally speaking II was dun
week. but the outlook La optitntafic
and real estate men are entirely cheer-
ful Inquiries are good and money
lii looSening mp they say, and there u:
lis no logical reason why things shou14 z
not be humming In the near tutuxe
Sales in the three new euhue14M
tracts. 1uat but On the market u
FArk. Hc6 NM IA and North Htqla ~
TcErne n l