The Washington times., 1914-02-21
RAISE OBJECTIONS TO
GEORGE REALTY BILL
Brokers to Submit Amendments
to Measure at Hearing by
/ Senate Committee.

Suggestions which local realty men
believe will improve the provisions or
the George true consideration" bill.
have been drafted by the committee
from the Washington Real Estate
Brokers Association opposed to the bill
as passed the House They will he
offered 10 the Senate District Commit
tee when the bill is taken up.
A hearing to the local committee OF
real estate men has been promised by
the Senate Committee.
Composing the real estate committee
of local brokers are George Y. Worth
ington. chairman; William H. Saunders,
John P. Story, William b. Turpin and
J. Leo kolb.
Though unwilling to divulge the amen
dstory suggestions, the committee an
nounces its belief that the Senate com
mittee will entertain its views which
offer a compromise between the views
OF Congress on true consideration,
as applied to local realty negotiations,
and the views of members of the realty
profession, who fear a possible injury
from the provisions Of the bill as 1t
stands.
Two Serious Objections.
Having to state the actual selling
prices at which properties are trans
ferred has two serious objections in the
minds of real estate men. Moreover, it
has never been tried with success in
any other city in the country, one of
the nearer approaches to it being the
Torrens system, in operation in Massa-
chusetts. This system gives real estate
agents and property owners the option
Of naming true considerations or not,
leaving to them whether they do or do
not seek the Endorsement of the sys-
tenn.
The chief objection, the committee
holds is that naming the true consid-
Grafton in transactions tends in certain
cases to depreciate the value OF the ad-
joining real estate.
This Is true in cases where forced
sales on property are made, as in
stanced in the Arlington sale. The price
at the Arlington site sold tends to de-
preciate the value Of the surrounding
real estate. Forced sales, or sales un-
der pressure are numerous, as in fore
closures, auctions or sales in haste when
an owner may have to leave the city,
or raise ready money on property.
Loan Values Affected.
Similarly the loan values on property
are affected by these sales under alb
normal conditions. Naming their SELL
ing price truthfully brings a possible
depreciation on surrounding values that
the property does not deserve.
Second, the committee holds, a GER
tain privacy implied in business deal
ipSs - all sorts has always gained uni
versal I-7pcc: in ehe business world
Considerable respect is to be had, the
committee AYERS, for the aims obviously
in view which Congress has in passing
such a bill. 1t would be an aid to the
tax assessors. who in cooperation with
realty men. could assess a just tax on
property holdings in the District.
In preparing a system which will rec
oncile the views OF Congress to the sit
uation as seen by the man IN the
business and do a minimum injury to
the conduct of local real estate trans
actions. the committee is of the firm
belief that they have a solution which
may meet the views of the Senate COM
rntttee and establish a happy medium
in the application of the true consid-
eration'' bill, should it become law.