Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-11-30
REALTY MEN WANT
AID OF BANKERS TO
FINANCE BUILDING
Declare Housing Situation
Is Drawback to Growth
Of City.
COMMITTEE is APPOINTED
TO TAKE UP PROPOSITION
Pass Resolution, Asking Con
gress to Amend Law on
Mortgage Tax.

Declaring tina; the prcscn, housing
condition in Richmond is serious
drawback TO the growth OF the city
and it's prosperity. the Richmond
Real Estate Exchange. in special
session yesterday afternoon. un1n!-
mously approved u resolution praoti-
cally calling on the banks OF In.
city to come TO the aid OF the realtors
in solving the problem Of financing
future building in this city
RealizinG the serious situation
growing out OF the inability OF build
ers and real estate men TO get money
with which to carry out the natural
building program OF the city, tho
exchange was called together by
Bruce Bowe. its president and n
committee Of six. OF which Leroy
Brown is chairman, was appointed
for the purpose Of presenting tn.
resolutions TO the Clearing House
Association and take such further
action in the premises us might be
necessary and proper"
Following is the resolution passed
by the exchange In connection with
the local situations:
Text OF Resolution.
Whereas there IS almost a gem
eral cessation OF the building of resi-
denees in this city, especially those
that the average Individual OF both
races require, and
Whereas tho principal reason al
legged by IL large number of builders
for the d!scontinuunce Of their opera
tions is the lack OF money and facili-
ties for financing such.
Therefore. be II resolved:
First. That this exchange is fully
aware of the shortage OF dwellings in
this city, and tho immediate and
growing; demand for such by both
races. and ,hat this condition is n
serious drawback to the growth and
prosperity OF Richmond. and some
action should be taken to relieve the
same.
Second That the Clearing House
Association OF this city he and are
hereby requested TO specially con-
slider the serious condition now eX-
listing in this city with reference to
necd Of immediate housing facilities
and 10 see IL In some way q plan can
be suggested or entertained by the
associated banks. savings institu-
tons and trust companies, TO finance
and assist the individual as we'll as
,he professional builders under rea-
sonabl. and fair conditions.
Personnel of Committee.
Third. That committee composed
of Leroy Il. Brown, chairman; O. \
liawkina, II. Seldom Taylor. Sr James
J. Pollard, j. y. Carneal and J.. w.
McVeigh. be and are hereby APP
pointed TO present the same to tho
Clearing House Association and take
such further action in the premises s
AS might be necessary and proper.
Hundreds OF copies OF a second
resolution, passed by the Richmond
Exchange ut the meeting. and cali
Ing on Congress TO amend the Fed
cral tax laws to exempt income from
mortgages secured by real estate
at once. for n period of five years. will
he sent broadcast throughout the
state to realty men. Further, II was
declared that the Richmond members
Of the executive committee OF the
Real Estate Association OF Virginia.
Will call upon the committee at its
next meeting 10 indorse this resolu-
ton. The resolution was originally
passed by the committee on national
legislation of the national associa-
ton at meeting in WashinGt ton.
Bruce Rowe. president or the Rich
mond Exchange. is a member.