Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-10-23
LEGISLATION AND
TAXATION BLAMED
FOR TRADE EVILS
John l.. Weaver Says Ma
ton Suffers From I'm
scientific Laws.
BRUCE BOWIE is CHOSEN
ONE OF VICE-PRESIDENTS
Convention Votes to Meet in
Norfolk in l92l-Two Hun
dred Attend Meeting.
BANQUET OSES MEETING
Speaker Declares Election of Hard
ing Would Mean at Least
Three Lean Years.
BRUCE BOWIE is CHOSEN
ONE OF VICE-PRESIDENTS
BANQUET CLOSES MEETING
Speaker Declares Election of Hard
ing Would Mean at Least
Three Lean Years.

chars.nE tina, the housing short
age is directly caused through un-
scientific legislation and taxation.
John l. Weaver. former president OF
the National Real Estate Associa-
ton. speaking before the Virginia
Real Estate Exchange. at the clos.
ing session and banquet OF It's or
Gani1ntion convention yesterday at
tn. Richmond Hotel. called on realty
men OF the new body 10 aid In re-
dressing the wrongs Of business
through progressive legislation. More
'han 200 realtors, representing six
teen Virginia citles. were present
and heard his address.
The nation is suffering from un
scientific legislation. which has
especially rcprcsscd real estate ac-
,ivtty and has been the real cause
OF The falling OFF in building opera
tons, Mr.. Weaver said. y shortage
in mortgage money was given as the
direct cause OF tho trouble, mainly
through action oftthce Federal Re-
servo Board In removing restrictions
on national banks, which now allow
saving accounts 10 be placed therein
and which eliminates these deposits
from tho building and loan banks and
trust companies. which no longer are
able TO furnish realty men with loans
as formerly.
Penalties Mortgage Money.
Enscientiic taxation. which has
ponalizcd The mortgage money and
driven great quantities OF this class
Of investment into government bonds
and tax free municipal securities. was
the second reason advanced for the
practical elimination of all building
operations Tax on incomes has
taxed the mortgage from to per
cent, according TO the income OF the
owner. Mr. Weaver declared.
Although not advocating the Back
rack bill. now before Congress. Mr..
Weaver instructed tho new exchange
TO study the paper and strongly adj
vocated a gross sales tax. go that
all should he made to bear the bur
icn now being shouldcred by some.
Paul l. Collins. OF Norfolk. one
;ime vicS-president OF the national
association. was elected the first
president OF the new exchange yes
icrday He made short but spirited
address AT the banquet last night.
and was heartily welcomed by the
delegates. Mr.. Weaver made several
cor plimentary references to the ex
change head in his address. and he
was introduced by Bruce Bowc. pres
ident OF the Richmond Exchange,
who was present only at the evening
session because OF illness.
Erect OF Presidential Election.
That the election of Cox to the pres
idency would mean that 1921 would
he a dull year. but that business In
the three following years would be
good. was haZarded by the newly
elected president in his maiden ad-
dress. lie also predicted that If Hard
ing was elected it would mean that
business would be good in 1921. but
that in 1922, 1923 and 1924 1t would
he seriously affected for the worse.
Mr.. Collins offered free trip to
the national convention In Chicago
next year 10 the man who, within
the next thirty days. makes tho best
suggestion for the good OF the new
exchange.
John C. Easley. former president OF
the Chamber Of Commerce, and one
of the bcst-known realtors in the
state. spoke in the interest OF the
Richmond Exchange, and in place of
y.
spoken for the organization. but who
was unable to attend
Ensley scores Barristers.
Mr.. Easley scored the attorneys OF
the city and State for. as he termed.
an attempt to fix the commissions OF
the real estate men in court sales at
about so per cent OF what 1t had been,
although at tho same time increas-
ing their own fees. He said that 1t
was high time realtors organized for
their own good and for the good OF
the people.
Referring to the term of the Gem
cral Assembly held last winter. he
said that n bill had been drafted by
the attorneys OF tho State which
would have made 1t an offense punish
able by a fine of $500 for any realty
man to make deed. and making 1t
compulsory for an attorney to be call
cd in In such matters. Other string
ent laws suggested by the bar as
sociations Of the state were touched
upon by Mr.. Easley.
Tom Ingorsoll, national secretary
Of tho Real Estate Association, spoke
Z briefly on tho objects, purposes and
se'.79F3I (Cont od an Saoond Paral-V---5