The Washington herald., 1921-11-20
FINANCIAL EXPERT
SEES BIG FUTURE
FOR CAPITAL CITY
Tells Real Estate Board
OF Opportunities for
Development.

In speaking before the Washing
ton Real Estate Board at its
luncheon Thursday, Mr.. George q
watson, president Of the Liberty
National Banii, painted a vivid
picture of the future possibilities
OF Washington. His speech. which
was OF the most optimistic vein,
condemned the practice of the pes
sIinist in continually speaking of
expected reversals In Washington.
when they should have been real
izing that at the present time
Washington face greater possibili-
ties than ever before in its his
tory. The wonderful advantages
gained by the war period have
opened up unlimited possibilities
for future development Mr.. Wal
son stated that II was one of the
most important duties OF the real
estate profession to stabilize values
and ally itself with the banking
fraternity and other business in
terests in order to determine the
future of Washington.
Referring to the splendid oppor-
tunity for development In the real
estate boards activities, Mr.. Wal
son called attention TO the fact
that the aims and purposes Of the
board were in line with the proper
spirit of modern development
through organization in that IL was
opposed to fostering narrow and
selfish ideals. One can not allow
an opportunity to pass to see that
in the organization of the wash
ington Real Estate Board . great
accomplishment has been attained
In these days of activity when
standards of conduct are estab-
lished by such organizations indi-
viduals may be assured OF safety
and efficiency in those with whom
they may intrust their business.
For long years both the medical
and legal professions have been
established bodies. membership In
which, to a large degree, insured
the professional standing OF the
Individual. Indeed IL was sug-
cial of the Patent once when
seeking information concerning
patent attorney, that / could con
sIstentIy recommend a member Of
the Patent Lawyers Association,
merely on the strength of his mem
bership. This was sufficient indi-
cation as to his personal character
and professional ability.
Membership in the Washington
Real Etate Board should carry
with IL, IL 1t does not already. the
same assurance Of professional
SQUARE ealing. II has been con-
clusively proven that your organ
ization has already accomplished
splendid results IN establishing ef-
ficient cooperation and other Tea
lures and must prove helpful TO
the younger element as well as to
those who have spent many years
in the business.
Discussing certain phases of the
bankers relation to the resltor, MI.
Watson said restrictions limiting
national banks in making loans on
real estate have resulted locally
in the investment of Sz1.ooO,oo0 In
bonds and securities which other
wise might have gone into real
estate. The lifting of these re-
strictions, principal among which Re
the one-year duration limitation,
and provision that loans may
only be made on a basis Of 50 per
cent of the appraised value Of
property, would undoubtedly open
the way for the investment OF this
money in Washington real estate.
The funds would naturally aid in
financing new building operations
to relieve the housing shortage. 1t
was stated that national banks
favor three-year duration on
loans based on IS per cent valua-
ton.
Mr.. Harry X. Boss, president OF
the board, congratulated the mem
bers on the continued. and incress-
ing interest manifested in the
boord's activity, evidenced by the
Iarge number that attended the
luncheon meetings.
Arrangements for these lunch
cons are made by a special lunch
con committee, headed by Edmund
D. Rheem as chairman, who also
presided over the meeting.