Evening star., 1923-07-21

| fy and standardize building codes, but
| a competent clearing house such as
| the bureau of standards to study, pass
| upon. and publish improved methods
| of construction and labor-saVing de-
vices applied to the constructions in
| terests would be of great value.
Encourage Home building.
Your committe repeats its recon-
| mendations to encourage home own
| ership. Not only are real estate VAL
ueS better maintained where home
ownership prevails. but the standard
| of citizenship is strengthened and i'm
proved.
1--WE are going to hear more COM
plants regarding poor housing condt-
tionS with stronger demands for mu-
nicipal action. So long as housing
| construction Is progressing to capa-
city nothing can be gained by taking
labor away from profitable construc
tion and using it for Improbable con-
er often does not understand why.
When the demand for houses is more
| nearly met ii is conceivable that the
poorest quarters of our cities might
then be reclaimed through co-opera
ton between realtors and real estate
owners. With intelligently aroused
/ public opinion it might even be done
profitably.
Money Cost Reduced.
1.-TWO years ago the public in gem
eral we'll many realtors felt
| the chief obstacle to overcoming the
! housing shortage was the high price
and scarcity Of money, and the prob
| lem which was being most discussed
| was how to finance building pro-
grams. To a large extent the high
| cost of money was no more a factor
| in housing than 1t was in business
! and affairs generally. but the mistake
! was made of not appreciating the eX-
tent of the housing shortage and to
! what extent 1t would prevent the fall
| ing of values when the expected fall in
| money rates came. The expert realtor
! who UNDERSTOOD these facts and knew
! his local market was usually able to
| finance nom speculative building pro-
| grams, although doubtless at times
| was unable to make his bankers sense
| the situation.
However. there is room for prog
ress in question of finance. A ma
| tional first mortgage company sup
| ported and conducted by this national
| association through its members SELL
| ing its bonds secured by its mortgages,
! the bonds being carefully protected,
! might do much to stabilize and equalize
| mortgage rates and simplify financing.
! Mortgage rates like rent move
more slowly than general money
rates and values. but they are bound
| to be Influenced legitimately by them
| and the justice of such changes
| should be better understood
| Must Teach taIue.
1.-The housing situation will be help
! ed by more teaching of the value of
! home ownership. by giving more at
! tention to teaching the first principle
of real estate economics. and by
showing the real meaning of the ef-
feet of the statistics. facts. and fore
casts that are gathered with their
application to local conditions. The
realtor may still and always have
plenty to learn. but at present he
needs to be more interested in teach
ing the public to have better un
Outstanding of the real estate prob
lens that trouble them.
"As said this month by Vice Presi-
dent HoIdsworth of the Bank of
Pittsburgh, Business men as indi-
viduals and organized units must
rally to defense of our modern cap
italistic system, must come to to-
morrow's contest against radicalism
armed with thorough going under
standing of the basic principles of
sound government and economies.
mo unit Is more representative of
the interests of real estate owners
than this association, and it is up to
the association to protect their In
terests by aggressive Intelligent con-
structive action