The Washington times., 1924-04-09
Give 0S a Showdown in Senate
Real Estate Investigations
By BILL PRICE.

The Senate investigation into the estate situation
washington with respect to rentals purchases etc. is having
the same effect most Congressional Investigations have It
shaking confidence in upright honorable and
estate Of the city without naming those who are alleged
to be guilty of practices that may may not be criminal but
which at least result in frenzed initiation of values and
dubious manpulaons the inevitable burden of which falls
upon tenants Of the city.
Throwing Of mud is the easiest of all occupations but
the trouble is that bespaters innocent than guilty
enyelops many in gaseous smoke that is intended
for a few.
The legitimate square business of this city ask the
senate committee to speed its Investigations quickly
possible to make of gathering all FACTS that have
Pertinent bearing upon real methods in Washington
which may not up honest approved standards
OF business They then ask that the FACTnot gossip and
mnuendobe given to the public that any law is being
violated the guilty be promptly brought to the bar of Justice
there is crookedness and shady manipulation which can
not be reached by law the Senate District Committee CONDUCTING
tns investigation in position initiate and complete leesa
on that will correct evil practices and make the real estate
business safe for all engaged well safe for the gem
eral public.
showdown is necessary under the circumstances The
building business of the District largest single industry
mere Washington has great future not been posi-
Die to meet the demands for homes the simple reason
mat thousands Of outsiders investing here the majority
OF them coming here to live Building construction this YEAR
promises to be huge basis This construction is larUelv
oone Dy washington firms that soundy and honoraby es
abhed They take whatever chances there are and sell tn
purchasers at reasonable profits They business to make
money but they Washington prosper Thew know
mat cannot prosper they do deal fairly with home
purchasers
Continued building construction in the District means n
porous conditions in all other lines of business increased
unity conentmen in the ownership of homes bv our cvan
Reports which tend to check building construction nv
causing prospective purchasers of to halt are n;c
70 the best interests Of this city Therefore the sooner we
Know the truth matter who hits better it will be for
everybody.
buy home should not be deferred from carrying ont his
plans The vast majority Of builders and real estate firms
o. thls city should be trusted They are well known and
there is no difficulty in finding who they are
evident that the disclosures made in the Senate
investigation apply mainly to the frenzed speculation in
apartment houses which has been going on since the begin
ming OF the and the congested housing situation which
egSa n Inns city with the war This speculation has
apartment houses that have often changed ownership each
time at big profit to the seller Every time one purchaser
unoaoeo on another the last buyer has compelled to
boost rents possible to make the income from the building
eld an attractive return that he might exhibit this return
t; e 0neI prospect VINO was willing to buy again and
There has thus been created inflated valuations that have
with the highest that could be extorted by the
at0rs There are said to be instances where large
buildings are far beyond the true values Of
even this period Of high building values These mortgages
are In the hands Of innocent buyers who may if there
should come crash ~
sen mortgage notes that do not have genuine value back of
them They are not frenzed SPECTATORS They can not
n"V0 AOSs OCCur on mortgage investments theY
recommend But still there suckers and they ALWAYS
fall into the hands Of those who for the
an OF dollars than they do for the possible loss their GOOD
names e
evident that Congress proposes continue the Rent
Commission with an injunction that rentals in this city shall
be based honest values and upon fictitious values
made to beget further wild sales Of purely speculative nature
The extension Of the Rent Commission should not and will
not stop legitimate building in Washington Properties built
now bound to have increased values in the future with
che growth Of the city Faith in the future of CITY
increased values but should not mean renzied
designed to put exOronate rentals upon the public that
dangerous spectators obtain huge profits not
by conditions.