Evening star., 1925-01-05
ASSERTS COOLIDGE
DENIES RENT BILL
l. T. Smith Quotes President
as Saying He Did Not Rec
ommend New Measure.

Following a 35-minute interview this
morning at the White House. Lee
Thompson Smith. national president of
the Building Owners and Managers AS
sociation, stated that the President in
formed him that he had not recommend
ed the particular rent legislation now
before Congress, and that he was not as
familiar as he would like to be with
conditions in the District. According to
Mr. Smith, the President expressed deep
interest in the local condition, and con-
vinced Mr.. Smith that he desired abso-
lutely fair treatment TO all parties con-
cerned. The President. Mr.. Smith stated,
declared that he was in favor of some
legislation to remedy conditions here,
but that he was not in favor of regulat-
ing business By legislation.
Mr.. Smith said he understood from
the President that he was not famil-
lar with all details of the bill. The
President. he said had agreed to re-
ceive a dele CATION of local and ma
tional officers of the association some
time next week, in order that they
might present further facts to him.
The Chief Executive expressed his
opinion that there had been a pyra-
midlng or trusts mere, hr- Snlln Sdlu
Cites bankers stand.
Mr.. Smith declared that he told the
President that a number of heads of
big financial institutions had person
ally informed him that they would re-
fuse to lend any money on building
projects in the District should the
rent measure pass. 1t was stated at
a conference of local and national Of
ficials of the association that one
large insurance company in the habit
of lending millions of dollars on
real estate had already included a re-
strictive clause in their loan contracts
against sections of the country where
rent control legislation was in effect
or pending. Much alarm was caused
at the meeting by the statement of
one of the members that large
mortgage and bonding company had
stated in a letter that 1T would not
lend any money on construction in
the District if the rent law was
passed.
Harry Wardman, local builder, also
discussed the situation with the Pres
ident today.
Mr.. Wardman, after seeing the Pres
dent. said that he discussed the hous-
ing condition here quite thoroughly
and went into the law for the regu-
lation of rent.
Sees AgGravation.
Passage of such a law as the Fresi-
dent has transmitted to Congress, Mr..
Wardman said he explained to Mr..
Coolidge, would aggrayate rather
than help the situation here. The
President was told that builders here
are overcoming the housing shortage
tyo14a n three
and four rooms could now be had for
around $50 month.
Mr.. Wardman said that he was try
ing to build a number of small houses
and apartments to do what he could
TO help the situation here, he
indicated to the President, and II
left alone housing and rental mat
ters would adjust themselves, but TO
pass such a law as has been sent to
Congress for it's consideration would
only result in a number of builders
being driven out of business. If he
was acting from a purely selfish mo-
tive. Mr. Wardman said, he would be
in favor of the law, because, as he
pointed out, it would only result in
securing money from the market
where the small builders obtain 1t.
Such a result, Mr.. Wardman said,
it could be seen, would merely help him
seeks Definite Action.
1t was indicated that the President
was not absolutely indorsing the
measure which he sent to Congress,
but Mr. Wardman said that the Presi-
dent was anxious to have something
in a constructive way done which
would solve the local rental problem.
Mr.. wardman did point out that there
was no possible way at this time of
putting up buildings which could be
rented at a figure to meet the budget
of the man who gets SIS or 500 a
month. That time is passed. he said,
but he did point out to the President
that if matters were left as they are
now builders would go ahead and
provide houses and apartments at
something around the figure which
he quoted above.
Mr.. Wardman did not represent the
local real estate men in his call on
the President, but called personally
as a business man and citizen to give
the President the benefit of his expert
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