The Washington times., 1929-05-14
Senate Must Now Investigate
Alleged Dishonest Practices in
D. {. Real Estate Field

~ ER1oUs reflection cast upon worthy reputable nd
- vduals firms engaged in the real estate and mortgage
business in Washington by the grave charges made in the
Senate by Senator Brookhart Of Iowa
In desire correct alleged dishonest practices and to
put end to wrongs Senator Brookhar doubt realizes
that his resolutions unless they do end in investigation and
Qualification, will do manifest inusces to the great bulk
of honorable establishments in the real estate business here
There is nothing now for Washington realtors to do but
to insist that the proposed investigation shall be made and
made quickly possible that damages done may be re-
paired and that the lines may be drawn between honest
square that which the Iowa Senator declares
tc be dishonest and shady.
Until this investigation is made and conclusions drawn
from it. all talk of "bue sky legislation to control certain
phases of the real estate business should be abandoned
There are improper practices in all lines of business
Congress and legislative bodies do not attempt to hamper the
legitimate activities of business by widespread restrictive
laws they did almost every line of business would be
placed in legal sratackets unable to do anything with
out Governmental control or supervision.
The bad eggs any business industry sooner or
weeded out by natural processes although the public
often suffers while the wedding out is taking place Dis
honesty brings punishment. It should be more
than it frequently is.
What restrictive laws any, may be needed in Washing
ION remains be they needed Congress will
surely be careful to hinder the flow Of rghttul ana
honorable business to njure legitimate investments
CONGRESS once before went skyrockeng of real estate
values here That these practices were engaged in some
years ago. resulting in heavy losses not denied but they
not general They were practced all over ne country
following the war with Germany
Washington realtors as whole held aloof from trans
actions that not keeping with the clean ideals OF their
business which necessarily Of or less speculation
IN the placing Of mortgages however they uniformly
congerate the of investors They that these
Investments fully safeguarded.
Senators and Representatives deeply concerned as to
losses that may have been sustained by their constituents in
he purchase of real estate securities issued on washington
real estate Frenzed pyramding Of real estate values un
uestionaby led to excessive mortgagng but again may
De ruthfuy said that such practices have been steadily
upon by substantial real estate establishments con-
stituting immense majority.
Another important for this Investigation to be made
Is that Washington real estate values will be under cloud
until the facts brought out
The man or woman anywhere in the United States who
ouvs Washington real estate in a careful way BUYS THE
Rest INVESTMENT IN THE UNITED STATES.
Washington is the heart Of the Nation. 1t impossible
or the Nation grow without Washington growing with It,
Uncle Sam himself investing heavily in Washington real
estate for his He will continue to be purchaser
he buys prudenty, of course, but he buys wisely.
ANY INDIVIDUAL CAN AFFORD TO DO WHAT UNCLE
SAM rs DOING. THERE IS GREAT FUTURE FOR
rms CITY AS THERE Is FOR THE NATION EVERY
FOOT OF REAL ESTATE HERE HAS REAL VALUE BACK