Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-22
Acting Head of D. C. Commit
tee to Urge House Approval
of Realty Measures.
PROPOSALS WERE PASSED
BY SENATE YESTERDAY
Regulation Of Securities and Mort
gage Foreclosures Purpose
of Provisions.

determined effort will be made by
Acting Chairman Mcleod of the House
District Committee when the commit
tee meets Wednesday to head q drive
to get emergency action in the House
ON the bills to regulate the sale Of Sc
cur1ties and the foreclosure of mort
cages, which passed the Senate yester-
day after Senator Blaine, Republican
Of Wisconsin, had spoken for more
than two hours in support of the meas
ures.
Senator Blaine, who headed the sub
committee which spent nearly two
years investigating real estate, invest
nent and mortgage affairs in the Dis
Irlct, reviewed the work of the sub
Conmlttee. Senator Blaine went into
oetal In discussing the refinancing of
the Wardman properties In 1929 and
also commented on the steps recently
TAKEN IN New York to form a protec-
i've committee for the bondholders of
Wardman Real Estate Properties. Inc
ana similar committee for the de-
oenture holders Of Wardman Realty z,
Construction Co.
Inc oil! to regulate the sale of stocks
and bonds, which went through the
senate as reported from Committee
gives the Public Utilities Commission
supervision over its administration n
would require the licensing of secI,ritv
dealers and statesmen. The bill ont.
!lneS the procedure to be followed in
investigating proposed issues of stocks
ana bonds before they are offered to
the public. "
Redemption Period Extended.
The other bill outlines a procedure
TO be followed in foreclosing MORTGAGE
In the District, it having been The
contention OF the Blaine subcommittee
tnat at the present time the District
practically without laws providing
tor an orderly and regular form of
foreclosure. "a
AS reported from committee the bill
would nave allowed the mortgaQer is
Gays IN which to redeem after the date
OF sale. This was changed on the floor
70 SIX months on motion of Senator
bratton, Democrat, of New Mexico.
senator King, Democrat, of Utah, also
urged longer redemption period. In
cluoeu also in the foreclosure bill are
provisions to prevent losses to investors
IN mortgage notes through release of
the mortgage instrument without paw
ment Of the funds loaned by individual
noteholders. The bill provides that no
release by trustee or mortgage shall
AFFECT the lien Of note secured by the
instrument released, unless the note
Is presented to the recorder of deeds
ana by him stamped. Cancelled and
released"
The action taken by the Senate yes
terday places before the House all three
OF the remedial measures, whrh have
grown out of the Blaine subcommittee
inquiry. The third bill, to license and
regulate the real estate business. passed
Inc senate at the last session and is
awaiting House action.
Withdraws Objection.
When Senator Blaine first asked
unanimous consent to take up his two
oll!S early yesterday Senator Hale, Re-
puoncan, OF Maine, objected because
ne dld not want to lay aside the naval
appropriation bill, which he had pend
ing al the time. Senator Blaine there
upon made motion to displace the ap-
preparation bill, and, upon that motion
ne oeoateo the security and foreclosure
suoJectS Tor more than two hours.
senator Hale later withdrew his OBJ
Jectlon to laying aside the naval bill
temporarily, and the two local meas
ures were acted on with brief debate.
After he had summarized the essen
tlal features OF the report which the in
Vestlgating subcommittee filed earlier IN
the week, Senator Blaine explained that
ne was not seeking to interfere with
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