Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-01-16

ACS1O4dG4OE4 VII VIZ AAAoSSS1'
The statement by the American
Bankers Association in its current
publication was made in connection
with a brief discussion of the present
outlook for real estate, in which 1t was
declared:
Building costs have been debated to
a marked degree labor is vastly more
productive and a great deal Of public
work is being done by State and mu-
nicipal administrations, as well as by
the Federal Government.
Just how soon a genuine revival In
the real estate market may be expected
is difficult to say; much depends on
restoration of general business activity
and profits.
High governmental costs and taxes
have become a heavier burden than
ever before, due TO the decline in the
commodity price level and in purchas-
ing power"
Testify at Senate Hearing.
President Kissel of the national
realtor body and other advocates OF
the home loan banking system pro-
poSaI testified before subcommittee o.
the Senate Committee on Banking and
Currency, which was considering the
bill introduced by Senator Watson OF
Indiana.
The witnesses stressed that the pro-
posed plan was as important as a per-
manent part of the national financial
structure as 1t was as an emergency
measure.
Mr.. Kissel further declared there was
q need for the proposed home mort
gage banking system and asserted his
UNQUALIFIED belief that it would func-
ton satisfactorily.
The proposed home loan banking
system was discussed at the annual
convention of the National Association
of Real Estate Boards last May in Bal
timore and a detailed study OF the
matter was authorized. More recently
the executive officers Of the national
body approved in principle the plan
OF President Hoover.
Testifying before the Senate com
mittee, Mr.. Kissel said:
Il am not speaking for the builders
or for banks. 1 am speaking In sup
port of this bill from the standpoint
of the relief it will afford the thousands
,Joon thousands of small home owners
who have been trying to pay Tor then
homes by monthly payments.
There is no reason why the FeoeFal
C-yc-nrnent should not lend its help
commerce and industry have a great
T-S-IFOI Ol CiClut III OAAS
serve system to which their bankers |
can 60; the private home owner can
not do that, for the agencies with
which he deals have no source OF new
funds and credit is dried up at this
time"
Others Sponsor Measure.
Others sponsoring the enactment OF
the measure included John S. Hill,
Durham, N. c., banker; H. C. Robin
son, Cleveland banker, and Fred q.
Stickel. ir, Newark N. j., representing
the United States Building and Loan
League.
Harry z. Karr, Baltimore, Md, on
behalf of the Baltimore Real Estate
Board and the Maryland League OF
Building Associations, appealed Tor
modification Of the measure so as to
enable Maryland associations to par
ticipate He said that under the word
ing of the bill-the existence OF the
ground rent leasehold system In Bal
timore and some other sections OF
MARYLAND, instead Of fee simple titles
such sections would not be allowed 10
subject to the rediscount activity.
Further amendment of the measure
was regarded as necessary by Senator
CouzenS of Michigan, and Senator
Morrison of North Carolina.