Evening star., 1933-01-28
Bankruptcy Law and Other
Measures Also Urged at
Closing Session.
GENERAL SALES LEVY
AND TAX CUT PROPOSED
W. c. Miller, Inducted as Head Of
Association, Sees Country Emerg-
ing From Depression.

The National Association Of Real
Estate Boards today recommended that
the act creating the Reconstruction
Finance Corporation be amended SO
that agency be permitted to make loans
on and to purchase first mortgages,
subject to certain conditions, in reso-
luton adopted at the closing session
Of the annual business meeting here.
The national realtors also called on
Congress to approve the separation OF
security affiliates and investment cor
perations from the banking institutions
of the country. as provided in the
pending Glass banking bill; and also
urged enactment of the proposed
amendment to the Federal bankruptcy
and C.abt adjustment acts, so as to
safeguard interests Of both tenants
and landlords
Another resolution asks that Pres
ident-elect Roosevelt, in his expected
call for a special session of Congress
during April, place before the new
Congress the possibility of amending
the Federal Home Loan Bank act, SO
that it might consider plans for
broadening the scope Of work OF the
ueW pd1lhulS Syote1u.
Tax Cut Urged.
Means of carrying into effect ma
tional program for tightening the tax
burden on real estate were discussed.
The program drafted by the organi-
Zation of real estate operators and own
ers proposes adoption by States of va
rious new methods, including definite
limitation of the extent to which a
property may be taXeA and calls for
enactment of a Federal general sales
tax, half of which would be allocated
to the States for support of public
schools.
Miller Takes Office.
w. c. Miller of this city was induced
Into the Office of president Of the Ma
tional Association of Real Estate Boards
by l.. T. Stevenson, 1882 president, at
an inaugural banquet last night. Mr..
Miller is a past president OF the WASH
ington Real Estate Board and former
chairman of the home builders division
of the national body.
Mr.. Miller declared the United States
would emerge from the depression bet
ter and more truly American than ever
before" and said that hard work is
ahead for the reconstruction of business
Mr.. Stevenson emphasized the point
that business must adjust itself to
new era and must now build a new
plan to meet new conditions. The real
estate business, in the changes he as
serted. must take such action as will
preserve for the future the savings Of
the people as are represented in the
American home.
In addition to Mr.. Miller, three other
Washington realtors were inducted into
Offices of the national body for 1888.
They are H. Clifford Bangs, head of the
Brokers Division; Waverly Taylor. vice
chairman of the Home Builders Di-
vision, and j. F. NJ Bowie, member of
the Executive Committee of the Prop
erty Management Division.
Asks Tax Reduction.
A declaration that the burden of tax
alton now borne by the owners of real
estate must be reduced was made late
yesterday by Rufus S. Lusk of Wash
ington in an address before members
of the Property Management Division,
in which he reviewed findings of a sur
vey of local apartment properties which
was presented to members of the Sen
ate District Committee recently in his
study of local rental conditions.
One of the most constructive facts
out Wy lIAC oui wy, AAC o1AQ, Woo
a showing of the relation of real estate
taxes to the income of apartment prop
critics He pointed out the study showed
that 12.5 per cent Of the gross income
of the buildings surveyed was absorbed
by taxes and that 10 per cent of the op-
Grating costs Of the properties was for
tax payments. Taxes, he said, amounted
to Ill per cent of the rent schedules
and amounted to approximately 35 per
cent of the net income, before interest.
obviously, this condition cannot
continue" he told the realtors. Real
estate is not being taxed; it is practi-
cally being confiscated."
The convention program was to be
concluded this afternoon with the stag
ing OF a golf tournament for the real
tors at the Congressional Country Club.
Other delegates were to be taken on a
sightseeing tour of Greater Washington.