The Washington times., 1934-04-16

lous operator, the free-lotter, re.
sale specialist and other fly.by.
nighters who have brought the
profession into disrepute in many
instances.
Their objections are nothing
compared to those Of the ones
who will be regulated under the
code as they have never been reg.
ulated before.
Minimum wages and maximum
hours are not as important to fair
competition as are the ethics
which are the rule in the asSocia.
ton Of real estate boards.
It Is this code of ethics, to which
members Of the association have
subscribed voluntarily, that will
now be enforced wherever real
property is sold in the United
States.
Every such person who sells pro-
perty for commission or other COM
pensation, whether on whole time
or In part, must register with the
Code Authority for the Industry
which will be appointed within
few days.
# he does not behave, the
authority will "crack down" on
him, and that expression will mean
something before many weeks
have passed.
While the code will do much
toward regulating the broker who
has been allowed to run wild in
the past, In that it will compel
the latter to observe the same
ethics that prevail in the associa-
ton Of real estate boards AL
though he is not necessarily a
member-the real estate license
law is as much a necessity as ever.
A real estate license law would
actually eliminate undesirable
brokers, while the code would not.
The code does not contemplate 60
ing into business and character
qualifications when It registers
brokers.
The license board will make
such an investigation and will is
sue licenses only to those whose
past dealings merit the trust.
The dual threat Of punitive action
for violation Of the code and dis
barment for violation Of the
license law would have a salutary
effect on many brokers who now
recognize no law nor ethical prac-
tice.
The homeowners' loan corpora
ton act amendments passed
through a storm conference on
Capitol Hill last week and is now
before the House for vote on the
conference report.
Incidentally there is a rapidly
developing trend on opinion in the
corporation to lower interest, elm.
mate second trusts from home fl
nancing and standardize long-term
mortgages.
Lansing Walk today begins his
new position as secretary-treasurer
Of the firm Of Caywood Brothers
and Garrett.
The new official has been
through the mill Of some fine real
estate firms in this city. He
started in 1919 with Stone and
Fairfax, now merged with the
Waggaman+Brawner corporation.
Two years later he entered the
= service Of Boss and Phelps, be-
coming sales manager.
In 1925 he opened offices for
himself in the Investment Build
ing.
It is interesting that the invest
ment Building lost no tenant by
Mr.. Walks departure. On April
10. j. Merrill Connor, for many
years on the executive staff of
Caywood Brothers and Garrett,
opened his office in that building,
so he and Mr.. Walk practically
made a swap"
Louis Rothschild secretary of
the Better Business Bureau and
Y. E. Booker, local investment
broker, will soon conduct q mass
meeting forum to acquaint bank
ers with the provisions Of the NRA
code for investment banking, it
was. announced yesterday by
Francis g. Addison, jr., chairman
Of the bureau.