The Washington times., 1934-02-17

met here, except on the occa-
sion of a national convention or
uatdwinter conclave.
Two Code Committees
Special significance is attached
to the approaching meeting as
on that occasion the important
report of two code committees
will be made to the directors.
The committee on code OF
fair competition for the brokerage
Industry will submit its report.
This group is headed by j. w.
Cree, jr., of Pittsburgh. and in
cludes, H. C. Bangs and Waverly
Taylor, of Washington; Hugh
Potter, Of Houston, Tex, presi-
dent of the real estate board OF
that city; J. Soule Warterfield,
Chicago; j. C. Nichols, Kansas
City, Mo-; Harry E. Gilbert, Bal
timore, and Frank M. Ledwith,
ct Brooklyn, N. Y.
The code for land development
and home building, will also be
reported at this meeting.
From all over the country there
O. a gathering storm Of protest
against taxes-income, real estate
and personal. Property owners
are particularly resistant against
the Government impulse to OBJ
tain revenue by imposition OF real
property tax.
Called .Unwieldy
It is pointed out by these that
the tax system as it applies to
real estate, especially improved
property, is unwieldy and in
elastic. No account is taken for
depreciation, they complain, and
virtually all property has de-
preciated during the past few
years due to the financial in
ability of the owner to maintain
improvements in good repair.
Moreover, the inclination is to
Figure that all real estate ap-
preciates in value rather than
depreciates, and the burden Is
more noxious than ever.
In this connection. brokers and
owners in Alexandria are show
ing much concern over the ap-
preaching reassessment which is
to begin soon and to stand for
the next four-year period.
Confidence in the ability OF
Edward j. Fleming. James S.
Smyth and James Armstrong is
expressed by the Virginia tax
payers, but nevertheless they fear
the tendency to appreciate values
may further involve not only the
owners ability to pay, but the
municipal finances as well.
No Revenue Gains
Even with an ambidextrous city
council, the municipal budget can
not be maintained in state of
equilibrium and with taxes fig
Nred on the present basis, the
uncollectible items on the tax
rolls give evidence that an in
crease in either tax rates or prop
erty valuations will not increase
Vevenue.
Business is looking up and
alert realtors are looking around.
New houses are going under
construction daily despite scat
tered cries of unusual vacancies.
The Joseph Eaton firm has
completed its first house on
Brandywine Road in the face of
an unexpected outlay for sewer
connections and is preparing
plans for the second structure.
CafritZ Homes
The Saunders Company re-
fused to be daunted by rising
material values and is duplicat-
ing a large brick residence in
one of it's developments and the
Morris Cafritz company is going
right ahead with its English type
homes on Bradley Lane.
The Wapie- James combine never
acknowledged a depression in the
real estate market.
This firm, composed of the ideal
partnership of broker and a
builder of renown, has maintained
its same office and sales force
during the past few years and is
reported to be planning new de-
velopment.
METAL MARKETS