New-York tribune., 1908-10-21
ENTIRE MARKET TESTED,
Joseph L. Batten1cieser Tells Vest
Side School HO70 1t Vas Done.

The second lecture Of series on realty subjects
! at the West Side Young Mems Christian Associa-
ton, No 31S West 9Th street. delivered last
night by Joseph L. Buttenwieser, a leader among
the vast number of operators active on Manhattan
] Island and in other sections OF the greater city.
His subject was The Operator in His Relation to
the Broker" The spacious auditorium was well
filed the majority OF persons present being pronli-
nent in various lines OF the real estate market At
this course Of addresses the listeners have the
privilege of asking questions and sometimes the
questions carry the speaker far away from ms SUD
ject, and then the hearers get view Of the realty
field which the older school Of real estate men
Only obtained after years of actual experience as
brokers operators, investors builders MI
Buttenwieser was called upon to express his views
on many subjects relating TO the real estate busi-
ness and the replies he gave added largely TO tAe
big measure Of profit all those present received Dy
hearing him speak.
PROJECTS WILL HELP MANHATTAN
a large number Of realty men hold the oplnioh
that the bridges. the new river tunnels anu
other transit projects which being perfected
will seriously affect the Manhattan real estate
market. One person present wanted the views OF
the speaker this important subject MI But
tenwieser said the fact should not be overlooked
in trying determine what effect all these transit
channels would have on Manhattan's growth and
realty values that the lines which carried people
to the suburban or newer residential districts would
convey them just quickly and just as comfort
ably and safely Manhattan For that reason
the territory which supplied Manhattan with its
retail business vigor would be Of greater area,
and that meant nothing less than greater
realty strength. IT remember the time very well
when New Haven was considered A long distance
from the city and in those days d man with a
business requiring his presence Fere every week
day" continued Mr.. Buttenwieser, would not
think Of living in New Haven and journeying daily
between there and this city know Of q number
of well known bushes who live in New Haven
and come this city each week day to attend 20
their business here. And how many women living
in New Haven shop in New York! Why, the ma
fority OF New Haven women visit the New York
shopping districts one more times year, where
as twenty or more years ago such shopping tours
uncommon thing
REALTY VIGOR THOROUGHLY TESTED.
Another one of his hearers asked him If it were
not a fact that banking institutions would have
foreclosed or called in more loans on real estate
in the financial disturbances of year ago If they
could have realized FIickly on such equities IN
real property.
"A great and thorough test Of the strength OF tie
realty market was made in those days Of financial
disturbances - said Mr.. Buttenwieser, and can
say unequivoCauy that the banks, trust companies
and life insurance companies considered their Oest
assets their realty loans and other realty equities
7 never knew or heard of who was scared
who did not run unless fear had paralyzed him
If the financial institutions had been in doubt as
to the value Of the real estate securities they held
they would have tried to get rid of them, and would
have taken severe losses in order TO do so and TO
get the ready cash. II is true that some properties
we're sold in foreclosure proceedings in the Vesey
street salesrooms, but most Of them were not IN
cIuded in the class Of properties numbered as Al
investments
Yes the banking institutions are satisfied that
the stability of the local real estate market is well
fixed and realty is therefore more attractive in
vestment now than ever before
INDIVIDUALS CHIEF LENDERS
7 am positive that lhe banking institutions and
life insurance companies hold not than 25 per
cent Of the loans on property in the greater city
The greater number Of loans is therefore held by
individuals. feel certain that Mrs. Hetty Green
had no apprehension about the Stewart Building
being safe investment year ago, when the value
Of stock securities was disappearing like vapor.
think her total loan that building represents an
investment there equaIing S.s60.0Go How many
realty leaders and investors would jump at the op-
portunity take that property over at that figure
Every one of them 7 have not the cash 10 do 50.
but I would not lose much time in trying 10 raise
the necessary amount TO acquire the property for
that sum. Of course, no one expects to be con-
fronted with such golden opportunity, and that
fact alone vivdly reveals what safe investment
IS that 81 $4,000 loan Of Mrs Green's on that build
ing
In speaking about the relation Of operators
toward brokers Mr.. Buttenwieser said: Every
year New York absorbs city Of about 10000
persons or in other words, its yearly increase in
population is about 30oo0 The work Of providing
housing and business needs for the newcomers
falls upon the shoulders Of spectators, operators
and builders. There is class Of men who have
made possible the work Of the operator They
the real estate brokers. No operator can succeed
who does not deal in q straightforward manner
with the brokers, and a broker VINO conducts his
business in q way 10 bring dscredit upon his call
ing IS false not only to himself but to the
orar4tors