New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-24
IL, The Promising Centres Of
Manhattan and the Bronx
Subjects Discussed by Experts on Loans, In
Vestments and Speculation.

IT was not an unusual state Of affairs
about five years ago to meet the manager
of the sales department of one Of the big
brokerage houses devoting many hours
when not in search of realty buyers to
the procuring of mortgage loans. Often
other important work was assigned to the
sales manager with the result that he
had so much to do that he could not per-
form any one Of his numerous tasks in a
way entirely satisfactory 10 himself
This system Of conducting a great bust
ness was a legacy from the pioneer school
Of brokers' many luminaries Of which
posed as experts i'm nearly all lines OF the
business. But with the passing If the old
school Of brokers the day OF specializa-
ton arrived. and the large brokerage
houses became noted for their many de-
partments, each with a staff Of employees
who tried 10 have a sound and valuable
knowledge of one or, at the most a few
instead Of many subjects
Hundreds Of men who under the old
system made an enviable reputation as
statesmen OF property are now managers
Of the loan departments or identified with
those departments in the old established
or in the new and rapidly growing broker
age houses.
To be a successful negotiator Of loans
one must be an apt student OF values and
able to keep a firm grasp on the chang
ing characteristics of the building world
What is useful for a certain class Of
business to-day may appeal to an entirely
different class five or ten years hence
and the earning power Of the property
may be so altered that the premises might
not be able to carry safely the old loan,
or. on the other hand. with larger rem
tai power a larger loan would be ap-
proved by the most conservative brokers.
The fees Of persons Of ability who make
a speciality Of the loan branch of the
brokerage or building business to-day are
expressed in larger figures than ever be-
fore. And the opportunities for an ener-
getic young man in this sphere Of the
realty world are more than In many
years This is so because the sales mar
let for first mortgages on New York real
estate in nearly all the big cities Of this
country is constantly expanding. Hand
ling of these loans is almost confined to
specialists. Some Of the big lending COM
panies and brokerage houses have repre-
sentatiyes In most of the big cities in
question, and il is needless to say that
those representatives. leave nothing ua-
done to tell persons with money to In.
vest that first mortgages on improved
property I'm New York is the best kind OF
investment
Occasionally big brokers will be found
here who have no mortgages among their
assets Those brokers usually do little
quiet buying on their account, which ex-
plains why they are not owners of mort
cages.
Many associations OF property owners
are doing excellent work in helping to
broaden the mortgage channels OF the
metropolitan and suburban districts. One
of them which deserves much praise Is
the House and Real Estate owners AS
ISOLATION Of the 18th and 18th wards. In
the last number of its bulletin is an arti-
Gle about mortgage investments. The ar
ticle is, in part, as follows:
"A conservative mortgage on well To-
Gated improved real estate is, perhaps
the choicest Of the many forms OF in
vestment. For security IL is classed with
government bonds, and is one OF the few
forms of investment permissible 10 trus-
| tees, executors. etc, by the laws OF the
state. The rate Of interest is higher than
| is payable on government bonds or on
deposits in savings banks.
"The likelihood OF a loss is placed at
minimum. The owner takes care OF his
property to prevent the loss Of his money
| invested therein; he must lose everything