New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-02

constant increase OF land values and also
the legitimate profits which may I've real
lied i'm real estate operation apart from
the ownership of improved properties Tor
income. The purchase OF vacant land in
bulk and It's preparation for occupancy.
the furnishing of residential and business
space FOR the constantly increasing de-
mands of a growing city. are as lcgiu-
mate enterprises for thek employment
of money and the taking of profits as
any that exist. and there are few bust
nesSes which can show more consis-
tent record Of profit earning for a long
period OF years than this.
have mentioned these different deter
rents TO real estate prosperity not because
most Of US are not acquainted with them.
but because before We know what remedy
to prescribe we must know the exact con-
dition OF tho patient II seems 20 me the
remedy is not difficult to find and sug
scst the following:
First, a campaign of publicity through
the newspaper and magazine press when
Will tell honestly and without fear OF con-
tradiction the investment value of New
York City real estate This does not mean
starting a boom" and using boom eX-
aggerations The actual truth is all that
is needed We need public education. pub
lie knowledge OF the value firstly. of real
estate. and. secondly. Of New York real
estate more than we need emphasis on
what some persons are just now engaged
i'm calling for their own Interior pur-
poses restoration of public confidence IN
real estate"
4 thing to be restored must first nave
been lost The public has never lost conh-
dence in New York real estate The fact
that "A few real estate firms have proven
incapable or dishonest and that few
more lave used bad business judgment in
the selection of properties in which they
sold Investments can no more destroy pup
lie confidence in the value of real estate
investments than the discovery that
| gold mine" was salted or that an oil well
ran dry when the can was empty mas
destroyed public confidence In the value oil
gold and oil. The amount of money lost
! in transactions in New York real estate
that is lost in the sense Of representing a
swindle, is as nothing compared 10 the
millions that have been lost by investors
| in the Juggling Of watered transportation
or Industrial stocks in the general field.
So the second component of my pre-
scription is the regulation Of all sccuri-
ties by the State Banking Department
J or some other state body with super' is
! DRY powers
! The third, though OF equal Importance
with the first two named, is cooperation
/ among real estate operators-that IS
those who buy and sell for profit or who
! buv for investment-real estate owners
and the Merchants Association and the
I Chamber of Commerce. Buffalo mas
real estate exchange made up OF the
, principal brokers and operators. II pre-
serves its distinct identity as an organ-
cation But il is also one of the com
ponent parts Of the Buffalo Chamber OF
! Commerce and the Buffalo Chamber OF
| Commerce is bringing an average of
! sixty new business firms into Buf1alo
each wear. II is needless TO say that
/ this means an increase in real estate
! sales and leases and the rental ana
purchase of homes. 1t is done through
/ cooperation. If a manufacturer wants
TO locate his plant in Buffalo and writes
| for information as TO the best location
the Chamber calls on members OF the
Real Estate Exchange for data. II is
furnished. and 1t is the best, most thor
I ough and most complete that can be OBJ
tanned. If the manufacturer comes to
Buffalo a committee. one member OF
la
member of the exchange, takes him to
various locations and points out their ad-
vantages, or defcts with regard to his
particular purposes. The spirit is one Of
cooperation. This does not mean that
there is no business rivalry. But each