New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-21
Brighter Days Near, Says
Kelsey - Rents Better =
and Vacancies Fewer
ANNUAL REPORT OF
TITLE GUARANTEE co.
Adds High Cost of Con-
struction Has Checked
Unnecessary Work

Clarence X. Kelsey. president OF the
Title Guarantee and Trust Company
predicts better realty times IN has an
nual report 10 the stockholders OF the
company. The report was submitted
at the annual meeting held January To-
Several years ago we deemed IL
wise TO stop predicting an early return
of good times in the real estate mar
ket,b says Mr.. Kelsey. Urged on by
our hopes, we had prophesied 1t sew
eral times, but the market got worse,
instead of better, and OF late We have
refrained from offering any speciV
encouragement This year. however.
We arc almost tempted 20 break our
rule.
There is no doubt that rents arc
better. Most Of the newer buildings
are full and the older ones are feeling
the benefit of the increased demand
for space. Renewals are being made
in advance of the usual time. All this
spells prosperity for the real estate
owner, and even if the war ends very
speedily, as we all hope IL will, the
business of this country is likely 10
continue in large volume for many
years. Real estate which usually If
the last to feel the effect OF radical
changes in business is certain TO De
affected eventually and some portion
of the great wealth which has been
acquired during the last two years will
find its way into New York City real
estate.
"The total income from the various
departments Of our business Is great,
CIR this year than last, but the actual
amount carried forward 10 surplus Is
h. fa khak Lac
there WAS an upward adjustment Of
the book values of our securities TO
Offset the adjustment downward In
1914. caused by the war. This added
q little over Sl05,000 10 our profits
in 1915. Our expenses this year eX--
coed last by about $4,000. The in
creased cost of living has made IL
necessary 10 increase some Of the SAIL.
aries of our lower paid people and
the company itself has felt the In
creased cost in supplies and in oper-
ating expenses"
Other things CLEANED from the re-
port follow:
The company paid to its employees
in profit sharing last year over $751;
600.
Il paid a hat bonus of per cent 70
all employees whose salaries amounted
to $4,000 or less and who had been
with us since July l.
The number of employees is 1878, Of
whom 637 are in the New York Office
and 678 in Brooklyn and Long Island
Offices. The total payroll for the year
amounted to si,3s0,3T3.
The high cost Of building construc-
tion has been a very effective check on
unnecessary building. IL looks as II
once more the demands on the part OF
the population for space might equal
the supply. and real estate owners re
ceive enough in rents to pay the heavy
taxes and to keep pace with the IN.
creasingly exacting demands Of the
various city departments and still have
interest on their investment left over.
The coming ordinance, as IL is called,
defining the kinds OF buildings that can
be erected in certain districts and linn
iting the height Of buildings, is bound
TO have A beneficial effect. II should
have been enacted years ago, and IS
now more difficult Of enforcement and
harsher in its effects than Il would
have been fifteen years ago. Undoubt-
eddy il will affect adversely the value
OF certain property, but It's general et'
feet on real estate In greater New York
il bound TO be beneficial. II will sta
Billie values, il will treat similar own
ers equally, and II will prevent great
Injustice to some owners from the acts
Of neighbor appropriating more thar
their share Of light and air.
There have been a number OF con-
spcuous purchases in the year. Stock
speculation has been very exciting aud
profitable. It is hard to get men who
are following one successful game to
try another, but when their success
wanes, few prudent ones out OF every
hundred leave the old game before all
their profits disappear and try safer
one. II is then that New York real
estate comes TO It's own.