The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-12-15

Ations better nor the future moro
tOseate Notwithstanding high taxes,
labor cost, price Of coal and other
operating expenses the owner Is A.
usnciaIly better than he has been in
many years IT am optimistic" he
tod the New York Building Mana
s,rs Association at its meeting re-
Gently and Judging from what he had
70 say he 10 an optimist Of the highest
order. As comptroller OF the Metro
pclitsn Life, which is the largest
owner OF real estate mortgages in the
csuntry, and which company was in
srumental in the upbuilding OF bust
ness and residential sections OF the
dc, Mr.. Stabler is well qualified to
ak about the real estate situation
and what he thinks is ahead.
he drew no pleasant picture Of
To situation before the coming of
tM great war. Overproduction was
he condition in every class Of prop
sry. The building Of the Equitable
Building, the City Investing Building
and the woolworth Building. he said,
alarmed the men who knew the state
o. Affairs In the Office building dis
trict, and he was forced to turn pes
simist, perhaps, for the first time in
his many years in real estate. There
were not only. too many offices but
TOO many apartments and loft build
ings, he intimated.
The war has changed all this and
to-day that great overproduction has
disappeared and premises Of every
Kind are needed. But there seems to
b little likelihood that the shortage of
homes and factories and offices will be
relieved perceptibly for some time. He
admitted frankly that there Is no
money available for construction. The
great reservoirs OF money-the life in
surance companies and other large
lending institutions-have been low
cred by investments in Liberty Bonds
and will be lowered some more by in
vestment in the issues to come. 1t will
take year for the institutions to pay
for these. 1t was a patriotic duty,
Mr.. Stabler declared, to back the Gov
eminent to the limit and that is what
these institutions did. Under the cir
cumstances, Mr.. Stabler continued, no
building loan money is in sight, unless
some new money can be found which
will finance operations to point
where investors can come in and in
vest.
Savings banks are not permitted to
give building loans. Deposits have not
stopped, and money which had been
lost track Of, having been withdrawn
through fear Of the outcome of the
var, is now coming back.
The savings banks have money
for mortgages, and understand
said Mr.. Stabler, that applications
are now being received by the saw
ing institutions"
He suggested that individuals and
others enter the building loan field.
In his opinion there was never a
lime OF greater promise or condi-
ions which assured greater safety.
There never will be again such build
ns as resulted in the conditions
: pr!or 10 the outbreak of hostilities
which finally involved the entire
world, Mr.. Stabler expressed the
hope and the belief that building
would not be encouraged without
limit Resumption OF building will
oe SLOW ne thinks and that small or
moderate size buildings will be the
nrst TO be erected.
We must start slowly despite the
great needs Mr.. Stabler said. be
cause Of the economic effect rapid
assumption would have. The coun-
ny Is bare Of building materials. It
VII take time for these industries TO
recuperate There is a great short
age OF brick and lumber and labor is
ugh and strikes, I am told, are
pending"
Men who have watched the labor
Etuation closely have told Mr.. Stabler,
ne said, that even If the insurance
companies had the money to do so,
they would not allow an extensive
guiding movement because of its eff
Iect IN lifting the prices OF labor and
material! Mr. Stabler advocates a
more conservative financing OF build
'hg operations in the future. He said
MAJ the American as a rule is too
careless in borrowing and In lending
builders borrow as near the limit as
WSs!o!e. II they are encouraged by
"oeFaaty on the part of the lender,
me'speculation will be the result.
This 10 no time for the shoestring man,
no said. He may pull through and
l. -.
we must he more conservative than
heretofore. It would be best for real
estate and for the entire community,
Af Staoler thought.
Nmortz!ng loans will be the mort
gage Plan followed in this city from
now on, Mr., Stabler IL sure.
Nhen the Metropolitan Life Insur-
ahce Company put into use the plan
amortizing loans two years ago,
d.. s'aher aAid, real estate men told
N'"' mat he was killing realty, depre-
.tHHs values and doing a lot of other
nNhss harmful TO property. Looking
,osck over the two years and having
watched the effect of the plan on real
state Mr., Stabler said that ne felt
HNSh'd that amortizing had worked
he oppC site to that which real estate
men predicted II would. In other
WORDS, Mr.. stabler is OF the opinion
NAY the plan Of reducing yearly or
yearly the amount OF indebted
"H IN property is boon for real
4