The evening world., 1919-06-21
MILLIONAIRE ROW
LEADS NEW RUSH
OF FLAT BUILDERS
A, 100000 for -Four Big
HouSeS-ConStruction Condi-
tions Approaching Normal.

Minionalre's Row is leading the new
campaign OF nat builders. It has a.
100000 for immediate work.
Although the ufgent demand is for
structures 70 house the masses at
moderate rentals. there seems TO be
no lack Of capital for great buildings
TO house those who can pay from
5000 10 $4,000 . year. Plans for four
operations Of this type on Fifth Ave-
nus were filed In the last week. Each
house win be twelve stories high. All
are designed In the most luxurious
style Two to cover 2Oox1oo feet. will
be built at a cost OF $500, 900, on tho
northeast corner OF o7th Street for
the estate of Gen. Lloyd Bryce.
Another 20 cost t1.e00,OOo will arise
on the 125x126 northeast corner at
I'D street. A t1.500,00o house is pro-
jected for a corner at 6eth Street.
In the west end. two thirteen-story
houses were projected, ore on the
northeast corner OF West End Avenue
and 103d Street by Joseph Paterno,
10ox9s; another by Henry Mayer to
cover the sites Of Hx dwellings on the
northeast corner OF 74th Street Plots
for houses of less importance were
bought In many localities. notable be-
ing the sale OF sixteen old dwellings
on 4Sth. and 4Sth Streets, between
Second and Third Avenues. 30 a syn
dicate which will build six-story model
Oats for 800 families In the Bronx.
plans were ready for starting work on
the Garden apartments to cover a
block and house $50 famllieS More
than 100000 smaller undertakings
were put on record there. And in
Brooklyn and Queens flat builders
rushed forward with a great volume
Of plans TO meet the home scarcity.
After a careful investigation of the
building situation, the Advisory Coun-
oil OF Real Estate Interests, in which
President Alfred Il. Marling OF the
Chamber OF Commerce; President John
J. Pulleyn of the Emigrant Industrial
Savings Bank; Alfred Milbank. Jesse
Straus and other representatives OF
large interests are prominent, an
nounced to-day that conditions were
approaching rapidly to normal.
1T is quite probable that the pres
ont rental level is sufficient to en-
courage new construction" said the
council. THE normal production OF
housings has been interrupted for a
great period, and large numbers OF
people are now able to AFFORD better
housing, thus promising adequate re-
turns on the ruling costs OF material
and labor. The Lockwood Legislative
Committee reports S35, 10000 avail
able for mortgage Lnyestments--oniy
enough to furnish housings for about
$1,000 families. OF 5000 persons, yet
II Is more money than could be used
In this matter before fall.
Whether savings banks will desire
TO undertake the responsibilities of
making building loans under the new
legislative acts remains 10 be seen.
Few II any OF them are equipped To
handle this class of business with
proper protection to the interests OF
their depositors. and a comparatively
small amount of their funds will get
TO builders Just now. probably. In
fact, any real beneflt from this source
is open to question when we recall
that II is the savings banks that must
absorb these millions OF mortgage in
Vestments.
Dul We lOOk III VAIN 70 any WI
these laws, either actual or proposed.
for clear intent TO attract capital into
the housing field. Politicians respon-
slble for these acts seem TO have no
other object in view than TO placate
the present demands OF one class OF
voters. After all these weeks and
months OF agitation, how much dis
cussion has occurred regarding con-
ditions under which building could be
resumed and whereby capital would
be attracted In competition with other
sources OF investment now open7
Speculative or professional build
ers still seek 10 operate along their
old lines-that is, by investing little
| or no capital OF their own in their
projects. Lending institutions, on the
other hand, have seen the error OF
OF builder and they are seeking now
10 protect the interests OF their de-
positors and others whom they may
represent. Has anything been done
TO overcome this situation7
From tho investment standpoint,
II Is useless TO overlook the compar-
ative return from other securities IN
competition with real estate mort
cages. No general relief for housing
is possible or should be expected until
money Is attracted TO the real estate
and mortgage markets as a sound
business proposition. The housing needs
OF the community cannot be met per-
manently by philanthropy. II is plain
that capitalists must get the present
value OF their money, or else the pub
lie must walt until the course OF
| events shall restore natural condi.