davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21
Campaign to Bring More
Mortgage Money Into Use
Elan OF Guaranteeing Certificates Begun by H.
kalller, President of the New York Title and
Mortgage Co., Seeks to Interest Small investor

The New York Title and Mortgage
Company, which not long ago started
q plan for the guaranteeing Of titles
to real estate IN all parts of the United
States, now plans the sale of cuaran-
teed mortgage certificates. II. A.
hahler, president Of the company, SAYS
this new plan has been developed in
an effort to bring new mortgage money
into the city.
In the ten years ending 1914 says
Mr. hafier, the amount has dropped
70 SlS5,OOO,OOp, or i decrease of about
oo per cent. The reason for this was
the embargo placed by the government
on new construction during the war and
the call for financing the cost of the
war by the sale OF Liberty bonds.
among those who responded most lib
orally were the great insurance com
panles, savings banks and trustees of
large estates, upon whom construction
interests depended for their first mort
cages: Money available for mortgages
was absorbed by the government. Once
IN the hands of the government. by
means of bond sales and taxes, it was
then redeposited in the commercial
banks and used by them under the in
in short term credits for financing the
expansion Of commercial business on a.
basis of highly inflated price level.
Ihls is the actual condition as it is
day.
The future is made even more omin-
lous for the use OF a substantial vol
unle at the nations wealth for internal
permanent development by means Of
mortgage loans by the bill introduced
by Senator Edge, Of New Jersey, by
which the resources Of the Federal Re-
serve system are made available for
certain domestic corporations which do
an exclusively foreign business. They
are allowed by This bin to make loans
on foreign real estate, and therefore
require long credits. Money available
for mortgages at home Will thereby be
lessened.
THE scarcity of mortgage money Is
further helped by the fact that under
the present tax system income from
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21

English tax. When both governments
have had their snare Mr. Astor has no
income; in fact, he has TO draw on hic
surplus in order to meet the full
amount of both taxes and maintain
himself, which is contrary to the AS
tor family's business axoms.
Vincent Aston, Of course, escapes
the tax levied in England on the in
come Of his uncle, Baron Astor, and
of his cousin, but as resident of
America his taxes are high, so high,
the man i'll the street figures, that the
income from his choice real estate is
not sufficient to maintain him after the
government has taken what the law
demands.
1t is all conjecture on the part of
the man in the street when he says that
by the sale Of income producing prop
critics, such as the Putnam Building
and the Schermerhorn structure, in the
wall Street zone, and the investment
of the proceeds in tax exempt bonds
that Mr.. Aston may live we'll within
the return from his investments and
yet do all that the government expec Is
Of him. The vacant lands. of both
houses Of Astor, scattered through
Manhattan and The Bronx, will have a
market some day, and whatever sacri-
fees are made now Of valuable real
estate holdings will be compensated
in the long run.
This, of course, is the theory of the
man in the street, who has been startled
by the change in the policy of the
Astor estates His deductions may be
far off the mark, but since the Astors
are unwilling to talk, and they are
perfectly justified in being reticent in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21

of trade and the attracting of new
commercial enterprises.
From Newark, for instance, 5 cents
would carry one miles into the suburb,
of the city in the days when real es
tate promotion was at it's height in
that part of New Jersey. The trolley
was the riva. of the steam railroad
because its use permitted a large saw
ing IN fares each day. The home
owner living five or ten miles outside
Newark few years ago rode into
,he clty on one of the many radiating
INES OF electric railways and took the
Hudson and Manhattan tube train INTO
ne" ork City, or accepted the service
OF one OF the many steam railroad
systems passing through Newark.
Under TIE coming scheme instituted
by the tcolley corporation competition
win the steam train systems has been
eliminated, "a the tariff on the trolley
mile figures about cents, which is the
same as the travel cost on the big
railroad routes.
In other words, the man who rode
say ten miles for a or 10 cent fare
must pay 20 to $50 cents to travel the
same distance under the zone fare plan.
Bad for Small Homes
Inc statement OF the traction inter
ests that the zone plan is a fair one
because 1t is based on distance trav-
eli L, Is not accepted by all Jersey
1oiks. There are many who will have
to pay cents for ride of little more
than a zone and half unless they
walk to the nearest zone limit and take
a car there and alight at the other end
OF the zone and continue their walk to
their destination, which may be a few
blocks INTO the next zone. To ride these
lew blocks on either end of the zone
travelled would not be economy. be-
cause the cost of travel would be as
much as 4 and cents a mile. The
family that goes to the suburbs and
ouys house on the instalment plan is
forced to exercise the strictest econ
omy- Every cent must be put to useful
purposes.
Great distances will be travelled to
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21
SUPERINTENDENT BUILDING EAChvG TRINITY CAuRCH
ANOTHER RATIH DISPOSED or BY VINCENT As70p

ing about S4,O0O,OOO This property
gave Mr.. Aston an income of $500, 600
year minus the cost of maintaining
it. This realty was resold recently TO
the Famous Player-Lasky Corporation
as a site for an office building and
theatre. The profit on the resale was
said to have been S1,0O00O0, the deal
being one of terms favorable to the
buyer.
Aston House Site Deal
1t is now reported that the remain
ing half of the old Astor House. stand
ing at the southwest corner of Broad
way and Barclay Street, is under ne
gotiaton which, if consummated. will
result in the removal of this old land
mark and the development of the site
with modern structure. Nothing au-
thoritativc has been heard on this sco,e
yet, but in view of the previous dis
posals made by the Astors such a step
would not be out of question. l. has
been common gossip for some weeks
that several speculative interests W. II
after the remnant of the famous old
building.
Before the snow flies the Henry As
tor trust property, comprising scores
of tenements, dwellings and few til ,
aires located between Broadway and
the Hudson River, Forty-fourth AL
Fifty-second streets, Will be placed on
the auction block for liquidation. 1t
Will be the first time in history tnst
Astor property has been sold from an
auction block. Henry Astor was the
grand-uncle of Vincent Astor, AID
there are many Of the heirs of Ill.,;
estate. He was little known until his
death a few years ago, because he had
estranged himself from his family Dv
marrying the daughter of farmer
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21

are needed now than were nccded thor
i1al1 or these homes have been made
necessary by marriages; the remainder
- chargeable to speculative BUILDING
enterprises, replacement by fire. .v;n1
and flood and somt to buildinp en-
largements. To be exact, every nor
MAJ year, this country required about
oVo'Voo new homes or places Of abode
"n ,iCI includes apartments and hotels.
me biggest building year the coun-
Try ever had in 1916, developed about
o. e. 'ooo,ooo'ooo worth of construction.
me greatest volume Of building mate
rails Of all kinds that all the build
ing material manufacturers of all the
country turned out in single wear
1otalied IN value barely $4,000 900 900
mat was in the day when labor was
plentiful and friendler to CAPITAL. be-
lore war laid its heavy hand upon man
power In this country To-day it is
estimated that all the manufacturers
OF al the 5000 kinds of building ma
terials and equipment that can enter
INTO the construction of modern
enu,dolng, cannot turn out more than
sSoo'ooooOo worth Of materials while
the potential volume Of building re-
CURED at this very minute would cost
$4,500,000,0OO. N ~oS'
New Era Of Industry
You, as captains Of great indus
try start the new. era of prosperity
that is denied to producers Of other
commodities. 1t is that by your close
adhesion to actual cost in fixing YOUR
market prices you have kept the cost
OF building materials 90 per cen. be-
low the price Of actual commodities
so that the pre-war dollar will today
go farther in producing buildings :hAn
will the same dollar expended IN com
modities in general. 1t is largely re-
sponsble for the fact that ALTHOUGH
commodities have been id
vanced 116 per cent over what thew
were in the days before the great CON
dict, construction costs have advanced
only SO to 100 per cent over what they
were prior to 1917. This in spite Of
double the freight xate Of 1916"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21

such matters, tongues will wag and
stories will multiply.
The anomalous state of the world,
the direct result of the war, may be
measured by the contrast in the policy
OF the Astors with regard to their real
estate. Only a condition of the great
est urgency would have forced the sale
of the four buildings which both fami-
lies have sold since the first of the
year. They were the goldfields of the
families. the brightest gems in their
row of holdings. The first shock came
when Captain Astor sold the Aston
Court Building, 10 Wall Street, extend
ing through the block to Pine Street.
The Bankers Trust Company paid ST.
$4,000 III cash for the property, which
was the only terms on which the prop
erty could be bought, and the only
terms on which any Of the Astor prop
crty has been sold. The passing of
the Aston interest in that property
meant the terminating of an ownership
that started back in the early sos.
The Bankers Trust Company plans the
Improvement of the property and addi-
tional realty on Pine Street, which has
already been secured, with tall build
ing.
| Ten days ago Vincent Astor is said
to have received s1,5o0,OOo for his
Schermerhorn Building in the same
block and surrounding the First
National Bank at the northeast corner
of Wall and Broadway and the Ameri-
can Surety Building at the southeast
corner Of Broadway and Pine
Street. The property is known az
96 Broadway, 6 Wall Street and 8
and Pine Street. The Broadway end
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21

mortgages is forced below the norma
level ard made exceedingly una'la'.
i've to investors. Some mortgages ..
present in the hands Of those OF ia'ts
income net often only 3 per cent aaa
some as low as per cent. "neh go,ii
eminent bonds are untaxed ana W.
L higher income. this tend 10 iV.s,
money out Of mortgages into nisA''
yield securities.
1.-THE movement to exempt from !.
come taxation mortgages in the nsI =.
of q single investor UP 10 Sso'0oo VIII
some hep IN replenishing the sapF'
OF mortgage money
The main thing now is 10 diseo',..
q rev source of mortgage money y. y.
small investor-the working man.
farmer and the small business sa
of the smaller communities OF
country who have an uninvesteo ID,
plus now deposited in the sns
banks OF our rural communities II.
To tap this reservoir Of CAPITA ' =.
Kahier proposes an extensive camp
of education through the agency
local banks in these rural commua.o II
for the sale of mortgage certiheasl.e,' !.
small denominations. Mr.. kaH, sr.s;.
now addressing letter to the Sat.
dent Of every bank IN New VOTE so'Sos
outside of the city, and VIII Yer Yer,
that with the same letter to p'ATbs
in all the New England states Hons
theme of his letter is Keep tne arirg
Fires Burning He attempts 70 s I'm.
home to the country banker i;sI IN.
tion that part OF the present so;'h uId.
rest is caused BY the stoppage u
Ing during the war. .sl
High rents are the supreme sIlsy
irritaht,' says Mr.. kah.er. ,lav,srchy
this breeder OF Bolshevisrl ana a' ~ mot
building must start at once II s-snes
be done without more money 70 ,.1 raus
first mortgages. This money nu,' boss
from the people. First mortgAs cen:
building certificates yield o's Pc nria.
interest and are guaranteed. Inv yssrs
cipal viii be returned IN I'VE I'VE, syery
and the buyers are assured tn 1a,i;aestss
dollar they put in these eerssaAsdYs
will go into the building OF so~
home"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21

of the structure stands on the bastion
of the palisade or wall which was
erected along Wall Street to protect
the little colony to the south from raids
NY Indians and unfriendly neighbors.
Mr.. Astor's ancestors bought the
property when it was worth only a
small fraction of its present value. 1t
was a paying property. The in
come was practically net, as there was
no mortgage on the realty. Mr.. Aston
was paid cash for the building by the
American Surety Company, which owns
the neighboring structure.
This deal ended Astor interest in
realty in this block, in which is some
OF the most valuable property in the
would. Just previous to the consume
mat ON OF this transaction, Captain As
tor sold the Exchange Court Building,
at the south corner of Broadway and
Exchange Place, extending along the
latter street to New Street A valua-
ton of S2.S0O,OOO has been placed on
this building, which is twelve stories
high and covers wide frontage Oh
Broadway, New Street and Exchange
Place. Robert +. Bowling purchased
the property, meeting Mr.. Astor's terms
by the payment of all cash.
The Putnam Building, in Times
Square, was the first large property to
be sold by Vincent Aston. With the
Putnam structure, which covers the
block on the west side of Times
Square from Forty third to Forty
fourth Street, Mr.. Astor also parted
with Westover Court, the bachelor
apartment group in the rear. Robert
e. SIMON, as head of syndicate, paid
cash for the properties, the amount be-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21

found on Manhattan Island. The young
men have disposed of $4,950,OOO worth
Of office property in the financial dis
trict, and block front in the "White
Light" section valued at close to S4.-
100000. The four properties are said
to have sold for $9,950,OoO in cash and
the yearly income from them amounted
to q fortune in itself, one of the par
cells alone having returned to the owner
$4,000 year in rentals.
New Workers are asking the reason
for this. Folks in other parts of the
world are apparently asking the same
question, because the news that the
Astors have broken their century old
practice of refusing to sell has been
sent broadcast and newspapers from
far distant parts of the world carry
the message of the great about of
this we'll known family of landlords.
No information is to be had of the
Astor interests as to why they are
o>AiiHS P1OPCAtJ "HlCH pays SO wen
and which they have held SO long.
Nicholas Biddle, who is the manager
of the business affairs of the estate of
which Vincent Aston is head, said that
the sales by Mr.. Astor of the Schcr-
merhorn Building, on Broadway and
Wall Street, and the Putnam Building,
IN Times Square, we're only coinciden.s
and had no particular significance.
Many Asking Reason
The man in the street is not dis
missing the question in this way. IIe
has his own views Of the reason for
the violent tack taken in the bushes IS
policy Of the English, and the Amer.
lean estates. Mr.. and Mrs. vi
cent Aston have been among the most
patriotic during the war. Mr.. Aston
gave his yacht over to the service of
the navy and he himself entered the
naval service and took his stand in
the submarine-infested waters of the
English Channel, the North Sea and
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21

reach cheap housing facilities provided
the cost to get there is moderate
ana VIII warrant the sacrifices made.
Inc thousands who have awaited them
selves or the cheap rent transit rate to
get out OF Newark and other congested
and costly property sections find them
selves IN the position of the boy whose
clothes were stolen while he was in
swimming. The thousands far-fune
about Newark have miscalculated
and will tind that the sacrifice in time
consumed on the trolley has brought
them nothing but high travelling cost.
Ihose IN position to do so will come
within the low fare limits, which means
congestion, high rentals and perhaps
unhealthy conditions within the low
fare area.
Values in the distant places are ex-
fected to feel the effect of the new
order of things. Traffic will also be in
huenced by the zone plan. If there
are three zones separating a certain
group OF bones from Newark say. and
only one from another town, travel will
increase in the direction of the latter
town. Business naturally will be i'm
proved that much in that town, while
Newark will lose proportionately No
city is SO large that it will not notice
or feel the loss of business.
The transit facilities provided in and
about Newark have made that citv the
largest in New Jersey. 1t may sur
prise folks that there are only two or
three corners in New York City more
valuable than one at Broad and Market
streets. Great department stores,
banking institutions and business pop
ulation have been supported on cheap
transit, according to the complaining
real estate men,
Bad for Trade
Newark's stores draw patrons from
miles and miles beyond the city's linn
its. They are the thriftiest of people.
having bought their homes in most
cases by piling up their small savings.
They will rebel against the increased
cost Of travel to Newark and will pat
zonlze nearer store centres, or, II not
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21

that, then their trips to Newark will
be limited
The zone scheme permits the trolley
corporation to combat the jtney lines
winch sprang into being when the
trolley lines lifted fares to more than
I'VE cents within prescribed sections.
ne Jltney carried passengers for a
hve-cent tare within the area in which
the trolley companies charged seven
cents. The jitney service did not lend
itself to crowding. Traffic naturally
TOOK to the more economical and better
service. 1T is estimated that jitneys
TOOK 100000 out Of the pocket of the
trolley company last year. About so
per cent OF the trolley travel is logic
ally Jltney business because this ira Tic
IS OF the short haul character The
zone fare scheme will permit the
trolley to charge three cents for the
lrst zone OF about a mile in distance
Inns Is two cents less than the initial
1are on the Jltney, and the belief is
tnat the trolley lines will win back
THIS lost business, which was a bio
loss indeed.
System Used Elsewhere
Regulation of fares on trolley svs-
TENS according to zones is NOT NV
ne zone system Is now in use on one
OF the small roads in Queens by per
mus MISSION o. OF the Public Service Commits
sion OF this district, it has been in use
IN various parts of Westchester and
others sections of New York State and
IN st. Louis, Pittsburgh, Milwaukee,
parts of MASSACHUSETTS,, Portland, Prov.
ldence and Cleveland.
1T IS a foreign plan, and was first
introduced in England more than four
years ago. On English RAILWAYS the
charge for ride of ~ miles il one
penny. which on tramway will carrv
one miles. The system is such that
one is not charged the full initial fare
II the distance to be travelled is only
part Of zone. The English transit
companies mes wlll take one three quarters
that was the tariff before the revoIns
ttlonizing influences began to effect
businesses and costs.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21
EXCHHAl5E COURT lNZOWEe RQOzDkHy SOLD
BY CAp7 uOAIVOACOB A57OR E}P$2 800 900.

the Bay Of Biscay. Mrs. Astor took
up the work Of comforting the fighting
men of the American Expeditionary
Force. In addition to personal service
Mr.. Astor employed his wealth in the
service of the men of the army and
navy. No doubt Baron Astor and his
family did similar patriotic work in
the country of their adoption. 1t is
known that the charities Mr. and Mrs.
Vincent Aston entered into have been
costly.
Now that the war is over the gov
ernments Of the United States and
Great Britain have set about to pay
off that great debt incurred in teach
ing Germany that might is not right
The American Congress and the Par
lament of England have decided that
private incomes must be shared with
the government, that it may be able
to quickly repay the money owed. The
men and women and families with
large incomes Of course have felt
keenly the plans Of the two govern
mcnts to bolster up their financial re-
sources. The larger the income the
greater the share to the government.
Baron Astor's Tax
For instance, it is estimated that
Baron Aston must pay over to the Brit
ish government nearly as much as 60
per cent Of his income, which comes
chiefly from his real estate holdings
in America. The American government,
Of course, is not permitting income de-
rived here to get away without
getting its share, SO Baron Astor must
pay an income tax in this country
which is perhaps as drastic as the
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-09-21
Aull in City Building as
Great as During the War
De%and Tor Homes Throughout the Country Has
Increased FROM 10000 to 1900 ooo =,
DIX MONTHS With Little Relief in Sight

IN this city to-day there is as little
building going on as there was when
LUIS country was at war and when the
government had a complete ban on all
Hon-essentlal construction work, de-
clared Allen E. Bcals in all address he
lore the New York and New England
orlcK Manufacturers at conference
at the Hotel Ten Eyck, at Albany. last
week. Mr.. Beals is head of the Allen
~. beals Corporation, Of New York.
Governor Smith, Mayor Watt Of Al
bany, W. Knickerbocker Boyd, archi-
tect, OF Philadelphia, and c. II. Stod-
cara, OF Chicago, representing the
Common Brick Manufacturers of Amer
lea.
Mr.. Beals declared the delay in build
Ing resumption was chiefly due to labor
troubles and the shortage of labor
brought on through the war. New
York, New England and New Jersey in
normal times annually used about five
billion brick, while this same district
will consume this year two Billion
brick. the leanest year for clay pro-
ducers the Eastern country has ever
known, he said.
"The actual present day require
ment Of this country is a million
homes" Mr.. Beals continued. "This is
an estimate made by the Department Of
Labor. The country needs about 49,
900 factories. more than 5000 hotels,
nearly 5000 schools and public institu-
tions, about $4,000 apartments, about
120 major freight terminals, $4,000
railroad stations and freight sheds and
nearly 10000 theatres and churches.
Small Percentage Of Building
"Only about 40 per cent of this total
IS actually under way at this time of
which the district represented by this
shows the lowest proper
ton. The greatest proportion Of ac-
tual building work is that section
known as the middle west.
ave have said that the country's
Is million homes. That
s correct Of last March. Six months
lave slatsed and 100000 moro homes