davidaulloa/AmericanStories huggingface dataset:
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Have Realty Companies
Overlooked Their Rights :?
Ruling Regarding Reduction of
Mortgage Interest Was Made
Four Years Ago

The right to deduct interest paid on
mortgages in computing Federal in
come taxes was permitted to corpora
lions four years ago, according to a
communication received from Charles
Paul Brown, of the law firm of Brown
e. Cooksey, 10 Wall Street. Early this
week the Advisory Council of Real
Estate Interests announced that r11I-
ing had been obtained from the Treas
ury Department which gave this privi-
lege or right to corporations. Mr..
Brown writes:
1.-The United States District Court
for the Southern District of New York
on February 10, 1915, decided Gin the
case OF American Real Estate Company
VS. Marshall, Collector) that, where a
realty corporation takes title to real
property subject to a mortgage, but
does not assume the Indebtedness So
cured thereby, but pays the intcrost
thereon IN order that it may maintain
or keep possession of its property
such payment was a charge REQUIRED
TO be made as a condition to the con-
tlnued use or possession of the prom
erty and was deductible as such. tins
following the opinion of the ATTORNEY
General, 70 Opinions of Attorney Cen
erai' page 1913, at page POI, which case
was appealed to the Circuit Court of
Appeals, but the appeal was withdrawn
a a the decision made final in the
NO ruling Of the Treasury Depart
ment was necessary to enforce this de-
clsloh' and any attempt upon the mart
OF the collector TO enforce Il collection
contrary to this decision would cor,a
very close to bringing him into con-
tempt Of court.
"lf these real estate companies have
peen paying such charges for the LAST
tour years, it has been because tbn,y
nave not been alive to their rights. and
any expense which they have incurred
70 endeavor to have the Treasury De-
partment make a ruling in conformity
w watn ene decision of the United States
eouft mas oeen money thrown away ),
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16

a period Of depression which left values
at such levels that there was room for
large appreciation. 1t was not an I'M
common thing to find such houses val
ucd at rates very little in excess of
the amounts that once could be bor-
rowed on them on mortgage.
So it was natural that as these apart
ments became fully tenanted and rentals
increased they should become a fertile
field fer speculation. And speculation
followed. Wherever property was
found that could be bought cheaply and
with little cash it was snapped up.
Not infrequently the contract was re-
sold and perhaps several times, the adj
vance in price on the resale being a
moderate amount. The spectators who
are, buying such houses argue that the
buildings cannot be reproduced under
a so per cent advance over the original
cost, and that values should be based
on such cost of reproduction. 1t was
possible in times passed to build such
structures at $3.50 to 5000 front foot,
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16

pied by business concerns which own
their own locations. Many of these
firms year ago would have consid-
cred ownership Of real estate among
the last possibilities, but such are
conditions that they have been COM
PEELED to buy in order to insure their
having any business homes at all.
Big Private House Market
Private dwelling houses are enjoy
ing popularity to-day in startling
contrast to the lack of interest shown
in them for the last ten years or more.
Even the most ardent advocate of the
individual home scarcely would have
.lieHcd that the time would again come
when such properties would be sought
for eagerly. The best that was OK
peetcd OF private house neighborhoods
before the war started was that they
should become sites for great apart
mont buildings, and nearly every pri-
vate house owner held his building
with that end in view.
Now the private house is = helping
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16

1t is a curious thing to note :, -.
nectlon with commercial and ~;
Dental property activity that a.
has been hardly any change a. >.
IN fee values. Those who recall n-;,.
IN various parts of the city will he !,
terested on turning to the real est,..
advertising in The Tribune to-day :
note the number of properties offersd
at prices far below the original ~.
of production. Many brokers will !.
call offers in the past far in exc...
of prices quoted to-day, which offers
however, fell on deaf ears.
Withhold Property From Market
Despite the widespread activity y.
ported at this time real estate brokers
declare that the real business has nat
started yet, and that as a matter Of
fact the kind of business every ons
wants to see will not be done at leas
until the government removes Tho
heavy taxes on profits. 1t is notable
In this connection to recall that prac-
tically none of the newer high class
apartments have been sold. Manv sucb
sales could have been made. is IN.
declaration of brokers who handle tina,
grade of property. But builders refused
to sell, handsome profits meaning III.
tie to them when considered in connec.
ton with the large proportions of such
gains that would have TO be turned
over to the government. Present own
ers are receiving splendid returns ON
their investments and they naturally
ask why they should give them up when
there is nothing they could do with
the money they would receive.
1t is probably the most interesting
real estate market the city has en-
Joyed in many years. Some brokers
declare that business is coming so fast
they cannot take care of it ALL If
they only could convince the man WIN
has considerable amount of capital
that now is the time to get into the
market their cup of satisfaction would
be filled.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
NeW York. Tribune
Washington Bureau


WASHINGTON, March 16. ~ Fifty
seven out of seyenty-four cities that
have answered questionnaires on
building needs and obstacles in get
ting construction under way show a
pressing demand for building and en-
phasize the shortage of dwellings, and
apartment houses, the Department of
Labor announces.
Typical of the representations in
Portland, Me-, reports a shortage in
dwelling and tenement houses; Haver-
hill, Lawrence and Salem, Mass, re-
port a demand for dwellings and tene-
ments; Albany needs flats; Manhat-
tan needs office, dwelling and stor-
age buildings; Rochester needs dwell
ings and mercantile buildings; At
lantic City, East Orange and Eliza
beth. N. j., are short in dwellings and
apartments and almost all the towns
in Pennsylvania report deficiency in
residences.
Ohio, Indiana and Illinois show a
shortage in dwellings, with an occa-
sional report on demands for schools
and factories. The major percentage
Of shortage in Colorado, Utah, Wash
ington and California is in dwellings.
In the South and Southwest there is
a demand for business building, this
being especially noticeable in Texas
and Louisiana.
Scranton and Wilkes Barre, Penn;
Newark, Ohio; Wheeling, w. Va,
and Bloomington and Danville, H., re-
port no demand for buildings, indicat-
ing present fcilities are adequate to
current needs.
Tacoma, Wash, was the only city
reporting no delay on account Of
wages, material prices, interest rates
and available capital. Tacoma's OBJ
stacle was inclement weather and sub
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16

Right here it should be said that
this unusual activity, which was fore
casted in The Tribune in tho early
weeks of the year, is based solely on
unprecedented shortage of space and
consequent high rentals. 1t affects i'm
proved properties only, and is about
equally divided between purchases for
use and occupancy and straight out
and-out speculation. Buying for invest
ment is almost unknown in the cur
ssnt trading. Builders are chiefly con-
spicuous by their absence from the
market. Perhaps half dozen proper
ties sold this year will be improved
with new buildings by their pur~
chasers.
Where Activity Lies
Generally speaking, this near boom
in real estate can be divided into three
parts: First, due to demand for
property by business concerns which
cannot find satisfactory accommoda-
tons on a rental basis; second. de-
mand for dwellings by those who are
unable to obtain accommodations in
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16

Henry Clay Ersck has concluded thu.
purchase OF the estate Of the late Cen
efai Lloyd $. Bryce, at Roslyn, Long
Island, consisting OF about goo acres
with frontage on the Hampstead Har-
bcr ard on the North Hampstead
Turnpike, Immediately opposite the
estate of Clarence Mackay.
The house il red brick colonial
building three stories high containing
eleven master bedrooms, eight baths
and accommodations for about fifteen
servants. The house WIS built about
1900 and the architect WAS Ogden
Goldman There are two other good
sized houses on the property together
with numerous out-buildings, including
garage, separate laundry, chaffcur's
eottage, gardeners cottage, stables and
barns.
The grouadg command view Of
Hcmpstead Harbor and Long Island
sound and ere beautifully laid out,
similar 70 an English estate. William
anlten Bryant, ut pne time owned and
aired on tbis property.
Afs Prick, who built dwelling with
sitaliaa gardens and art gallery on tho
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Government Should EseIp

! do not mean the company which en-.
ploys him.
Government Should SSeEp
ut is my opinion that the Federal
government should be placed in posi-
tion, by proper legislation, to ad-
vance money to communities. COM
panies or individuals for the stimuli.
ton of home building for the indus
trial communities. In facing the
housing OF employees il is necessary
Tor the employer to consider a cost
almost as great as that of the plant
Itself. For example, a manufacturer
with a factory costing S2,5OO.OOO end
employing 1000 workers could not
provide for proper housing for less
than the cost of the plant. 1t is not
always convenient to capitalize such
a housing development. Therefore the
Federal bill embodying the foregoing
Ideas, which has been presented to the
House OF Representatives, should ~
celve favorable consideration. Pre-
cedence for such legislation can be
found in the Federal farm loan act
and the good roads bill of the De-
pa 0HiSh1 VI agriculture, Wnere Slml-
lar advances were made to communi-
ties or individuals. The problem Of
the disposition of the government
owned houses may result in the pro-
longation of the Bureau OF Industrial
Housing another year, carrying it
through a period during which peace
housing legislation may be enacted.
The urgent necessity of a great
housing programme as the first thing
to be considered was advanced b.
David Lloyd George at the inception
of the campaign in connection with
the recent general election in Eng
land"
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
in Flats Based on
High Rentals and Low Values.
No Such Buying Since 1907

and they say that to-day's costs repre-
sent at minimum from $1,000 to
$i,40O. So they are aiming to sell
their purchases eventually to investors
at nearly such rates. They also base
their arguments on rooms renting at
from S12 to SIG month that formerly
rented for SIS to SO, and declare that
on rental value alone such properties
are worth ever SO much more than they
the bringing to-day. But it is notable
that none of these buyers is obtaining
mortgage money based on rentals.
Rentals Are Too High
NO one denies that there is large
room for improvement in the values
OF apartment properties of middle
class, but all those real estate man
who are sincere in their desire to see
a strong, substantial market look with
lear upon the speculation now being
seen, Tor they believe it can have but
one end. Uncontrolled, and based on
false principles, il is likely TO run to
such extremes that the very conditions
may be revived from which the market
is now recovering. Even such a bull
on real estate values as Frederick
Brown is declares that the point of
safety is being passed and that it ia
time. 10 call for halt. There is no
doubt spectators feel that they can
raise rentals to almost unlimited rates
and that as consequence they can
ask fancy prices for their properties.
but at dinner q week ago of the
Upper Manhattan Property Owners
Association Walter Stabler, controller
of the Metropolitan Life Insurance
Company, uttered warning that rent
increasing must be stopped because if
permitted to go any further it would
result in disorder and the possible
destruction Of real estate values.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Home Ownership Difficult
For the Laboring Glasses
Payments Cannot Be So Heavy as to Become Bur.
den--Long Amortizati ton Opposed Because It
Holds Buyers From Opportunities Elsewhere

In urging home ownership, cspe-
cially in industrial sections, the gov
eminent finds many vexing problems
confronting it. AS it would be a great
mistake to expect laborer to pledge
such part of his earnings as would in
fiict hardship on his family, the pur-
chase Of a home must be spread over
a long period of years and payments
must not be much more than the
amount of rentals that the man would
pay il left to his own volition. But
such a plan would hold workman to a
section for a long period of years,
would prevent his taking advantage of
opportunities that other places might
offer, and would bind him to the sec
ton and to the labor opportunities
which it offered. This is contrary to
the Unborn ideals of American labor
and few care to enter into the pur-
chase of homes under conditions which
would limit life and efforts to a fixed
district.
Philip Hiss, chairman of the hous-
In section, committee on labor of the
advisory Commission, writing in this
months issue of "The National Civic
Federation Review" says:
"A man should not be tied to a given
plant by the purchase of home. To
give the worker the full benefit of
ownership in a community so that he
can exercise all civic rights and his
wife and children may enjoy socially
what only a fairly permanent residence
can afford, and yet permit him to be
free and not slave | believe he
could purchase shares in homes COM
pany, to be formed on terms just both
to the seller and the purchaser, and
yet the stock could be disposed of as
easily as stocks on the exchange and
be just as liquid. The worker need
not own his house. 1t is his while
he is in it; but he may own shares in
the homes company, and when he
wants to move the company can take
back the shares for which he has paid
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Some Obstacle to Building
I'm Most Parts of Country
Inquiry by Government Shows That New York
Is Not Suffering Alone; Shortage of Space
Reported From Prac tically All Large Cities

sequent reports from the State Of
Washington indicate preparations for
unusual building activity for the
spring season.
The questionnaIres, which were sent
out by the Division of Public Works
and Construction Developments of the
United States Department OF Labor,
were calculated to verify the results
of other Investigations into the build
ing shortage of the country and to
develop what, if any, obstacles were
being encountered by building inter
ests. Specific information was asked
on the influence of wages, material
prices, interest rates and available in
vestment capital. Several cities re-
ported that it was none of these which
was delaying building, but rather the
uncertainty of the future labor and
material market.
A majority of the cities assert that
high wages are a factor in holding
back building. There is almost
unanimous concurrence in the opinion
that high prices of materials are de-
termined obstacles. There is not much
complaint about interest rates, but
fourteen cities report builders are hav-
ing difficulty in obtaining capital to
finance projects.
This latter obstacle appears not to
be a sectional matter, but rather one
growing out Of local conditions in
Mass; New Haven, Albany. Phila-
delphia, Terre Haute, Wheeling and
Aurora, Ill, are among the cities re-
porting difficulty in borrowing capital
for building work.
Wherever building industry organi-
cations have gone into the subject the
conclusion has prevailed that no de-
crease in labor wages may be expected
for some time to come-not until the
general price level on living necessi-
ties drops. Economists of the depart
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Business Firms and individuals
Must Have Homes; Cannot
Rent, So Become Purchasers

Perhaps the surprising feature presentday
world crowded
tied conditions the general business world
York City, with building fat
real estate being
the boom times of 1905 great
of wide surprised
The radical element
VIII continue until construction has than cqald the
demand for The
activity
end reaction builders had
Either
mostly
nvestorsknow that
bought to-day with
Nor
extends out through all the other brougs
suburbs where the
York a nota one
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Resale of Property
In Insurance District

The Curtis Building, an oight-storv
Office structure in the heart OF the
neW marine Insurance district. at 33
to 81 South William Street, extending
through the blocl, to 1888 Stone
Street, has been resold by Harry
Aronson, who purchased the property
on February II from the Adams Land
e. Building Company.
The resale was negotiated by z. s.
Willard g. Co. for Mr.. Aronson to an
investor who, in all probability, will
his business. The Curtis BUILDING has
a frontage of 51.10 feet on South wilt
lam Street and on Stone Street with
Il depth OF ISL feet.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Torrens Amendments
Passed by Assembly

F. The Assembly has passed the Youker
a al on the Torrens law
These amendments put the county, back
oil the assurance fund and make the
examination of titles exclusively Of
Slicial.
/ These amendments complete the pro-
glamme of the Torrens Title League
begun five years ago to make the New
| York law similar to the Torrens laws
OF Massachusetts,, Illinois and the
United States Government.
ne amendments were sponsored on
the floor by Assembyman oW. f.. You
zero ana now 70 to the Senate, where
they are in the charge OF Senator !,
". Burlingame, ir.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Shortage of Hotel Accommodations Opening
New Field for Apartment Houses
Big Central Park West
House TO Be Made
Over Into Fine
Hosiery

The eter Stuyvesant Operating Cor
poration, William 1ngold, president,
has taken lease of the southwest cor
ner Of Eighty sixth Street and Central
Park West for twenty one years at a
net rental of 100000. This rental
is probably the highest ever paid for
an apartment hotel in this section
The building was built by syndi-
cate of building contractors. Charles
L. Ogden, who bought it from the
builders, sold the property during the
last year to the 1000 Wcstchester Ave-
nue. Company (Hyman and Sidney II.
Sonn). The apartment house Is to be
converted into m apartment hotel con-
tanning about $50 rooms and 200 bathB
The first floor will be used for a req
taurant, lobby and reception hall and
administrative Offices. Plans for the
alterations have been prepared by
Schwartz & Gross and b. N. Marcus,
associate architects.
The Eighty-sixth Street and Central
Park West corner is probably the most
desirable corner for hotel purposes on
the Upper West Side, both being wide
streets, and Eighty-sixth Street west
of the hotel being Of a high class
residential character.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
5Otll Street House i'm Deal

Sale of the dwelling at 50 West
Fifty-eighth Street is indicated in the
incorporation at Albany of the So
West Fiftyeighth Street Corporation,
capitalized at $4,000 and having for
directors p. E. Jacobs, j. H. Richards
and A. l.. Brown. The house is, four
stories and covers the greater portion
of a lot 25x10o. Sarah C. Goetchius
holds title to the property, which will
probably be improved
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
lessee 10 Make Over
l25ih Street BUILDINGS

The property ut 63-65 West 125th
street has been leased for fifteen years
10 Joe Sobel, who will spend $25, 900
remodeling the building. The ground
floor will be used as restaurant: the
second floor for bust hess and the two
upper floors for apartments containing
two rooms and bath, with all modern
was the broker.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Old Homestead al Pelham
70 BE Made Over Inv RI,

Clifford Howell, of New York CITY.
has purchased from the Mount Vernon
Trust Company, the Farchild Home
stead on Pclhamdale Avenue, Pelham
Heights, N. Y. Mr.. Howell will take
possession soon as extensive improve
ments have been made Fish g. Marvin
and Henry d. Cochrane were the brok-
erS
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Leasing Interests Will Pay
$3,OOO,OOO Rental
for Use Of Big
Structure

the completion of the alterations all
suites in the hotel will have been
rented.
The op Grafton is another indication
of the great demand for hotel accom-
modations in the city
Mr.. 1ngold has been associated with
the management of the Martinique
Hotel, in this city, and the Mansion
House. at Fishers Island, and also one
Of the largest hotels in Boston.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16

Manhattan Avenue Flat
For Levitan Corn.
Seven'Story House on 10th
Street Corner Bought for
Speculation

The Levitan Corporation has bought
the seven-story elevator apartment
house at the southwest corner of Man
haitian Avenue and 116th Street. The
huose has four stores and houses
twenty families. The deal was nego-
tiated by William S. Sussman. The
house covers a site 50x62.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Court Bought
By Realty Comuanx

-, The Sanford Mortgage Company, M.
). Ames president, resold Arrowhead
Court, a six-story elevator apartment
house, on plot 125x9S, at 2 to 10 Pine
hurst hurst Avenue, northwest corner of
pnny through Joseph Walkcnbere.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Lessee to Alter Dwellings

L. and A. Pincus have leased from
Anna 7. Seggerman, 302 West Eighty
first Street, and from Marion ]. Bark
ley, 321 West 1O5th Street. two Ave
story dwellings,, which they viii con-
vert into small apartments.
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
11UO Acre Estate on Mountain nf
M0untcIaH TO Be Home off, G.. Weiss

Jay G. Weiss, of the Hyatt Roller
Bearing Company, of Harrison, N. j..
has purchased 63 Underclff Road
Montclair, n. j., from Frank NJ Soule
The property is of Elizabethan archi-
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16

lecture, containing seventeen rooms.
six baths, billiard room, palm room
and sun parlor. 30x40 feet. The
main rooms are all hung in imported
silk.
The property comprises nearly two
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16

acres OF ground and is situated On
ridge near the Essex County PafS
reservation. The property was valued
at 5000 The sale was negotiated
by the Frank Hughes-Tay Company
Of Montclair
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Fifth Ave. for Realty Firm

The Brett g. Goode Company has
moved It's Offices to $50 Fifth Avenue.
between Forty seventh and Forty
elgntn streets, whore It will be located
on and after the middle of thia month
New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-03-16
Buyer for Gay House
I'm East 8Oth Street

UoUgIns L, Gilman & Co. sold for
Martin Gay 1859 East Eightieth Street.
n three and one-half-story and base,
ment yelling, 16,axl02, to client
who Will improve the house for occu
pancy.
Theodre A. Kayanagh, of the office
OF John J. knyanagh, has sold for
Sarah Holman, to a client for occu-
pancy, as East Seven tn sixth Street,
a four-story and basement dwelling on
lot 15.6x1022
o9ih Street Dwelling Sold
William B. May G. Co. have sold the
f1our-story basement dwelling at Is
East Slxty-ninth Street OH plot 2sx
l0o.5 for Mrs. Agnes Manstadt to
client for occupancy.