The Bridgeport times and evening farmer., 1919-10-20
NEEDED FOR
 H0MES USED BY
 STOCK GAMBLERS

Home builders are suffering from the wild operations of stock gam blers- So are rent payers.
 Bankers continue to favor Wall Street plungers while speculative builders stand waiting for money to put up flats and dwellings. This is due to the fact that the Wall Street horde is willing to pay per cent. for time money and from to 15 per cent for call Ioans-prohibittve rates for legitimate real estate investors. If such builders, who must become landlords until they could sell their completed houses, should pay per cent. for their capital, and then per cent more in taxes, according to the rate indicated by the tentative city budget, their loans would cost them at least 10 per cent, and in addition their ventures would be jeopardized by the ruling double prices for ma terials and labor, to say nothing of the prevalent uncertainty covering everything connected with labor in the way of repudiated contracts and costly delays resulting from strikes. They would be called profiteers if they tried to charge such costs to their tenants.
 This is the reason why there are practically no home-buiIding projects under way on the thousands of avail able sites in Manhattan, where more housing facilities are needed so ur- gently that the situation is growing into public menace. It is the main cause of the continued rise in rents.
 None for Builders.
 Not only was the financial bearing of the crisis verified by committees of 10 boards completing their investigations today, but the money movements were reported as a matter of record during the week by the Dow-Jone5 Wall Street News Bureau after a careful tabulation of bankers loans to stock brokers.
 The Wall Street records show that brokers loans have been increased nearly $1,OO0, 100000 since the begin ming of summer, or during the period when half of this immense sum was soreIy needed by builders for housing the masses. Stock brokers hold ST. 500, 900, 900 in loans obtained from the banks and advanced to customers gam bling in stocks.
 At the start of the summer building season their loans had been reduced to less than S1,000, ,O00, ,000-some au-
 
 mean time, the West has withdrawn $500, 900, coo which it was loaning in Wall Street because the money was needed at home for moving the crops Thus the New Y York bankers have not only made up this difference but have loaned enough additional to swell stock brokers loans into the highest volume ever attained.
 The draining of capital from the real estate market by stock gamblers who pay higher rates than can legiti- mate builders or investors is arousing vigorous protests not only from realty interests but from civic and business organizations There is wide de- 1nand for a concerted movement to stop supplying stock gamblers with mate projects.
 Conservative bankers - when such gentlemen now and then are to be found-join this cry, but a large part of the metropolitan banking frater- nifty like the to 15 per cent. better than they do the public welfare and a legal rate. They are trying to foster the high paying speculators as long as possible, but realty leaders hope they may be forced to become more conservative as Q result of pub lie clamor.
 This situation is being impressed upon delegates from all parts of the State at the convention of the Real Estate Association of the State of New York, in session through the last week. Such speakers as J. Clarence Davies, President Clarence H.. Kelsey of the Title Guarantee and Trust Company, William E. Harmon representatives, NJ. Morgenthau Jr., Laurence Mcclure, President Her bert K. TwitchelI of the Chemical National Bank, Senator W. M. Cal der, President Alfred E. Marling of the Chamber of Commerce and many others have explained the urgency of estate.
 Some of those people Syh O. visit