davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1919-03-30
Features Lacking Such as Made
Booms of the Past Possible~--
Ten Years of Great Ac-
tivity Expected

that the bubble burst in n few years
prices tVoeded and continued to rocedo
fol a number Of 'ears Many we'll
known people Investors, real estate
men and spectators went down with
The boom Some Of them have never
recovered from the wild land speculn.
non which possessed the people Of
'hose days It was not until twenty
Tenfs later that Vhlues npptoxmating
those Of the boom we're reached. Dur
ne those Yenrs the development OH the
VI hesi side whs orderly ard sound,
Every rise 50 qnlneR wns substantial,
But II ienh marc tllan twenty SonfH 10
aNbetnhiihie the prices which prevailed
during the period Of fabricated cHeises
mont or enthusiasm,
A tho WAy down through history II
VIII be found ihHt booms have been
bnsed on anticipated factors, such as
transit or public improvements, but
never on conditions such ns nre
prompting the present nctyity. The
buying to-day is based on the law Of
supply and demand. Business prem
i,es, ms we'll ns residential space, are
far below the requirements Of the city.
Except after the great fire IN the early
history of New York, when in one in
New-York tribune., 1919-03-30

just little ahead or tho dsmand 1t.
estimate has boon made tr ha r..
ment House Department th.4
thousand families arc I'm Urgent n..
OF hones. Many folks are of ihe a..,.
non that the city's figures rnntese,,
conservative estimate Of fha h....-
shortage and that the humber of r..,
ilies Tor whom there are M ho,..
Is much greater than this saa't,
lhis alone is sufficient for tesi
tate movement Of great tiaetit,.1.
The shortage has had tic effect ,,s.
only OF establishing fallen rsst.4.
and fee values. but Of hrinelsg a..
income from "Fety ptohefty IN the eit..
10 level never reached hefofs,
when before could $40 room h.
hssed ana obtained IN Brooklya9 Wbeu
WAS Si2 room the price fef ~
average run of suites on the IIes,,'ts
and in The Bronx, with rentals es nes
gradual, but steeply upward for be,tey
houses w e'ef
Incomes hnve increased In marv
eases 100 per cent. Unlimited activi,s
IN real estate is irresistible under sres
conditions, especially when fee vninss
nave not moved up as rapidlv M -,
ais. one cannot be ccnsured for r,,
porting market based as subgiant,aiI,,
as this. -.
High construction cost supnorts ,ho
trading in rentals, because il will ho
years before builders will havc ercctod
apartments or business structures ~
sui'lcicnt numbers to affect rentals. n
Is question If, with tho supnlv an
proximating the demand, rentals viii
come down, because new properties
cannot be produced at previous prices
and the claim is made that bnildin,,
costs never will be AS low ns hefor"
the war. This is factor which has
not figured in other booms.
The economic change which the world
war has worked throughout the uni
verse viii not allow lower rontala
Labor will not work for lower wage
because 1t expects TO pay higher rent
ais and higher prices for the commod.
tiles of life.
The general trend is in sunnort of
the boom. Money as easter. Opera
tors say that this viii lift the value of
property. Brokers are now receiving
calls from lawyers and estates request
ing them to find mortgages that they
may buy This encourages activity,
and the effect of this support will be
an increase in the volume of trading
Tho opinion of real estate men is that
a period of unequalled prosperity in
real estate is here that Will be mn
epoch in history. because of the ox
citement it will produce. The belief is
that it will be a long market, because
of the foundation on which it is built.
New-York tribune., 1919-03-30

New York is about TO see hew and
extensive developiiient Of The comnu-
nifty homo ideh based on apartment
ownership by tanansg. This novel idea
Of having the occupants Of apartment
suites e1lafe i,r the rrohrietorshlp Of the
houses IN WHICH they live or 10 be
"portlonnl" snYestofe IN such proper.
ties Is the newest idea Of William ~
llaynion, aid' IT 'is TO be worked out on
one Of tse 'cXt1nsivc properties owned
by Mr. Harmon in the Wildwood section
Of Flatbush.
This development Is Il work which
has been. under contemplation for n
good many ytars, and its execution at
this time rs 'due. largely to the compile
ton OF the two arms of the subway
syatcm which viii bound the property,
one tho brighton Beach extension of
the r.. r. T. broadway subway, and
the other the Eastern Parkway-Nos
trand Avenue extension Of the Inter
borough subway into Brooklyn.
So extensive are the plans fol this
great Improvement that it can be pct-
ured better than it can be told, and
the ideal view presented here tells the
story completely. There arc to be wide,
parked streets bordered by wel-built,
high-class apartment houses. But per
haps the most interesting feature Of
the development is a &ide belt of land
adjoining the apartment houses set
aside for plcasurablc purposes for
tenants. Private parks, tennis courts: s:
children's Fairgrounds, a club garage
and colony playhouse are few of { e
special features to be provided.
To Proceed at Once
Despite the high cost of building
and the uncertainties of the building
~ L.. 4
the carrying out Of this novel scheme,
and the future steps in the operation
will be watched with more than usual
interest.
1t is the plan OF the owners to sell
/ these houses on the instalment plan
at prices based on the gross apnual
rental multiplied by seven. A "ppt-
tional purchase plan" has been devised
by which investors may become frac-
tional owners in these houses by. the
I purchase Of units as low as 81 600. fis
other words, the idea so successful.
for many ycars Of selling mortgage
certificates to small investors is now
TO be extended 10 the sale Of actual
real estate, ard each Of the houses
erected under the Harmon plan, if sue
cessfu, eventually will become tho
property Of II group Of participating
owners.
William f. Harmon e. Co. tell most
interesting story about their proposed
development.
"The Wildwood colony is concededly
the most desirable and interesting.
undcveloped body Of land in the
Borough of Brooklyn" they say
ut is not only in the heart, but
is the heart, of Fatbush's most
exclusive residential section For six.
teen years we have held this property
off the market against the insistcnce OF
friends and the pressure Of the pub
New-York tribune., 1919-03-30


lic Our purpose was to wait until
this beautiful distriet took on its. per-
tnangnt chnrptter,. and then. clay out
our developments along lines Of .u,ti=
mute ntitncuVeucss and tility. The
representations of tho bird'e,cyc draw
ing approximate our. ambtlone'
Pyac'icabIlIly the Tcs, -
80 sgould. .te understood in the be
ginning that white our comprehensive
programme cmbrpcos Il large number Of
community features - features that
seem to fit into, simplify, yet enrich
tho modern scheme OF living only
those will be 'sintrpdueed that can
stand the test of practlcability. while
those that fail to meet the demands
of business considerations win be dis.
regarded, even though they may be
interesting and ;psthet tically desirable.
"Our general scheme contemplatea
the Improvement and cmbellishmenf
of all streets, and the parking Of
Avenue II from, Ocean Avenue. near
the Brighton Beach uptown. Broadway
station to Nostrand and Flatbush' ave
New-York tribune., 1919-03-30

1t is perhaps the first time in tho
real estate history OF New York chat
economies have been such Il dominating
factor 1t is indeed the first time that
, movement has started with such
strong basic conditions.
New York is wofully undcrbuilt. It's
population is steadily on the increase.
The country is rich, and particularly is
his true of New York. Labor wage Is
Ugh; property values are compare
ivcly low; transit is the best. The city
= Il great port and will be greater with
he completion of plans uncer con-
liberation. 1t s the land of possibi-
~ for the genius of the world, and
wing and business conditions are ideal
Basis of Activity
These are some Of the factors
hich are supporting this impending
movement in real estate, which, ac-
cording to signs and promises, will be
he greatest in the history of this
lty, which. after all, is Il boom town.
nee 1T has developed in leaps and
ounis on just such tides as are now
pming in.
'Hetc mas peen lol OIL trading since
ne first of the year. Millions and
lillions of dollars worth of property
IS been purchased and resold Opera
.ons of some of the men in the mar
ct have totalled $40, 10000 to Sl5 ,OO0,-
70 in the last few month Never have
'ere been such individual operations
so short a period, but this is looked
,on as only the beginning of the boom.
hettidc has just started TO come In,
terally speaking, and it may be some
me before the food will be SEEN The
eat wave of trading is expected to
vi on for at least five years, accord
New-York tribune., 1919-03-30
Fight ON New Commission Schedule Threatened
For Time to Disrupt Real Estate Board

building the higher rate charged him
than the apartment house owner?
There is more work fenting business
space than residential premises, but
the loophole has been made and there
is no telling but that the entire scale
of commissions will be forced down TO
the old levAss because of. the stand
taken by a group of apartment house
owners and real estate brokers'
For the time being the trouble which
promised the destruction of the board
or the reduction of its membership. to
a part of the present number. is over
There is going to be more trouble
sooner or later of similar nature. be-
cause it was pointed out Yesterday
that business property owners will:n
pay more than apartment owners.
New-York tribune., 1919-03-30

hues. tho terminus Of the injorborough
subway Avenue II thus improved. vii
become the most perfectly appointed
avenue for its' longth in Crenter New
York; From the centre of the Mid
wood Colony It is but SIX .minules'
'walie 10 either Of the two grGnt sub
way eystems. Along the aoutherJY
border Of the property against tho
Long island Railroad Gut wll bc,plnni-
ed double rows OF l.omb4rdy popara,
with n base fence covered with ram
bier roses and honeysucklch, Avenue
II will be bordcred on bo.h sides with
apartment houses. OF tagions designs
and floor plans, all built with a view
to their value as permanent invest
ments rather than buildings FOR sale.
These apartment hoqsrs will range
from. the highes. class near Ocean Ave
Nue, possessing every appointments to
those with more moderate rentals. at
the Nostrand' or flathush Avenue end
of the property.
Zone Of the most attractive features
Of this development will be the dcdi-
cation to the use of colony members
New-York tribune., 1919-03-30

which it appears that he had followed
closely the recommendation of the
Advisory Council of Real Estate In
terests, the National Tax Reform As
sociations model plan of municipal
taxation, and of the Mayors Advisory
Commission on Taxation.
OF special significance to real es-
tate interests in this city is Senator
Davenports statement that "real es-
tate is already bearing much more
than it's share, and it is impossible to
depend upon taxation of personal prop
erty as an adequate source of revenue,
personal property taxation at the ex-
istng confiscatory rate having lament
ably failed"
According the committee recon-
New-York tribune., 1919-03-30

the new transit was exaggerated. IT
was natural mistake, however. becauae
the subway. WAS the first real transit
development New York City had for
many years. 1t led into new country,
Which was brought closer to the busi-
ness districts Of the city. If money
had not been plentiful it is not likely
that builders would have been able
to capitalize the new transit routes.
Funds for Speculation
We had heen in war Money was
spent freely during the short period of
warfare with Spain 1t had the effect
Of broadening the views and the bust.
ness activities Of the country. Vic
tory. too, was Intoxicating, 'and after
peace Il wonderful era Of prosperity
set in. which had the effect Of imbcd-
ding the desire for speculation iii. the
plentiful and was placed in the bands
Of leaders for investment in promising
ventures. A lot Of this money came
into real estate channels. and with IL
great transit system wOtrniug It's way
into sections where hand values were
only Il fraction Of those II f1W minutes
ride nearer downtown Nov York,
builders had no ttoubln ~ occurring
money 10 carry on ono Of the kfehtest
building campaigns ever launched, =.
North Of lI0th Street WAS YitiuGly
Il hoom town, Builders "earriod on
beyond Harlem into the Washington
Heights md the Dyekmnn sections.
Houses we're erected by the hundreds.
1t was estimated Mt tho timo TINT y
house was started every hour during
the day. a..
This continued without. any check for
about three years. The wild construc-
ton was not only characteristic Of dis
triets at the north end Of the city. The
midtown loft building zone was devel.
opcd during this pcfiod, and after that
New-York tribune., 1919-03-30
the City's History Like the Present Realty Market

dropped until justifabe level was
reached.
The city was overbuilt. Construc-
tion had been too far nang ahd cxten
sive. New buildings could not be left
without tenants, so overtures were
made TO people in The older. sec
tions Of the city. Lower rentals, gift,
Of coal, moYng expenses and many
other. concessions were made that tho
oVersupply 81 housing IN the new sec
tions might be filled ard some income
derived.
Property Values Lowered
This, again, was wrong economically,
because it threatened and in fact. do
strovod tho rental standards Of the
entire city. Goncession had to bo me.
With concession. The old districts had
to compute with thc now ones. that
lholr value might not be DESTROYED.
Usually the older zones lost out. The
housing supply was so great that de-
cided stnni wus taken aguinst cen-
strdchon and financial institutions
wtre siiil ddnyng support on nll but
certain class If construction when
the world war came
IN ihe neen time conditions hnd m
PROVED. Tho oyofsupplH was reduced
by tho natural ihetsAse of population
and migration from other pniis, Tho
inaneinl ihtetests we're about ready to
lifl the gnies tp thoir trehAurioH wban
tIo war cnpe and aetion was dcferrod
to await Developments,
Tho old bodm was not sound one.
IT, wos entirely wrong and mnny men
who .eupported it viii censure them
selves for lack Of discretion during
that period. 1t was the greatest and
longest burst Of enthusiasm known to
real estate.
There was hoom in the early nine
ties and there was another after the
New-York tribune., 1919-03-30

Civil War. 1t is q coincidence that wars
produce real estate booms The boom
that followed peace between The North
and the South was purely q land spec
ula.ion, built up OF projected transit
developments and large public under
takIngs.
Booms Of Other Times
II was during the three or four years
starting about 1865 that the Gcvelop-
nent Of the central east and west SIDES
was undertaken The boom was more
pronounced on the West SIDE than OH
the .East Side broadway north Of
FIFTY. ninth Street was 10 be made the
grcnt boulevard Of the city. was the
n~pcctn ION THAT the rich OF Naw ork
would bpild houses there Then the
- est S de- elevated structure was q
possibility nnd Central Park was being
tuilt i'm order to give employment to
soldiers until they could work back into
the commercial life Of tho country.
Properties changed bands as often rs
in the buying to-day. Nalues. too. we're
cnftied 70 very high level For ina
STANCE. the corner Of flte boulevard md
lffth street sold for Ti0oUN. Another
tufher on 'hH Bpulpsafi vas sold sis-
leen fiWes h,iofp contracts weta drawn.
Indicating the Nild desire on tic part
nf Sew Workers. ~ bny ~ bit of this
precious boulevard and lnnd SO close 10
tho new Fonir6l purk, which In those
days WINS regarded ia the light OF the
greatest of civic improvements, one
which eould not help but LIT values TO
unprecedented levels, the theory being
that 1T would be the aim Of the rich and
The socially prominent TO be CLOSE TO
the Boulevard and the now park.
',I ~
Money was greatly Inflated in those
days. This. Of course, was reflected IN
the prices paid for property in th's
New-York tribune., 1919-03-30

BIC department store owners EXPRESSED
a desire to establish. Builders +n
those days were able to borrow and
then sell the property at profit. 1t
was condition which encouraEed con
struction g condition which is fesp0n-
siblc for one Of tine factors on which
the present movement Isl bascd' :.
Easy Money for Builders
Money was 90 easy then that a
builder could seeute from title com
pany. a life insurance company or. an
Individual $4,000 10 $3.50O front foot
on loft building which he vas put
ting up ut u cost Of abUut 400 "A
front foot. The same conditions pre-
called in the apartment ,hoNso section.
builder. could erect II house for AeY-
cral hundred dollars n front foot, bat
he asked aud .rdcoived Frequently 81
building and permanent loan Of nearly
tAite that much. This was not good
business, but excitement had thken.
hold Of The market and those in it. and
oonse fva ism could not prevail The
conservative SOON learned that unless
he followed the crowd he would not
share ,in tic profits. and The cbJlsa-
dueneN WnH d frbtiepfdd sHcittuhett
Nhieh eniied construction and trlues
beyond Tho danger fiml.
ono day IN Iuh', 1905. sope one FhW
,le and Of tic course of the renl es-
inte market nnd suddenly rs n light
n,nw fash the 0oW Of money into tho
real osLnto market stopped, builders
we're dcnlod support, There wos no
money to loan on renl estate and the
great boom was hit staggering blow
1t was the beginning Of the end Of
perhaps the most .uni justified boom ia
thc history of New YORK. The follow
ing yca1 the entire. country was Plunged
into a panic and real estate values.
WHICH we're not based ou n foundation
ccon omicallY sound, lust dropped and
New-York tribune., 1919-03-30

ganization two years ago, that the board
might have greater scope and command
more attention. forced their wishes on
the brokers.
More Trouble Ahead
Real estate men seen yesterday ex-
pressed themselves freely and in no
complimentary terms regarding the
action OF the governors in permitting
a reconsideration of matter so soon
after the board had expressed itself.
'Our defence Has been pierced said
one broker. "and we must now be pre-
pared to allow other concessions. How
can we demand from one owner that
which we do not demand from an
other? On what ground can the broker
explain to the owner of q business
New-York tribune., 1919-03-30
For the First Time All Living and
Business Space L. Well
Rented and Paying
Good Return

boom artificial fabricated excitement entnsism
eodng dictionary This definition applied correctly to
particularly the last
and that of the late COS The present excitement i'll the real estate
market be attributed to artificial fabricated conditions is
possibilities public
which
The estate activity than
other that New York feai estate has
"i the eounds market that have known, said II real
yesterday nsed the
with 1904 continued for years,
ending of 1907 h trading based the
could be desired n foundation anticipated
here"
New-York tribune., 1919-03-30
Another GElanIer. Estate Deal

The pending sale or lease of another
Of the large realty holdings OF the
Chanler estate on the middle West
Side is indicated through the formation
at Albany Friday Of the 445 West
Fifty y-ifth Street Corporation, with
J. II. Richards. A. Allen and A. l..
Brown as directors. The estates own
ershp at this point consists of site
at the northeast corner Of Tenth Ave
nue. and Fifty-hfth Street, 100xls5.
which extends easteriy to the Standard
Mnil Order Building.
New-York tribune., 1919-03-30
By John l.. Parish
Secretary CT tVcw York Board of Title

Underwriters
There we're put into the hoppers of
the Senate and Assembly at Albany
last Friday the bills which Senator
Frederick NJ. Dav6nport's committee
had finally determined upon for the
reform of the tax systems, state and
municipal, and for the raising Of the
revenue needed to pay the states way
for another year.
The bills have not yet been printed
but may be made available for eX-
animation by Tuesday or Wednesday
next. Senator Davenport has, however,
issued preliminary statement from
New-York tribune., 1919-03-30

ing to some Of the best known real'
cstatc men, and many think that there
will be no recession in activity noticed
in the real estate world for another
ten years.
In no way is the present movement
similar to the last one, or those which
preceded it. Men who operated during
New-York tribune., 1919-03-30
Tenants May Be Owners Apartment Houses Novel Community
PLANNED for Flatbmh by Old Time Developers

selGshncss orc back Of this whole pro
prnnnn. II Is bp1ievod that no adveu.
tufe into new field Of business can
be successful unless it meets tho re-
quitomcnts Of economic logic. and the
gtcateat succefaeE arc those which
most perfectly conform utilitarianifn
with imaginative ideals"
New-York tribune., 1919-03-30
broadway Lof, Reported Sold

The Metropolitan Life Insurance
Company Is reported to have sold the
nine story store and loft building at
565 and 567 Broadway, southwest cor
ner OF Prince Street. on plot 5lxl00
There is branch of the Metropolitan
Bank in tho building. The seller ac~
qured the property in September, 1917.
New-York tribune., 1919-03-30
VI. e.. Shaw Buvcr of Dwelling

Peasc & Gilman announce that the
buyer of 2l West Ffty-ffth Street,
livc-story American basement dwelling,
between Fifth and Sixth Avenues,
which they recently sold for Mrs.
Mary G. Quinby. is Munson G. Shaw,
l.of Shaw & Co. II Stone Street.
New-York tribune., 1919-03-30

Money was greatly inflated in those
days. This, of course, was reflected IN
the prices paid for property in th;s
The Barre daily times. (Barre, Vt.) 1897-1959, 1919-08-14

est to outlaw them, and evidences Of
fear of failure to enforce the prohibition
and consequent comparative detriment
of our national defense. While the lead
ers of those nations having the strongest
navies have shown disposition to agree
TO general abolition of submarines, and
destruction of those built, it has gone
no farther than that; other nations state
that, having weaker navies, the subma-
rine is most important to them, support
the arguments for retention and even
frankly state that they cannot concur.
AS with most other questions of the
day, national altruism seems scarce own
best national interest determines what
is proposed and the pro and con argu-
ments, as briefly and incompletely given
above must be taken, when published, as
being intended to persuade to his way of
thinking other than the writer's own ma
tionals 1t is still to be hoped that there
may be evolved from this world situa-
tion something in the way of direct arm
ament limitations both quantitatiye and
qualitative and including in the latter
perhaps total prohibition of gas, mine,
housekeeping and submarine warfare.
Unless thus included with other restric-
tions there seems no chance whatsoever
OF outlawing submarines. They are
therefore likely to be found in all navies
in increasing numbers; the prospective
increase in capability and war value is
only bounded by the enthusiasm Of the
prognosticating individual From The
Army and Navy Journal.