davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1920-01-11

which would qualify with the arbitrary
specifications and unusually long terms
named in the bill. 1t is not required
that the underlying mortgages shall be
amortized, although it is specified that
higher rate of amortization than 2
per cent a year shall render the mort
gage ineligible for such discount.
I'm replying to a request from the
ntroducer for comment on this bill.
the secretary of the savings bank sec
ton of the American Bankers Associa-
ton noted that in his opinion the bill
could serve no other purpose than to:
a. Supply tax exempt funds to the
urban mortgage market, thereby has
tening the day when the entire tax
burden of the country will rest upon
real property and service incomes.
"2: Establish certain requirements as
to the cost of obtaining and perfect
ing mortgage loans, which may be fair
in the mind of the one who drafted
this bill, but which may be entirely
inadequate at other times and in other
places.
3. Establish system Of red tape
and new positions, whereas the entire
function could be performed by an
officer Of the Treasury Department.
~. While the bill extends the ad-
farm loan act, it still fails to extend
the benefits of tax exemption to all real
estate loans, but creates a new and
further discrimination which at some
time must be removed. Further. the
subsidy sought to be conferred by this
bill must sooner or later be extended
to ther classes of loans and eventually
to all industrial securities, although it
may first be required for our hard
pressed railroads and other utilities.
Tax Exemptions Not Good.
AS to the principle of general tax
exemption which underlies all of these
ollls, we will quote the recent (Decem-
per q, 1879 report from the United
States Senate Committee on Banking
and and Currency approving the Smoot bill
(Senate 31O9).
Inns Dill removes the tax exemp-
!lon from the bonds issued by the
JOINT stock land banks. 1t is the opin-
ION Oh your committee that the tax
exemption privilege should never have
been extended to these bonds The
accumulation of large aggrerations Of
capital, wholly exempt from anv and
an forms of taxation, is wrong in prin
c'ple and should be discontinued. The
iarge taxpayers will gradually absorb
these bonds, which will contribute
nothing to the support of the govern.
ment.'
And as to the disturbing effects Of
tax exemption. not merely for real
estate but for all securities, witness
the following editorial statement IN
,ne Wall Street Journal December
l5, 1919:
The severe decline in prices of
corporation bonds this year is largely
attributed by New York bankers TO,
ene high supertax on income and the
excess profits tax on corporations.
bankers who make n spccialtv of
cealfnr IN corporation securities dis
close that wealthy investors have been
gradually divesting themselves of
bonds which are subject to income
taxes and that few Of this class of in
vestors can be induced to reinvcst in
corporation issues even at present
tory" 's' =" "'''
New-York tribune., 1920-01-11
Bankers See Faults i'm New
Realty Financing Plans

Three distinct plans for the total or
partial removal of real estate finance
from the losing struggle against tax
exempt securities are now before Con-
gress. First, a chain Of Federal home
loan banks to rediscount the mortgages
Of building and loan associations, the
funds to be provided by an issue of tax
exempt Federal "instrumentalities"
second, specific exemption of interest on
mortgages amounting to $4,000; third,
"A Federal urban mortgage bank to redis-
count the mortgages of member corpora
tions by issues Of tax exempt bonds.
Referring to these various schemes,
the Savings Bank Section of the Ameri-
can Bankers Association says:
The proposed Federal home loan
banks are provided for in the Calder
Nolan bill at the request of certain
building and loan association officials
acting through the Department of Labor.
1t now seems possible that the majority
OF those most interested in the future
growth of such associations see the evil
results of plan which was proposed
with much enthusiasm.
THE second resulted from meth DDS
of real estate finance which are pe-
culiar to New York City, and no very
pronounced support is evident else
where. While there would be an un-
doubted advantage to those offering
mortgage securities in competition
with government bonds and instru-
mentalities, the principal arguments
as set forth by the Merchants Associa-
ton of New York are that the housing
shortage is nationwide, seriously
threatens the industrial efficiency,
peace and prosperity of this country
and the health and contentment of its
people; that Congress has already es-
tablished the principle of assisting in
the financing of urgently needed prof
ects by the elimination of income tax
from securities as in the case of the
government loans, the Federal farm
loan banks. War Finance Corporation
ana municipalities, and that the pres
ent housing situation is due in large
degree to curtailment of construction
py the government during the war.
Urban Mortgage Bank Plan Has Faults
An urban mortgage bank is the most
recent proposal. Although it has re-
celved no extensive discussion. it is
we'll to note that it proposes to form
comparatively owned but politically
managed corporation of 81 900 900 or
more capital under Federal auspices.
1t would use Federal credit to redis
count at not over per cent the real
estate mortgages for terms of from
ten to fifty years held by banks or by
trust, title, mortgage and insurance
companies, which would invest per
cent of their rediscounts in the stock
of the bank. That stock would be en-
titled to per cent cumulative divi-
dend as earned
Like the proposed home loan bank
1T would obtain fundamentally ex-
emptions by the mere grant of author
lty to deal in Federal securities and
to accept government deposits If. as.
and when so designated by the Sec
fetary of the Treasury but provided
that no such government funds can be
usea IN Its regular mortgage buying
business.
I'm the last analysis the same end
would be accomplished by authoriz
ing the purchase by the United States
Trcasury Of real estate mortesres
New-York tribune., 1920-01-11
Old South Church Sold
For Apartment Site
Property at the Southwest Cor
ner of Madison Avenue
and 3G.h Street

The old South Church property al
the southeast corner of Madison Ave.
nue. and Thirty eighth Street, near the
j. P. Morgan residence, Ias again been
sold, and is now to be reimproved with
IAN apartment hotel by newly formed
corporation. The sale was negotiate d
by S. Osgood Pcll e. Co. for August
Heckscher. The site measures 9s.9 feet
on the avenue and 1875 feet in Thirty
eighth Street
Mr.. Heckschcr purchased it in 1917
from the Reformed Dutch Church
When the church first decided to sell a
sale was entered into with the consent
of the Supreme Court to two different
firms of operators, with the under
standing that the church would deliver
the. property free from restrictions
against an apartment house, but this
1t was unable to do.
After the church began litigation to
break the Murray Hill restriction SO
that a multifamily structure could be
erected and subsequently it was pur-
chased by Mr.. Heckschcr. AS a result
of this and subsequent litigation the
plot was made available for apartme Mt
Improvement
New-York tribune., 1920-01-11
Realty Activity Along
Lexington Av. Keeps Up

Lexington Avenue. which has peea
marked with considerable realty ac',s
ity in the last few months, or 10 :.
more exact. since he opening OIL NV
new Lexington Avenue subway iu,
nished another interesting trsnsae"0'
yesterday.
Pease & Gilman sold for the esis's u
of James McCabe. represented
William c. Orr as attorney, ana nsp, :,
c. Simon McCabe. represented ~
William c. Canary as attorney! ~,
properties at 943. 945. o47. gag. sSi ,sa; a.;
953 Lexington Avenue. fronting w. .
feet on Sixtv-ninth Street. me pivr
erty is on the highest point OF hengr .sIr
Hill and opposite the corner rece""
sold by Pease & Gilman to Ed~iu =
Brickner. for which has since o. ~.
improved with an eleven-story sp''
ment
The McCabe property has been ~,
chased by the James c. Mc1uire s.ss
pany for investment. No plans n"
as yet been made for It's deveiop".,.s .s
The asking price for the proper. =,
100000 In the immediate vlc'n'n
the property sold Yesterday se,v, s.r.
other interesting transacuoss Se.
been made and others are pena'hs' AZ.
tails of which have not yet oee'
nounced
New-York tribune., 1920-01-11
Labor Is Charged With
Hampering Construction

Hope for price reduction in any COM
modify, and. particularly in the con-
struction field, has been based on sur
plus production. Economists have
maintained that prices will remain high
just so long as supplies are limited
Government heads through public ap-
peal have urged upon the nation the
necessity of utilizing to the utmost the
greatly increased efficiency Of business
and manufacturing machinery of the
country, developed by the war, in the
hope Of bringing about condition of
full production instead of limited out
put.
For the purpose of getting an au-
thentic basis for prognosticating the
future in the construction field s. w
Straus 4 Co. sent questionnaries to
every large building material manu-
facturer in the country asking for. spe-
cific information. The replies indicate
very heavy underproduction in all lines
ard the opinion expressed by these men
or interests is that building material
prices will move upward.
I'm our opinion the demand fo1
building materials at the present time
exceeds the available supply, at least
in the eastern half Of the United States
This is particularly true as regards
steel products, such as reinforcing
steel. expanding metal, lath and steeI
windows We are not producing az
much as in normal years.
I've believe the Upward trend in
general costs of building material. will
continue and that there will be nc
recession during 1920. We are antici
pating unusual activity in building ane
construction work. providing the build
ing trade unions agree to produce in
stead Of striking"
The president of terra Gotta com
pany said:
I'm my opinion the demand TO,
building materials at the present time
Is gIeater~than the supply. and we are
producing only about so per cent ot
wnat we produce in normal years. Tn.
main cause Of underproduction in thu
building material industry is the labo,
situation The present upward trenf
IN general costs in building material,
VIII continue until there is greater pro
nuction, which must be brought abou,
by very considerable increase in tn.
available constant supply Of labor
The secretary of one of the leadine
ouarrymen's associations said:
"Unquestionably, at the present tim.
the demand for building materials /,
greater than the supply In the lime
stone industry no more than so pe,
cent OF normal Is being produced a
the present time. This Il due to sew
ersl factors. We are short Of labor
wnst labor We have Ia distinctly in.
efficient. and tho tendency is constan
lly toward the curtailment of workins
hours. The labor situation ia distinct
lr the main cause of underproductior
with us.
Price Peaks Have Been Reached
After labor conditions have become
stabiiized We Judge it Will require the
ton reaches the level Of demand. &c
far ~ the present upward trend OF
general costs u building materials /,
concerned. 10 aSs convinced &heA In
New-York tribune., 1920-01-11

the item of limestone the peak
has been reached. There comes q
point ultimately where cost is pro-
hibitive, and that point, in our judg-
ment, is about at hand. We anticipate
unusual activity in building and con-
struction in 1920, because in all cities
large and small. we know from first
hand information that housing facili-
ties of every kind are woefully in
adequate"
The president Of one Of the largest
sheet and tube companies said:
Il am of the opinion that there is
Sufficient material for present demand
chr production this year will be about
65 to 70 per cent Of normal, due to a
slackened demand the first half of the
year and to the strike in the steel
industry. i think that the cost of
labor in most lines has reached it's
peak, and for that reason I do. not
believe that there will be any further
increase in the cost of building ma
terials. l rather look for slightly lower
costs in some lines the latter part of
1920"
The vice-president Of a large concern
engaged in the manufacture Of building
machinery said:
'srhere is no doubt that the main
cause of. underproduction in the build
ing material industry is the labor sit
uation. There probably will be a
shortage Of common labor even afte,
these labor disputes are settled. be.
fieye that the costs Of building materials Is
have reached the peak. but that thew
will stay up several years. | look for
unusual building activity in 1920. but
it will be limited by the shortage Of
labor. 49,.
ITO bring about the return Of nor
NAL conditions in the building mate
rials industries l recommend a stand
ardization of products, materials. de-
signs, etc. This seems to me to otfe,
the nearest help in overcoming the
labor shortage and cutting the high
cost"
. The sales manager of cement cor
poration said: ,..-.s---.. '.--r
During the early part of 1918 our
production was below normal, but fo,
the last several months it has been
nearly normal. Considering the build.
ing materials industry as a whole the
labor and coal questions appear to be
the chief reason for any underpro.
duction that may exist. So long AZ
labor costs continue to advance there
VIII be an upward trend in general cost
of building materials One difficulty
confronting the building material ma n.
ufacturer. is the shortage Of railroad
equipment. Prompt steps should be
taken to increase. the present railroad
equipment OF the country"
New-York tribune., 1920-01-11
Bank to Pay $1,000, 600
Rental for New Home
Union Exchange National to
Locate at Fifth Avenue
and 3Oth Street

The Union Exchange National Bank
yesterday figured in $10OO,00O real
estate deal, when a lease was signed
for term of years for a new home at
the northeast corner of Fifth Avenue
and Thrticth Street.
1t will occupy space of S0x15O feet
on the ground floor of the proposed
new Textile Building, work on which
will shortly be begun and which will
house several of the largest concerns
in the textile industry The basement
.of the building will be used by the
bank for it's safe deposit vaults.
In 1903 the Union Exchange National
Bank took possession of its first quar-
ters, at the northeast corner of Fifth
Avenue and Twentieth Street, remain
ing there for two years, and in the lat
ter part of 1905 moving to its present
home, at the corner of Twenty first
Street and Fifth Avenue.
New-York tribune., 1920-01-11
Barclay Estate Sells
Holdings of 300 Years
Buyers Will Improve Broadway
Site Now Occupied by Two
Loft Buildings

Wright Barclay, Inc, has sold fot
DR.. Harold Barclay ct al to Cristel 4
Cristal 321-23 Broa dway. two old build
ings with stores, on plot 5oxl00. This
property has been in the Barclay fam
lily for over three hundred years ana
has been in the Barclay name for over
two hundred years.
The buildings now erected on the
property were originally old private
dwellings and about elghty-ive yest
ago were altered into lofts and stores
The two stores have been occupied iof
the last twenty three years by john j.
Dowd's Restaurant. we'll known to tns
merchants of this section.
Plans are now being prepared .!
George e. Edward Blum. architects,
for modern six story store and 1917
building, which will he ready for oo-
cupancy about May |. 1920. y IS ire
intention. of the purchasers to maks
this building textile building espo..
cially adapted TO the requirements Oh
the cotton trade
Mr.. Barclay reports that negotis.,
tions are we'll under way with wei
known cotton firm for the leasing OF
the stores and some of the upper paris
of the proposed building.
New-York tribune., 1920-01-11
Investors COntinno.
To Show Likinofo.
West Side Flats
Lawrence Mcclure S.,,..
Nine-Story Apartment i
58th Street; Strand View
in 99th Street, Is Sold

Douglas l.. Gilman & Co. ana NJ.
Gaillard have sold the ninc-storv ~. 4.
ment at 152 West Fifty eighth stt. ssts1t.
tor the Marcaro Corporation J.a,eee
Mcclure, president), on plot snN,ne snNnse
The purchasers are Irving Jus;s s;s~aVV.
Joseph Silverson. who have houns. ana
property for investment s"' sss
Sale of Strand View
Isidor thinner and Samro, p
have purchased from Irving I,S:a Ss:sanics
Joseph Silvcrson, through M;cS.,a and
Rosenberg. the Strand View q. ~. y:
West Ninety-ninth Street. an SvS
story apartment house. on nlot ,s,.,ns ,ssns.
Llmmer & ReYnick have rcsold ~ WoV. W.
Llpschitz 11O6 College Avenue. n S". "s
story apartment. on plot 3S.6x1oo "s'
Corporation Sells 93d St Ho...
William S. Baker has sold for u.
1857 Broadway Corporation mort. '0s y
FIGHTER, presldent) to the Riger Roll.
Company ellis Rigcr, prcsidentl ths
slS-story elevator APARTMENT on nlot
! Street ''"'ra
16oth Street House for Investor
Charles Berlin has sold for ]. Sn;sr.,
and the A. q. Realty Company to- sss' w.
man Boland, of Syracuse. for inv.s.
ment the five story apartment at ssI
West 160th Street, on plot 3Sx1Oo =.
was a cash deal.
Dyckman and Bronx Deals
S. Wigdor has sold for p Mr. n.
!amln % Nerm'lyea Avenue, on plos
e0xlo7xl0o' five story apartment
Also sold for the G. e. G. Realty Com.
pany 1882 University Avenue. 57yf,e
a five story now apartment. Sold n,
S. Finklcstein 9O5 St Johns Aysn,,
on plot 20.2xo6. four story siny,. a.
Mr.. Wlgdor bought through Schwah a
Co. A Buchanan Place. a corner hu;,S
ing, on plot 55xl0O and 224o cr.ss
Avenue. adjoining, on plot 45xloo he,s
at $780, S
Sale in l79th Street
Harry Godstein has sold tn. colo
Mai at TIA West 179th Street, betwes,
Broadway and Fort Washington Ave-.
nue., five story 50-foot new.ls,
apartment. to- A. Jordan. Harry m.
theiser was the broker
Buy House in Eighteenth Str,st
The Duross Co. and Georee n nj,
have sold for Anna Brandt tho srs
story and basement quadruple tenn.
ment at 215 West Eighteenth Street, m
lot 25x92. Kinnie c. Mcdonald il ths
buyer. 10 '"'
Sales on East Side
James H. Cruikshank has sold IA
George H. Walker 2l8-22O East lnsd
Street, two four-story flats, with stores !.
| 50x100, taking in part payment eleven
lots on East Twenty Street md
Avenue z, Flatbush. William C. Hyds
was the broker.
John J. Cody and George S. Runk
Rave sold to the Ming Toy Holding
Company the four-story tenement. on
lot 20X67.2. AT 1852 Lexington Avenue.
Otterbourg, Steindlcr & Houston,
representing A. Barlin, have purchased
from Abraham Liebman the five.storv
double fiat, with store, at 1880 Madison
Avenue, on lot 25x100
Other West Side Sales
William Oppenheim has bought $50
West 144th Street, six-story elevator
apartment on plot 876x10O.
M. NJ. Hayward e. Co. have sold for
the Weisgreen Realty Co. to client
the five-story apartment at 260 West
Ninety-ninth Street and West End Ave.
nue.,
New-York tribune., 1920-01-11
100000 34th Street Lease

Henry Shapiro & Co. have leased
for Schultz Cigar Stores Co., to the
21S-2o West 34th Street Corporation
the two fve-story buildings at 2ls-
20 West Thirty fourth Street, for a
term Of twenty-one years at an aggre-
gate rental Of 100000.
This property adjoins the altered
buildings recently leased to the C. e. I,
Lunch Company for a long term. The
buildings will be extensively altered
into stores and showrooms. Henry
Shapiro & Co. have been appointed
renting agents.
New-York tribune., 1920-01-11
Mrs. H. S. Ford to Spend
'~ $35O,OOO on Now Home

, The Babbitt-Lakons Construction
Company has started the erection Of a
dwelling at Nyack- on the Hudson TO,
Mrs. sH. S, Ford, of Grand View. The
nnildlng viii be erected on the old
cooper estate. one of the most beauti
ful Of the Hudson River cites. H. T
Gnild is tho architect. He has de.
signed = pure Colonial residence. ot
frsproof construction throushout. The
building will be completed by Novem.
To 6sr ! at an Approximate cost. Of
New-York tribune., 1920-01-11

land and George j. Ferry 1t contains
twelve rooms, three bathrooms, glassed
palm room and breakfast porch.
The grounds comprise over an acre,
are Handicapped and improved with an
artlstic two-car garage. The property
was valued at $4,000, and the sale was
negotiated by the Frank Hughes Taylor
Company. of Montclair, \. +.
New-York tribune., 1920-01-11
Brooklyn Loft Sold

The Realty Associates have sold the
scven-story reinforced concrete loft
building at the northwest corner of
Berry and South Fifth Streets. William
burgh. to Robert S. Caisford. The
property fronts l43 feet on Berry
street and rs feet on South Fifth
Street and contains 10000 square
feet of floor area. Nassoit & Lannine
were the brokers' The sellers ac-
quired the property three months ago.
New-York tribune., 1920-01-11
Brown Extends Realty
Activities to PHILADELPHIA

The s. S. White Building al the
southeast corner Of Crestnut and
Twelfth streets. Philadelphia. has been
lssssd 70 Frederick Brown for . term
Of twenty one years at an aggrsgats
rental Of 81 800 900.
Harvey ,. Nswtns, Ipe.. and Robert
,. CsSsrdajs Usye ~ byokerA
New-York tribune., 1920-01-11
$50, 600 M0untuiinside
House for Austin II. Hart

Marvin A. Neeland, president of the
New York Shipbuilding Corporation. of
Camden, N. j. has sold the property
at 40 Afterglow Way. Montclair, n. j.
to Austin Fl. Hart, of the United Tube
Company. The dwelling is on one of
the most commanding sites on the
mountain side and is surrounded by the
estates of Robert +. Mils. II. G. SWEET
New-York tribune., 1920-01-11
II RE4LTy "
HOL OLD/NGS or "
TUE GAEE E(HH \

fine building sites in and adjacent to
Central Avenue, which is the best resi-
dental section of Far Rockaway.
Other interesting offerings are sew
oral side street apartment houses and
tenements in Manhattan, and a large
plot in Long Island City, at the corner
New-York tribune., 1920-01-11
New Realty Firm Formed

J. c. Bauer. Edgar II. M'ipanss n,
Jennie c. Molloy have ACQUIRE ,.,sr,
real estate and insurance p,""h ,hrr
business, formerly conductea ., Ro
with their late associate, oso'sc. sc..orss
scnfeld. under the name Of 'ne Srra
Rosenfeld Company. Inc. me ,s.,k mer 6
will be known as Bauer. b'''""
Molloy Inc
New-York tribune., 1920-01-11

of six fve-story dwellings in West
1l7th Street, between Lenox and
Seventh avenues, and sixty-seven
houses, averaging six rooms each and
leased to monthly tenants, with posses
sion if desired, at Cedarhurst. L. I.
In addition, there will be sold several
New-York tribune., 1920-01-11

These properties hold speculative po-
tentialities, and will appeal to the
speculative element.
For the operator in city and subur
ban dwellings, and for the homeseeker
the sale holds an equal amount of
interest. This is due to the offering
The Washington herald., 1920-03-05
DOCTORS FIND
REMEDY FOR
COLDS and FLU
Calotabs, the New Nausealess Cal
omel Tablets, Cut Short Colds
and May Prevent Flu By
Keeping Liver Active.

Physicians have learned from ex-
perience. during the epidemic of in
fiuenza, that one of the most inn
portant factors in the prevention of
fiu and pneumonia Is to keep the
liver active so that the digestive
organs may be in perfect working
order and the system thereby en-
abled to throw on colds, check sore
throat. and resist serious complica-
tions. For this purpose they have
found that the new. nausealess
calomel tablets called CaIotabs. are
far more effective even than the old
style calomel. which was formerly
the universal favorite, as Calotabs
do not weaken the patient, nor in
terfere with the appetite and diges-
ton.
At the first sign of a cold or sore
throat. doctors recommend one
Calotab at bedtime with a swallow
OF water-that's all No salts. no
nausea, nor the slightest interfer-
ence with your diet. pleasure or
work. Next morning you wake up
feeling hne. your liver is active.
and your appetite Is keen for q good
breakfast.
For your protection lCalotabs are
sold only. in original sealed pack
ages. price thirty-five cents. All
druggists recommend and guaran-
tee Caiotabs- Your money back IL
40 not dslishtsd with thsm-Aav.