davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1920-01-04
Uniformity in Mortgage Con-
ditions Generally in Vogue
Throughout the Country.
BY JOHN J. PULLEYN, President
Emigrant Industri Savings Bank.

Our American system of mortgage III
nance, based upon real estate security. is
some times declared to be archaic and of
late we have frequently heard the opinion
that il is inadequate" or even that it
has been broken down under the stress
OF war conditions. This appears 10 be a
proper time to remind all concerned that
the present shifting in values, rents and
interest rates are on'y incidents TO placing
realty on a sound economic basis. We
must not allow the occasional case of
profiteering in rents to prompt measures
that will make ownership unproftable and
undesirable and so prevent an ample flow
of capital into new construction.
We now have comparative uniformity in
mortgage conditions throughout the coun-
try. Mere difference of names does not
indicate chaos of system. To establish this
we may note that whatever the form of
the mortgage or other conditional convey
ance, nothing short OF an absolute deed
will obviate the necessity for foreclosure
II any equity is claimed by the borrowerJ
The principles and procedure in real estate
mortgage loans are remarkably uniform
throughout the English speaking world.
Complaints evidently arise not because
OF real defects in the distinctively Amer
to obtain special legislation because OF
the present low ebb OF funds to he OBJ
tained through accustomed channels. A
careful study of the situation might re-
veal need for revising the methods
Of tapping the great sources of supply
and means for distributing mortgage in
vestments to the public. quite as much
as to warrant jumping to the conclusion
that there Is something radically wrong
with the owners and managers OF the
funds available for long term mortgage in
Ivestment.
Mortgage funds are obtained either from
I'd capitalists, or 30 by cooperative
credit, or (3) from bankers. Each of these
sources has it's limitations and there are
distinct economic conditions which affect
all
Capitalists, the first source sell their
funds on the best terms which can be
obtained, regard being given TO both pres
ent aud prospective net return, and to
the equality OF the security offered
The effect OF this importance OF the ne.
return upon capital brings to mind the
present supply of governmental securities.
Money lenders are able to secure a return
OF Cve per cent or better through the pur-
Chase OF certain issues of Liberty bonds
and stil enjoy n prospective profit which
those securities will surely bring upon re-
sale before maturity. This one fact has
taken out OF the market for mortgage
'oans billions or money ordinarily avail
able for mortgage loans.
! Cooperative credit institutions. the sec
ond class. have loans of two billion dollars
The New York herald., 1920-01-04
List of Parcels
To Be Auctioned
Many Improved Properties in Manhat-
tan and Bronx to Go 10
Y Highest Bidder.

Thursday, January l5, at noon, Is the
date Of the first special sales day to be
held by Joseph p. Day, auctioneer, at No.
IL Vesey street. This also will be the first
important sale by public auction conducted
by Mr. Day since the removal of his Of
fices from No. 81 Nassau street TO No. 81
Liberty street, where the Day organiZa-
tion now occupies in its entirety modern
six story building erected especially 20
meet its constantly growing requirements.
At absolute executors sale the estate of
Margaret Buckley will dispose OF the two
story business building at No. 2i0 West
Fifty-fourth street: also the lot. 25xf00. in
Corona Queens, in Merritt street near
Alburtia avenue. The Lawyers Title and
Trust Company will offer the five story
apartment at the northeast corner of
Eighth avenue and 4lst street. Another
interesting sale is that OF the southeast
corner OF Jerome avenue and both street.
q dwelling and two adjoining parcels.
Other estate offerings include the dwell
ing at No. IL West s5th street. the two
frame dwellings, 50x10o. at Nos. 2d and 256
West 65th street. the tenement at No. 55I
West 42d street and the apartment at No.
~ East 1isth street.
Additional Bronx properties 10 be sold
northwest corner OF Cauldwen avenue and
isith street and the block front, Including
Two frame dwellings. in the north side OF
18th street. between Valentine and Tie
bout avenues. No. 81 East 4th street. a
three story front and rear tenement, Is to
he sold IN liquidation. Voluntary offerings
included No %1 West SD street a three
story frame tenement and No. 3,6G Park
avenue, Bronx, frame dwelling
The New York herald., 1920-01-04
BROOKLYN REALTY
1T NIGHT AUCTION
SALE JANUARY 70
Parcels Scheduled for Sale In
clude Dwellings, Flats and
Vacant Plots.

Tho first Brooklyn night auction sale OF
1880 Is 10 be held by the Jere Johnson Jr
Company, auctioneers, on Tuesday, Janu-
cry 20. at eight o'clock. in the Brooklyn
Real Estate Exchange, at No. 1S9 Monta-
seue street, Brooklyn The offering con-
sists OF twenty-eight parcels OF improved
anc unimproved Brooklyn real estate
Tariously and well located
The properties 10 be sold consist OF one
two and three family dwellings, flats
business and store properties, vacant lots
rnd plots. The terms NJ sale are unusually
easy and attractive. Among the dwellings
are;-No. 155 South Elliott place. a three
story dwelling; also Nos. 10 and II Fort
. Greene place, two small three story brick
houses; also No. 3671a Pacific street, a two
family house; also Nos 5o2 and 55i Lafay-
cite avenue, two frame houses; also Nos.
24f and 243 Van Brunt street, two, two
story houses; also Nos. II, Is and q VOL
colt street, one three story frame three
family house: one three story and frame,
three family house, with a two story
franle rear house and two story frame
two family front and rear house.
Other Parcels In Sale.
Flats with stores, are located at No
A3S Fourth avenue; No. 2S2 Nostrand ave-
nue., Nos. 1Ol and 103 Johnson street, and
Nos. 223 and 225 Franklin street, two four
story buildings, 50xS2.
Flats without stores, are as follows:-
Nos l44 TO 14S Conover street, three eight
family houses; No. ia Coffey street.
three family brick house; No. los King
street. four family frame house, and
No. 149 Richards street, five family
house.
Vacant properties. ready for improve
Ynent, consist of the plot, 50x10o. in the
north side of Gates avenue, 325 feet east
of ,Stuyvesant avenue; also 25x100, in the
north side of Marion street, 125 feet east
of Stuyvesant avenue; also the three
lots in the north side of Ninety-ninth
street. 100 feet west of Fourth avenue.
and a plot, SIX irregular. in Chester
street, near Newport avenue.
The New York herald., 1920-01-04
No Remedy Yet Suggested
Which Tends to Better
Present Conditions.

gage market and to increase the facility
with which loans might be obtained.
a direct loan of public funds to be de-
rived from either taxation or govern
ment bond issue would be a purely tempo
rary expedient. While Il would make
money immed ately available for distribu-
ton ACCORDING to the wishes Of politicians,
the extravaganza and waste of such a
plan are generally recognized and the
burden would rest upon the nation or
locality in the various ways with which
we already arc familiar-depleting both
the resources available to support produc-
ton and further increasing the cost Of
living.
Long term mortgage loans in the last
analysis are to be derived only from say-
ings, both small and large.
The accumulation OF savings in banking
institut ons and otherwise is now impeded
by the burden OF our war debt, by COM
petition from the government in its propa-
ganda for placing savings in government
channels, and on the other hand by max
ing IL Improbable for private investors
to purchase taxable securities.
In conclusion, it is worthy OF note that
no remedy thus far proposed in Congress
tends in the slightest degree to improve
the present system of mortgage finance
or provides any facility not now pos
sessed except that OF pyramding credits
through redscounting mortgage loans al
the cost OF tax exemption--ln other words,
at the expense of government credit and
to the ultimate increased burden to gen
eral taxpayers.
More progressive savings bank policies
should and must be adopted with a view
10 both increasing deposits and making
available "A larger fund for long term
investment. Amortization OF mortgage
loans. although not n plan which can be
applied by all lending institutions or
under all circumstances, is imperative
under present conditions Of financial in
flation. Savings bankers have special
obligations which must be recognized and
tho occasional dry rot in methods must
be eliminated.
But as C., the need for radical reform in
our present system of mortgage finance.
we must not be led astray by alleged de-
fects or by the attractiveness OF pro-
posed remedies" -the first OF which has
not been proved 20 be fundamental and
the second appears thus far to be econom-
ically unsound. II would be far better to
modify some Of the outgrown restric-
tions under which savings banks operate.
The New York herald., 1920-01-04
Disposition Of Cases.
"0WN YOUR HOME" SHOW
SHOULD BE INTERESTING

Real estate operators. architects and
builders predict that the spring OF iecl
probably will see the biggest building boom
that this country has ever known. well
started. Rents are now at levels previous
ly never dreamed Of. and they are still
soaring. Manufacturing and industrial
space has followed suit. Apartment rents
also are high, and there are practically
no vacancies. Private houses. for several
years drug on the market, have been
brought we'll within the scope OF demand.
and are now being sought assiduously by
home seekers.
The interest Of the public in building
was impressivey demonstrated at the
first own Your Home show last Sep
teinber. So Keen was the interest. so great
the demand for tickets, that many pro
spective home builders were unable 70
attend. and in view OF this, the executive
committee and Robert II. Sexton. r~anag-
ing director. decided 70 hold the 1920 ex
position in the Grand Central Palace. fror,
May to 8 next.
The New York herald., 1920-01-04
QUESTIONS FROM
BUILDING AGENTS
Topics of Interest to Real Estate
Owners and Others Answered
by Managers.

Te following questions have been asked
by members Of the Building Managers and
Owners Association. The answers are
individual expressions Of opinion sub
mitted by other members considered we'll
posted on the particular subject involved -
volved:-
Question.-What are the names of any
buildings in Forty-second street district
fitted for oil burning?
Answer--We do not know Of any build
ings in the Forty-second street district
fitted for oil burning.
Question.-How generally are tenants of
buildings charged for light and lamps?
Answer.-If the propounder of this ques-
ton wishes to know the customary basis
OF charging tenants for light and lamps
we would answer that the usual method is
TO make the same charges as the tenant
would be required to pay the New York
Edison Company or the United Electric
Light and Power Company for q similar
consumption Of current or quantity of
lamps purchased under any single order:
in other words. the same graduating scale
Of charges would apply to lamps as II
bought direct from the public service com
panies.
If, on the other hand, the questioner
wishes to know as to what extent light
and lamps are now being charged for in
New York, we would answer that the
practice is becoming quite universal, and
While there are some instances where
owners have not adopted the plan, We be-
lieve that the majority Of large buildings
are either now making such charges or
are making provision in all new leases
giving the landlord the privilege 70 charge
II he elects to do SO. Ii is noticeable that
OF all the new buildings now being erected
both downtown and uptown we do not
know OF a single case where electric cur
rent at least will be furnished without
extra charge.
Question.-Referring to Section SA OF
the Labor law, is an owner or agent OF a
building employing the help incidental to
the operation Of the building classified as
an Employer OF labor engaged in carry
ing on a factory or mercantile establish
ment?"
Answer.-At the last session of the
Legislature, the Labor law was amended
so as to include those maintaining and
operating elevators so that IL would ap-
pear as though an owner or agent of a
building employing the help incidental to
the operation Of the building would be
classified as an employer Of labor engaged
in carrying on u factory or mercantile es-
tablishment only in so far as referring to
the elevators. This would include the eIe-
vator operators and whoever looked after
the maintenance Of same.
The New York herald., 1920-01-04
Fieldston Book of Views.

An attractive book OF views illustrating
Fieldston, at Riverdale on hudson, has
George Howe. This book. Of th'rty-two
pages, is made up chiefly of photogra phs.
In addition to the pictures, there is at
the beginning OF the book an introduction
which explains briefly what t. Offered
at Fieldston, also the policy which has
been followed in developing this 'ctu-try
place" In the city. THere is also d map
which shows the SIX different methods OF
getting 70 the centre of New York's ac-
tivities from Fieldston.
The New York herald., 1920-01-04

Realty Company, said There is an in
cessant demand for houses. New building
is retarded by the limited amount OF mort
gage money available. Cost Of construc-
tion has increased greatly and II loans
commensurate with the increased cost
could be obtained, there would be great
activity. Before work on the subway
began there were more than one hundred
vacant stores in Nostrand avenue. Now
there arc only a few. This is an indica-
tion of the trend"
Ferdinand Harms said:--"A great wave
Of Improvement has swept over Flatbush
in the last year People from all SECTIONS
have bought and rented within its bounds.
Business men are Investing their moneys
here. The comparatively low prices of lots
give the builder, homeseeker and investor
unusual opportunities. With the cost Of
material and labor about the same every
where. builders find IL advantageous to op-
crate in this section. expect big build
ing movement next spring"
The New York herald., 1920-01-04

ing stores and apartments formerly went
begging at 5000. now they are bringing
$500 and 5000 and are being sold and re-
sold in anticipation of subway operation.
I believe there is more cheap land ad-
jacent to this branch Of the subway lines
than anywhere else"
James A. Farrell said d:-"Values in the
Nostrand avenue section have advanced
greatly and people who bought houses q
short time ago for 5000 are now refusing
to acce|t $4,000. I think land values will
rise to a point where the improvements
will have TO be apartments. Lots in the
side streets of extra depth sell for about
5000. This affords builders the oppor-
tunity of providing more rooms on floor.
Things look bright to me-
At the office of Aston s. Schauer it was
said:-''The operation of the subway will
open to this section he east and west
sides OF Manhattan and the Bronx. and
offer direct facilities for reaching all busi-
ness centres. Builders are making daily
The New York herald., 1920-01-04
BUILDING BOARDS
HEARD 1,148 CASES
DURING LAST YEAR
Make Several Important De-
cisions Affecting Owners
of City Realty.

The Bodru Of Standards and Appeals AMI
.-;.- Board OF Appeals. Captain John p. Leo
chairman, began the year 1919 with
seventy cases pending. received 1.00o new
cases and reopeped seventy hire cases.
making total OF Las actions.
In the year the Board of Standards sno
Appeals held twenty-five sessions and tho
Board or Appeals seventy-nine sessions
and there were twenty-five tours OF in
spection made by committees Of tn
Board.
The Board heard and disposed OF 1855
cases. granting relief 20 property owners
in 62l cases, or in nearly sixty per CEN
OF the cases heard. The year ends with
ninety cases pending. forty-two Of these
being cases heard and laid over for further
hearing. including twenty appeals from
Fire department orders, all OF which are
ein1iiar 70 several cases decided by the
Board adversely TO the railroads and which
are now before the courts for review OF
the decision of this Board. The other forty
eight cases on the calendar were filed too
late for hearing in 1919.
An important phase Of the work Of the
Board of Standards and Appeals In the
year has been to revise certain rules by
permitting the use of oil as fuel in COM
petition with coal and by permitting com.
petition in building equipment and in fire
prevention devices required for the protec-
tion OF life and property. Accordingly the
Board formulated fuel Gil rules: revised
The Sprinkler rules; revised the revolving
door rules revised the elevator rules, and
adopted a method OF tests for anti-siphon
traps.
Each Case Cost $3.50.
Out OF budget allowance of s3s. $50 the
Board turned back $4,293.61 and turned
over TO the City Chamberlain $571.7b re-
csived in subscriptions to the Bulletin pub
lished weekly by the Board, making the
NAT a l.
printing and stationery supplies, $685.
1874, or about $3.50 per case disposed OF.
The detailed record OF the work OF the
Board for the year is as follows:--
Cases pending January /, 1919. ........... 10
New cases filed up to December 81,
1913 .....'.!.. Cos
Cases reopened on new evidence. g.
Reopened under court decision for SUBJ
mission 70 whole Board. ........... &
Reopened after dismissal on appellant
curing default Observation-Disclosures.
Reopened after Withdrawal. ...... :
requests FOR amendments. ts................ 70
Requests for extension of time. ....... Z
Rescindnent of permits. 3
Rescindment OF general resolution.... !
Total ......................1.l4 Jas
cases pending December 81, 1919. ....... 81
Disposition Of Cnses.
NilnuTd~H .'ss........................ 10,
Dismissed ACKNOWLEDGEMENTS. d7
Denied .......................... 81
Granted OBSERVATION-DISCLOSURES. 594
Resolution amended ..................... II
Time extended ....................... :
emission rescinded ................... .
General resolution rescinded .......
Rules adopted NEUTRALITY-SUSPICIOUS..
Method of test prescribed. ...,.......
Se'S ..''''''..... Observation-Disclosures.
Request for amendment of rules
NVh'SO ........,..-........
Resolution Of legislative bill. li........
Total ........................... COS
The New York herald., 1920-01-04

inquiries, and an apartment building
movement is expected when the line is in
operation"
r. #. Pratt, OF c. NJ. Dreyer Company 3
office, said:--"Values or one and two fam
lily houses have increased greatly. and the
supply is almost exhausted. Many dwell
ings are now in the hands of Spectators.
Builders are making inquiries, and there
is developing a good, healthy demand for
lots.
Ernest NJ. Hollister said:--"An overpro-
duction OF three story apartments with
stores, in 1906 and 1905. caused decline in
rentals for stores Conditions have
changed. and these same stores are bring
ing higher prices. Prospective subway
station corner stores are held at 500 a
month, vacancies are few. Lots in Nos
trand avenue are obtainable at 5000 and
in side streets east of Nostrand avenue
range from s.. 200 to 5000. In the west side
lots are held from 5000 to $500"
John F. Dreyer, Of the Ridgewood Park
The New York herald., 1920-01-04

building loan was arranged through Wm.
A. White IL Sons. The building
contract has been awarded To the Standard
Concrete Steel Company. Archibald y.
Russell was the seller OF the land.
The company will retain SIS present
salesrcom at tho corner OF Broadway and
Fifty-second street. for passenger cars
but will locate the offices for their whole
salo distributing business. and their sales
room for trucks IN their new building
The location % this service station Ia o
section easily accessible is OF particular
interest to automobile owners In West
chester County tho Bronx, Queens, Brook
lyn and New Jersey. IL 10 on the direct
route of all the more important and con-
meeting subwayg, elevated and surface car
linsn and within n few blocks Of the Fort
lee Ferry 70 New Jersey. IN the ccnrtruc.
The New York herald., 1920-01-04

tion Of the new bus ding the architects
have taken full advantage OF Gle favo,-
bic grade OF Broadway at this point %
provide access direct TO the basement 81
i3ist. street 10 the main floor, near tn
centre OF the Broadway front, and to tho
SECOND floor by way OF the easy ramp from
lS2d street. The Broadway automobile
entrance 10 thirty foot wide roadway
with sidewalk, through 10 the elevator ser
vice TO the two upper floors. The builoinls
Will be equipped throughout for the con
venIence Of automobile owners and thei'
chauffeurs. as well as for tho general off
cea and salcsrooms of the Bowman con
pony. In addition there will be rest rooms
for women ond female employees. smoking
and Mushrooms for mon and ample locker
space. Tho building vii; ~ competed
sorly next summer.
The New York herald., 1920-01-04

81. and extending through 20 9Th St.
where il will front 100 feet. The immedi-
ate Broadway corner of sSth St, &Xlo0
feet Is not included In the development.
The new building. which will be erected
from designs by Schwartz g. Gross-B. n.
Marcus. IS owned by tho Broadway and
SSth Street Company. Harry Schiff presi-
dent There will be stores fronting iu
the arcade, both IN the avenue and street
sides. and IN the rear will be q large tea
room having a capacity Of 1000 people.
The site was for many yeare occupied ~
the Anheussf. Buseh- Dudweisof GsrdsnE
The New York herald., 1920-01-04
Ridgewood On. u Sales.

:. $ walstrum-Gordon & Forrnan sold
FOR George " Halsey the dwelling. 60
Doremus av.. Ridgewood. ". j.. 20 Herbert
:. Kent and for Roy l.. Brewer / i6 Hsr-
rison nv. To Arthur Watson; also for Mrs
Kate j. McDougsll 70 Richard l.. Fine,
Tr 81 Goodwin av.
The New York herald., 1920-01-04
Sidney b. Bowman Company to Erect
Large Structure Occupying Block
Front in Manhattanvillc.

Because Of tho fact that its present quar-
ters in West Forty-nlnth street we're in-
adequate, and also to allow for future ox-
bile Company has purchased through
Cross 3 Brown the block front 10 the west
side OF Broadway from 1876 % ls2o
street. 20oxio0 and will improve The site
with a rev building from deslFns Ny
Dodge q Melvison permanent Aho
The New York herald., 1920-01-04

and Nickels' restaurant, previous 70
which it was known as "Stillgebauers.
The building win contain a total rontsble
area of 5000 square feet. The front OF
the building will be In tho Spanish Rem
aissance style. of marble stucco, crowned
with spanish tile roof
The New York herald., 1920-01-04
IMPROVED MORTGAGE FINANCE
At this time when the housing

At this time when the housing
shortage In so acute nnd need for
buildings OF every class most ur-
gent. people identified with the reaI
estate market are casting around
to find ways and means OF obtain
ing new sources of capital for in
vestment In mortgages. There has
been suggested a federal hank, long
term loans, with amortization fea-
lures. and other methods of raising
finds. John J. PuIIeyn, president
of the EmiErant Savings Bank and
chairman ON Amortization of Mort
gnge Lcans. Savings Bank Section.
American Bankers Association, gives
his views of the mortgage situation
In the accompanying article.
The New York herald., 1920-01-04
New JERSEY DWELLING Sales.

L. y. Nicholson & Co. sold dwellings in
Lyndhurst. n. j.. TO Captain Clay S. wo-
ricl, James n. Cameron and Frank Les
lie; also in Rutherford TO Henry Won Lehe
Mary A. MacGregor and Rebecca NJ
kruse. and in Arlington 90 Paul Raphael
md Martin y. i. Dunno.
The New York herald., 1920-01-04
Philipse Manor Sale.

The Robert ~. Marley Organization sold
for the Estates Of Tappan Zee a plot IN
Hunter nv., rhiiipss Munopi Nefth Tar
rytoEn, 70 Isabelle DeHaup.