New-York tribune., 1921-04-25

about 20 per cent have $1,000 in saw
mgs. All are anxious to get homes.
lheir combined capital approximates
$4,000, 900. With this we figure we
could construct 1000 homes under the
whoiesale plan of construction we have
IN mind. This would give us a start.
Our great problem, and the one we
are trying to solve, is the financial prob
lem and the manner in which we can
get mortgages so that we can realize
our full plans. We are working hard
on this. and we hope to succeed in q
low days in developing such method.
we expect to have a conference with a
man early this week who is an expert
on the housing question, and we hone
ne will be able to help US out of our
difficulty,
Our plan regarding financing is to
induce wealthy citizens to take our mort
cages at 8 per cent interest, fully guar.
anteed. We do not ask charity. But,
OF course, wealthy citizens would only
enter this project because they have the
civic interest at heart, since they can
get much higher interest rates in other
investments.
There has been great deal of
criticism leveled against us because
we have continued to enroll members.
Our reason for this is to increase the
influence of the organization. and to
get within its ranks all prospective
home builders. The stronger we are
the more influence we can bring to
bear on the Legislature in securing
the passage of laws that will help to
solve the housing crisis
Many Seek Building Loans
The effect of the unauthorized state
mcnt that the Metropolitan Life Insur-
ance Company was back of the COM
mittee's plans has been demonstrated
vividly, according to officers Of that
institution, who say they have been
flooded with inquiries and appeals for
loans in building. One person so ap-
plying said he had been informed the
Metropolitan company had S9,000,oo0
available for building loans. A similar
situation, but not so decidedly. has ex-
listed at the Franklin Society Offices
for several days.
According to statements made by
both sides the resignation of Edwin
d. Graft from the chairmanship of the
directorate was due to differences that
arose recently. Mr.. Graft said that he
is fully in sympathy with the move
! ment. which he declared was actuated
by the best of motives and a keen de-
cooperative construction.
The committee has been organizing
for about year. but has not been in
corporated for that length of time. AT
first the membership was voluntary
but at the time of incorporation dues
of 81 every six months was asked fol
administration purposes. Mr.. kowitv
one of the officers. said that only two
members, who devote their entire time
to the organization. we're receiving pay
On December last committee Of
the directors visited Tenement House
! Commissioner Mann and sought hi:
aid. They put forward memorial tha
the city sell to the committee land j
owns in the vicinity Of the jerome
reservoir in the Bronx. 1t was on this
| site that the committee proposed tx
erect its houses wholesale.
Plan Defeated in Legislature
The following day COMMISSIONS.
Commissioners of the Sinking Fund TO
action. 1t was proposed that the cit,
obtain authorization from the Legisla
ture to finance the sale of this lane
to the committee by paper transac
ton in the nature of loan. The bill
i that was introduced in Albany was de
feated and the Sinking Fund Commis
sion took no further action.
In the literature issued by the com
mttee it is stated: "There is so grea
wealth of detail connected with tn
foregoing (plan) that it would be diff
cult within this space to give anything
like an idea Of the many advantage
and the great progress that has beel
made to date" Those seeking furthe
information are advised to attend tn
bi-weekly meetings held every Monda
and Thursday in q Bronx municipa
court house.
The pamphlet states that the com
mittee proposed to obtain unimprove'
lands, and these after being cut up will
be sold to members of the organization