The evening world., 1921-02-05
RELEASE
FIRST OF HOARDS
IFOR FLAT BUILDERS
Lenders Begin to
Yield in Fear of Public
Clamor Over Housing.
SUDDENLY FIND MONEY
Builders Seize Chance to Put
Up Buildings and Get
Fancy Rentals.

"A Builders and bankers are getting
together for a housing campaign.
\ Both are learning a great deal in
very short time. The bankers, who
ignored public necessities In the mat
Ger Of new homes for more than two
lears, suddenly realize that houses
must be built at once. The builders,
Who have smilingly insisted that they
could buy old houses cheaper than
they could put UP new ones, now see
that Il Is more advantageous to own
new ones than old ones, because they
can charge any rents in the new ones
but the lava prevent them from rails
ing rents unreasonably in old ones.
= The bankers have said an along
that builders were not making appli-
cations for loans to build fats Thia
they explained, was the season Why
rlAtg were not under way. Paren-
theticaliy. they remarked that they
bad no money TO lend. This last ad-
lAissiOn was enough to account for
Ferything-with no money there
cbuld be no building The builders
kngW there was no use OF applying
for aoans when the bankers had Moth
ibg. 10 van Consequently, there was
DO building, except by investors with
their own cash, or business concerns
able 10 pay well for their accOmmoda-
ttons.
But now that bankers have increas-
Ing money supplies. and the builders
mt only know Il but reahze they had
rAther own new houses than old ones.
Consequently, loan applications arc
hRginning to appear from fiat btiiled-
efs with a fair volume OF early spring
prOjeOts getting under way. The past
week recorded plans filed for several
such structures, notably a BiK-story
house for sixty seven families, TO cost
100000. on the southeast corner of
lexington Avenue and goth Street
olEnod ~ Rhinelander Real Estate
fionlpany, and a $3.50, 900 structure for
fprty families on Riverside Drive at
ia2d Street In the entire metropol-
iGna district, OF 120 projects placed
ulider contract during the week, to
ebSt f12000,O 900. there were plans for
tlxty-five residential buildings 70
DIST S2,650.0O0. During the same time,
nfcmtectS and operators reported
projects under way. but not ready for
contractors, involving 125 residential
talild1ngs,a at &S,1OO, 900.
NEW HOUSES SHOW A GOOD
PROFIT IN BUILDING.
Builders OF big apartments, espe-
6ally on Washington Heights, where
many splendid sites await immediate
Improvement, have been encouraged
70 seek loans by the success OF two
Houses, each involving over $500, 900.
on the Southeast corners at Fort
Washington avenue at 172d Street
and Haven Avenue at 10th Street.
They have just been completed aud
are renting quickly at $50 to S35 @
room. They are on high ground,
overlooking the Hudson River and
Eell-kept private estates. Metropoli-
tan, Life Insurance Company loaned
81 100000 on seven Manhattan apart :
rnent houses during the week.
Another notable project demon
Ftrating that builders can proceed
nrOdtably Is under way in the Bronx
covering the block bounded by Park
and Teller Avenues, 163d and 164th
Streets-Melrose Courts-to house $50
families in 1,072 rooms at a cost Of
&2,O00,OOO. The group was designed by
Pau Revere Henkel, architect, in col
lPib0ration with Eewenhous Bros.
completed a quarter OF the operation
and the apartments are ready for
tAnants while they rush work on the
iFSt. The site covers tnirty-four lots.
The builders have been able TO put
pp the houses, in spite OF inflated wa
costs OF materials and labor for rent
at Sl7 20 S2S room. They finished n
hiE structure last fall at PARK Av-
enue and 16iSt Street
Ia h.
beights, several other houses Of the
best type were completed recently,
and the same builders plan TO put up
many more this year. In other parts
of the Bronx, in Brooklyn and Queens
builders report they are making ont
applications for loans and that II will
be up to the bankers very soon 10
make good on their recent statements
that there Is plenty OF money FOR
such operations II the builders want H.
BANKERS FEAR TO STIR UP
MORE PUBLIC CLAMoR.
Presidents Of savings banks as
sured President La Guardia OF the
Board OF Aldermen last week that
they could produce ample funds foI
Ithe years needed home building
President Clarence II. Kelsey Of TitIt
Guarantee and Trust Company ant
heads OF other similar institution,
say they are prepared to finance nat.
Builders. These bankers and tbei
allies have been opposing strenuousI,
Che laws against rent gouEing. In,
movement 10 extend powers OF tn,
lockwood Committee and measure
for tax exemption on new Residential
buildings, some of them also workini
against mortgage tax exemption.
They seem to have been agains
every measure for facilitating IN
production Of new homes and for In
Protection OF rent payers during tn
period OF building activity. But the
bave been alarmed by the propositio
for a widespread Home Loan driv
conducted similar to the Liberty Ioa
drives, because they see it would in
teTfere with the sources OF their de
posts. They do not want to arous
further public movements along thes
llnes end they are willing to compro
mise the situation by loaning at rea
aonable rates a fair volume Of IN
money which they are supposed I
nave kept in use during the recer
past al much niger interest returns.
shiBwOFkeF Dies From FAN.