davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-01-02
SEES IMPROVEMENT
IN MORTGAGE FIELD
Loans on Residential Proper
ties Have First Call-Lend-
ers Are 0pulent.
ny EDWIN C. BENEDICT.
charles y. Noycs Company


During recent weeks the Improvement
In mortgage conditions, which began In
October. has continued In increased
volume. More money is available than
for many months. Loans which are TO
relieve the housing situation make a
special appeal 20 many Institutions and
have irst call. although the owner of
mercantile or other property Is not dis
criminated against II he makes his Of
fering attractive by a conservative APP
plication based on a fair valuation.
Savings banks during 1920 made won
derful gains In deposits II Is believed
that the reports soon TO be issued will
show that the year just closed has been
the greatest in their history Life in
surance companies also made phenom-
email gains with resultant expansion OF
assets. Mortgage loans make strong
appeal TO such institutions as they pro-
vide an attractive interest return and
the value Of principal does not nuctuatC
in periods OF financial disturbance as dc
other forms Of security, such rs Govern.
Inent, state. municipal and railroad
bonds. even OF the highest class.
Rates or interest are still high and
IN my opinion will continue about al
the present level for years TO come, as
the whole world must be refinanced and
u may be very long time before the
supply Of money IL sufficient 70 meet
the demand.
Real estate borrowers can congratu-
late themselves that they now have for
the first time a distinct advantage over
railroad or public service corporations
and all other classes of borrowers. New
York city real estate In practically the
only security which " now accepted for
loans by the banks and insurance COM
panies at as low net return as per
cent. interest
The New York herald., 1921-01-02

Once upon a time there was q prince
and princess and they each lived IN
a large and beautiful castle and had
many. many servants. Tync passed---
many things happened. including iong
and terrible war. Now the prince and
the princess are living quite happily IN
two rooms and bath at the home Of
their grandparents without any servants.
In this little parable lies the answer
to that ever present question. where
are the people lving?" II any one had
predicted shortly after the close Of the
war that there would be only the small
volume of home building which has ac-
tually taken place we would have imme-
diately cornered the canvas market In
anticipation OF the demand for tents
Even the most optimistic fully believed
that some extremely radical method OF
housing would have to be established 20
take care of the homeless. Yet here we
are going into our third year after the
signing Of the armistce and We have
vet to see any tent cities. barrack tene-
ments or other extreme methods OF re-
lieving the situation. True. We have
never ceased to talk about the terrible
conditions, and several times all indca-
tions pointed to dire catastrophe on
certain moving days. but each time.
either through the effect OF emergency
rent laws or more natural methods.
everybody seemed to keep roof over
his head. The most effective method Of
immediate relief was one which We
adaptable Americans utilized for our
selves, naturally and without any press
publicity, namely, the process doubling
up"
Think over your circle of friends. rela-
tives acquaintanccs. How many OF
these individual families are living In a
whole house all by themselves? Young
people are getting married, but only a
The New York herald., 1921-01-02
SAYS VACANT LAND IS =
CHEAPEST COMMODITY
BY M. III. BARRY.

Contrary to general opinion. land for
building purposes in Westchester county
~ one of the cheapest If not the cheap
est purchasable commodity TO be OBJ
tanned to-day. The reason for this Is
that during the period of the war when
restrictions were placed on building a
natural slump, almost stoppage, In
sales of building plots occurred. AFTER
the signing of the armistice, as New
York's population became too great Tor
its housing facilities and the law OF
supply and demand became operative,
resulting in doubled and tripled rentals,
the move toward the suburbs began.
with the result that within very short
time the values of improved country
property were greatly enhanced.
Even at advanced prices the more de-
sirable homes were soon snapped up,
leaving an opportunity for the disposal
at advantageous prices of formerly un-
salable properties. In the mean time a
period OF speculative building set in on
plots owned by builders and spectators
In built up suburban sections, in many
instances property formerly restricted
to one house being made to accommo-
date two. Although building restrictions
had been removed, the price of materials
and labor was such that few besides
spectators dared undertake home build
Ing, the result being that sale of land
for such purpose almost ceased, high
class suburban building plots and high
grade Developments being drug on the
market.
Minus a demand for unimproved prop
erty, owners had no incentive to advance
prices. In some sections Of Westchester,
notably New Rochelle, Larchmont and
vicinity this worked as loss. to pro-
gressive owners who had started opera
tions in road building. installing gas and
electricity, laying of sewers. &c, in
preparation for a heavy demand for
building sites. Now that the tendency
of building material prices is downward
and labor costs also, and with prospects
of increased building activity this spring,
owners Of vacant land would be justi-
fled in advancing prices. Nevertheless,
they are not doing so. and the public
should be quick to take advantage of
this hesitancy.
Homeseekers should be impressed with
these facts to the point of early action
and prepare their building plans now.
Otherwise, they will find themselves in
the same position as those who pur-
chased improved property at greatly adj
vanced prices during the recent wild
scramble for homes.
The New York herald., 1921-01-02

estate market will be very active for a
few months while the new rent noetrums
are being tried out. Out they are bound
TO be futile as solution OF the diff
Guilty and the pressure for new space
increasing steadily meantime. New
production will have to be resorted to
to provide II.
Mortgage money has not been easy to
secure. but there Is every prospect that
the interest on a, limited amount in
vt sted In mortgages by any individual
will be exempted from the income taxes
and that money will be available when
labor and material come to their senses.
Then an active building boom will start.
and with that will be decided improve
raent in the market for existing struc-
tiires at advancing prices. A real es-
tate owner needs a great deal OF pa
tience. but IL he has II and holds on he
VIII get his reward.
The New York herald., 1921-01-02
QUEENS PRIZES HIGHLY
BEAUTIES OF FLUSHING
By JOHN j. HALLERAN,
of the HalIenar Agency.

Flushing is not a boom town, oil or
mining proposition. 1t having been set
tied in the sixteenth century by such fam
lilies as Bovine, Willets. Van de Water.
Prince, Peck, Parsons and Smith. 1t Is
therefore two centuries ahead in classic
development. We have New York City
Police and Fire departments. New York
city public schools. the finest in the bor-
ough: New York City Department of
Water Supply, Gas and Electricity ;
business banks. and two savings insti-
tutions 1t is the prettiest spot on the
North Shore
Flushing has five railroad stations
with sixty trains day. with running
time to the Pennsylvania Station about
eighteen minutes. In addition we have
the b. r. T. running to Brooklyn. and
the Interborough trolley cars running to
Fifty-ninth street and Second avenue, at
five cent fare; two bus lines from
Flushing to Corona, connecting with the
subway. The extension of the subway
from Corona to Flushing has been passed
by the Board of Estimate. and title to
the necessary land has been acquired.
Flushing has three country clubs and
two golf courses. One course Is in prep
aration and when finished will be the
finest course in the United States, ex-
cept the National Links Flushing is
also noted for its beautiful trees and
Towering bushes. 1t has some of the
finest specimens of trees in the United
States. Lovers of trees from all over
Visit Flushing to see the Giant Leabaun.
one of the few of its kind and most
widely known. Flushing originally was
a nursery conducted by the Parsons and
Prince families.
The high school, erected about ten
years ago at the cost of $2.000.000, is
considered one of the finest schools in
the greater city. In addition to this
there are seven primary schools. in all
parts of the town, and one Catholic
parochial school. erected a few years
ago at cost of $500 900. Flushing has
also a hospital supported by voluntary
contributors.
In the past few years there has been
erected in Flushing approximately 500
houses, ranging from six rooms and one
bath, on plots 40x100 feet to twelve
rooms and three baths These sell for
| S12,500 to $50. 900.
The New York herald., 1921-01-02
ARCHITECT SELLS HOME.

A sale OF unusual interest recently
effected at Summit. n. j., is that OF the
ten room picturesque Dutch Colonial
dwelling erected ten years ago by II. p.
Alan Montgomery. the architect. for his
own occupancy at 40 Prospect street.
Occupying half acre plot. this Is prob
ably the most distinctive residence prop
crty OF its size in this section of New
Jersey hill country. The construction is
hollow tile with cement and shingle ex-
terror Tho buyer IL II. A. Kettley OF
the General Motors Corporation. In ad-
dtion Mr.. Kettley bought half acre
plot in the rear OF this property The
sale was consummated through the
offices Of the Eugene Jobs-H r. Beck
Company and involved an expenditure
OF s37.5OO
The New York herald., 1921-01-02
OLD NEW WORKERS
RECLAIM EAST SIDE
Realtor Tells of Developments
Between Second and Third
Avenues.
BY IRVING RtLAND.
President Of Ruland 6 Within g. Bea ia
min Corpordfion.

President Of Ruldnd G Within Bea ia
min Corporation.
The acute shortage OF housing has
caused real and widespread distress. Y
has, however, benefited the owners OF
dwellings I'm scattered and hitherto uu-
regarded sections. They have been able
to sell at prices which five years ago
were unheard OF.
Many neighborhoods have been ar
fected. but the most notable changes
have been in Sixty-first and Slxty-sec-
ond streets. between Second and Third
avenues: in Beekman Terrace Cast Fiji
tieth street and East River). sutton
square (avenue A and Fifty-sevcnth
street.. and East Forty-eighth and For
ty-ninth streets. between Second and
Third avenues (Turtle Bay Gardens).
Practically all OF the houses In Sixty
first street. in the block referred 10,
and the majority of those I'm Sixty-eec-
ond street. have changed hands In tho
last two years. Most OF the new own
ers are former Park avenue apartment
house dwellers, whom the great increase
In rents induced 10 buy and improve
these dwellings. The result has been
the sudden transformation OF the neigh
borhood from one OF rooming houses into
n compact colony of well known New
Workers.. There is no reason to doubt
the permanency OF the new character
OF the ncighborhood.
The movement In Beekman Terrace
is OF much smaller proportions but IL
of the same general character. Neither
movement was tho result OF concerted
action. but was a natural drifting
toward nelghbornoods that offered OBJ
vious opportunities.
On the other hand. both the sutton
square development, which involves
eighteen houses. and the Turtle bay
Gardens, in Forty-elghth and Forty
ninth streets, the most extensive OF any
OF the improvements. were planned az
a whole. Sutton square Is still IN pIss-
ess OF development. although the major-
ity of the houses have been sold. Turtle
Bay Gardens is n completed enterprise
with all but three OF the houses sold.
The Sutton square scheme embraces
houses in sutton place, avenue A. be-
tween Fifty-sevcnth and Fifty-eighN
streets. and houses on the south side OK
Fifty-eighth street. cast Of sutton place.
Most OF these houses have a charming
Wow of the East River across COM
mon garden laid out between the rear
OF the houses and the river.
Turtle Bay Gardens Is a more clah-
crate plan. IL involves twenty-one
houses on Forty-eignth and Forty-ninth
streets. which are back TO back, COW
crlng a plot 2O0x2O0. All the houses
have been altered into American base
ments. the facades Of all dwellings on
each street being embraced into gem
eral design. The yard fences have been
removed n twelve foot walk runs tho
length of the garden with gates into
each rear yard. which three feet brick
parapet walls divide. The rear OF the
houses have been so treated In color and
ornamentation as to make the space en-
closed resemble vast interior Italian
court.
The New York herald., 1921-01-02
READY TO LOAN BUT
NO ONE WILL BUILD
Title Company Offers Money
for Housing But Rent
Laws Scare Builders.
by CLARENCE II. KELSEY.
president OF the TITLE Guarantee aud
Trust Company.

president Of the Title Guarantee aud
Trust Company.
The real estate market has been in an
abnormal condition throughout the year.
II was feverishly active through the
first third of the year. The realization
that there was a shortage Of space OF
every variety became general and the
spectators. always the first TO take ad-
vantage OF such a situation, increased
their activities, which had started in
the fall OF 1919. and there was very ac-
tive buying OF all classes of improved
properties.
Buying for occupancy downtown was
the favorite move of business concerns.
fearful lest they should be put out Savo
the street The increased wages earned
by all classas of mechanics. enabling
.hsin 10 pay the increasing rents de-
manded by owners, showed the specula-
tors great possibilities In buying all
kinds Of dwellings, increasing decidedly
the rents and selling on the strength of
the Increased rent roll.
While everyone seemed willing TO pay
two or three times az much for most OF
his necessities as before. there DEVELOPED
great unwillingness to payeany sub
stantial increase whatever in rents. and
such a protest was worked up and such
appeals were made to the Legislature to
do something to relieve the tenants from
applying the same rule to their rent
payments that they did TO their other
payments that the legislators yielded
10 their opportunities and passed the
ro-cailed rent pro1tccring laws. The cf-
feet on the market for the properties
The New York herald., 1921-01-02

constructive and logical advertising
This free use of the daily metropolitan
newspapers has shown the small in
vestor the way to place his money to
advantage and real estate has made
thousands Of new friends.
With the spring came rush 20 buy
vacant properties. The prices Obtained
We're fair, by which / mean that tire
buyer obtained good property at reason
able prices and the sellers We're able to
dispose of their holdings Immediately TO
advantage. without the cost of an eS-
pensive selling organization. This does
not only apply to New York city prop
erty but also to the suburban sections,
notably the seashore districts along the
Rockaway and New Jersey coasts.
Sections That Are "Coming Back"
Two important sections are coming
into their own First is Long Island
City. which has lain in dormant con-
dition for several years Last Novem-
ber there were sold there practically
400 lots for total of about $625, 900
and this sale clearly showed that the
section east of Queensborough Bridge
was desirable to the small investor and
property would be bought there at pub
lie auction. The second section which
has shown promise is in Westchester
county. Several successful sales were
held north of the city line and the
prices obtained were gratifying.
I At the present time there is very
strong market for small dwelling houses
both of the one and two. family types
This is particularly true of certain Sec
tions of Brooklyn and Queens
/ look to see a very. strong auction
market during 1921. This applies par
ticularly to unimproved building lots. II
Is a certainty that before long builders
will become active and erect many hun
dreds OF houses in and around New York
city. This will create demand for
vacant land by builders. an elemen:
which has been out of the market for a
long time. In addition hundreds OF
houses Will be erected by private inves-
tors for their own occupancy, and there
will alsd be large purchasers of this
class of property for speculative pur-
poses. To meet this demand, thousands
of lots will have to be marketed. and the
auction block will come in for the major
share of these transactions.
The New York herald., 1921-01-02

affected was instantaneous. The spec
ulators and investors saw nothing at
tractfve I'm the prospect OF owning prop
critics on which they could not FIX the
rents or collect them IL they did.
AS was natural, the newspapers and
the courts could see and comprehend
only the disadvantages to the tenants.
The rent laws did not apply to Office
and loft buildings and there was still
some disposition to trade in these prop
critics although the zeal In this respect
was somewhat chilled by the possibili-
ties OF similar legislation affecting them.
Legislature Blundcred Twice.
or course. the first step taken by the
Legislature being wrong aggravated the
difficulties and led to the next step taken
at the special session. which. instead Of
recognizing the futilty of disregarding
economic laws. went still further in dis
regard OF them. so that to-day appar-
emily a tenant need not pay any rent at
all II he does not wish to.
IL does not take much wisdom to fore
see TO what such a situation Is leading.
The construction of dwellings has ceased
almost completely. Tie Title Guarantee
and Trust Company Is ready to lend
money for the ersetion OF more housing
accommodations, but no one is applyinB
to Il for such loans No owner or builder
has the courage TO borrow money. to pay
the prices for labor and material which
are demanded and face the prospect that
when he has built his house and let
tenant in upon an agreed rent he can Mt
any time expect the Legislature 10 pass
law forbidding his changing the rent
to meet changed conditions or getting
the tenant out to let another In.
There has been some dispute as to how
serious the housing shortage is but
there can be no doubt that with no new
construction taking place u will become
very acute in short time. To take
care of the situation which we are fac
ing the rent laws will either have to be
set aside by the courts or by the Legis-
lature, or not invoked by the tenants.
Present slump only Temporary.
Meantime improved real estate al
ready existing will be a pretty good
aeset. The city Is growing rapidly and
sooner or later the person with space TO
let Ia bound to get a handsome return
for It. II Il not likely that the real
The New York herald., 1921-01-02
BUFED INGREVIVAI TO
COME EARLY IN 1922
Too Many Adverse Factors in Way OF
Construction Enterprises to Bring
Real Boom in 1921
By ALLEN e. BEALI

simply means that labor, per man, will
produce more. Instead OF laying his
war time 500 brick he will l'lay his peace
time 1900 brick a day. The same thing
applies to all building artisans.
Prices Of building materials have
softened. Some lines have dropped lower
than others. Building materials are not
comparable in price behavior with mer-
camille commodities. The underlying
rudiments are entirely different. Mer-
camille lines are overproduced. Building
materials are underproduced. Mercantile
jobbers and dealers have great stocks
representing billions of dollars upon
which they must take a loss, apparently,
as they liquidate.
The course of building material prices
for 1921 should start, il fundamental
conditions are analyzed correctly, from a
bed rock level to be reached by the mid
die of February. There will be an up
ward course of the price graph" running
into May. BY that time the strength
and character of the 1921 building season
should be fairly we'll established as to
tonnage and quality. If the demand
should be even as great as it was In the
| first three-quarters of 1920 the price
market levels will reach plateau and
the levels will be not far from the base
for last year.
Full freedom of construction with the
post war readjustment poblems much
further along toward solution. with
peace long since an established fact. in
stead of q theory. may be looked for in
the spring of 1922. BY that time export
and import activities may be expected
to have been revived. The railroads will
have become free buyers In the interim,
thus making up for building hesitancy
Al = sv>I, \
by that time again be in the market to
.expand. Then will come the full flood
tide of building activity. and in such a
stampede for materials it is not beyond
reason to expect the price curve to
mature.
The New York herald., 1921-01-02
THE BIG THREE IN THE 1920 BUILDING FIELD

commercial or residential space which
that building provided.
The Hecksher Building is being erected
from plans by Warren & Wetmore and
will cover site measuring 100 feet on
Fifth avenue and 1926 on Fifty-seventh
street. That plot embodied the former
site of the old William C. Whitney home
and the Charles w. Morse dwelling. The
main portion of the structure will rise
through a series of setbacks. as required
by the building law, to a height of 4i6
feet. That will be surmounted by
tower the whole structure reaching the
The New York herald., 1921-01-02

Because OF the unstable condition in
every known market the past year has
been marked by series of spectacular
achievements. These uncertain condi-
tions can be traced to many and various
causes. IL will suffice to say, however.
that they are the natural consequences
of the war which recently shook the
political and commercial foundations OF
every nation of the world.
Through this period of reaction and
depression the realty market has stood
the test as always, despite the fact that
expert traders received momentary
shock from the lawmakers OF the State.
The rent laws will eventually work out
as whole. because during the period
of artificial initiation through which
we have just passed comparatively few
were reaping the benefits.
The tremendous pressure OF public
opinion was felt and the legislative
bodies OF the State were made to realize
that the building of homes was of vital
Importance to the people, and accord
lngy passed laws that will undoubt-
cdly bring about the greatest building 9
era In the history OF the country.
sThe prices OF building materials and
requisites to home building are already
on the toboggan and the smashing OF
certain avaricious rings that have been
controlling the market In special lines.
together with the aid and encourage
ment already given to the home build
ers, arc factors that will figure tre-
mendously in the Inevitable improve
ment.
a plentiful and more reasonable sup
ply OF labor will also be available, and
this will tend toward reducing the cost
Of construction.
The coming year no doubt will see the
beginning OF one OF the greatest periods
OF prosperity In the history OF tho coun-
try. Every indication points to great
revival OF prosperity. Things arc going
70 come right They are already tending
The New York herald., 1921-01-02

In deciding upon the most important
building projects of the year, THE New
YORK HERALD's committee of experts
came to the conclusion that the most
equitable process would be to divide the
field into the three major structural
classifications-loft buildings, office
buildings and residential structures. To
insure certain amount of tangibility. 1t
was decided also that project. to
qualify for consideration, must have
reached the stage at which ground was
broken or actual work begun.
The element of structural beauty was
The New York herald., 1921-01-02

an important consideration in the COM
mittee's discussions. and 1t was that fac
tor which helped to determine the seiec-
tion of August Hecksher's Cathedral
of Commerce." at the southwest corner
of Fifth avenue and F'ifty-seventh street,
as the outstanding Office building under
taking of the year. The members of
the committee were unanimous in the
opinion that the appearance OF a build
Ing bore as important relation to the
welfare OF the city as did the amount OF