davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1921-01-02
DOWNTOWN REALTY
VALUES ARE SOUND
Supply Is Limited in Contrast
With Other Commodities.
Says c. f. Noyes.
BY CHARLES #. MOVES.

Underlying conditions in downtown
realty are better than at any time for
ten years. Property generally speaking
is strongly held. Mortgage loans have
been reduced and even mortgage money
ia now available for the first time In
three years for those who require II
During the last few years much down
town property has been acquired by mer-
chants and corporations for their own
homes. On the lower east side near Full
ton street, Maiden Lane, Old slip, wall
street, at and around the Battery.
along Broad street and on lower Broad
way this buying movement has been
very great. In somo important blocks
nearly every property has changed and
I'm very many majority OF the prop
critics have been sold for occupancy.
Downtown New York real estate Is
different from any other commodity. II
Is limited I'm amount. The best has
already been selected and taken from the
market and that remaining Is diminished
yearly by every purchase made. IL Is
not commodity that can be compared
with cotton. wool. coffee. tea, sugar
leather or anything else that can be put
away in warehouses. boarded up cor
nered" or temporarily withheld from
IL Is n commodity with no equal In
value or true worth II properly selected
and Judciously purchased. IL II also a
commodity that cannot be consumed. Its
value Is continually Increasing and Its
ultimate worth can only be Judged by
the final influence. prestige and growth
of this great metropolis. Downtown real
estate values are fixed. certain and In
creasing because the big banking inter-
esta, the exchanges, trust companies, In
surance companies and corporations have
bought for occupancy and permanency.
There may be slight cessation OF
speculative buying around the first OF
the year and temporary lull in the
buying for occupancy" movement due
20 the decline in commodity prices. but
the one outstanding fact Is that those
who have purchased we'll located down
town property at a proper price now
possess an asset that is not falling away
IN value as commodities are crumblfng.
and sad experience with other invest
ments is daily making converts TO the
value Of realty for investment and specu-
lation. No other asset is as desirable
or ~ safe for Investment for perma-
'npcv Of value
The New York herald., 1921-01-02

street and Forty-thIrd street. Fifth and
sixth avenues.
BY 1850 the population had almost
reached the two million mark and the
lines Of dwelling houses on Manhattan
Island had moved north 70 about Fifty
ninth street At this time the whole
sale business district was confined al
most entirely below Astoi place. Ths
centre OF the retail section was along
Fourteenth street extending down
Broadway 20 Eighth street. and up
Broadway and Sixth avenue 10 Twenty
third street Booth'e Theatre. at Twen-
ty-third street and Sixth avenue. was
the most northerly playhouse. the othf--
being clustered around Union square,
the south side OF which was then called
the "Rialto." and was the Gay White
Way" OF It's day, though without cleo
trio lights.
Broadway was still innocent OF street
cars three lines of stages running from
the ferries 10 Twenty-thlrd street above
which point Broadway ceased 70 be or
Importance. From Madison Square %
Fifty-niuth street was almost entirely
a residential district.
I'm TO this time In It's history New
York had been dependent entirely upon
horse power for its local transportation,
and It's growth was limited TO the effec-
tive radius OF the street car or stage
In 1880 the elevated lines were COM
pleted and n rapid northerly building
movement set In which by 1900 had
closed the gap between the city proper
and the suburb Of Harlem and extendeo
we'll beyond
The New York herald., 1921-01-02

bonds were not devised for the purpose
OF paralyzing the building Industry but
to raise revenue for the Government. but
that they have so operated IS no longer
seriously disputed. The most hurtf,iI
and effective of these bonds is the Fed =
eral income tax law, the law which has
driven investors out OF the mortga ge
market and deprived the builder OF the
mortgage credits which are the first es-
sential TO every building operation. This
bond has been supplemented by State
income tax which. operating in similar
fashion. serves as a further obstruction
TO the resumption OF building operations.
Another obstacle is the abnormaily
high cost OF materials and labor but
these. too. are natural consequences OF
the uneconomic Federal excess profits
and income taxes and will disappear
when the excess profits tax shall be re-
pealed and the exorbitant surtaxes modi-
fed. Still other obstacles are the criml-
nal speculation and proflteering in fuel
and transportation. These are In a fair
way OF permanent removal. however. as
n result OF the magnificent work OF Sem
ator Calder and his Committee on Re-
construction and Production.
II is too much 70 expect owners OF
improved property to Join with enthusl-
asm In any effort to promote new con-
struction. Their personal interests lie
In the opposite direction. And neither
will the money monger, who profits
most when the borrower is compelled to
pay usurious rates of interest on all his
borrowings. The usurers are already
aligned In opposition to the efforts which
are being made to exempt even small
part of the income from mortgages from
taxation under the Federal and State
income tax laws.
HH~ x<~uda - S7<~~A ~r~<-<~~~~~a
The New York herald., 1921-01-02

TO be full OF interest and instruction
In the FIRST 200 years OF It's existence,
counting from 1920. the population Of
the territory included in New York city
grew from n small handful OF settlers TO
about 1900 inhabitants At that time
the city itself occupied the portion OF
Manhattan Island below Canal street, all
its business being conducted on the
lower East Side streets. with Pearl street.
then the waterfront. ms its main busi-
ness artery and It's fashionable resi-
dences clustered around Bowling Green,
along lower Broadway.
BY 1s40 the population had risen 70
nearly 400, ,00O and the northward march
had carried the city blocks we'll UP
toward Union Square. People Of fash
ion were beginning 10 feel the pressure
of business and were deserting the lower
part of town for the quieter neighbor-
hood along upper Broadway In and
around Bond street and the vicinity OF
Washington Square.
Twenty years later. IN iSG0. the num-
bcrs had nearly tripled. and the growth
OF population TO almost 100000 had
caused an advance OF solid residence
blocks very close TO Forty-sccond street.
The Crystal Palace then occupied the
site of the pre- sent Bryant Park, and
was considered tho northerly limit OF the
city. A well known print OF 1858 show
ing the view from Forty-second street
gives an instructive idea OF the city ~
that time. 10 was In the SOS that the
foundation of the Hoffman fortune was
laid by the purchase AZ auction OF lots
I'm the block BOUNDED by Forty-ssoond
The New York herald., 1921-01-02

These things were foreseen by prac-
tised observers of International condi-
tions two years ago when the United
States at the close of the world war took
first place IN economic conditions and
relations among all tho nations of the
earth. That made OF New York city
the most desirable place of consequence
on the face Of the earth In which to live
and work and achieve and enjoy. The
peoples OF the earth have begun 20 re-
alize this important fact, and from
every direction they are coming and
knocking for admission az the gates of
the metropolis.
This is what has created for improved
real property In New York n demand
greater by far than the supply-greater
than anything hitherto known For over
two years II has been increasingly ap-
parent that the city's growth I'm popula-
tion and plant has been arrested. In still
-scst seriously retarded. because the
building industry has not been ana IS
not now producing in volume TO meet
this ever increasing demand.
do Not Injure Improved Property.
These are the facts OF tho situation
at this turn of the calendar year. They
do not affect tho economic position OF
improved property injuriously, for the
demand Is inslstent and under II rents
uusr continue TO advance and values 10
increase to the point where competition
from other cities shall begin TO check
them, or until the building industry
shall begin TO produce In quantity COM
mensurate with the demand.
When will this be7
Not, ] take IL, until tho building In
dustry shrii be released from the eco-
ncmic bonDage in which 10 has been held
during all the period Of rsconstruction
since tho end OF tn Wuu16 Wnxk UhNs&
The New York herald., 1921-01-02
Harvest
in Little Wall St.
By DOUGLAS l.. ELLIMAN.

substantial portion of the Grand Union
Hotel site opposite the Grand Central
Station to the Bowery Savings Bank
and the purchase OF the entire plot,
previous TO this, by syndicate headed
by Henry Mandel. Undoubtedly the
remaining portion OF this site win be
improved with a tall business structure
before many months pass. The lease
OF the Depew Building, adjoining the
Bankers Trust Company on the south
east corner of Forty-second street and
Fifth avenue, with an outlet on Forty
second street, foreshadows improvement
in the near future. Plans are under
way also for a large addition TO the
Commodore Hotel on the vacant block
10 the north of the present structure. and
Mr.. Catts's purchase OF the Grand Cen
tral Palace for alteration into an office
structure will mark the advance of COM
mercial buildings in this direction. Mr..
Cats has had plans drawn for an ad-
dition to the Grand Central Palace on
the small block to the west OF that
building, bounded by Park avenue. De-
pew place. Forty-seventh and Forty
eighth streets
Two tall combination hotel and apart
ment houses are under way on the west
side Of Park avenue between Forty
one Is known as 200 Park avenue, is the
largest cooperative scheme OF its kind
in the world. the entire $4,000 900 neces-
sary for its construction having keen
raised through the sale OF stock, free
from ary mortgage Indebtedness. The
list OF stockholders I'm this building In
cludes the names OF many Of the most
prominent people. socially and fnan-
cially. IN the city. IL will occupy an tn
tire block bounded by Park avenue.
Vanderbilt avenue. Forty-eighth and
Forty ninth streets.
Luxurious Apartment ventures.
The upper building, 20 be known as
900 Park avenue. is also OF the tenant
ownership type. as a large portion OF the
sum necessary for its construction was
subscribed by n group OF men who de-
sired 20 have q voice in the control OF
the building which was 10 be their home.
These two buildings will contain
restaurants which will be tho peer OF
anything yet developed in the city. AL
most the entire first and second floors
in each building will be devoted 10 that
purpose. At No. 200. Pierre. the well
known restauratour now operating In
the Home Club, at Is East Forty-ffth
street, win locate, while No. 200
Louis Sherry will again fill the place
which no one else could MI since he gave
up his Forty-fourth street and Fifth
avenue restaurant.
This new construction of commercial
and apartment structures. in what Is
generally referred TO as the Grand Cen
trail zone. will total close TO 800. 900. 900.
and will 80 alter the aspect OF this
territory that n native New Yorker.
coming back 20 the city In 1921 after
an absence Of two years would scarcely
recognize II. The Importance predicted
for II has beon accomplished, ana its
stability ~ now unQuestioned,
The New York herald., 1921-01-02
FIRST eLAcE WAS GWEN 10 tie DEAL
INVOLVING THE MILLS BUILDING d< II ZO
q BROAD STREET, ACQUIRED BT JE MORGAN
0>0/ CO. FOR A TERN off "a YEARS

in the building field and in suburban
areas will be found elsewhere in this
section together with pictures showing
the properties involved. The committee
which picked the properties for THE
NEW YORK HERALD was composed OF
the following men, all experts in their
lines:
stephen III. Tying. president OF the
Real Estate Board of New York and
president of the Stephen II. Tying Jr.,
Company, Inc; Laurence MCGUIRE, who
served as president of the Real Estate
Board for five successive terms from
1913 to 1918 and now an official OF
several real estate owning corporations
and a director or trustee in several
The New York herald., 1921-01-02
moNrcLArn MAS COOP YEAR.

Sales OF property IN Montclair for the
year 1920 have been the largest in the
history Of the suburban town. +. NJ
Crawley & Bros. estimate the total turn
over in property for tho year 20 be
a.500.00o With few exceptions. the pur-
chases have been confined to private
residences.
The aggregate of new building In
Montclair for the year amounts to 81
100000, and the total assessabis vslua-
lion In e6k000.o00
The New York herald., 1921-01-02

threatened the supremacy of the Adams
Building deal. On February s the
thirty-two story skyscraper on lower
Broadway passed from the control of
the Adams Express Company into the
ownership of a syndicate made up of
Robert +. Bowling, Robert Il. Simon,
Henry Morgenthau and others. The
purchase price was said to be $3.50, 900,
and the sale was made subject to first
mortgage of S5.000,000 and a second
mortgage Of $3,400.O00. The building
was designed by Francis II. Kimball.
and has a facade of marble and light
colored brick, with comparatively little
limestone trimming
Nor did it take long for the commit
tee to decide upon the Vanderbilt deal
as the leading sale north OF Union
square. This transaction had in its
favor practically every element OF in
terest. In the first place. it meant the
passing of another OF Fifth avenues
The New York herald., 1921-01-02

banking Institutions Joseph p. Day,
real estate auctionee- and broker :;
Bryan l.. Kennedy, auctioneer and
broker head of Bryan l.. Kennedy
Inc; Charles i. Noyes, head Of the
Charles L. Noyes Company Albert B.
Ashforth, of Albert Z. Ashforth. Inc,
also a former president of the Real
Estate Board Frederick G. Hobbs,
president of the firm of Slawson &
Hobbs Lawrence Bogert Gilman, pres
ident of the firm Of Pease Gilman
Joseph Paterno, president of Paterno
Brothers, Inc builders, and j. e. r.
Carpenter. architect. builder and real
estate owner. Arthur *. Mack. adVer-
tising manager of the Joseph 7. Day
organization. acted as secretary of the
committee.
The committee found little diff
Guilty in awarding the honors in
the downtown selling field. There was
no other sale in the lower city that
The New York herald., 1921-01-02

fine old homes. for the handsome Gothic
mansion at the northwest corner OF
Fifty-second street and Fifth avenue
will be converted by its new owner. the
Empire Trust Company. into an uptown
branch. The old structure will be kept
intact for a depth of seventy-five feet,
and from that point TO the westerly
boundary Of the plot a new building will
rise 10 the height of sixteen stories. The
property was sold by the heirs of the
late 4Wnnarn I<s VantlerbiH through
August Heckscher TO the trust company,
Tho price was paid In cash and is said
to have been s4.0O0.0Oo. Albert b. Ash
forth was the broker.
The leasing of the Mills Building. at
II to 81 Broad street. which was given
the leading place among the downtown
deals Of its kind. will also have a build
ing project as its sequel. When condi-
tions in the construction field become
more favorable J. r. Morgan & Co., the
The New York herald., 1921-01-02
PESSIMISM MUST YIELD TO
TIDE OF RISING VALUES
Panorama of Citys Growth Shows
Current Of Progress Has Overcome
All Distractions in the Form of
Depressed Market Conditions
BY HARRY HALL,
OF william A. White aud Sons.

people generally short
r. observation.
- the pessmism that begins manifest
activity II
unlike
surface to
a In
at extdy steadily
with
it, the
s
To chosen period
analysis Is
value
be found
The New York herald., 1921-01-02

guaranty companies. who of all men
know best and most about the financing
OF real estate and building operations,
are united in the conviction that the cx-
emption of the income from mortgages
of not to exceed $4,000 in principal
amount in individual ownership will not
only not seriously diminish the revenues
of nation or State but will turn stream
of money back into the mortgage market
sufficient in volume TO meet every legitl-
mate demand of the building industry.
This is the purpose of the bills now be-
fore the Finance Committee of the Sem
ate and the Ways and Means Committee
of the House and known as the Calder
Siegel bills. They have received the in
dorsement of the Merchants Association
and the Chamber OF Commerce of this
city, of the New York State Association
of Real Estate Boards. the Brooklyn and
Philadelphia Real Estate exchanges and
of every builders association Of the
country by which they have been con-
sidered.
New York Needs surplus Buildings
The people whose interests are most
concerned with the enactment OF these
bills are the people who live and do busl-
ness in rented quarters (Which includes.
OF course, all merchants and manufact-
urers as we'll as wage and salary earn
ers) and the builders and producers of
building materials. Buildings. Industrial
and residential. constitute the plant with
and by which n civilized people carries
on. They are the first essential In the
orderly growth and development OF any
city. II they are undersupplied growth
and industry are restricted and costs or
all necessarles OF life increased.
New York. the foremost city of the
world. should always have on hand a
surplus OF usable housings for domestic
and Industrial uses Only thus can the
city grow and expand. her Industries
thrive and prosper. IL will take many
years OF capacity production for the
building industry, functioning under the
most favorable conditions. TO bring the
supply Of housings up TO parity with the
demand. To continue 10 lnterpose such
obstacles as have been Indicated to the
free functioning Cf this foremost OF an
Industries Is to cling 20 the shadow
while rejecting the substance of real
economic growth.
The New York herald., 1921-01-02

Most people IL asked what financial
and commercial centre in the United
States was second to Wan Street would
begin to think of Chicago, Boston, Phila-
delphia or other large cities, when as
matter of fact II exists in New York
itself. with Forty-second street and
Madison avenue as its habitat.
Radlating from this point, the past
year has seen cne of the greatest de-
velopments that has ever taken place in
New York. With the acute shortage Of
space which existed In the spring, n
great number OF new projects were
launched. This included the tremendous
Madison Avenue Offices, being erected
by the Christian Science Church, on
large plot of land comprising most OF
the westerly side of Madison avenue be-
tween Forty-third and Forty-fourth
streets, and running deep into the block.
Part OF this site was formerly occupied
by the old ST. Bartholomew's Church.
or equal Importance Is the improve
ment OF the Milbank property on the
northeast corner OF Forty-second street,
and Madison avenue, through to Forty
third street, on which is being erected a
twenty-five story building by the Win
chester -Lggett-Ley interests.
Some transformations Noted.
The taking over OF the Manhattan
Hotel for reconstruction into an office
building by the National City Company;
the new Borden building now under con-
struction on the southwest corner of
Forty-fifth street and Madison avenue
the addition Of twelve stories by the
New York Central 20 the Mall and Ex-
press Building. occupying the block
bounded by Lexington avenue. Depew
place. Forty-hfth and Forty-sixth
streets the new French Building at tho
northwest corner of Forty-first street
and Madison avenue; the S. w Straus
Bank building on the old Windsor Ar
cade plot at the northeast corner of
Forty-seventh street and Fifth avenue
the new Miller Building at the northwest
corner OF Forty-sixth street and Fifth
avenue, where Thorleg's formerly
stood the completion of the alteration
70 the old Sherry building by the Guar
anty Trust Company at Forty-fourth
street and Fifth avenue, have all In
creased the office space available in
this great centre by an enormous totsl.
Undoubtedly this supply Of space will
attract from the downtown district many
large concerns who did not find it ncces-
Sary 10 DC IN tnat more congeStcd ana
expensive location, and the coming OF
these concerns will bring the banks and
other corporations afflliated with them.
While IL Is true, duo TO the reverses In
the Industrial world and depression In
the financial world, there may be for
limited period an oversupply of Office
space thrown on the market at one time.
II will be absorbed more readily than
most people imagine from the present
outlook.
other important transactions In this
section. looking TO new construction in
the near future involved the sale Of .,
The New York herald., 1921-01-02
ECONOMIC POSITION
OF MARKET SOUND
But Citys Growth Is Being Checked
by Building Inpasse, While UsurerS
Fight Mortgage Tax Exemption
BY JOHN L. PARISH.

Secretary Advisory Council interests.
NewY
history
scored It's
before and nothing
advance along lines
The New York herald., 1921-01-02

It is never an easy task to make an
accurate and intelligent survey OF the
conditions prevailing in any particular
business for an entire year. Nor can 1t
be said to simplify matters when that
survey must be accompanied by rigor-
Gus process of elimination in which
eleven conscientious minds are endeavor
Ing to reach an unbiased conclusion
This however, was the kind of a job
that THE NEW YORK HERALp's commit
tee Of eleven experts tackled when IL
began combing the real estate and build
ing records Of the year 1920 to pick out
the leading transactions from the mass
Of the years business.
To begin with, the committee was
forced to go back over the activities In
the various territories covered with
minute care. Then before deciding upon
the relative Importance OF the major
transactions a definite plan had to be
decided upon for testing the intrinsic
value of these deals. The actual amount
of cash involved In deal was not the
sole measure of it's Importance. Other
factors had TO be taken into account
such. for instance. as the probable effect
upon the locality in which the deal was
made. as well as the character OF the
improvements. II any were contemplated.
BY carefully applying these rules to
eacn particular case under diScuSSlon
the committee. after several meetings
held In the governors room OF the Real
Estate Board of New York at pit Broad
way. reached the following verdict:
Most important sales in New York
city:
Downtown--Adams Building, at 81 to
6f Broadway extending through to 33
TO Al Trinity place.
Uptown-William K Vanderbilt man.
sion, at the northwest corner of Fifth
avenue and Fifty-second street
Leading leases in New York city:
Downtown-Mills Building, at IL to
21 Broad street.
Uptown-The so-called buckingham
property. covering the entire block front
on the east side of Fifth avenue from
Forty-ninth to Fiftieth street, with the
exception of the Democratic Club.
Outstanding building projects actually
undertaken in New York city during
1920:
Loft observation-disclosures build
ings for garment manufacturers under
way on Seventh avenue between Thirty
sixth and Thirty-eighth streets
Office Building-Heckscher "Cathe-
Evening star., 1921-08-01
SCIENTISTS ARE IN CONTROVERSY
OVER ORIGIN OF THE THERMOMETER

Fahrenheit was working on the
subject Of heat, he took Newton's
instrument for his experiments.
but. finding the scale not minute
enough, he divided each degree
into two parts. and SO made 1t -
degrees instead Of II. In 20 do
ing he found that he could obtain
lower temperatures than free5ink,
and notably that Of ice And salt
mixed together; he took this Tor
his starting point.
It was from this point he began
to count 81 degrees up to body
heat. This made by his measure-
ments 9 the Pressing point. Boil
ing point he made. S.. It then be-
came zero; freezing. 8; body heat,
l24, and boiling water. 81.
This, scientific writer's say, was
the same as Newton's. only the
scale started lower and the num-
bers were doubled. Later, find-
ing that he could measure incre-
msnts Of heat moro minutely.
Fahrenheit divided each degree
into four parts. SO II the numbers
are multiplied by four We nave
the scientific instrument 80 much
used and Of SO much interest
when the weather 10 very warm
or very cold.