New-York tribune., 1922-12-10

L Is rny contention, Is the sosndeat of
al investments.
A case in point;
The land upon which the New Yors
stock Exchange Is constructed Is prob
, ably one Of the most valuable plots IN
the world. Almost 18th oseh tick o.
the clock fortunes are made snd lost
on the exchange hoor.
Yet, through all deprossions, panifs,
and money stringeacies that have biz
/ the market, the value of 'be land upon
which the exchange stands has steadily
\ Increased.
Stocks may rise and stocks may fali,
but the permsnenee IN value of the si-
change site goes on forever. Cyclonef
either Of the financial or physiesl
\ brand, cannot destroy the security 0.
/ land investments, because the land, ~
the basis Of al wealth, Is is own
surety.
Another line on tho soundness Of
land as an investment may be had ~
analyzlng the basis Of maEy OF New
York City's oldest family fortunes.
Land Has Brought Riches 10 Many
Those families that now stand
I highest on the social and inancis
calendar arc invariably the ones whoss
ancestors invested In land, and succeed
ing generations followed the sensible
rolicy OF their progenitors. There can
be named many families who8e weslth,
founded on investment IN New Ytrk
City real estate, has been disslpaled
BY rs being employed and invested ~
other mediums by the heirs Bpt there
are many who stand preeminsutly
wealthy and distinguished to-day be
GAUGE their faith In land never dlmin-
ished from Colonial times " tbo
present.
Every once IN q while the World
goes on a spending jag. All manner ef
mythical oil, mine and blue sky stock
is bought with great avidity. Then,
when the fever subsidies and calm rec
sonlng replaces fitful judgment, there
Is increased activity in real ests.s
circles.
believe We have been finding our
way out Of one Of these specuia.iys
debauehes for the past two yars, a
hold-oyer from war times, Nineteen
twenty-three should see Us solidiy back
on the track Of sound Investment N
land. The event Of easing moftgsgc
money should greatly assist In . cor
eentrntion In this direction.
Marketsbility Of an investment con.
demns or recommends Il as far ss
the general public il concerned. When
people put money into anything, that
iS the small investor. they want 70
know that they can get out" II they
are pressed for money. without great
sacrifice. A sustained demand Is what
makes possible a sustained market n
greater New York. rfs
Must Provide for 100000 Estrs Every
Year
New York City has q land market
that Is the marvel Of all who behold
IL. Il annually renews Itself. II u q
thing OF perpetual youth. Every year
100000 outsiders move nto the City ~
New York. They do not all. Of eoursA
Immediately look for 9 homesite, bat
they all must live somewhere.
Apartments and two and sinRls
family homes must be built 20 tale
care Of this city which moves in evsry
! 1866 days. Vacant lands must be %.
tanned before building can be startas.
and auction sales have been pot1ns
factor in this land distribution. They
have made 10 easy for builders Of
every description % get vacant land
st their own price. Now II The demand
Of this 100000 inhuS we're the only
force which held up sbe New York land
market IL would In itself make Il
very vigorous one. but 70 this msrtet
OF 100000 newcomers must be addel
the kordes Of people who yearly de-
de 20 change from rent'psyers %
landowners and homebuilders.
10 Is the market developed by this
spirit which has been largely respon.
sible for my disposition AZ auction o.
more than 10000 lots In the season
Just coming 10 a close. This IL 5000
more than I sold az auction IN 1927
and reflects the Increasingly strong lot
market in greater New York
OF course, the big newspaper sdser-
tising | have done this year and IN
previous years u bearing fruit to-day.
People have been educated up 70 liner
and more intelligent appreciation of
owning some land and buildine hone
Of their own. ! feel au-tion sales have
provided the means for the email home
Site seeker 90 realize his ambition,
such as would not have been a. a..
tractiyely available under any other
circumstances, everything considered.
Be Part Of Community -.
There Il steadily growing pro.
gressive conviction among the mitdl e
clssses that being Of community u
nothing Ike being n part Of u.
In this "own-e-bit-of-iand' move
meut the foreign factor Is q erett
one. mean by that the foreigner ~
our midst comes 70 our shores with =
! land hunger. He has been denied The
right 20 own land and q home 10 the
. country Of his birth, end the privilege
Of buying a part Of America he looks
upon as a very vital right Of bic ntN
, freedom. He proceeds 20 buy ~ ePon
a. his means permit Here is ahcthcr
Big force In the maintaining Of a land
market In New York City.
. So Il can be seen readily that the
highly sustained land market IN New
York City Is not the least Of the nd-
vantages that an investment In New
York land enjoys. -
But. market or no market. Il Is DIM
, cult 70 destroy the value Of land. II
will always come back. II neyer gees
out OF stvle, and Il not affected b. the
} direction In which the financial winds
Can't Destroy Land vsises
, Land values are not regulated by
human management and directions
! that Is 20 cay, In the came sense ~
, stocks and securities are. Human
> Vaccinations can hurt land values
, Of course, but they cannot destroy
. them, for you cannot demolish the sub
stance that guarantees land values. the
r land Itself. ft.
I set ous % establish The ststsmsnl
! that land is the soundest Of all invest
! ments. believe have right 70 a..
J sumo that have set forth ssvtf.