New-York tribune., 1922-12-10

Ownership Is
An InvestmeO
Lower Rental and Iner...
Equity Assured g..
Well Planned Proo.''.'' .''
Says Frederic CIV
b Frederic CuIv.,
fresident 0f J0intOuD,l1
gf5,rgio,, -. ~ O..

considered The stock o. a s...''f
apartment building a good 49,,
.i fus.daimentally We haze alr..
proached iho Proposition is ~ y I
way and have rather d.,eo.s....i,i |
plo from making iagenre-,.' I, y.
~. ol ttock, execp. for fhs I. q
oI .efiirng "a residence d. a. tt
COSY per annum. ln drepr.',.
question u viii be- heiof.i b.
outiine otiine me history 81 fh.s e.aus.
There ia no doubt that ye.,1.
apartment building IN nr,s-- ,.,.-',e
!. D,-hu 70 fpper'edc that IN \.
dwelings, end that an syolvt,i.e
take place in The character of ~
rcscniati0n % fucf an ,.
When cooperative bgiiSirz. 49,
come into their oN1 in New ~.
the form Of 0HncrshiD vas. ia t'
ion Of the writer, 81 a yorv s,,.'.-
nature. inc btop.ans hoped ,oE.t
% erect a building in which ti....,.
have a small equity. r. large ~-.-.N
occupy q few Apartments 49,
ing onc-halO and rent the r,-.
80 that they could live Feof -.
rents should fan or the ~, -
mortgage shorii demard , ,.S-..'. y. I.
the original aaieutBIes nisst ts ,-
Danger N losing sll lfty hsl ir-,a,i
or forced % go deeply IN 10 ftfl, 49,,
cts. which nigh. 10. orly h ,srer
yenient but Impossible ior tten to 4
With such q nsriierious vs,sr,i =
luton o. ihc problem u ligiag IN us.,.
centcrl az ihe Cooperative spsrtrr
offers, Dc b. but natural 10 sxpeel q
the form of ofgallzai.on thee eriv
priscs would take among ltlsllise
| people would be toward c0alcrtcr
Instances Of Profit
The old way 0f doing ihc bsf.y
with which / have been familu 4
nearly eighteen years has, in si ka
eases whore 10 was well dons "
highly advantageous 90 tae siFtlr
crs. both from savings effected n -
srd from profits made on resalsi.
/ know VI many Instances When D
operative buildings have elected y
/ ings for q period OF ffteen Or sire
years averaging as high sa 20 pQ o.
per anum. aal wa.1 stcck galss IA
risen fro 800 "a share % fl5Qsi,r
All of a. q are authentic eases, ~
. names facts can be giycn, vliia
permis 9n Of those sho bcnea.e
sueh transacti0ns. With increased =
I duction and better fac.l.t q. h'Hr
T these opportunities WIN tog1.mt
minish.
looking % this typo o. ovrsulir
Ia investment. two potential iisr
must be prcsCnt--coliaiefsl Yts
,he stock for loan purposes aais
ketabiiity. Under the ola type g.
ershin financial Institutions lo,ist
stock Of this character with On
and suspicion which, from tn 90
or's viewpoint. would be j1iii.tf
TO overcome those obiecae1. 3
came necessary 20 chang ia; ;i'7
,rganizat b. 40 that the sl,zis. 3
,pcculat would not be freiti. ~
was dd. by having the rc1l q ct
apartment in the building i.ilra z
q ~ ponsiblc owner of sipef . p
there would never b tn' fiiif
falling rents or .unoceup.cl aPr'riiA
Th,g rent liability, hcWcvcr, can q tI
.ime be terminated by an owner, u
cut INJURY 20 the Cnlerpfi,e' ~
,hen. became q very dilefe1i ~.
lion with the banks and q fss,'' {
Tor those who were to live N lAs ~
posed building. ..
While the chance az speealiiHt y
cfts was tlAen away. c9..l'l .
fixed certainty was arsuree' " e,,'.
itself from a position u ini,sli.I !.
one OF security. II cnabl,e tae M .'y
Z buying 90 be sure % be ao.e % ~ ~.
those who might survive fin /, ~
in which 20 live without ihe g. 60,
and terfors of assessmenss ana lt' 7.
foreseon. Furthermore, ine ~
flexible enough to permit ihe,t 7 ,
/ rpeculativo nature % buy !Ne, Wy. s.'.' I.
more apartments and lndi,ligs.--, !.
talo the speculative risk vii,,,,....
posing this risk on the sas'''''
| the other c0-0Wncfs.
Ranks Favor Plan N'T
tsrgo banking issti.o,ions ..''.l s's 2, I,
merits Of the plan AID We.i. w.. ....r.
loan On tho stock. This s ln' 80
al 40 what is tho best form l.' ~, !.
7 i.v.gtmont 20 take. But lesiils -.
I iSe form which tho ovneFship - ~.
sDr 49, ~. 80. h, q desirable isYei'n@
.herr aye other sttrioaie.' ~,fk
Tho forn 0f rgarlralisl -.
v.ycn representation 'nlee.lSt" bs,ts
ale. sound LEGAL plan Wnls.' .'.,,, ~.
/ tri,d QUO and improved " s-i..-.lr.a
and which vill be appicfeq9 p! ,!,,is ~.
c.unscl This competence, NJ. ~. N e.
~, .ou-- e,.b,. asi rlsponsibllill,,, Y ~.
..,, S,ls, .'snd srd 4 valid meihed o. ss,ill ss,l,sl
I the benefits Of al pctsl..i. ..'.'.s !. ,arss.
from Fcderal and state . l., -y,stnsf'
Th, Site of the propose, .,,erl .1 cf a..
,,,st A. elected by an ~ ~ isdeInen'
..,ie,ce ard tfaising, une,s ~ wkicH
'el .'i.. ~ y W., 10 select r,gse,ty psr
e1aot., ,,, .......s ~. N value. fiePii'a ds,
VII iaefs'..ss. IN. N re,k price q y .,,Sa,, :
chased al .. Ins 'o,rep,ible % iss',5-. i,s,,'5s-,
tf.ct not falfp .',rehafc. NAs,
IN ny. sa'i' \. eIsslayed ia g.ssni asi,s aAIti
i. IT, ,vre n buhding VIZ /, " timcf, hs'
. s,'o = y, ,aiy abreast 81 w. ssn.-,,s5 ioi ~
, arg sos , nv ossv years Be aoaysi,,s a.,ys,,y ,,kos.
m va. va. s ..s,lifsl psople, wn9 No.. N, ~
be baiit ,s,s py s1,',' a very modest pl.oJ.,i ;
VINO should have cniy ~ J. sssl u ves.
: gsiSc them that is, '"s .sv,scu,sJ W
nsnship sni material ssee.,,ssnl u,
.t. -''.. ,.,gstsst economy eoa,.',s e,l', s,ilb,
l.r h,s.',o ~. sna IN the shof,,s.s. .., s.,',
t,re AN of the many y. Us ~ n y
-orv FOR household eon.l.,.., - = -,
ci,8ed and no money 80 -,
s.1e,sisis like on oytrds.ee,,''isS, l'i,f''
e.Ss"s'.i, ,,,.,.h treatment o. pu..,l,s ",
which are an show 90 .,ling ~.
n' sa .',,.s ,,y.9s,ehwordi. The es's'SS., ,.s SS.,s1',.
o- snf W, ,,..ii bu,li and e4ieiy,l'.s., ,..,., =. u
o., ~ 30 49, ssall be maxli..ls- lsf q
esiencv With mirlnlm Tls o't
rration and mninierii.t,. ,.hs prog,i
grge 10 be- placed pHl III lae -
sbonld not exceed on.'n."
eoFt pf the Cntcrpri.t' - % en
The lack CT knowleefs ~. :. nc q W
nary purchaser OF sios- M y, s'rr S' l,silli
buildincs In respect % p1iie'' p1,.' Il wosi
',-s,s cssentiais aud values M !
,,e',''' '..,..,, ,ir,f tntirciY upt. IA