davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-01-08
COOPERATIVE Plan, Popular
Here, Will Sweep Country
BY RUDOLPH C. CULVER.
Vice-President, Joint o tonership Con-
sfrncfiou CoDipdUU Iuc.

sum equivalent to ten or fifteen per cent.
on his investment This saving. If COM
pounded at five per cent. interest. would
return him his original investment in
/ five to eight years. 1t is obvious there
| fore, that at that time his apartment
would have been paid for and his money
have earned him five per cent, and so
| far as he was concerned the apartment
would have cost him nothing. There
after, any figure at which he sold his
| apartment would be profit.
There are many other advantages be-
| sides financial ones to be derived from
living In joint-ownership buildings. The
character of the people who live in these
| buildings is of the highest type. for as
| owners, they do everything in their
power to safeguard their joint property.
to run Il economically and to make It
more valuable.
II is easy to see that large building
embracing many homes under one roof
can be produced and operated for a
great deal less than any private resi-
dence. The land on which such a build
| ing stands might. for use for a pri-
vate residence, be so expensive as to
| he prohibitive. where under the joint
ownership plan it's use Is perfectly feast
| Bile.
New York city probably is to a large
| extent the pulse of the country, and
the fact that 1t has gtne so largely
into the adoption of tals plan indi-
Gates its belief in its value. Experts
predict that the next decade viii see
this movement extending all over the
United States and representing a vast
amount of invested capital. 1t lends IT.
| self 50 well to suburban development
that soon those who do not live in the
the great cities will be able to enjoy
| In their chosen places OF residence the
comforts now enjoyed by New York
city people.
Joint ownership apartment enter
prises are bound to live and Increase in
| number Well conceived and executed
their merits are not to be disputed.
but the ability of the investor to sell
at any time is a very necessary fac
tor. and this can be satisfactorily ac-
compiisf ed only when market value is
given the original investor. In addi-
tion to this the organization which has
produced any such enterprises must
| give the assistance of its selling force
to any patron who desires to dispose
Of his holdings.
The New York herald., 1922-01-08
EARLE SUGGESTS BIAS
IN RENT LAW HEARING
ReoItor Lists FiUe Changes
Favored by OUners.

Victor " Earle chairman OF tho
membership committee OF the Real
Estate Board. IN n statement last night
said that the rent law hearing held IN
City Hall In connection with the Lock-
wood inquiry was in absolute control
Of Samuel Untermyer. counsel 10 tho
committee. Mr.. Untermyer's control of
the situation was such. Mr.. Earle COM
plained. that the meeting did not even
resemble a hearing. Witnesses invited
10 testify. he said. were SO harassed
by cross questions and interruptions
that they did not have "A chance %
state their views.
Mr.. Earle IN his statement expressed
the hope that the Legislature Will
amend the emergency rent laws so az
TO protect the owners OF apartments
Of the higher class. He sees little hops
Of abolishing these laws
Mr.. Earle gave out a list OF fvs
amendments that he thought ought 10
be enacted In connection with the rent
laws. They deal principally with leases
and rentals. These suggested amend
ments. he said, would not take any pro-
lection away from the poor tenant, but
would protect the owners OF the higher
class apartments TO some extent against
the unfairness of the operation OF the
present rent laws
Mr. Earle asserts there are more va.
cancies in medium and high class apart
ment houses now than for several years.
The New York herald., 1922-01-08
SEES HIGHER RENTS
IN PARK AVE. ZONE
RealtOr Also Predicts COntinu-
alton of Important Lot
Auctions i'm 1922.
BY ARTHUR c. SHERIDAN.

1t is perhaps not the wis st of policies
10 say that the real estate market in
1921 did not feel the reaction of the
1919-1920 boom, but it is safe to say
that the market held itself extremely
well in comparison to other lines of busi-
ness. Strange to say, the 1920 season
was totally apart from the market of
the previous year.
During 1921 activity was shown by
the sales of private dwellings and few
large apartments, the chief interest
being the sale Of several large country
estates, in a few instances the prices
touching the half million mark and also
the sale OF large estates in the east and
west Bronx, which were divided into
lots and sold separately to buyers whose
interest was focused on such on account
OF the ten year tax exemption allowed
on new buildings.
The coming year apparently Is ushered
in with a bright outlook. The financial
and business situation In general seems
to be on a more normal and sound basis.
This opinion Is not based alone upon
personal observation
The important large lot sales of 1921
will be similarly carried on during the
early part of 1922, and activity in gen.
eral on large Manhattan investment
son. Country estates will be in demand.
Rentals will not be lowered and in some
places will be great deal higher. Office
rentals will not change. but the demand
for apartments in the Park avenue sec
| tion being intense may mean an ad-
vance of 10 to 10 per cent on present
day rentals.
There will be renewed interest in the
work of the real estate auctioneer,
whose business it is to focus public in
! terest on important offerings with due
respect to the interests of both parties
concerned. In the season just past,
which was replete with success on sales
of large country estates and lot offer
| ings, there was the great Du Pont auc-
| tion sale of White Eagle, at Roslyn.
l.. l., which was sold for Alfred l. Du
-Pont to Howard c. Phipps for $470,000.
1t was the largest sale of it's kind and
was the highest price ever obtained for
a country estate at auction.
The New York herald., 1922-01-08

is felt for blocks, east. west. north and
south, and summary of some of the
major improvements I'm the vicinity re-
fleets IT. eloquent fashion how great that
Influence has been.
The Biltmore Hotel Forty-thrd and
Madison avenue the Ritz-Carlton Hotel,
Forty-sixth street and Madison; the
twenty-five story Equitable Trust Build
Ing, Forty fifth street and Madison. the
twenty story Yale Club. Forty fourth
street and Vanderbilt avenue the Union
Carbide Building, Forty-second street
and Madison avenue and the Heckscher
Building, southeast corner Forty-second
street and Madison; the Hotel Commo-
dore. Forty-second street and Lexington
avenue the American Railway Express
Building. Forty-fifth and Lexington ave-
nue.; Grand Central Palace Building.
Forty-sixth street and Lexington
Brooks Brothers. north corner Of Forty
fourth street and Madison, and Aber-
crombie & Fitch, north corner of Forty
fifth and Madison: Borden Building.
south corner Forty-ffth and Madison (;
Cana dian Pacific Building. Madison ave-
rue. Forty-third to Forty-fourth street =
Winchester. Liggett Ley Building, COW
ering most Of the block on Forty-second
street and Madison avenue TO Forty
AHiAh NHt NdliOudi NiIg PhiiN
ing on the site of the old Manhattan
Hotel. Forty-second street and Madison
avenue the Architects Building, north
corner Forticth street and Park. with
another office building at the south cor
ner of Forty-first and Park. The pio-
neer of all of these was the Hotel Bel
mont on Park avenue. Forty-frst TO
Forty-second street. Opposite this Is
the large plot purchased by Henry Man
del and his associates. part OF which has
bcon sold to the Bowery Savings Bank.
the remainder to be developed with
twenty story office building.
In the Park avenue section we have
the mammoth apartment house known
as No. 270. occupying the two blocks
from Madison TO Park, Forty-seventh to
Forty-eighth street; the Hotel Chat
ham. Forty-eighth street and Vanderbilt
avenue; 290 and 800 Park avenue. built
en- the cooperative ownership plan. the
two apartments occupying the block
from Fiftieth TO Flfty-first street and
Fifty-first TO Fifty-second street; st.
Bartholomew Church, Fiftieth TO Fifty
FIRST street. the new Ambassador Hotel,
north corner Fifty-first street; the Rae
auet and Tennis Club. Fifty-second TO
Fifty third street and so on up TO Fifty
eighth street.
Turning to Firth avenue in this zonc,
we find the Aslor Trust Buildjns, south
The New York herald., 1922-01-08
LINGERIE FIRM BUYS
MADISON AVE. HOUSE

George c.. Alexander c. and Victor C.
Camas, dealers In lingerie under the
name of the Maison Camas at 617 Madi-
son avenue. have purchased through
Pease & Gilman the four story and base
ment dwelling at 6s1 Madison avenue
from John Sherman Hoyt. Only a few
days ago the buyers purchased through
the same brokers the adjoining four
story and basement dwelling at 6s3.
They will convert the two houses into
one, make the necessary alterations and
use them for their business. The dwell
ings occupy combined plot S9xSj ho-
tween Sixty-hrst and SiSty-second streets
and were held at st50.0o0.
The New York herald., 1922-01-08
By HARRY HALL,

Vice President William A. White q Sons
In the past two years we have been
fortunate in the publication OF two splen-
did books, which, in smplified form ana
compact compass, at last make possible
a comprehensive survey OF the develop
ment of our world since time began ana
of the progress of the human race since
it first appeared upon this planet.
We refer to II. G. Wells's Outline
of History" which appeared last year,
and to Hendrix Van Looms story OF
Mankind" just published, which together
give a simple, concise and delightful ac-
count of the origin of our world and OF
what men have made of 1t. and inci-
dentally of themselves, in their struggle
for existence on its surface.
Reading these books, as it were from
a real estate point of view. excites the
wish that some one would write the
STORY OF Real Estate" for after all the
history of man is inseparably bound up
with the history of the earth's surface,
which is real estate.
From its beginning history is one con-
tinuous record of the struggles OF men
with each other to acquire and hold de-
sirable locations. of their discoveries and
explorations of new lands, of their ef-
forts to make those lands usefully pro-
ductive, and of their delving under the
surface to find the treasures lying be-
meath.
The surface of the earth is the one
fundamental asset of the race-the COM
mon heritage. From it are produced all
things of value which we use and enjoy.
For the possession of it's more desirable
portions men in all ages have fought
no'tlied. and are still struggling. Grad
ually it's most remote places have been
discovered and explored and its full ex-
tent has become known. Such portions
of il as are found to be habitable have
been occupied. ana generally speaking
have finally passed into individ ual own
ersh1p.
The suggested story. for instance.
The New York herald., 1922-01-08

Tho question IS frequently asked
', bother the market for apartments in
ioint-ownership buildings is as active
at the present time as it was year ago
The writer believes that this question
can be answered both "yes" and no.
In the first place. this is buyers mar
ket. The buyer is much more discrim-
mating in his purchases to-day than he
was a year or eighteen months ago. Az
that time, due to the extreme shortage
of apartments in the Greater CITY,
tenant was often forced to purchase an
interest in a building In which he re-
sided with the alternative Of having to
vncate when his lease expired. A great
many apartment buildings were sold to
tenants under such circumstances dur
ing 1919 and the first half of 1920. and
at greatly inflated prices. 1t remains
TO be seen whether or not these proper
ties will hold their values when the
market once more becomes normal.
our experience during the past year
has been that while people are more
discriminating In their purchases than
n year ago, nevertheless they are buy
ing and will continue to buy this type
of real estate. The purchaser at the
present time usually wishes to be con-
vinced that the concern whose offerings
he contemplates purchasing has had
wide experience In the erection Of joint
ownership apartment buildings. under a
practical plan developed through expert
ence based on sound Judgment and in
tegrity: whose profit Is limited to a
small percentage, say 10 or IL per cent. (;
which maintains a STAFF of trained ex-
perts for selling securities OF this ma
ture. thereby enabling an owner desir-
ing to resell his apartment to find a
market for the same at any time where
he can secure substantial savings in
rent and where he may obtain banking
facilities enabling him to borrow on his
holdings should he desire to do so. An
organization which can offer this service
will have no difficulty In marketing its
goods.
Many people say, "If I buy at the
present time. am buying at peak prices.
How will II be possible for me when the
market becomes normal to realize on
my investment?' This question can best
be answered In the following way. In
all probability. as long as the present
rent laws remain In force-and there
ere indications at the present time that
they will be extended after 1e22--so long
viii the speculative builder refrain from
putting up apartment houses The net
result will be that the demaE. Gar apart.
ments will still continue in excess of the
supply. In our opinion. II will be four
or five years. at least, under present con-
dtions. before the supply of apartments
IS equal to the demand. Rents, there
fore. will remain at about their present
level. IL the city taxes continue to
mount and the cost OF labor does not
come down. we may see even slightly
higher rents before an amelioration
takes place.
Under the joint-ownershlp plan an
owner should save In rental yearly a
The New York herald., 1922-01-08
Growth of Grand Central Zone a Romance
BY ARGYLL r.. PARSONS,
Douglas L. Gilman d Co., INC.

DUHytU5 L' LWIHtUW f CO,, TIC.
We are prone to believe to-day as
always that the only romance Is found In
novels. Yet for those who will read the
history of Manhattan Island wherein Is
recorded it's development from pre-
Revolutionary days down to the present
will be found one of the most entranc-
ing romances ever written. And me
beauty of it lies, not as in novel
created out of idealistic and theoretical
conceptions but in the normal evolution
of natural development and growth, sur
rounded by the picturesque handiwork
of mans response to the opportunities
offered by nature.
In reviewing this history of Manhat-
The New York herald., 1922-01-08

The market, therefore. can be con-
eidered active and seems to have settled
down to a safe gait. There has been
much buying of business properties for
occupancy and for new construction.
There has been quite enough production
of new office buildings and high class
apartment houses. There has been
big demand from home owners, partica-
larly those of moderate means, and there
has been a strong building movement
producing homes.
There has been plenty Of money, too.
for construction purposes, but it mas
been available not on the basis OF present
costs but what are believed to be the
permanent values. 1t has often resulted
i'm loans Of only 40 per cent. OF the COST
. but this has been so per cent. OF the
lenders estimate of the value. This mas
required the owners and builders to n
vest so per cent. of the cost In the
operation instead of 80 per cent, as nai
been customary in the past.
So far as home building Is concerned
they have been induced to do this by
.tson of the ten year tax exemption on
the new construction voted by the Legis-
lature and by the Board of Aldermen.
This exemption, of course, was dn
uneconomic move, but seemed the only
way to help the housing situation. Al
any rate 1t was the least subversive oi
sound principles.
The situation, however. should be cor
rected properly as rapidly as possible
The crux Of the whole situation Is the
excessive cost Of materials brought
about in many cases by illegal combina-
tions on the part of the material men
and the excessive wages and limited
production of union labor. The Lock-
wood committee is right in insisting
upon these evils of both classes being
corrected as quickly and fully as possi-
BILE so as to make unnecessary any ex-
tension of the tax exemption privilege
and to discontinue 1t as quickly as pos
sible. The situation will never be righted
until honesty in dealings is recognized
by both the material men and the me-
chanics as the best policy. great
deal has been said about this, and union
labor, through some of It's spokesmen,
mits it's faults and promises to cor
rect them but does nothing enectual
toward that end.
The Unemployment Conference in
Washington last spring and its COM
mittee on construction considered these
OWLS and put It's finger, on the main
trouble. but sidestepped any positive
recommendation to correct 1t. The COM
mittee said:
There are three outstanding factors
in the building and construction situa-
ton which have the greatest bearing on
the resumption of construction activities
They are financing, material costs and
labor"
And Secretary Hoover. In discussing
the results of the conference, said:
The fundamental problems revolve
around the reduction OF costs and elm
ination of waste In construction and
making credit available upon such terms
The New York herald., 1922-01-08
Apartment Leases.

David Gould Proctor leased his duplex
apartment in 257 West Eighty-sixth
street. consisting Of nine rooms and
three baths. for the winter season 70 G.
K Thomas OF Red Bank. y. ]. Miss
c. VI. Thomas was the broker. The same
broker leased for X II. Bunnell his
seven room apartment in us East
Seventeen street to Robert Tinsmsr.
president OF Federal Advertiamg Agency.
for { The winter season - rinsmari
The New York herald., 1922-01-08
From the Beginning of Time.

Hundreds of millions Of years were re-
1uired to form our world. and make Il
habitable by men. The earliest evidences
Of intelligence that We have. such as
stone implements and crude paintings In
caves. are estimated 10 be about 100000
years old. Archeologists guess that the
first being which could be called a true
man" asserted himself about 10000
years ago. While our first authentic
knowledge of history dates back about
5000 years. at first IL gives us only very
hazy glimpses Of the doings OF men
around the eastern shores Of the Medi-
terranean Sea, and Il is not until 1000
years later that Babylon comes 20 our
notice
Rome was founded 2.700 years ago
end reached the height of It's glory
about the beginning OF the Christian era.
II was In the first century OF that era
that Cesar's armies conquered Britain
but IL was not Until after the Norman
invasion IN 1866 that London began TO
assume Importance as q city. The
The New York herald., 1922-01-08

The situation in the real estate market
in Greater New York must be considered.
on the whole, very satisfactory. 1t Is
true that there have not been as many
deeds and mortgages recorded in Greater
New York in 1921 as in 1920, but there
have been many more than in 1915. The
figures are as follows:
Nup,ber of deeds Amount OF
and mortgages mortgages.
tot5 70 900 S2Oi, 800 900
iooo i37'744 5S0, 900 900
1go1 - 111.337 537, ,0O0. 900
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-12-31
MONTGOMERY LEADS
SOUTHERN STATES IN
BUILDING ACTIVITIES
MANISAO HANIHARA

ATLANTA, Ga, Dec. s9.-Mont-
gomery, Ala, with building permits
issued during November calling for
construction of new buildings and re-
pairs valued at s2s9.726. led fine Sixth
federal reserve district for the month
in percentage of increase In building.
according to a survey by the Atlanta
Federal Reserve Bank. The increase
in Montgomery for November over
the same month of last year was
1854 per cent.
In value of construction and alter
atoms called for in November
permits, Atlanta led the states OF
Georgia, Florida, Alabama, Tennessee,
Mississippi and Louisiana. with pro-
posed expenditures listed at sl.705.-
SIS, an increase of 1865 per cent,
Columbus, Ga, registered gain OF
ALI per cent, loading the state. with
Augusta's building activities dcclIn-
ing 6iA2 per cent.
According TO the banks survey,
! 1, .ixsp willie with ia per cent and
Orlando with 22.1 per cent were the
only Florida cities showing an in
crease during November.
Knoxville with permits for lo5
new buildings to cost sS29,970 led
ieHHesStc Win al increase u o.
per cent. Nashville, with a gain of
sS per cent. was the only other large
city to show an increase.
In Mississippi, Meridian took the
lead with building program to
cost 1890, gain of 1886 per cent.
New Orleans and Alexandria showed
declines in Louisiana, although New
orleans permits for November con-
template 1876 new buildings at an
aggregate expenditure Of $3s9,300.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-12-31
WASHINGTON BUREAU
THE AGE-HERALD
Wnahingtnn. ID. O.. Dec. 30

within the past two years the Port
Of Mobile has advanced from thir-
teenth TO ninth position in the rank
ing of ports of the United States. sta
tistics just made public by the ship
ping board Indicating the rapid growth
of Alabama's only seaport. In 1920
Mobile ranked thirteenth among the
leading ports of the United States:
the latest report of the shipping
board for the year 1929 shows Mobile
in seventh place. gain of six po-
sitions and an advance into the first
division" of ranking ports of the
country.
Two years ago Mobile was OUT
ranked by the following ports: New
York, Baltimore. Philadelphia, New
Orleans. Norfolk, San Francisco.
Newport News, Savannah, Seattle,
Today Mobile is outranked by
York, New Orleans, Port Arthur.
Galveston, Philadelphia, Baltimore,
Norfolk and Baton Rouge.
In two years Mobile has displaced
San Francisco. Newport News, Savan-
nah, Seattle and Boston.
All the ports Of the gulf have
shown exceptional growth in the
same period, New Orleans has adj
vanced from fourth to second place;
Galveston from eleventh to fourth
place; Port Arthur from twelfth to.
third place and Pensacola from TWEEN
tyfirst place to eighteenth place.
Frederick J. Thompson. commits
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-12-31
IMPRISONED |. W. W.
MEMBERS TO GO FREE
IF THEY LEAVE u. S.

WASHINGTON, Dec. 3o.-Eight
former members of the !. w. W..
sentenced four years ago to varying
terms at Leavenworth penitentiary
for conspiracy and violations CT wal
time legislation, were offered free
dom today by President Harding on
condition that they leave the United
States. Sixty days were allowed for
the prisoners TO prepare for depcrta-
ton, a bond being required which
will insure their embarkation for
some foreign land.
The Presidents action, 1t was said.
did not indicate any intention to
exercise similar clemency toward the
score or more members of the same
organization who still are imprisoned
for failure to observe the espionage
act and other emergency laws.
1t was emphasized the extension
of clemency was strictly provision
al and that the unexpired sem
fences would become Immediately
operative should any one of the eight
return to the United States.
The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1922-12-31
40 RAILROADS EARN
MORE THAN PROFIT
ESTABLISHED BY LAW

WASHINGTON. Dec. 30.-Approx-
imately 40 railroads In the United
States have earned more than the 6
per cent fair return standard set by
the transportation act. The inter-
state commerce commission reported
to the Senate today, in response to
resolution by Senator Capper, repub-
lican, Kansas. Estimates Of the
amount which may be due to the
United States as a result are now
being worked out.
None OF the railroads whose earn
ings may have been above the 8 per
cent limit. the commission said. has
as YET paid anything to the govern
ment. Determination of the precise
amounts due, IL was added, must
await conclusion Of the work of
yaluing railroad property.