New-York tribune., 1922-01-22
Bright Outlook
For Big Year
In Building Q
Honest Days Work and Fair
Prices for Materials Will
Bring About Great Ac-
ii>iiy. Says C.. II. Kelsey


Capital is ready to invest ii building.
re says. and almost all kinds Of con
stsuotior arc badly needed. Fair prices
for materials and an honest days work
for sn honest days wage VIII do much
to brig about this activity. he declares
Commenting on the subject in his an
nuai report 20 the stockholders and
trustees Of the company. az their an
nual meeting last week, Mr.. Kelsey
aid.
W. arc looking for good year IN
TO- Capital IS ready for investment
~ building II only investors can be
assured that those VINO build houses
'Viil get their materials At fair prices
and that those who work on houses viii
do fair days work for a generous
day pay. lf VIC can have honestly CON
s.rUctcd buildings there Is no limit 80
tho prosperity that can come TO the
hu ding industry IN New ork City
and i;s surroundings dnrlNg tho year.
Almost ai sorts OF construction arc
hadly uccdl1. and w Will make Won
d.rful progrcss if those who supply
hc material and those who do the work
CAV ouiy learn that they suffer along
With thc rcst Of the community when
the material man GHcs unfair prices and
the mechanic furnishes only ha'f
DAY work for full DAY pay. Real
profits aud roa Na-ce arc not lu
creased by such methods 50 much
more must bc spent for tho ncccssarics
and tho pleasures OF lifc that the rcal
income IS much lower than 1t seems
and the amount i'm tho bank nj the onA
o tho year docs not spell prosperity.
Little Building fer Poor
t.|fi- 3d., o.cr.r7t ION
privilogc on new construction is really
working to tic Disadvantage Of thc peo-
pie pho reed housing rcl3cf most scri-
oueiN 81 tnc people VINO cannot pay
moro than IS or SO a room a month.
The tax exemption is creating boom
II, the construction of homes Tor the
sell-to-do those who can pay 50 OF
more a room month and n ii
continues there viii soon be sn over
production of such spac" and nothing
Nill be done for tho poorer classes.
Homes arc not built for them because,
with the present costs Of material and
high cost and low productivity of labor,
10 homes can be built to rent for IS
or SO room a month Tho result
is that SO long A. labor can bc en-
ploycd at tho cNtsavacant rates dc
mandcd and produce As little as it
does, and material mon can got the
hugh prices demanded for mate rial. and
builders can employ both and have the
taxpayers foot the bills there viii be
nothing done to produce tho kind Of
home that is most needed. There
should be no extension of the tax OK
cmptlon and no more buIlding of tho
Kind of homes that have been produced
so extensively during 1921 but labor
should come down in its wages and UP
in It's production and matcrial prices
should come down so that something
can be done for those who can pay only
a low rent"
Good Year for Company
rom the standpoint of earnings tho
net profits of the company for tho last
year vas s.. t6l .,64 tho most productive
M the compauY's history. according to
Mr.. kel~ev. The excess. he says. over
tho previous years earnings was due
10 securities being sold at profit in
stead of showing a loss. as in 1920.
Other business Of the company. he dc
clarcs, has been good but not equal to
tho former ycar's phenomenal record.
"Ihcro were fewer Deeds Mr. kcl-
sey's report reads. land mortgages re
corded in 1921 in most counties in and
surrounding greater New ork. Queens,
Richmond and Nassau show a Slight in
crease in tho number of deeds and
mortgages recorded but tho total mum
Der for greater Now York and sur
rounding counties for the rcar is 241.-
o2o. as compared with 272.795 instru-
p,cutS for 1920. Cur business in Crook
lNu and Queens shows an increase in
earnings, but Manhattan, Staten Island
and Ncstches'cr decrease.
We have examined i'm 1921 3l17o
tit'cs. compared with 1888 in 1920 and
for ,5.i, I.
record year. The title business in
Wostchcsteg County carried on in con-
n'cuon with tho WcStchcstor Title and
Mortgage Company shows earnings for
inc Ncar OF Ss7,539 and the Staten Isl
and Office S9,11i.
Our sale of guaranteed mortgages.
Nc'uilnG guaranteed mortgage Ger
t.ncates. IN 1901 amounted to S55.6A2.
10 ms IS tno largest sale Of mort
cages since the Year 1909. when the
sales amounted TO sos 900 900. There
arc only four years in our history
where the amount has exceeded 1921
safes. these were the wears 1904 1909
1906 and 1909
The company on the other hand,
has been able to take large mortgages
without giving thought to finding some
'aree investing Institution to take them
on ITS hands. We took last year and
disposed OF IN these certificates mans-
~rcc mortgages. Among them one OF
~ '9oVooo ON the. Garment Center
gliding. $4,000 on the Combustion
Engineering Building at 43-47 Broad
street., $4,000 on the BROOKLYN Edison
plant. S650,000 on 40 Fourth Avenue.
1000 GOO OIL tho Town Hal. 5000 600 on
me New England Apartments ana
Nl.-oo.oOo OF the pershing Square
property opposite the Grand Central
Terminal
Besides the larger mortgages. there
We're many mortgages o. 100000 and
.eSs sold 10 investors through our Ger
Start New Year Strong
he first week Of January : nar.
rcularly investment week and the saIes
tnls year have exceeded ANYTHING we
nave ever done before during Tins
week. In the first Week Of The year
WITH Tour and one-haif working davs
'he Manhattan office sold Ss5G. .oo0
worth Of certificates to 39l persons and
the total sales Of mortgages and ce,-
Sincates IN both Manhattan and Brook
w amourteG 70 more than s. 900 900.
!enosltS ot the banking depart
Went OF the company al the close Of
the old year amounted to S33.773.07s.
AZ amount exceeded once in the his
cory OF the company. The company
nad on Its books 1926 accounts dis
.ributed as follows: Manhattan. S4.s52:
Hrookiyn, S6.2e4; Jamaica. 81 1874, and
Long Island City. sss6
The earnings Of the banking depart
ment. according 20 Ny kelsey. /