The evening world. Newspaper, September 9, 1920, Page 3

TAX LOAD DRIVES MONEY FOR HOMES, TO OTHER FIELDS canammnes Chief Supply of Mortgage Money, Big Estates, Put in Bonds, OTHERS LIMIT rit Bankers and Mortgage Special ists Wary of Present In- flated Values, By Stanley Mitchell. Complaints from prospective home \ builders that they cannot borrow any: money on mortgage have caused The | Evening World to ask bankers and, mortgage specialists to explain the! lack of money for house building, when apparently there is practically unlimited money business and Wall Street loans. Real estate records show that most of the funds loaned on New York City real estate mortgages have come for from three sources, savings banks,| insurance companies and big privato| ‘states like that of the late Mrs. Hetty Green, who had most of her millions invested in mortgages. Bor- rowers have looked to these three sources for new loans as well as re-! newals of old loans. ‘The title insurance companies have been the channels through which most of this money flowed. They usually have been called upon to in-| mure the real estate many cases, and principal of the loans. Justification for the complaints of difficulty in obtaining loans for new houses was admitted by Randall Salisbury, head of the mortgage de- partment of the New York Title titles, and in Guarantee and Trust Company, who} Probably has passed on more mort- gages than any other person in the clty. “The market is glutted with appll- cations for mortgage loans,” Mr. Salisbury said. “We have placed all that we could, and ate guaranteeing interest and principal on sound loans, where the borrowers can get individ- uals to provide the funds. “Money generally is being drawn into other channels where the return offered is greater than the 6 per cent. offered by a mortgage. Relief given tor other bfanches of financing has been withheld from the real estate Market. Restrictive rent laws prob- ably have discouraged investment in housing to some extent, but they have hot been the greatest factor of dis- couragement. “The loans made have not been made on the basis of present building costs although reasonable allowance bas been made for substantial In- creases in values. The proposal to ex- empt new dwellings from local taxa- tion for a term of years would be a form of subsidy against present high | cost levels, under which we might be able to recommend higher loans, or to make them ourselves if money is forthcoming. “If the State and Congress will ex- empt mortgage Interest from income tax, and new dwellings be exempted from local taxation, It will be a long step toward solving the housing problem, and with that solution rent profiteering will automatically disap- pear. Certainly the restrictive laws have been repugnant, although many @dmit that sharks that broke in with a shoe string have made some regu- lation necessary, temporarily. “Added to high costs of building the withdrawal of big estates trom mort- gage lending has complicated the sit- uation. Unless some new factor in financing !s developed we must con- tinue to Mly on the savings banks and insurance companies, and hope to tempt the estates back into the market,” LAW RESTRICTS SAVINGS BANK LOANS. There has been some crtticism of eavings banks for diverting their money to other channels than real estate loans, One of the largest mort- gugo lenders among the savings banks is the Bowery Savings Bank. Henry A. Schenck President of this institution, said: “I have seen nothing to indicate that savings banks and insurance companies have withdrawn from the mortgage business. Speaking only for the Bowery Savings Bank, we are lending as freely as ever, if not more freely than usual. “Savings banks may lend only 60 per cent. of thelr appraisal value, and this always is conservative. Present bullding costs are very high. Even though labor and materials remain at their present levéls, costs will come down somewhat through elimination of many extra hazards now involved in building, In lending 60 per cent. of what we figure is a safe valuation, we must lend less than 60 per cent of actual costs at present. For this reaxon it ls harder for a house builder | to finance his operations than for the | fouilder of a commerelal structure, The commercial building venture has, the resources of the business back of it “It the savings banks and insurance companies are lending as usual, and | there is leas housing construction than usual, why is there a shortage of money for mortgages?” Mr, Schenck was asked. “Because the big estates, with their millions, bave withdrawn from mort- gages,” Mr. Schenck replied. “The | Continued on Tenth Page.) to insure the interest) Rev. | REV WJOMN ULI LL SACH i DROWNED MAN MAY | HAVE BEEN AT WORK| AS STRIKEBREAKER Card in Pocket Indicates Coney | 4sland Creek Victim Was | B, R. T. Man. | | The body of a man, supposed to be a strikebreaker, was found by the| | police of the Coney Island station at} 7 o'clock this morning in Coney} Island Creek, at the foot of West! 15th Street. No marks of violence) were discovered on the body. | An identification slip on the cloth- ing read: “William, Osterhaut, 2831 South 1th Avenue, Cicero, IN.” A pay envelope of the B. R. T. was also} found bearing the name, William Howard, employed at the 68th Street depot. \ The depot has been one of the} points of disturbance during the strike. William Howard had been em- ployed there as a strikebreaker since | Sept. 2, MILLER A TOOL, SAYS THOMPSON Independent Candidate and Run-} ning Mate, Bennett, Speak Fro mAuto. j Senator George F. Thompsh of: Niagara, and Former Senator William |1. Bennett of Brooklyn, Independent |Republican candidates for the nom! ation for «Governor and Lieutenant- |Governor, addressed a crowd from automobiles at Borough Hall, Brooklyn, this afternoon. The automobiles carried |banners reading “Vote for Thompson and Bennett at the Primaries." Senator Thompson flayed Justice Nathan L. Miller, party candidates for the Governorship, as a representative of the moneyed interests and charges his aelection was due to Influence of eth Crucible Steel Company. If the {Republican Party wanted to win It should repudiate Judge Miller, he said. Mr. Rennett made similar charges. ‘The speakers left for Manhattan to speak here this afternoon and evening. |CONDEMNED MAN DECLINES FEAST “Prison BE ‘Good Enough For Me,” Says Bojanowski on Eve | of Execution, t For the first time In the memory of Ging Sing officials, a prisoner about to ‘be executed has refused to select a spe- eit! dinner for the night of his exectl- | tion. Walter Bojanowski of Buffalo, | who killed George Weltz ti that city ®& year anda half ago, is to be executed to-night at 11:30 o'clock. Asked to- to select a special menu for his last © st to make,’ he told Warden "The regular prison fare Is good enough for me.” He even declined 1 or cigarettes, Bojanowskt sty asserts his tono~ cence, A Se NO DROP IN DIAMONDS. “Prices W Contre The price of dipmonds is not going | down—not if the Diamond Syndicate of London, controlling most of he output, can prevent It, The news came to New York to-day in the/form of a cablegram to the Jewelers’ Circular, a trade pub- lication, ‘The message said | Diamond Syndicate's policy has al- | | ways been to maintain. prices and there is no iwtention to depart there- from." | charge | powered by a gang of four men who John Lillback, Whose Home Was Fired by Reds and Children Whose Lives Were Menaced JOHN (SyRD) ESTHER (Syeans) {| “But this was not all. 1 went in and nd that a parlor window had — |been forced and the gas turned on in ‘ | |the hall, living room, dining room ILL TREATED, PRIEST SAYS. jana vathroom.” at that time seven ALLL IIT AES of my eleven children were asleep in IDAY a bende tee |sfmz, slevnn,oniaten. yee, Stans ts FRIDA Pe eae TeReNed their rooms. If escaping ¢ | of Experience tn Ireland. |as had not been discovered 1 am | ‘The Rev. M. M, English, a priest|stire that they would have been }from Whitehall, Mont, who returnel | asphyxiated in their beds. | R feo rae Meme ch, | ER ta nen wen emarkable Sale Kaiserin Auguste Victoria, ~ told re- | Me ave merely, the ave receiien of portera he is going to Washington to lute. This is a Scandinavian neigh- protest at the State Department against) jorhood and a hotbed of Socialism the treatment he received from Mn- and Bolshevism. During the war I \Slish authoritles tn Ireland |worked on a Draft Board and for I I lar rico ine | He said his brother, Patrick, vho|{hat reason I made many bitter ene- |made the trip with him, was detaine!; mics about here, and I was the vic- || and threatened with execution. He| tim of countless slurs for my stand |says he does not know Pat-|with the Government. Recently a THE “EVENING WORLD, “THURSDAY, ‘SEPTEMBER 9, 1920. PASTOR CHARGES - GAMBLERS REAP RADICALS TRIED T0. BIG HARVESTS IN WPE OUT QUT FAMILY: BASEBALL POOLS: Home. Fired and id ind as Turned ‘Professionals Cherntiog on Aftér His War on Reds, Says Rev. John Lillback. For his outspoken condemnation of radicalism and the enemies he feels aia of the Chicago Criminal Court to he has thus made in his neighborhood, the Rev. John EB. Lillback, pastor of the Finnish Golgotha Congregational " baseball) games has brought into the Nght of publicity the fact that protes- sional baseball has become the me- dium through which proféasional gamblers are reaping an immense harvest from small fry speculators. rrhdogerad is this true in cities where horse racing is not permitted—al- though New York supports a number of “exohanges” or “clearing houses” which specialize in the baseball cores on the blind’ pool basa. Possosding unlimited opportunities for betting on the races, old time New York amalt fry speculators have pald but casual attention to the baseball pools and the growing ranks of gam- blers in baseball scores have been recruited from clerks, office boys, ste- Hographers, messengers, drivers and elevator runners. The pickings have been sd soft that one outfit of profes- sional gamblers has Inid plans to con- duct the blind pool game through t e winter ‘by utilising thé figures ing the daily exchanges of the York Clearing House, Thus they could hold not caly present and prospective & score speculators, but pick up face horte gamblers, who suspend operations durihg the w: season. The scheme was to been started about Sept. 20. Apparently the expert the ,amblers employed to figure thelr sure thing made an errof, for plan advanced to old patrons for te some time past has been abandoned, Through some inexplicable system of | computatibn the expert outlined & acheme which pledged the gamblers to pay out $5.60 a week more thar shey could have taken in on $620 pool, As philanthropy has no part in ti eairg by i ee ae in Many Cities—Clerks and Of- fice Boys Chief Victims. The instructions of Judge McDon- Tt paee @ Grand Jury to Investigate the “por- iclous business” of selling poola on (Continued on Sixteenth Page.) | bors told me that an hour before one | of th Church, 44th Street, between Seventh | and Eighth Avenues, Brooklyn, sat’ to-day that attempts had been made to Kill his family by asphyxiation and fire, “Two attempts were mado last suf. | day,” he said, “which convince me that I can no longer continue alone my fight against the disorderly elements in my neighborhood, Last Sunday, when I returned to my home, No. 107) 48th Street, | found it dark. Neigh: awnings at my window had been get afire and extinguished just in time to prevent the flames from spreading tore Hours: 9 A.M. to 6 P.M. Orkin’s | rick was Shot ion HOt, ireland. CAT WITH AN ORAN Father ory of alleged ‘aya his prove "American eltizc told a lon, I as an GE TAIL, COLORED BY STOLEN DYES, SOLVES $300,000 noBniny | ——— Conspirators are Nabbed. This fs the tale of the Cat with the) | Orange Colored Tat) which came baok with $360,000 worth of the German| indemnity. ‘The story was revealed | to-day by Frank Stone, Special Agent {of the Department of Justico in ot New Jersey, following the! arrest in Brooklyn of Jacob Widder, Widder &) and in Chicago of Adolph Widder and Samuel Weiss, charged with conspiracy receive stolen goods. On July 8 the Textile Alliance, Jacksbn Street, treasurer of the Dye Chemical Company, to watchman of the} Inc., warehouse in Hoboken, was over-| stole from the piace 6,000 pounds of | German dyes valued at $60 a pound and held for the State Department as part of the German indemnity, There were no clues, but a short time after- ward a F cat with an dérange colored tall, algo with orange spots on its back, The agent made up to the cat, clipped a sample of the orangg fur, ‘then let the cat go. The orange tailed cat led to a house in Ri Street, where the Federal agents ar- rested three men. As there was no evidence, however, they were re 1, but in heavy bail. ‘The was under constant surveillance and, ing on information resulting from the watch, other agents in Paterson yes- terday held up one of the originall arrested trio as he, with two oth men, rode in a touring car accom- panying a truck into Paterson, In the truck was found 3,000 pounds gf the stolen dye. Vigorous examination quickly re- sulted in a jump to Brooklyn, where the other 3,000 pounds found, The agents arrested G Davis, chemist of the Widder r house a were we agent saw a black | §, Nutted Kisses Kisses! Kisses of stocetness! Madeé sweeter by nuggets of nu- tritious nuts. Kisses for you! 29 Milk Chocolate Carmellows Caramels! Blanketed.in Miller's velvety milk chocolate. A poem in candy form! 9e Milk Chocolate Covered Cocoa- = KILLED BOY, DIDN'T KNOW It.) Driver Sayn He Falled to See C sai in Front of Auto Track A aix-year-old boy not yet identl- | fled was struck and killed at 11.45 o'clock this morning by an auto truck In front of No, 846 Greenwich Street. Abraham Goldstein, No, 1181 West Farms Road, driver of the truck, was arrested on & charge of homie {dont know how it happened. ng at mode speed and did not sec the child at all, ahha first I knew of the accident was [when a ‘stop? on the sidewalk yelled to me to sto; nut Jelly Real jelly! With shredded cocoanuts!. And then smothered in a layer of delicious Milk Chocolate. MILLER’S EIGHT CONVENIENT | TORES | tater the Widders and We iss, a {Detectives Followed Spotted) man. weiss ana Adolph Widder were Sali opening a branch in Chicago. Feline and Three Alleged | The Government men exp! |that when the dyes were stolen |were taken by truck to a farm n Mariborough, N. Y., to Brooklyn after made, As for the oran: the theory that th «mall samples of dye Hiver Street house be shown to. thr goods, the dye, SCHOOL FOR WOM and then s! uw dicker railed cat VOTERS IN JERSEY had been | ea took But the cat stuck his tall in| | to the house itself. number of attempts have to break up my meetingss and come these attacks upon my fam |1 feel that it is time to call in ald of the police cant Hurley Shoes do not owe their success to what we say but what they do. They give to their wearer that degree of satisfaction that can only come from excel- lence of styling and full measure of comfort. 2 ae conehtstion lained n they r| hipped it EN Pupils to Be Taught All the Nice Made over special Subtleties of Politics in Two- lasts in one hundred dif- Day Curriculum, ferent combinations of ASBURY PARK, Sept. 9.—A school of widths and sizes. Republican we ner campa xt Wednesda y gramme has t A tw unged by putea State will ¢ of ime blackboard to the vo speech, anu nical tuain 8 of politics On Spec Mrs. an for Ww {nj Is of the tech OPPENHEIM, GLUNS & G 34th Street 650 School Dresses For Girls 6 to 14 Years # at For example--C forepart, B | expe! ns of both sex Will expinin toughe newly enfranchinea ||Q instep and A heel. Prevents | Sage Rig : foot from slipping at heel, Just how political campaigns are won crest TAtnaKe isan coal will be opened In the Hotel Brunawick, , 1d Br See fortable forepart. HURLEY SHOES 1434Broadway 1357 Broadway 1177 Broadway 215 Broadway 4| Cortlandt St, 254 Fifth Ave, Rockland, Mass Com consist th New York ial Sale Friday New Fall Styles Remarkable Value 2.95 Fast colored Plaid and Checked Ginghams and Woven Crash. Chambray collars and cuffs. Belted and regulation models. been made now nity: the Tifth As Venue 34% STREET roadway Satin Dresses *18.00 Selected from Regular Stock-—-Formerly to 29.75 Reduced for the simple reason that the size range is being rapidly depkted and they cannot be duplicated to sell at arlywhere gear their original cost Out-of-the-ordinary values, everyone of them! All new and fresh, and handsomely beaded or silk embroidered. Navy, Brown, Black. Practically all sizes represented, Embroidered Tricotine Dress $18. The assortment is quite varied and offers economical selection for the high-school and college miss. No C.O.D.'s. | No Refunds. No Exchanges. || OPPENHEIM.CLLNS & C 34th Street—New York ‘An Exceptional Sale Friday Tricolette and Satin Dresses For Women and Misses Newest Fall Models ee ie Sr 6 EE eS a ye eg ee Se nn nN Extraordinary Values 28.00 Two Distinctive Afternoon Frocks developed of Tricolette and Satin, in Navy, Black or Brown. Long line tunic model, richly embroidered, or a youthful blouse back Sur- plice style. (Both illustrated.)