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They were not like the owners of one or two tenement houses out of which they had to squeeze the whole of their living, or one or two old loft buildings which they'd inherited from Grandma. They could do what they pleased with their buildings.

The complaint of the real estate operators against us was that we had taken advice so much from people who had plenty of capital to work with and they were not the typical real estate operators. People like the Astor Estate had more money than the typical real estate man did.

Henry Morgenthau Sr. I think was sort of being pointed out at that time as a real estate operator who invented a new technique. In other words, he was sort of unpopular among some real estate operators because he'd been so successful in dumping his old property. He would sell it to somebody else at a good price, but it was deteriorating all the time. People were always passing new ordinances and new laws requiring them to have a fire escape, fire proof the basement, or do something that made it more and more expensive to operate. He had dumped that kind of property, had moved off and was constantly buying either new buildings or getting land at low prices, as he did in the Bronx, and building whole new areas of apartment houses, cheap tenement houses and I guess some manufacturing properties.