Newspaper Page Text
OF ALL BOND SALES
Realty Interests Indorse .Move
ment for Nankin? Dc
WOULD HELP II K A 1 KSTATE
Objection Ilnised to l.iniitin
State Control to Hcult.v
lloceiit leeommendatlons of the Ktnto
Banking Commission Unit n-nl estate
corporation Issuing securities bo placed
under Its supervision lns boon received
more seriously by rent estate operators
and tho Investing public generally mIiioo
the New York Itoal Kstnte Security
Company wont Into the hands of it
receiver. The oldest mid one of tin;
largest operating companies selling icnl
estate securities, tho American Itoal
Estate Company. In nn Interview given
yesterday by Its president, lid wind I!.
Hoynton, takes Its stand openly nut
only for the State supervision of cor
porations Issuing real estate securities
but for nil corporations, whatsoever i
their nature. Issuing securities for public
Mr. Boynton believes that there should
be made public whenever called for n
thorough audit of the books by cei tllleil
public accountants and a competent
outside appraisal of the asset b. recog-,11"'
lilted authorities of every security
offering corporation, no matter what
the security, llo points out the In-
Justice of placing real estate poru-
tlona alone under the Mipci vision of the
Stats Hanking Department, when ns a
matter of fact the losses from ie.il
estate securities have been practically
tifl aa against those suffered by In
veatora In railroad, mining, oil and In
The bill ndvocated by the State
Banking Department. It is tuld. will be
pushed vigorously In the Legislature
thli Winter, but It Is likely to meet with
determined opposition from rial estate
men If It Is framed, as it Is at pt.ciit.
to embrace leal estate cotnp.inlis Issu
ing ecurltlos only and still leave the
promoters nf wild cat mining, railroad,
oil and industrial Mock to mulct the
public nt will There has neer been n
corner In New Voik mil estate. New
York real e" i'e cannot lie uiaulpulateil i
as "have been I'eitaiu stnuks.
The Vew I
York Real IM-a.e Security CnmiMiiy" did
not fall for r..uuJ.vu or f..r 2U.u0.i.o.i'.
If It hnd been able to borrow a few
hundred thon-atid ilollais It would not
have fallen lino ditlicultles, anil eveiy
piece of Its as.-1'tf represents langlbl..
Income producing ptoperty Itial estate
may fall In value, but It cannot blow up.
It cannot l- moved, it cannot be alteil.
It cannot be mn'ti noted out f paper
uud prlntet's ink.
A strong factor In niy legislation
affecting real estate corpointlons lsu
Ing securitlis will be the New Yoik
State Ileal Instate Assm latlon. This1
organization, whose h(ailiiiartet uio
now In Ni w York city. William II.
Mnltltt of th Ui"iani II. .Motlllt It"alty
Compnn being Its ptesltlelit. will oppose
imy measure which places r strlctlcns
only on real estate corporations. Inas
much as It has local boards In all the
large cities of the State It can command
n greater Influence in legislation than
any organisation restricted In membei
hhlp to New Yoik city.
"I believe the time has come." s.ml
Mr. Hoynton In lu.s interview, 'when
all corporations doing a legitimate and
conservative business should Join to
gether for the enactment of laws that
shall properly protect the Investor.
Some recent happenings In the teal
estate field in New Yotk have prompted
ii number of suggestions to the ctTe. t
that protection should be given
Investors In teal estate seem dies to.
bringing tin business of t. iity cot posi
tions that sell interest beating bonds
under euporvislon of the Hanking le.
partment of the State, and o far as
the American Heal Ksulo Company Is
concerned 1 want to e.xpics our entlie
approval of this suggestion and our
willingness to enopeinte m anv well
considered efforts in l,rlng it to pass.
"Nothing could do moie to establish
a healthy tone In the real .state seem
It y market than a proper supoi vi-lnn
of the securities offcri-d tlieielu. We
tegard It ns nn entlrelv proper luncilnu
of the State to protect (Is citizens from
misrepresentation and unreliable nffoi-
First Skyscraper to Go
Ings of nil sorts. There are several
fundamental rulei In the way of en-1
forced publicity which we feci should
bo exacted of every security offering
corporation. First a thorouKh audit of
Its books by certified public accountants
of standing and, second, n competent
outside appraisal of its assets by rec
ognized authorities. Furthermore It
should lw punishable to misstate Wis j
i unceriiiuK securities in advertisement,
circular matter or descriptive letters,
All such advertising matter should be
Issued subject to the supervision of the
proper Stato authority. i
"In this connection, however, the fact j
should not be lost sight of that thn
utuount of money lost by the Investors t
of New York State In unreliable real
estate, securities Is iiegllble In compart-1
sun with the loss suffered by Investors i
in other lines, The vust sums which
have been lost In mining stock, oil
stocks, Irrigation, Industrial railroad
and public utility promotions of all sorts
would miiko a staggering ncgrcgiile, a
tremendous burden of loss ngalnst
which the cltlr.on hns a light to demand
protection from the (lovernment.
"A realization of this fact has been
growing nil over tho country, and In
ninny States so-railed blue sky Invest
ment lus haw been Introduced, find
In jomi Instances passed, bringing 1
all Investment nrfeiings under the
scrutiny of thn State. None of these 1
lias b"en highly satisfactory or pi no
tlcable. and It remains for some State
to set u model for such legislation. The
Slat.' of .lnuiiiiisetts lefeired thlsi
important question to n commission,
which for more than u yenr has had
under consideration the preparation of
;sicli a Inw mid has recommended nn
excellent slntute, (ml It would seem
us lilting that New Y .rk State, us
" grenleM Investment State In (lie
country, should he able to ilrafl and msi
i a model law bringing the corporations,
bruheis and the bankers handling
,lnvestnif nt offetlngs nil under tho
.proper Slate sutierv'slon.
"The few small looses Incurred by the
public in recent falluies in the real
'state Held should not confuse the Issue
ol" 1,11,1,1 I'" 1'Ubllc to the fact that
what Is needed Is a general Investment
law protecting nil alike from all alike.
Theie can bo no Justice or propriety
In attempting to single out real estate
In this connection or to make real
e.'iit i ompnuleM alone subject to such
supervision, nor da we believe that Is
the public's desire. The direct owner
ship of rral eMnte In New York city
has earned a return of more than 6
I1'", ,"m ,m" " Vge reniuries.
mm vh on mil ueiwve iiihi liny lias
passed. Since the tax books of New
Yoik city were tlrst opened, through
good times and bud, theie Ims never
been a decade when land values have
not nveraged nn Increase of more than
ii per cent, per annum. We feel that
saieiy 'ic.o procuioiy in-
''" 1,1 Y,""( rU estate In
f' '" ,".,"f' '"". ,""1"r l'r
III I lie
salegtiauls this should always be one
of the most am ictlve Investment
"t'lieti- 1m ih.s that car lie said about
real state lompaai.s. their assets are
at least tangible and vMbc. wl'lcb i
Hot tine of tnaiiv ciii-poratlniiv Issuhm
hei-uilliiy. When leal estate .otiniatlii'S
publish i lai. nn nts of their assets peo
ple can at least look at them and reach
some i iimiiisiou In th.-lr nun mlinb- a
lo 1 1 ii r I ii I valin utiil ev,n In Ib-Ir
lliiildalloli e icslilne of an would
remain to the ciedltoi.' In ri cn of that
which is urually found.
"The linpoitnnt thing now i not to
let surface In Millions or local condi
tions mislead us Into luaccuiate gen
eralizations and fali conclusions. The
ethics mid ptnctlce of ihoe engaged
In this business, I am conlident. will
nvtrai-'e up to those In any other ilne
of busings. All It asks or bus a t lu lit
to i.iM-t Is (fair dealing nnd Impaitial
lieaim-ilt. 'it Is then petfectly elle
to Justify and take can of !t"lf, and
no attempt to (iNci nllt it can 'ic-c-i
TOWER BUILDING COMING DOWN.
I'luoeer M.j nerniier Una l.otl lis
Value nnd will II r demoted.
After many .veait. of runioit. the
Tower lliillding at .".o Mroadway, New
Yoik's first steel skeleton skyscraper.
Is to be removed. Permission to nine
the plnuei r was given last week by the
Hulldlng Department to the owners,
and In n few weeks, maybe In days,
building wieckMs will be swindling over
the chimney like uructute which two
decades ago was the wonder of the
Ity It wa built ill 1SSS from plans
oy tiiaiiioni . litineit to give a
Uioadway connei tlon to n building of
I much linger urea on New street. The
lower lliiihllnu s .deven stories and
cm el a lot 21 feet wide and 12a feet
ueep. vv lien It was elected It looked
like a ma.-onr.v shnft as It piled toward
Them was nothing like it In New
York and for that reason people came
fiom nil s-etlnus of the metropolitan
one to gaze at New York's tower. It
was one of the sights that Visitors to New
York never missed In those days. The
building rnme. In for much criticism
and It was some time before the Hulld
lng Department would permit Its erec
tion. Never before had eleven stories
been piled on Mich a narrow base and I
the department feated the result that
might come of such 'a venture. It revo
lutionized building In this city. From
It have sprung the giant structures
that look down fiom all sides on the
"old pioneer skyscraper."
NEW PATERS0N PLAYHOUSE.
Fireproof HiiIIiIIiik to font fno,000
ril's fllxlli Theatre.
Patiiiisox, N. .1., Dec. , Pnterson Is
to have another playhouse In the Kpilng,
plans having been filed liml week with
lliiilillng Inspector John uulglev for u
i three story structure whlrh will cost
$r,n,nno, This will make Paterson's sixth
big theatre and one of the largest, with
a seating capacity of I.BIIU. .lacob
I'nblHii, n relit ed merchant, Is building
the shiiwhouse with n view to making it
a leader In vaudeville.
The building Is to be 72x130 feel on
a plot 72x21(1. Its construction will be
of steel finme with Interior walls of
hollow tile uud exterior iif ormimenlul
Lrlck. flours, stairs and loof will bn
! concrete. The striictuie will be made
nt near niepiooi ns u is possilde to
The foundation mm. lrM laid nut.
tin site Ileum to the rear of the cit
izens I rust Company, which focey Main
street, running through from Ihiin
llton street to Union street.
i Mrn.nnn niinoKi.riv rtfTonv,
i Plans were tiled lat week with ft,.
1 llroiilils n Hulldlng Hun an for the mam
moth rrmemtH fir.tory hutloinii at the i
Robert riiilr Company, Thty call for a
iwe ve story structure to n altuatsd on
Is plot 200.10k 05,6 feet, on Main itraat
at the southeaat corner of Ply momh
street Th aitlma .i . .," "
IIJMH. ,"n- D,t lvn
BUYER FOB EIGHTH AVE. FLAT.
Taken In Trade for Mlmllar lroerl
In Urrkmsn Section,
EiaHTlI AVKNUK. Arnold, tlyrne A
tlaumann have sold for Henry .1. Heck
2191 IHghth avenue, ft live story tene
ment with stores, on lot 2f,xS0, be
tween 118th nnd lli'th streetM; also
the plot, fiOxlOO, on the east side of
I (roadway, 60 feet north of L'SStli
street. The buyer of both parcels Is
the Vermtlyen Itenlty Company,
Charles Hensle, president, which took
the property In part payment for tho
two five story tints, each on lot 2i"x
Kill, nt 12! Hnd 1211 Vormllyca nvenue,
located Hi) feet south of 207lh street,
the sale of which was reported yes
terday. EAST DUST STHBKT. -John Kelly has
sold for Mrs. Constance Simpson the
three story flat on the outh "Id of
101st street, running from Park ti
Courtlandt nvenue, on plot lOTxI&x Ir
regular. The purchaser gave In part
payment the one family dwelling, 'jn
plot S6X100. nt C19 South I'lfth avenue.'
MortHIH A VHNl'K. Cnhn fahn have I
sold lo D. Wagner 2301 .Morris ave
nue, a three story brick two family
house, on lot 19x117.
ji.ti.K op nnotiKi.vv
John V. James Sons have sold fur
Mrs. M. I'. Todd 4t7 (Ireene avenue, a
three story nnd basement brick dwelling,
on lot 20x100, to ii client for occupaiii y
Krafk A. Saver A Co lisve sold fur
M. A R. Wlnlermyer III" one fnuill..
dwelling at HMS Si veiit -ihlrd tln"l. to
111(1 (tl.l'.N l't K 'I'll i I I' sol, II.
.Miss KleHiuir I'errlm hie 1im sold to
Wlnlo- Tier' e a tract of eiglitv a te
facing on t -t il.tr Se.iinp road. " i 1' ce.
I.. I , 0iiolte the lloldlni- of til- n-i
Itock fount!) flub, tbioticli K M Craw.
e At ll!H. and K. .1. Illlei The co.
ity was held at Itirt.iiiiii. The s,.er i '.
talietl the irii'M ty by will from V title
Uur-a. wliu died on Mai- II 1 1 1 i
t'pper Montclalr. N. J. Mls I'.-n igi me
liuis.., Air. IMir.vea tluoiuh twelve . 1 i'.
llf lielplepslll s. i
i.i: in- nwi'int i' ii. m m, j
Woods Hrotlier" have nl,l for limit II
I'usr. who was nt one tlm (iovernor of.
I'uito It leu, his propel ty on Snedeeor
iiveini-. M.Dpoit, I, I, coiislitinu of thue
.ice- of laud, a lame linn.,., stable and
uar.ii:i nNn a -trlti of slime fropi M's ,
.1. Ii. enroll or Miooklin, the hinei, will ,
chi-I a t-uiiuilei lioine oil the ti o '.
m: imii vi'itii:! imiiiiisov
.VIl ft Keit hive old fin lliibiu T
Hnoilsiiflss to i-lemge V lialley of I'lill.i-
deinhlu m plot of nine lots in ibirrismi. ,
N. .1. fioiithix 12ft fert on M,iblle'x
street, between rirt and f-Veond ti..ts.
and lumiPig through to Moiris nvenue.
buver will elect a huge wan house InMim
a ldliig friuii Hie I'eim.i lvimla Itallio ul
l'VI-t Wist also sold fur the Ciotuw. ll. !
Walker Company Its plant In 1 l.ini-on,
consisting of about two nnr with inn.
bud. lulus. The piopetty Is lonited on the
TiirnpIKe mud at the bonbr line, he
twreti Harrison and Ken ny, i he plant
was bouKlit by the- oliiiin Degn ,iing
Company, of Vi'oburn, .Mass, of whli h i
V I), lleluinld,
nf Worcester, Is pietlUen'
M'.W Tlll'.Vritl? FOIl riil'NIIIN'U.
Albert llergelilinn has leased fiom He.
hecca Agllew a plot on Main stteet with
an outlet on Washington street for the
etertlon of a theatre fiom plans by Thomas
W. I.amb. which will be the must elabn
rnte In Flushing. The tlnatie Is to b
erected by Mr, lletgenhaii, Whose lease
runs fur ten years, with renewal prlvl
tige for n similar term. The aggregate
rental Involved In this transaction Is
alsmt $90,000, Mr. Ilergenhan Is pro.
nrletnr of tlappylanil, Smith lleacli, Siaten
crrv pnopp.RTY iicvkiis.
; ii .rr r-t--y-yj- w---
. .!,na w,mtm ."J. ;.0,"
HTth .trt X u" A5r.
i,7,n h rtsala of which fcw tt
jgn ComsMo waa mend t:
Overlooking the Hudson at Riverdale
II r . j- ill
i t : MiIVInnTMi. . ;iijs'i t
rSC' 's3riSSMSkT ' siahu
WANT EAST RIVER BETTERED.
haiulirr nf rniiiineree mt Qaeens
kellvelr SeekliiK liitrernment Aid.
The chamber of Commerce of the
Hoioiigb of Queens Is cooperating with
other fommetclal organizations of New
Yoik city In endeavoring to secure
f.. .... ,.n,,Pnlnn tir.
1 " .."".. . .-
nou.oiiu for the impruvemeni or uio i.nsi
! iver fiom lift llatterv to Long Island
Simlll!i ln ,.,, ilanre with the plans of
h(, , rr (lf ,,, ,.,,,, s,.l(p,
A" "d.ropr.atlon of
, J-fU.000 Is i e,,,iesi..,l for this year nnd
inniiu.il appiopi latlons to complete the
Moth Cnpt. It issell. chairman of the
Comment Committee, nnd Walter I.
Willis. Seintaiy of the Chamber, who
attend d ns detonates the National ltlv
ers nnd llllllnus Congress held ln
Washington I n t week, urged this Im-
provemeiit bi fm-t
tin- Itiver and Hnr-
Island Home at Little Neck Hills
iti.Ai.i v i.imiji i: (niu i:iin.
At the annual meeting of the Ite.ilty
League, held on December II, the fob
Inning olllcera weie elected for the ensu
ing year. Picsldent, William C, Deinincsti
tlrst vh e-iufsldent. Chaibh llilck. hecnml
j vlre-lncslilcttt, l.eon T.iiienbanin ; seere
itur.v, Ailliur It llastlne. assistant une
I tin. v, Thomas 1.. Wiilt.li; liensurer, Al
bert II Mathews. The follow Iuk dli eclors
weie elected for the leltn explllng Hieeiii
I her I lit Ii Chniles Hulk Amos !' Hno,
jlliirold P .Siittnn, P HallaKher, V II. D.
I Stokes and Carlisle .Nunvuud FollcVitig
Is n list of dlrectius of the league V' V.
iHoiv In thrisu iiiciHl'jn".'. fv " '"illlaiii
C. n.vnorrst, l.eon T.teuo'.r. ' .i P
J.fo, A, it. Ilaitln. A. - '.iiliiews .liid.
son S. Todd, Austin 1-. iHbcock, Albeit .1.
Appell, John D. Grlminlns, .1. t'lnrence
Oavlea and Illchard Deave
BisViop C S Suvckl
AT MOUNTAIN LAKES.
four lellln. and gever.il Jlulld-
. . . .
UK .-linn niiiiKiii niei . -.
Four dwellings nnd several building
plots ln Mountain Lakes were sold last I
week. The house buyers aro W. C.
Curtlsi of Brooklyn, Manuel Rafael
Angulo of Cuba, H. W. Chandler nnd
A. (loodspeetl. J. C. Pchultz has bought
a plot on which to erect a dwelling,
.lames A. Mrf!titg, who hn been n
of Mountain Lakes rur some
time, hns bought n plot adolnlng bis
house to Improve tho fretting of
Contracts have been let for Henry
Hates for n dwelling that will be
larcer than any that has been erected i
In the colony, An Kplscopnl church
and n Presbyterian church are, now
being erected In the residential-park.
tddv tfdxmm ii
I Oil llltiiw MiTM I'oiicri.iisiin,
At (he llions llMiiaiine H.ilesreom, Itl'iiS
I HUH UVI line, oil ,011110.1.1 , , ,i rimi-'i i .
ii foiielusure sale of mil Hi nil, lols will
be held by Hryan I.. Kennedy, am tlonei r
The lots me located on .leionie iivi line,
Vim Coiilauill Park Mouth, Alosholu Pail,.
way Ninth, Unit lllll road, I last Jinth
stieet, (intis place, lno place, Kossuth
place and De Knlb avenue and aie lin
prnved, The sale Is held as a iisult of
foteiiosiite proceedings against the
M er.(lntlliiH luvistlin; v.ii,uy and
Osenr It. b y r, th" :rn. ,' I i . mown
.-.a the DlCvltii-nii isl 'inn C .-.-
by thn In tn John v . old r-"'
dint ut New V" ; i n.atry lioni'
ami fnrm tho lots to bn ruld nro n it'I o."
Mr, Kiiuielly will ofivi thu 109 lo'-s In a
bulk and then 100 ocparnle prrcelo. The
sale will be offectlva eltlicr way, which
ever bring the largMt amount
FIGHT COST OF CITY'S ERROR.
O ner Itefnse to lie Tamed fOSS
Let tleennse an omelal rrre.
Before property owners near the
plaza of thn new Manhattan Bridge
give up tho light against the $210,000
assessment that has been levied on them
to pay for Increasing the bridge plaza
bv the purchase of the northeast cor
ner of the llovvery nnd Canal street the j
Hoard of Kstlmato will have heard of j
much dissatisfaction. Owners claim i
they should not be mnle to pny for the
errors of high priced officials who In
planning tho approach to tho now
brldgo failed to provide adequate space.
Now that the brldgo has been finished j
It Is discovered that tno nortneasi cor
ner of tho Howcry nnd Canal street
stands In the way. If It Is not removed
traffic, both pedestrian and vehicular,
will have to swerve. This means con
gestion. The removal of the corner
would give a straightaway approach
to the big span.
The corner property that the city
wants Is an Irregular parcel 145 feet
on Canal street and lot feet on the
Bowery. It will cot $430,000. Of this
1210,000 Is to be paid by local assess
ment. This local assessment area com
prised at first 450,000 square feet, which
Is equivalent to the eight blocks be
tween the bridge plaza, Grand street,
Mntt street and Forsyth street. The
Hoard of Kstlmate said owners In that
area should pay a third of the cost
of the corner. This meant that every
square font In the area would be taxed
GO cents, which on a lot 25 by 100 would
amount to il.250. In many cases more
than the Income nf the property. In
other cases It was said that the addi
tional tax would force owners Into debt.
A great howl wag raised, with the re
sult that the lmjul assessment area won
doubled, so that It now Is 935,000 square
The fight Is to have the entire city
stand the cost tif this oversight on the
part of officials. It was the entire city
that paid for the site of the plaza,
which cost more than $5,000,000. The
triangular property needed to straighten
, tin approach is to be part of the plaza,
l and for that reason nearby owners
claim the 1030.000 should be borne by
tho city, as wus the cost of the rest of
, the bridge approach.
i i- urtnermore, it is argueti mat tne
purchase of the corner Is to benefit
thosn living In other parts, as 11 will
facllltnte tlnjlr passage to and from tho
i big span. For that reason tho local
district, should not be asked to pay
more than other sections, they claim.
Had the corner been acquired when the
men to be used for the plaza woa be
ing condemned owners say they would
not have had to pay such high assess
ment, but somebody erred and tho mis
take Is being covered by acquiring the
property under street widening pro-
It Is the first time that such
; practice has been tried, nnd the Ileal
i-.state jioarit nnd otnr associations urn
prepared to tlpht th matter, as n w 11
osilnhllwh n nleredenl If nprmlttml f,i
NEW MUNICIPAL COURTS.
Ten Mr) nnlldlna n rust S.I.-.O.ooo
I'lmineil for rconil Avenue.
Tie new Fssex Market police court
to be erected at Second avenue and
fii-i nnd street will cost the city at least
in.Ki.nin). Alfred Hopkins's deflgn for
lie budding wns selected nt week bv a
iry of award consisting of Rutherford
.Mead, Austin W. Lord and Paul P. cn.
Tho court Is to lepluci the old Kt-ox
Maiket lourt and Jail, the .Municipal
Court In Madtson street and l.mllow
reet lad. often lefeired to n tin "All-
n. II1V i ,uh
l.s, .Market was abandoned someirtv value- went higher When other
t tne aco, Ilils court was then moved
l i I' iscd quartets In u building nt Sec.
out! nvetiiic and l'iist .-tteet. The i.uili
Iiiiiim accepted I y th,, buy w ill be ten
elm e nnd will cover an area I'm) f --t
mi the nvenue and lort feet on the
street. The Italian Iteniilssance style
s to be followed In the facade of the
lulUllng. It will be simple In design
and w.ll convey the Idea of a municipal
building The entrance will be fiom
SiMNind str,:.d. The Mag;.,n,tes' . Vuri
wbl be on the second Moor nnd mtinlti
pal coutt on the third, fourth and
llf "i Hours.
The plans provide for two courts nnd
subsidiary tuoms on eucli of thee tloors.
The i Nth Hour will be devoted to test,
lug mums for .Indues and n large II
I ran Th remaining Honrs w.ll con
tain i' district prison ami tin county
Ja ' III sides a number of cells the
puns piiotdi' ample space for tin ad
min 'latlon cud of the prisons.
The co,st of the Improvement luav be
considerably reduced If Itorougli Presl
dent McAlleliv's Hilggestion Is aciepted.
ii is suggeM .ill Is to sell the court
bonus and .ta'ls that will be displaced
by the new building, the proceeds of the
sale to be u.tiI townid paying for the
:i m;v iiiinoiii.Yv iiii: rni;s.
Moiloii itft uio houses weie proinlni nt
nmoi.g the new devi'loptuents In lltook
' l.xu last weeli. Three weie planned, ll.ich
w.ll have a lap.uity nf H0H pel sous, which
Is the limit iiltoivid by law Plans weie
Hied lor a one story structilto of tills
Iiatu e o be loealeil on tile southeast
cm mi' o lie ICalb ind Irving avenues, on
,a plot -UK 1 no feet, whli h I" estimated to
I , ,',
Plans are being ptepated
for another, a two Htm v structuie, to nc.
ciipj a plot TrixHil feit on the north sld
of Chaillicey stiiet, Irtil feet west of
Hio.uliMiv, to rnid $ r.0,000
iutiiKF.it i;i: Mil i,
Tlie Cress Brown Company
the brnkei In the lenre reported recrntly
rf the store ni 72 lvist Fort v. second
t-eet to the New York T lep'inne Com
"V 'riii..':'''. Unrslrn Is the buyer nf Mie
four liimlly louse at 1((1 Hi.vnnt ave.
line, the sale or which by William lireen
heiBcr throuh Alcinnder Kelkln, II.
Mchtlg and Nicholas Lopard was reported
BUILD LAND VALUES
Great Increases Noticed in Sec
tions Where Rlrjr Stores
FIRST STORE IN TATIIS
Jim Pisk Introdnecd Idea ftv
AmnrioR Modern Stores
Within a few weeks fjord . Taylor'
newstoro on Fifth nvonuo will bo finished
Stern Bros, havo deserted Twenty-third
street nnd moved to their new place on
Forty-second street aorosa from Bryant
Park Vantlno Co. will bo In new quar
ters uptown In a short time. Tho btitld
Ing of now department stores nnd tho
great number to be found In the greater
city have led New Yorkors to think that
the department store la an American
creation and that their city was the first
to Introduce It to tho world.
As a matter of faot tho first, depart
ment storn was opened by a Paris shop
keeper. Boston was tho mTt city to have
a store that i-old more than onn lino nf
wares and from Boston tho Idea was taken
up by Chicago, and then it cnino to New
York. To the Inttor city must bo attrib
uted tho dovolopment of department
stores. New York department stores
lead the world, In number, ran go of
ossortment and In grandeur. Koine
of the new stores nro pnlaces. Tho first
department store was opened forty
four years ago, In lsiw, It catno about
through the efforts of a French shop
keeper to meet tho varied demands of
his customers, The result was that he
carried many linos of stock. Folks heard
of this nnd patronized him, as It saved
time and energy by trading ln his place
Other merchants followed In his stops
and soon Paris hnd many department
Three years later the Idea was Intro
duced In Hoton by a combination In
which Jim Flsk, who Inter became well
known In tho financial world, wns Inter
ested. Fisk saw the success of tho store
from the start. He was n clever, hustling
Yankee who for many years had driven
a gaudy pedler'a wagon full of wares
up and down New England He wns en
thusiastic over the Idea because ho know
rnoro uboiit such matters thnn most
men In Boston. In fact his peddling
wagon was a miniature department
store. After Boston hustling and bustling
Chicago opened n department store,
It was many years after that a shop
of this kind was onnod In New York
Philadelphia came along soon nfter with
a store. The American stores met with
such success from the start that they
expanded very rapidly, reaching In n few
years mammoth proportions. Some of
the modern day plnces employ inon
XTSons than constitute the population
of many prosperotw towns not far from
Thero are sevenil stores hero which
employ '.Don por-niw in unlet times and
l.ooO during the rush seasons, fuoIi n
Katcr and Chri-tina- Dili ing thn lioli
day season of threo years ago there was
one store which had nn employed popula
tion in two cities of l7n0 During such
times tliev paid :n.mn n dav In salarief,
which, bud II tvuitlnuod through the year,
would have amounted to a salary roll of
ffi.onii.nou 'I hero nn two stores in the
I'iiitiiSi.ii. whioli ay in -.ilaries yi,",.nnu
a day during ru-li pel in Is. In a year this
would havo ani'i'inied lo n llflh of tho
national debt of 1710
Hon (Irani after visiting n Philadelphia
dopaitmeni -t re in 177 -aid it required
as much genet. ilhlp toorganre niidoper
nto Mich a business as a groat army The
stop, Ihat (ten (Irani referred to would
nut conipaie with some of the -tores now
doing liii-ine-s in N'cw York. Some of
tin-so stores have lloor space equal in
urea to s to '.'ii city blocks.
'I he-o store! an greit nnnuraiiurer
of teal estate values i'hov draw crowds
which i- tho ln-is of icaltv valuation
llefule the coming of Boll I, mill! Alt lll.lll In
Filth avenue and iiiirly-fouitli siiei'i
leal i-late l hen was nut as high priced
as after ho had Ills -toi. in operation a few
veais I'voivveai brought greater tiafiio
t iiiiriv-fniii th si reel In turn t roo-
st,,-,. iumio ti, nth nvenue ihev
brought 1'ieir trail" with llieui. vvlnoli
in -,i ti i additional (radio and additional
liml values laird -V TaviorV are leaving
lli.i.ulwuv. ami Vanillin , Co will Id
going soon Arnold, Con-table .1 Co
ami lltnnlis l!ro uio the onlv establish
monts in the old llimidirnv shopping dis
trict that have not yet decided lo relocate.
While they icuiulit sotiio of tho former
I ' """ ''l'"1 retained, but
when they go values will shrink ns tliov
Irivo ill other ilistrtelH deserted by d".
The value lo-t throiichthen remov.n
wlll be gained by lliesecllons In which I .
slores locate It is evident llieteti
that the depart meut store besides bom.,
groat household In-lilution is n vre
m uiey maker for those in who-o vicinlti
it chance- to settle
New Court and City Jail