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SECTION 2 EIGHT PAGES - Real Estate Sports Rod ah Cmv Cards Automobiles Gardens NEW YORK, SUNDAY, NOVEMBER 10, 1918. ownM. m, n a jtw putiwe a-qcumm. NEW YORK, OPPORTUNITY CENTRE OF WORLD WITH PEACE RESTORED, PRESAGES UNPRECEDENTED REALTY SITUATION With This City as Greatest Finan cial and Commer cial' Centre De mand Never Equalled Will Be Made for All Kinds of Space Dr JOHN 1. PAnisn. Perhaps befoYe this Is published the jjoato iyhi imvo nmvoa out, whether or not, nobody believes It will ' ts long- delayed. How much It means to uie wona our people showed, perhaps subconsciously .on 'Thursday. War, as wo of America, have waged It, Is great, wns justified: we feel satis fied of that, but peace, we are all able to see now. Is far greater. Indeed we ef America have waged war only that peace, universal ana abiding peace, might come. War has meant to our real property Interests only strain and hardship and riiffering and loss upon loss even to the verge of destruction. Peace, wo know. will bring relief, sweet and promising relief and prosperity for many years to every branch of our market. From the day of the great peace forward wo can begin again to build and develop end Improve and enjoy the earth. Of the magnitude of the Job that West before Us no mind Is able fully to con ceive. This much we know that, where as our growth In the past has been phe nomenal, beyond -historic precedent, from this time forward It must and Mill 'be far greater. Those who have been taking note of the effect of the war upon our country nnd lis industries, and especially upon our city, know that for the work that Ilea at the hands of all tho world to lit done the world's work that must be done, the United States as a nation una the city of New York as a great In dustrial centre ore better equipped and prepared than any other nation, any tither city In the world. s In evcrjnhlng that goes to make a great Industrial and business centre In natural advantages, in resources of ma terials, exchange, financing, transporta tion, labor, advertising and growth, there Is no place on earth that can compete with New York city. It Is consequently the world's centre of op portunity. Is It too much to expect that from this day forwnrd her growth In popula tion. In productive capacity, In wealth and the distribution of wealth will be more rapid and greater than over be fore? Not boastfully, for that Is un necessary and would be unseemly, but ns a mere statement of fact, we may remind ourselves that In our unequalled facilities, natural and (developed, we have tho foundation for an Industrial grqwth such as exists nowhere else In the world. In the readjustments that are bound to follow the conclusion of the Great I'c&ce will not all eyes be turned "toward New York asvthe place of superior op jxirtunlty for all men of ambition, re source and capacity? T know now that one of the first tasks to which America (must apply dts energies ils that of vastly Increasing the supply of food, of wool, of leather and of all other necessaries of life. So much has been destroyed by war that' It will bo years before tho normal sources of sup ply of many things can bo restored to normal conditions. Another primary requirement of the times Is the building up-and extension of our transportation systems. This will require more mining of coal nnd Iron, more making and milling of steel .nnd Iron, more building of roads and waterways, more creation of mills nnd machines, of all manner and description. New York city, at the main gateway cf the nation, wilt handle most of these Jobs, wherever the actual work has to i done, and will be the first and fore most market of supply, exchange and distribution of all the producers and Ihelr products, of the financing .of all the greater Industries. More than this. New York city will nfford to the business man more of all the things he turns to for amusement, entertainment and tho satisfaction of r3thet!o desires for himself nnd his family. In larger variety and combina tion, than any other place on earth. If there Is grqwth and prosperity In pros pect for any part of the earth, New York city will have Its full share of It, nnd will have It first. Many observers of local conditions have felt that the end or the war would Inaugurate a great revival of trading In the real estate field and a great revival In construction, too. There Is not much doubt that basic conditions are ripe for a revival of Interest and activity In both these branches of the market. But there are factors in the situation ttst Indicate that the improvement must be evolutionary Jn character rather than revolutionary. There Is still a con i.derable quantity of Industrial apace t;it of use, and the rate of Income ob tainable from business property Is not large enough to Induce capital Invest ir.ent In further production In general, bt present cost of production. Tor residential space the demand is treater thnn the sunnly. and Is growing tit a rate that will soon. If It does not already, make new building operations Justifiable. If not imperative, even at the prevailing high cost of production. iJut even such operations will be under taken only In exceptional cases nt prea nt, because of the prospect of lower t.crl of materials and labor ns soon as Uncle Sam withdraws from the com j etltlon for these two commodities. Even jf thi decline toward the pre-war or formal level of costs should be only ttrtlal, every builder will wont tne oen st!t of that decline and wlU wait for it V-th than hnll4 nt tireeent eo.t only tO I b compelled to compete in the renthig jirarket a little later on with buildings produced nt a quarter less In coat. furthermore, the question has often Ven asked: Where will the money tome from with which to finance such tiilldlng operations as New York lias Veen accustomed to? This is the com tnnn form of appreciation of the fa,ct that In the financing of the war the Government, - through Its war lonrw, drained the realty market of Its ready Mi"ney ; so that ordinary refunding oper et'ona even have been nearly suspended, end no money was available for now ccr.rtructlon and development. All the big lending Institutions, tho Itfo Insurance, title and mortgage com rtnlea and savings banks, nt the en tiance of the United States Into the world's war, withdrew at once from the rrrular line of financial operations and ocntecrated theriselves and nil their resources to the winning of the war. Not one dollar for until this war Is won." was the answer given by the president of one of the title companies to all applications for loans far building Durrj.eR. nnd that fl. spirit of the attl'ude of all the rest. nut now tho war Is won and thero vrlll begin at ones an urgent effort to fift Kft.b' t'-IA-M-l - II, t - . t I " " w iivmiibi UUilUillUlUI Ul U U 81- ness of Juylng and selling of proper ties and of improvement and relmprovc ment of them. .The opportunist will see no obstacles to the immediate resump tion of normal conditions. Ills needs arc Unrein and he will brook no restraint. But every step toward the restoration of normal conditions will take time. will Inevitably take time, nnd Mr. Op portunist will have to wait. iienojustments are coliur to be neces-S nary m tne costs of materials and labor, aawel! as In the supply of financial ac-i-'omrnodatloris. The latter will not be neeooa until the former have been achieved. It is safe to say that finan cial accommodation will ba supplied to every dcm&nstrably safo and commend- nblo operation when and as heeded. ' T , I- MnM .V. lit.-,.. 1 . . ,,T o miviu i. iuii unvty nun mo earner forms of financial operations In real property will reveal some changes nnd innovations in method. Large Hums will only be obtainable probably through some system of undorwriJiiig by which the loan will be Issued to and absorbed by the public In the shape of guaran teed bonds or participation certificates. The enactment of the Gilchrist bill at the last session of the Legislature was designed to facilitate this form of trans action, and the cpurso of the market since July 1 shows that there hns been a continuous growth of business along jnai line, une tun companies have sold more oeritiflcalcs of inrStn.itlrm, frn mortgages In the Interval,' than they have of smalt mortgages. Making these guaranteed certificates a lawful form of investment for trust es tates has served to supply the needs of the market to a limited extent, but their best effect has been to demonstrate to all Investors the absolute safety and profitability of this form of investments. That thore is money enough In the country to meet all tho demands of the oxpeoted Industrial revival is not ques tioned by anybody. The war has not only diverted the flow of currency from Its usual currents but It has operated to greatly augment the supply. In the readjustments that are coming the flow of this currency will Inevitably be turned back Into normal channels and so bo made available for normal uses. The savings banks, probably, will be tho first to. feel the effect of this restora tion of the currents of finance to their normal channels, and they may thus be the first of the Institutions ready to meet tho corning demand for funds for real property Improvement But It will not be long before Individuals, insurance ccitfponle mortgage and title companies will alt be ready to respond to the de mand for all legitimate requirements. There Is a spirit of conservatism In control of all financial Institutions, how ever, and there will undoubtedly be on countered with all of them a demand for a larger margin of Investment by tho,borrower In any new 'operations to be financed for a long time to come than has hitherto beon the practice. Fundamentally tho market Is in stronger condition than before for a generation. Tho demand for rentable apart is in general larger than the sup ply, nnd is persistent. Consequently rejits are rising and investment prop erties are paying better than ever. Lenders are glad to note that condition; It helped them materially In tiding tho market over the most trying, critical period It has over known; and If all know themselves and they .think they do. they do not mean to do anything that will ever hereafter threaten the stability of that market. Wherefore, conservatism is the order 01 me aay and there will be no danger for a con Iderable Deriod of anv "borrowing out" or overproduction of buildings. - was approximately $32,500, and rentals averaged 16.50 to 17 per room per month. Buch a building, constructed In lvlC. cost 140.000. and rentals wero about (8 per room. A building of. the same tyrje. recently finished, cost $0,000, and the rental re ceived Is about $10 per room. New construction at this time has practically ceased. The increase In building coots over five' years ago appears to be ap proximately 50 per cent., although many builders maintain that the cost Is even greaterl , 'Ahe copulation of the city la con tinuing to grow. It Is difficult to seo how It will be possible to prevent rents from further advancing, (Mounting construc tion costs and the Increasing dlincultles of carrying on such work are blocking the erection of new buildings, IMtany old structures will be re modelled or Improved to meet the de mand for more space and also to put vuch older buildings on a better Income ttasl. Tilts tends to the conclusion that the older structures will tend to become Intrinsically more Valuable, thus increas ing tlie margin of safety securing ex isting mortgages on such structures. Owners of the older structuff.swenow able both to Increase income and Im prove the character of occupancy by close attention to upkeep." N. Y. iOTS PREFERRED TO INLAND BUILDING Tall Cleveland Structure Ja graded for Downtown Land. Itflectlon of tho interest New York i city property holds In other cities of the,' country la a transaction Just closed wh.ere.bv a yndlcato of capitalists of Cleveland, Ohio, has become the owner 1 I'"1' of a tract of 17B lots at Douglaston erty J. W. Doollttle, who -negotiated the Park. Douglaston, L. I The syndicate, which is organized ns the Seven Forty Superior Ayenue Com pany, J. a. Ituuel) president, parted with an improvod property, the ferry Payne Building, which yields an annual rental of ,$7S,000 In order to secure IMseKlon of Uie lots, which the syndi cate purposes to Improve with dwellings as soon as general conditions permit. The Porry-Payne Building Is located rat 730 to 740 Superior avenue, Clcve lnrd. TJvls has been taken by the Doug laston Realty Company In parO payment for the Long Island lots, In which prop- Low-Values and High Rentals Make Ownership in Midtown Section Desirable Ownership of real estate Is considered tho safost of Investments by Edwin II. Hess, president of M. & L. Krss. one of the oldest real estate concerns spe cializing In commercial property In this dty. Mr. Hess said .that permanently owned ' realty can1 bo made to earn greater Income than any other invest ment that he has known or heard about. In expressing himself on the great possi bilities of realty Sir. Hess hud In mind the midtown section, that between Fourteenth and Thirty-fourth streets. This section and the blocks to' tho BOUth as far as Canal street havn depreciated more than any other part of the city. In view of this It Is Interesting to note tho reversal that has se( In In those neighborhoods of low values. It might bo Bald and without danger of censure that more profits -havo been secured from the sale and resale of realty In these parts than any other on Manhattan Island. Rentals are substantial, and figuring values as tho market Is prone to do, fees In the midtown district should be very much higher. "If you Invest your money In Govern ment bonds,' said Mr. Hess, "you are protected by the greatest security pos sible. You receive about 4 per cent. Interest. If you invest in a modern business building you can receive 14 per cent, on your money with Just as great security as the United States Govern ment bonds offer, being that tho real estate Is an integral part of tho assets of the Government. You may credit your Interest account with the 4 per cent! and amortise your capital with the remaining 10 per cent., nnd tn ten years the Income would still be received even though the Investment had been paid back in Its entirety. "These properties should, however, be purchased and owned as permanent in vestments, and they can be made to re turn a larger, safer and more perma nent Income than any investment in the world If the Investor will conduct the physical and scientific management in a manner that will be Just to himself, tho property and the tenants. "Vhether or not there be a temporary depression, alt mechanical parts must be kept In perfect running order. In fact, any repairs or alterations that would forestall depreciation must be made at' once. Tho attention given the tenants and the efficiency of the em ployees who operate the building Is Jutt as Important as in your office. "This la a good time to purchase such properties because Jhey havo bad many "upa and downs' In tho last ten years, mostly 'downs.' Mortgages have been materially reduced and have in tne main been placed on a basts upon which near Jefferson street, Weehawken. price Is reported nt $102,600. TAKES GI.KNDALR COHNRIl. J. J. Deboe has bought the plot 114x 123 at the southoast corner of Flushing avonuo and Emma street, Qlendale, from IC Meruk. .commodities, will remain (high for some tlirio because of the abnormal cost of labor, heavy taxation, shortage of steel nnd all other bulldln'c material, and the underbuilt conditions In nearly all Amer ican cities." DO PONT CO. DUY8 I If JERSEY. K. I. du Pont de Nemours Company hns purchased the warehouso building at northwest corner of Washington and Morgan streets, Jersey City, from the Rtegcl fiack Company. GREAT PERIOD AHEAD FOR REALTY Unprecedented Construction Promised Sites "VYi11 B. Worth More. COMPETITION IS NOW AMONG TENANTS War Has Reversed Conditions Falling Off of Building Sends Rents Up. Evidences multiply that, concurrent with the end of tho war, there will be gtn an extendeff period of unprecedented m-ttvltv In nil branches of the build ing and construction Industry, according to S. W. Straus of S. W. Straus A: Co. "Housing conditions In near'y every principal city to-lny are far below nor mal. Building permits In the twenty lending cities of the country In August totalled only $22,000,000, lncludjng all Government contracts. In New York city and the district surrounding it for 100 miles, exclusive of Philadelphia, construction work of all kinds during the last seven months has fallen off $7 per cent. It will take a long period of years of most active building to bring urban housing conauions again u nbrmal state. "While there win be a tremendous augmentation of all lines of construction work immediately alter the war, mciuo Ing an expenditure of several billions of dollars In railroads and highway Im provements and the deepening of rivers and harbors, the speeding up of building operations on a large scale will take precedence over all other phases of stim ulated business. "This will be due to the fact that the home Is the first and most vita! essential LESSEE BUYS APARTMENTS. l'ays Close to 5no,000 for Wash ington Heights Houses, ' The Chateau d'Armos. a six story elevator apartment house on the south- eait corner of Fort Washington avenue nnd lClst street, and the Honda, a simi lar structure on the southwest corner. held under leaso by the Leonett Realty company, iou!s Hcniccnier. president, for the last two years, have been pur chased by tho lessen from the Brelm Realty Company. Tho buildings each havo accommodations for forty-two families and return an annual rental of about $70,000. After two years' control na lessee Air. Bchlechter found the re turn so great that he decided to ac quire the fee and Is understood to have paid close to $350,000, the price at which tLe buildings were held. The buildings wcro creeled In 1913 by the Friedman Construction Company, which worked with Harris and 'Maurice Mandelbaum In tho development of the Loyal L. Rmlth eslnte 'In that section. The Chateau d'Armos, on tho southeast corner of the thoroughfare, wns built In March and covers a plot 102.2x1 45.10 The Ronda, on the BOUthwest corner, occupies a plot 102.2x125 and was commenced In July, In January, 1916, theso properties wore sold to tho Brelm Realty Company, com posed of Lawrence, Leonard and Bar tholomew Jacob of Lako George, who gave a Broadway property In part pay ment In a deal that Involved realty valued nt more than $1,000,000. The new owner alto controls ?7 Fort Wash ington avenue, another apartment liouse on the block above. TENANT FOn T4TII ST. HOUSE. Douglas L. Elltman & Co. hnve leased the four story American basement dwell ing at 152 East Seventy-fourth Btrcot for Dr. J. P. Hoguet to Channlng T. Wiley of Gladstone. N. J. Henry Hot has leased for Francis J. Lantry the dwelling nt .385 Eost Forty second street to John J.' Kllcommlns. transaction and developed pouglaston Park, retalnsJhn Interest. The new property of the Douglaston Realty Company Is within two blocks of the site for the proposed union station of all rnllroadH entering Cleveland, es tablishing a terminal In the centre of the city, Uie Intention beln? to use tho preaunt pa.isenger facilities on tho lako front for fi eight. The proposal has been favorably ocud ipon by tho Bo,rd of AMernien lind will bo voted upori.nt-the next ejection. , B3D ST. IJWELI.IXtJ DEAL. Tho fur story dwelling, on lot 10x100.5, at 62 East Fifty-third street, between Pnrk and Madison avenues, has been sold. Elizabeth II. Rtknton Is the owner of record. The buyer flfll occupy the house. STEEL MAN BUYS BRONX SITE. Takes Dlock nnd n Half In Port Morris Section. A block and a half of property In the Port Morris section of The Bronx was purchased yciterday by Robert Grant, a steel manufacturer with offices In the Woolworth llulldlng. The property was held In the market at close to $200,000 and was purchased by Mr. Grant for the v.irpose of developing the site for his business. The purchase Includes the plant of the James II. Young Stone Company, expending along the south side of 136th street from Locust to WbI hut avenue and back half way to 135th street, and the block to the west bounded by Walnut avenue, 135lh and 136th streets and the tracks of the New York Central Railroad. This Is vacant and was the property of the Port Mor ris Land and Improvement Company up to yesterday, when contracts were signed with Mr. Grant, Tho block con tains twenty-two lots and will be devel oped by Mr. Grant, Just ns soon as peace roines. Tho stone company properly will be used Immediately and a siding will be run from the tracks of the New York ,1 Higher Valuations Expected, to Fol low Peace Mort gage Money to Return as Soon 'as Currency Is Turned Back to Normal Channels Central Into the property. There la a one story building on the Young prop erty 30 feet high. The building has. s. frontago of 350 feet on 138th street and 100 feot on JLocust and Walnut avenues. Eugene A. Walsh negotiated the deal The Cross Drown Company, agents for the Port Morris Land and Im provement Company, represented the company In the sale of Its twenty-two, lots. ' ivTEitnnnouGii flat thadb. Nathan Bernknopf has bought from Raohel Shorr the two sir story tene ments at Si 2-816 East Ninth street, each occupying a plot 41x100. The property was held at $80,000. In part payment the purchaser gave the five story tene ment on plot 50x100 at 036-937 DeKalb avenue, Brooklyn, held at $36,000. OPERATOIIH RESELL OX 7TFI AVE "Che Markham Realty Corporation, Clnrence W. Eckardt. president, has Just resold 23C Seventh avenue, purchased about ten days ngo from the heirs of the Van Buren-Wood estate. The property Involved, 'comprising a four story store building, between Twenty-third and Twenty-fourth streets has beon bought by Mrs. Ida Seligman, who will occupy a portion of the premises. MEW JKMEY REAL BSTATE FOn SAIJE. I NJ5TT JERSEY REAL ESTATE FOR SALE of even-day existence, and the super- mnrtiMtlnn ( romnulsorv and in com- I fluous man power which will bo nvoil- paraUvely small payment earth year. The i able Immediately after the war will first rentals have been Increased to a lair I oe neeaeu in mo emiurai ui iumc, Reversal In the rental situation In this city Is so generol that It would seem that leal estate should be attractive at this time from every buyer's and owner's standpoint and the future 'should be one more promising than ever before. Referring to this change the Bulletin, the official orgaa of the property owners of the Twelfth and Nineteenth wards, says: rvwnrvntltlon amoTii; the owners or property to secure tenants for desirable vnmnt nn.irtmenta has ceased. Tho situation iias become reversed. Tenants now compete with one another to eeoure desirable apartments. The old law of 'supply and demand" applies to the occu pancy of realty as It does to every other form of competition. "A few years ago New York was over built There were more apartments, lofts and offices than there were tenants. This resulted In considerable loss of rentals, frequent moving, cost of re decorating apartments, &c It became a custom b certain classes of houses to grant one or two months' free rent to new tenants. In others substantial re ductions were made In rentals during the summer months. Due to the rapid falling off in the erection of new build ings, however, conditions have now be come changed. 'It Is evident that the high cost of labor ami materials will not drop sud denly even after the war. The devas tated portions or Europe musi oa rouiun and the terrible los of manufactured products must be supplied by this coun try. With the high cost of erecting new buildings, the price level of thosw now erected must of necessity gradually increaso. It would probably cost as much as BO per cent, additional to roplaoe any existing building. The Bteady Increase of population In the city will receive a. tremendous Impetus soon nfi. ihn war when tho Immigration which was stopped so suddenly four years ago will again begin. All of this will result In n very decided Increase i hn values of "buildings now erected. "An Interesting memorandum was Is sued recently by the New York Title and Mortgage company, giving ic i ...it it. invrstlralton of building con dltions, as follows : 'For the purpose of this .comparison, we nave iokcii u u. unit of construction a lypinui uu ii., ti.. i.r-1.ir walkun nn(rtment house, .ir. knss. on a Plot 56x100, In Tho rmnx. The actual cost of construction of such buildings about flv years ngo but not excessive basis. "The zoning law permanently' prohlb" Its the possibility of tenants discarding a locality at will. The Save New York Committee augments the activities of the zoning law with still more drastic rules for the benefit of the retail sec tion and the city at large. "The lending Institutions, which, by the way, are responsible for building conditions In general, have learned that It la not wise to build unless the success of the new operation (s assured, and that other localities will not bo made to suffer. Thus, this phase" of the sit uation Is safeguarded. "I see no reason for a boom In real estate, nor do I think that we should have one. I ceo no need of more busi ness buildings. The demand has Just about reached the supply. The end of the war will automatically furnish all the additional spaco that may be need ed for expansion by releasing for other purposes what Is now being used for offioe and warernom purposes. Of course, this process wf.l be very gradual and practically unnotlceable to the general public. "Properties In the midtown section between Fourteenth and Thirty-fourth streets surely have great possibilities In addition to the present substantial Income basis upon which they are of fered, -f "Such corporations as the Western Electrlo Company and the Liggett & Myers Company and many others have selected vast areas of floor space for their executive offices in the neighbor hood of Broadway and Twenty-first street "On Sixth avenue and on Twenty-third street, where a few years ago the own ers wore panic-stricken upon the re moval of the large retail stores, the buildings now are completely occupied. On Twenty-third street rentals have In creased so that now the properties are mostly upon an Income basis. "Fourth avenue retains Its staple and substantial character, not only1 as to Its Investment possibilities but also as to Its tenancy, which excludes all manufacturing. "Madison avenue, on the other hand. has many large buildings occupied almost exclusively by manufacturers and by tne silk Industry, which do not manufacture. "It Is not my purpose to give the im- preselon that any improved business property may be purchased safely for Investment. The construction, Dom as to its being substantial and practical. also the future lighting conditions, the mortgage conditions, Ac, are all neces sarily to be considered and must be Judged by an e tpert, npartment houses, hotels, office build lngs and other similar structures. "These activities are likely to be re flected In a greatly stimulated real es tate market in all our principal Ameri can cities, and we shall find capital seeking these channels with Increased enthusiasm. There will be a consistent Increase In values where conditions are permitted to develop under the natural sway of supply and demand. "Under these circumstances It Is not likely that contrary to the expectations of many, the end of the war will bring an immediate easing off in home or business rentals. Rents, like all other BOKOrjOII OF BRONX FOR SALE. RESELLS BROOKLYN' ROW. The Meistor Builders have resold the fifteen two family frame houses at 491 to 625 Alabama avenue, Kast New York, on a plot 300x100, which they took In trndo n few weeks ago from the Pro gressive Realty Company, The Mclnorney Kllnclt Realty Com pany has sold the three story store and apartment brick building on lot Z0xl3(,3 at 766 Flatbush avenue for John Doyle. INVEST NOW WE HAVE SEVERAL NEW LAW FLATS That Can Be Bought Right WILL SHOW 15 NET RETURN J. CLARENCE DAVIES, 149th St. and 3rd Avenue. FACTORY rROrSRTfFOR SALE. FACTORY Plan and Construction Suitable for Storage Purposes Immediate Possession 100,000 SQ. FT. FLOOR SPACE Well built FIREPROOF BtJILDINO. In flrtt clu condition; centrally located: Rood truult radlitlee; en gines and pollers ready for use. Attrarttie Price ts Quick Buyer. WESTWOOD REALTY CO.. 035 Flatbush sr., Brooklyn. REAL r-STATE FOR BALE OR RKNT ma WEEHAWKEN HOUSE WOLD. The J. O. Syms Land Company has ld to the II. K. Benjamin Company the Royal Court apartments, a five story house on me cast siu vi rarn avvnuu, re Town and Country Houses For Saleor Rent Dou.lasLIlimanSCa 4H MADISON AVE. IMP FACTORY SITES Five Mile from New York ' City Hall On Deep Water with Railroad Facilities Property located midway between Newark and Jersey City, N. J., fronting on the Passaic and Hackensack Rivers, in the heart of the World's Greatest Labor Market Crossed by FOUR RAILROADS and their branches, sidings from which can be obtained: Pennsylvania R. R., Central R R. of N. J., Del., Lack. & West. R. R., Erie Railroad. Newark Bay and Passaic River Channels up to the Property 20 Feet at Low Tide The following concerns have recently bought loca tions in the property and buildings are now in course of construction: UNITED STATES STEEL CORP. FORD MOTOR COMPANY, Automobiles THOMAS A. EDISON CO., Inc. NILES-BEMENT-POND CO. H. KOPPERS COMPANY, By-Product Coke Ovens MARTIN DENNIS COMPANY, Chemicals EGYPTIAN LACQUER MFG. CO., Lacquer NORTH AMERICAN COPPER CO., Metal Goods WHITE TAR COMPANY, Naphthaline JAMES H. RHODES & CO., Felts ' Sates Agent 31 Nassau St., N. Y. City Phone 744 Cort. RRAL E STATIC FOR SALS. nSAL ESTATR rOR ,BALC AN IDEAL SITE FOR A CORPORATION desiring to occupy an individual building "Hxinity Court" 6 story modern office building at 70-76 Trinity Place, directly facing Wall Street across Trinity Church yard. Frontage 104.5V f t with an inegular depth averaging about 47 ft. Plot contains over 5,000 sq. ft. The largo frontage on an open spaco affords unusual light and outlook--directly facing Trinity, Equitable and Empire office buildings. The property is also desirable for an investor, as it brings in a good return and can be purchased at land value. Gross rents about $25,000. Price $250,000 Apply to Tho Alliance Realty Company Clarke G. Dailey, Vico-Pres. or Details from 115 Broadway. Tel. Rector 3350 Your Own Broker Cbe United Slates Realty and Improvement Co. has several properties, both improved and unimproved, which it is disposed to sell at attractive prices and on reasonable terms. Applyto Real Estate Department United States Realty and improvement Co. Ill Broadway Telephone, Rector 4J00 FACTORY PROPERTIES. WESTC1IMTER RKAL E8TATK. HEAL ESTATE. ASHFORTH & CO. (Incorporated) REAL ESTATE Management Particularly 501 Fifth Avenua. EntblUhed 1863. FACTORIES POST-BELLUM NEEDS WILL YOU NEED A FACTORY AFTKH THK WART WlU. YOU NKKD YOUR FACTORY AFTER THE WAR? Nov U the time to an wrr ttMM questions, mruX ire can help answer town for you; for If j-ou nil! need a factory after the ar we have ft, and If Ton have no need for your factory after the war wo have a purchaser or a tenant for It. FACTORIES NOW AVAILABLE MACHINE nOP a story steel and brick building, 17.000 sq. ft., equip ped, 10 ton electric traveling crane, and modern machine tools, on l'ennsylranla Railroad, with sid ing. CHEMICAL PLANT vacant or equipped; sale or rent; 3 story fend basement brick bulldlnir, 40x100; lance plot, toller and engine, de lator; In unrestricted manufacturing- section. ritlNT WOUKS heavily constructed building, 2 stories, 100x300, wittr railroad siding; near .Manhattan. METAL WOUIilNO PLANT 3 story brlrk. 4012S. two 1BO h. p. boilers, 200 b. p. engine. 0 In. well; large plot of ground. OTIIER FACTORIIX for sale or rent, or will build to suit. LOUIS SCHLESINGfcR, Inc. Factory Experts, 0300 Markets, Newark, N. J. REAL MONEY & REAL ESTATE Real money fluctuates in pur chasing power with every un usual change in general condi tions. Because of the war, tho value of money to-day meas ured in terms of merchandise is lets than half what it was five years ago. Real' estate values change very gradually, for real estate was, is and always will be the foundation of wealth. The money that to-day will buy barely half as much mer chandise as was possible in 1914 will buy fully as much real estate It doesn't requiro an elaborate calculation to prove tnai intw investor wno puts his money into the real property now will roap an unusually gener ous profit if he holds it until the value of money returns to the nor- mal, as it should after the war. SCARSDALE. The Exouisite. premier of residential places, offers unrivalled acreage tracts for future country homes on Uirchall Drive, and Penimore, Hcathcote and Kelwyn Roads. FRED'K FOX & CO., Inc. 14 West 41(h Street, New York. I hone Vanderbllt C40 Let us demonstrate why you can invest your money in a business building now to net 12 to 15 per cent., with a factor of safety as, great as the Safest Bond. 907 Broadway, cor. 20th St. Phone Gramercy 6052 OCCUPANCY OPPORTUNITY A Broadway Building Subway Block Near Canal Street. Price $150,000 Rents $15,400 Mtge $90,000 Net $7,700 Store, Basement and Sub (15,000 feet) availablo Febru ary 1st for tho buyer uf this property. If you need 15,000 square feet of storo spnee February 1st you should investigate. CHARLES F. NOYES CO. 92 William Street, N Y. Tel. 2000 John NOTE Store, Baaement and Sub for rant at $7500 It has two striet frontages.