The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-28
REM @stste.
New York City
Real Estate Securities.

IL I1C OAk $3.50 ~SAAA
patiy has been organized for the
purpose of Purchasing, improving
and operating ior profit the higher
grades of New York City real estate.
1t now owns, by conveyance on
Nov. 17and 20, from Mr.. John Petit,
The Bennett Building, on Mas
sau, Fulton and Ann streets, a To-
story .fre-proof business and office
building, built for and once tho
property of the elder James Cor
don Bennett, founder of the New
York Herald; and
The Beekman Building, on tho
southwest orner of Beekman and
Gold streets, a 7.story SubStan-
TALLY built iron and brick business
and office building.
Both of these buildings are fully
rented to a responsible and in all
ways desirable class of tenants.
Rents in the localities in which
these buildings are situated have in
creased in greater ratio during the
last ten years than in any other
section of the city. There are but few
better paying properties in the city.
The Capital of the Company
is represented by 100000 of
stock, of which one halt, or $1,000
600, consists of 10000 shares Of
Preferred Stock, of the par value OF
500 per share, and the other half
of 10000 shares of Common Stock,
of the par value of 500 per share.
Dividends at the rate of 6 per cent.
per annum are paid out of the
profits of the Company from
rentals of its property on the Pre-
ferred Stock, the same payable on
the first days of May and November
of each year.
Of the surplus revenues one-half
will be paid into a sinking fund to
be applied in extinguishment of tho
mortgages upon the property.
The net income from the proper
ties at the present time is at the ratio
of S51,o5O per annum over and
above all expenses, including taxes
and interest. A six per cent. divi-
dend on the Preferred Shares now
issued and for sale to subscribers
will amount to Sal 400, leaving for
the Sinking Fund S1o,55O. But it
is the intention to apply 100000
of the sun realized from the sale of
the Preferred Stock in the reduction
of existing mortgages, and the in
terest saved on this sun will add
$4,000 annually to the surplus
revenue.
Of the Preferred Stock 100000,
representing the properties above
specified, is now offered for sale at
par and accrued interest in shares Of
500, at the office of the Company.
Only the Preferred Stock will he
sold and no more will be issued
against present properties, except in
reduction of mortgage debt.
The Management reserves the right
to advance the price of the preferred
shares at any time and without no.
tice.
TO facilitate the distribution of its
securities among as many people as
possible, a system of SUBSCRIPTION
SCRIP has been provided, in denom-
nations of $40, drawing dividends
at the rate of 6 per cent. per annum
from the date of purchase, and con.
vertible on request into 6 per cent
Preferred Stock in sums of 500.
AS investments the desirability Of
these securities will be manifest to
everybody who knows anything
about New York City real estate.
They cannot be excelled either in
point of security or profit by any,.
thing in the whole field of invest
ments. The Preferred Stock will
without doubt command a premium
in the near future and as soon as tho
full importance and absolutely unaS.
sailable character of the enterprise
shall have been appreciated by tho
public.
A Prospectus, with more detailed in.
formation of the Company's plan,
will be furnished on application to
the Company's office. The fullest
investigation is solicited and questions
which we may not have anticipated
in our prospectus and public an.
nouncements will be ch%eerfully an-
swered by any of the officers of the
Company.
The John Petit Realty Company,
No, 80 East 23d ST., near Madison 81.