The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-08-29
HhNhMhKBR'S BIG DEALS
Enormous Sums Invested in Phil
adelphia Real Estate.
A Profit of 100000 ia Four Years
on "a transaction Tint wiseacres
Regarded as Fooiish-At Present
the ex-postmaster General Has
Vast Holdings Near the City Hall.

PHILADELPHIA, Aug 29.-Anthony NJ.
Zane, builder, representing a syndi cate,
has purchased from former Postmaster
General John Wanamaker the church prop
erty at the northwest corner of Fifteenth
and Chestnut Streets. formerly occupied by
the Protestant Episcopal congregation of
the Epiphany.
The price paid is said to be 81 000, 600
which is $400, coo in excess of the sum Mr..
Wanamaker gave for the property four
years ago. In other words, the sale Melted
the former Postmaster General about $780,
600 a year profit, as 1t is understood he
took advantage of the law exempting
church property from taxation.
When the transfer was made the Epiph-
any congregation united with that of St.
Luke's Church under the style CT St
Luke's Church OF the Epiphany, and still
worships On Thirteenth Street, above
Spruce About the same time Mr.. Wanna
maker, or his son Thomas, acquired the
property at the northeast corner OF Broad
and SAMSON Streets, then occupied by the
Chambers Wyiie Memorial Presbyterian
Church but since demolished to make way
for the new North American" building.
given the use OF the Epiphany Church
building and thus. it is said, Mr.. Wanna
maker was not obliged to pay taxes upon
the mammoth property for which he had
given $500, e0e.
It is understood that the syndicate will
dem0lish the structure. which is of the
Doric pattern, and which was erected in
1884, and build upon the site q magnificent
hotel.
The sale just consummated recalls some
of the comments made upon Mr.. Wanna
makers real estate investments. When
he purchased the Epiphany property self
styled far-seeing investors classed ii as an
expensive venture unless, as was then ru-
mored Mr. WaEamaker intended erect
ing a department store, the site, like that
OF his other store being within easy ac-
cess Of the Broad Street Station. But
when the announcement was made that
the Thirteenth and Chestnut Streets store
was to be suppIanted by a twelve-story
modern building the real estate men again
began 10 shake their heads. They ad-
mftted however that 1t would prove
a good investment if the owner were will
ing to allow his $500, 900 to lie unproduc-
tive for an indefinite period. Mr.. Wana-
maker was able to do so and when the
time came he reaped a profit Of 20 per
cent.
1
q vast sum of money scattered around in
idle property Perhaps The most noted is
old Industrial Hall where Grant was
nominated for his second term. During
the last fifteen years the building has led
an Indifferent existence. being used at ODD
times for political meetings and social af-
fairs of a mediocre sort. II IS not def
niteIy known what price Mr.. Wanamakel
paid for this property but as il is situated
on Broad Street, below Vine in a much
neglected section its future hiss beer
Frightened by the construction of the
Reading subway, which has abated that
c~esore and deathtrap-the old Philadei-
phia and Reading railroad station Per
haps in this. too. Mr.. Wanamaker saw {
neat profit, although taxation makes tbs
property more OF less burdensome. But i
is probable rentals defray this expense.
The old Cyciorama Building, once occu-
| pied hy the Winter Circus and later use,
! for pugilisJic exhibitions, is another ap-
| parently costly venture. but as il is said K
have cost $3.50, Geo and Is directly in tht
| belt OF skyscrapers in the vicinity of Cit
/ Hall Mr.. WanamakeT probably viii be mad
/ an offer in due course which will reward
/ him for the troubles and anxieties Of car
rying the property through precariou
! times
Another of Mr.. Nananaker's big holding
is the Muir Building, at Broad and Rae
| Streets Part of this is used for factor.
| purposes incidental 10 his department st0rl
| business. This building is practically new
| and doubtless soon VIII be taken for offic
or light manufacturing purposes
At Broad and Brown Streets Mr. Wana
| maker owns an imposing bTowrston
! building about 100x300 feet in dimensions
! Originally It was mansion, but abou
| eight years ago it was remodelsa and en-
| Iarged and used as a boarding house 70
| girls employed in the Wanamaher store
Iris appears 10 have been q failure, and re
! Gently MI. Wanamaker converted it into
| hotel for men This property is now prob
! ably yielding a revenue.
| Besides this Mr.. WanamakeF some year
! ago purchased the Peabody Hotel property
| on South Ninth Street. which too, wa
| made a hotel for men and conducted O.
| the principle Of the Mills Hotel, in Ne7
| York, but ii IS reported Mr. Wanamake
either disposed OF the property, or aban
! doned the purposes to which he had put il
1t will be noticed that nearly all o. MI
| Wanamaker's real estate investments ar
| either on Chestnut or f5road Street, wher
| their appreciation is as certain as nigh
| succeeding day.
Besides the above Mr.. Wanamaker /
! credited with owning e great deal Of Chest
| nut Street and Market Street propert,
which is occupied and yielding a comfoFta
| biz rental.
PLENTY OF PEANUTS.
| virginia Cra.s Cine of the I.a-GpS