The daily morning journal and courier., 1902-05-15
MANY NEW HAVENERS
PROFIT BY THE RICHMOND
 BEACH PURCHASE
Fly President Schyab of the Steel Trust Nearly $I0O,OOO of the Bonds Held Here and Considerable of the Stock.

Nearly SI0O,OOO of the Bonds Held
 Here and Considerable of the Stock.
 A large block of the stock and near
 ly $100,O00 of the bonds of the Rlch-
 mond Beach & Railway company ot
 Staten Island, which was sold this week
 to Charles H. Schwab, president Of the Steel Trust, as announced yesterday,
 was owned in this city.
 At the time this enterprise was car
 ried through in 1900, the stock and
 bonds that are now held here were placed through Clarence E. Thompson x Sons of this city and West Haven, Clarence E. Thompson has been d stockholder and director of the com pany. It is said the New Haveners will realize handsomely on the sale. The bonds are per cent. bonds and besides their increase in value by the transaction a fine profit from the stock is in sight The holders of the bonds and stock are feeling correspondingly pleased
 Richmond Beach is an extensive tract of land along the south side Of Staten Island, The resort is twenty five miles from New York's city hall, and is near Huguenot station on the Perth Amboy division of the Staten Island Rapid Transit railroad.
 It is near Prince Bay, famous for it's fishing. and has pier at which boats from the city can make direct land ings
 With a beach extending for about half mile on the lower bay and com lnanding view of the ocean, Sandy Hook and the Navesink Highlands, the place will afford excellent bathing fla cilities. Tn addition, the grounds con- tain shady groves and a sheet of fresh water called Arbutus Lake, which Is we'll adapted for rowing and fishing.
 Unique among charities will be MT. schwab's latest undertaking. A garden spot by tke sea that has in the past bene a favorite resort for thousands, will be closed to the public, and after improvements on a large scale are made it will be used for the recreation of poor persons selected by MT. Schwab or under his direction.
 There are several frame buildings al- ready on the property. and board walk on the beach is 1,730 feet long. There are also bathing houses, bowling alleys, rifle ranges and other appur- tenances for the amusement of the | public. Some of these may be utilized | temporarily while Mr Schwab's plans for the transformation of the place are being worked out. The resort will be on mammoth scale. It will be inde- | pendent. of any existing charitable in | and will be conducted ac- cording to Mir Schwab's personal ideas.
 Oliver Wren. MT. Schwab's private said yesterday:
 "Detailed plans have not yet been worked out, but the property that has been purchased is a large one and the will be extensive MT. Schwab has not yet taken possession, but will do so very soon. There is fine beash, and the grounds extend in- land for some distance
 'I do not care to say what sum of money is involved, but the undertak- Ing will be characteristic of MT Schwab and will be on broad lines. It will not be public charity, but will be for poor persons, selected by a method which MT Schwab will outline when he time comes.
 MT. Schwab has had something of his kind in mind for a long time"
 Mir. Schwab purchased the property rom the Richmond Beach and Railway company, of No. 35 Wall street. An os the sale and the clos ng of the place as a public resort has ,een made by the company