The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1904-07-28
And THE IRON

mi
that the building strikes did in.
duee al number Of capitalists who
III contemplated building lofty structural
& ron and steel buildings to abandon
those plans, temporarily at least, is
sunquestioned. The building strikes
probably lost in all ncluding the loss
es Of wages, the canceling of CON
tracts and the impairment Of manu-
facture in structural steel and iron
and the building materials, not far
from $40. o00, o0o. It is true that al
most a III Of this was consequential,
and not direct loss. for there has been
mo mpairmen IS Of real estate values
New York City, writes Holland
from New York in the Philadelphia
Press.
One Of the best Illustrations of the
snddenness with which this reaction
Isl that furnished by the aban-
sdonment of negotiations for the sale
5of the fat iron building at Broadway,
street and Fifth avenue.
y When buil ii was of unique archi-
RfecfuTe. although it has been recently
initiated a mile away at Forty-second
street and Broadway by the archi-
stects who have constructed the almost
compfeted building that is to be in
part occupied by the Times" This
smaller and newer building is orna-
5Inented, although some architects
toWerlike, delicate and graceful in
ITS outlines, but yet destroying the
massive simplicity of aspect which
Il the building would otherwise have,
and which is the striking feature of
s1he lower fiat iron building.
Amos R. Emo were living, al
though he was accustomed to sur
szprises IN his realAestate ventures and
see great wealth suddenly devel-
& oped where before was only a moder-
ate income IN real property, neverthe
sIess he would be astonished were he
to%see upon the little triangle of land
for which he paid less than 100000
II the most costly and eccentric and de-
y fan modern business structures
erected, SO different from all others
hiatt now has worldwide celebrity.
The promoters of this building dared
ito put Sd 1000, 900 into the land and
structure and the wonder was how
they could expect income enough to
pay the interest upon the cost at
fair prof twas SO lofty that would
be tenants were tirnid, fearing that a
To- 1i,rb fy,ir oh nj
with it. Its situation and it's structure
cause to make curious wind phe-
non1ena. even producing suction
across the street sufficient TO crush
in plate glass windows. There was
one daring investor. however, who
looked favorably upon this building, a
man who has always been wisely dar-
ing IN d business career unsurpassed
for Successes and even ronlances,
Henry G. Frick
## When Mr. F'ricll was approached by
the owners of the fat iron building, it
was with a view of persuadng him
to- do t8no other man had done in
New. York City, excepting John Jacob
Astor and his cousin. William Wal
sdorf Astor. The negotiations involved
the purchase by MIR. Frick of the fat
iron building and went so far that he
agreed take title and pay $4,000
600 even money for the land and
building. Both of the younger AS
tors have erected buildings that have
cost as much as that, but it is not
known & hat any individual has ever
agreed TO pay on his own account as
much as s5,00o,0OO for any one struc-
sstiIEts in y lew York City.
- yhen came to terms Mr. F'ricl is
understood to have offered to pay ST.
s0G03 oOa IN cash, which was exactly
Hhat the building and land cost and
81; 100000 in Pittsburg real estate, APP
praised by competent experts. But
upon these terms the owners hest
gfated. It seemed TO them that they
should have spot cash, and While the |
were thus pending, that
:sEis55sstsan 1-l pable and yet invisible re-
action that affected all the New York |
real estate properties made itself felt. |
Mr.. F'rick. felt it and withdrew his Of |
fer. Now real estate EXPERTS are |