New-York tribune., 1906-07-16


ings banks in this city believe that the unusually
heavy withdrawals from their institutions about
the first of the present month are due primarily
to the demand upon their depositors to meet real
estate speculations 1t estimated yesterday
that not less than SO0OGO0O has been taken out OF
the city banks during the fiscal year which ended
July by depOsitors who desired to put their money
in real estate speculatiOns This run on the saw
ings banks has been noted for several months. but
the climax has come in the last few weeks. The
banks which have suffered most severely are those
situated on the Bowery and the lower East Side
They the BOWery Savings Bank, the largest
savings institution in the state; the Greenwich
Savings Bank, the Emigrant Industrial Savings
Bank and the Seamen's Bank for Savings.
An official Of the Bowery Savings Bank said Sat
urday that the Withdrawals his bank on July
were between 100000 and $4,000 greater than
they were a year ago. He attributed 1t TO the real
estate situation. although he said that II m'gn.
also have been Influenced by the reduction made
on the interest which the bank now pays on de-
posits John H. Rhoades. president of the Green
wch Savings Bank. also said that the drafts on
his institution were especially heavy Mr.. Rhoades
was of the opinion that the money had been put
in real estate situated in The Bronx. Brooklyn and
on Washington Heights Inquiry at the two other
banks mentioned brought out similar statements
John d. Rockefeller has increased his holdings
at Pocantico Hills by the recent purchase from
Clarence Brown through II. w. Nichols. Of n large
dwelling house and nine acres OF land This prop
erty is only a short distance from the new resi-
dence which Mr. Rockefeller is building for his
occupancy Tower Hill.
The number OF important real estate transactions
last week was small as was to be expected at this
time OF the year. One of the leading deals re-
ported was the sale of more than two hundred
acres Of the great Watson property, in The Bronx
1t is understood that nearly 100000 changed
hands by this sale. The buyers will develop this
property slowly with the intention Of laying out
streets and selling small building plots.
Another large transaction the sHle by Isaac
Stern. of Stern Brothers. of his home at No SIS
Fifth avenue. adjoining the residence Of George j.
Gould on the north corner Of 67th street. 1t is a
four story and basement dwelling house, fronting
55.5 feet on the avenue. Douglas Robinson Charles
S. Brown & CO.. who negotiated the sale. withheld
the purchasers name The land and dwelling prob
ably could not be duplicated for less than $1OOOOO0
Ritchey e. Newell sold for the Eighty first Street
and Columbus Realty Company the Hotel Colonial
twelve story structure. plot 1O2 2x10O feet, at
the northeast corner Of Columbus avenue and s1st
street The buyers are Street. Wyckes & Co..
representing a syndicate. The purchasers also own
the Hotel Somerset in West 47th street.
Pease & Gilman sold for Mrs. William Morton
Grinnell No. s73 Madison avenue a four story high
soop dwelling house, plot 23x6S feet, to client
for occupancy.
Herman Arms sold for the Henrietta Gershel es-
tate TO Adam E. Schultheis the five story brown;
apartment house, with stores. at Nos TAI and
erfy has not Changed hands in the last thirty-Te
years, and part Of the plot was at one time owned
Albert B. Ashforth sold for the Lawrence estate
four buildings on pot S25 re feet TO and Nos a and
q West 18Th St. two four story dwelling houses. on
east corner. With this purchase Mr.; Martin, who
is erecting the Tabernacle OFFICE 6Uildng sdjoRing
between 34th 35th Streets with the exception Of
ns IS oRngd BY James ae ths m r e. &a p0t
front 17s9 feet on Broadway $50 feet on Sath st.
% John n H. Berry sold for the Empire City Realty
S4S Brosdwav. Tunning through to No ia Mercer
St. on plot 25x2O0 feet. The buyer is the Morgan
Paysnt 8or tract of @ os in BFsooyn nor
and the adjacent thOroughfares, Debev1ise Van
dervoort and Knickerbocker aves., are now being
asPphalted preparatory to developing the district
There were several big deals in apartment houses:
oath St. seven story elevator apartment house.
on plot 62xlOOS feet Hannah Gutenberg sold the
half Of the block bouaded by St. Nicholas and 7th
M e an6 On % b ana Sd sh So fee @ on St p2f SeROas T
and ESQ feet on 1lsth ST. The houses are aye stories
as the Garden apartments. The present price Is
Alfred p De vallar. of Paris, bought the seaich
property. at Nos. 20 to 80 East ed St. through 70
more MOI 4 than 'S oo56 An eshteen story hots VIM 30
II fronts is4 feet on sd st. and 2l feet on 8lst St
Il is at present covered by the w A. Seaich stables
Plans filed last week showed brisk business in
The Bronx in small brick and frame dwelling
1t was noted that these new houses are not con-
be erected over wide area. indicating general
boom for The Bronx During the week plans for
nearly hundred small family houses were filed
with the Bronx Buildings Department.
Rs
of the present year permits were taken out in New
York, including Manhattan and The Bronx, Tor
buildings to cost s 49 42O against $50 1913 SAT for the
er ceS FE repor is Seaf all the nm
when It is remembered that 1905 was the most pros
The progress of the season in Queens Borough
sections is attended with a strong increase Of in
vestment demand. In many of the recent develop
ments the total business Of the last week eStab-
lished a record of investment buying, although
there is little activity of purely professional
Brooklyn. In Hollis Terrace the New York and
Pittsburg Real Estate Company disposed of two
hundred lots during the last week for total con-
sideratiOn of S14S,O00. Most of these lots passed
into the hands of investors although a few plots
iIslaI demand for housings The characte:. Of the
new construction work on this tract will not be
confined entirely TO moderate priced dwellings.
The Robert Goelet estate Is about to erect in
crete construction. Frank NJ Andrews OF the Wal
orf-Astoria, is taking figures on the general con-
tract. No award has yet been given out
Felix Isman recorded on Friday the transfer 70
George B. Wilson Of the Bennett Building: No ss
which is 100000 more than Mr.. Isman bought the
ProPsrtMX M for about four months & ago or{sge o
pany by Mr.. Isman was also recorded.
Sales in the auction rooms fell on considerably
last week The Bronx and Long Island City lots
offered for sale did appear appeal TO buyers.
Large crowds attended the sales, but bidding was
not brisk. James L. Wells sold on Tuesday eighty
five lots out OF 1O5 at Throggs Neck, and on Thurs
day Joseph P. Day sold ninety-three Astoria lots
out Of an offering of 40. The largest price paid
s1SO8O0 for No. 10 TO 1l4 Essex street. by Louis
StOber. Several large sales are scheduled for this
Little Neck Long Island. which will be offered by
Joseph p Day Wednesday.