Kentucky Irish American. (Louisville, Ky.) 1898-1968, 1908-03-14
Present Value of Property Is in
Excess of Hundred Thou
sand Dollars.
Kerry People Come to Front in
Large Numbers For
Fair.
PROMINENT men INTERESTED

Inc IRISH Palace Building AsSocia-
ton of New York has sent out its
report, which contains all its receipts
and expenditures from May s, 1897,
TO June 30, 1907. From this report one
learns that preparations for the cree
ton of a building that will be home
and headquarters for the Irish
societies of New York and a credit to
the Irish people are now i'm a fair
way of completion, and fine site
has been secured at the southwest
corner of Lexington avenue and One
Hundred and Fifteenth street. This
is the chief feature of voluminous
report issued to the Irish people in
pamphlet form by the Irish Palace
Building Association, giving the re-
suit of ten years of work.
The location is practically in the
center of the Boroughs of Manhattan
and the Bronx and easily reached
by all the chief transit routes. 1t is
at present occupied by eleven rent
bearing houses, nine fronting on Oae
Hundred and Fifteenth street and
two on Lexington avenue. The prop
erty was purchased on June /, 1900,
for sos, 900, of which $25 900 has been
paid, and there is a mortgage for
the remaining $4,000. 1t has a front
age of 1926 feet on the south side OF
One Hundred and Fifteenth street
and of IS feet II inches on the west
side of Lexington avenue, but Is feet
west of the avenue the lot widens
to 100 feet and continues at that
width for the remaining so feet. The
present value of the property is
$4,000. The rental derived from the
eleven houses pays the interest on
the mortgage, the city taxes, the run
ming expenses of the property and
adds something every year TO the
principal.
The funds with WHICH this property
was bought were realized by n fair
held at the Grand Central Palace in
1897 under the auspices of an Execu-
tive Committee appointed by the
First Regiment Irish Volunteers, the
booths being managed by committees
from twenty-nine Irish county organ
izations composed mainly Of ladies,
whose devoted work was the chief
factor in the success of the enter
prise. The net proceeds of the fair
amounted to $35, 539.25, but the prop
erty and funds now controlled by the
Al 1911 didtC lDullOln2
make total of $133, 339. 80. Deducting
the mortgage of $4,000 from this
leaves S93, so as the amount real
lied from the original investment OF
this sum 1923 ,339.59 is a cash balance
to the credit of the association and
500, 66O.41 its equity in the property
after deducting the mortgage. This
shows a remarkably profitable invest
ment.
The accounts of the association
have been audited at various times
by a certified public accountant, Mr..
Edward Owen, formerly one of the
city's Commissioners of Accounts,
and the report gives detailed and
itemized statement of receipts and
expenditures from the foundation of
the enterprise, May s, 1897, to June
30, 1907. With the historical and fl
nancial report is given a supplement
containing fac-similes of all the I'm
portant documents connected with it.
These are the original charter of the
association. the certificates of incor-
poration, the deed of conveyance OF
the property, the policy of title in
surance issued by the Title Guaran-
tee and Trust Company, and the GER
tificates of the public accountant. Ii
is n coincidence that the Secretary
of State who signed the certificate of
incorporation was John II. Melon
ough, an Irish-American.
Being incorporated under the laws
of New York, the financial reports
are filed with the County Clerk and
the association is under the jurisdic-
ton of the Supreme Court, so that
| II can not be diverted from the
original object of its charter, and its
accounts are open to the inspection
of all citizens having an interest
therein. This object, as stated in the
charter, is '1the construction of a
building in the City of New York f)r
an armory for the Irish Volunteers"
and "for meetings and assemblages
of the Irish race in this city"
| The proposed building is to be Irish
in every particular, of the best style
of architecture and with. an imposing
round tower at it's northeast corner.
Besides having all the features of
an armory. it will have a library well
stocked with the best Irish books
and meeting rooms for the accommo-
dation of the societies. The repor t
concludes as follows:
"The members of the association
nave cnucdNOFtu 10 give Coilptcte,
exhaustive and authentic report of
their administration of dts affairs, to
the end that all who have an interest
in the subject may become thor,
oughly Informed of the exact condi-
ton of the association and may see
their way to aid in raising the neces-
sary funds to complete the good
work by the construction of a build
ing upon the land owned by the asso-
citation, which will be lasting monn-
lment to the glory of the Irish race"
The report is signed by the follow
ing members of the association
LANES R. O'Beirne. Roderick ]. Ken
Inedy, John b. Kelly, Edward G.
Sheehy, Edward Browne. Stephen
Mcfarland. William II. Walker, Ed
ward Cassin, John j. Joyce, Charles