New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-26

The last man that the majority Of eX-
perts thought would ever become inan-
cially embarrassed was Henry Corn. Often
he was considered to be assuming too many
responsibilities, of placing too much conf
dence in the ability Of the average manu-
facturer to grow and Of the larger number
Of mer chants 10 find an ever widening local
and domestic market for their goods.
In view of this, the announcement last
week that the Improved Property Holding
Company, of which ne is the president,
had gone into the hands Of receivers sur
prised the real estate market, but did not
cause any panicky feeling.
Payments on mortgages were overdue, IT
was said. and foreclosure actions were
threatened. so that 1t was necessary to
have receivers appointed 10 protect tie
assets.
The financial embarrassment encountered
by the company was due TO its failure to
place some Of its new lofts on a good rental
basis There were unexpected delays In
putting up the loft structures and the
buildings were not ready for occupancy
until many weeks after February l. the
day on which most business leases go into
effect
When the list Of assets and liabilities OF
the company was examined ii was readily
seen that the concern was not badly en-
meshed in money matters. Its assets are
Sl4.9S9,66S and it's liabilities $l2,l79, 1856. Thus
the balance in its favor is nearly 100000
The realty holdings Of the company are
so located as to be right in the zones
where big increases in values Will be re-
ported within a year
BY early fall Henry Corn will he free Of
money letters and reaping the profits
which he so justly deserves, unless his
brilliant realty achievements in the last
ten or more years are not trustworthy
guides TO the near future And after the
receivers are discharged it will likely be
found that no one lost even a cent through
the troubles of the concern.
There was a fair volume of trading last
week in the central retail business district,
a number Of big transactions in the big
apartment house areas in Manhattan north
of 42d street and some spectacular opera
lions in The Bronx.
Conditions in The Bronx are favorable
for much heavier speculative buying and
for important additions TO its modern
groups Of buildings.
One of the principal transactions in the
borough in the week was the purchase by
the Redwood Realty Company, Of which
James Meehan is president, OF block Of
about forty lots in the Watson tract, which
Meehan is to begin developing al once with
twenty-six five story apartment houses,
The block is bounded by Westchester,
Elder and Wheeler avenues and 173d street
and was purchased from the American
Real Estate Company, which is now grad
ing the former Watson estate property
preparatory to building operations on a
large scale.
Meehan has already filed plans for five
Of the twenty-six houses he is to erect on
Wheeler avenue, which will be put up
from plans by the Kreymborg Architectural
Company, at cost OF about s150,0O0. Their
sites cost in the neighborhood of $4,000
so that the completion Of the first section
Of the block will represent an investment
Of about $4,000.
Another was a $4,000 exchange, in which
the Hunts Point Estates, represented by
Frederick Johnson and Robert Z. Simon
and the Brown Weiss Company, figured.
The Hunts Point Estates sold thirty two
family houses in the Hunts Point section
632, CSC, 63S GAO. 642, 646, $50 and s52 Faile
street, Nos. 649 col, 653 and 657 Bryant
avenue and Nos GO and GA and No. $50 to
CSC Coster street.
In part payment the Brown-Weiss Com
pany gave the block front on the west