New-York tribune., 1913-05-25

market experts have not yet been able
TO appreciate fully what an offering OF
aMe lots means. or what its result is
likely TO be In discussing this and other
phases OF the big offering yesterday D.
Clarence Davies and Joseph P. Day SAID;
We would like 10 emphasize as strongly
as possible one point The MOTIFS tdIn
sale will have at least one result tna'
can be predicted with absolute certalhty'
and that is that 30ls will be sold' pesih-
ming next Saturday.
With this fact in mind there is another
prediction which may be maze Win al
a low scale Of prices will prevail. This rs
no guess. hut is based solely upon inc
economic law of supply and demand. keai
estate is no different In TINS respect iV'i1
anv OF the great commodities OF trade. An
oVerproduction in any Of these commodi-
ties means low prices and, II the past -
any sort Of guide. with an ahnual sdIe
of perhaps a thousand Bronx loIs. the
Cumming of over three thousand lots on
the market al one time is going 10 pe
very striking instance OF overproducuVil.
There is no escape from the conci9@sIoii @
that low prices must prevail at the MOT
The sale will be absolute and without
reserve or protection or single Iot.
Aside. from the assertion on me. me S'aee abe
Banking Department on this point. tnS
purposes for which the sale Is 10 be nero
are the best possible guarantee OF the
truth and sincerity Of this statement. NOt
a few lot sales are held 10 realize QUICK
profit on large tracts bought and suDdl-
vided bV developers. Others have been
held 10 effect a subdivision OF estates,
casually with one or more wealthy heiIs
In the background and sometimes in tne
foreground ready to take all or any part
of the property for which the public was
not ready TO pay their prices. buI mere
is a sale with the sole object OF convert
fnfn
Department officials know as well as any.
body else that three thousand lots canhot
be sold without a sacrifice; but they want
nositors OF the defunct Carnegie Trust
tonnpanv and the Northern Bank are en-,
titled 10 whatever cash may be realized
by this sale. These deRositors are are nos ibs
meS;xet with an auction sale" nor do they.
want TO sell part of Morris Park 70 get
funds 10 enable them 10 develop 'he res, res'
Of II. What they want IS their l',ino5 lilonsS;
That is whv this sale has been announced
&c "absoIute and without reserve, and
moments consideration OF inese ,au,s nns
ought 10 he sufficient TO convince any ohe
that Il cannot be anything eise'
This sale has also been announced as . an
onnortunity 10 make money. Why ,6er
cause under present conoitions ana ui'Ies tIss
nc conditions surrounding this sale tne
nropertv affords every requisite LOT Suo
cessful speculation.
II is not necessary 70 reier 20 re tne
Astors. the Goelets and the Knineishue,ii i ai
in pointing the way 70 suSeeN 20 a,bsrs
estate speculation. Hundreds OF otnere ,e
baVs followed the same idea ana naso
reaned relatively larger pronts IN snotte,
Intervals. This idea is nothing inoIe ane,, -,
that of buying properly AZ ioT p neonie
II. ~, ,ha resources 10 follow the Astors'
a,ho hy the way. have large hoiolnss az az
ioining Morris Park AND VINO can AVE- Sys
csst acres end wait, perhaps t"ehty -.
wears for the city TO grow up 70 NSan,
r buf the real estate history Of upper Man
bst,an and The Bronx is nlleo Wi,h IN
s,snces Of tidy fortunes realized wlthln q
fsw wears on we'll judged purchase u
TWO or three lots
4, How perfectly Morris Park fuinis 70
Sav the essential features OF such pui
hseei THE very location OF the properly
aud current quotations for neignoorins
nronerfy insure a low range OF prices IN
addition 10 which there are tne Iaces ,ens a..
ready cited making Tor q scale oi i,,a ~
the lots So much for the preliminary
stage of any successful speculatlon--the
"buying right"
An early and rapid increase in values
In Morris Park seems almost too OBVIOUS
for extended discussion or expiahaliIn
This property not only lies directly IN the
path OF the growth OF The Bronx, out the
built-up section Of the borough comes no"
TO It's southerly and westerly boundaries.
Even with existing transit faclhues, the
old raeetrack would have been dotted
with homes long before this had II nor !
been for the involved condition OF the
property's ownership. This condition Is
about to be ended In addition 10 the
present transit facilities. this section Is
soon TO have the White Plains avenue
subway. four short blocks TO the west.
and the new Westchester avenue line, "A
few blocks from its southerly boundary.
Two years is the outside limit set by the
marlborough engineers for the compile
tion OF the White Plains avenue route.
Can anything be more certain than the
future increase in Morris Park values?
we feel that the Banking Department has
been well within the bounds OF conserva-
tisn in referring 10 this Offering as an
opportunity TO make money.
There is another phase OF this offer
Ing" added Messrs. Day and Davies, ito
which attention ought to be directed. Not
only is It 20 he an opportunity 10 make
money, but never within our experience