New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-01
Opening Day Prices for Lots
in Former Racecourse
Range from $500 Up.

Range from $500 Up.
At the opening Of the great Morris Park
real estate auction yesterday, scheduled
10 run ten days. some 800 early birds
were on the grounds ahead OF time 1t
was bright and carly in the morning, only
a little after 10 o'clock. and it remained
bright until surse, on this last day Of
May and the first seasonabie one in the
month. while the bidding continued with
out let or hindrance up to 10 O'Clock IN
the evening.
State Banking Superintendent Van
Tuyl declared last night that he was
very much gratihed at the interest
shown by the public in the sale. He
realized that the property had been sold
at a bargain. he said. but il had been
sold for money. and cash was what the
creditors of any bank wanted to see.
Every lot would be disposed Of he
stated. and added that 1t was his inten-
ton to stay on the grounds until the
last plot had gone under the hammer
Messrs. Davies and Day. who are con-
Quoting the sale for the state. said that
the prices fetched by the lots sold yes
terday were somewhat lower than they
had anticipated. They also joined with
Mr.. Van Tuyl i'm declaring that the buy
ers would be absolutely certain Of get
ting only the fairest treatment in their
purchases.
The highest bid for any Of the lots sold
before the beginning of the night session
of the sale was '6OOJ, that price being
paid for each Of two plots OF % by rs
feet at the south corner of Pelham Park
way and PauldinG avenue The total
number OF lots auctionod off before the
Eisnt session was III. The average price
lot being 1855
Never did nature cOnspire more pal
pably with man 70 cast glamour and illu-
sion on the business Of investing in real
estate. From the rear Of the old Morris
Park clubhouse. in which the auction was
held framed above by the roof of the
VeranGah, lay the field OF the sport OF
other days, from which all signs of track
and paddock have now been obliterated.
glistening from end to end in the sunlight
a sheet of vivid green diversified by beau
tiful shade trees.
Balmy and seductive breezes waited
through doors and windows into the one
time ball room where Joseph p. Day. the
auctioneer, held the sale. BY II o'clock
three thousand spectators, investors and
homesteaders were jamming every avail
able inch Of the hall. The crowd changed
little by little, wearied curiosity seekers
trickling out occasionally when a row OF
back lots brought low prices, but their
places were always instantly taken.
Most of the buying was done by small
invrstors. who took one lot apiece Some
times two lots went TO one purchaser. and
once in great while three or four. The
prices ran from 500 to 81 500 for the
greater part Of the land knocked down
during the day. This consisted Of some
Of the less desirable sites During the
later part of the afternoon property front
ing on Williamsbridge avenue was
snapped up avidly al higher figures.
The corner Of Willamsbridge avenue
and Morris Park avenue. on which cleo
trio cars are operated facing the park
that surrounds WoOdmansten Inn, was "a
bone OF sharp contention, being snatched
from one hand after another. and finally
selling for $4,000 The price was con-
sdered a good one. as the land is I'M
graded and no sewer has been laid
Auctioneer Day declared that the plot
was one of the most valuable on Morris
Park avenue, and that It would pay .
per cent interest on an investment Of
$4,000 His speech was cut short by an
offer Of 81 900 The bids ran around the
hall in all directions like wildhre until
this sum had been more than quadrupled
The number of the lot was 80 in block g.
The next lot TO the corner. No %, brought
$500. and IS and 81 $3.50 each
In his general preamble Mr.. Day called
attention to the fact that the site Of
Morris Park was picked out as the fairest
i'm The Bronx for the racetrack. when
the promoters had all the surrounding
country TO select from The property
was sold ten years ago at $4,000 an acre.
he said. an equivalent of 81 900 lot at
that date. The reason for the sale. he
explained. was that the property had be-
come too valuable to be longer devoted to
racing.
The corporation which took the land
over borrowed money from the Carnegie
Trust Company and the Northern Bank
and when these institutions were shut
down the Banking Department OF the state
took hold Of their affairs for the benefit of
the creditors. and took measures TO obtain
money on the old race course, among
other assets. II was pointed out that,
with a thoroughly up-to-date Banking De-
partnent. the public would be allowed to
come in on the ground floor, and reap all
the profits inherent in the special stu
alton and the inevitable enhancement OF
the value Of the real estate.
The first block from which lots were
sold was No. II, situated between Hone