davidaulloa/AmericanStories huggingface dataset:
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24

TO the rights OF other members OF the
association, who are really partners.
The point is that the association does
not want to foreclose property until
every other alternative to save the Dor
rover is exhausted. There are assocla-
lions that have made thousands OF first
mortgages during the last twenty-five
years and not one piece Of property was
save the homes.
1T Is interesting to note that cor
porations employing large numbers Of
men and women realize that the we'll
managed local savings and loan asso-
citation means much to them" said the
speaker, "in 'steadying up their en-
ployees. One association In this city
is managed by heads OF departments in
telegraph and telephone companies, an
other by banking men, still another by
heads OF departments in the New York
Central system. There are two teach
ers' associations in the city, The S. 9.
White Company OF Princes Bay. Bor-
ough OF Richmond. through its officers
organized a savings and loan associa-
tion for the benefit OF It's employees
many years ago and its success has
bcNli hllidLIIlBB a. IL iitclb
willie only once a month and takes in
from $4,000 UP and has assets Of $780,
e0o"
The Edison Company Of this city has
q savings and loan association limited
to its employees. II has already put
several men and women in suburban
homes who saw no opportunity to get
cut Of apartments until the association
pointed the way. This company goes
further than most Of the other en-
ployees' associations-it pays the ex-
pense Of operation. In other cases moral
support Is given by the corporation. The
officers OF the Edison Association are
gratified over its good work, which has
far exceeded their expectations, both
from point Of view Of saving a little
money systematically and home owning
1t has attracted the attention Of social
service bureaus OF various corporations
The Standard Typewriter Company u
Groton, n. Y, contemplates organizing
a savings and loan association as a
solution Of the problem to provide hous-
ing accommodations for Its men.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24
NEW BROOKLYN FACTORIES.

Considerable Industrial development is
going on in Brooklyn. Plans filed with
the building bureau for new factory
buildings and extensions to old ones
total $4,000, and "A site was sold last
week In Williamsburg, which will be
improved with n 1--WE story structure.
The Phoenix HeXmat!c Company OF ls4
Chambers street, Manhattan. plans 10
build four story brick factory at the
northwest corner of Thirty eighth street
and Fourteenth avenue, on plot 1876 by
1886. at cost OF si25000. The John
Kroeder & Henry Rebel Company will
erect three story brick factory at the
northwest corner OF Herbert and Monitor
streets, on plot so by 1879 feet. at cost
OF $1,000. Firuski & Shepherd will spend
$4,000 for Ave additional stories to be
added to the Pioneer Storage Warehouse
at 10 F1atbush avenue. and the National
Cold Storage Company will spend SAC, 900
for alterations to the six story brick
warehouse on Furman street. just south
OF Fulton street
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24
NEW REALTY CORPORATIONS.
The following realty corporations we're
chartered at Albany yesterday

The following realty corporations were
chartered at Albany yesterday:
Jonas Realty Company, Manhattan.
capital $4,000; directors, Jonas Spin
ner, Jennie Spinner and Mollie KATE. New
York city.
Accabonac Realty Corporation, Nun
haitian; capital, $4,000; directors, {,
Howard Finch. Allen A. Dubois and Al
bert G. Wilson, New York city,
Lynwood Homes Corporation, Manh4t-
tan; capital. 10000; directors, william
b. MacRoberts, Brooklyn, $. J. Licbsn-
derfer and Alfonsef Spiegel, New York
city.
F. & S. Construction Company, Ma
haitian; capital, $4,000; directors, :
Arthur Stolon, ]. stolon and Morris
Frank. New York city
Hersam Realty Company Manhattan,
capital, 5000 directors, Herman VI. Su'o-
mon. Samuel Solomon and ANtvi.
Schwartz New York city.
4. s W. Construction Company, BrooN
Ign; capital. $4,000; directors, Louis A
stercher. John Walsh ana Frank smith
Brooklyn.
Amersfort Building Company, Brook
Ign; capital. $4,000 directors, Emanuel
Edmondson, Martha r. Edmondson and
Ollie Halberg, Brooklyn.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24

Fort Hamilton Parkway connects Pros
pect Park with the shore boulevard.
which follows Brooklyn's waterfront
down past Fort Hamilton. On this park
way there are about two blocks OF the
McDougall tract
The property has been owned by Stew
art McDougall since 1876. He was in,the
poultry business near Washington Sqpare
then. He decided to raise chickens for
the market. Borough Park and other
parts OF Brooklyn were good farming
country then, so he turned In that drec-
ton. From Lucy Baron he bough.
twenty acres. Later he bought the Bell
knapp. Roosevelt and Lyons tracts, which
added twenty-seven acres to his farm
He gave up the chicken raising scheme
however. and with the exception OF a 1t
tie truck farming the lots have never been
put to any use.
Happenings In that part OF Brooklyn in
the last ten years caused Mr.. McDougall
to hold on TO his property. Talk OF sub
ways was then being heard. II was said
that they would eventually run into
Brooklyn, which was rapidly becoming
the living place OF New York workers
During the rush Of home building in Bor-
ough Park. which probably grew faster
than any other Brooklyn suburb. Mr.. Nc
Dougall was approached many times by
builders and spectators who wanted to
buy his lots. Several times he refused
fortune by declining to part with his acres
He had the subway In mind at all times
and felt that when II came he would be
repaid for holding his lots.
During the last few years he took up
the development of part OF his property.
As an indication OF the type OF dwellings
that ne would like to have on Linden
Heights he erected a row on Forty-fourth
street and In other parts OF the tract The
cts hrAt tfN,.n
front. but not any more attractive than
houses that crowd the McDougall lots on
all sides. Sewers were laid through the
property and other sub-surface improve
ments were installed. All the streets
leading down to New Utrecht avenue and
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24

Ethical side Of local building or saw
ings and loan associations Is the feature
Of an address In the public schools
by Archibald w. McEwan. a newspaper
man, who gives considerable time to
propaganda work in behalf Of these
institutions. The title Of the address
Is Savings and Loan Associations" as
an Aid to Thrift" 1t Ia one Of q series
on Thrift" arranged ny tho American
Bankers Association and Board OF
Education that is being delivered in the
evening lecture course In various
boroughs Of the city.
Mr.. McEwan pointed out that these
institutions have brotherhood of man
humanitarian vein running through
them. from the fact that public spirited
men land women In at least two associa-
tons in this city, serve year after year
on boards Of directors with the sole idea
OF helping their fellow members to keep
on their feet either through saving little
bits of money systematically or by own
ing their modest homes. These directors
get no money for their services, yet 1t In
not uncommon to find men who have
served for twenty-five or more years.
The secretaries and other officers even
III HlllllO1 dSNOtldllOIS aiSO biNu
considerable OF their time to the work
without adequate recompense. being i'm
bued with the same spirit that animstes
tho board.
ut Ia unusual for a foreclosure TO
work automatically in these local saw
ings and loan associations" said the
lecturer. When the homegetter is be-
hind in his payments every effort 10
made TO save him. A committee 10
generally appointed to take up each
case OF this nature separately. This
committee learns all the facts from the
borrower himself. and reports to the
directors. The board may suspend pay.
ments temporarily II the equity is suf-
ficlent. II often helps the borrower to
dispose OF his property and there are .
hundred and one other things that may
DO done to save the home. without injury
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24

ject OF comment In legal publications.
The LdD Journal OF London makes the
following comment on the subject:
1T is an old quarrel between judicial
authorities as well as between ltlgants,
whether a provision in a contract that, In
the event OF one or other OF the par
ties committing n breach OF any Of tho
agreements. he shall be mulcted In GER
tain amount that amount Is TO be treated
az penalty not recoverable In equity
or as liquidated damages which will be
enforced In any court. And the quarrel
Is sometimes accentuated by the descrip-
ton Of the sum payable as a penalty
or by there being a specific declaration
that II Is to be treated as 1iquidated
damages But II is we'll established
law now that. whatever the descriptive
term employed by the parties, the court,
having regard to all tho facts and cir
cumstances. will determine for itself the
nature Of the payment"
The New York Lao Journal says that II
pellate Division in the case referred to.
which holds that the deposit was liQui-
dated damages, and adds
THE cases on both sides OF the At
lantic are lacking In harmony and give
comparatively little aid as abstract prec-
edents because they consist SO largely
of determinations that liquldated dam
ages are not liquldated damages. The
traditional legal policy being TO abhor a
forfeiture or n penalty. the courts have
gone to an extreme in refusing 10 hold
that n person who executed an instru-
mcnt meant what he said and that what
he said was not unreasonable The only
safe course is TO follow common sense
IN deciding each case according 20 its
own facts instead OF what seems the
nearest precedent"
The Nau Work. yu.p youxu1I hA1tsvs~
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24
COUNCIL HAS LIMITLESS FIELD.
May Reach Into Every Local aues-
tion-Expcrt Advisers Suggested.

At the meeting OF the executive COM
mittee OF the Advisory Council OF Real
Estate Interests, Cyrus c. Miller, chair
man OF tho executive committee, and
Laurence NJ ID. Mcclure, as & sub
committee on plan and scope, reported
that the best way In which the work can
be done Is not for the council TO take
upon itself all of the labor on questions
which present themselves, but 10 work
wherever possible through the local con-
stltuent organizations and to foster such
constituent organizations and such local
organizations as may be formed from
time to time. In ORDER to do this Off
cially and to command the respect of
such constituent organizations and State
and municipal officials II Is necessary
that whatever action shall be taken shall
be based on intelligent data, as tho coun-
ell cannot AFFORD to commit itself on any
question unless II is informed as to the
various sides OF the controversy. In Or
der to do this the committee said that II
would be necessary to maintain an office
and a small but active organization. with
a fund sufficient to retain the advice OF
experts from time TO time on such Ques-
tons as may arise
The committee believes that the vari-
Gus real estate interests OF the city have
looked forward TO the formation OF the
council and will come TO depend upon
It's labors more and more as It's efficiency
is shown. 1t thinks that the council
should organize in such a way as to be
able to coordinate the various interests
in the city, to advise them intelligently,
to encourage their growth, and to take
active steps IN any general matter affect
ing the whole or a section OF the city
when the local organizations are not
equipped sufficiently TO handle II. II 10
obvious that II the council is to act on
will arise II must be equipped to do so
In such a way as to command the ser
vices OF the best experts obtainabls, II
occaslon demand their employment.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24

where many thousands Of workmen are
employed.
When Mr.. McDougall refused to sell TO
builders several years ago he did not
think that the subway question would
be such difficult one to adjust,
he said recently. He made improvements
thinking that the subways would be in his
neighborhood the next year.
The property Is to be sold without re-
serve. That is. the lots will be put up by
Bryan L. Kennedy for sale at the highest
figure that those at the sale decide to give
The sale will be held on the property.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24

ceptions have been graded, asphaited and
have walks. Near the Fort Hamilton
Parkway station of the West End line the
property has been made into a lawn just
as fine as In a park, The same may be
said Of most OF the property fronting on
New Utrecht avenue. From these ave-
nues the tract rises gradually. At Ninth
avenue. the west boundary OF the prop
erty, one is able to look down on Borough
Park and its many hundred houses and
wide streets lined with shade trees. In
the other direction one Is able TO see New
York harbor. Two blocks further on !s
Sunset Park. Down below Sunset Park
several blocks Is the Bush Terminal,
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24
IANKERs VISIT PEARSALL LOTS.
Advantages and Possibilities OF Lots
Disclosed 20 visitors.

Thursday OF last week was bankers
ay in The Bronx. Representatives of
anks. trust. life insurance and title
ompanes thai either loan or might be-
ONE interested In loanlng money in The
ironx made trip through the borough
lnder the auspices OF the North Side
'oard OF Trade.
Tho touring capitalists and represen-
atives OF realty capital passed through
he old pearsalt estate containing 42O
Dts. which are 20 be sold at auction
Memorial Day by Joseph u. Day and J.
larence Davies.
Directly opposite the lots In Pelham
parkway the bankers were shown one OF
ne express stations on the line OF the
lew York. Westchester and Boston Rail
DAD as well as the exclusive holdings
( the Astor, Could, Stern and Spencer
antilles, adjoining and extending far TO
he east on the Lorth side Of the
arkway. The williamsburg road front
ge attracted considerable attention IN
he short run 10 Woodmanston Inn.
ituated midway between Pelham Park
vay and Westchesier Square. where there
= a station on tho line OF the New York.
New Haven and Hartford Railroad.
The fact that these lots must no sold
n Memorial Day to meet the capital de-
hands OF the heirs u the members OF
he original group Of fifteen buyers in
906 led to questions regarding local
rans.t facilities These inquiries led to
,xplana ton that the express train SER
ice from the Pelham Parkway station Of
he New York, Westchester and Boston
Hallway was operated under ten
minute Roadway at a 9 cent fare. and
hat the time OF travel was thr;y-ono
minutes 20 Forty-second street or forty
i've minutes 20 City Hail
Also that the New York. W-stchester
md Boston Railway and the New York.
View Haven and Hartford Railroad viii
'onnect with the New York Connection
Railroad. which will constitute a direct
connection by way OF the connecting
ridge with astoria, Long Island City and
practically every residential and indus
rial centre In Queens. The Morris Park
venue trolley car connecting with the
ubway. the Second ana Third avenue
road runs 20 Willlamsoridge road 20
: point about 500 feet distant from the
'eaTsall tract. occupying eight minutes
make the run to the subway station
4 l77th street The Parkway station Of
he White Plains avenue extension OF the
PRESENT subway will be r trife moro than
ialf a mile or seven minutes walk west
u the property.
II Is expected that this extension will
re completed within one year. which will
'rovide rapid transit service at cent
are, that viii penetrate all parts Of the
.ity
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24
Fifteen Miles of BilIboards.

Opposition to aerial and surface adver-
Using boards as eyesores. fire hazards
and detriments to realty values In sections
in which they are has led to an in
vestigation OF the extent of such signs
The investigation shows that New York
has more sgnboard space than several
other large cities together. Though 1t
was impossible to ascertain the exact
area of signboards In New York II was
learned that In 1911 alone 1886 square
feet of billboards were erected. II this
1t would reach from the Battery we'll into
The Bronx. In other words, 1t would
build a fifteen mile fence OF that height.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24
RELIEF FOR REALTY COMPANIES.
May Deduct Interest on Mortgage
Debts Under Income Tax Law.

The Allied Real Estate interests an.
nounced yesterday through Allan Rob
lnson. as president, decision OF the
Commissioners OF Internal Revenue, con-
ceding an Interpretation OF the income tax
law requested by the Allied Real Estate
Interests. permitting real estate corpora
lions TO deduct all interest on their mort
gage Indebtedness.
The decision of the department. 10 con-
tained In letter to Edward F. Clark. a
member OF the law committee Of the allied
interests, who has been Identified with
this matter since the bill was FIRST intro
duced In Congress.
Commissioner w. II. Osborn says In
part IF real estate, or other form Of
physical or tangible property, Is the sub
1ect OF sale In ordinary business OF the
corporation owning the same. that is, II
the corporation Ia engaged In buying and
selling or dealing In such property. the
Interest actually paid within the year on
Indebtedness wholly secured by mortgage
on such property may be allowably de-
Quoted from gross income as an expense
Of doing business. without regard to the
limit Of deductible interest.
This construction OF the proviso re-
ferred to Is not Intended to authorize the
deduction as an expense Of doing business
OF any interest paid on Indebtedness Sc
cured by property which IL not the sub
ject OF sale In the ordinary business OF the
corporation, but which Ia held by II for the
purpose OF carrying on or doing It's ordi-
nary businessmen as the rights of way
and other property OF railroad compa mics
permanent office buildings OF corporations
and property OF a like character owned by
corporations as n permanent investment
or for their own particular use or pur-
pose. but not the subject OF sale In their
ordinary business, and which are simply
used as an instrument or means OF or
essential to the carrying on OF the busl-
ness for which they are organized. The
only corporations. Joint stock companies
or associations which will be allowed
under this proviso to deduct as expense OF
doing business interest on Indebtedness
secured by mortgage on real estate or
other physical and tangible property are
those corporations. Joint stock companies
or associations which are organized and
operated for the exclusive purpose OF buy
Ing, selling and dealing In the particular
kind OF property upon which the mortgage
10 given. Any corporation whose indebt-
edness is secured by trust mortgage or
by any form OF indenture which covers
and Includes In the lien any property
which is not the subject of sale in the
ordinary business OF such corporations
will be excluded from the benefit Of this
proviso as herelnoefore construed and
will be confined to the interest deduction
authorized IN subdivision Third--that
is the interest actually paid within the
year or an amount OF bonded or other in
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24
FRANK BArIEY's PREDICTIONS.
,nys senshOre Values Are Tncree.-
ing Faster Than Any other.

Frank Bailey. vlce-presldcnt OF the
title Guarantee and Trust Company, who
known as the father OF Brooklyn real
state" and who probably Is a little bet
.er Informed than any other man on realty
conditions throughout Brooklyn and
Queens, said yesterday that he believed
residential or amusement waterfront
property IN or near New York city to
De the safest real estate investment Il man
,ould make.
In the thirty years In which I have
been connected with the real estate busi-
Tess" he said such property has never
allied to sell a. uniform advance. | re-
member having loaned 100000 on a piece
81 property at Coney Island many years
ago on account OF which l almost lost my
lob. | would buy that property to-day
'or $4,000. Coney Island represents the
greatest advance In real estate values In
The history of New York during the last
:wenty years. and what has happened
here undoubtedly is going 70 happen
along the rest OF the oltys shore front
throughout Brooklyn and Queens In all
the speculation In New York real estate
mere has been no recession in seashore
values"
Mr.. Bailey and his various companies
nave extensive interests In various parts
d the southern section OF the two bor-
oughs along or near the ocean. HIS at
-S''N'S'' wac NAlAti " INC properly at
Neponsit which the Jere johnson 1r
Company will sell at auction on Decora-
Ion Day
"Neponsit" he said. represent. about
he last waterfront property TO be hnd
within committing distance OF New York.
There are a few lots LEFT at Belle Harbor
and q small tract at Arverne. What lit
10 land Is left that Is available for men
u moderate means Is al Nepons!t and IL
. the only waterfront on the east coast
II the United States where the ocean can
leVer be cut of by merry-go- rounds, fer
is wheels and the like"
In this connection Mr.. Bailey had refer
nee to the practice at Neponsit Of deciding
o each buyer an equal interest in the
'ctual ocean front, giving access TO and
'erpetual right to use the beach In com
non with all other purchasers
Residential section shore front yalues
ave been maintained and Increased along
Nth the values of amusement sections"
ontinued Mr.. Bailey. but especially
ince the shore front has been found not
he worst place to I've all year. MANY
antilles owning homes along the Rocka-
way coast live for nine months In their
ZONES rent them out for three months
nd take In enough during those three
months 10 more than pay for the houses
or the entire year The beauty OF this
that such property as Is to be sold
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24
1923 BUILDINGS IN ONE MONTH.
queens Record for ApriI-Boom
sim On In Tint Dorourb.

Steady Increase in building operations
IN queens was shown last week when
Supt John w, Moore issued a report for
the month of April, The total amount of
operations was ss79.3S7 in excess of the
corresponding month OF last year. During
the last month plans were approved sor
42s new buildings to cost, with plumbing
s2,469,5Ss.
Records for the past week show q total
estimated cost of operations of s409372,
including 1877 applications FOR new build.
ings
As steadily as activity in general
building construction increases the same
percentage holds in the industrial opera
tions. In Long Island City two large
factory additions are to he made. The
C. A. Wiley Company will erect six
story concrete addition to their paint
factory TO cost $4,000. Frederick
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24

During the next few weeks beginning
ext Saturday, Memorial Day. 1896 lots
re to be offered by various auctioneers
small Investors. The properties are
coated in three boroughs-The Bronx,
rooklyn and Queens. Next Saturdays
fferings include the 420 lots in the for
ier Pearsall estate in The Bronx. and
SO lots at Neponsit. on the Rockaway
hore. The following Saturday. June
90 lots in the Borough Park section of
BROOKLYN will be offered. Ten days later,
iune is. the Fleet estate in Bay Ridge
I'LL be sold out.
The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-24
LANDLORD CAN'T ASK DAMAGES.
Advance Rental Cannot he Held ~
Owner for violation Of Lease.

The recent decision Of the Appellate
Division OF the Supreme Court In which
the court held that deposit Of $4,000
made to secure the faithful performance
OF the terms OF n tenement house lease
could not be considered as liquidated dam
ages and retained by the landlord when
tho tenant had been dspossessed for vio-
lating the terms OF the lease. is the sub