The Birmingham age-herald., 1916-01-25
Great Foresight Shown in Getting Benefits of New
 York Enhancement
CHURCHES THANKED
 BY BUSINESS HOUSES
Five Million Dollars Is Not Regarded as an Excessive Price to Pay for Site for Depart
 ment Store
By HOLLAND

By HOLLAND
 New York, January 24-(Special) Within a few days, the report which was circulated some months ago that John Wanamaker was buying consid- erable plot on Forty street near Fifth avenue, intending to erect upon It what would be the greatest department store in the world, has been revived. But in all probability this new report Is as unfounded as was the first one. In busi- ness circles, the opinion prevails that the report arose from the fact that the Manhattan hotel property is soon to be sold or offered for sale.
 This hotel was the first of modern ho- tel structures with elaborate furnishings that was built east of Fifth avenue and within a stones throw of the Grand Cen tral station. With the financing and then the ownership of it the late James J. Belden was identified. Although Mir Bel den was a citizen of Syracuse and had represented the Syracuse district in Con gress yet from business point of view he was almost as prominently identified with large interests whose headquarters were in New York city. He was man of unusual business capacity and sagac- ity, the proof of which was established at the time of his death when it was found that he was to be enumerated among the multimillionaires of the United States, although not among the greatest of these.
 MT Belden never showed to better ad- vantage his business foresight and his judgment of inherent values that lie in properties than he did at the time he bought the land, then occupied by dwell ing houses, upon which he built the Man haitian hotel property. Almost every one predicted financial failure, because it was said the hotel was not situated on Fifth avenue. But instead of failure there has been no time since the hotel, was opened when it has not netted at least $1OO 900 a year, sometimes much more.
 The hotel was leased for long term of years to some of those who came many years ago from Ohio to New York and gained high reputation for their skill in hotel management. By the terms of MT. Belden's will, and in view of the fact that the hotel property was leased trust was created and the trustees were commanded to sell the property as soon as the lease expired. The life of the lease is soon to be ended, and it is for this reason that the hotel property is to be sold. Since this hotel was built, three other very large, very costly, modern hotels have been erected within stones throw of the Manhattan, and one of them is understood to have made, net, last year somewhat in excess of S200000. If Mr. Wanamaker were seeking a site and a building for a great department store, he might be disposed to look at this prop erty, although some have estimated that $5.OOO,0Oo would be fair price for it.
 NOT TOO GREAT A SUM
 Fifteen years ago, as much as $5, 5,000, GOO invested in real property for department store would have been regarded as most reckless venture. Now there are several department stores within the vicinity or this hotel each one of which represents an investment of approximately $5,000,000 for land and building, and one of them an investment of about s13,O00,0O0. These figures reflect the enormity of the busi- ness wh1ch must be carried on in order to meet overhead charges, to say nothing of the gaining of profits.
 IN NESTING CHURCH FUNDS
 One of the best of the indirect evil dences that great prosperity has, for a time at least come to this part of the country on account of the European war is the disposition shown by the trustees of church corporations to invest some part of the funds at their disposal in buildings adjacent or actually a part of a church structure, with intent thereby to insure income from rentals. Some men who were trained to other views are not disposed to look kindly upon a purpose of this kind. Yet some of the church societies of New York-Trnity and Grace. for instance--receive large in comes each year from their ownership in real estate in which is established prof itable tenantry.
 In other parts of the country espe- cially among the Presbyterians, there is probability no better known church of that denomination than the Brick church, which stands upon Fifth avenue, with great department stores as neghbors. This church society is compelled to main- tain the Brick church for many years where it now stands. That was the con- dition upon which some of the bequests which were made to it were based. But there seems to be a disposition on the part of some who are the trustees or societies committee of this church to make investment in improved real prop erty adjacent to or perhaps covering the church. In the latter case, a new church must be built Good judges have esti- mated that investment of this kind would yield to the church permanent income, in the aggregate a large amount equal to per cent upon the investment.
 So, also, the trustees or whatever may be the name of the incorporated body which has power to hold the property of St Bartholomews church, are now said to be contemplating considerable invest rnent in rentable property adjacent to the contemplated new church, which, with the land, will represent an investment of nearly s4,000000. This is the largest investment for church purposes ever made by any church in the United States, excepting those which are represented by cathedrals.
 Real estate authorities are persuaded that an investment of that kind would be fully justified. They base their judg- i ment upon the unparalleled investment in magnitude and in Cost which the New York Central Railroad company, through an allied corporation, has made in real property flanking both sides of the sub- merged tracks of the road for about a mile north of the new terminal The elimination of steam vapor, coal gas smoke and noise. through the substitu- ton of electricity for the steam loco