The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-21
AMERICAN REALTY FAILS:
LIABILITIES ARE $14,196,349
Largest Concern of Kind in City Owns Property APP
praised at $24, 627, 745-Action Taken to Prevent
Sacrificing Holdings to Meet Maturing Bonds.

outstanding obligations and capital stock
IN full.
"In the judgment Of the Officers and
board OF directors there should be a
prompt reimbursement under n conserva-
tive agreement OF reorganization which
will enable the properties 20 he realized
upon without unnecessary sacrifice and
protect the interests OF creditors and
stockholders. Forced sales of the prop
critics are certain to result In great loss
to creditors and stockholders.
ut il therefore recommended that a
reorganization committee he promptly
appointed IN the interest OF the creditors
and stockholders. with authority to in
vestigste the condition OF the company.
its liabilities and h value OF its prop
critics. and thereupon to formulate a
plan Of rcorg anization n liquidation
and tho officers and directors will In
every way aid in tho preparation and
consummation OF such IA plan 40 far as
such committee may desire their CO.
operation. As soon as the receivers have
haG All opportunity TO examine the
assets of the company they Will un-
doub;edly submit a full statement to all
parties In interest"
1t became known yesterday that the
sale OF the Hartman Bank Building at
o21 Fifth avenue. in which the conf
pany has its offices. last winter to Rob
ert X, Dula was put through In order
to raise money to meet demand Of bond
holders. This WAS one Of the c%oInis,ny's
best properties and II was seen that II
this method of payment had to he kept
NJ the assets " the company would soon
he gone. The price at which the sale
was made was believed 10 be 81, 900. 900,
Mr.. Dula giving his country home In
Tarrytown and twelve lots on Northern
avenue. near lS1st street. In part pay
ment.
Holdings Of COMPANY.
Some Of tho holdings Of the company
in Manhattan are the Vanderbilt Avenue
Building. Vanderbilt venue. %For,y-sec-
ond to Forty-,hird street 1i4-16 Fifth
avenue. 54-62 West Twent.- first street.
3? and Al West Thirty-frst street. 3S
and 40 West Thirty-second street. 1916
East Sixty-second street. 2S4l-47 Broad
way. col West 10th street OHendrik
Hudson Annex. GA West llIth street
II Gil West li0th street lthe Hendrix
lIudson).
In The Bronx-3s3-ql East I4?th
street, 551-59 Melross avenue. 561-s9
Melrose avenue. S1<-40 Westchester
tNNllb', 'o-Nlb t1'sIffl dN'i'i', 'H-
Wcstches;er avenue. l043-53 southern
boulevard. 1OI0 Simpson street. JOio-+s
Westchester avenue io52-js Southern
Boulevard. ?s?-i0oI East 1884 street,
34l Simpson street. $40 Fox street.
lo26-2s Westchester avenue. l53l-35
Westchester avenue. 1904 Boynton ave
nue., 100, Boynton avenue. $3.50 South
ern Boulevard. 7.l-43 Westchester ave
nue.. 52s-S2 East lSoth street. 1904 Ever
green avenue l2lO-i4 Evergreen ave
hue. l4s1-9l-95 Westminster avenue,
1877 Westchester avenue. l2ll-27
Wheeler avenue.
In Yonkers-The Park Hill. near the
Park Hill station. and 10 Bayley avenue.
Altogether the company owns $50
lots and dfty-two buildings. including
six iireproof office and business build
ings. six brick and stone office and
business buildings. live elevator apart
ment buildings. twenty-five non-cleNator
apartment buildings. one iireproof thea
tire and Office building, "A hotel building,
a clubhouse. inclined elevator buildings
construction office building and seven
suburban residences ready for sale.
Tn company was among the pioneers
In Thu Bronx following the opening OF
the subway, and built the well known
district about h Simpson
street station. "A great apartment; house
district. II sold many houses in this
section AT good profits. II was intended
to conduct the ~company's next grea,
building operation In Long Island city,
where /, purchased hoo lots last year
along the Astoria subway extension. !.
duplication OF the Bronx development
was intended.
Perhaps tn. best known of all the
american Real Estate Company's work
IL the home community AT Park Hin
back Of Yonkcrs. II has been buildina
and selling homes there for more than
ton years and has built the place into
one of the most charming home sections
in this part Of tie country. Many VEL
known New York business men I'VE
there. About two years ago the company
purchased and started To develop wha,
IL known as the Lawrence property IN
South ionkers, a large area Of inoderat,
priced one II two family houses anu
apartments.
Real estate men expressed the opinion
yesterday hat the failure will have
little direct effect on local conditions
They advanced the idea tina II mlgh
curtail the activities Of bond selling com
panies, many Of which have been active
in the buying and selling OF local prop
critics, Many expressed regret at tn.
failure, not only because Of the high re
gard they held for The company. hut a,
well because its activities had a tendenc,
to promote the best kind Of business
The opinion was expressed generally ,ha'
the company would be reorganizcd aftcl
"A time and would be able to continue tn,
work 1t has done in the past of helpin.
10 make New York greater and NOR,
attractive,