The Washington herald., 1920-01-12
new THEATER
IN NEW YORK
The Structure Will Be Tn.
matched for Beauty,
Says Holland.

William c. whitney in many ways
revealed his cunning and accurate
forecasts in the world of finance, but
even he could not have foreseen those
things which the future had in store
for his almost palace-lfke home on
upper Fifth Avenue. Yet however, IN
comparatively trivial way he made
use of that home at one time to earn
money for himself.
II was in the day when money was
very scarce and even men who had
vast possessions in securities were
not able to negotiate loans At the
banks. Mr.. Whitney having under
stood that money was commanding
a premium OF several points in ex-
cess Of the customary rate received
for lending funds speedily made nego-
tiations with the insurance companies
and in that way obtained n loan OF
very large amoupt OF money. the
loan being secured by mortgage upon
his home.
He was compelled to pay interest
at the rate Of per cent. for the loan.
but he was able to lend 10 those who
were earnestly seeking funds and who
were willing to pay as high as or
even s per cent In that way he Sc
cured a handsome profit and he aft
erwards said that he had learned
lesson. which was that il is often the
better part for those who own choice
real estate and homes which have
J. cost a great deal OF money to place
"a mortgage upon the property, there
by gaining the difference between the
mortgage interest rate and obtained
rate for lending the money.
Announcement has been made ap-
h.
/ Whitney home has been or is about
to be bought by a syndicate whose
purpose is to invest from $4,000 900
to $40. OO0.0 900 in a transaction that
will involve the tearing down OF
the whitney house so that upon the
land there can be constructed a
building. modern in the highest de-
gree. presumably to be used chiefly
for apartments, but also to contain
theater.
u Mr. whitney was a patron OF the
theater and sponsor for some drA-
matte undertakings. 1t was, in fact,
in the Metropolitan Opera House.
with which he was identified, that
he was smitten with the mortal ILL.,
ness which a day or two later
caused his death. He probably
would have been amazed or incredu-
the year 1920 his home on Fifth
avenue would pass into other hands
than those who benefited by his es-
tate and that consequent upon the
exchange there would follow an IN
vestment OF perhaps as much as
ten millions. certainly eight mill
lions. But he would have been still
more astonished had he been told
that at last, upon Fifth avenue and
upon the site Of his own home. a
lofty and expensive building would
be erected, one feature of which
was to be a theater unmatched any
where in the world for costly con-
struction, and brilliancy of sdorn-
ment. For IL was unthinkable as
recently as ten years ago that upon
Fifth avenue, deemed by many the
worlds most attractive and brilliant
shopping thoroUghfsre. there would
be erected a theater which would
be so constructed as to appeal espe-
cially to those who possess great
wealth.
1 Diagonally opposite from the Whit
ney home stands the elaborate and
many minaretted home which the late
Cornelius Vanderbilt caused to be
constructed. Around IL rising to great
height is an iron fence, lofty, of ar
tisuC design. which is said to be the
most expensive and elaborate work OF
that kind to be formed anywhere in
the world.
l The Vanderbilt home almost faces
the famous statue OF Gen. Sherman
and one Of the lower entrances To
Central Park. 1t has attracted the
eyes Of groups of men who have
formed syndicates for purchase OF
| f. ~
many millions OF dollars in improve
ments. 1t will be hard to suggest any
Improvement in the building which
4 star DIS upon the Vanderbilt land pro-
vided only that building is to be used
as city home OF someone who pos
sesses great wealth. HOLLAND.