The Birmingham age-herald., 1920-05-29
Daily Wall Street Gossip
BY HOLLAND.

New York, May 2s.-(SpeciaD.-Wn
 James Belden, who was for some years
 member of Congress, representing the
 Syracuse district. and was also num-
 bered among the millionaires of New
 York state. decided twenty years ago to
 invest in the construction of a fashion- able hotel east of Fifth avenue many
 business men feared that for once in
 lis. life Mir. Belden erred in judgment.
 Nowhere east of Fifth avenue did there stand fashionable hotel, for the avenue
 was the eastern boundary of fashion
 ana wealth. Dwelling houses. small
 snops ana the Grand Central railroad station occupied that region. MT. Bel
 den, however, was persuaded that he
 was correct in his judgment He in
 vested large capital in the construction
 ol tnis hotei farseeing, as he said. the
 growth or that section. When com
 pieted it was spoken of as one of the Ilnest of New York hotels and at MT.
 beldens suggestion it was named the
 Manhattan Here President Mckinley
 made his home when upon occasionaI |
 visits to New York One of the upper floors was occupied by the progressive campaign committee of 1913. It always
 has possessed profitable clientage
 But now 1t is going into the discard, following the example, of several of the fashionable hotels of New York
 The Knickerbocker hotel, put up by the Astors: the Holland house and one or two others upon or in the vicinity of Fifth avenue have closed their doors, sold their leases and are to be convert ed into office buildings. That is what is to be done with the Manhattan hotel
 Very likely the National City Bank, through it's subsidiary or family mem- Der, the National City Company, was all the more tempted to complete nego- tiations for this hotel property when contemplating the beautiful banking in- terior which the greatest of American trust companies has just completed, having converted what was the highly fashionable Sherry hotel or apartment into banking house This trust com pany is included in the J. P. Morgan family while the National City Bank is colloquially known as a Rockefeller institution. The ground floor of what was the Sherry building will compare in splendor with any of the panxms houses of New York. possibly with any in the world. The building is situated just around the corner from the side of the Manhattan hotel. Other banking institutions have established branches in the vicinity. one or two of them in coHSplcuOuS buildings. IherefOre street which was formerly quiet, the fn- conspicuous homes of men of moderate incomes. has now become secondary Wall street. three miles away, and the volume of business that is done must be very great or it would be imprlc- ticable to pay the heavy rentals which arc required.
 As much as five hundred thousand dollars is understood to be the yearly lease charge for the Manhattan. It Is a secondary or sublease for the great est of American hotel proprietors, MT. Bowman, secured several years ago longtime lease at about half the new charge for the lease. He will make $250.000 a year without turn ing over his hands. The National City Bank will establish upon the main floor the banking offices. to be occupied by the National City Company. Thus the beautiful lounge will in short time be into the front of a banking and investment establishment The up- per floors are to be rented as offices and there is no doubt that quick ten antry will be secured for them. Prob ably this tenantry may be large and profitable enough to meet the annual payment of $5OOOOO on the lease