The Birmingham age-herald., 1920-10-16
Daily Financial Gossip
By HOLLAND

ments. Whereby much larger percent age of return can be secured.
 This incident suggests some of the changes that are now in progress in the Fifth avenue and Broadway districts. But these changes are nothing new. Years ago the advancing pressure of business caused the famous hotels of earlier days such as the St. Nicholas and the Metro poltan to be abandoned and instead of flee and business structures to be erected upon the places where they formerly stood.
 little later this pressure caused the tearing down of what in it's time was the best-known New York hotel. the Fifth avenue also the hotel which was asso- ciated with Edward S. Stokes and which for years was a large money maker In fact, a group of fashionable hotels that included Madison Square. were in due time either converted into office or busi- ness buildings or else torn down and other and larger structures for business use were built thus taking the place they
 once occupied.
 This is under way now in the Fifth ave- nue and Broadway district of which
 Forty second street is the center. Mr.
 Astor is expending a large amount of
 money SO that the Knickerbocker hotel
 which has been an excellent money
 maker, can be converted into offices.
 surely to yield larger revenue than the
 hotel
 The National City Company is investing
 a very large amount of money in convert
 ing what was the Manhattan hotel, once very popular, so that it will become
 banking and office building. The Guar anty Trust thought it worth while to in-
 vest millions in the hotel property identi- fled with Sherrys name, which is within a stones throw almost of the Manhattan and within pistol shot of the Knicker- booker. On the other hand, the demand
 for hotel accommodations, especially in
 the uptown districts, was never greater than it is at present That remarkable group of hotels which surrounds tht Grand Central station and which as a whole can care for as many people as are citizens of town of 15,0O0 inhabi- tants. is nevertheless, too small to meet the demands for accommodation, that in few months another gigantic hotel structure is to be erected on the site of a hotel formerly popular which faces Per shing square. The modern hotel manager believes that in these later days or newer days the profit which is to be found in directing a hotel in locality is sec cured only when large units represented by hotels with not less than 1000 rooms and better yet with 1000 rooms are in l operation. The Pennsylvania Railroad i Company caused one of the largest if not the largest of the hotels to be found | any where in the world. to be erected | upon a side street-although in proximity | to the Pennsylvania station. Some hotel | men doubted the wisdom of that invest | ment. But they no longer doubt. F'ar | away as this hotel is from the Fifth ave 1 nue and Broadway district, it is crowded 1 to it's capacity every night. Within g year or two it will be f1anked by large i office buildings. so that a new business l and hotel center in that somewhat remote | part of the city is likely to match the ! remarkable growth of hotel and office
 structures in the Grand Central district.