davidaulloa/AmericanStories huggingface dataset:
The New York herald., 1922-03-19

neighborhood ere long for a more APP
propriate location in the amusement dis
trict
Whatever the reasons were that act
uated the individual owners and the
heirs to these estates in handling their
pr operties in this fashion-and IL is pre-
sumed that there must have been rea-
scrs-they are beginning to realize now
that II was short sighted policy. az
ccrdng' to well posted realty brokers
and observers who have studied the
market for properties in that zone.
There Is an expression In realty par
lance. "Overstaying ones market" In
effect II means that an owner of land
or improved property. having made up
his mind to bide his time until con-
ditions are ripe TO dispose OF the prop
erty to the very best advantage. sits
with folded arms and waits and waits
vel. until the time for disposing at the
very best advantage has passed IN
such an event there are only two things
to be done--either TO wait until the
forelock of opportunity again comes
within ones reach or 20 sell or lease
and take the best terms to be had.
Ir. the opinion OF such brokers -
Frederick Fox and J. b. English. who
have figured In some OF the most inn
pcrtant transactions in the section un-
der discussion. these individual owners
and heirs are beginning TO realize that
The New York herald., 1922-03-19

the other owner of the property, s7,200 a
year for the next six years, which will
be deducted from his aggregate rental
In addition he binds himself 10 spend
$50. COO during his first year IN mod
ernizing the structure. For the benefit
OF those who are not familiar with
rental values in this part of Gotham, II
may be said that this shows an increase
of almost SO per cent. in rents during the
last five or six years. Mr.. Hilton in ef-
feet has so much faith in the corner he
has leased that he is paying a hand
some bonus TO get possession OF II.
It was this same refusal on the part
Of the old estates Just mentioned to
improve their land or turn Il over TO
others for Improvement that forced
the theater builders to take a running
jump from the vicinity Of Days, Wal
lacks. and Coster and Bears, below
Thirty-fourth street, and land on both
feet In the vicinity OF Longacre Square.
The Metropolitan Opera House and
the old Casino and Knickerbocker Thea
ters of course are exceptions. The Met
ropolitap, by the way, lustrous though
its artistic Influence is, is not an asset
to the real development of this section
OF Broadway. The other theaters In
the vicinity are becoming more and
more obsolete and in time viii give way
10 business Improvements. There is
still talk that the Metropolitan Opera
and Real Estate Company VIII quit the
The New York herald., 1922-03-19
NOT UNGRATEFJL BUT
JUST A LITTLE TARDY
ny THE ODD PARAGRApHER.

"If YOU want to learn how much ro-
nance and human interest there is in
real estate" a real estate broker once
suggested 10 the writer. make the round
OF the offices Of old time realty operators
and brokers and ask each one to tell you
Of few Of his most unusual real estate
transactions. Their "reminiscences VIII
make interesting reading"
We have never tried to put this sug-
gestlon to the test. lacking both the
time and energy, but the possibilities OF
such an itinerary are reflected In q
story related to the writer recently BY
q real estate operator OF wide expert
ence.
Some years ago. readers probably viii
recall. the New York Central purchased
a right Of way I'm Washington street
from Gansevoort south 10 Spring street.
at the southerIy end OF which was TO be
erected a freight terminal to take the
place OF the old St Johns Park station.
The operator referred to--a trader with
a citywide reputation for probity and
4 keen student Of realty values-knew
OF the Centrals buying movement. but
had no knowledge of the proposed
freight station. which was 70 extend %
West street.
About this time he was approached BY
an owner, a Spaniard, whose property
was in the territory affected by this
movement, who was In bad financial
straits and desired TO cell quickly. II
was the usual hard luck story OF this
seotion-vacancies and nom paying ten
ants had pumped him dry and he had to
sell or lose the property IN foreclosure.
This excited Spaniard informed me
that this interest on the mortgage was
due and that he could not meet tb-
obligation" the operator continued. -
flectively." and offered me tho deed FOR
$500 above the mortgage. Just few
hours before / received tho visit from
this owner a friend had informed me
that the real estate representative ~
the New York Central had purchased a
Spaniard. so / felt certain that the rail-
road would make an effort 20 acquire the
latter's property.
II urged my Spanish friend 70 hold on
his realty. but ne said Il was impossible
ms his salary was scarcely large enough
to meet the ordinary demands for living
purposes. said was positive he
would shortly receive q good price for
the property, and urged him 70 make q
sacrifice OF some kind for the great gam
bling chance Involved. but ne still per-
sisted that ne would rather have $500 IA
cash and get back his peace OF mind
than gamble on tho hazy prospect OF .
large profit.
Finally. called his attention 10 tlie
fact that il would be sixty days or so be-
fore y foreclosure could. ensue, and as
surcd him that IL the offer I had artici-
pated did not materialize by that time
7 would take his property for $500. Be
fore he left me | cautioned him not to
AZ any price. should he receive an in
The New York herald., 1922-03-19

II eir policy, adhered to for fifty years
or more, was working out something
like the game OF nose biting. They are
now realizing that something must be
done, and In the case OF the Hoe estate
TIE heirs are assisting in the financing
OF the Fischei Building. which is to go
UP at the southeast corner OF Thirty
seventh street. Horn q Hardart. the
Automat restaurateurs, have taken a
long term lease on the basement of this
building. Mr.. Fischel will pay the Hoe
heirs $4,000 year net for sixty-three
years for the site.
The opening OF the old Herald Build
ing for stores and offices has acted as n
sort OF entering wedge In the general
awakening OF the district to the north Of
H. r. III. Macy a Co. are about to spend
s5.000.000 on an annex to the Macy
store. The opening of the Broadway
Seventh avenue Il. R. II. subway with
express stations at Thirty-fourth street
and with exits from the Times square
express station at Fortieth street has
naturally had a marked effect on the
Herald square district and this has been
augmented by the opening Of the Seventh
avenue extension OF the Interborough
subway. The sudden growth of the Sew
cnth avenue garment center above the
Pennsylvania terminal has also had
r.uch to do with putting Broadway In
the market for store rentals. Owing TO
the old fashioned buildings there the
rental valuations have been compare
lively low Hence there has been cre-
ated a situation of q bargain counter
for store rentals with customers scram-
bling over one another's backs to get
the best pickings.
This might lead one to conclude tnat
the sudden establishment Of the gar
ment and needle trades in tho back yard
OF Broadway. is cluttering the lattef
thoroughfare up with garment workers
Just as lower Fifth avenue and the re-
tail center was being congested during
the noon hours before tho Save New
York Committee undertook the JOB ~
relocating these Industries along Sew
enth avenue. A visit to Broadway be-
tween Thirty-fourth street and Times
Square around the noon hour up 20 last
week revealed little change In the COM
plexion Of the crowd. II ~ for the
greater part the usual shopping element
and the characteristic Broadway street
crowd. The needle workers apparently
are spending their noon recess on Sew
enth and Eighth avenues. The Broad
way shopping crowd greater now than
ever. In supplied by the subways, the
elevated road. the Hudson tunnels and
the Pennsylvania Terminal.
Store rentals in this section Of Broad
way are averaging around $1,000 front
foot. Above Forty-second street, where
the day and night life of the metropolis
comes TO focus. tho rentals run from
S.6oo 10 5000 a front foot. Although
there is said TO be about 100000 square
feet of vacant rentable space In the
Times Square and Grand Central Ter
minal districts to-day the market for
Broadway store rents seemed TO be but
slightly affected by the surplusage.
Primarily Il Is this demand for store
space along Broadway that Is bringing
about the relaxation OF conservative con-
troll there. The mems clothing trade IS
also knocking for admission to this Sec
tion. and soma day will doubtless domi-
rat~ a.
The New York herald., 1922-03-19

San Francisco. which commands the
faciflc. is experiencing the greatest
uilding boom In Its history. with reas-
nabie prices established, resulting IN
wer costs in living and general re-
val of business New York--the great
81 city In the world. through which
nore than half the commerce OF the
alton passes---commanding the Atlantic,
suffering from an absolute lack OF
obstruction Of any houses for the peo-
lie of moderate means. resulting In
angerous and disgraceful congestions
nd mounting costs of living.
WSy th!s contrast7 The answer Is
mpie--Labor. Or, to be more specific,
he compulsion OF labor In San Fran
isco and the compulsion by labor In
Few York.
Organized lab @ It's own acts. has
IMPLY demonstrated che fact that OF its
wn volition II VIII not adjust itself TO
ne promotion Of public welfare. on the
ontrary ii has set itself up TO compel
he public to subscribe TO it's arbitrary.
enseless and costly regulations. But
ne public is still supreme and the well
are OF the public Ii paramount in
heory and should be in practice.
Laat year. when similar situation
onfronted San Francisco as that which
o-day in the building industry con-
ronts New York. the people took mat
ers into their own hands and lifted the
utocratic crown from the head Of the
uildng trades unions and relegated the
Mons to the private ranks with exactly
he same privileges and powers as non
Mon labor, resulting In an immediate
estoratIon of confidence, business re-
IivaI and an unprecedented building
Dom.
The way this was accomplished may
erve MS an object lesson to New York.
3ut New York, on account OF the
Millions OF people suffering here from
The New York herald., 1922-03-19

promptly and which. IL found Justified.
will result In the condition complained
of being rernedied or removed. 1t also
maintains a corps of experts who are
investigating all contracts affecting the
basic industries of the community be-
tween employers and employees. When
ever any such contract or any part OF
Il is considered TO be contrary TO good
public policy the parties signatory there
to or their accredited representatives
are called into consultation with view
to resembling the contract or abrogating
the offending portion or portions there
off,
The remarkable success OF this In
dustrial Association is primarily due TO
the position firmly taken by It that the
interest of the community Is paramount
to that of any OF its constituent eie-
ments and that neither employer nor
employee has tho right or can be allowed
to take action which will injure or In
terfere with this interest"
We have here In New York practically
the same situation which, for the pro-
lection OF the public, necessitated the
organization OF the Industrial Associa-
tion In San Francisco. The building In
dustry especially has been strangled by
the trade unions. Housing for the poorer
classes-the crying need or the day
cannot be supplied on account OF labor's
extortionate demands and idotic condi-
tons: and things are growing worse.
Ever In the better class of housing. of
which there Is probably now an over
supply. mortgage money must be wary
of present inflated costs and future
deprecaing values.
SO. II there ever was a time in New
York when the people should take things
into their own hands for their own pro-
lection, that time has now arrived. The
Industrial Association of San Francisco
Is beyond the stage Of experimentation.
1t is highly suggestive az a means TO
be employed. Something of the sort. 60
revive a morfbund building industry and
to relieve an impossible situation. should
without delay, be put into effect here.
The power Is with the people. No
Legislative act passed or contemplated
promises relief 10 those earning $1,000
or less. Their plight Is worse than when
the public agitation began.
The New York herald., 1922-03-19

quiry. until had an opportunity %
pass upon II.
within a week he came to me with
letter that had followed him around to
several addresses inquiring how much
he would take for his property ] told
him to stand pat on $4,000, the as-
sessed valuation being $4,000. After
some negotiation the railroad offered
$4,000. I simply couldn't hold him any
longer. lie accepted tho $4,000 and
thanked me most profusely for the ad-
vice l had offered.
After passing title he again visited
the locality. Upon reciting his expert
ence to several Of his former neignhora
he was called flfty-seven varieties Of an
ass; conhdentially informed that ] was
N with the railroad; that / was 10 be-
the expert II tho proceedings, and that /
had done him ous OF at least S25.000.
He came to tell me this, and IN Ia
blowed IL he didn't believe IT, ignoring
the fact that l had told him Of the
probability of a sale at good price and
also my refusal 70 take the property
at the $500 over the mortgage. Wa
parted IN anger. and felt like kicking
myself that / had not taken advantages
Of the opportunity. Il was true. or
course, that his neighbors finally wor-
offered more money than he had OBJ
tnined. but they had on their gouving
clothes
What happened eventually with The
abandonment Of the Centrals plans j.
history. The hogs got theirs good ana
plenty, as the saying goes. Only recent.
w ! was offered one Of the properties
az SO cents on tho dollar ~ the Centrars
offer
zone day last summer I ran across
my aggrieved Spanish friend. His apol-
ogies 'could be heard block away.
was his true friend his savior, Sc, sc
The $1,000 he had received net had
been invested IN War Babies' And a.
a result. he informed me confdentially.
he had become a 'reech' man.
Fate, concluded this realty oracle.
Is tricky AZ best. and our blooming
realty business. have always believed
has afforded more interesting, yes even
romantic. instances of the workings Ok
chance, f-te, luck. coincidence or what.
ever you chooss - call II than any
other business or profession. Perhaps
II IA imagination. but X has seemed to
me that the possession Of real estate
brings 10 the surface the most peculiar
traits IN human nature My experience
with the imnetuous spaniard Is an ex
celient case n point
The New York herald., 1922-03-19
ny FRANK BAILEY.
President Of thc Prudence Bonds Corp

the mandatory and coercive conditions
OF labor. should have taken the initia-
tive and not left IL to San Francisco.
1t Is not yet too late TO make amends.
When the building industry In San
Francisco came to a complete standstill
on account of the onerous conditions
and strikes OF the building trades a
group of the city's leading business men
organized themselves into the Industrial
Association of San Francisco as a per
manent organization to protect the pub
lie. Cofncidentally there was estab-
lished the American plan In the building
Industry. This plan. according to War
rem Ryder. in Bdrron's. Offered no dis
elimination against any man because OF
affiliation or~ GENERALIZATION with a
union, but did establish the principle
that employers should eb free 70 hire and
discharge employees without interfer-
ence from any source and to insist upon
honest, loyal and efficient service from
all employees
In addition to the American plan Of
employing labor the Industrial Associa-
tion created an impartial wage board
which. after many pupblic hearings with
parties Interested, fixed a minimum
wage scale to be operative for one
year: and also provided for the reinsti-
tuition Of the apprentice system and the
training OF apprentices in all branches
OF the essential trades. such as carpen-
tering. painting, plumbing, plastering
and brickiaying.
"The association, also" says Mr..
Ryder has inspectors constantly in the
field to make sure that all contractors
are maintaining the established wage
scale and that no man is being discrim-
mated against because of union affilia-
tions or lack of such. II has a. special
bureau where any man. be he contractor
or non-union employed. may register a
complaint which win be investigated
The New York herald., 1922-03-19
SHERIDAN BUILDING AT
he NORTH EAST CORNER
q IS tn STREET ON tie SITE
OF WHICH tie GREENWICH
6ANk IS TO BUILD a
NEW HOME,

slow Thirty-fourth street IL you
lease, with the grand canyon below the
Dead, Line" the district north of Her
Id square recalls lines from Cold
mith's Deserted Village
Nearly every one has wondered what
he reasons for this stunted appearance
Fere. but few ever guessed and fewer
ill ever took the pains to learn them.
hey little thought that it was the odd
Manifestations of the conservatism Of
PINE of Gotham's first families that lay
ehind all the drabness and the flatness
{ this mo Mans Land between the
la and the new Tenderloins. These old
states which owned most of the land
either side of Broadway between
hirty- fourth and Forty-second streets.
lade up their minds good many years
go, for various reasons. that they would
either sell their holdings nor lease them
pr long periods under favorable terms.
likewise they seemed to have arrived
9 an almost unanimous decision to re-
rain from improvingsthe land with mod
rn buildings in keeping with Manhat-
ms ambitious skyline.
As all things terrestrial are supposed
have a termination. the end Of this
iatus in the development of Broadway
az W. VI tnSSt OAd tGhdbtS
ave given up the ghost and have
based their properties for long terms
b interests which will erect fine modern
uildings for Offices and stores. The
robert Hoe estate has leased the south
ast corner of Thirty-seventh street and
broadway to Harry Flschel ana the old
Rmshackle buildings are already being
emolished to make room for sixteen
tory structure. The Van Ingen estate
as sold the northeast corner of Thirty
Lxth street. now occupied by the Sheri-
an Building Just north of the old Her
Id Building to the Greenwich Bank.
yhich plans to put up building in
armony with the Fischel Building ad-
bining It.
The miraculous part of this recent
hange of heart on the part of these con-
ervative owners Is the fact that the
ohm d. Wendell estate and the various
The New York herald., 1922-03-19
NO MANS LAND" OF BROADWAY ON VERGE OF BIG CHANGE
Transformation of Drab Stretch From Herald Square
42d Street Foreseen in New Building ProjectsLeasing
Deals Show Competition for Space in Undeveoped
Area Which Has Just Begun to Break Fetters
of Conservative Ownership
of Conservative Ownership

wendell heirs that own practically all
Of the square block bounded by Broad
way, Thirty-eighth, and Thirty-ninth
streets through to Seventh avenue Is
reported to be In the market now TO
lease the entire block at net rental
of about 100000 a year. The Wend Ell
estate. algebraically speaking, repre-
sents conservatism to the nth power
in matters pertaining to the disposition
of it's realty holdings.
Considering the backwardness OF this
section OF Broadway. 1t Is significant to
The New York herald., 1922-03-19

OF the Herald square district had pene-
trated the drowsy fastness of the
Quaker City and it was reported that
the Philadelphians were on the point
OF leasing the old feudal.like pile still
known as the Marlborough Hotel. for
Improvement.
The sizzling event in the realty world
that sent the mercury Of valuations
well nigh to the upper end ofithe glass
was the announcement early last week
that Joseph Hilton had agreed TO pay
$4,000 net. year for forty-two years
The New York herald., 1922-03-19

A1ost visitors in New York az they
Avs stroiled or rolled up and down the
ay White Way have wondered vaguely
ny that part stretching between Thirty
,urth and Forty-second streets seemed
Sver to have grown up with the rest oil
ie town. On either side they stared at
nv. old fashioned buildings rather badly
/ need of repairs and with general
tmosphere hanging over the section
sminiscent of Main street back home.
umpared with the same Broadway just
The New York herald., 1922-03-19
OLD MARLBOROUGH HOTEL
AT the NORTHWEST CORNER
Of 3e th STREET.

r N the accompanying illustra-
tions one may detect evidences
of the undercurrent of prog
ress which, il is confidently pre-.
dicted in real estate circles, will
soon brighten up that drab seq
ment of Broadway from Herald
Square to Forty-second street.
At reassuring intervals along this
sorrowful approach to the Gay
White Way graceful business
buildings are being planned to re-
place the dingy, squat structures
which now line the thoroughfare.
One of these building projects
has advanced as far as the demol-
ition of the old building on the
site and others will soon reach
the same stage.
The New York herald., 1922-03-19
prince a ripley Lease omces.

Prince q RIPLEY have leased through
Cushman & Wakefield. Inc. space IN the
Canadian Pacific Building 342 Madison
avenue. and will occupy these offices on
March a. For the past three years
'hey have been located at 437 Fifth
avenue, which space has proved too
small to meet the conditions Of this
growing concern.
The New York herald., 1922-03-19

beginning May /, 1923. for the six story
building at the southwest corner OF
Thirty-seventh street now occupied by
the Regal Shoe Company. Mr.. Hilton
was not only willing to pay this amount
or rent but he will also go down into
his jeans and pay Mrs. Mary b. Averill,
The New York herald., 1922-03-19
'P5RsREcT'yE 2r !s 5ToRI BUILDING sLANhED
LOC. LIE SOUTH EAST CORNER 0 .37 tn
STREET. Sok1MERFEiO and STEcKLeEI, ,ARcHlTEcTS.

observe right here that Pniladelphia
syndicate owns the old Marlborough
Hotel at the northwest corner or Thirty
sixth street. 1t styles itself the Cross
town Realty Company. Simon l.. Bloch.
president. Only few days ago there
were rumors afloat that the awakening
The New York herald., 1922-03-19
HOW FRISCO SOLVED
HOUSING PROBLEM


ao o a o
tons
The New York herald., 1922-03-19
my. large Cooperative suite.

lewis Pcri28i has purchased niNe
room cooperative apartmcnt on the tcnil'
foor "a SIC Park avenue, northwest cor
ner Of Seventy-eighth street, from the
Edgar A. Levy Construction Company.
Pease < ElHman. agents. Douglas j.
Eliin.su 4 CO negotiated The deal.
The Washington herald., 1922-11-23
PRESIDENT SUBMITS
MANY NOMINATIONS
Coal Commission, Customs
Collectors, Army and Civil
Officers on List.
BY Universal Service.

President Harding yesterday trans
mitted to the Senate a number of
nominations. both civilian and mill.
tary. They included members of the
coal commission. collectors of Gus.
toms. general officers Of the army.
and long list of postmasters.
Those nominated Tor the coal com.
mission are: John Hays Hammond,
of Washington; former Vice Presi.
dent Marshall, of Indiana: Judge
Samuel Alschuler. of Illinois; Clark
Howell, of Georgia.; George Otis
Smith. Of Maine; Edward T. Devine,
Of New York. and Charles p. Neill,
Of Washington.
Other nomination. included:
To be major generals:r Andre W.
Brewster. Edward NJ. Lewis. Edgar
Russell, Frank L. Winn, George B.
Duncan. Ernest Kinds, and Robert
L. Howe.
To be brigadier generals: Rich
mond p. Davis, Charles H. Barth,
John McA. Palmer, Briant H. Wells,
Edward L. King, Harold B. Fiske,
Frank r. Mccoy, Halstead Dorey,
Hugh A. Drum, Stuart Heintzelman
Willoughby Wake, and John B. Nc
Donald.