Evening star., 1924-12-13
HUGE SUMS MADE
IN LAND IN 1924
Secretary Mellon Said to Be
Awaiting Larger Profits on
His Holdings.
ny j. G. ROYLE.

Special Dispatch to The Star.
NEW YORK, December 13.-For-
tunes have been made In real estate
in the past year in both city ana
suburban property ana far-slghteo
individuals are preparing to reap ~
ture harvests of dollars by acquisi-
ton of large tracts hitherto consid-
cred of only nominal value, well
away from present trade and indus
trial centers. Some of the holdings
of New York real estate owned by
families long identified with Man.
haitian property, among them the es-
tate Of the late Baron Astor. nave
been sold at record prices In Iate
months. The Baron Astor estate Is
reported to be disposing OF city prop
erty as rapidly as possible.
So valuable has property become
in Manhattan that many industrial
concerns have been forced to move
to Long Island, New Jersey or Con-
necticut. This has stimulated prop
erty values in those sections. Open
ing Of new residential subdivisions
has added millions to the bank ac-
counts of Philadelphia operators
Similar trends are being reported
constantly from other sections.
Big Profits Reported.
CONFIDENTIAL figures from our mem
bers," said v. P. Brun of the San
Francisco Real Estate Board. show
that a total profit Of $4,000 was
made in San Francisco during the
past three years on an aggregate
investment OF s103,500 in eleven par
cells of business property picked at
random from sectional business dis
trlcts Of the city. Some OF the in
Vestments producing this huge prof..
were as low as $1,000 and some as
high as $4,000. The profits in in
dividual parcels of land ranged up
to 1876 per cent" Prices per front
foot in San Francisco have tripled
in some districts.
Property along Long Island Sound
within committing distance of New
York, held for years at nominal fig
ures, now Is selling rapidly at $4,000
an acre. Many of the most success
full dealers in real estate in the
metropolitan suburban section are
women.
MT. Melons Land Holdings.
New Jersey has more undeveloped
land which is not mountainous than
any other Eastern State and large
holdings are being acquired there by
wealthy investors able to wait for
property values to increase. Among
these are Andrew w. Mellon, Secre-
tary of the Treasury; the estate of
the late Joseph Wharton of Phila-
delphia, represented by J. P. Lippin-
colt, publisher. and the Bethlehem
Steel Company. Most of the holdings
OF these owners are sandy land Gov.
cred with growth of scrub oak,
pine and white birch of little value
for lumber purposes
The Mellon holdings, recently ac-
Quired, are in what Is known as the
White Horse Belt near the main high
way from Philadelphia to Atlantic
City. The Secretary is quoted as say
Ing he Will not sell until a profit
of 500 an acre is obtainable. One
tract recently was sold for $4,000,
and real estate men are reported to
have offered double that figure for
similar plots.
Joseph Wharton, who made millions
in iron and Steel. secured his Jersey
land holdings at % cents an acre.
The Bethlehem Steel Company ac-
quired a tremendous acreage during
the war to use as a proving ground
for big guns. Tho company paid all
sorts Of prices in order to secure the
acreage intact.
One man, who owned $50 acres near
the center of the tract, declined to sell
because he was interested in certain
phases of horticulture and had never
found soil SO favorable for his pur-
pose elsewhere. The company after
long search found land equally ad-
vsntageous for the horticulturists'
purpose in New York State, bought
1t at high price and induced the man
to exchange.
The steel company has ceased to
require the property as a proving
ground, but undoubtedly counts on
heavy profit from this land even
tually.
Henry Ford recently sold an i'm
portant Detroit business property for
SS'5oo'ooO, but has advanced his hold
ings in Detroit suburbs to about 1000
acres. His real estate holdings now
are valued at well above $50. 600 nnn