The New York Times from New York, New York • Page 37

XX THE NEW YORK TIMES, SUNDAY JANUARY 30, 19i6. DOMGS MMD SAYINGS THE REAL ESTATE WORLD IN FACTORY IIEMACE Oil FIFTH AYEHUE Zoning Syte. with Proper Restrictions, Will Safeguard the PSERVE RETAIL DISTRICT seestshes Buildings Must Be Left slow Thirty-fourth Street, Say Morehanta. Th Fifth AmiM retail merchant ax thoroughly aroused to the urgent m4 of adopting stringent restrictions against tb encroachments of a-arsoeat s-aaf act tiring trades in the hopptna centra above Thirty-fourth Street. Tho congestion of tho avo-IM below Thirty second 8 tract during; tit middle of the day In a manner similar to that which ton ago destroyed tho retail business below Twenty-third Street la an object les-, son of what might occur to blocks north of Thirty-fourth Street In tho tone that has been skipped future antes more energetic I enormous strip about two miles wiae are adopted than have hlth been taken to retain tho best of soma parts of the UTICA AVENUE TRANSIT.

i Brooklyn Owners There Willing to Pay for It and Explain the Need. At a mooting- last week In the Utica Avenue section of Brooklyn. William B. Harmon said there was no physical reason why Utica Avenue should not celebrate the opening- of Its subway extension at the same time as the celebration of other sections of the Eastern Parkway system: Ex-Public Service Commissioner Edward M. Bassett, In speaking of the need for the Utica Avenue extension and the willingness of the property owners to defray the coot by realty assessments, The most serious omission of rapid transit relief was In the Utica Avenue district, south of Eastern Parkway.

This groat district, extending; south to the ocean and of which Utica Avenue Is the centre, embraces about one tenth of the entire area of Brooklyn. The Carnarsle line runs more than one mile away on the easterly side. The Nostrand Avenue subway, now beginning construction, lies a mile away on the westerly side. It will be noticed that the various rapid transit lines running- south between the Narrows and Jamaica Bay are about one mile apart. "The Utica Avenue district is the It Is an IMPROVEMENT ON MIDDLE BROADWAY Recent Sales and Leases Below Bleecker Street Indicate Business Stability.

VALUES ARE STILL LOW Am reealt the membership sampalga sseotlnrs last weak, pri-snarOy held for the purpose of ere- harmoalous co-operation Dm Fltta Avtsns mercantile than had formerly been BotioeabVe In the work for definite results, three methods of safe guarding fco shopping- section were brought out prosniaeBUy. Walter BtsMer. ontroller of the Metro poiltan Lifs Insurance Company, mentioned one In saying that not only "his com-sauty bat other institutions were -bm fUsanctac any manufacturing-left bulldiags In tho immediate firth. Avenue district north of Thlr- tr-foartn Street, This poUcy of Usoooraglnc tort operations In that area. although generally known to- most of tho members.

Is the aaoet powerful Influence that has yet been working to establish a certain boundary lino for the garment manufacturing trades. There are, it must be admitted, a few of these sweat shoo buildings In the blocks between Fifth and Sixth Avenues, from Thirty-second to etreeU The soooa4 preveaUve method, now la process of formulation, was explained by Howes Burton. Briefly, It Is a merchants agreement by which tho retailers and others Interested In the good name and appearance of the vestas will refuse to purchase goods snade by aaraaeat manufacturers la the ruth Aveeusa area above Thirty- fourth Street. It Is a drastic plan, but the merchants realise the time has gone by for half-way methods. There win be no loss of trade to the manu facturers, for It is not.

at all necessary for the shops to bo close to Fifth Avenue Practically all of the retail mer-etssnts have agreed to Join this moves-Beat, and It Is no secret that many sf tho largest merchants. In joining the Fifth Avenue Association, have dose so with the qualification that Ip rtssss when manu- obtain a foothold la without any rapid transit. This local ity has never asked for a subway, but has always represented that it would be content with an elevated railroad on Utica Avenue connecting with the Eastern Parkway subway. Nostrand Avenue was fortunate In obtaining a subway costing- about S2.000.000 per mile. The Utica Avenue elevated railroad would coot about SuOO.OOO per mile.

To show the official that the people of the Utica Avenue district are In earnest in their demand for an elevated railroad, they are willing to pay all of the cost, and they want some action right away. "The law provides that the assess-' meats can be paid In ten annual Installments. As the assessments must be laid according to the benefit, the land nearest the stations would be assessed more than the land further away. If the railroad costs $300,000 per mile, the average assessment per lot would be about e.VX Those of us who framed the assessment provisions of the Rapid Transit act and worked to have them embodied in the law, hoped that the assessment method would be adopted for all the outlying city-built extensions. If this had been done, the city would not be facing the tremendous debt burden that now confronts It." Resolutions were adopted urging the Public Service Commission to use all reasonable expedition in the preparation of necessary plans and In the prosecution of the work for the extension.

stlen Yet Burdened by Excessive Assessments Evidences of Brighter Outlook. While recognising the good features of chaos two Influences, tho third plan gosmtlened by Mr. Btabler seems to pessess' tho most permanent value. Us. Etahlsr.

as Chairman of the Com cmttss) for Msnhsttan ea tho City explained to' the of tho work in dis tricting- the) dty Into trade and rest-Ceattal was, and limiting balldlng Wghta sfanafactuiing- trades, he amid, would be kept out of the tm-swoOaOo rtfth Avea-ao area la the re-tall section. He did mat say that this on-manufacturing sons would be es-tabl'aued at Thirty-fourth Street, and there was aa Impression that the oe therm booadary had been set two to roar blocks northward. The blocks frosa Forty-seventh to Fixtyighth Streets. except Fifty- seventh Street, between Fifth and sixth Avenues, have been placed by me raniiisstua ta a restricted reel deatlal sane. Tho blacks ere von Urgeiy of that nature aew.

The same area on tho oast, to Madison Avenue, wiil be a business son, but with the proviso that manufacturing trade will fee united to oae-fourth of the build lag ahevs las starts This would permit a twelve-story atroctnre to use out enree rioors for actual maau factoring Industries. Mr. btabler admitted that at one tune no doubted tho constitutionality er the reaisnsMsniss of building UmU tattoo. He confessed openly that his viewpoint nao cnanged and he Indicated that the viewpoint of many ethers has evidently changed by say-Ins that the soning work of the com-ms-ato and its attitude -en building limitations had met with wide favor from builders, realty owners and bust-nee Interests. When one considers how rntlessly the eld-time residential restrictions have a one Or the boards beneath the formidabi invasions of trade, men who have the best Interests of New York city at heart are realising that stothing short of a fixed city ordinance establishing- business and home eon-tree with proper restrictions for their maintenance can prevent, tk the uture, a recurreace of nih upheavals ta tho home sad commercial sections as have been witnessed tho last twenty-five years.

The Legislature has green the city (He power to establish such sones and limit building heights. A public hear. 1-r ea the plan will be held this week. The work has been a long time under discuss tea and those who recognise the benefits of the plan, and are not obsessed by temporary selfish aims, tinps that no more time will be lost tiaa may be absolutely necessary before the matter is formally laid before the Board of Estimate Cor adoption. It Is the only method by which a certain permanency may be assured for the partteular interests in settled parte of the city end it means a great 4al for the future stability and pres.

ervstina ef Fifth Avenue la its im- I -portaat shopping- centre. Taxpayers' HIS Calendar. Mares. SI. Last day to pay water charges without 5 per cent, penalty.

i 1 May First half of the 1915 real estate taxes becomes a lien end Is payable. Tax may be paid at tho face amount during the month of May. If first half has been paid, final half ef the real estate taxes for 1915 may be paid from now until NOV. lwith a rebate at tho rate of 4 per cent, per annum for the time Intervening between date of payment and Nov. 1.

Personal taxes for the year 1015 are due and payable. May si. Last day on which first half of real estate taxes for 1915 and personal taxes can be paid without Interest. Seven per cent. Interest from May 1 added to unpaid personal taxes for 1915 and to the first half of the real estate taxes.

If unpaid by this day. Last day upon which a writ of cer tiorarl may be Issued to review deter ml nation of Tax Commissioners for as- ssed valuation. Last day to pay regular water charges without 10 per cent additional penalty. Oet, g. Tax Day." Tax books are open.

showing real estate values for 1915. Tour residence and tho amount and kind of personal property you own on this day fix your liability for personal CondUloa of premises on this day' Is a basis for assessed valuation for 1915 taxes. OV. tm Final half of taxes of 1915 is due and payable. Can be paid at face amount during this month only.

OV. Last day to file claims for reduction Of your real estate valuation for 1915. Kev. as. Last day to correct your personal tax valuation for 1915 or to pay second half of real estate taxes without inter est.

Bronx t)elegati for Washington. Vice President Eugene H. Rosen. quest of the Bronx Boa rd of Trade has been appointed a national councilor, and will head the delegation at the fourth annual meeting of the Chamber of Commerce of the United States of America in Washington. D.

oa Feb. 8. 9, and 10. Tho delegates will bo addressed by President Wilson. Secretary Garrison of tho War De- rtment.

and Secretary Daniels of tho Navy Department. Tho of tho Bronx board will bo composed of Eugene H. Rosen-quest. Edward B. Boynton, Oeorge S.

Ward. Richard W. Lawrence, Oeorge N. Reinhardt, Charles F. Minor.

Charles W. Bogart. Charles E. Reld. and Congressmen William 8.

Bonnet, Murray Hulbert. and Henry Bruckner. Middle Broadway is brlRhtening up. Realty and commercial Interests In the blocks long associated with the wholesale dry goods snd kindred trades from about Worth to Bond Street are showing a steady Improvement. The readjustment period due to the exodus of so many old firms which lent solidity to the district has been a hard one upon property owners, but the season of rapid moving to uptown places has gone.

This does not mean that further removals are not expected. Some are even now being contemplated. Encouragement. however, lies In the fact that so large a proportion of the vacant space has been taken by new concerns. If, three years ago, a careful observer saw little else In the Broadway blocks mentioned than rent signs for store and loft space, the same observer today will be impressed by the fact that these signs hsvs grown leas.

While the readjustment process is working itself out In a fairly satisfactory manner. It does not mean that the old realty values or rentals will soon be restored. If ever, according to many realty men. Rentals, of course, are lower than In the days when everything was filled, and this has been one reason why many firms have left the side streets for a Broadway frontage. Then, too.

Investors feel that a steady Improvement In prices is bound to come, and this has led to some activity. Notwithstanding the tact that Broadway property there may be had at from 20 to 33 per cent, under the city assessed valuations, most of the recent Investments have been by concerns buying for their own use. Such was the case In the purchase by the Olobe-Wernicke Company of the five-story building at 451 to 4R3 Broadway, Just below Grand Street, from the Lor-illard estate interests a few days ago. Assessed at $224,000, the property has been In the market for some time for about $150,000. The recent announcement by the Charles Broadway Rouss firm that It Intended to erect another warehouse on the plot purchased last month at 104 to 110 Greene Street showed the willingness of that large dry goods house to remain in its old quarters-Its intention fb put up on the Greene Street plot an eleven-story building Is an indication of Improved business and added stability to the neighborhood.

The plot abuts the firm's Mercer Street warehouse, and that Is directly In the rear of the big Broadway build ing. The gloom is rapidly passing from this Broadway district," said Frank Lord. Vice President of the Cross A Brown Company, at his downtown office. 396 Broadway, yesterday. Possibly in another year owners in the old mercantile district may take heart sufficiently to replace the broken glass and give the old-time structures a fresh coat of paint.

Wherever owners have made honest efforts to overhaul buildings there has been a distinct revival of rentals, and one by one owners of the old structures are learning that tenants have outgrown the rope-hoist age. "The number of vacancies that have been filled in the past few months is evidence that the old mercantile dis trict offers advantagea and low rents that will in the end establish this district regardless of uptown attractions. One of the notable leases was that of tho Lamport Manufacturers' Sup ply Company of about 110,000 feet of space at 507-511 Broadway for the cotton goods business. The rental was extremely low, and this firm could not have obtained a similar amount of space in the uptown district for double the amount. The Lamport firm has been on Canal Street near Broadway.

Other cotton firms coming Into the neighborhood are Thompson-Cramp A Co. and J. E. Williams A both of Broadway and Grand Street, and Taylor Ellis, who have leased space at 4S3-48" Broadway, taking a store vacant for several years. buildings from Worth to White Street Is an encouraging sign of Improvement" J.

Tanenbaum of I- Tanenbaum. Strauss a while not inclined to be overenthusiastic on middle Broodway conditions, said that unmistakable evidences of improvement could be seen below Bleecker Street. "The hosiery and underwear trades seem to be well settled and contented In this part of the city." said Mr. Tanenbaum. What the future will show In millinery changes I csnnot tell.

No one seems to know. The uptown pull Is a strong one. and the big firms which have left the old centre may event ually influence other changes. More Inquiries are being received all the time from firms Just off Broadway for space on the great thoroughfare, and that la a hopeful sign. The worst has passed, and we are now working upas rd toward more cheerful conditions." TRYING TO EXPEDITE 12 WORK ON SUBWAYS Various' Plans Being-Considered to Hasten Construction and Open Completed Sections.

BRONX IMPROVEMENTS. Bills Introduced by Congressmen Asking for Appropriation. The Congressmen from "Bronx districts have Introduced the following bills in the House of Representatives, all of which have to do with the Improvement of the borough: The Hon. Henry Bruckner has introduced the following: Appropriating SS50.O0O to complete the Harlem River Ship Canal. Appropriating for the improvement of the Harlem River.

Appropriating $2,500,000 for the deepening and widening of the Bronx Kills, thereby creating a direct channel between Long Island Sound and the Harlem River. Appropriating $150,000 for the im provement of the Bronx River. The Hon. William S. Bennet asks for the sum of $845,000 for the work of dredging a channel through the peninsula st Spuyten Puyvll, thereby giving access Into the Hudson River.

Mr. Bennet also introduced a bill to provide for the cession by the Federal Government to the State of New York of the old bed of the Harlem River upon the completion of the Spuyten Duyvll project. APPEAL TO COMMISSION Delay In Building Connecting Links Will Cost the City Vast Sums In Interest Charges. A LONG-DISTANCE SPEECH. F.

A. Vanderlip Will Talk to Cham ber of Commerce Diner. A feature of the fifth annual dinner of the Chamber of Commerce of the Borough of Queens to be held on Feb. 2 at the Waldorf-Astoria will be a transcontinental address by Frank A. Vanderlip.

President of the National City Bank of New York, from Los Angeles. on the subject of Business Conditions After the Termination of the European War." Mr. Vanderlip was originally Invited to speak In person but Informed C. G. M.

Thomas, President of the Queens Chamber of Commerce, that It would be impossible as be would leave the city before that date for a six weeks' trip through the West. When it was learned that Mr. Vanderlip would be at Los Angeles on the date of the dinner an Invitation was extended to him to speak over the long distance telephone to the 500 diners, which he accepted, and arrangements will be made by the telephone company accordingly. As the Grand Ballroom will be equipped with 700 telephone receivers, one at the place of each guest, and also in the boxes for ladies, the message of Mr. Vanderlip will be heard direct by every one present.

In addi tion Mayor James A. Rolph. of San Francisco, and Walton N. Moore, President of the San Francisco Cham ber of Commerce, will converse with the guests of the chamber at the dinner. Among the prominent guests and speakers from whom acceptances have already been received are George W.

Perkins, who will speak on Com mercial Hon. John Purroy Mitchel, who has been asked to speak on National Hon. George McAneny. Hon. Maurice E.

Connolly. President of Borough of Queens; Hon. Henry W. Hodge, Public Service Commissioner, and Hon. Frederick E.

Crane, Justice of the Supreme Court. Queens Building Record Thi Month. Building operations in Queens for the month of January are the largest In its history for that month. It indicates that the coming season will be one of great activity. Including a portion of last week, there had been filed applications for 425 new buildings at an estimated cost of $1,483,481.

and 217 applications for alterations at an estimated cost of The largest operation Involves the erection by the Ring Gibson Company of 10ft two-family brick dwellings to cost $124,000. They will be erected in acres, with seversl blocks frontage on Liberty Avenue recently purchased by the company. Manhattan's Parkway. The Borough of Manhattan has 193 lineal feet of parkways and boule vards. At 552-554 Broadway I.

Breidbart the South Richmond Hill section, on has leased about 30,000 square feet of property consisting of about twenty space for the notion business, while a newcomer in the field, said to be a branch of a Canadian firm, has leased space at 582-584 Broadway for the dry goods business. This move by a Cana dian concern was no doubt influenced by the fact that no such premises could be had uptown for double the rent and that the neighborhood promises to be a permanent location for that business. Many buildings have been complete ly filled during the past six months, notably 624-52S Broadway, where space has been rented to various concerns from the side streets, and where the Bank de NapoU la establishing Its headquarters on a long lease. The building at 602-004 Broadway was recently leased to new tenants, and practically the entire building at 649- 655 Broadway has been filled with tenants In the millinery business, who have decided not to follow James G. Johnson a Co.

to the uptown centre. The office supply snd safe business is regarded aa an index to trnde. and the way in which these trades have been filling UP -vacant stores and To Fight the Mosquito. A fisht to wipe out the mosquito pest in Westchester County is to be started at once by the Westchester members of the Interstate Anti-Mosquito Commission. The Westchester leaders in the battle will be Dr.

A. W. Hoit, President of the Board ot Health of New Rochelle, and Collin Armstrong, member of the Board of Health of Scarsdale. The work will bo carried to the Connecticut line, where one-third of the Connecticut marshes have already been drained. Industries of Queens.

A report made by the Chamber of Commerce of the Borough of Queens shows that in (he value of Its manufactured products the Borough excels twenty different States of the Union, nineteen States in the amount of capital invested in manufacture, eleven Slates in the number of its factory employes, and ten States in the number of its manufacturing establishments. The delay In completing the various connecting links and branches of the new dual subway system, which will cost the city hundreds of thousands of dollars In Interest charges, has been taken up by the Advisory Council of Real Estate Interests with the Thompson Legislative Commission. As a result (he council has communicated with the Public Service Commission, and various plans are now being considered to expedite the work. Discussing the situation yesterday Birch Helms. Secretary of the Advisory Council, said: "Taxpayers associations throughout the city are coming to feel that the new routes should be operated within the near future.

This applies not only to the completed section of the Lexington Avenue line, but also to many other portions of the subway. The principal difficulty lies in the fact that the Public Service Commis sion In the past has proceeded with the construction of the various routes without providing st the same time for the connecting links which will unite the old snd new subway lines. "Because of this fact the greater part of the new subway will be completed long In advance of the various connecting links, with the result that the city will lose Interest charges upon the money invested in these sections. It has been estimated that over alone will be Included In the budget for 1919 merely en account of regular charges upon the new subway bonds. A large proportion of this amount will be a financial loss to the city because the lines cannot be operated immediately and return an Income, for the city will be deprived of the revenue thst might have been derived' from the new subwsy lines If the awarding of the contracts had been so synchronized as to sllow the separate routes to be completed as a whole, and permit the operation of trains.

The question also has arisen In this connection as to whether the Public Service Commission will be able to complete the new subway system without the expenditure of ap propriations In addition to those al ready authorised. However, in every extensive public work there must be some delay and heavy Interest charge, due to the Intervention of legal and administrative difficulties, and It Is In view of this fact that the Advisory Council has requested the Public Service Commission to ascertain whether the various connecting links cannot be completed within a shorter time than has been agreed upon In the contract with the construction companies. The four principal links are as follows: The first Is the connection at Forty-second Street, whereby the new Lexington Avenue line is Joined to the present subwsy route. it has been estimated that all of this line will remain Idle for probably two years before the union at the Grand Central Station and Forty-second Street can be finished. The most conservative prediction for Its completion Is July 1, 1917.

The second Is at the West Farms Station, on the White Plains Road, at 179th Street and 180th Street. This section has not been completed, with the result that the rest of the route which has been constructed must be unused for a considerable period of time. The third Is the Canal 8treet section connecting with the Msnhsttan Bridge, which Is to be used by the Brooklyn Rapid Transit Compsny In Its new Broadway line. "The Broad way -Fourth Avenue line. between Trinity Place and Twenty' sixth 8treet.

la from 88 to Oft per cent. completed, and possibly could be opened during the latter part of this year If the Canal Street section were finished by that time. Such a com pietlon would enable the Brooklyn Rapid Transit Company to operate trains from Twenty-sixth Street and Broadway direct to Coney Island by way of the Canal Street route and the Fourth Avenue Sea Beach line. Fourth Is the connection of the Brighton Beach line with the Manhattan Bridge, under the Long Island Railroad Station, at Atlantic Avenue and St Felix Street. Brooklyn.

In addition to the delay in operation of the various routes which have been referred to, the elevated lines in Queens cannot be operated, although completed, until the connecting tunnel under the Queensboro Bridge shall have been constructed. This probably will require two years. The former Public Service Commission was advised both bf Controller Prendergast and various taxpayers' associations that the plan to remodel the Queensboro Bridge, as first proposed, for additional trains Would be Impracticable and dangerous and it would be necessary to resort to the construction of tunnels. When this entire delay In the completion of the new subway system was considered the plan of paying bonuses to the contractors for the speedy completion of these connecting links was tsken up. AltlmiiKh.

in Home Instances, these bonuses would run very high. It was thought that they might I the aggregate prove less expensive than the interest charges. However, the legality of such a rse has been questioned, and such an for expediting the work disap proved of. The next suggestion, which seems to be of value, would be to have two or three shifts working con-tlnuously on these links. It is understood that the Public Service Commission is now considering this a-spoct of the question.

Owing to the fact that structural unions are Btrong any additional shifts would have to be paid overtime. This may in itself prove as costly a system as the exorbitant interest charges. Nevertheless, witii the reorganize lion of the Public Service Commission, the time is opportune and auspicious for endeavoring to determine some solution the problem. "The total cost of construction of the new subway line will aliout of which the ily will supply about the Int.r-borouirh Rapid Transit Company tnp Xew York Munic ipal Ilail-road Corporation 1 s. St.

and the Brooklyn Rapid Transit Company, paying a proportionate share of the links In which It Is Interested. It is thus evident thst not only the city may suffrr a loss from Interest charges, but also the corporations, so that it 1m In the Interest nf all parties that thes connecting links he completed In the near future. The operation of shuttle trains will not solve the difficulty, for such arrangements are purely temporary and cannot satisfy the traveling public, because of the Inconvenience entailed. Taxpayers' associations should regard It as imperative to primarily petition the Public Service Commission to expedite the work upon the system as AMORTIZED MORTGAGES. Advocated by S.

W. Strauss as a Remedy for Realty. The iiesUon of amortized mortgages continues to hold the interest of real estate men In general. plnlon as to the value of this form of mort-KaK'' differs widely. S.

W. Straus, the New York and Chlcas lanker. who has Just returned from tour of inspection through the Middle West, said yesterday when asked for his iplnlon hi the subject: "Amortization of real estate loans will do much to remedy present conditions. The firxt essential to sound and real estate conditions Is' sound financing. Proper financing implies ability tp borrow money teadjly on any goiwl property, whether completed or in course of con-str-K-'lon This necessarily requires tho i onfidem i of investors.

snd minus that the interests of the 4n-vrntor in real estate mortRaK'-s as well as as the interests of real estate owners mis tie fully protected. How will the mortgage lie is the ion that naturally Is most In the Investor's mind. If the earn- LATEST DEALINGS III THE REALTY FIELD Murray Hill Home of the Lata Cen. Bray ton Ives Purchased for Occupancy. EAST 69TH STREET DEAL Lenox Hill Settlement Buys Largo r-iot enjoining new Moms for Playground.

A deal of peculiar interest in the Murray mil residential section, and which shows that there la a demand, although small, for private homes to be used as such, even if outside tho closely restricted sone. was closed yesterday In the purchase of tho former home of the late General Brarton Ives at Fast Thirty-ninth Street. inRs of the property are sufficient to between Madison and Psrk AveDUSS. interest and reduce It covers a plot fronting 28 feet. has been held at pay tl i nc prim ipni witnout calling on any other resources of the borrower, the loan Is an attractive one from the Investor's point of view, providing, of course, that the margin of security or equity protecting the loan is ample.

I hove found growing tendency on the part of Investors all over the country to look more and more Into the question of income from real estate on which they have loaned. Where the earning power is ample this gives the opportunity to reduce the loan by amortlzat Inn or anme whnt, rather than rl i I r. onv tnrm or serial nn vmnnl A ..1,1 portion of the subway without speed- Krnn, jv Hnfotv ing up worn upon tne various con- -rj necting links. A conference will be held shortly between members of the council and the Public Service Commission upon this matter, for it is understood that the members of the commission who sre In charge of this problem are doing all in their power to remedy the situation." REATY TALK TO COAST. Phone Talks to San Francisco at Board's Annual Dinner This Week.

Long distance talks between San Francisco and this city will be one of the features at the twentieth annual dinner of the Real Estate Board of New Tork next Saturday night at the Waldorf-Astoria Hotel. The San Francisco Real Estate Board will hold its annual banquet on the same evening at the St. Francis Hotel In San most common form of Amorti sation in other cities of the t'nlted States is the line of serial payments. In Chicago. Pittsburgh.

Mlnnoai.r.n. Kansas City, Cleveland, and many other cities, real estate mortgages are commonly divided up Into Ixinds, which mature serially In annual Installments, about per cent, of the principal sum being paid off in this way every year. "This reduces the principal much more than enouKh to take care of any possible depreciation of the property or change In neighborhood. At the end of say seven to ten years, when the loan has been reduced from .10 to per then the bulk of the principal matures, and It. naturally Is much easier for the reel estate owner to take care of this maturing obliteration than if he had the entire loan maturing In one lump.

Now right here Is the point thst The sale ws made through the J. P. Whiton Stuart Company. Tho nam of the buyer was not given, but It was said that the new owner, who now re sides In the upper Fifth Avenue tlon. will ocpupy the house.

rrehe by lueses Rill Settle The Lenox Hill Settlement tlon, which will soon move Into its new house at Oil East Sixty -ninth Street, between Avenue A and tho Kast River, has enlarged Its holdings there by purchasing the vacant plot on the east, fronting T2 it was bought from James B. Hammond through Set on Henry and Douglas Cibbons. who were the brokers In tho plot recently Improved by the'new settlement house, purchssed over a year ago. i latter naa a frontage or Ol feet. The property Just acquired Will Im- used as a playground.

The settlement now owns a frontage -at 123 feet, comprising the greater part of the middle of the block on the north stdo of Sixty-ninth Street. rrrair, Meet ISIet Street Plet, The three-story dwelling at 658 West Itilst Street, on lot 10 by 90.11, between Broad way and Amsterdam Ave-' Francisco, and the best wishes to and Nw York rpnI wnn 8houM from the realty men on opposite coasts will be extended through the co-operation of the American telephone. Owing to the difference In time the long distance line will be opened at 10:30 here and at 7:30 In San Francisco. The telephone program In New York will follow the dinner, which will begin promptly at 7:15. In San Francisco It will precede the dinner.

Governor Whitman will be the chief speaker, and will talk on the State budget. He will be followed by Professor Charles Alexander Richmond, President of Union College. Laurence McGuire, President of trie board, will act as toastmaater. Governor Whitman. Mayor Mitchel.

Controller Prendergast. District Attor ney Swann, and Adjutant General Stotesbury will hold short talks with officials at the San Francisco end of the line. Including Governor Hiram B. Johnson, Mayor James Rolph, and District Attorney Charles M. Fickert.

MeotrtlflS for Queens Owners. Three meetings in the Interest of Queens property holders will be held under the auspices of the Chamber of Commerce of the Borough of Queens through Its Borough Planning Committee, of which Oscar Erland-sen is Chairman. AH property owners Interested In the development of tho borough are Invited to attend and they win be asked to examine, disouas, and suggest changes in the tentative maps prepared by the Commission on Building Districts and Restrictions before final adoption by the Board of Estimate. Tho first meeting will bo held tomorrow afternoon at the Chamber of Commerce, Long Island City, opposite the Queensboro Plaza. The second meeting will bo at, the same place on Feb.

4 and tho third on Feb. 7 at the Bank of Long Island. Jamaica. Private Dwellings at Auction. Several private residences will be sold In tho Vsseiy Street Room by Joseph P.

Day next Thursday, Feb. .1. Among them are the three and four story dwellings at 811 West Forty-etghth Street 321 to 327 West Forty-eighth Street, 807 West Fifty-second Street, 402 and 404 West Forty-seventh Street, and 8M West Thirtieth Street. (hi the same day Mr. Day will a 'so sell four lots on Tibbett and Corlear Avenues, near West 238th Street.

Bronx. They are two blocks west of Broadway and are resales of the Bowie I tnat Dash auction held last October. consider carefully. Serial payments or amorti-ation of this kind necessarily requires good Income producing properties, and the property that Is only yielding or 3 per cent, on the Investment In It cannot of Itself reduce the loan that is carried. The borrower has to call on other resources.

"The great trouble with the majority of owners of real estate of today, where the income has been materially; reduced, is that they claim that they sre only getting a 2 or 3 per cent, return on their money. This Is entirely untrue, as undoubtedly the return on the property has been reduced on account of the changing conditions. "It therefore becomes necessary that the value of the property should be readjusted In liRht of the Income derived therefrom, and thev should 1 realize that their property is worth no more than its earning capacity will warrant. If the. readjustment of value Is made commensurate with the return thereof, a much more satisfactory feeling would today prevail In the minds of the real estate owners.

It Is ofrvlously true that property that enhances In value may also decrease in value. If you get a big return on a small investment which increases in value the Investor must also realize that his properly may depreciate In value and he must take Into consideration the return he itets from the property as to its present day value. It la the return which you derive from your property which establishes Its value. With this limitation as to income the crusade of the Advisory Council of Heal Kstate Interests for amortization of loans should prove an excellent solution of the problem that Is confronting New York real estate owners today. It is perfectly true that owners of property which Is not producing a good rental Income will not take kindly to amortization.

That has already been shown, but when everything is taken Into consideration I believe that some form of amortization will tie literally forced by Investors on a large part of the real estate owners In New York City. I do not believe thst the plan which Is sometimes advocated of making Innc-lcrm loans, with amortization runninE from twenty-five to thirty years, such as Is common in Kurope, would prove practical here, American Investors in real estate i mortgages do not take kindly to a thirty-year obligation. I do not think any hard and fast rule can Private Dwelling Leases. Pease A ETllman bars leased for Mrs. John Wolfe to John W.

Brett the four-story dwelling at 27 West Forty-seventh Street. B. Flanagan St Son have leased for the Wllmoro Realty Company the four-story dwelling at 138 West Seventy-fifth Street to Mrs. S. K.

Welch. J. B. English has leased for the Allen Realty Corporation the four- story dwelling at 228 West Fifty-second Street to C. Carangeot.

The Houghton Company has leaded for Heilner Wolf the four-stury dwelling at 68 laid down as to the number of years a mortgaire should run. That should be governed by conditions. When amortization is generally applied to New York real estate loans It will have a tremendous quickening effect on the real estate market, and Its beneficial influence will be keenly felt in this city." Country House Rentals. Burton Thompson Co. have leased the residence of John Alvin Young in the Lattlngtown section of t.ocimt Valley.

I to John X. Vill s. The Siarsdale Kstutes Organization. Robert Farley. President, has leased to ih Btc.uike the hotie of Mr.

Nichols on ifik Wat. Ifartsdaic. N. Kish have icnted Henr 1 ilticll of Mot hester Imm prop- Mitv ant Tn.Lule Milile Vienit. I West Klghty-nliuh re.o Park.

Bronxv to K. L. Street ta Albert Berna. Stevens of Lexington, Mass. nue.

has been purchased by Henry Siebert. from Bnnla who acquired the property a short time ago. Mr. Siebert owns the two adjoining houses, st and 562. L.

J. Phillips A Co. were the brokers. Hays Staetea Street Teaesaeata. The three five-story tenements at 331 to Stanton street, each on lot iw.o by "5.4.

near Mangin Street, have been ...1.1 A fels.l-letr UaW Balldrr Buys Big Breeklya Ptei. The Conrad Construction Company has purchased a plot 200 by 100 feet, on the northwest corner of Bedford Avenue and Carroll Street, Brooklyn, from the Realty Associates. Tho new owners will Improve the plot With four four-story apartment houses similar to the houses built by the company on the north side of Lincoln Place, between 1'nderhlll snd Washington Avenues. It marks the beginning of the Improve ment of Bedford Avenue south of Eastern Parkway with apartments. Breeklya.

The Realty Associates has sold OB Crown Street. In the Eastern Parkway section, several of its new easy housekeeping homes to Brooklyn buyers for occupancy. They Include the lollow- ing. all on Crown Street: 182 to Mrs. Sarah Libson, 1R3 to Angus Rj Green, 188 to Misses E.

and N. CReflly, J90 to Charles W. Steinbrucker, 192 to Patrick Meagher. 196 to John Schauf, and IDS to Mrs. Maude M.

Boyle. David Meyer has sold for P. J. Curley to Henry Meyer the three-story business building now In course of con struction on the west side of Fifth Avenue. 20 feet north of Seventy-third Street.

i George W. Silsby of the Aloo Building Company has sold the one-family brick dwelling at 2.102 Stxty-eiXth Street, on plot 24 by 100, In Maphttoa Park, to Mrs. Joseph Sands for occupancy. Walter S. Rosa has sold for the Gregory Building Company the ons-family I V.

V. Cf llUM fll lll UV1 III BIUB DIALf-f BUI Street, 243 feet east of Fifth Avenue. The Mclnerney Kllnck Realty Company has sold the one-family dwelling on the southeast corner of Ocean Avenue and Dorchester Road, 78 by 110 feet, for Died rich Scheffer to a client, for occupancy. The consideration was f.ir.ooo. Paul Mc-Golrick has purchased for a client from the Merchanlca Bank nine two-family houses at 157 to 171 Bay Ridge Avenue It was an all -cash transaction.

Sale at Breaxvllle. Burke Stone has sold to Mrs. AJics F. Trimble for the McLernon' Realty and Construction Company the residence oil Hiiima.ii Avrquc, corner OT Ridgeway Street, Bronx ville. Tho plot is 75 by 14i'.

I Less leleeS. Plots at Manhattan Beach have been sold by the Manhattan Realty Corporation to Gertrude Britton. Harry Y. Dougherty. Ida E.

Dietrich, and a house at 232 -Beaumont Street to Maurice Simmon. The McKnignt Realty Company has sold at Great Neck Estates. Great Neck, plots to Colin Simpson. to Mrs. Keeler, Cornelius P.

Carman, and Mrs. Elinor R. Cleaver. Goldschmidt A Macdowell have sold ror ttarnaous n. uooin nio nouse, ro.

2. on Neptune Avenue, Woodmere. to Walter M. Rosenthal. HuildlBK at Meatelalr.

Krnest c. Hlnck. former Mayor of Montclair. is building a- brick and frame residence on the plot on Clinton Avenue, near Melrose Place, recently pitrcha.ied Through V. M.

Crawley ft Mr. Ilinck also plana to c-rei i two l.rlc and frame dwellings on the southeast corner of Mcilniss llsoa and Clinton Avenue..