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FOUNDED 1888. January 1, 1897.432.ɺ:
- - - $1,555,407, OO
CAPITAL AND SURPLUS, 658,161.74
AMERICAN REAL ESTATE COMPANY DIRECTORS:
STEWART BUILDING, EDWIN. K. MARTIN. - - - - President
DYER B. HOLMES, . - - vic--President
28O BROADWAY, NEW YORK. GEORGE J. ORD, . - - - - secrae TARY
PROVIDENCE, CHICAGO, ST. LOUIS, FRANK M. SMITH, - - - 4.8 WALL streeT
SAN FRANCISCO, DETROIT, WM. H. CHICKERING, . - - 3An FRANCISCO
GEO. EUST IS Roe ERTson, Ass”T secret Aray
District or Michi GAN, M. N. JOHNSON, MANAGER METRopolitan Agency
JOHN (W. SUTHERLAND, MANAGs R.
1108 MAJESTIC Building, DETRoir.
Never has popular atteiltion been directed to Ward &ily city as it
is being directed to-day toward New York and its surroundings. One
evidelice of this is seen in the articles which are appearing in the
standard magazines. Almong these are:
"Places in New York" in the Century for February 1897;
"The richest, colony in the World" in Peterson’s for June 1897;
"Certain Wonders of Greater New York" in McClure’s for October 1897;
"Wonders of Greater New York" in Review of Reviews for October 1897;
"The city to the north of the Town" in Harper’s for November 1897.
These articles confirm the statements we have been making for ten
years, and vindicate the wisdom of the Company in confining its
operations to this field.


THE AMERICAN
REAL ESTATE INVESTOR
280 BROADWAY, NEW YORK
7G 2 cy
The occasion having passed for issuing The American Real Estate Investor at stated monthly or quarterly periods, we would
give notice to our readers that we will hereafter publish the paper only at such times as we have new or desirable information to
convey which has not been sent out through our regular literature.
The Growth of New York
Northward.
EW YORK is the Imperial City of the
Western World. By consulting the full
page view of it, published on page 12, in this
edition, it will be perceived that it largely occu-
pies Manhattan Island, and that the line of its
greatest growth for physical and geographical
reasons has been North and South. For the
same reasons its expansion must continue most
certainly upon these identical lines. Here are
the lines of its elevated roads, of its great surface
railroad systems, of its immense shopping dis.
tricts, of its theatres and places of amusement.
There is one other way that it has been growing
lately, and that is up in the air; but this only
emphasizes the necessities for its continuous
expansion.
Broadway, its great central artery, is the axis
of this movement.
In contour, New York city is long and nar-
row. On the east is the Bronx River, Long
Island Sound, and the East River; on the south,
ew York Bay; on the west, the Hudson River,
ind on the north is a straight line running from
the Hudson River to the Bronx River, separating
it from the city of Yonkers, its largest and most
beautiful northern suburb. It has been called
“a giant in a strait-jacket, who could grow only
bne way — northward.” While its arms may
reach out to the shores of New Jersey and Long
Island, the giant trunk must—by the order of
he same natural forces which determined its
ocation–lengthen northward, and in West-
hester county, easily and quickly reached by
he great roads which traverse the island longi-
udinally—probably even now, with all their im-
erfections, the most remarkable system of
rban transportation on the globe—in the near
. will be the home of its people, when
Manhattan Island itself will be almost entirely
devoted to workshops, warehouses, public build-
ings, and the homes of the poorer classes, who
are compelled to live where and how they can.
In this number of the INvestor we have de-
voted much space to the reproduction of the
extensive public and private institutions, the
erection of which within the past few years has
emphasized this thought. Not a single one of
these is erected south of the northern limit of
Central Park, and a number of them are beyond
the Harlem River, showing how the trend of
the upward movement is recognized not only in
private corporate lines, but in all public under-
takings, which must reflect the future, since
they involve enormous expenditures by the
shrewdest and most far-sighted investors, great
bodies corporate, who have within their organi-
zations the ablest financiers of the country, and
who command the best advice and the most
expert opinions on all that pertains to the growth
of New York city.
In furtherance of this imperative necessity
the city of New York, recently, by a popular
expression at the polls, voted fifty millions of
dollars for the construction of a great under-
ground railroad that should pass beneath the
city from the Battery to Yonkers. It likewise
has projected a boulevard from the Harlem
River to the great northern park system, which
will cost twenty millions of dollars more. It
has now nearly completed the Harlem speed-
way, which will cost five millions. It is spend-
ing many more millions annually in this section,
improving roads and parks to accommodate this
northern exodus, which it recognizes as inevi-
table.
No city appropriates seventy-five millions of
dollars in one direction unless it is demanded
by an overwhelming necessity.
The activities to-day in Northern New York
may safely be said to be greater than in any
other direction of the city's growth, and this is
at the close of the severest panic in American
history. What will they be a few years hence,
when convenient and adequate lines of rapid
transit connect it yet more closely with the
business and industrial areas?
Before the panic of 1893 New York built
northward at the rate of a mile a year. The
panic slowed up somewhat this tremendous
impetus, but already the march has begun anew,
and the conquering forces of dynamite and the
steam drill are once more everywhere at work.
This growth is bound to be by a geometrical
rather than an arithmetical ratio, and the bene-
fits to investors in the line of it will be in the
same proportion. The American Real Estate
Company, in preparing this article for its invest-
ors, takes great satisfaction in pointing out the
fact that nearly ten years ago it outlined what
was the inevitable necessity in the expansion of
New York city, and that what seemed like a
prophecy then has become a reality, even in the
face of disastrous business conditions such as
no man could foretell. We do not take to our-
selves any credit for that prediction. It was not
a great secret. There have been hundreds of
men in New York who have known it and
profited by it. The Astors, the Goelets, the
Rhinelanders, the Vanderbilts, have known it
and coined millions out of their information.
Other men will continue to act upon it and coin
other millions in future years, and the great
army of croakers will stand by and watch the
process and wonder how it all came about. The
truth is, the necessities of the people increase
values, the necessity for food, the necessity for
shelter, comfort, education, amusement and so-
ciety. People flow like water in the direction of
the least resistance. Northern New York affords
this ; no natural barriers to cross; no ferries,
with their troublesome detentions of fog, and
ice in winter; no great bridge with its surging,
jostling crowds; and a high, beautiful and health-
ful environment. No city of the world has such
a background as New York city at its northern
limit where it borders Westchester county, there-
fore no overflow of people has been more phe-
nomenal in any large city of the continent than
that beyond the Harlem during the panic years
immediately behind us. What will it be in the
near future, when New York city actually bursts
its bounds, and, under conditions of great pros-
perity, shifts the centre of the great city further
and further northward 2
Probably the crucial test of the stability of
real estate in any locality is the value it main-
tains under the most trying conditions to which
it can be subjected. No one will deny that
such conditions existed during the years between
1893 and 1897 all over the United States. In
many cities of the United States millionaire
holders of real estate were beggared because of
their inability to realize upon their holdings. In
Northern New York, so satisfied were men of the
coming value of every parcel of property that
no bargain went begging over night. In fact,
real estate there was a prime favorite when all
else was distrusted and discounted.
We mention these facts, as we have mentioned
them before, not from any desire to say “We
told you so,” but because they merit repetition
as lying at the foundation of our business pros-
perity, and at the bottom of the reasonable suc-
cess of the American Real Estate Company.

What is the American Real
Estate Company 2
T is not a Building and Loan Association.
It is not a co-operative Bank.
It is not a Savings Bank.
It is a business corporation, pure and simple,
paying an ordinary percentage for its money,
and dividing a profit with its investors.
It is not the only corporation in America
doing such a business successfully to-day, but it
is the only one doing it on the peculiar lines
which it has inaugurated, enabling small in-
vestors to participate in its advantages.
It is now in its tenth year, and emerges from
a time of great monetary stringency with its
assets not only not impaired, but greatly
strengthened. No better evidence can be given
of prudent and conservative management, or
better basis afforded for the continued con-
fidence of the public.
Its accounts are reviewed and vouched for by
leading public accountants of New York City,
and its assets are appraised by experts of long
standing and wide experience here. Both
experts and accountants are independent of
each other, and neither have any interest directly
or indirectly in the American Real Estate
Company.
Almost ten years ago a number of business
and professional men felt that there was an


2 --- THE AMERICAN REAL ESTATE INVESTOR.
NEW YORK UNIVERSITY.
-
As illustrating the growth of New York northward, within the past few years, we reproduce here with a group of buildings of New York University. They
constitute only a few of that comprehensive college establishment which now occupies University Heights, at 181st Street, between Sedgwick Avenue and University Avenue,
and within sight of Park Hill.
city proper.
York, north of the Harlem, this great University would find its best abiding place.
unoccupied business field in the vicinity of New
York. New York Real Estate had exhibited for
fifty years such uniform steadiness of growth,
and such remarkable staying qualities, that it
was believed it could be made the basis for an
investment on the most conservative lines, which
would bring a handsome return to investors
above the expenses of handling and the interest
on the money. Such return it was proposed to
divide pro rata among those who put their
money into the enterprise.
A corporation was organized, the foundation
capital subscribed, and undeveloped real estate
purchased there with in a locality which was on
the line of the greatest growth of the city, and
sufficiently distant not to have had too great
appreciation therefrom. This course was pur-
sued in the knowledge that if New York City
sustained only its average pace of development,
it would in the period contemplated for the
investment grow up to the holding and make a
handsome showing. Since real estate is not a
quick asset, the period for the investment was
extended over not less than ten years, and cer-
tificates were issued to investors covering that
period and carrying a joint interest in profits,
with permission to surrender under certain con-
ditions, and always to withdraw the money in
case of death. Incidentally it was believed
these certificates sold for any sum desired, and
payable in annual, semi-annual, or quarterly
installments, would have exceptional value as an
accumulative investment.
With this simple and definite proposition, this
business enterprise has more than met the
expectations of the many people who have joined
New York University is one of the oldest in the country. With its thirteen hundred students it became crowded for breathing space in the
It numbers among its counselors the shrewdest, most far-sighted, and successful business men in America, and it was these men who decided that in New
their money in the undertaking, and New York
City, even in the panic times, has not dis-
appointed the management, but in the most
gratifying way outstripped its calculations. One
property after another has been added to the
assets, those purchased since 1893 being secured
at favorable prices because of the hardening of
the times. So that to-day the American Real
Estate Company is the possessor of properties
which are only beginning to approximate their
real value, because of the promise of better
times in the near future.
Circulars outline our methods in detail. This
much is said here to make clear the simplicity
of our business, and avoid confusing our system
of investment with enterprises by which money
is made directly out of money, as Building
Associations, Savings Banks, Trust Companies

-
THE AMERICAN REAL ESTATE INVESTOR.
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º
COLUMBIA UNIVERSITY, IN THE CITY OF NEW YORK.
The trend of events northward can find no better illustration than in the movement of the great educational
institutions in that direction. Columbia University, in the sixties and seventies, was classed as an uptown institution,
its then location being on Fiftieth Street; but, later, its 1,600 students required for its many and greater University
buildings more and more room, and so it, a few years ago, joined the uptown procession, and is located now, with
its wealth of great structures, near Morningside Park, north of Central Park, in a region which a quarter of a century
ago was out of town.
and financial institutions who loan money and
earn interest solely. We make our money out of
New York Real Estate, bought, developed, sold
—and money enters into the proposition only as
a means of acquiring the Real Estate.
No other business use of money is so safe, nor
would this be elsewhere than in New York or its
immediate environment, because in all other
cities Real Estate has been the subject of wide
fluctuation, especially during the past few years.
Here it has maintained the steadiness of a
government bond. -
A few wise and sagacious men have in the
past turned to New York Real Estate as a certain
and successful source of profit, among these the
Astors, the Goelets, the Rhinelanders, and their
far-sightedness has reaped for them and their
descendants golden harvests.
The instability of securities in the stock
market, the uncertainty of all kinds of industrial
investments, have within a few years turned the
attention of another great class of investors to
New York Real Estate as the safest and surest
foundation for organized business development,
and scores of corporations with millions of
capital have recently been formed to deal in it,
the securities for which have been floated in this
country and in Europe. So powerfully has this
new thought taken hold here that a leading Real
Estate Journal speaks of it as “the funding of
New York Real Estate.”
Since imitation is the sincerest flattery, we
take it as a compliment that our ideas of ten
years ago for applying corporate advantages to
real estate ownership, thereby opening the door
to the small investor in the most profitable field
in America, are receiving recognition, and the
field in which we were the pioneer corporation
is rapidly filling up with others.
As the oldest and the first Real Estate corpora-
tion, however, we certainly have had the largest
experience, and it is fair to presume, other
things being equal, we have not neglected our
opportunities. The holders of New York Real
Estate are the richest men in the country, they
are its ablest and shrewdest financiers, they
command the best advice and the most expert
opinions to be had on the subject. It is im-
possible for individuals with ordinary means
successfully to enter the field of these great
investors.
Therefore, our simple plan of giving the
money of the small investor here, combined
with that of thousands of other small investors,
the staying qualities of the capitalist's millions,
and their earning power as well, has won the
heartiest approval of men in every walk and
occupation of life as the only kind of co-opera-
tion which co-operates. As a result, merchants,
bankers, college presidents, professors, teachers,
clergymen, and physicians in every State of the
Union have purchased the certificates of the
American Real Estate Company.
Conservative Investing.
OW is the time for the exercise of conserv.
atism in investing, when stocks are buoy-
ant and Wall Street is cheerful, and the news-
papers are loaded with the riches of the
Klondike and flaming prospectuses of the com-
panies that propose to land its golden nuggets
at your door. It is a trait of human nature to
forget the darkness of night in the glorious
sunshine of the day, but the night must come
again with its watching, and its weariness, and its
waiting—why not then prepare for it 2 Panics
are the night-time of our financial experience,
and you can escape their effects only by having
taken time by the forelock and allied yourself
with the soundest possible institutions, and the
safest possible investments. No prudent sailor
will embark on a ship destined for a long voyage
that is not built to endure what seafaring men
call “a stress of weather.” Almost any ship can
sail a summer sea, but the test of its seagoing
qualities is when the clouds lower and the winds
howl through its rigging, and its hull creaks
from stem to stern, twisted and lashed by the
elements. It is after such a blow has passed
that the captain walks his decks, treading with
satisfaction on every plank under his feet because
he knows the sea-going qualities of the vessel
they help to compose. -
On the American financial sea, no institution,
corporate or other, ought to be launched in these
days without similar sturdiness in its make up.
Panics are now of regular recurrence in our
history, and with them come business prostration.
Two thousand millions of railroad bonds and
stocks in the hands of receivers during the last
panic show that the number of people was not
very small who anticipated the vigor of that
gale.
Now that the financial storm has passed, and
the sun of returning prosperity has lent its silver
lining to angry clouds, will we heed the lesson it
brought us?
It is the reasonable boast of the American
Real Estate Company that it contains within
itself the elements to successfully meet the exact
financial conditions that have been present with
us since 1893, and the test of it is that now, since
all danger has passed, every spar will be found
intact, every lashing in its place. This is not an
accidental condition with us, but a carefully
premeditated one.
The ten years constituting the minimum over
which our certificates run cover a period which
has been generally accepted as the time within
which a panic appears in the United States with
almost unvarying regularity. In forecasting the
future of the company, it was anticipated that
there must of necessity be some time in the
history of each certificate when it would not
have the element of its greatest profit, but that
the average maintained by it in connection with
other certificates would give an average stability
to all. Average is the principle of insurance.
The life and fire insurance policy is based upon
a distribution of risk maintaining the general
average. So absolutely certain have these
systems of averages become that with trifling
modification they are accepted in courts of law
as good and substantial evidence. Prudently










4. - THE AMERICAN REAL ESTATE INVESTOR.
selected real estate, based on the average
development of a city like New York on the
great lines of its growth, is hardly less certain,
and advances with even narrower fluctuations
over a long period than do values
tion that constitutes this property an investment
rather than a speculative holding. Our object
in putting these facts in array is to enable the
reader to form his own intelligent opinion as to
persons recognize the magnitude to which the
business of accumulative investment has grown
within the past few years. Hundreds of millions
of dollars are to-day being accumulated in
savings banks, co-operative banks,
in any other field of investment.
There must, however, accompany
such investments an average of pru-
dence and care and forethought, and
there need be no fear of the ulti-
mate result. The field certainly does
not have one quarter the insecurity
that railroad stocks and bonds, or
industrials, or mining shares, or West-
ern farm mortgages have developed.
The presence in any institution
of a reasonable reserve is likewise an
index of forehandedness in its man-
agement and a protection against
troublesome times. The maturing of
obligations over a long period in
different years and in varying sums
is an anchor to windward which
institutions cannot have whose in-
debtedness exists at the mere whim
of its holder. The contract nature
of a security which protects it against
panic conditions and panic demands
is a mainstay to keep the holder from
sacrificing it in a panic-stricken
period, and the conserving of it
until reason and judgment reassert
themselves. The staying qualities
of large sums of money as against
small sums in protecting investments
in panic times is a beneficial element
to the investor. These qualities the
American Real Estate Company, by
its carefully planned system of real
estate investment, has combined in their best
form, and of that combination we speak advis-
edly when we say that it stands alone in its
successful practice at this time in the land.
Our Business.
E have devoted this number of our paper
to the growth of New York into that
field of investments which we chose
many years ago, anticipating exactly
WEBB'S ACADEMY AND HOME FOR SHIPBUILDERS,
Sedgwick Avenue and Academy Street, Harlem.
This stately building, with its high turrets, completing a superb specimen
of Renaissance architecture, stands near the New York University, overlooking
the Harlem, in the midst of a park of thirteen acres, and is another tribute to
the value set upon northern New York property as a future centre of culture
and skilled instruction. The tuition includes all details of shipbuilding and
marine engineering, theoretical and practical.
the value to him of becoming associated with us
in buying and developing such property, the
business in which the American Real Estate
Company has for years been engaged and to
which it limits itself. To fully appreciate the
value of our proposition to the ordinary investor,
the reader needs also to turn his attention to
another fact, namely, that the American Real
Estate Company is engaged in this business not
building and loan associations, and
various kinds of investment insurance
policies. These plans are all based
on merely lending out AT INTERest
the sums placed in their care; the
American Real Estate Company goes
a step further and engages its funds
in business. The distinction is mani-
fest. Money loaned earns for the
lender only interest, and in these
times not infrequently a very low
rate at that. The borrower gains
the added profits from its use. But
money in business is money at work
earning business profits, which in a
fairly conducted business have always
been largely in excess of interest only.
Of course, the earning power of
money and its safety depend on the
nature of the business in which it is
engaged. The American Real Estate
Company has selected that one busi-
ness which in New York has been
proven to have the greatest inherent
safety and profit. City real estate
is conceded everywhere to be among
the best securities on which money
can be loaned (the American Real
Estate Company owns outright the
security itself). The profits to be
derived from it are known to every
one who reads this article by the
great fortunes which have been built
up in every city. The methods by
which this company relates itself to its investors
are both simple and definite. Indeed, the sim-
plicity of the methods of this company are
perhaps its strongest feature of commendation.
There are no membership fees; no assessments,
no dues. Upon a simple application any one may
invest any sum, to be paid in installments, through
a term of years, or in a single cash payment at
the time. This money is at once converted
into real estate. Six per cent
interest yearly is guaranteed to it,
the development which these pages
show has taken place.
Facts are their own best commen-
tators. They enable persons to form
for themselves intelligent opinions
which are their own.
The increase of assessed valua-
tions, the widening area more and
more solidly covered by buildings
each year, the character as well as
the number of buildings, the steady
growth in population with its accom-
panying demand for homes, the lim-
ited direction in which the city must
have its greatest growth, the many |
millions of dollars being spent on
the North Side in transit facilities,
parks and driveways, the great for-
tunes in real estate already made
there: All these are facts which
speak for themselves, and constitute
a mighty current of events certain to
carry along to success those who
have availed themselves of them in
the past, or even now stand ready
to do so for the future, for values have by no
means touched their "top notch" in North-
ern New York, though they enhance perceptibly
year by year with a steady volume of apprecia-
------º-º-
THE TEACHERS’ COLLEGE.
This was the first distinctly Teachers' College established in America.
It offers courses in pedagogy, and gives opportunity for studying children from
the kindergarten to the end of the high school. Wise founders have raised a
magnificent new building for it on Morningside Heights, adjoining Columbia
College. It is, therefore, classed with the beautiful educational structures that
adorn New York north of Central Park.
as an end in itself, but as a means of accumu-
lative investment. Further, we claim it the best
means of accumulative investment that has yet
been presented to the American public. Few
which is paid in cash or accumu-
lated as desired, and at the end of
the term real estate profits that have
been earned during the period of the
certificate are added to it. Its cer-
tificates are specific contracts guar-
anteed by the company, and there-
fore secured by all its assets of over
a million and a half of dollars. It
limits its business to buying New York
real estate because no other security
can equal it in safety and profit:
In safety: because in its nature
such property has a substantial, re-
cognized value and assured stability
| that makes its possession virtually
the possession of the money itself,
because it is at all times the money's
full equivalent—in safer form than
in trust companies' vaults.
In profit : because the increased
value of city real estate is forced
by increased population, which in
New York and its suburbs is not
only inevitable but steady and con-
tinuous. Statistics show that values here in-
crease in double the ratio of the increase of
population ; with such an average, in favored
localities, the increase is often very much greater.





THE AMERICAN
It will be seen, therefore, that this company's
certificates being purchasable in any sum, pay-
able in installments if desired, over a period of
ten years or more, with the proceeds invested in
New York real estate, afford the best possible
means to provide for any future purpose; for the
repayment of a mortgage or loan ; to start a son
in business; to buy a home; to educate children
or furnish them with capital for any purpose; to
provide for old age. Every man owes it to
himself “to save out of his income,” or to “lay
aside out of his business,” a fixed sum yearly to
assure the independence of his later years, thus
making the present definitely provide for the
future.
Let him satisfy himself of the amount he
ought to lay by in his own interest, or the inter.
est of his family, each year, multiply this by the
number of years (Io, 15 or 20), and it will give
Our Future.
AS it ever occurred to a holder of one of
our term installment certificates that if
New York city continues only its present ratio
of growth northward, before his certificate ma-
tures there will be a million people between Park
Hill and the Harlem River, Van Cortlandt Park
will be fast assuming the character of Central
Park, population will be crowding the banks of
the Hudson River north of Spuyten Duyvel
Creek to the Westchester line, and values will
have increased about our own properties, if not
to the Harlem prices of to-day, at least to those
of Washington Heights? This requires no pro-
phetic vision : it hardly necessitates a stretch of
the imagination.
New York grows now, even
before panic effects have fairly subsided, at
the rate of sixty thousand souls a year. This
REAL ESTATE INVESTOR.
effect upon property values. Much of
Washington Heights property, which is inclu
in this area, has already risen in ten years f
less than a thousand dollars a lot, to seven, ei,
nine, and even ten thousand dollars per lot.
the history of New York what has come to p
has with unvarying certainty repeated itself. T
has been especially true for half a century w
west side values on the north and south line
the city's growth. Do you ask, Will the Am
can Real Estate Company's property appreci
in the same proportion? We answer, Inqu
for yourself. Investigate the statistics we h
furnished you from time to time during the pi
Within the map herein portrayed, you have
many facts given you as a resident of New Yº
would need to assure himself of values. Co
to New York and delve deeper still. Hunt
the lines of the city's progress for yoursell
THE CATHEDRAL OF ST. JOHN THE DIVINE.
Not alone have educators seen from afar the value of the northern portion of the city as a home for their
institutions, but the religious world is centring here some of the splendid church architecture with which New York
City is adorned. The authorities of the Episcopal Church in the Diocese of New York, as early as 1885, determined
to erect somewhere in the city the handsomest church edifice in America, and one of the handsomest in the world.
For this purpose they selected a site between 110th and 113th Streets and Morningside and Tenth Avenues, paying
for the ground alone $850,000. The building to be constructed will probably cost $6,000,000, and the spire, as seen
from the streets of Harlem, will appear higher than the Cologne Cathedral, and, with the exception of the Ulm Minster
and Eiffel Tower, will be the highest structure in the world. Work is rapidly progressing on this noble ecclesiastical
pile which will adorn the upper city.
the amount of the certificate to be subscribed
for; then say how the yearly sum shall be most
conveniently paid, quarterly, semi-annually, or
annually, and the company will forward the
certificate according to the terms desired. This
certificate is a contract between the company
and its holder. The company is incorporated
under a special charter; has a nine years' success-
ful record ; has thousands of investors the
country over, and with its thoroughly established
business, carefully defined methods, and large
experience, may be said to be only on the
threshold of its success. Its literature sets
forth in detail what can simply be hinted at in
this brief article, and will be cheerfully for-
warded on inquiry addressed to its offices,
Stewart Building, 28o Broadway. We believe
the perusal of this literature would amply repay
persons who have ever given attention to co-
operative investment, since our system above all
other things stands for that kind of co-operation
which co-operates. It is profit sharing in the
highest and best sense. Send for circulars, ,
ratio is more than maintained : it is an ever
increasing one.
We print in this edition a double page map of
Northern New York, from Grant's Tomb at 122d
Street to Park Hill on the city line, showing
topographically streets, subways, parks, park-
ways, boulevards, speedways, aqueducts, bridges,
waterways, of this great section which is being
so rapidly invaded by the army of homeseekers
who have turned their attention this way in the
past few years. This map is well worth a care-
ful perusal, since it has been compiled from
official sources, and gives in accurate form, as a
bird's-eye view can, the relation of the great im-
provements already completed or now going on
in Northern New York alone. Within this field
it is estimated there will be spent in the next
few years for public improvements alone about
seventy-five millions of dollars. This certainly
will be a low estimate if the rapid transit sums
now authorized are actually expended. Seventy-
five millions of dollars spread out in improve-
ments over any given area are bound to have an
those tongues of population that, reaching nort
ward along the great railways, mark the city
ever-expanding area by the crowded trains
daytime, and the flickering lines of lamps
night. See the millions of dollars the gre
municipality is now expending in the line of th
movement of population. See the facilities tº
great railways are constantly adding to the
equipment to care for it. Hear the clamor of th
multitude for greater and yet greater accomm
dations. Read the comments of the metr
politan press on the burning questions of tran
portation to the northern suburbs. Then a
yourself if ten to twenty years' holding of th
choicest real estate in the pathway of this gre
growth can be equaled in probable value by th
same years' earnings in any ordinary busine
venture, leaving out of the question the safe
of the enterprise.
The American Real Estate Company is n
alone holding and improving its present are
but is adding to it constantly wherever new ar
favorable sites are presented. It is particular

THE AMERICAN REAL ESTATE INVESTOR.
// tº D .5 o Av
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THE AMERICAN REAL ESTATE INVESTOR. 7
We present here with a topographical view of that great region of northern New York City between Grant's Tomb and the city line, within which are projected the most extensive improvements ever undertaken by New York or any other city on the continent, and within which likewise is the area of its most rapid development.
buying property bordering on its own holdings,
knowing that ºuch property gets the benefit of its
improvements, and, therefore, increases in value
as it grows.
Whenever a new fund is accumulated, new
purchases are made. In this way the company
is constantly strengthening itself. Its policy is
to purchase in advance of population and in large
areas, so as to get the benefit of improvements
made before the pressure of population makes
the supply of land inadequate and begets for it
a higher valuation. Lands that it has already
purchased and improved in this way have been
sold in lots at four, and even five times their
original cost. Its policy in this respect has been
more than sustained by nearly ten years of ex-
perience, and its money coming to it from a thou-
sand sources, as it does, has given it the staying
power which carried it successfully through the
financial stress of the panic from which we are
just emerging, during which hundreds of com-
panies less favorably organized were extinguished
entirely. In its assets there has been no
depreciation, since depreciation can only exist
where inflation has first prepared the way for it,
and no just man who understands the situation
will be found to admit that New York real estate
has been inflated beyond its present worth. We
purchase, therefore, in this field, with confidence
in large tracts, for cash, in favorable and avail-
able spots, where rapid transit already exists.
We concentrate capital on development until we
have made a value far above the original cost of
the purchase. We make substantial improve-
ments, giving city facilities to suburban surround-
ings. If you buy a single lot you pay single lot
prices. We buy at wholesalers' rates. If you
build a house on your own lot you increase the
value of your neighbor's lot. We are, so to speak,
our own neighbors in every instance, and, there-
fore, every lot we sell, and every house built,
helps our own locality. With millions of people
to draw upon there is little difficulty in making
a locality desirable, by exercising proper care
and watchfulness at the start, especially if you
give better facilities or equal facilities for less
money than can be gotten elsewhere. New
Yorkers never hesitate to pay the price for what
suits them. That is the investment side of our
business. As an investor, instead of buying lots,
you purchase the certificates of this company.
As elsewhere described, the company makes all
improvements on the lands, does everything
necessary to sell or rent property and increase
its value. All taxes, assessments for water,
sewers, gas, and other improvements are attended
to by it. Your share of the profit is apportioned
to your certificate, which together with the
amount paid in, and six per cent, interest on the
same, constitutes its face value at the end of the
term. This certificate in the meanwhile is re-
deemable at any time in the real estate of the
company at its full value.
New York’s Greatness.
SOME STARTLING FIGURES.
HE stability of New York is evidenced
in the wonderful steadiness maintained
in its real estate values through the recent
panic. This is because the interests of man-
kind centre more largely here than any-
where else on the American continent. There
is no business in the land, of any pretentions
above a local character, that does not have an
office in New York, while up and down the
Island are scattered representatives of the
mighty foreign houses that trade with the ends
of the earth. Here are the nuclei of large col-
onies of Germans, French, English, Italians,
Scandinavians, Portuguese, Russians, Chinese,
living in separate quarters, and making those
districts as distinctly foreign as are the capital
cities of their own countries. Here also the
active American brain finds its most complete
development, and the earnest and ambitious are
recruited from 70,0coooo of people to yet further
increase the wonderful impetus already devel-
oped in the capital city of the Western world.
What will a quarter of a century more of such
resistless energy and stupendous hiving bring us?
From a real estate point of view every one of
these added families and resources brings addi-
tional value to every foot of the already over-
crowded Island. The old residence quarters
were absorbed long ago by the tenements that
contain this plethoric population, and business
men and their families continue to stream to the
suburbs, which are becoming in consequence
cities of homes. The new residence quarters
are being lapped up mile after mile in response
to the demand of commercial necessities, which
more and more loudly, year by year, cry for
room room The map of New York changes
annually with a rapidity that confounds the
The study of this region, we believe, offers the investor a more promising field for money getting and money making than Klondike.
geographer, and a swiftness that only the daily
newspaper pretends to chronicle. In all this
turmoil of changes for a hundred years, values
have continuously increased, until recent real
estate sales have chronicled prices that London
itself does not equal in its most favored and
precious centres.
The recent consolidation with neighboring
municipalities into the second city of mankind,
has led the New York World into some interest-
ing comparisons: -
“The total assessed valuation of Greater
New York is $2,689, ooo, ooo. Whether the eye
rests on that row of ten figures, or whether it
falls upon the ear as two thousand six hundred
and eighty-nine millions of dollars, the net im-
pression on the mind is simply one of undefined
vastness. It is vaguely grand. It is too large
a statement to be intellectually digested.
Comparing that huge total of wealth—
2,689 millions—with some other totals of wealth
helps us greatly to ‘size up the richness of
Father Knickerbocker's Klondike. For exam-
ple, if Greater New York were set off by itself as
a separate State, it would be the wealthiest State
in the Union, without a single exception. The
rating in wealth of the six leading States, as-
suming Greater New York to be a sovereign
State instead of a municipality, would be as
follows:
Greater New York. . . . . . . . . . . . . $2,689, ooo, ooo
Pennsylvania. . . . . . . . . . . . . . . . . . 2,659,796,909
Massachusetts. . . . . . ----------- 2,154,134,62o
Ohio. . . . . . . . . . . . . . . . . . . . . . . . . 1,778,138,477
California. . . . . . . . . . . . . . . . . . . . . I, IoI, 136,431
New York (excluding Greater
New York). . . . . . . . . . . . . . . . . . 1,096,91o,313
It thus appears that in the item of wealth and
property, the protection and just taxation
whereof are among the prime objects of civil-
ized government, the consolidated City of New
York, set apart by itself as a State, would out-
rank every State in the Union. The entire tax-
able wealth of any of the great States of Penn-
sylvania, Massachusetts, Ohio, or California, is
not equal to the taxable wealth of Greater New
York.
EXCEEDS GROUPS OF STATES.
Another comparison suggests itself. The as-
sessed valuations of all the States in the South
Atlantic group of States added together (in-
cluding the District of Columbia), do not make
t
:
-
º
a total equal to the assessed valuation of our
consolidated city. Those States are Delaware,
Maryland, District of Columbia, Virginia, West
Virginia, North Carolina, South Carolina,
Georgia, and Florida. Their combined total
assessed valuations aggregate $2,315,070,760,
which is $373, oooooo less than the assessed
valuation of Greater New York.
The South Central group of States, including
Kentucky, Tennessee, Alabama, Mississippi,
Louisiana, Texas, and Arkansas, has a grand
total of assessed wealth represented by the
figures $2,546,065,973. Greater New York's
assessed wealth outweighs their combined total
by $143, ooo, ooo.
The Western division of States, comprising
California, Oregon, Washington, Idaho, Nevada,
Utah, Arizona, New Mexico, Colorado, Wyo-
ming, and Montana, shows a grand total of
assessed valuation of $2,079,289,729, which is
more than $600,ooo, ooo less than the assessed
wealth of our new metropolis.
Here, then, we have the fact that of the five
great divisions, or groups, of States, by which
the Union is geographically classified and
known, three of them—the South Atlantic, the
South Central, and the Western groups—have
each less property subject to taxation than the
single community of Greater New York.
In other words, the wealth available for tax
levies in our consolidated city is equal to all the
wealth of the nine States of the South Atlantic
group; equal to all the wealth of the seven
States of the South Central group, and equal to
all the wealth of the eleven States and Territories
of the Western group.
ONE-TENTH OF THE UNION.
To sum up these comparisons with a national
comparison, the total assessed valuation of all
the States and Territories of the Union
(1890) is $25,425,8o3,485. Greater New York's
$2,689, ooo, ooo is more than one-tenth of the
assessed wealth of the entire nation.
The next feature in the survey of Father
Knickerbocker's Klondike that arrests attention
is the size of the mortgage on it—his debts.
Debts measure the wealth of a community
equally as well as valuation, for loans are not
made except on full security for repayment.
Greater New York's consolidated municipal
debts will aggregate very nearly $175,000,ooo.
The State debts of all the States of the North
Atlantic group, including the State of New
York itself, all the New England States and
New Jersey, aggregate $25,000,ooo-only one-
fifth part of Father Knickerbocker's consoli-
dated debt.
The State debts of all the States of the South
Atlantic group, including the States named
above, aggregate less than $90,0co, ooo-only a
little more than one-half of Greater New York's
debt.
If to the total of all the State debts of all the
South Atlantic States you add all the State
debts of the North Central division, which in-
cludes the States of Ohio, Indiana, Illinois,
Michigan, Wisconsin, Minnesota, Iowa, Missouri,
the Dakotas, Nebraska, and Kansas, the grand
aggregate debt of the twenty-one States em-
braced in the two divisions is $131,000,ooo,
roundly stated. Greater New York's debt is
$175,000, coo-$44,000,ooo in excess of the
combined debts of twenty-one sovereign States.
Add the $25,000,ooo of State debts owed by
the North Atlantic group, and the grand aggre-
gate of the debts of twenty nine States is
$156,ooo, ooo. Father Knickerbocker is thus
seen to carry a burden of debt equal to the
burden of all the debts carried by a clear
majority of all the States of the Union rolled
into one. There must, indeed, be a Klondike
gold field of wealth within the limits of the
enlarged metropolis to sustain that mortgage.
will spenD $300,ooo, ooo.
The next item in the inventory of this mam-
moth municipality, considered as a gold mine,
is its annual expenditures. It will spend
$75,000,ooo a year. During the four years'
term of its first Mayor it will raise by taxation
and spend $300,ooo, ooo.
What does $300,ooo, ooo mean It has an
indefinitely large sound as it rolls off the tongue
-three hundred millions—but who gets any
distinct idea from it? Again, the comparative
method of measuring things is useful.
The net ordinary expenditures of the National
Government for every purpose, including the
support of the army, the navy, the judiciary, the
post office, the pension roll, with its nearly
1,ooo, ooo pensioners, and every other kind of
expenditure, footed up, for 1896, to $352,179,440.
Within the official term of the first Mayor of
Greater New York there will be raised by taxa-
tion from its 3,coo, ooo people and spent, an
amount equal to the entire annual tax levy of
the nation if one item only be omitted—the
$35,000,ooo interest on the public debt.
The total yearly Federal expenditures, dis-
tributed among 7o,ooo, ooo people, require a tax
of about $5 per capita. The annual expendi-
tures of Greater New York, $75,Coo, ooo, borne
by 3,000,oco people, will require a per capita
tax of $25. In other words, every voter of
Greater New York will find his income taxed by
his city government five times as heavily as it is
taxed by his National Government.
The total expenditures of the United States
for its army and navy amounted last year to
about $68,500,ooo. The local government of
the consolidated city will spend $7,000,ooo
more each year than is annually paid for all the
national defenses by land and sea, including
the pay rolls of over 30,000 officers and enlisted
men.
The annual expenditures of the Post Office
Department, covering the entire mail service,
inclusive of postmasters' salaries and the letter-
carriers' pay-rolls in every city, town, and vil.
lage, from the Atlantic to the Pacific, and from
Alaska to the Gulf, is $94, ooo, ooo. Greater
New York's tax levy during its first Mayor's
term will be equal to more than three years'
total expenditure for the postal service of the
whole country.
MORE THAN THE TARIFF YLELDs.
The tariff, talked of as the prime source of
the nation's revenue, as it is, yields about
$160,000,ooo a year. Under their first Mayor
the people of the consolidated city will pay
twice as much in taxation as the aggregate
yearly receipts from every custom-house in the
land.
The internal revenue receipts of the National
Treasury, gathered from every internal revenue
collection district between the two oceans, is
about $147,oooooo a year. In one Mayor's
term the taxpayers of the new metropolis will
pay into their city treasury more than twice as
much.
Think of $300,ooo, ooo-the sum to be col-
lected in city taxes and spent for city purposes
during the first Mayor's term—and what it
would do
It would pay off more than a third of the big
national debt of $847,oooooo. It would pay
for the entire wheat crop of the country, at its


i
8 THE AMERICAN REAL ESTATE INVESTOR.
1896 value, which was $230,000,ooo, and leave
$70,000,ooo over.
Talk of Klondike and its gold ' Why, the
total value of the gold produced by all the
mines in the world in 1895 was only $203,000,ooo!
Greater New York's taxpayers will pay $1oo,-
ooo, ooo more gold than that into the city
treasury during the term of the Mayor to be
chosen next November.
The business news of the day is full of the
ozone of hopeful feeling, because of the golden
grain that is being rushed from the Western
harvest fields to the seaboard, and thence to
Europe to tip the scales of international trade in
our favor, and bring us back gold. But even
the crops and their enormous values are over-
shadowed by the golden output of Father
Knickerbocker's consolidated municipal mine.
That $300,ooo, coo of municipal revenue to
be collected and spent in four years not only
pended for local purposes under the successor
of Mayor Strong.
The total output of all the coal mines in the
United States—anthracite and bituminous—last
year was less than $200,ooo, ooo; not two-thirds
of the value to be taken from the pockets of
Greater New York's taxpayers within the next
Mayor's term.
The total net earnings of all the railroads in
the country for 1895 were but slightly in excess
of the $300,ooo, ooo which the consolidated
city's departments will spend during its first
Mayoralty.
The city tax collectors will take up from the
people of the enlarged metropolis in the course
of a Mayor's term $40,000,ooo more than all the
money collected in passenger fares for a year on
all the railroad lines in the United States.
The total valuation of all the farms of the
State of New Jersey is $159,000,ooo. The first
miners are on hand with their picks, shovels,
pans, and sluice-boxes. It is truly a great find.”
We have used these quotations to show the
stupendous wealth and power of the field in
which the American Real Estate Company is
to-day operating – a wealth and power that
alone insures steadiness and stability beyond
any other field in the world, not even excepting
London itself, because to its wealth and power
New York adds the activities of a new world,
backed by a single, great, and enduring nation-
ality, of which it alone is the commanding
centre in wealth and producing powers, in arts
and sciences, in commerce and trade. London
draws from many peoples not in sympathy with
herself, and the jealous watchfulness of Europe
is fast disputing the commercial supremacy of
England in many fields, which is bound to affect
her commercial capital. This can never be the
case with the United States or its commercial
-
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E II III. I. T.
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ST. LUKE'S HOSPITAL.
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T
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Not alone education and religion have made acknowledgment of the certainty of values north of Central Park
by putting their heavily endowed institutions there, but charity has erected in St. Luke's Hospital, on West 113th
Street, one of the most magnificent monuments to its good will that exists on the earth. Over two millions of dollars
has been spent in the construction alone of this great benefaction, which maintains the highest kind of scientific
work in the most beautiful and homelike of hospitals, and seeks not to know either race, creed, or previous condition.
surpasses the value of the gigantic wheat crop
of the United States, but it outweighs 2 to 1
the value of the entire oat crop of the country.
Corn is the only cereal crop whose annual
value is in excess of Greater New York's quad-
rennial tax levy, and the latter is equivalent in
value to more than one-half of the corn crops of
all the farming States added together.
The total value to the farmers of the entire
cotton crop of the United States for 1896 was
$269,000,ooo. Greater New York's local
government will collect and spend $30,0coooo
more under its coming Mayor than the price of
all the cotton raised in the Southern States. It
will collect and spend $13,000,ooo more every
year than the value of the enormous annual
yield of the petroleum oil fields of the United
States ($62, ooo, ooo).
son E STARTLING COMPARISONS.
The value of all the milch cows in the country
in 1896 was not quite $264.o.o.o.o.o.o. That is
$36,ooo, ooo less than will be levied and ex-
-
Mayor of the greater metropolis will preside
over the outlay of nearly twice as much money,
raised by city taxation.
Even the colossal expenditures of Great
Britain upon her navy, with which she patrols
every ocean highway, and upon her army,
whose drum-beat, as Daniel Webster said,
“circles the globe," are not great by comparison
with Greater New York's quadrennial tax levy.
The total annual cost of maintaining the British
army and navy, and of all the defenses of the
world-scattered empire of Victoria, is just about
$200,ooo, ooo. Father Knickerbocker's amplified
town will spend $1.co, ooo.o.o.o more than that
within the compass of his first Chief Magistrate's
administration.
After all, Klondike and its treasures are not
nearly so substantial and imposing as the golden
stream that will pour into and out of the treasury
of Greater New York. The richest municipal
bonanza mine the New World has ever seen is
the one to be opened in 1898 right here on Man-
hattan Island. No wonder the political placer
capital, New York. It is self reliant, inde-
pendent, and mistress of a future such as the
world has never witnessed in any centre of
human industry and human effort.
Facts About Greater New
York.
REATER NEW YORK has an area of 196,-
8co acres (30.7% square miles), and a
population of 3,35oooo.
About 540, ooo voters will, this fall, cast their
votes for the first Mayor of the future greatest
city of the world.
The assessed valuation of Greater New York
is $2,689, oooooo. Its aggregated debt is about
$175, ooo, ooo. Its annual expenditures will ex-
ceed $75,Coo, ooo a year.
Greater New York alone is richer than any
State in the Union. Pennsylvania, with all its
mineral wealth and its teeming cities, including
Philadelphia, being a fairly good second.
Greater New York's voters are one-third na-




















THE AMERICAN REAL ESTATE INVESTOR. 9
|tive-born of native or partly native parentage,
one-third foreign-born, and one-third native-
born of foreign parents.
New York is the greatest natural seaport in
the world. London and Paris are inland towns,
the latter inaccessible to ocean steamers.
Greater New York has incomparably the finest
scenery of the world's great cities. Its climate is
better than London's, and its death rate is rapidly
falling to the London level. It is a good place
to live in.
New York is incomparably the biggest manu-
facturing city of the country, having a billion
dollars invested in factories which produce an:
nually $1,000,ooo, ooo of products.
New York has a greater tonnage than all the
other American seaports. Its 7,ooo, ooo annual
tonnage carries over $1,000,ooo, ooo of exports
and imports. This year the sum is largely in
excess of that.
There are roo, ooo arrests each year for intoxi-
cation and disorderly conduct.
One thousand one hundred and eighty-six
places of worship are in Greater New York.
Receipts of the theatres and music halls are
$2,500,ooo a year.
There are 125 miles of wharfage along the
water front. -
Three thousand people meet violent deaths
each year, exclusive of suicides.
The United States owns $40,000,ooo worth of
property there. -
Thirty-four fires occur each week in Greater
New York.
There are 712 newspapers.
Twenty-four thousand more women than men
offer inducements for settling in the greater city.
The public debt will be about $66 per capita.
One out of every 200 families seeks relief from
organized charity.
with the finest fishing grounds, the city with the
greatest variety of wild animals and birds living
in their natural state, the city with the finest
and greatest extent of oyster beds.
Stretch its surface and elevated roads in a
line, and they would reach far beyond Chicago.
The elevated roads alone would extend beyond
Albany. It is 143 miles to Albany, and there
are 156 miles of elevated tracks.
It paid $5,800,ooo in State taxes last year and
$64,000,ooo for local government.
The city is thirty-five mills long as the crow
flies, and nineteen miles wide at it widest point.
Two hundred and fifty thousand strangers
come into the city every day, except Sunday.
Placed shoulder to shoulder, all the inhabi-
tants of the city would stretch a thousand miles
across the country. Two by two, they would
extend along the New York Central tracks to
Niagara Falls.
|
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GRANT’S TOMB.
--
- -
- -
At 122d Street, between Riverside Park and Morningside Heights, stands the commanding tomb of the greatest
General of modern times. In the selection of a spot for the burial of this distinguished American many other localities
were suggested, but none met with such favor from his family or friends as did this enchanting spot overlooking the
Hudson River and in the heart of the northern growth of the city. Already the city is closing in around the
soldier's mausoleum, vindicating the judgment of those who contributed to the monument on this valuable plot of
ground, which even now has an intrinsic value so great as to insure its permanence forever.
In wholesale and retail trade, New York's
“turn over” is estimated by experts to aggregate
$40,000,ooo, ooo per year.
New York is the financial centre of every
important industry in the country.
New York's public schools alone will enroll
half a million pupils. Its annual expenditure
forschools will be $10,000,ooo, against $170, oco,
ooo for the entire country.
New York eats 14,8oo,ooo pounds of beef in
a week, and 75,000,ooo pounds of fish in a year.
New York's hotels and boarding-houses can
accommodate 1, ooo, ooo guests and strangers.
New York's workingmen deposit $3,0coooo
per week in the savings banks.
Greater New York contains 167,ooo buildings,
of which 130,000 are residences.
There are 1,300 miles of streets and 7oo miles
of sewers in Greater New York.
Four hundred million gallons of water are
daily consumed.
The people of the greater city annually con-
sume Io,200,ooo gallons of ale, beer, and porter.
At the present ratio of increase the population
should be 20, ooo, ooo in 1946.
A child is born every nine minutes. A human
being dies every ten and a half minutes.
There are 40,000 registered vehicles.
One hundred and sixty-six banking houses are
in business.
There are 4,500 acres of public parks.
These facts make Greater New York more im-
portant and interesting :
The second city in area, the second city in
population, the city with the greatest length of
railroads, the city with the greatest number of
ferries, the city with the greatest amount of
wharfage for commerce, the city with the great-
estwarehouse capacity, the greatest manufactur-
ing city, the city with the greatest number of
office buildings and offices, the city with the
greatest area of public parks, the city with the
greatest area of primitive forests, the city with
the best summer resorts, the city with the great-
est length of cobble-stone pavements, the city
with the greatest length of dirt roads, the city
Its real estate could not be bought for
$5,000,ooo, ooo. Its personal property aggre-
gates an equal sum in value.
It will interest bicyclers to learn that there
are 10o miles of asphalt pavements.
The ocean plays on the greater city's shores.
Of all the cities on the earth Greater New
York is second only to London. The popu-
lation of London is 4,231,0co; of Greater New
York, 3, 1oo, ooo.
The total foreign commerce at the port of
Greater New York in 1896 was $1,039,364,216,
and of all other ports in the United States,
$1,897,585,480.
Greater New York has a standing army of
public safety consisting of 6,889 policemen and
2,167 paid firemen.
The National Guard quartered within the
city limits numbers more than 7,ooo men.
Its greatest length is thirty-five miles, from
Mount St. Vincent to Tottenville. London's area
is 688 square miles; New York's less than half.
Greater New York has 35o public schools,




10
º
HIGH
THE
AMERICAN REAL ESTATE INVESTOR.
THE TOWN OF NOGOOD.
“My friend, have you heard of the town of
Nogood,
On the banks of the River Slow,
Where blooms the Waitawhile flower fair,
Where the Sometimeorother scents the air,
And the soft Goeasies grow 2
.
ºr It lies in the valley of Whatstheuse,
º
In the province of Letherslide;
* ºil ºf - - - -
| Thattiredfeeling is native there,
It's the home of the reckless Idon'tcare,
Where the Giveitups abide.
It stands at the bottom of Lazy Hill,
And is easy to reach, I declare:
You've only to fold up your hands, and glide
Down the slope of Weak will's toboggan slide,
To be landed quickly there.
The town is as old as the human race,
And it grows with the flight of years.
It is wrapped in the fog of idlers' dreams;
-
Its streets are paved with discarded schemes
BRIDGE, And sprinkled with useless tears.
Northern New York.
We present on this page two of the great structures which span the Harlem River and connect the opposite
shores for different purposes. High Bridge, at 176th Street, carries the old Croton Aqueduct across the river and
It is 1,460 feet from bluff to bluff.
Over it passes much of the daily water supply of the city.
valley at that point.
neering skill of a half century ago.
which are attended by 202,961 scholars, and in
which 7,464 teachers are employed. It has
authority from the State to spend $16,ooo, oco
on new schools.
Its official pay roll contains 33,113 names. If
this does not convey something to the mind,
perhaps the statement that its annual output in
salaries is $33,769,000 will.
Greater New York has within its limits eighty-
nine public libraries, and is about to expend
$2,500,ooo on another.
It has 264 asylums and hospitals for the
sick and unfortunate.
The Collegebredfool and the Richman's heir
Are plentiful there, no doubt;
The highest arch is 116 feet above high water mark. The rest of its crowd are a motley crew,
It is a monument in stone to the energy and engi- With every class except one in view—
The Foolkiller is barred out.
In New York at this very minute there are The town of Nogood is all hedged about
2, or 8 women paper-box makers, 4,233 women
cotton and other textile mill operatives, 22,416
women dressmakers, 2,574 women milliners,
2,516 women printers, engravers and binders,
8,126 seamstresses, 1,623 women sewing-machine
By the Mountains of Despair.
No sentinel stands on its gloomy walls,
No trumpet to battle and triumph calls,
For cowards alone are there.
operators, 1,520 women shirt, collar and cuff
makers, 5,759 tailoresses, 4,975 women tobacco
and cigar makers, 1,479 women messengers and
My friend, from the dead-alive town Nogood
If you would keep far away,
Just follow your duty through good and ill,
porters, and 1,497 women lace and embroidery Take this for your motto, ‘I can, I will,’
makers. And live up to it each day.”
—WILLIAM EDWARD PENNY.
Within its borders are 438 hotels and
11,961 saloons.
It has 1, roo churches, so that the saloons
outnumber the churches more than ten to
One.
There are in Greater New York 123
banks of deposit and 46 banks for savings.
The mileage of surface railways is 1,040.
Fourteen great railway systems centre in
Greater New York.
The park area is 6,500 acres.
There are at least a dozen political
parties and factions and two great political
“bosses" in the city.
The city has about forty cemeteries.
Of the thirty-four Representatives in
Congress for the State, the city will have
fifteen.
There are in New York at the present
moment 1,279 women musicians and
teachers of music, and 4,583 women profess-
ors and school teachers.
In New York now there are 1,569 women
hotel keepers and boarding-house keepers,
1,985 women housekeepers and steward-
esses, 8,326 laundresses, 3,253 nurses and
midwives, 1,787 women makers of artificial
flowers, 62,394 women servants in house-
holds, 1,679 women bookkeepers and ac-
countants, 2,976 women clerks and copy-
ists, 2,404 women merchants and dealers,
9,053 saleswomen, and 1,513 women steno-
graphers.
- a sº * * * * * ** "A"
Fºr ºf
-
Fºr ºr "
WASHINGTON BRIDGE,
Northern New York.
While High Bridge carries a portion of the water supply into the great city, Washington Bridge, at 181st
Street, offers a thoroughfare eighty feet in width, connecting the built up portions of upper New York with the parks
and suburban sections beyond. This bridge was constructed as one of the highways over which the great overflow
could go forward to the north. It was completed in 1889 at a cost of $2,700,000, and is one of the handsomest
pieces of masonry on the continent. The view from it is superb, taking in the city upon one side, and the annexed
district upon the other.





THE AMERICAN REAL ESTATE INVESTOR.
SOME RECENT PARK HILL HOMES.
1. MRs. E. A. ALLING. 3. MRs. E. P. YERGENs. 5. Geo. Eustis Robertson, Esq. 7.
Col. Chas. S. Diput. º.
2. A. E. PAILLARD, ESQ. 4. JNo. J. CoRook AN, Esq. 6. MRS. THEo, R. Varick.
* Hill Cººr.”
8. Morris R. Poucher, Esq.

THE AMERICAN REAL ESTATE INVESTOR.
*Aqſo ſox aaa N oſ uoſ, ejºj siſ ºuſaoqs
*VHS GIH.L. O.L. （ITIH XI RIVA IN ORIH

- Founded ass. -
Assets, January 1, 1897, . . . $1,555,407.00
*
emºemme
Capital Combined. .
Real Estate Developed.
Profits Divided. tº
THE SAFEST AND BEST METHOD OF REAL
ESTATE INVESTMENT.
American Real Estate Company,
- 280 BROADWAY, NEW YORK.
). - -
- DIRECTORS. }
EDw1N K. MARTIN, . . . º . . . . º . President
IDY ER B. Hol.MFs, - • º . . . e • . . Vice-President
GEorge J. ORD, . º * . . . * e * . Secretary
FRANK M., SMITH, . & * w . . . . © . 48 Wall Street
WM. H. Chickering, .. • . . . . . . º San Francisco
Geo. Eustis Robertson, • * * * * * * Assistant Secretary
M. N. Johnson, . . . * • Manager Metropolitan Agency
- AGENCIES.
Providence, Banigan Building.
Boston, Tremont Building.
‘. . . CHICAGo, The Temple. -
- St. Louis, Century Building.
SAN FRANcisco, 307 California St.
Detroit, Majestic Building, John W. Sutherland, Manager.
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