t‘a‘ Era a EIGHT J i A . “can avnnm‘b , .m. i .- .su .. "dim n—so. ' w... wax. ; s NO A. mason, auoosr 4.19 25... A" Frenzied Buying of Real Estate Vi FURNITUB E STARTS THUR DAY, All "ST 6, 1925 ST. ; Continues at Rockaway, L. l. NEW YORK. Aug. '4.-Ali records were smashed yesterday in the sud- den boom of Rockaway real estate, which began two weeks ago. and at . '10 o'clock last night leading realty men termed the situation a “runa- way market." and said there was nothing on which to base sound esti- . tee of value. uuhifiiiiions have been made on paper since the boom started, and many parcels of property changed hands several times yesterday. each- saie 1' scoring a profit for a speculator. The comparatively poor 9W9". of ER real estate'who made a few thou- first week are said to ' ‘ now out of the market and the ad buying 'and gelling is' by fren- ‘sied idea and women who are deal- ’ M'erket. a late hour last night a. crow t . at 4,000 shrgegman 21:6 w ‘ ndnear Edgemere on. - .. i '3 $1“- on the sidewalks and on [gauze-d. Men and women we? run- " around holding deeds so con- nausea ln‘their bands. lawyers at 2:: i ‘ ' as or o “bio". shouting out pric . . " island more milled about i the n the raiiroad station m grg. Men carried , . “A" in the the street, wrote their checks on the backs of clerks who were carrying brief cases loaded with contracts and deeds. Everybody seemed determin- ed to buy and sell in a hurry. with no thought of holding the property. There was a frank admission on every hand that in the boom there was no time to stop and think of values. Values Lost Sight of. "What about values at 130th Street and the beach '3" a man asked one realty dealer. “Values? What are values now?" answered the real estate man. “We don't know anything about values. A butcher or a carpenter knows as much about values as a real estate man. All we know is prices, prices. and higher prices. I don't know when it will end or why it started. except that the new boardwalk is a certainty, as is the new boulevard from Brooklyn. Real estate has been underpriced down here and now something has happened ot it. That's all.” One noticbablo feature of the boom is that men close to the Democratic organisations of Queens and Brook- lyn are making largo fortunes and appear to have been in on the ground floor. Algernon 1. Nova. _ ‘ ‘ PHONE 256‘ the Kings County Democratic organ. ization and one of the closest friends of John H. MoCooey, is one of the most active operators in t section and is reported to have ma several hundred thousand dollars. Nova in on Park Inn Deal. Nova was the partner of Al Cohen, a. former police captain, in the owns crship of the Park Inn. at 116th Street and the boardwalk. In that deal alone he is reported to have paid 8130,000 for the property. Real estate men say that Nova and Cohen‘ refused 8465.000 for it in the first rumbling of 'the boomfland later sold it to a Philadelphia syndicate, which is now holding it at 8800.000. The man credited with. being the largest single operator in the market is lsaac Zaret. who yesterday admit- ted that he bought the O'Donohue Park property of thirty-eight acres on Saturday for 81.600.000. "Irefused 82,600,000 for the prop- erty today." Mr. Zaret said. "and un- less I sell it in a day or two I will hold it until I can properly improve. it. I will make millions on that property if I decide to hold it. but. of course. I like to buy and sell quickly." Zaret. a. slender. calm little man. sat in his office at Edgemere last night closing deal after deal while a throng of fifty clamored- at his door Kto buy or sell. He bought the Rein- hardt estate last week for “60,000 and sold it for 8700.000": two days. Yesterday afternoon he bought seven gregate price of 8650.000. While he was tlaking to a newspaper man last night a man rushed in with an offer to buy one of the parcels. He heard the price and said. he would run down to see the property and wanted it held. “Take it blind like I did or it won't be hero when you get back." said Zaret. Stamford Child Is I Drowned in Canal STAMFORD. Aug. 4.—Valenune Lepinski. nine. son of Jeremiar Le- pinski. 168 Ludlowe street. Iwas drowned yesterday afternoon in the Canal at the foot of Ludlowe street. The boy could not swim and had been bathing with other children in the shallow water near the shore. He started to walk farther out than the others and slipped into water ten feet deep. He cried for help the first time he came up. but went down twice more without a murmur. The crowd of children with whom he had been bathing gave a warning about the water front. which attracted the attention of Joseph Henry and Joseph Larkin employee of the Beer Brothers fac- tory. ' . The two men ran over to the scene and taking off their clothes brought the body of the child to the shore. It had then been in the water about 15 minutes. The body was taken to the Stamford hospital in the police department ambu- , my.“ fountain Pm 1“ chairman of the law committee of parcels on the boulevard for an ag- med. NEW HAVEN R. R. WILL NOTISSUE REBATE ‘ surs “ NEW YORK. Aug. 4 (AP).-—It was indicated yesterday when offi- cials of the New York, New Haven and Hartford Railroad met to as. side what action will be taken on Supreme Court‘ Justice Tompkins' order in the ’commutation rate fight that the railroad will not issue re. bate slips to commuters. 0n action brought by represents- tives of New York State commuters who would have to pay a 40 per cent. increase under the receht rul- ing of the New York State Public Service Commission. Justice Tomp- kins said uniess the railroad issued rebate slips to commuters, he would grant a temporary injunction against the increase. If thin railroad refuses to issue the rebate slips and the temporary in- junction is put into effect ‘pending rehearing of the case by the Public Service Commission. the commut- ers' organisations who are resist- ing the fare raise wii have to post a 812.000 bond to p tect the rail- road against pomme losses. a HEN CABINETS 91, Darien Man 'Calls Whiskey a Benefit Judiclous use of whiskey as a stim- ulant is one of the causes given by Nathan Douchy of Daricn to ac- count for his longevity. Mr. Douchy. grand Juror of the town for a number of years. cele- brated his ninety-first birthday Sun- day and he is still an extraordinarily active man. He gets about freely and can read without the use of eye- glasses. "Yes." he said today. “I have al- ways used whiskcy in moderation. and I believe that the stimulant has helped me to keep going. I have smoked a lot. too. and I really think that has benefited my health. Waik- ing has been my principal exercise for a number of years. Whiskey, walking and smoking is my recipe for all who would live long." Mr. Douchy was born in Troy. N. 1.. on August 2. 1834. He has been a resident of Daricn since 1860. In 1900 and 1010 he took' the cen- sus of the town. 0! late years he has been spending his winters in Troy. He is the son of Sarah Eliza- beth Weed. a native of Daricn. and Charles Douchy. descended from the Huguenots. For a. number. of years Mr. Douchy was a lumber salesman. He retired from active business at the age of 65. When he was grand juror, he pros- ccuted many cases in the Darien Jus- tics of the peace courts. SEMI-ANNUAL GEVINE 3 FURNITURE CO. . OPP. PALACE THEATRE DRY DIRECTOR IS RELIEVED OF ALL HIS POWER WASHINGTON, Aug. 4 (AP).— Dry enforcement today was ordered to be taken definitely out of . the hands of Prohibition Commissioner Roy A. Haynes. who. after Septem- her 1. will not only in an advisory capacity to Assistant Secretary of the Treasury. Commissioner Blair of the Inter. nal Revenue Bureau. who has juris- diction over the prohibition unit. signed the decree which stripped the present enforcement headquarters of its major powers. , The order. which had been fore- cast. will carry out the Treasury's plans for a new lineup when the prohibition re-organization plan goes into effect the first of next month. Nearly all of the duties of Mr. Haynes' office will devolve upon the 24 prohibition administrators to be appointed and who will have head- quarters in various sections of the country. At the prohibition unit here. where it was conceded that the commissioner's enforcement powers _would be taken away. it was said that Mr. Haynes would find pients' A b % Stamford Press Must Vacate Its Building BRIDGEPORT, Aug. 4.—The Stamford Press. Inc., publishers of the Stamford Sentinel, which sues» Dendcd publication in May. is dig rooted to vacate its premises in Stamford in favor of Erwin M. Jen- nines, Bridgeport. in a. decision filed in the United States District Court yesterday by Federal Judge Edwlii. Thomas. ‘ ; The Prods Company has a six years' lease on a building owned by Jennings. who, in consideration ' obtaining immediate possession my the opening of an automobile ogenQ- in Stamford. agrees to waive righ . of suit for breach of lease. bac_ rental. which is due. and to return a; 8500 check. presented in part pay. ment of rent. i The petition requesting Receiver Frank Rich to vacate was opposed by his counsel. The Press Compun suspended operations following th" filing of an involuntary petition if! bankruptcy. but no adjudication of bankruptcy was handed down. th" company declaring it was solvcnq At the hearing before Judge Thom “ however. it was stated ,ihe assets di . not exceed 810.000 in comparison? with debts of 860.000. ‘r J i I of work to occupy his time. The nail ture of the work was not disclosed. i .
Norwalk Chronicler