OCR Text |
Show THE PROSPERITY OF CHURCHES. Valuable Property Owned by Denominations Denomi-nations In Cities. The marvelous business development develop-ment of our largo cities hns brought a new element Into tho problem of tho down town church. Such churches find that there aro what Emerson called "compensations." Whllo they aro often worrlod over tho loss of Income-producing members, they And thomselves In tho possession of a valuablo property; and the question Is what to do with It. Within a year or two a number of these churches havo had to determine deter-mine their policy In the light of their opportunities as owners of valuable real estate. Tho example of the Broadway Tabernaclo Is still fresh In mind. That church sold Its corner for $1,360,000. A moro recent sale, not quite so large In amount, but Involving In-volving an even moro historic site, was that of tho Park street church. In Boston, which obtained $1,000,000 In round numbers for Its property. The Madison Square Presbyterian church obtains a site for Its new church across the street from Its present location and a bonus of $325,000. Tho first Presbyterian church of Pittsburg has a valuable site down town In the heart of tho business district dis-trict It was offered n large sum of money for this site outright, but preferred pre-ferred to accept. In lieu of such a sale, a ground rent of $30,000 a year on a lease for 999 years, plus a cash bonus of $150,000. The Second Presbyterian church of Pittsburg has been offered $435,000 for Its present site, and expects to get a full million dollars for It. The proposition propo-sition now Is to add something like $300,000 to this, and with this sum erect on an adjacent site a structure which will Include a secular and commercial com-mercial feature, as well as provide accommodations ac-commodations for a well-organized church. Church Economist. |