300





ItECORD   AM)   GUIDE





September 8, 1917





VB%. REAL   ESTATE                   ^P^)   BUILDERS

|^ig®ii-C|iiPi«

Devoted to Real Estate

Building Construction anil BuUdingManagement

in the Metropolitan District

Founded March 21.1868, by CLINTON W. SWEET

Published Every Saturday

By THE RECORD AND GUIDE CO.

F. T. MILLER, President
J. W. FRANK, Scc'ctary A Treasurer

119 West 40tli Street, New York

(Telephone. 4800 Bryanu)

"Entered at the Post  Office at New York, K. 1'., as
second-class matter."

Copyrifiht, 1917. by The Record and Guide Co.

TABLE OF CONTENTS

(Section  One)

New Standard Fire Insurance Policy.......295

The July Labor Market in New York State.  296

City Authorities Must Decrease Budget.....297

Bronx  Board  of Trade Names Delegates to

Convention   .............................297

Legal Notes Affecting ReaUy...............298

Subways  in  the  East   Bronx...............298

Consumers Must Reduce Coal Requirements. 299

Greenpoint Barge Canal Terminal..........  2!)9

-Editorials    ................................ 300

Query    Department........................ 301

Real  Estate  Review........................  302

New Catholic Church on  Sherman  Square. . 311

Building Material  Market.................. 310

Classified  Buyers'  Guide................... 321

Current Building  Operations............... 310

Departmental    Rulings.....................  320

Leases    ...................................  305

Personal   and  Trade Notes.................  312

Private Sales of the Week.................  303

Real   Estate Notes.........................308

Statistical Table of the Week..............   309

Trade and Technical Society Events........  319

Wholesale Material Market................. 311





Are you saving your money to invest
in the Second Issue of the Liberty
Loan?





Real estate interests in the entire
Gowanus section of Brooklyn are an¬
ticipating the creation of a new com¬
mercial center in that section of the city
as a result of the completion of work
on the Erie Basin, the new transfer ter¬
minal of the State Barge Canal.





"Price readjustments evidently in an¬
ticipation of Governmental control dom¬
inate the iron and steel markets," states
Bradstreets, "the crest point in prices
touched in the middle of July having un¬
dergone marked shadings the past three
or four weeks, but withal, the mills are
so far booked ahead that the current sit¬
uation  is accepted with  equanimity."





The agitation for proper safeguarding
of the records of the titles to real prop¬
erty on Manhattan Inland should be
continued until suitable facilities are af¬
forded for the maintenance of duplicate
records. When fires like those in the
old Equitable Building and in the Capi¬
tol at Albany are possible, which re¬
sulted in irretrievable losses in the de¬
struction of records, there shoijld be
little cause for opposition. New York
County should do what progressive pri¬
vate companies have found it expedient
and desirable to do.





New transit lines are being opened at
frequenc intervals. The most recent
link in the new chain of interborough
rapid transit was opened on Tuesday,
and marked the invasion of Manhattan
by the New York Consolidated Railroad
Company, a subsidiary of the Brooklyn
Rapid Transit Company. Real estate
and civic organizations m Brooklyn
celebrated the event with an elaborate
program. The new road is expected to
benefit, not only a large section of Man¬
hattan, but will furnish additional trans¬
portation facilities to sections of Brook¬
lyn as far out as Coney Island.





Suburban  Growth.

One of the most important real estate
developments in recent years has con¬
cerned itself with the unprecedented in¬
crease in the number of all-year-round
residents in the Metropolitan district,
notably on Long Island and in West¬
cliester County. These sections have
witnessed not only the building of high-
class residential communities, but have
also been experiencing a steady and un¬
interrupted demand for improved prop¬
erties of practically all types. It is not
difficult to explain this trend, since an¬
alysis will show that six factors, each
important in itself, have been operating
toward encouraging the residential ex¬
pansion of these territories.

In the first place, the decline in build¬
ing construction has created a scarcity
of space in the city proper, and inabil¬
ity to obtain suitable living accommoda¬
tions has stimulated the dritt to the
suburbs. Secondly, this tendency has
been stimulated by the natural growth
of the city, which even in normal times
would have been reflected in additional
interest in real estate in the surround¬
ing outlying districts. Thirdly, the ex¬
cellent commuting facilities provided by
the railroad companies has placed the
running time between the suburban
home and the office within more reason¬
able limits, and the commuting business
has  increased  by leaps and  bounds.

Fourthly, the popularity of the auto¬
mobile has contributed largely to the
growth of suburban New York, in that
it has made easily accessible to railroad
stations lands hitherto practically out of
the question for residential improve¬
ment. There was a time, not long ago,
when most of the Long Island and
Westchester dwellings clustered around
the railroad stations or within walking
distance. A home five miles away was
unheard of and made commutation al¬
most impossible. The motor car, how¬
ever, changed conditions, and large
stretches of land even fifteen and twenty
miles inland have been made available
as sites for fine country estates. The
barrier of distance having been effec¬
tually eliminated, proximity to the rail¬
road station was no longer an essential,
and one of the principal hindrances to
growth removed. Road improvement
came as a matter of course, and sub¬
urban highways around New York now
compare favorably with automobile
thoroughfares anywhere else in the
United  States.

The fifth factor which influenced the
suburban movement has been the ever
present and innate hope of the house¬
holder to have a place in the country.
Many business men have availed them¬
selves of the opportunity to take their
families into the suburbs for permanent
residence, not so much because they
were dissatisfied with city life, but rather
because a home of their own far away
from the bustle and throb of the big
city presented an irresistible appeal.

Lastly, suburban growth has been fur¬
thered through the activities of the de¬
veloper, whose enterprise has resulted
in the creation of splendid residential
centers. More than one attractive home
community in Long Island and West¬
chester has replaced barren and unpro¬
ductive waste land, and the transforma¬
tion has been largely due to the de¬
veloper.

The suburban trend, therefore, may
be traced to at least six sources, but
there may be others which have encour¬
aged it. Yet, in spite of these reasons
it is probable that even a resumption
of building activity in the city proper
would not materially alter the situation.
New York City represents more than
the actual boundary lines separating its
five boroughs from the adjoining counties
of the State. It represents the heart ot
the greatest industrial, commercial, and
residential section of thc United States,
the Metropolitan district. The new im¬
portance of the suburbs only emphasizes
the greatness of New York. Their
growth does not mean New York's de¬
cline or its loss of prestige. If anything,
it accentuates New York's supremacy
over the numerous competing cities
aspiring to the title of America's great¬
est municipality.





The Coal Situation.

With winter only a few months off it is
imperative that the question of the dis¬
tribution of coal be settled, so that some
benefit may be derived by the small con¬
sumer. Cooperation ot the operators is
essential, and it is to be hoped, if they
do not meet the administration half way,
that Dr. Garfield, the Fuel Administra¬
tor, will enforce the drastic regulations
as prepared by the President.

The present time is not one in which
to procrastinate. Untold hardships will
ensue to thousands and hundreds of
thousands of people unless coal is re¬
ceived, but while just needs should be
supplied, there is no reason why hoard¬
ing should become the rule. In fact this
condition should be fought against.

Dr. Garfield has the power to license
retail dealers as well as operators, job¬
bers and wholesalers, and it is to be
hoped that he will follow this course,
unless present shortage conditions are
speedily rectified. It is realized that the
retail price of coal must, of necessity,
vary in different sections, but the ap¬
pointment of local committees through¬
out the country should bring to light
true  conditions.

Acording to a statement issued by Dr.
Garfield, it would seem that the Gov¬
ernment was using its power to effect an
amicable settlement, but in the event of
the failure of this course, drastic meas-
iires should be resorted to, and then a
final adjustment could be made at a
later date when the pressure was not so
severe.

Dr. Garfield stated: *Tt is not pro¬
posed to require efficiently operated
mines to produce coal at a loss, but the
burden rests upon applicants to show
that the prices fixed in particular cases
are unfair." This is a reasonable atti¬
tude and should have the support of ev¬
ery fair-minded man.

Then again Dr. Garfield says: "The
Fuel Administration is preparing a plan
of apportionment which will secure to
domestic consumers their fair share of
the coal supply and at prices which will
reflect the prices heretofore promul¬
gated by the President."

Real estate owners, as well as manufac¬
turers sincerely hope that this policy will
be carried out, and speedily. While
some contracts for the winter supply
have been made, still there are thousands
of houses which are being supplied from
day to day. This condition must be
changed and everyone is backing the Ad¬
ministration in its efforts to unravel a
l)ad tangle. But "haste" must be the
watchword, and if the operators will not
cooperate, then measures must be taken
to bring them into line.





Menace of Cost Inflation.

Among the outstanding factors that
are influencing present-day economics
there is probably nothing more serious
or presenting a greater problem than
the inflation of price of almost every
character of commercial and industrial
commodit3^ The condition is one that is
undoubtedly directly chargeable to the
World War. However, where it is to
end and what will be the ultimate ef¬
fects upon consumers is still largely a
matter  to  be  determined.

Undoubtedly there is no industry or
trade that has suffered to a greater ex¬
tent through the inflation of commodity
prices than has the building and con¬
tracting business. At the present time
the excessive charges for structural ma¬
terials and labor entering into the con¬
struction of buildings has been prominent
among the reasons for the marked reces¬
sion in structural activity that has been
so noticeable recently throughout the
country. The erection of new structures,
except those absolutely essential to the
prosecution of military activities, has
slowed down to the minimum, and with
conditions as they maintain today, no
improvement is to be expected until com¬
modity prices are reduced and stabilized
at a more reasonable figure. Prospective
builders cannot possibly undertake the
commencement of their contemplated op¬
erations at the current prices of mate¬
rials.    High construction costs absorb all





RBCORD   AND   GUIDE   IS   IN   ITS   FIFTIETH   YEAR   OF   CONTINUOUS   PUBLICATION.