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RECORD   A^D   GUIDE





August 31, 1918





Fonncitd Mírcb 21. 1868, by CLINTON W. SWEET

Devoted to Real Estate, Bnilding Constrnction and Bnndlng
Management in tiie Metropolitan District

Publlsbed Every Saturday
By THE RECORD AND GUIDE COMPANY

FRANK E. PERLEY, President and Editor
W. D. HADSELL . . . 'Vice-President
J. W. FRANK . . . Secretary-Treasurer
S. A. PAXSON . . . Business Manager
119 West 40th Street, New York
(TclEpbone, 4800 Bryanl.)

Bntired at the Post OMce at New Tork, N. T., aa tecond-claii matter.

Copyright, 1918, by The Record and Guide Co.

TABLE OF CONTENTS

SECTION  I.

Backing Vp Oiir Sliips with Americaii DoUars............ -3;

Realty Men Urge City Officials to Save Money............  -3o

No Coal Shortage This Winter, Says D. VV. Cooke........ 237

War Service Committee of Building Stone Men.......... 238

Plans  C'^mmodity  Exchange  for  Foreign  Trade.......... 239

Asks Mayor Hylan to Remove Commissioner Day........ 240

Department  of Labor  on  Reiit  Profiteering.............. 240

Improved Real Estate Being Bought Steadily.............. 241

Editorials    ................................................. 242

Legal Notes Affecting Realty.............................. 244

Real Estate Review of the Week.......................... 245

Reduced Tenement Construction in  New Jersey.......... 253

.Alterations   Increase   Income.............................. 233

Current   Building  Operations.............................. 254

Leases    .................................................... 248

Private  Sales of the Week................................ 245

Real  Estate  Notes......................................... 250

Statistical  Table  of  the   Week............................ 252

Wholesale   Material  Market............................... 254

SECTION II.
Eecord  of  Conveyances,  Mortgages,  Leases, .\uctions.  Ap-

praisals,  Lis   Pendens,   Mechanics'   Liens,  New   Buildings

and Alterations..





days to make iip for tlie decrease in the number of men
Avhich has been reduced by the Draft and their trans-
fer to other and better paid employment; a systematic
attempt to locate new industrial plants in districts
outside the congested ones where the coal supply is
below the ])resent demand; fixing of prices; restriction
of anthracite shipnients to Canada ; curtailment of non-
war industries; conservation of fuel by "lightless"
nights and by setting the clock ahead; and a general
publicity campaign to influence consumers to husband
coal with the greatest care.

New York State is to receive 12.69 per cent. more
anthracite coal than last year. While the outptit c''
bituminous coal is way behind the reciuirements, which
are 80 million net tons over last year, the shipnients
of anthracite in the first six months of 1918, as re-
pnrted by the anthracite Bureau of Information, is
1,183,-147 tons niore than last year, an advance of over
t.iree per cent. This is not a huge gain but it is at
least indicative of improvement.

But no one should bet the idea that with all that has
been done to prevent the disastrous experiences of last
year we are to lie on a bed of roses during the coming
winter. We may not have to hibernate in order to
keep comfortable, but we shall all have to be careful
not to overfill the coal scuttle and every man will Iiave
tn sift ashes—it's a healthful exercise and it wiU add
to the discomfiture of our commoii eiiemy who is
starting in on the Winter of his discontent.





Coal Enoiigh But None to Waste

The sfatement of Mr. D. W. Cooke, New York
Fuel Administrator, that the city can reasonably
expect enough coaî for heating j^urposes this
winter ought to be reassuring to both landlords and
■tenants. Before taking hold of his present work Mr.
Cooke was Vice-President of the Erie Railroad, one
of the largest coal carriers, and therefore is fully con-
versant with the coal business from mine to consumer.
He was in a position to get first hand information as
to the difficulties under which the city labored last
year, and can now profit by the experiences of his pre-
decess'oĩ^ ih office during the most strenuous year this
section of the country has ever kndwn.

.Mr., Cooke's statement deals largely with local con-
dition-sand his assurance that the terminal facilities
■are adeciuale is of good augury. There are other facts
in thé gener'al sitiiation which he has left to the Na-
tional .\dministration's announcements. whicli have
been made froni time to tinie, and whicli, progressive
in character, have all tended to assist in providing ad-
ditional safeguards against a recurrence of the troubles
of last year.

These are briefly the organization of a Bureau to
Stimulate Production ; the allotting of coal mined in the
East to eastern, and that in the West to western con-
sumers, thereby saving an immeiise aniount of un-
iiecessary haulage ; thc shifting of flat cars froni other
work to that of hauling coal; the encouragement of
Goal storage during the summer moiiths in anticipation
• of later needs; the opening of new mines; inducing
miners  to  work  on  holidays  aiid  cutting  down  "ofif"





Kelation of Rentals To Taxation

Several of the daily newspapers recently have coni-
mented on the figures printed by the Record and Guide
comparing income and expenses of typical groups of
buildings in this city. The burden of the criticism seems
to be that the statistics furnished by this publication do
not justify an increase of twenty-five per cent. iii
rentals, and there is an implication that the figures are
inexact or camouflaged in order to favor owners of
buildings.

It was pointed out by the Record and Guide when
the figures were printed that they were exact, and not
made up for the occasion nor presented with any object
other than to give the truth about the serious condi-
tions obtaining in the real estate business to-day.
Buildings were selected at random, the only considera-
tion being that they were modern high-class structures.
The managers of these buildings were asked for the
figures at hand, and these were turned over to this
publication without reserve and were the actual statis-
tics for the business of the years under discussion, made
up for the use of the managers themselves, and were
not especially prepared for publication. A consider-
able number of items thus furnished were grouped
under general heads instead of beiiig given separately.

It was because of this plan of getting the figures
that several items show abnormal amounts. In one
group there was included a very large repair item
which brought the total way above the average. In
another group the inclusion of new buildings made this
tax item not representative of the average for the city.
But this was explained when the figures were printed.

It is not necessary to get the figures for any group
or groups of buildings to show that taxes in New York
City have advanced iii the last few years to an extra-
ordinary degree. In 1915 the Manhattan rate was 1.87,
thc highest since the inauguration of assessments at
full valuation. In 1918 the rate was 2.36. Thus in three
ycars the rate has advanced 49 points, or 26 per cent.
If   rentals,   then,   were   fixed   in   accordance   with   the