October 7, 1899.





RECORD AND   GUIDE.





499





IQ Rlverelds Drive were disposed ol. The purchase oï two lots
ln 2a!.h ôueet. east of 6th avenue, by Henry Morgenthau, appar-
enily foreshadows the Immédiate inception of a considérable
"building opération, as negotiations arc well advanced for a re¬
sale of tlie Bite, The purchase by the Lutheran Emigrant House
Association Of No. 4 State street, waa consummated some time
ago, However, ita publication this week recalls attention to th=
vieinity of the new Custom House site. It was the taking by
the government of the Association's oid home, No. 26 State
ereet, which occasioned the presant purchase. Except one
steamship company, ihe Association is the last of the occupants
of large space in the block to secure new accommodations. Salcd
of property below cbe Bowling Green are very Infrequent, in¬
deed. But this ciruuiiistaiice is due lésa to absence of demand
than to absence ot available supply. In the new Chesebrough
Building there ia only one ollice vacant, and the success of this
venture has encouraged the owner to undertake another in the
Immédiate neighbuihood. That there is not more brokerage
activity is caused by the difficulty of getting sites large enough
for modem improvements, and by much of the property biing ■
held in trust for estâtes, notably the Stephen Whitney estate.

Aa a supplément to the reports of agents ln Manhattan and
Bronx, which has appeared in this column relative to the rent¬
ing marlcet, the following interview with Cornélius G, Kolff on
conditions in Staten Island will prove pertinent: "The renting
season in Staten Island has been unusually active. The demand
for detached dwellings bringing from !i'25 to $50 a montli is
greater than the supply. Two-family flats also rent quickly,
at from $15 to $25, in the neighborhood of manufacturing cen
très, as Port Richmond and New Brighton. The manufacturing
industries are expanding, and the resuit is more upjratlves. Tne
demand for housing is, further, augmented by immigration from
Manhattan—clerks and business men, who locate preferably
within walking distance of the ferry at St. George. From St.
George the Battery is reached in 2'6 minutes, the fare being 5
cents. It would pay some one to put up a modem elevator
apartment house near the ferry, with suites renting at from
$40 to $60 a month. There is no such house at St. George now.
Besides, although the place has a population of 75,000, It does
not possess a single fli-eproof storage warehouse. The outlook
in the brokerage market is promising. Some important negotia¬
tions are under way concerning water fronts adapted for manu¬
facturing purpsses. Lota at from $200 to $SÛO are selling readily
to builders, who improve them with houses costing between
$2,000 and $5,000. The activity, of course, is along the trolley
Unes. There are many old country seats in the market, with
substantial, though antiquated, mansions. Such of thèse prop¬
ertiea as are in the path of the building movement are being
bought by operators, and subdivided, the mansion being fre¬
quently altered into a club-house to serve as a social center for
the settlement. Last year a client of mine purchased just such an
old country seat, containing 12 acres, for $11,000. He has since
sold $18,000 ln lots, and still has over half the original holding
left, Any one who builds judiciously can rely on a gross return
of between 10 and 12 per cent, on his investment. The tax has
not been increased by consolidation, except in the case of farm
land, for, although the assessed valuations are higher, the rate
is  correspondingly  lower."





THE    CLUB    AT    THE    DEWEY    CELEBRATIOM.

The Building Trades' Club stand, on Riverside Drive, was fllled
on both days of the Dewey célébration with as bright and en¬
thusiastie a party, of members, ladies and children, as was to be
found anywhere along the line of route. The arrangements for
seating and malntaining in comfort for two days the six hundred
people for whom accommodations were provided were admirable,
and reflected great crédit upon the Committee In charge: Charles
L, Eidlitz, Samuel I. Acken, Jr., and Wm. K. Pertig. The Club's
réception of the several contingents of the land paradç was- îïl-oâi
'r,tetl'f:ert ?."d hearty. and ita cor.tviViitions of refreshments to
halting companles most generous. The Club lunches were ap¬
preciated by all, and the souvenir glasses engraved with the por¬
trait of the popular hero of the hour especially so by the ladies.
The whole occasion formeii rme that will be remembered wlth
much pleasure in after life by those who took part in It, The
marching members of the "Trades" received spécial notics froni
this stand, in front of which, Gen, George Moore Smith's di¬
vision, by a lucky coïncidence, made one of its halts, and the
General, of course, was the récipient of endless greetings and
compliments, Among those on the Club stand were: Geo, C, Prus-
slng, of Chicago; Mr, and Mrs. Ira Hersey, of Boston; Mr. and
Mrs, Peter Gray, of Philadelphia; Mr. and Mrs. Hillgartner, of
Baltimore; Mr. and Mrs, John WilliamH, Mrs. Chas, L. Eidlitz,
Miss Eidlitz, Mr. and Mrs. W, A. Hankinson and guests. Mr. and
Mrs. W. W. Ames, Mr. and Mrs. J. C. Hatzel. Mr. and Mrs. J.
A. Rossman and guesta, Mr. and Mrs. J. Mitchell. Mr. and Mrs, E,
P. Dodson, Mr, and Mra, J, H. Hankinson and guests, Mr. and
Mrs. F. Kessing. Mr. and Mrs. R. T. Davis and guesta, Mr. and
Mrs. J. Buehler, Mr, and Mrs, H. W. Miller, Mr, J, H. Shipway,
Master Shipway, Mr. B. E. J. Eils. Mr, L, K. Prince, Mr. and Mrs.
Wm, Bradley, Mr. L. Harding, Mr. and Mrs. J. Jonea, Mr, and
Mrs.  E.  Van  Houten.  Mr,   and  Mra. "W.  Harris,   Mr.  and  Mrs,





Prank Williams, Mr, M, C, Henry and party, Mr. and Mra. H,
C. Baille, Mrs. E. A, Fertig, Master Kenneth Fertig, Mr, and
Mrs, Wm. Hall, .Mr, and Mrs. John Little and gueats, Mr, J. A-
Mossman, Mr, John Frick, Mias Eisele, Mr. and Mrs. T, D, Wa-
delton, Mr. and Mrs, J. H, Parker, Mr. W, H. Nesbit and guesta,
Mr. and Mrs. Thos. Brogan, Mr. and Mrs. Wm, Gaskell and
guests, Mr. and Mrs. A. Davis and guests, Mr. T. Tait and
gueats, Mr, J. W. Clark and guests, Mrs. John Beattie, Mr. J. F.
Boorum and guests, Mr, and Mrs. L, Weber, Mr, B, Klein, Jr.,
and guests, Mr. and Mra. Jacob Burton, Mr. and Mrs. Qeo. C
Hoe, Mr, and Mrs, A. Beinhauer, Mr. John Cooper and guests,
Mr. Wm. Call, Mr. Wm. lirowue, Mr. E. P. Hicks, Mr. and Mra.

C.  R, Hedden, Miss Hedden, Mr. E. P. Poster, Mr. and Mra. C. N.
Brizse, Mr, Oswald Speir, Mr. C. W. Gaylor, Mr. L. Wolf, Mr. H,

D.  Loundsbury, Mr. John W, Ferguson, Mr, and Mrs, C, S. Mc¬
Cue, Mr, and Mrs, August Fuchs, Mr. Richard Walsh, Mr. A. J,
Martin, Mr. and Mrs. Dunham Wheeler, Mr. J. Healy, Mr. H. M.
Toch, Mr. E. W. Klappert, Mr, F. E, Schaeffler and gueats, Mr.
John G. Dey and Mr. D. H. Mapes,





SOMETHING    ABOUT    FLAT    BUILDING.

Clarence True gives the following reasons why better building
Lif flats and tenements cannot be obtained in Manhattan:

"A twenty-flve-foot lot in any kind of a fair neighborhood ia
cheap at $10,000. To construct a five-story flat. two families
on a floor. flreproof first floor, semi-flieproof stairways. and all
the other requirements of the Building Department, Health De¬
partment, Fire Department, Department of Public Works, Street
Cleaning Department, Fire Underwriters, Police Department, and
several semi-ofllclal (so-called) charitable associations, if built
in the cheapest manner. wili cost $19,000, Then add Interest,
taxes, commission, and légal expenses while building, whicli I
bave found amount to 10 per cent, of cost of land and building,
$2,900, you hâve total cost of building, $31.91)0. Now, the in¬
come, if all flats are rented and everybody pays the rent, would
be. ten flats at an average of $20 a month, .$2.400 a year; but
20 per cent, must be deducted for loss of rent, $480; taxes and
water, $500; janitor, coal. gas in halls, and insurance, $300; re-
pairs (cheap buildings hâve to be repaired often), $300; total,
$1,5S0; grand balance of $820. If owned by a "mlUionaire" spéc¬
ulative builder, the building will probably be mortgaged,which on
buildings of this class is generaily for $20,000, at 5 per cent.; the
interest is $1,000, to pay whlch he has .ÏS20. R. G. Dun & Co.
report that 95 per cent, of builders fail, They ought to know,
The answer is that people do not pay enough rent, It is impos¬
sible to build under the law and rent cheaply and get any in¬
come over 2Y3 or 3 per cent. It is better to loan money on a
better class of improvements and get 4 or éy^ per cent.

"I am interested lu four flats. one in East 2Stb street, a twenty-
family, cold-water tenement; rents from $6 to $10 a month. It
ran behind .$400 last year. Another on 102d street, two-family,
$20 to $25 a month; just made things meet, Another in Manhat¬
tan avenue, rent $40 to $50 a month, pays a good income; and
another in West 56th street, rents from $65 to $85 a month; pays
very well, and expect It to pay hetter thia year."





POOR'S     MANUAL     OF     RAILROADS.

The thlrty-second annual number of Poor's Manual of Raii¬
roads has been issued. and comes to meet an urgent demand for
information and statistics regarding the properties whose securi¬
ties are now so actively dealt ln. It Ib saying everything com-
pllmentary when it is remarked that the volume for 1S99 lives
up to the standard of its predecessors, while meeting the re¬
quirements of modem progress, The value of the contents of
Poor's Manual lies In the fact that they are prepared under com¬
pétent hands, and that the work Is then revised by the trained
technical forces of the railroad and other companies whose prop¬
erties "âfê" trié sûojecT or- treatn'tr,-' iri the volume. There is,
therefore, presented not only expert, but ihe ifîcally officiai, state¬
ments, whlch ensures the nearest pnssib. in nto absolute accur¬
acy and a corresponding reîlabillty. Thnahipowing remarks,
taken from the publishers' circular, can be aies,  piÊ.ndorsed:

The vast ;Iiicrease in public Interest ln the secufi=*^P^hiif °w great
municipalities that bas been manifested lu récent years"'^''^ resulted
largeiy frora the same Influence that led to the formation of companies
(lesigned to take over the opération of our leaiSing manufacturing in¬
dustries—namely, the tendency among railways to consolidation of their
Interests Into Systems—thereby reducing to a considérable extent the
opportunity for public investment in those properties. In consequeccG,
capital seeking investment was largeiy diverted fo securities represent¬
ing public improvements and fo those of corporations organized to en¬
gage [q manufacturing and other enlerprlses promising good returns,
.-Vn aceount of population, wealfh and indebtedness ot thèse Is conse-
Quenfly indispensable fo every business man among us, and Is ade-
quately set forth in the Manual. whlch contains elatements giving the
flnancial cnndition, indebtedness, sources oC income, assets and popula¬
tion of every State, county, city and (own of any Importance issuing Ita
obligaflons for any purpose, Wlth lhe Manual of Raiiroads every busl-
npsfl man, without moving from his seat, can be possessed of every Im¬
portant fact relating to every securlty ln the United Statea likely to ba
offered for ?ale