1554





The   Record and  Guide.





December 18, 1886





The Improvement of Seventy-second Street.

In the process of development and growth of a city it often happens
fchat buyers and buUders neglect one or more important avenues for a
considerable time, because, though they recognize the fact that the
property is valuable, they do not know, after all, how much higher prices
they could afford to pay for it than for other lots in the neighborhood, or
what kind of improvement it would be best to make, if they had ifc. This
is the case with Eighth avenue above Fifty-ninth street, to-day, and to some
extent with Riverside Drive. The lots on both these streets are doubtless
intrinsicaUy very valuable, while real estate operators do not seem to know
exactly what to do with them; but as soon as a few courageous people step
in and set the fashion of improvement they wUl have followers enough,
and the day of uncertainty and hesitation will have gone by.

Nobody is in doubt, to-day, as to the value of lots on West Seventy-
second street, where a plot of four lots was lately sold for $105,000, and no
uncertainty prevails with regard to the kind of building that is suited to
the streefc. Yet the improvement of this sfcreefc was delayed, for a long time,
after the buUding of a row of houses by the Clark estate gave an impulse
to improvemenfc both on Seventy-third street and fche streefcs below Sevenfcy-
second street. BuUders who hesitated then, now wonder that they did not
foresee the importance of Seventy-second as an elegant residence street,
and improve their opportunity. It is only another illustration of the
provoking difference between foresight and "hindsight." Those who
bought in recent years now find themselves in possession of property of
greatly increased value on one of the choicest streets in the city, every foot
of which is sure to be elegantly improved, and where prices are established
about as firmly as the bed-rock on which the buildings stand.

As a picturesque example of the varied fronts of flaished and unfinished
houses which ornament the street we present a view of the five houses of
Roberfc Irwin, a little west of Ninth avenue, which are nearly completed
and attract a great deal of attention, baing decidedly unique as well as
rich in appearance. They were designed by Thom & Wilson, and con¬
tain elements taken from different architectural styles, united in such a
way as to produce a novel and striking effect. They are four stories
high, with basements and cellars, and 22 feet wide. The sidewalk in front
of the row is unusually solid and handsome, being of broad planed flags,
each of which extends across the entire width of the walk. The fronts
are of stone, rock-faced up to the second sfcory, and have prominent tower
bay and oriel windows with much ornamental carving, some of which is quite
elaborate in detaU. The rooms and halls are handsome, light and spacious,
and the arrangement shows the ideas of an experienced and conservative
builder, who is not too ready fco adopfc new and experimental plans for the
division of interior space; bufc, the floors being large, has given rooms of
generous size, arranged, for the mosfc part, in a simple and well-tried plan
for convenience, cheerfulness and comforfc. The parlor floors are finished
in mahogany, wifch some stong confcrasfcs in whifce and gold in the trim,
the floors above in cherry and ash and the basement in ash. The stair¬
case is mahogany. The bathrooms and closets are at the ends of the halls
on the second and third sfcories, are spacious and have fche beneflfc of direcfc
Ught and air, and an abundance of them.     The front rooms on the dif-







fON BEVENTT-SECOND STREET, WEST OF NINTH AVENUE.

ferent floors are especiaUy cheerful and handsome, the south windows,
facing the hundred-foot street, being of choice French plate glass, on
which the mark of the St. Gobain, Chauny & Cirey Company stUl remains.
There are very large dressing-rooms with marble lavatories and ample
conveniences between the front and rear chambers. The basements con¬
tain weU-Ughted dining-rooms of good size, as weU as all the kitchen and
laundry conveniences and heating appUances that are usuaUy found in first-
class modem houses. The cellars are unusuaUy weU Ughted and spacious,
and their waUs of massive stones laid in hard cement indicate the soUdity
of the foundations on which the buUdings rest.

The whole neighborhood in which these houses stand is certainly one
having advantages such as are not equalled afc many points in the city.
Close by, at the head of the block, is a station of the besfc equipped and
pleasantesfc of aU the transportation lines, that of the Sixth Avenue Elevated
Railroad. The choicest pleasure grounds and boulevards in the city are
but a few steps away. Western Union Telegraph and American District
Dispatch offices are on the avenue in the immediate vicinity. Good private
schoDls are  esfcablished iu the neighborhood, pubUc schools are near,





churches of fche different denominations, good markets and the stores of a
thriving business avenue are right at hand, whUe the cross streets are really
very handsome and fashionable for residence. Seventy-second street,
protected as ifc wUl be from rough traffic and kepfc in order by the Park
Commissioners, elegantly builfc up and with all the supremacy that has ever
been claimed for ifc fully recognized, will soon be wholly occupied by solid
owners, who will nofc, under any ordinary cii'cumstances, think of offering
any property fronting on ifc for sale.

The move made by Charles Buek & Co. in purchasing a plofc afc Ninth
avenue and Seventy-second street, and preparing to build upon ifc afc an out¬
lay of a quarter of a million, has been talked about in real estate circles wifch
a great deal of interesfc, on account not only of tho importance of the pro¬
jected improvement, but of the character of the firm as long-established
easfc side buUders of large capital and influence. The views and actions of
the firm are known to be generaUy conservative rather than speculative,
and its operations have been in quarters which were beyond dispute firsfc-
class. They wouild not be likely to go into any new aud unformed district,
even though it were a very promising one, and take chances as to the sur-'
roundings that might arise and all the risks of such a movement. Their
recent action is therefore regarded as an important recognition of the
estabUshed status of the west side as a first-class residence and business
quarter, and people do not hesitate to name one or two other leading east
side buUding firms as Ukely soon to follow them, though nothing at all is
known as to their intentions. It is a little like the case of a brUliant and
graceful young matron who has had the misfortune to be something of a
parvenue, when it becomes known that one or two of the veteran leaders
of society have accepted invitations to her next assembly, and the New-
combs and the Oldcombs and all the people who have shown a little of the
cold shoulder are ready to swarm about her. Recent indications have all
shown thafc the west side is appreciated at last, and is becoming equal fco any
parfc of the city for fashionable residences.

Mr. Buek, in answer to a,n inquirj'^ as to the reasons which governed the
firm in its action, said that he was not to be classed with the extreme parti¬
sans of the wesfc side, who regard it as superior to the elegant quarter east
of Fifth avenue, and likely soon to take the lead of it in value. The ideas
thafc have influenced the firm may be compared to the principle that water
will find its level. Various causes have long retarded inprovement on the
west side, and these have lately been removed. He believes that population
and wealth will fiow into the streets west of the Park just as they have
into those east of it, and without any injury to the east side. While recog¬
nizing all the different causes which have given new life to the west side,
Mr. Buek considers the elevated road as much the most important, and the
residents wUl have the benefifc of a pleasanter line of transit, and one which
is more pleasantly accessible from their dwelUngs, than people have who
walk from their fashionable east-side streets to the Third avenue ele¬
vated road.





Financial Points.

The " racket" of Wednesday last put an end to the bull campaign for
the time being, and it looks as though trading will very largely fall off, and
that we wiU have a brokers' market. But there is nothing in the general
situation to keep stocks down. With time enough, say forty or fifty days,
we ought to have higher quotations than obtained yesterday.





The Vanderbilts oughfc to lead in the recovery. The last quarterly state¬
ment of the New York Central was exceptionally good; hence, tmder
ordinary circumstances, that stock. Lake Shore, Michigan Central, Canada
Southern, Northwest, and C, C, C. & I. ought to be a purchase at present
figures. But, after every panic, people who have good stocks are apt to seU
them to average their losses or to keep up their margins on less desirable
securities.





The Eries and the Coalers are likely to be favorites when the tide per¬
manently turns toward higher figures. The Reading scheme may not add
much to the value of the stock, but it strengthens the sifcuafcion of the roads
which carry anthracite coal. The Erie road is doing a fine business, and Is
always a favorite security with London traders.





Jersey Central was very strong all through the panic of Wednesday lasfc,
which shows it is in hands which can take care of it. This fact wUl
commend it to operators for a rise:





Western Union is probably on the up track. It wiU almost certainly
resume dividends in the next quarter. It will reduce its obligations, and,
as aU insiders know, the plant was never in such good condition. It can
pay dividends without any compromise with the B. & O.





There wUl probably be some disappointment at the VanderbUt dividends.
These corporations are conservatively managed.





Notwithstanding the " sliunp" in mining shares, sagacious people believe
the mining market wiU be very attractive to speculators and investors.
There is seventy-dollar ore in Con. Virginia, and plenty of it, and there is
good reason to beUeve that Best and Belcher has a smaU bonanza on band.
Bodie wUl probably pay a good dividend, as wUl Mono. Indeed, mining
property generally looks very tempting.





Were it not for the money market and the disturbance in stocks, cotton
wotild see much higher figures. The situation of tlmt " floculent fibre " Is
very strong, and spot cotton ought to sell for lOJ^ cer.ts.





It is local causes which is keeping down wheat. Europe is taking aU we
can afford to gi^e, and is steadUy advancing quotations. But the pressure
to seU on this side of the ocean is excessive.





The Jewish dealers were the greatest sufferers by the panic ofllast^week.