August 26, 1911.





RECORD   AND   GVIUE





281





fares—was 187,587,341; during the same
period in 1910 the number was 194,503,303,
an increase of 3.72 per cent.

These flgures covered all the surface
systems in Manhattan. The average cash
fare per passenger was 3.203 cents in 1001
and 3.401 in 1010. The average daily in¬
crease in revenue passengers in 1010, com¬
pared with 1007, was 37,012, or 0.38 per
cent.; and the average daily decrease in
transfer passengers, 187,584, or 15,(7 per
cent.

Mr. Wood's figures, while hearing more
particularly upon the relationship Ibe¬
tween transfers and cash fares in Man¬
hattan, disclose incidentally a considerable
increase in the total volume of travel. For
the purpose of throwing some furlher
light on the subject of traffic increases,
the flgures contained in the recently pub¬
lished annual report of the Public Service
Commission for 1010 may be cited here.
They refer to the city as a whole.

The rides per capita were 303.0 in 1000
and 320.0 in 1010. If children under flve
years of age, for whom no fares are
charged, are excluded from the population
flgures, the number of rides per capita
last vear was a'bout equal to one ride ea;Ch
day "in the year for every person in the
city.                                                             ,

By comparing last year's figures with
those for preceding years, it is seen that
street railway travel is increasing much
more rapidly than is population. This
phenomenon has been observed ever since
the introduction of street railway trans¬
portation, but it is evident that some spe¬
cial meaning must be attached to any
notable increase in a year when the track
mileage remained unchanged, as was tbe
case last year. The Public Service Com¬
mission makes no attempt to explain its
figures. However, there can ibe no doubt
that the remarkable growth of travel last
year and, indeed, in recent years, must be
attributable largely to the concentration
of retail stores, hotels, clubs and theatres
in mid-town Manhattan.

The McAdoo tunnel, for example, has
made it easier for New Jersey shoppers
to make their purchases in the "city,"
rather than in Newark or in some other
suburban center. When in Manhattan su¬
burban shoppers freciuenlly buy several
fares in going the round of the princip:il
stores. This applies, of course, also to
shoppers from the outlying boroughs, who
oomnionly ride on several lines merely to
reach their flrst destination in Manhat¬
tan. Fares, then, are growing relatively
more numerous because an increasing pro¬
portion of the population in the metro¬
politan area is induced by motives of
business or recreation to visit the central
district, and ibecause *e disconnected
transportation systems are not planned
with reference to cheapness or conven¬
ience of travel. These facts should be
taken inlo consideration in planning the
new rapid transit system, A high num¬
ber of fares indicates an undue expendi¬
ture on the part of the average wage
earner.          ^_____

The Week In  Real Estate.

T'he volume of business transacted this
week iuManhattan real estate was slight¬
ly in excess of that of last week, hut
there was no particular iniprovement in
the character of the trading. The sales
were fairly well distributed in the various
sections, but selling was largely confined
to small parcels, and there w^as a very
noticeahle lack of activity on the promi¬
nent   thoroughfares.

In spite of the fact that real estate is
quite inactive, and that business condi¬
tions at large are not of the best, there
seems to be no lack of activity on the
part of those who furnish amusements to
the public.

An unusual number of theatres and mo¬
tion picture houses have been planned of
late, not oniy in the more remote sec¬
tions of the city, but in the heart of the
theatrical district. Last week a plot on
42d street was leased for use as a house
of melodrama, and this week another par¬
cel was leased for a small theaire. This
will make eight theatres on the block be¬
tween Broadw-ay and Sth avenue.

The largest transaction on the West
Side was the sale of Regent Had, at the
corner of Broadway and 123d street. The
onlv other interesting sale in that section
of "the city was the purchase of the va¬
cant lot at 3 Riverside Drive for im¬
provement with a dwelling. This disposes
of one of the two remaining vacant plots
on the Drive south of SSth sireet. The
other is a large plot at the south corner
of 7Sth street, which has never actually
been in the market for sale. The section
bet-(\'een 72d and 76th streets is the only
part of Riverside Drive exclusively given
over to private houses, and in view of
the changed conditions on this thorough¬
fare, it is unlikely that many more resi¬
dences will ever be built there.





It is reported that contracts were signed
this week for the sale of the plot at 35 to
39 West 45th street, to Judson S, Todd
for improvement with a loft huilding. Tnis
property has been in the market for some
time, but there are eertfiin rcstrictiGns
against it which have heretofore prevent¬
ed  a sale.

One of these restrictimis, that against
use for business purposes, could no doubt
be removed by application to the court,
but the other is a more serious obstacle.
In an old deed there was a fifteen-foot
setback which was made in favor of the
owner of the adjoining property on the
east. This latter plot is now owned hy
builders who contemplate the erection of
a loft building on the site, and as a set¬
back would furnish the new building with
an excellent light shaft, il is probable
that the restriction can only be removed
bv the payment of a substantial consider¬
ation. This condition, which was not
known by the builders when they ibought
the parcel, serves to illustrate how New
York owners are often able to proflt by
entirely   unforeseen   circumstances.

The only other sale of any importance
involved the plot at 154 and 156 West 27lh
.street. This property was acciuired by
the seller last year, and it is understood
that the present buyer will improve the
site.

It has been expected for some time
that the recent improvement in the neigh¬
borhood of the Grand Central Station and
the efforts which have been made to have
the railroad improve Park avenue, would
result in the rebuilding of that thorough¬
fare with substantial structures. The flrst
indication of such a rebuilding was fur¬
nished this week, by the filing ol" plans
for a twelve-storv apartment house on
the avenue, near 53d street. If the ave¬
nue is covered over in this section in the
same way that it is above seth street,
there is no reason why a number of simi¬
lar structures should not be erected there.
Plans have also been approved for a new
mercantile huilding on the plot recently
acquired by Henry Corn, at the south¬
west corner of Broadway and 21st street.
A loan of $850,000 has been obtained for
the project from the Metropolitan Life In¬
surance Co. This section of Broadway has
been comparatively inactive of late and
a new structure there is rather a rarity.

Plans were drawn some weeks ago for
a twenty-four-story building on the 22d
street corner, which also runs through lo
Sth avenue, but as yet nothing has been
definitely settled in regard to this plot.

The Rhinelander Waldo house, at 2S
East 72d street, which, together wilh its
long vacant neighbor on the Madison ave¬
nue corner, has been a subject of much
litigation, was again put up at auction
this w^eek, in foreclosure proceedings. Mrs.
Waldo offered no bid and the property
went lo the plaintiff for i|;60,000. which was
somewhat less than the total encum¬
brances. The Madison avenue house was
sold at foreclosure over a. year ago and
was also bid in by the parties at interest.
According to partition proceedings which
were instituted this week another valua¬
ble 5th avenue corner will shortly be of¬
fered at auction, T'he property in cpies-
lion is the southwest corner of Slst street,
which is owned by the Gibert family. The
plot is covered by an altered building
occupied bv the Mauser Manufacturing-
Co. silversmiths, under a long-term lease.
The lea^e was made about eight years
ago, at the time when this section of the
avenue was feeling the effect of another
boom.

A fair amount of business leasing w^as
reported, but no very large leases were
closed. Apartment leasing continues ac¬
tive, especially on the West Side, btit
ibrokers report that there is very little
demand for private houses. The ti'onx
continues to be extremely inactive, the
onlv market being for small building lots
which can he picked up below the ordi¬
nary  value.

-—■----------------—«-----------------------------------------■

Really   League Opposes the Charter.

Editor of the Recohd axd Guide:

Section 110 of the proposed charter
makes the Chairman of the Finance Com¬
mittee of the Board of Aldermen a mem¬
ber of the Board of Estimate. This is all
wrong. We should decrease rather than
increase the Aldermen's powers. The
Realty League will ask for the restoration
of Section 1554-a. concerning the use 01
patented articles in buildings anci public
places. It is Chapter 031. Laws lOOo, In
that year an inventor tried to force upon
property owners a patentecl ^'■Ji'^'e which
we estimated would cost about $0,000,000
if generallv adopted throughout the city.
It was verv much like a device already in
use which'was satisfactory. This Section
1554-a was probably omitted to please
some grafter.                               .         ,      .„

Please   note   also   that   hearings   begin





about September 15 before the Governor's
Safety Commission appointed to consider
tile prevention of flres and the safety of
factory workers.

ALFRED R.  CONKLING.
New York,  Aug.  IS.





Safeguarding investors.
Editor of tin: Record an'd Gu(db:

Chapter S61 of the laws of 1911 amends
Section 219 of the Banking Law by ad¬
dition of the following: "No mortgage
shall be taken upon vacant land whereby
the total investment of any association
in such unimproved real estate, either as
security for loans or by title of owner¬
ship, when taken together, shall exceed
fifteen per centum of the accumulated
capital of such lassociation. For the pur¬
poses of this article, the term 'vacant' or
'uiDlmproved' land or real estate shall
be construed to mean all land the value
of which exceeds the appraised value of
the income-producing improvements there¬
on. Loans secured by mortgages of va¬
cant land shall not exceed flfty per
centum of the actual value thereof," This
amendment has been operative siince the
29th  day  of July,  1911.

As you will note, .this new section of
the Banking Law is in the nature of a
safeguartS. Co-operative savings and loan
associations lend their money only on flrst
mortgages on improved real estate. This
new law is intended for concerns that
trade under their name and do a. specu¬
lative real estate business,

A.   W. McEWAN.

New York,  August 14.





A Setback for Street Adverlisments.

It looks as if the slreei-car and other
defacing advertisements must all go, in
the light of a recent, far-reaching decision
of the United States Supreme Court, New
York City has an ordinance that no ad¬
vertising trucks, vans or wagons shall be
allowed in its streets, under a penalty of
ten dollars for each offense. Under this
ordinance the authorities sought to re¬
strain the corporation operating stages on
Fifth Avenue from displaying advertise¬
ments on the ouside of its 'buses. The
Court of Appeals of the State held that
the use of stages for advertising purposes
was not a necessary or essential incident
of the company's franchise giving it the
right to carry passengers. Appealed lo
the United Stales Supreme Court, the de¬
cision of the lower court was affirmed, Mr.
Justice McKenna in his opinion holding
that, if the right claimed by the Fifth
Avenue Stage Company actually existed,
it existed also in the case of all wagon
owners, "and there might be such a fan¬
tastic panorama on the streets of New
York that objection to it could not be
said to have prompting only in an ex¬
aggerated esthetic sense." The ordinance
does not interfere with business notices
on ordinary business wagons when en¬
gaged in the regular work of the owner
and not principally for advertising pur¬
poses,—"Leslie's."





The Plain Truth.

It is inconceivable that in planning the
new .subways for New York City, the au¬
thorities overlooked the need of a sub¬
way on Seventh avenue lo connect with
the magniflcent new Pennsylvania Rail¬
road station. The Pennsylvania and
Long Island railroads, in addition to be¬
ing the largest taxpayers of the cily,
carry thirty million persons in and out of
New York yearly, and as President Mc¬
Crea points out, "By their traffic they do
as much as any other corporation to main-
lain the commercial supremacy of New
York City," What are the city authori¬
ties thinking about when they neglect the
welfare of the public in this flagrant way?
This is a pertinent inquiry and we are
glad that it has been raised. It should re¬
ceive  prompt consideration.—"Leslie's,"





Sprinklers far Loft Buildings.

Fire Commissioner Johnson is about to
order sprinklers installed in more than
two hundred loft buildings in lower Man;
hattan. The courts have decided that he
has power lo do this.

At least 00 per cent, of the loft build¬
ings in lower Manhattan are protected in
this manner. Of the loft buildings which
have been inspected the 40 per cent which
are unprotected by automatic sprinkler
service are without doubt the greatest
menace to human life by fire now existing
in New York City, These buildings are
more than two hundred in number.    Most