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lovember 4," 1905
RECORD AND GUIDE
685,
____l^j;<^'. ^
^ ESTABUSHED^MWPHSlu^lBea.
Dn^TED TO RfJ^L Estwe . Boi Loi>fc AR-crfiTEeruRE .t^ousoiou) DECWftkmI,,
Bifsit/Ess AifoThemes of Gej^^L iUToiEsi.;
PRICE PER YEAR IN ADVANCE EIGHT DOLLARS
Published every Saturdag
Communications should no oddreaaed to
C. W. SWEET, 14-16 Vesey Street, New York
-^ Telephone, Cortlandt 3157
"Entered at the Post O.W.ce at New York. N. Y., as second-class mailer."
Copyrieht by tho Real Estrito Record and Builders' Gnida Company.
Vol. LXXVI.
have been filed for an eleven-story loft building to be erected on
24tli st west of Tth ave; and there has been buying on other
streets. If such a movement takes place, it would not.be the
first time in the history of New York real estate, when a very
dubious residential neighborhood was transformed into a clean
and serviceable business district.
noveiviber 4. iy05.
No, 19(J4
INDEX TO DEPARTMENTS.
Advertising Section.
Page
Cement .................xxv
Clay Products ............xxiv
Contraclors and Builders., .vii
Electrical Contractors .., .xvii
Firenroofing ..............ii
Hranitc ................xxvi
Hp.'itinp; ................xxii
Iron and Steel.............xx
Page
Law ......................X
Machinery ...............iv
Metal Work ..............xxi
Stone ..................xxvi
Ot;ick Joh Directory......xxix
Real Estate ................xi
Wood Products .........xxviii
THE Stock Market still plainly betrays the effect of con-
flictin.E^ ideas and purposes; and the result of the conflict
continues to be an irregular and indefinite movement of prices.
Professional traders make repeated and desperate attempts to
advance the prices of certain stocks, but their success becomes
barren ns soon as they seek to sell the stocks they have ac¬
cumulated. The conservative influences remain In complete
control of the situation, which arouses comparatively little in¬
terest on the part of the outside public. In the meantime a
general apprehension is being created as to the results of com¬
petitive railroad ambitions in the Far West. Considering the
great prosperity of all of the important transcontinental lines
it assuredly looks as if tbe trafflc situation in the Far West
Justiiied a good deal of additional railroad construction; but
the danger of such construction always is that it will become
excessive. If one railroad builds a new line, other railroads
follow suit, not because there is trafflc enough for two such
lines, but in self-protection. In order to avoid such unnecessary
and unprofitable construction, there ought to be an agreement
among the several systems, which will provide for an equitable
division of opportunities.
THE trading in the older tenement house districts continues
to break even the unprecedented totals of last year.
The number of transfers recorded on the first of November were
almost as numerous as they were on the first of any month last
spring; and these large totals are reached in spite of unfavor¬
able conditions in respect to the borrowing of money. The
activity is almost exclusively professional and is rendered
possible by the fact that in all the older districts of Man¬
hattan there are very few vacancies in flats and tenements.
But in view of the over building which is taking place in the
Bronx it is improbable that this condition will continue; and
when renting conditions deteriorate a collapse of the specula¬
tion will soon follow. There are indications that a diminished
quantity of building is being projected both on Washington
Heights and in the Bronx. On the other hand, the more expen¬
sive property on the West Side adapted to fire-proof apart¬
ment houses continues to he in excellent demand. Costly
apartments are renting so well, that it looks as if the people
who were being displaced from private houses along the line
of Fifth ave were going into West Side apartments, instead
of East Side dwellings. In all probability the West Side will
be an area of very considerable and profitable building opera¬
tions during tbe coming year. The only other part of Man¬
hattan which is also exhibiting signs of increased life are the
side streets west of Broadway and north of 23d st. There has
been considerable buying in this region for the purpose of
substituting loft buildings for the old boarding houses and
tenements; and it is evident that when the wholesale trade
has finished the occupation of the side streets south of 23d
st and east of Cth ave, it will spread into the district mentioned
above. A great deal of buying has already taken place be¬
tween Broadway and Sixth ave, and Sixth and Seventh aves,
while recently there have been some indications that it may
extend to the streets between Seventh and Eighth avs. Plans
THB fact that the population of New York is increasing
only at the rate of 125,000 a year should supply specula¬
tive builders with grounds for reflection. During the current
year plans have been flled for new buildings to be erected in
the several boroughs of this city, which will afford living ac¬
commodations for at least 250,000 people. Nor is this all, many
million dollars have, also, been spent on old five-story flats
and tenements, the result of which will be to increase con¬
siderably the number of people who will sleep under theh"
roofs. It is evident that if this rate of building is continued,
the result will be an over-production of residences, and
a repetition of the conditions which prevailed on the
West Side and in Harlem three or four years ago. It is true
that the demand for new living accommodations is not ac¬
curately measured by the increase in population. Every year
a certain encroachment takes place in Manhattan by business
upon land formerly devoted to residence; and in this way a
larger or smaller number of people are unhoused. In excep¬
tional years, when the city acquires the land for a new park, or
when railroad and bridge terminals are required this dis¬
placement is very considerable; and in any event It probably
forces several thousand people to seek new accommodations.
But after making the fullest allowance for this condition,
there still remains a large margin of over-production in tene¬
ments and dwellings. Let us take, for instance, the Bronx
alone. The State census indicates that during the past five
years an average of 15,000 people have been added to the popu¬
lation of that Borough, This is certainly an under-estimate of
the increase which is taking place at the present time—now
that the Subway is in operation. But even if we guess the
present annual increase to be 30,000, it is evident that too
many tenemehts are being erected. Plans will be filed during
the year for about 525 brick tenements alone, which will
accommodate over 50,000 inhabitants; and frame tenements and
private dwellings under construction will house 10,000 more
people. Such an over-production can only mean foreclosures,
rebates of rents, and general loss and depression. Or again,
take the case of Manhattan, In that Borough plans have al¬
ready been filed for 350 new tenements to be erected on Wash¬
ington Heights, and this number will become almost 400 before
the end of the year. These 400 flats and tenements will ac¬
commodate not less than 40,000 inhabitants, whereas the total
annual increase in the population of Manhattan is only 50,000,
and as many tenements are being erected on the East Side as
on Washington Heights. It is time for more prudent counsels
to prevail.
THERE can be no doubt that Mr. William Travers Jerome
has been the hero of the municipal campaign which is
now drawing to a close. His candidacy and his personality
have dominated the canvass; and the issue which he has made
against "Boss" rule has been the issue, which has provoked
the greatest popular interest and enthusiasm. The personalities
and the public utterances of the several candidates for Mayor
have seemed by comparison tame. Mr. Hearst has made a
vigorous canvass; but, standing as he does on a wholly im¬
practicable platform and depending as he does upon an appeal
to a selfish class interest, be has not improved his position by
the public discussion of his programme. He is not running
as strong to-day as he was three weelts ago. Mr, Ivins has
assuredly made the best of a desperate situation. He has ex¬
hibited plainly his competence, his good sense, his Inde¬
pendence and his courage; but the good impression that he has
made has not availed to do away with the fata! handicap
under which he started. Mayor McCIellan has stood in a
dignified way upon his record; and although he has gained no
ground by his speeches, he will doubtless be re-elected. But if
Mr, Jerome is re-elected, also, as he probably will be, the Mayor's
triumph will be deprived of rauch of the prestige, which
might otherwise have attached to it, A few months ago, it
looked as if Tammany would win a victory so complete that
the organization would be able to dictate and probably elect
the next Democratic candidate for Governor, Now it looks
as if its victory might fee both a narrow and a barren one;
and if so, the great mistake was the failure to endorse the
candidacy of Mr. Jerome. That candidacy has appealed to
many,of the strongest and best instincts of the voters of New
York County—to their wish to reward a faithful public servant,