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December i6, 1905
RECORD AND GUIDE
945
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DD6'[El)pRa,LESTAIE.BuiLDlKB ^RCKlTZCTURE.HoUSOJOlDDEGQEjATltMi,
BUsii/ess AifcThemes OF GeiJepiaV iKTERfst.
PRICE PER YEAR IN ADVANCE EIGHT DOLLARS
Published eVerg Saturdag
Communications ahould be addressed to
C. W. SWEET, 14-16 Vesey Street, New York
Telephone, Cortlandt 3157
"Entered at the Post. Office at Neio York, N. Y.. as second-class mailer."
Vol. LXXVI.
DECEMBER 16, 1905.
No. 1970
INDSK TO DEPARTMENTS.
Advertising; Section.
Page. Page.
Cement ....................xxvii Law .........................xiii
Clay Products ...............xxvi Machinery .....................v
Contractors and Builders.....viii Metal Work .................xxiil
Electrical Interests ..........vii Quiclr Job Directory.........xxx!
Fireproofing ...................il Real Estaie ...................x\
Granite ....................xxviii Roofers & Roofing Materials, .xii
Heating ....................xxLv Stone ....................xxviii
Iron and Steel................xxii Wood Products ..............xxs
THE action of the stock market has continued to show the
mixed effect of recldess speculation and conservative re¬
straint. There has heen no general and sustained rise in
values. On one day a group of railway stocks is forced up hy
tne powerful speculative pools, who are operating on the bull
side. On the next day a similar feat is accomplished with cer¬
tain industrial stocks. But in- the meantime the general market
fails to respond to this heroic treatment, and there are indica¬
tions that other stocks are being sold under cover of the ad¬
vances. But flagrant as are the evidences of manipulation, the
course of the market during the week shows very clearly that
moderating influences remain substantially in control, and that
the speculation will not be allowed to go too far. It has, how¬
ever, gone far enough for the present, and a moderate amount
of weakness from now until after the holidays would be dis¬
tinctly a wholesome thing. No general or sustained advance
can be expected as long as existing conditions prevail, and cur¬
rent methods are necessary to bring it about.
THE real estate transactions during the past week have been,
if anything, even more numerous and various than dur¬
ing any previous week of the current season. The chief center
of speculative activity remains in the district affected hy the
Pennsylvania and trolley terminals, and tnis district will un¬
doubtedly remain in a ferment for a long time to come. It is
different from other speculative districts, because, in case a
higher level of values is permanently established, it will not
only have to be transformed, but reformed; and a process of
reformation from dubiousness to respectability is a slower pro¬
cess than a process of transformation from one kind of respect¬
ability to another. Most of the recent buying has talten place
either on Sixth avenue and in the immediate vicinity of the ter¬
minal, and the only improvement yet announced for this vicinity
is the erection of a sky-scraper on the southeast corner of 33d
street and Greeley square. An excellent demand for high-priced
residence property continues to be indicated, and it looks as if
a renewal of speculative buying in the section east of the Cen¬
tral Park would be justified during the coming spring. This is
likely particularly to be the ease, provided the prices of secu¬
rities in Wall Street continue on the whole to advance. If
they do continue to advance, the new-rich-man may become as
conspicuous in New York in 1906 as he was in 1901 and 1902-
Another noteworthy incident is the announcement of the lirst
buiiding operation in the Dycltman tract. Inasmuch as Subway
trains will be running to Kingsbridge within a few weeks, this
announcement is only natural, and a renewal of speculative
buying in that vicinity will take place during the winter and
spring. Vacant property in this district continues to be tbe
cheapest property in Manhattan or the Bronx, considering its
accessibility, and it offers a fair fleld for exploitation. It wil!
probably be improved throughout with the class of tenements
which prevail in Harlem; and in the vicinity of the water front
arrangements will have to be made for the transaction of a
good deal of business. The great obstacle to the early improve¬
ment of the district is the backward condition of street-open¬
ing proceedings, and other similar Inconveniences; but much
can be accomplished in this respect during the summer, pro¬
vided the work is vigorously prosecuted. The Dyckman tract
is entitled to an earlier development than are portions of the
Bronx, where improvements are already under way-
THEUB has been a very excellent sale for apartment houses
situated on the West Side during the past week, which
calls attention to the fact that, even if renting is somewhat slack
in the newer districts, it remains extremely good on the West
Side. Neither is it likely to be very much unsettled hereafter,
even if there is over-building elsewhere in Manhattan and in
the Bronx, The Subway has accomplished all that it was ex¬
pected to accomplish for the West Side, and in the future that
district will continue to have such an advantage in point of
convenience over districts further north that the owners of
apartment houses in that section of the city can count upon
keeping their huildings well fllled. They will not have local
over-building to fear, because the opportunity for it does not
exist- The vacant property remaining on the West Side Is
mostly situated on Broadway and Riverside Drive, and is so
expensive that it can he handled by only a few well-to-do and
conservative builders. There can be no doubt that future im¬
provements wiil take the form chiefly of large flreproofed apart¬
ment houses. Indeed, just as the East Side is being dedicated to
expensive private residences, so the West Side will be dedi¬
cated to twelve-story flats. Plans have been filed during the
past year for four buildings of this class, whose total cost will
be about $3,500,000, and this list does not include either the new
Astor apartment house or a half a dozen smaller buildings
which will cost on the average about $250,000 each. This is the
class of improvement which will prevail hereafter on the West
Side, and as soon as such buildings have been erected on the
vacant frontages on Broadway and elsewhere, they will be
substituted, wherever possible, for existing private dwellings.
This substitution has already been commenced in the vicinity
of Broadway and 72d street. The old Colonial Club property,
sold during the past week, is likely to become the site of a
twelve-story apartment house, and other similar operations will
follow, particularly in the vicinity of Subway express stations.
The movement will be hampered by the large number of restric¬
tions which have been placed upon West Side property; but it
is bound to prevail in the long run. There seems to be no
tendency in the development of New York City to open new
expensive residential districts, either for private dwellings or
apartment houses. The newer districts are all being given up
to a cheap class of improvements.
I
I
I
APTER the election New York citizens of ordinary Intelli¬
gence seemed to be almost unanimously making two as¬
sertions respecting its results. One was that with a fair vote
and a fair count William R. Hearst would have been elected
Mayor of the metropolis. The other was that, whether elected
or not, he never would he seated. The second of these asser¬
tions seems to be in fair way of fulfilment, while the investiga¬
tion, so far as It was allowed to go, seemed to render the flrst
extremely probable. It remains to be seen whether Mr. Hearst
can secure the assistance of the Legislature in pushing the
investigation further. In all probability he will be able to do
so, because the Republicans are not likely to miss so good an
opportunity of worrying the local Democratic machine; but In
this event the investigation would assume a partisan character,
which, under the circumstances, is to be very much regretted.
Another unfortunate consequence would be the difiiculty under
which the business of the city would be conducted, as long as
there was any question about the Mayor's title to his office;
and if by any chance Mr. Hearst should be eventually seated
instead of Mr. McCIellan a still further disorganization would
take place. The actual installment of Mr. Hearst would mean,
for instance, nothing less than the abandonment of all Subway
extensions during his term, because the city has not the money
to build the new subways, and it is improbable that an admini¬
stration headed by Mr. Hearst could reach any agreement with
the traction companies- The consequence is, of course, that
many people who believe that Mr. Hearst has been in some
way deprived of an office to which he is entitled will look with
equanimity upon the continued occupation by Mr, McCIellan of
his position. But it is very much to be hoped that Mr. Mc¬
CIellan, in case he retains the offiee, will do his best to disarm
the criticism of the Municipal Ownership party. Of course, he
cannot succeed entirely in avoiding their condemnation, but he
should succeed in obtaining very much better terms for the
leases of the new subways than were obtained for those already
constructed. Public opinion will not be satisfied with any
worse terms than those which were obtained for the right to
construct and operative the so-called McAdoo tunnel on Sixth
avenue.