September 15; 1906 '
RECORD AND GUIDE
435
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Published eVery Saturday
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Vol, LXXVIIL
SEPTEMBER 15, 190G,
No, 2009
INDEX TO DEPARTMENTS.
Advertising Section.
Page Page
Cement.....................xxv Law........................xi
Consulting Engineers ..........x Lumber...................xxx
Clay Products ..............xxiv Machinery....................iv
Contractors and Builders.......v Meta! Work..............xvii
Electrical Interests...........xx Quick Job Directory.........xxix
Fireproofing ..................ii Real Estate.................xiii
Granite..................xxvi Roofers & Rooflng Mater'Is.xxviii
Heating ...................xxii Stone......................xxvi
Icon and Steel..............xvIii Wood Products ............xxx
THERE is little difference in the conditions in Wall Street
from what they were last week. There are reasons, how¬
ever, why the market shoultl advance. Evidences multiply that
the big interests are ranged on the bull side, and as nine stocks
out of ten are still much below x>i'ices reached two to six years
ago with inferior conditions, the bulls are in a strong position,
aided as they are by the comparatively "bare shelves" of the
commission houses. As to tho money situation, it is well in
hand, and for the time being American finances have discon¬
certed English bankers by securing all the gold available. It is
stated that the Bank of France will release from ten to fifteen
millions of dollars to the United States in order to preserve
the equilibrium of the national money markets. This fact, no
doubt, is a contributing cause to the higher prices of stocks pre¬
vailing during the weelt. As gold will now come here in as
large quantities as needed, there is nothing in the immediate
outiook in tlie money market, commercial or financial world
that should give cause for anxiety. It is not surprising, under
these circumstances, that stocks have been bought so freely.
Many issues, as has been before stated in these columns, are
selling below their value, and have gone into the hands of Euro¬
pean investors, which will naturally result in a still further in¬
creasing supply of gold from abroad. Every real estate and
building interest is indebted to Wall Street for its vigorous
action with reference to the importation of gold, and conse¬
quent solution of a money difficulty which, if of long continu¬
ance, would have borne heavily on real estate and building
operations. It savors of monotony to remark on our stupendous
crops and the unprecedented activity and prosperity in the iron
and steel trade and business generally, but they are facta which
cannot be controverted. "The steel scarcity is acute," says the
Iron Age. No doubt the demand for steel ears and building con¬
struction have had much to do with this extraordinary condition
of things. Copper stocks, too, are strong and higher. Two
features of the stock market this week deserve mention. One
is that Missouri Pacific and the entire Gould group of securities
attracted more attention; the other the formal announcement
that the stockholders of the Western Union Telegraph Co, would
be asked next month to ratify the action of the directors in de¬
ciding to issue 4 per cent, redeemable gold bonds to the amount
of $25,000,000 for new construction and the purchase of new
property.
T^HE real estate market has not gained very much during the
â– *â– past week, either in the amount or the variety of the
trading. Sales have been few in number, and restricted in
character. The great majority of the brokers are busy with the
fall renting, which, according to all accounts, is proceeding
prosperously in the older parts of the city. South of Pifty-
ninth Street and on the West Side rents have been hardening
rather than easing up, and it is evident that the owners of
apartment houses in those parts of the city wiil have no reason
to complain. Conditions are, however, by no means so favor¬
able on Washington Heights, Tn that section builders are offer-
mg many-inducements in order to attract tenants, and are not
even th^n^getting them in very large numbers. It is, of course.
always difficult to persuade people to move from an old and
familiar part of the city into a new and rough neighborhood,
and in the present instance the difficulty is increased because of
two conditions. In the first place, for the first time since 1902
the building of new tenements and flats has run ahead of the
demand, and will result necessarily in a larger proportion of
vacancies. In the second place, a mistake has been made in
building on Washington Heights too many small three and
four-room apartments. The larger flats rent with comparatively
little trouble, but there are by no means a sufficient number of
possible tenants to fill these smaller flats. The consequence i3,
that some of the builders are getting into trouble. A large num¬
ber of liens have been filed during the past two weeks, chiefiy
against houses situated on Washington Heights, and during
the winter there will doubtless be gathered a fine crop of fore¬
closures. New building has, however, diminished to such an
extent that a better condition Is certain to be created during the
coming year.
THE decision of the referee in the case of the Hudson &
Manhattan Railroad Company against Josephine J. S.
Wendell is likely to have important consequences. The de¬
fendant owned and refused to sell a piece of property in Dey
Street which waa needed by the railroad company for its new
terminal, and when a suit to condemn the property was brought,
it was fought on the ground that the company proposed to
use the property not only for a railroad station but also for an
offlce building. If the defendant had been successful in re¬
sisting condemnation on this plea, it would have meant that
railroad companies who condemned land for terminal purposes
in Manhattan could use the land so condemned solely as a
station; and inasmuch as the price of real estate is so very
high on Manhattan Island, the inability of the company to
obtain a direct income from their purchases would, of course,
decidedly limit the number and extent of such Improvements.
It is, however, enormously to the advantage of the whole city
that the railroads should be encouraged to erect terminals in
Manhattan, and it Is, consequently, a fortunate thing that the
law does not countenance a private property owner who refuses
to part with a piece of real estate which Is necessary for a pur¬
pose of such great public importance.
FORECLOSURE of a mortgage on a New York city church
and the sale of church property to satisfy a mortgage is
an occurrence so rare that the publication of articles as to "the
passing of St. Leo's Church" (St. Leo's Is a Catholic church in
Twenty-eighth Street between Fifth and Madison Avenues) was
deemed by well-informed persons to be premature. It was,
and the circumstances which attend the matter throw a con¬
siderable sidelight on real estate values—and church ethics—In
this neighborhood. In 1882 a loan of $55,000 was made by the
Bowery Savings Bank on the church and church property of
St, Leo's, the estimated value of both of which was $150,000. The
loan was at iy^ per cent,, but since 1882 the principal was re¬
duced by the payment of $13,2^0 on account. At the present
time the city's appraisement of the value of the land on which
the church stands Is $142,000. The church Itself, which has
been improved, enlarged and beautified in many ways, is esti¬
mated at $150,000, and the entire value of tbe security is put at
$300,000—double what it was at the time that the loan, since
reduced, was made. The enhancement of the value of the site
of St. Leo's Is due to obvious conditions. The whole neighbor¬
hood has become one of hotels and apartment houses. To the
side of the rectory is the Hotel Seville; to the south of the
church are the "St. George," the "Broztell," and the palatial
new building going up on the site of the old Brunswick, Twenty-
sixth Street and Fifth Avenue. Nearby are the "Wolcott," the
Holland House, the "Breslin," and the new "Hoffman," St.
Leo's has long been known among the Catholic churches of New
York as the one having the most "fashionable" congregation,
largely drawn from the residents of hotels and apartment houses
in the vicinity, and the new conditions of residence have added
to, it appears rather than diminished tbe number of those upon
whom the church depends for financial support. Apart from
this, Twenty-eighth and Twenty-ninth streets (the church is in
Twenty-eighth Street and the rectory on Twenty-ninth) have
become more important thoroughfares each year. The Third
and Sixth Avenue "L" roads have stations at Twenty-eighth
Street; there Is a Subway station at Twenty-eighth Street and
Fourth Avenue a few hundred feet from St, Leo's, There Is a
cross-town car service, with transfers on both, through Twenty-
eighth and Twenty-ninth Streets, and the completion of the
Pennsylvania terminal has had already a favorable effect on all
property within the zone of its future influence, as the focus
of transportation into N«w YprK OB the West Side. So soon