December 8, 1906





. RECORD  AND   GUIDE





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Vol. LXXVIIL





DECEMBER 8, 190G.





No, 2021





INDEX  TO  DEPARTMENTS.
Advertising Section.

Page                                               Page

-Cement   ..................xxiii  Law....................xi

Consulting   Engineers...........x  Lumber   ...............xxvii

Clay Products............xxif   Machinery.................iv

Contractors  and  Builders   ......v  Metal Work..............xviii

Electrical Interests........viii   Quick Job Directory ........xxvii

Fireproofing..............ii  Real Estate   ..............xiii

Granite.................xxiv Roofers & Rooflng Materials,.xxvi

Heating   ..................xvH  Stone....................xxiv

Iron and Steel.............xx   Wood  Products.........xxviii

*S A S a nation," says President Roosevelt in the annual
■**■ message which he submitted to Congress on Tues¬
day, of this week, "we still continue to enjoy a literally un¬
precedented prosperity." This is almost platitudinous. Our
prosperity, shown in the enormous development of business
and extraordinary railroad earniugs, has certainly not been
fully reflected in Wall Street, for there has been another
week of ups and downs and irregularity in the stock market
with exasperatingly high rates for money. In a sense, there
is nothing to be alarmed at in the President's message. Leg¬
islation that he urges is not unfriendly to stock speculation,
and to some extent has already been discounted. It is
claimed that nothing that this Congress may do in its present
session is likely to cause a scare, as has so frequently been
the case with other Congresses, so that when adjournment
took place the business and financial world breathed more
freely. Yet, so long as there is uncertainty about money,
no matter how favorable otherwise fundamental conditions
may be, it is impossible to avoid a feeling of disquietude.
Money is, of course, manipulated by those who control it for
their own purposes. At the most the call rate should not
exceed S per cent., yet it went during the week well into
the thirties. As a financial writer says, "anything above 8
per cent, is due entirely to the calling of loans from little
men in order to furnish 6 per cent, money to big men."
Naturally some solution of the problem and crumbs of com¬
fort were looked for in Secretary Shaw's annual report, sent
to Congress and made public on Wednesday, of this week.
He discusses the question of currency reform like most of
his predecessors, but there is really nothing definite or re¬
assuring in his conclusions. Annual Treasury reports have
always advocated a change in the existing law for the past
fifty years, apparently without result. All that can be
gathered from Secretary Shaw's message is that it is not his
intention to extend monetary relief just now, or until there
is real necessity for it. That the Secretary of the Treasury
is, however, not unmindful of the situation is evidenced by
the fact of the announcement that he would anticipate the
interest on the government debt up to May 1, thus releasing
about $12,000,000 from the Treasury, and affording some
slight aid to the money market. The declaration of a quarter¬
ly dividend of 1 ^ per cent, of the New York Central Railroad
placing it on a 6 per cent, basis, had the effect of causing
a decline in the stock, showing that the increase had been
anticipated by operators. United States Steel and some
other issues liave remained'flrm, and this in the face of high
money. When Treasury or other substantial relief comes,
if it ever comes so as to eliminate the element of doubt,
there is every reason to believe that much higher prices wil!
"be seen in the stock market.





'X* RANSACTIONS in real estate during the week have been
^ characterized by noticeable activity iu small proper¬
ties, particularly In that part of the borough south of Forty-
flfth street, with the buying evenly distributed between the
^AS-t^Jiii-westftt^es^^nd T5:IttB,e3Jly every street between 3d
'iili bill} ;.n;B:-ny-;.:jfri; s:*: ^-iV-i-u J.;.,. ,■.....,





and Forty-fifth represented in the business, altogether indi¬
cating increasing confldence on the part of speculators in the
immediate future of real property within these limits. The
really notable, as well as the most significant transaction of
the week was tbe purchase of a large tract of land near Fort
Schuyler,, involving some 210 acres in a part of the city hav¬
ing exceptional attractions and certain in the future of a fine
development; while the sale of the northeast corner of Broad¬
way and Sixty-second street, in the automobile district, for
$G60,000, was the largest in the central section of the town.
In the middle of the week attention was attracted by a rumor
pf the sale of the Fifth Ave. Hotel at a valuation approach¬
ing seven million, and it has not altogether been withdrawn
since the denial of the rumor. Real estate brokers continue
to experience difficulty in closing contracts involving large
considerations, owing to the continued stringency of the
money market. With building construction being brought
within the limitations of the winter season, a falling off in
the sales of common brick is reported, and at the same time
somewhat higher quotations, on announcements from the up¬
per Hudson that the river is closing, and that the principal
towing companies will not accept orders for points north of
Kingston. Boats loaded with supplies of material for winter
consumption are being covered up at the piers. The cement
market likewise is taking on the quiet aspects of the winter
season, with no marked change in prices since the sharp de¬
cline of a month ago; and lumber, being in strong hands, ia
maintained at the highest level of values of the year.





EVIDENCE continues to accumulate tbat the business
development at Madison avenue, between Twenty-sixth
and Thirty-fourth streets, is near at hand. An unusual num¬
ber of sales are beiug reported on that part of the avenue,
and last week an important firm of decorators, hitherto situ¬
ated on Pifth avenue, leased tbe corner of Madison avenue
and Thirty-second street. Tbis transaction suggests that
Madison avenue may develop along lines of Fifth avenue
north of Twenty-sixth street, instead of along the lines of
Fifth avenue, south of Twenty-third street—that it may be oc¬
cupied by the retail instead of by the wholesale trade. The
Record and Gfuide has believed hitherto that it was better
adapted to wholesale than to retail purpose, particularly as
this wholesale business, now that it has fllled up lower Fifth
avenue, needs a new avenue to occupy. But this anticipation
may prove to be incorrect. The enormous rents which now
prevail on Fifth avenue may induce important retail firms
to move to Madison avenue instead of to the side streets. On
Madison avenue they could obtain the necessary floor space
at less than half the cost, and for certain well-established
houses a location on Madison avenue would serve almost as
well. We should not be at all surprised to witness some time
during the winter or coming spring the announcement that
one of the big retail houses situated south of Twenty-third
street had purchased a site on Madison avenue. The removal
of Altman & Co, to Thirty-fourth street, and the opening of
the new McCreery store on the same street have both proved
to be big popular successes, and will in time compel imitation.
Except in the case of one parcel, it is now practically impos¬
sible to obtain locations either on Fifth avenue or in Thirty-
fourth street; and it may well be that the retail houses will
find Madison avenue the best available substitute. In case
they discovered that avenue to be adapted to their purposes,
they could, of course, crowd out the wholesale business, be¬
cause they could afford to pay larger rents. An emphatic
drift either one way or tbe other will probably be developed
within tbe next few months, and the speculators will jump
in for the purpose of getting some share,of the increase in
value. Prices on Madison avenue will never reach the high
level which prevails on Pifth avenue, but they may well ad¬
vance to as much as half that level—which would offer a sub¬
stantial margin of profit to speculators.





THERE is pending before the Board of Aldermen an
ordinance imposing a flne of $25 upou any owner of
a building iu the Borough of Manhattan who shall not cause
"tbe street number of the same to be plainly and legibly
displayed in such manner that tbe same may be seen and
read from tbe sidewalk in front tbereof at all times during
the day and night." Pending action upon the matter the
claim is made that this ordinance should not, if adopted, be
confined in its operations to Manhattan, and the Postmaster
of Brooklyn, Postmaster Roberts, has filed a declaration to
the effect that the extension of the ordinance to cover that
borough would be of benefit. He adds that "such display
of  numbers   would  be   appreciated   by  the   carriers  of  the