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April 27, 1907
RECORD AND GUIDE
813
''f^ ^ ESTABDSHED^M.AR.CH2l'^1868.
DEvil1lDl0REA,LESTWE.gi;iLDI^''G ^^KlTECTJRE,HOUSEHOLD DEGORATlorf,,
BilsitiEss Ali)Themes of GejJeraI IKtej^esi.
PRICE PER YEAR IN ADVANCE EIGHT DOLLARS
Published eVery Saturdap
Communications should bo addressed to
C. W. SWEET
11-13 East 24th Street, New York.
Telephone. 4430 Madiaon Squaro
•'Entered at the J'ost Office at A'cw Tork. S". T,. as second-class matter.'
Copyrighted. 1907, by C. W. Sweet.
Vol. LXXIX.
APRIL 27. 1907.
No. 2041.
INDEX TO DEPARTMENTS.
Advertising Section.
Page Page
Cement ...................xvii Lumber .....................xx
Consulting Engineers ..........v Machinery ...................vi
Clay Products ................xvi Metai Work ..................xv
Contractors and Builders......iii Quick Job Directory.........xxiii
Electrical Inlerests ...........vii Real Estate .................ix
Fireprooflng...................ii Rooters & Roofing Materials.xxii
Granite.........;.........xviii Stone.....................xviii
Iron and Steel ..............viii Wood Products ..............xx
IN nautical parlance Wall Street has been in the "clo!-
drums" this week, and the market has heen "backing
and filling" to little purpose. He is a wise man indeed, if
not an inspired prophet, who can predict or foresee even
approximately the course the market will take or its trend.
There has heen no participation by tbe public in stocks, aud
the business, entirely professional in character, has shown
that irregularity which it has displayed more or less since
tiie recovery from the great convulsion of last month. The
government weather bulletin, so far as it affects the crops,
has, of course, been a factor to a certain extent. Crop
scares are always in order at this time of year aud they
have been freely used by operators on both sides of the mer-
ket, wheat for July delivery touching the season's highest
price. Western houses have been active in circulating crop
damage stories which had more or less basis of truth, but
two or three weeks of fine weather will soon eliminate from
the market such disturbing influences. There has been much
talk about Mr. Harriman in connection with Union Pacific.
The gentleman denies that the railroad company is con¬
templating any note Issues or flnancing of any description,
but was silent about a probable issue of preferred stock.
Declarations of this character either one way or the other
are not likely to create activity in Wall Street on the part
of the public, who are tired of being "lambs" and only will
come into the market, if they come at all, when their judg¬
ment justifles operations that will be successful. These re¬
marks, of course, apply to tliose who have suffered, for it
must not be forgotten that new recruits for the lamb flock
are coming in daily. This is not to be wondered at, for
however much one may decry Wall Street speculative meth¬
ods he must be a pessimist indeed whp is not bullish on the
country. The deposits in State and savings banks have in
flfty years risen from less than three hundred million dollars
to more than six billions and the total deposits to upwards
of twelve billions, and the progressive process still goes on
upward and onward. Mouey both for time and call loans
continues easy. Rates for exchange on New York at cer¬
tain points in the West show that there is still an outward
movement of currency. Those who loan money say that
profits are not to he made in such a money market and when
there is an eager demand for cash, rates will rise.
favorable terms and the advantages of the situation of the
lots, appealed to and went far to meet a great and unsatis¬
fied desire on the part of the public for more building space.
The section in which these lots are situated has been re¬
garded with favor by some of the largest operators in the
flnancial district of old New York. We have heard it said
by the head of one of the wealthiest syndicates that a pur¬
chase in the vicinity of Washiugton Bridge, on the Bronx
side, would be a perfectly safe one. No doubt this opinion
is generally held, though it must be said that the lay of
the land is not in every part inviting, and that all the lots
which went under the hammer are not eligible to high class¬
ification. At any rate, a large portion are desirably situ¬
ated, although in most cases the physical contour of the
individual lots leaves a great deal to be desired. Not even
the refusal of the Interborough syndicate to bid for the
coutract of building a subway up Jerome Avenue turned any
noticeable damper against the bidding, and hopes continue
strong that the city government will find a way of provid¬
ing the rapid transit which the West Bronx is fairly en¬
titled to. Summing up the sales of the flrst two days, it
is found that a total of 493 lots were sold for ?66S,990,-or
at an average of lill,500 a lot. Por one little irregular lot
of 1500 square feet, situated at the corner of Boscobel Place
and Ogden av, where it faces the plaza at the end of Wash¬
ington Bridge, the sum of $15,800 was hid, aud $11,000 for
the adjoining lot. No doubt the whole section will be
quickly built up, and it may be timely to call attention to
the fleld that there is here for high-class residences. Who
questions the statement that the building of flats has been
overdone in the Bronx? Purchasers of average-quality
dwellings, who would prefer to live closer to the city if
builders would meet their requirements, are forced to New
liochelle. Mount Vernon, Yonkers, Flatbush and the Jer¬
seys. Considerable money was made in building a good
class of houses on the West Side of Manhattan, and now the
West Side of the Bronx offers a similar opportunity. Such
development as has already come to the section is almost
wholly of this sort, and it is very much hoped that it will
continue, for the crying need of the city is for dwellings and
not for flats.
BY THE SALE of the Ogden estate, which constituted
the great business of the week in the auction room,
more than a thousand lots will pass into the possession of
those who will be likely to develop them. As the sale is
stiil going on at this writing, the exact number of lots can¬
not be given; but there are some flfteen hundred in the
whole tract and the probabilities are strong that the auction
will continue from day to day until all are disposed of. It
has been one of the most interesting sales in the history
of the city, attracting a great number of buyers each day,
who fliled the room to its capacity, while the bidding was
all that could possibly have heen hoped for. Undoubtedly
the thorough preparation which the auctioneer (Mr. Joseph
P. Day) had made, his good judgment and cleverness, the
CHIEF ENGINEER LEWIS has given out a list of
improvements to which the City of New York is al¬
ready definitely committed. The cost of these improve¬
ments, all of which are absolutely necessary to provide for
the growth in population and business aggregates almost
$200,000,000. Inasmuch as the hills will not have to be
met all at once, the existing debt margin amounting to $S0,-
000,000 and the normal additions thereto during the com¬
ing flve years, will be sufficient to meet these necessary
claims. But this is not the whole story. The Chief En¬
gineer's list does not include many improvements which are
almost if not quite as necessary as those already adopted—
among which should be mentioned the new sewer system for
Manhattan, a "new court-house and new fire-houses. None
of these plans can be indefinitely postponed, because the in¬
crease of tall buildings all over Manhattan is already taxing
the existing sewers beyond their capacity, the present court¬
house is both unsanitary and cramped in size, and the need
of new fire-houses and police stations is not the sort of need
which a city can afford to neglect. Neither is this all. The
city is begiuning the construction of a new system of water
supply which will cost $160,000,000; and while this sum
is not chargeable against the debt limit, the money will
nevertheless have to be raised. At the present time the city
is barely able to borrow at four per cent. Will it he able
to raise about $400,000,000 during the next six years with¬
out paying more than four per cent.? In short the finan¬
cial condition of New York City is really very precarious,
and the responsibility resting on her authorities very seri¬
ous. In spite of the enormous increase in real estate as¬
sessments which has taken place during the past five years,
the city is barely able to pay its way; and it is difficult to
understand how it will pay its way hereafter except by ne¬
glecting many of its responsibilities. Moreover it looks as
if one result of the present condition was pretty sure to be
an increase of the tax bills. The current expenses of the
city are beginning to Increase faster than ever. The school
teachers and the police force will both cost largely increased
sums next year, and it is doubtful whether the regular in¬
crease of the city's income will he sufficient to meet these
additional charges. The income from real estate is on the
average so much larger now than it was a few years ago
that the property-owners can stand a slight increase ixt