November 30, 1907





RECORD  AND   GUIDE





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C. W. SWEET

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By THE RBCOBO AND GUIDE CO.

Presldent,   CLINTON  W,   SWEET                     Treasurer,  F,  W. DODGE

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Copyrigbted.   1!K)7,   by  Tbe   Record   &   Guide  Co.





Vol.  LXXX.





NOVBMBER 30, 1907.





No. 2072.





INDEX  TO   DBPARTMENTS.

Adyertising Sectlon.

Page.                                              Page-

Cement   .......................xvl Lumber   .....................xvfl

Ciay ProductB   ................xiii Machinery   ..................xiv

Consulting Bngineera   .........xv Metal Work   ...................xil

Contractors   and   Builders.... .iv Quicit   Job   Directory...........ix

Electrlcal   Interests   ...........xv Real   Estate    ..................vii

Pireprooflng   ...................ii  Roofers & RooBng Materlals.xviii

Granite   ....................xix Stone   .....................xviii

Iron   and   Steel................vi Wood Produets  ..............xvii





Strategy

In

TraDSportation





NOTHĨNG IS MORE FUNDAMENTAL in
real estate than the tiependence of lantl
values upon accessibility Erom great busi-
ness centres. The nearer a place Is in polnt

_________________  of   time   to   a   great   ceutre  of   thrift   the

greater the number of peopie who vfíĩI
faney it, as a general proposition. Brooklyn demonstrated
the principle twenty-Eour years ago when the Brooklyn
Bridge was opened, In ten years Kĩngs County grew from
a population of 635,000 to a round miUion. Native New
Yorkers orowded from the dwellings south of Madison
Square and submerged Brooklyn witii a tide of new popu-
lation. A new illustration is Queens, When the enormous
plans for getting peop!e over and under the Bast River
began to be iiammered. into visible shape the biggest land
boom in the annals of real estate.was started. The pur-
chases of the Pennsylvania alone amounted to twenty-five
thousand lots. Farms which had been considered as worth
four to seven hundred dollars an acre have since brought
flve thousand dollars an acre, and in the raarket garden sec-
tions oE Newtown lauds for which one thousand dollars was
once the top price are being held at flve to flfteen thousand
dollars an acre, Last year eighteen millíon dollars' worth
of buildings were planned in Queens, against three million
dollars' worth in 1900. A pamphlet written by the Secre-
tary of the Long Island Railroad Company discusses the
efCect upon land values of transportation development and
reminds us oE many remarkable facts in the rapid growth
of Brooklyn and Queens, Ijut it is to be said that all the
principles enunciated therein seem quite as applicable to
the case of New Jersey. When all the tunnels and bridges
are flnished an extremely large portion of New York's busi-
ness population will find it more convenient to commute to
New Jersey than to Queens or Brooklyn, Nothing In the
history o£ transportation can equai the strategical positĩon
of the subways constitutîng the approaches to the upper
McAdoo tunnel on the New York side. Bxtending from
Greeley Square on the north to Astor Square on the south,
and touching Broadway at both extremities, they will be
like wĩde open arms of invitatíon to the Jersey suburbs, Por
many thousands who spend their business days in the cen-
tral and west side of the island it -will be only a short walk-
ing distance to some one of a number of stations in these
lines of exit; but to' reach the entrance to any of the cross-
ings to Brooklyn would for the same peopĩe require an extra
car ríde and fare. ' Xlnder all the circumstances the members
of the N. Y.-N. J. Eeal Estate Exchange, who have just
rîsen from their first annual banquet, have a right to aĩl
their expectations for a wonderful era of growth. for the
country on the western side of the Hudsonj in which it will
share alniost equally with Brooklyn and Queens in the bene-
fits of the reinarliable transportatíon developments of thø
tlme.







REAL ESTATE being "in no danger," the
"H'eralA" does not feel called upon to
enllst in its defence, or to extend to realty
interests tbe same degree of support
which it is giving to railway and indus-
trial securitíes. Moreover, it considers
that real estate appeals mainly to capitalists, whiĩe stocks
and bonds are within the reach of every householder who
has scraped together a few hundred dollars. From the first
propositiou we do not dissent, and we leave the second to
the judgment of the "Herald's" real estate patrons, with
this one remark, that we have always been under the ĩm-
pression that the facts were the other way—that it is the
man with the "few hundred dollars" who ordinarily buys
those suburban lots and homes which are so plentifully
advertised In out contemporary's pages, aniĩ mainly the
capitalist who invests in railway stocks and industrĩal bonds
—but who ought to put more oE his surplus in New Vork
City real estate and mortgages, where it would do both him
and the commuuity more good. THB Pr'oSPERITY OF
THE CITY OF NEW YORK DEPENDS IN A VBRY LARGE
DBGRBE UPON ITS REAL ESTATB AND BUILDING IN-
TERBSTS, Nearly one hundred thousand men are em-
ployed in the buildíng trades, many thousands more in pro-
ducing the materials utilized in those trades, and other
thousands in selling, managing and taking care of the
produet. They constitute a great army of consumers for the
mercantile interests. These allied interests are now lan-
gu'ishing for money—the money that is locked up in railway
and other Wall Street securities. Thousands of mechanics
are idle, and every day is adding to the number, and also
to the consequent loss of local trade and of local business
in all lines, Having called attentiou to this state of affairs,
need we say where the ready money o£ the "Herald's" read-
ers ought to be invested at this crisis în order to be of most
benefit to the community, and to themselves as welĩ, directly
and indirectly? The "Herald's" first duty is to its own
immediate friends—the people oE New York and their busi-
ness interests- Start a strong flow oE money ĩnto real estate
and building and into the seeurities of those institutions
which lend to home buyers and builders, and new life will
be put into the building trades and all the interests con-
nected witb and dependent on them, Rea! estate values
may be "in no danger," but there are buildinga waiting for
money to coraplete tbera, plans waiting to be financed;
buyers waiting for loans, mecbanics for work, and raer-
chauts for trade. AND WHAT IS THE DAILY PRESS
DOING   TO HELP  THEM?







ONE THING STANDS OUT PROMI-
NBNTLY in the confusion and distrust
of the past few weeks. The carefuUy
selected first raortgage on New Yorlî City
real estate has been proven to be the most
satisfactory investment for indivîdual,
trustee or corporation to carry through such times as wu
are having, Possibly, it may not be so readily sold and
turned into cash, but we have reached the time when nnt
mucb else ean be readily sold or turned into easb, and what
can he, is sold at a great sacrifice. With New York City
bonds twenty or more poínts below their quotations of six
years ago, and other bigh class bonds equally depreciated,
and the best of stooks, many of tbem selling for half what
they did three years ago, reaĩ estate mortgages alone, in
the statements of institutions, are bolding their own and
are tbe investment bulwark of those who are fortunate
enougb to hold considerable lines of them. During tbe last
six weeks the sales of mortgages by the title corapanies have
gone on, not to the sarae extent as in ordiuary times, but to
a far better extent than has been the case with tbe average
railroad or industrial bond. One of the title guarantee com-
panies reports sales of mortgages for October of ?3,300,-
00 0- The reason for the faíth of the average person in a
good real estate mortgage is not far to seek. It is the one
thiug about wbich he can form sorae judgment of hi? own.
He may not be an expert in values, but be can see the
property; be cau inquire of others and he ean exercise some
judgmeut as to whether his raoney is well secured. lu the
next place, he does not have to trust auybody after he gets
the mortgage into his possession; bis security cannot be
ruined by raismanageraent and is not carried down by the
raismanagement of something else tied to ít, but, if good
when seleeted, stays good. He gets bis interest regularly
and his princlpal when due or within a reasonable tlme
ĩhereafter.    It is safe to predlct that one uĩtimaté result Qf