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April 30, 1904.
RECORD AND GUIDE
977
'T^ ^ ESTABUSHED-^WyiflpHSl'^^lBBS.
De/oieD to f^L EsTHe.. BuiLoi^ic *;RcKrTEtmiHE .HousedJoib DEOtffl^TlOri.
.Busir/ESs aiJdThemes Of GeKer^I iHTERfsT,
PRICE PER YEAR IN ADVANCE SIX DOLLARS
FubUshed eVers Saturday
Communications should be nddrosaed, to
C. W. SWEET, 14.16 Vesey Street, New YorS
J, T, LINDSEY. Buslnoas Mana-cr Telephone. Cortlandt 3157
"Entered al the Post OMce al New Tork, JV. Y.. as second-class matlei:"
Vol. LXXIII.
APRIL 30, 1904.
No. 1885. ,
THE stock market has relaiised into the condition of languid
letliargy, which prevailed previoos to the Northern Se¬
curities decision. Stoclts are supported on a decline and sold
on an .'Advance, so that, specialties apart, the net changes are in-
signififTint. Steel has been weak, owing to a realization that
the outlook for any very large profits during the current year
is bad. Yet, on the other hand, the consumption of the lighter
grades of steel manufactured products is cnornious and should
give some volume to the earnings of the steel companies. Gen¬
eral business is unmistakeably diminishing in amount and is
having its effect on railway earnings, which are beginning to de¬
cline all along the line. The decrease, however, is small and
rarely c&rries the totals as low a's those even of 1902, which
were OGiisidered good at tbat time. The railroads, however,
have evidently got to be cautious, and 3vill soon be looking
around to reduce not merely their capital, but their operating
expenses. Another fact which produces speculative hesitation
is the gold exports, which although they are due chiefly to the
Panama payments, nevertheless have a bad effect upon people
wbo are loaning or borrowing money. This dullness may be
soon broken again by a period of sensational professional ac¬
tivity, but it will probably be the dominant characteristic of the
market for some months to come.
^^ HS real estate market has not shown during the past week
â– ^ any new or specially interesting characteristics. The
total number of transactions has amounted to more than
200, wbich is a thirty-three per cent, increase over last
year; but the dealing has been conflned as usual to residence
propevty and vacant lots. The flood of tenement house trading
continues, but one gets the impression that it is somewhat on
the ebb. Whether because of the anti-reat agitation or be¬
cause the same opportunities uo longer exist, it does not main¬
tain the same rate of increase as it did earlier in the season;
and it is a fail- inference that, while its volume will continue
larger than the volume of the trading iu the same kind of prop¬
erty las:: year, it will gradually cease to dominate the market
as it has done siuce last September. But while the trading in
tenements will probably be reduced to normal proportions, tbe
buying of vacant lots is likely rather to increase. It has been
a good deal heavier during tbe past week than during the
corresponding period of 1903, and, since the labor situation looks
promising, it is likely to make a stili livelier pace during May.
More vacant property is being sold on Wasbington Heights
than lormeriy, and a fair beginning is being made in tbe
iinprovement of tbat neighborhood. Morningside Heights, also,
promises a good deal of activity and Harlem even more. Private
dwellings have not been quite so active during the past week as
has been customary of late: but. on the other hand, a good
many eld buildings, chiefly situated in the middle west side
have been sold for improvement with business buildings. On
the whole the mai-ket is assuming a normal and wholesome as¬
pect, and accidents apart should be active and progressive
throughout the summer.
^^ N the whole it is extremely aud unexpectedly gratifying
*^ that the New York delegation, or part of it, succeeded in
wringing from a reluctant Congress enough money to secure
the erection of large branch post-offices in immediate connec¬
tion with the new Pennsylvania and Central terminals. These
post-offlces will enormously facilitate both the shipment and re¬
ception of the mails and consequently their distribution and col¬
lection in this city. At the same time they will relieve the pres¬
sure upon the restricted area of the central post-office downtown,
and permit a much more efQcJent, economical and expeditious
handling of the mails throughout, the whole borough of Man¬
hattan. We are forced to add, however, that these advantages
will not be obtained without certain drawbacks. What New-
York needs, and needs very badly, is a new and adequate cen¬
tral office in or near the lower business district, and it is very
probable that the two uptown post-offices which have just been
authorized will stand in the way of a new central post-office
and postpone the accomplishment of tbat very desirable improve¬
ment for a good many years. The expense of acquiring the land
for such a building and erecting the structure will be so great
tbat under the most favorable conditions it will be difficult to
obtain the appropriation, and the recent grants will undoubtedly
be made an excuse for a refusal on the ground that New York
has obtained all it is entitled to for the present. Indeed, the
tendency will always be to get along with the central post-office
as it is, and obtain the additional space which is necessary, by
shifting part of the business to other buildings in other quarters
of the city. Tbat will always be tbe cheapest and the easiest
way of providing for the increase of postal business in New
York; and it will prevail unless a strenuous protest is made
against it. New York, as by far tbe most important and re¬
munerative post-office in tbe country, sbould have a large mod-
era building with the best mechanical equipment and the. most
convenient internal arrangement. Furthermore, it should be the
aspiration of every New Yorker, who takes any pride in his city
to have that part of the City Hall Park, on which the central
post-office stands, i-eturned to its original purpose. Never was
a more grosser sin against the good looks and the dignity of a
great city perpetrated than when tbe apex of the triangle of
City Hall Park was granted to tbe national government
as a building site; .and as this site and the building upon
it are wholly inadequate for its purpose, the effort to bave it
torn down should never cease until it is successful.
T N its issue of March 5th of the present year, the Record and
â– ^ Guide summed up the situation in respect to rapid transit
extension created by the application of the New Yorit City
Railway Company in tbe following words: "The best way to
obtain tbe maximum advantage for the city (from the conflict¬
ing proposals of the two interests), would be to lay out two al¬
ternative routes, one of wbich will be satisfactory to each com¬
pany. Then it would be placed squarely 'up' to the manage¬
ments of these companies to offer attractive proposals to the
commission." This is precisely the course of action taken by
the Plan and Seoi>e Committee of the Rapid Transit Board.
It has laid out a route very much like the route proposed two
months ago by the New York City Railway Company. The
only modifications are those intended to make this route as at¬
tractive to the Interborough Company as it may be to the New
York City Railway Company. To this end a connection is made
between the Lexington Avenue subway and the Westchester
Avenue line of the Bronx, Another connection is made between
the Lexington Avenue route and the existing subway south of
Forty-second Street, and in order to facilitate an additional con¬
nection between the lower and upper West Side subways, tbe new
tunnel along the lower West Side comes up West Broadway,
Greenwich and Seventh Avenues, connecting with the existing
tunnel at Forty-second Street, If the Interborough Company's
bid is accepted by the Commission, the Lexington Avenue
tunnel wiii not be continued south of Forty-second Street, while
in case the bid of tbe New York City Railway Company proves
to be more attractive, the proposed Seventh Avenue subway
wil! not be continued north of Thirty-fourth Street. The routes
are consequently most ingeniously arranged to de3'e!op the
maximum of competition, and their selection should enable tbe
city to obtain the additional transit lines which it needs on the
next advantageous terms—provided, of course, both of tbe com¬
peting companies will act in good faith. It is extremely prob¬
able that the conflicting claims of the rival corporations will
eventually be peaceably adjusted; but for the present some¬
thing may be raade out of their hostility to one another. As to
the scheme as a whole, as an adequate solutiou of tbe rapid
transit needs of New York, that must be interpreted in the light
of the remark in the report that these routes are intended
to meet immediately pressing needs. The extensions, that is, are
intended to supply transit accommodations to the population
of tbe city as it is distributed at present rather than as it will
be distributed fifteen years from now. The Bronx, consequently,
gets pi-actically nothing at all, no Jerome Avenue line being
proposed. Furthermore, the Manhattan routes cannot possibly
give room for more than three tracks, so that any express service
which they can supply will be exceedingly restricted. The
Recorvl and Guide regrets very much chat the Commission has
not seen its way to accomplishing more for the Bronx; but we
are obliged to admit the desirability of giving present needs tbe
preference over future ones—even though these futiu-e needs
will become present by the time these new tunnels are built.