Please note: this text may be incomplete. For more information about this OCR, view
About OCR text.
November lo, 1906
RECORD AND GUIDE
759
ESTABUSHED^HWPH21«>ie6a.
Dp^teD to Revl Estwt . SuiLDif/G %aliTEeTUR,E .HousrHou) DEQQRAnorf,
Busii/ess Alii Themes of GEjtei^l Interest .
PRICE PER YEAR IN ADVANCE EIGHT DOLLARS
Published eVery Saturday
Communications should bo addreased to
C. W. SWEET
Downtown Office: 14-16 Vesey Street, New York
Telephone, Corll.vidt 3157
LTpto-.vn Oltice: 11-13 East 24th Street
Telephono, Madiaon Square 16»8
"Entered at ihe I'ost Offlce at New York, N- Y„ as second-class matter,"
Vol. LXXVIIl,
NOVEMBER 10, 1906.
No. 2017
INDEX TO DEPARTMENTS.
Advertising Section.
Page Page
Cement....................xxiii Law........................xi
Consulting Engineers ........x Lumber .................xxviii
Clay Products ..............xxii Machinery ....................iv
Contractors and Builders ......v Metal Work................xviii
Electrical Interests ..........viii Quick Job Directory ........xxvii
Fireproofing ..................ii Real Eslate ...............xill
Granite ..................xxiv Roofers & Rooflng Mater'Is. .xxvi
Healing .....................xvii Stone ......................xxiv
Iron and Sleel ................xx Wood Products ...........xxviii
BULLS and bears alike are still aggravated and tantalized
by the action of the Stock Market. The election, with
its indecisive result, has practically had little or no effect on
either small or large operators. The market has its hours
of strength when it seems that the loug deferred activity and
advance may be at hand, whereupon the professional bears
run to cover and the bulls get aboard. When this descrip¬
tion of stock-buying ceases, the market halts and the sagging
tendency is again in evidence to the great disgust of the
bears who have covered and the bulls that have gone long—-
only those who have the courage to sell on strong spots
without reference to the accompanying news and to buy
when stocks are weak and deterred by the scare of the
moment which makes the low prices, only these two classes
of operators we repeat are making any money in this extra¬
ordinary and peculiarly strange market. Meanwhile the
patient ones wbo are holding stocks in the hope that the
great prosperity everywhere must find expression in higher
figures are being slowly "chewed up" by interest charges.
Money is still a cause of anxiety, and some bankers say that
the outlook is discouraging. Otherwise it is impossible to
regard the immediate future with anxiety in view of the
continued prosperity prevailing. The election of Mr. J. T.
Harahan as vice-president of the Illinois Central Railroad
to succeed Mr. Stuyvesant Fish is regarded as a great vic¬
tory for Mr. E. H. Harriman. It is claimed that it will make
the Union Pacific system of much greater importance, and
puts it on a firmer basis from a dividend point of view. The
management of the Illinois Central and the Union Pacific
will now be under the control of the Harriman interests, to
the great advantage of the latter system.
THOUGH this has been a short and broken week in the
real estate market, it has not been without features of
some prominence and a very good list of private sales. And,
speaking generally for Manhattan and the Bronx, there is
observable this week a very decided improvement in the
tone of business affairs. Brokers speak of the outlook as
being brighter than it was some weeks ago, of actual trade
as being much more considerable, and of the money situa¬
tion as gradually growing more favorable. AH this not¬
withstanding that Monday and Tuesday were almost incon¬
sequential days for real estate interests on account of the
general elections. The sales included almost ail kinds of
property—several office buildings, a notable Fifth avenue
transaction, and a number of dwellings, particularly on the
West Side, to which quarter a certain tide of business seems
to be drifting over from the choice population of the East
Side. It has become very noticeable this year that the
northern limit of East Side residence growth seems to have
been fixed with some finality at about 96th street, beyond
which there seems to be a determination not to go, not alone
because of the uncongenial surroundings, but also because
of the poor transit facilities. No part of the city is more
meanly served by the rapid transit companies than the upper
Pifth and Madison avenue sections. Regarding the money
situation, remarks by some of the most influential men of
finance, as quoted elsewhere iu this number, indicate that
more consideration, if any has been lacking, is hereafter
to be shown for real estate interests. Certainly one effect
of the publication will be to call the attention of certain
large -lending institutions to the high importance of this
matter from the point of public welfare. With the approach
of winter, building operations, especially new undertakings,
are tapering off and, in consequence, trade in certain lines
of buildiug materials is less pressing, which is noticeable in
such leading commodities as cement, brick and lumber.
Cement quotations have recently declined, and in a marked
degree, while brick values continue at a low level, to indi¬
cate the general tendency of things in the building world
upon the approach of the winter season, and after several
years of the most unprecedented activity.
THE people of New Tork have to thank Mr. William
Randolph Hearst for one thing, and that is for the
opportunity to vote for Mr. Hughes and to elect him. The
Republican machine would never have nominated an inde¬
pendent resident of New York City had the nomination of
Mr. Hearst not made necessary the selection of an excep¬
tionally strong candidate. For the first time in many years
we shall have a Governor who is not identified with tho
State machine, and who will pay some attention to the needs
and requests of New York City. Just what the opinions
of Mr. Hughes are iu relation to taxation and the similar
problems of State government, have not been divulged, be¬
cause the canvass did not turn upon State issues. But
Mr. Hughes' speeches have confirmed a very favorable im¬
pression of his abilities, his disinterestedness and his inde¬
pendence. He will bring a fair mind to the questions of
State government, aud with his help there will be a better
chance than there has been for years to propose some more
radical and effective legislation. How much and what can
be done in this respect remains to be seen. It will not be
possible to tell the trend of Mr. Hughes' opinions until
after the publication of his first message to the Legislature,
He has an admirable opportunity to propose a really
effective reform in the system of taxation, and in the general
franchise laws; and he will have every inducement to pursue
a vigorous policy, because his canvass against Mr. Hearst
demanded on his part definite promises of a house-cleaning
at Albany. How far his party will support him in sucS a
house-cleaning is doubtful, but he is committed so far that
he cannot ignore his promises, and in any steps he may
undertake, he will, of course, have at least the moral sup¬
port of President Roosevelt. The great result of the elections
this fall has been the vindication of Mr. Roosevelt's policy,
and the apparent increase of his influence. After his over¬
whelming victory two years ago an emphatic reaction might
have been expected, but as a matter of fact, it has been
scarcely perceptible. Mr. Roosevelt has triumphed once more.
His influence, wherever he chooses to exert it, must be
stronger than ever and it is comforting to remember that it
will be exerted iu favor of a better political condition in
New York State.
SHAKESPEARE, when he wrote "The Tempest," must
have had in mind the Singer Building, now in course
of construction at the northwest corner of Broadway and
Liberty street, when he spoke of the "cloud-capped towers."
The structure is literally a tower such as was projected by
the builders of the Tower of Babel, which, according to the
Bible, was "to reach the Heaven." At any rate, the Singer
ediflce will be the loftiest on the earth. The tower will rise
to a height of 613 feet above the curb level. The gigantic
mass of steel and stone, with its forty-two stories, will stand
out above every structure in this city. Every other tower
or monument will be dwarfed by it. Time was when the
Tribune's "tall tower" was gazed at with wonder, aud more
recently the New York Times"s new establishment in Times
Square, but the Singer Building is higher than any other
ou Manhattan Island. Let us compare it with other tall
monuments. The Eiffel Tower in Paris was erected in 1SS9,
and is 9S4 feet in height, but it is simply a skeleton iron
tower, isolated and not forming part of any building. The
Washiugton Monument in Washington, D. C, is 555 feet
high. Among other lofty structures are the Pyramid of
Cheops in Egypt, 486 feet, Antwerp Cathedral, 476 feet and
Strasburg Cathedral, 474 feet. The question now presents
itself as to whether higher buildings are to be constructed
in New York City, or will the Singer Building represent
the limit?