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March 9, 19O7
RECOKD AND GUIDE
481
ESTABUSIiED-^W,RRCH£!'-i^l868,
DD^Td) p R^L ESTAJT. BuiLDIf/G %Cl(lTEeTUHE .KoUSEllOU) DECOf^nciJ,
Busit/ESs Alt) Themes of GEfiEfiAl IKteresI .
PRICE PER YEAR IN ADVANCE EIGHT DOLLARS
Tnblished eVery Saturdaii
Cohimunications sliunld ha addressed to
C. W. SWEET
Downtown Oflice: 14-16 Vesey Street, New York
Tolophouo. Cortliiudt 3157
Uptown Office: 11-13 East 24th Street. New York
Telephone, 4430 M.^dison Squaro
-Entered at the Post Office at New York, iV. ]'„ as second-class mailer."
Copyright by C. W. Sweet.___________________
Vol. LXXIX.
MARCH 9, 1907.
No. 2039.
INDEX TO DEPARTMENTS.
Advertising Section.
Page Page
Cement ....................xvii Lumber.....................xx
Consulting Engineers ........viii Machinery...................vi
Clay Products .................ix Metal Work.................xvi
Cootractors and Builders......lil Quick Joh Directory.........xxiii
Electrical Interests ...........vii Real Estate ...................xl
Fireproofing ...................ii Roofers & Rooflng Materials.xxii
Granite ...................xviii Stone....................xviil
Iron and Steel ................x Wood Products...............xx
WALL STREET has had a severe shaking up this week,
and as with former upheavals and movements of a
similar character, the inevitable upturn should come if the
future is to be judged by the past. Obviously the wild
selling movement was started with a view of demoralizing
the market and precipitating, if not a panic, at least pan¬
icky conditions. The action of stocks on Wednesday un¬
doubtedly indicated that the bears, for tbe time being, were
routed, and in their efforts to cover they made things lively.
That there is an enormous short interest cannot be doubted
for a moment. Wall Street, which is always full of sur¬
prises, has been indeed treated this week to an almost un¬
precedented spectacle in the advance iu Reading on enor¬
mous dealings. It rose eleven points from 114iA. Upward
oE 700,000 shares were dealt in, the total transactions iu
all issues on Wednesday amounting to about 2,4 00,000
shares. The improvements in other stocks after the earlier
slump included advances in Great Northern 5^, Atchisoil
3%, Northern Pacific 2%, Union Pacific 1%, Southern Pa¬
cific 2 1^, Tennessee Coal & Iron 3, American Smelting ZYs
and Sloss^Sheffield Steel SVa, the bears naturally suffering
in consequence. As Reading was the storm centre there
were, of course, all kinds of rumors flying about with regard
to it. It was currently reported that the property had been
captured by Priclf aud Harriman, Philadelphia and Read¬
ing, together witli the New Jersey Central Railroads, would
thus, with Mr. Harriman's other holdings, give him com¬
plete control of a transcontinental railroad system, which
is figured as follows, with the total mileage of upwa^rds of
32,000, stocks and bonds $3,360,000,000 and the different
properties respectively, Southern Pacific, Atchison, Balti¬
more & Ohio, Illinois Central, Reading and Central Railroad
of New Jersey. It is but fair to say, however, that iKlr. Har¬
riman makes a practice of neither denying nor confirming
rumors regarding his business dealings and does not seem
inclined to throw any light on the question of the Brobdig-
nagian deal. All indications point to the fact that there
are grounds for the belief tliat something of the kind has
been accomplished, though brokers in touch with the parties
concerned deny all knowledge of such a coup. On the other
hand friends of Reading say that the stock went up for
two reasons, one because of the large short iuterest, and the
other because of the tremendous business it would do in the
present year. There has been little or no change in money
rates, call money ranging between 5% and 6 per cent., with
a prevailing rate of 51^ per cent, and the rates for time
money are nt^excessive. To sura up, it may be said that
although certain capitalists indulged iu bearish talk the re¬
ports of iron trade organs are hopeful and we are told that
the bargain hunter is abroad in Wall Street.
'T^HE introduction of the measures drawn up under the
A direction of Governor Hughes providing for the con¬
stitution of two public utility commissions raises questions
of the gravest importance for New York City. The proposed
legislation places all transit, electric and other corporations,
operating under franchises iu New York City, under the
control of a commission appointed by the Governor, The
powers of this commission would be enormous. They would
include not only all the functions now resident in the Rapid
Transit Commission, but also all and more of the powers
now resident in the State Railroad Commission. It would
not only plan extensions to the subway system, but it would
overlook the actual operation of the railways in this city,
their financial transactions, and all other possible matters of
public interest in connection with them. In this respect the
proposed commission is un,doubtedly a great improvement
upon the existing machiuery of supervision. The powers
over the railroads in this city, which the bill confers upon
the proposed commission, should have beeu granted to the
Rapid Transit Commission long ago; and the provisions of
the bill in this respect are unquestionably deserving of all
approval. When, however, the relation of this commission
to the municipal administration of New York City is care¬
fully considered, the provision of the bill in this respect
raises many doubtful questions. The commission would
be a body appointed by the Governor and responsible to the
state authorities. At the same time it would have partial
or exclusive authority over a large number of exclusively
local matters. In all business connected with rapid transit
extension, for instance, it could do nothing without the co¬
operation of the Board of Estimate and Apportionment, and
it is entirely possible that two Boards deriving their powers
from such different sources might frequently clash. The
bill, that is, sets up a vital piece of local governmental ma¬
chinery in New York City without any sufficient reference
to the spirit and the machiuery of the existing charter; and
we do not believe that in the long run it will work smoothly.
There is no objection to government by commission, and
tlie members of such a commission should unquestionably be
appointed rather than elected; but they should be appointed
by the Mayor and not by the Governor. While Mr. Hughes,
himself, would doubtless name an excellent commission, the
quality of the appointments made in the past by Republican
Governors has not been such as to inspire much confidence
in the people of New York. They would rather run "the
chance of bad appointments with a Mayor, who is responsible
to them, than with a Goveruor, who is not. Opposition to
the Governor's measures will be concentrated on this point,
and it would be a great pity, in case the whole scheme falls
through, because it is defective in this minor respect.
THE patience with which the people of New York sub¬
mit to the evils and embarrassments of their defec¬
tive means of street communication is extraordinary. Dur¬
ing the past winter the common topic of conversation at
almost any gathering of New Yorkers has been the delays
they had encountered and the trains they had missed ow¬
ing to the congested condition of the streets. Yet iu spite
of this ferment of protest and the real seriousness of these
delays, no voice has been raised in public demanding that
the municipal government take some measures which will
relieve this congestion and enable the streets of New York
to serve their purpose. The city of New York is iu this matter
riding for a fall. People complaian that the railroads have not
been sufficiently forehanded in arranging for a future increase
of traffic; but the railroad companies have been models of
fore-sighted management compared to New York City. And
every successful year of delay makes the problem more
difficult and more expensive to solve. The very congestion
increases the values of real estate in and near the centres
thereof, and this increase of real estate values makes any
adequate plan of relief almost impossibly expensive. Ten
years ago a tolerably comprehensive plan of street
widening and extensions could have been adopted
and carried out at a cost which would have been
large, but not out of the question. At the pres¬
ent time a similarly comprehensive plan could not be car¬
ried out except at double the cost, and it is no wonder that
the municipal authorities fiinch at the idea of spending the
money which the sufficient improvement of the streets of
New York City would demand. On the other hand, the
business interests of New York are undoubtedly suffering
severely from the existing congestion. Every business, for
instance, to whom the quick receipt and delivery of goods
iu trucks and wagons is of great importance, has been put
during the past winter to large extra expenses, and there
can be no doubt that such kinds of business will, iu the
course of time, be impelled, if possible, to move out of
Mauhattan. Surely it is time for the husiness men of Man¬
hattan to form a serious organization devoted specifically to
the purpose of improving the street layout of the borough.
The plain fact is that the existing street system of New