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DnéTfl) ÎOÍĨPA.L ESTAJE,BmLDÍlfc AíPflTEeTVJfĩE.KoUSEtíOlllDECQĨĨATlOtí,.
BlíSIlteSS 'At/DTHE«ES Df'GEIJER^I IrftEREST.,

PRICE   PER   YEAR   IN  ADVANCE   EIGHT   DOLLARS

Coininunicatioĩis sliould be addressed to

C. W. SWEET

Publiíhed EVers Saturdap

By THE KECORD AND GUĨDE CO.

President,   CLINTON  W.   SWEET                        Treasurer.  F.  W. DQDGB

Vice-Pres.  & Genl,  Mgr., H. W.  DESMOND         Secretary, F. T. MILLER

Nos,  11  to  15 Eaat 24tli  Street,  Nen'  Yorlt  City

{Telephone,   Madĩson  Square, 4J30 to 443.?.)

"EiUereã at the Fosl Office at New York, 2V. Y., us accii)id-í:l<ins mattvr."
Copyrigĩited,   1007,  by The Record   &  Guide Co.





Vol, LXXX.





AUGUST 3. 11)07.





No. '2055.





INDEX TO DEPARTMENTS.
Advertising  Section.

Page.                                                     Page.

Cemeot  ........................\iii   Lumber   ....................xviii

Consulting   Engineers   ..........v  Machinery...................vi

Clay  Products   .................xv   Metal  Work   ..................xiv

Coutractors and Builders.......iii   Quick Job   Directory.........xviii

Electrica!   Interests   ...........vii Real  Estate   ...................ix

Fireproofĩng   ..................ii  Roofers  & Roofiũg Materials. .vii

Granite    ....................xvi   Stoue   .......................xvi

Iron and Stee!.................viii   Wood   Products   ..............xix

WALL STREET markets tliis week have moved within
narrow limits, withj on the whole, a reactionary
result characterized by wealiness with only moderate ac-
tivity. Professional pressure was in evidence and there
was lĩttle or no important siipport. There wei-e many rea-
sons siven for tlie deciine, among tliem universal demand
for gold, the admisnon of the directors of the Steel Cor-
poration that the new orders for Jyĩy would at least he 25
. per cent. of i:nder last July's totaĩ, unfavorable weather in
the Northwest and tĩie abírence of the puhlic from the mar-
ket. Posaibly all these matíers were contrihuting factors,
but it must not be forgotten that we are in the midst of
summer and the movement of the stock market up or down
in this season can have no great significance, uuless con-
Gerted action on a large and compreJiensive scaie is indi-
cated, Notliing of the sort is, however, apparent, for the
bulk of the trading during the week bore the earmarĩ:s of
the professional. operator, and most of the stocks sold were
borrowed for that purpose. Ti-ansactions liave been con-
fined, as in recent past weeks, to Union Pacilĩc, Southern
Pacilĩc, Readiug, St. Faul, Amalgamated Copper and Uuited
States Steel. The directors of Southern Paciíic deciared on
Thursday a six per cent. aunual dividend, payable quar-
terly. Althougli certain powerful interests have been keep-
îng Union Pacifle comparatively strong for the obvious pur-
pose of floating successfully the Uniou Paciflc's convertible
fours, it is, as has been stated before iu these columus, a
perfectly justifiable proceeding iu view of the condition of
the road and the prosperity it enj'oys, which must uQces-
sarily continue, Other allied issues have uaturally bene-
fited, but as has been authoritatively pointed out these pow-
erful interests have not been able, nor iudeed have they
desired to promote a wide movement upward. They have
known that the first.result would be a spurt in call money
and a demoralization of their own programme. Many eon-
servative 'Wal! Street men do not view witli concern ths de-
clĩne in the volume of orders for Steel and Irou. Tãey te'i
in it better conditions in the money market and an increase
in the available supply of liquid capital which may serve to
relieve the congested condition of the present securities
market. There is a sentiment gaining ground among ex-
perieuced fiuanciers that. whi)e the couutry is undoubtedly
prosperous, there may be some falling ofE in business in
tlie imĩnediate future. Such views were published in a Wall
Street uews serviee on Thursday, mentiouiug aĩso that there
had.proĩjably been an over-extension of i'eal estate trading
in all its branchês throughout the couutry. Time money
during the week lias beeu firmer aud call loaus have beeu
renewerl at 'iVz per cent.

M\NY of our readers do not 'like the suggestion ad-
vanced in the Record and auide of last week that
the assessed value of real estate should again be subject to
a general increase for the purpose of obtaiuiug money to
coustruct  uew  subways.     Well,  it  is  natural  that property-





owners should fear the result of an additioa to the assessed
value of real estate, but they have not so much reason to
fear such a process as they think. They should remember
the effects of the last general increase in assessed valua-
tion ĩu 1902. During ex-Mayor Low's and ex-Comptroiler
Grout's adrniuistration the value of real estate for taxation
was increased by almost $1,000,000,000 for the purpose of
obtaining tbe money needecĩ for absolutely neeessary im-
provements. Tbis increase was bitterly opposed by real
estate brokers and owners on the ground tiiat it would
eventually lead to an increase in ta.xes; but these lears
proved to be wholly groundless. The tax rate has in-
creased very little since 1902, and tax bills are no heavier,
except in cases of au actual increase in rea! estate values.
There seems, cousequently, to be no good reason why the
same expedĩent should not be used to meet a similar emer-
gency. Mcney is critically needed for the building'of new
subways, and Comptroller iletz asserts, without qualiflca-
tion, that the city canuot raise that money witĩi only a nor-
mal increase in the assessed value of real estate. It is ab-
surd that a cíty like New York should be prevented from
constructing necessary and profitable public improvements,
but such is the iaw of the State. It is to be hoped that this
eoustitutional limitation of the borrowing capacity of the
city will eveutually be eitlier repealed or modifled, but ĩn
the meantime something must be done. New subways are
indispensabie both to the convenience of the eity's inhabi-
tants, and to the reaĩ estate and business interests of Man-
hattan and the Bronx. If tliey are delayed for an indeflnite
period, every year of delay wiU cost the property-owners of
Manhattan millions of doîlars. They should be willing,
consequeutly, to submit to any measure which offers them
an easy and an early escape from the dilemma, and a gen-
eral increase in assessed valuatĩon ĩs the most available
measure adequate for the purpose. There is only one other
way in which subways can be built, and that would be by
repealing the amendinentS' to the Rapid Transit act, con-
tained in tiie so-called Elsburg bill. But if this way out
were taken, and private capital induced to build tlie sub-
ways by tĩie ofters of a long iease, the city would be prac-
tieally giving away millioas of dollars, ■which míghtjust as
well be saved for the beneflt of future taxpayers. The
Record and Guide would prefer subways leased for flfty
years to no subways at all; but if possible both of these
alteraatives should be avoided, and the oue means of avoid-
ing them is that of raising the assessed valuation of real
estate at least $500,000,000 more than the regular in-
crease.





More   About   Manhattan   and   the   Other
Boroughs.

REAL ESTATE operators and builders will do well to
consider seriously tlie propoecy advanced by Mr. Wil-
liam E. Harmon in the last number of the Record and Guide.
Sĩr, Harmon predicts that as an effect of the development
of an improved transit system ínto the outlying districts
around Manhattan the ccnstri'.citijn l\ereaf;:or of six-ctory
teuements wiil corue to an end. Furthermore, if tlie con-
ditions are such that the construction of the six-story tene-
ment is no longer profltable, a eertain decline in the value of .
existing tenement property will necessarily follow. Conge-
quently, Mr. Harmon foresees "great losses in Manhattan
real estate," and he advises the real estate operators în that
borough to '■study the general principles o£ their business."
He accuses the Record and Guide of being correct in its
analysis of the existiug aud tlie prospective situation, but
"short of the mai'k in its conclusious," because it toolc a
less gloomy view of the future of tenement-house property '
in Manhattan thaa he takes. Nothing, however, which Mr.
Harmon has said coavinces us of the "great losses" which
are to follow from improved means of transportation with,
the outlying districts.

Tmproved means of transit undoubtedly have the double
effect in general of conceutrating business and distributing
populatibn. If fifteen years ago a really comprehensive
and adeqiuite system of rapid transit had been constructed,
which ■ would have enabled the population of the city to
move freely to habitatious ou the other side of the waters
which separate Matihattan from Long Island, Westchester
and New Jersey, tenement-house property iu Manhattan
would not have becoiae so expensive as it is, while at the
sanie time the volume of business concentrated in Manhat-
tau would probably have been larger than it is. The ini-
proved means of traasit to Long Island and New Jersey wiU,
as the Record and  Guide pointed  out two  weeks ago, have