Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 59, no. 1511: February 27, 1897

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February 27, 1897. Record and Guid* 329 ^L 'tell; Hei«>ie68, Seh^ P RE*,LESTAII-8mLDirfe AjtprfiTECTvii^MousEtfouiaEsoijaioifci ^irsnJtes M)THEue5 ofGeHei^I lifi^^T-j PHICir. PER YEAR, IN AOVANCI-, SIX DOLLARS. Publislied every Saturday. Telephonb, ._-... Cortlandt 1370 Oommunloations should be addressed to C. W. SWEET, 14-16 Veeey Street. J, T. LINDSEY, Business Manager, "Entered al the Posl-officeal New Tork. Tf. T., as seconA-elass matter." Vol. LIX. FEBRUARY 27. 1897. No. 1,511 IN a period of such extreme dulness as this, there are few notable ebanges In the marlret. The interest aroused by the breali in tbe steel rail pool has about wboUy died out and there is nothing to taUe its place. Tossibly the inauguration of President McKinley will be used to stir matters up somewhat, but until the power of the admiuistratiou to induce Cougress to assist it in carrying out its auuouuced tariff and eurreucy policy is made manifest, the change iu the occupancy of the White House can have only a moderate effect. The good and tbe had features of the situation are to-day the same as they were a week ago, with the former, we thinli ou a calm review of all, more predominating. Wo are ueariug the season for renewed agricultural and commercial activity, when a change for the better in all lines may be naturally looked for. The waiting at¬ titude of the stock market under ■ adverse circumstances is especially significant of the hopeful feeling prevalent. VERY little more thau a year ago the world was denouncing "Dr. Jim" for his unwarranted raid into the Transvaal; to-day the same world is applauding King George of Greece for an equally unwarranted raid into Turkish territory, the Island of Crete, without the preliminary courtesy of a declaration of war. The oppression of a kindred people was the excuse in eacb case, but it does not have the same force in the one as in tbe other. Singularly, too, those who are now raising an outcry agaiust the interference of the Great Powers wilh the Grecian raid, are those who are geuerally found glib and voluble on the subjects of tbe barbarity of war ami the beauties of peace. If these people restrained their hysteria and thought for a mo¬ ment, they would see that Europe would very soon be iilunged into war, if any little country that thinks or pretends it has a mission to save distressed peoples acts in deliance of custom and usage, established to give some form of decency to national quarrels. For instance, the ambition of Greece is not con¬ fined to the acquisition of Crete; if it was it would have re¬ mained still, because the union of the island to the kingdom was certain to occur in a short time. The Athenian politicians who are throwing the firebrand that is now making Europe anx¬ ious, are uo doubt disappointed that Macedonia and Thessaly are not now in a condition of rebellion against Turkish rule. In teaching Greece tbat crusades are dangerous aud out of date the Great Powers are serving the interests of civilization in, as far as possible, avoiding the occasion for war, and it is utterly surprising that advocates of universal love and peace do not see this. Further, when the Greek bas chastized tbe Turk ami taken away as muth of the latter's territory as pos¬ sible, wbo is to keep the former in order. The modern Greek does not lead iu civilization; he is as capable of atrocity as the Turk. Greece has j^)roduced some fine specimens of brigandage the horrors of whose doings thrilled the world not so many years ago, and to-day stands before the world as a repudiator of its debt. On the other hand, it is one of the best signs of the times that wilh the temptation.s tbat the present condition of Turkey preseiils for a sensational policy on the part of any one of the Great Powers, that their diplomacy is directed entirely to moderation and the maiiitenauce of cordial relations. The result of this policy is being anxiously awaited, and until it is aiqiari'iit thei'e is not likely to be any change in the European commercial situation, which, however, is not bad in spite of the so-called war-cloud. EXCOMMUNICATION by the Department of Street Clean¬ ing is rather too severe a punishment for the quite venial crime of disagreeing with one of its wishes. This, however, is what is threatened to a large seclimi of the West Side because of its refusal to sanclion tlie establisbment of a dump at West Otith street, and within the territory where dumps .are express¬ ly forbidden by act of the legislature. Colonel Waring, iu de¬ claring that ashes and refuse will not be collected in the offend¬ ing district has, in view of all the circumstances including the act referred to, exceeded any privilege his olflee confers upon him. The Riverside Park aud Drive were laid out at very large cost to tbe city to afford means of recreation to all its citizens, free from any aunoyanee or inconvenience. The special character that these gave the contiguous territory caused it to be built up in au expensive style and to be made the finest resi¬ dence portion Of New York, and as a consequence the largest contributor among the resident districts to the income of the city. For these reasons the position of the West End Associa¬ tion aud of its President, Mr. Cyrus Clark, in declining to assist Colonel Waring in breaking up the exclusive character of this region and property by the placing of a dump midway of its length on the river, is perfectly proper and justifiable. The mat¬ ter is simply one of a moderate increase in horse and man hire and the West Side can very reasonably ask that this be iil- curred. In ptotecting tbeir own comfort and interest, the West Sidors who oppose Colonel Waring are also protecting those ot the very large public gathered from all parts of the city, who use tbe Drive and Park, because the fetid business of a dump can¬ not, uo matter what is said to the contrary, be carried on at any point on the Hudsou River front between 72d and 125th streets, without seriously aud unpleasantly mitigating their pleasures. Real Estate and The Auction Market. OF late there has beeu au undercurrent of talk about a re- consolidation of the two real estate auction rooms. No olficial substantiation of the rumors is obtainable, probably be¬ cause the reports of a reconcilation are anybody's and every¬ body's expression of the logic of the situation, and are not due in any degree to a contemplated change of policy by the ad- ministrafious of lhe rival organizations. Mauy a good thing, however, is not true, and these rumors ought to be correct. We all recognize that tbe "split" in the auctioneers' ranks has beeu a substantial injury to the whole real estate market, uot to their interests alone, hut to all others. Of course, too much must not be attributed to the division. De¬ clining prices, small purses, few investors, iu short, all the evils of these sad, bad days, would no doubt have come upon us had no dissension disturbed the peace of Liberty street. On the other hand, the present apathy of the auction market (which reacts upon other departments) is unquestionably the result in some measure of the loss of prestige aud stability which befell the auction business wheu it was split into two warring camps. The auctioneer's stand should he a sort of guarantee, an out let or safety valve for real estate, where the market, whatever that market may be, for property may be quickly and definitely reached. Everybody recognizes tbat real estate to-day would be an infinitely more popular form of investment were It pos¬ sible to trade in it quicker than existing machinery permits. The auction market is something of the needed ready outlet aud obviously when that market was disorganized and dis¬ rupted, all real estate suffered thereby. One may say: Investors dou't care a rap where tbey buy the thing they want. Twenty auction rooms wouldn't hurt the auc¬ tion business if there were plenty of buyers in the market. That is true—in a measure. But it isn't the whole case. The same line of argument couid be used to prove that even the twenty auction rooms were not necessary, nor for that matter, the greater part of the existing machinery for dealing in real es¬ tate. As a matter of fact, prestige and appearance and what goes therewith do count for a great deal in the affairs of men. Even the clearest headed are influenced by considerations which tested by a rough logic ought not perhaps to have any weight with them. So, although no doubt investors would buy real es¬ tate if they wanted it, wherever offered, still ou the other hand it is equally true that they would buy all the more readily if not all the more largely, were the market concentrated, put, as it were, before them and maintained there conspicuously. Be¬ sides, in good times almost anything "goes." It is in dull, hard times like these, that the nicer calculatious tell. A flourishing, imposing auction room, with an energetic, united membership, would be a public advertisement of the highest value for real estate in,general. If Ibis be doubted, look at tke Stock Ex¬ change. People might buy and sell as mauy bonds and stocks if it were disrupted and its present prominence cut into half by a factional division, but tbat they would is not at all likely. The securities traded in at that institution gain a great deal from the immense power the Exchange has for focussing the atten¬ tion of people upon its doings and upon the particular things with whicli it is concerned. Ileal estate ought to be benefited in like niauner by t!ie Keal Estate Exchange. It is not. The func¬ tions of t!ie exciiangc are not as extensive as they should be, and the division of the auction market further minimizes its