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Real estate record and builders' guide: v. 75, no. 1932: March 25, 1905

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March 25, 1905 RECORD AND GUIDE 623 <^ riEi3t3Mia)^;p,^fyiPE, _ ESTABUSHED ^ 6\fcRpH ZVr* 186S. DntTtO TO f^L Estate . BuiLoif/o i^Rc^rTEcruRE .KousnloLii DEGOifHoK, BtlsiiiEss ajJd Themes OF GeKer^ 1Kter?3T. PRICE PER YEAR IN ADVANCE SIX DOLLARS Published etlers Jaturdag Communlcatlous ahouid be addressed to C. W. 8WEET. 14-16 Vesey Street, New YorK Telepbonn. Cortlandt 3167 "Entered at the Fosl Office at Neio York, JV. T.. as senond-class matter." Copyright by the Real Estate Record and Builders' Guide Company. Vol. LXXV. MARCH 25, 1905. THE bull campaign on the Stock Market has received a severe set-back, ■which it uncloubteclly needed. The only reason which can be assigned for it is the fact that se¬ curities had heen over-bought, and that profits could not be taken without brealiing prices. It is probable that the decline was welcome to the banks, and perhaps assisted by the bankers, because it is evident that money is likely to be scarce during the active months of 1905. There is only a small margin, on which to rear a fabric of high speculative values. Nevertheless, there is no reason for anything but a temporary halt in the march of advancing prices. Genera! business conditions, when tested on every side, are more encouraging than ever, and the prices of some railroad and Industrial securities can be further advanced without danger—provided the advances are slowly and con¬ servatively made. IT is difficult to keep pace with the gait of the New York real estate market of to-day. Interesting developments suc¬ ceed each other with startling rapidity, and the volume of business continues to be unprecedented. The only additional comment which can be made is that it is more unprecedented than ever. The employees of the title companies are working night and day, and the Register's ofiice is kept open until 11 o'clock without effectually relieving the congestion. During the past week the buying of vacant land has shown no abatement, but there are signs that it is under the influence of more con¬ servative influeuces than it was formerly. It is certainly well distributed over the available territory and is receiving better support from builders. This, however, is an old story. What is more interesting at present are the many new indications of an approaching revival in the construction of buildings of a higher class. The extra dividend declared by the Century Realty Co, during the past week and the success which that corporation has had in disposing of its accumulated holdings of gilt-edged real estate, shows the demand there has been for that class of property; and the effect of this demand will be the erection of a number of buildings, the details of which have not yet been announced. Many architects whose oflces have until recently been comparatively dull, are showing signs of con¬ siderable activity. Of this, there will be more to say next week, but one very interesting transaction which has been al¬ ready published, is the removal of the National Arts Club to Gramercy Park. This is the peculiar case of a club, which moves down instead of uptown; and the location which has been selected was undoubtedly made possible by the Sub¬ way. The plan of the Arts Club includes not only a club house, but a flfteen-story building on 19th st, which will contain studios and house-keeping apartments. These apartments will be plan¬ ned in the same manner as those on 67th st. which have been such a success. That is, the apartments will be duplex, and the house-keeping part will contain twice as many stories as the part which contains the studios. It is a good idea; but it may be overdone. 'T^HE collapse during the past week of the walls of many •*■ tenement houses, the construction of which has been started during the cold weather of the past winter, is the old story of a good law badly enforced. The Building Code prohibits absolutely the practices which have endangered the structures of these houses; and if the walls have been built in freezing weather, it is simply a matter of punishing the of¬ ficials who permitted the practice and the contractors, who ficmmitted it. We cannot conceive any sufficient excuse for the inspectors, who are implicated. It is true that they could not stand perpetually over the buildings, with thermometer In hand, and prevent the contractors from violating the law at any particular time; but any inspector, who kept his eye on the weather and knew how long it takes to lay a certain amount of wall, coujd infallibly tell whether the contractor was in the habit of evading this provision of the statute. Moreover, when he is in possession of this knowledge, it is absolutely within his power, or that of the department he represents, to prevent the violations, and if necessary to arrest the violators. This is dis¬ tinctly a case for close investigation as well as unsparing punishment; and the commission which the Borough President has appointed for that purpose wil! command general confidence. Mr. Ahearn should also take steps to see that the Building De¬ partment is sulRciently prepared for the work which it will have to do during the next two years. All records for tenement house construction will be broken in the near future; and the builders of the new tenements will have the same interest in doing the work iu the quickest possible way—an interest which has wrecked so many of the structures started during the past winter. It is always hard to understand why even the cheap¬ est of builders wil! imperil their own money, not to speak of other peoples' lives, by erecting their buildings in a positively dangerous way. That they should build as cheaply as possible, consistent with that part of the law which is enforced, is to be expected, but it is suicidal to build under conditions or in a manner which make the structure radically unsafe. The ex¬ planation in the present instance doubtless is (1) that immunity from similar catastrophies in the past had made them callous to this particular danger and (2) that they had unusually strong inducements to complete their buildings at the earliest possible dates. Never in the history of New York City were tenements rented or sold quicker than they are at present, and one can never tell how long such a condition will last. Moreover in many cases the buildings had already been sold from the plans, and the builder merely desired to dispose of the work without delay, so that he could begin all over again. Now they will have to begin all over again with a vengeance. TT is becoming clear that the Subway plans of the Interbor- ■1- ough Company and the Metropolitan Street Railway Com¬ pany-are irreconcilably opposed. The latter interest is pre¬ pared to bid upon a four track Subway, which takes the Lex- iugton av, 34th st, Sth av, Broadwa,y route, and returns on the West Side by way of Greenwich st. West Broadway, 7th av. Central Park West and Jerome av. It will be seen that this route absolutely excludes the upper East Side and the lower West Side extensions, which the Interborough company de¬ sires to build, and that the Rapid Transit Commission is placed in the position of choosing between the plans of the two companies. Of course, it could flnd room for both of them by handing over the 3d av-Bowery Subway to the surface railroad company, and by allowing the Interborough Company to build its proposed extension. Such a plan would have the advantage of obtaining good facilities for comparatively little money. There would be much less duplication of existing routes than there would be in case the plans of the New York City Railway Company were accepted. Nevertheless public opinion would not acquiesce In such a plan. The people of New York have much more to gain from the Subway proposed by the Metropolitan Company and operated in connection with the street cars. The central location of these proposed tunnels would be an enormous convenience to the traveling public, and it would be possible by means of transfers from the surface roads to organize a service of unprecedented efficiency. Such a service could, moreover, he made very profitable to the operating company by the extent to which it would cut into the existing traffic of the Interborough lines, as well as by the new travel it would develop. It is no wonder, consequently, that the Rapid Transit Commission feel disposed to favor the Metropolitan interest, and it is evident that the Interborough company will be beaten in the competition, unless it can do something to increase the attractiveness of its proposals. Doubtless the officials of that company realize this fact, and will do their best to improve their offers. One result is certain; and it is not a result which is a particularly de¬ sirable Eor the public interest. These Subways will have to be built by private capital, because the debt limit of the city is not sufficient for the purpose. The companies will make a great point of this in their bids; but the city really gains noth¬ ing substantial by being relieved of the necessity of loaning its credit. If it were not for the arbitrary debt-limit, it would be better for the city to stipulate that the cost of construction be paid for by municipal bonds and to compel the competing com¬ panies to make their offers attractive by agreeing to pay a rental