Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 79, no. 2038: April 6, 1907

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April 6, 1907- RECORD AND GUIDE 669 ESTABUSHEDWM,iWPH2l"^IS68. Dented to R.ea,l Estaji .SuiLDiffc AR.cj{iTEcrrui\E ,j{cajSEiI(Hii DE«Si^fKirf»i Bifsit^ESSAftoThemes Of GE]JER^l.llfreR^.j PRICE PER YEAR IN ADVANCE EIGHT DOLLARS Pablished eVerp Satardag . Comninnicntloni should, bo ftddressed to C. W. SWEET Downtown Olfice: 14-16 Vesey Street, New York Telephona, Cortlaudt 3157 Uptown Office: 1 1-13 East 24th Street, New York Tolephono, 4430 Madison Square -En lered at the Tost Office at J^Tew Tork, K. T, as se ■ond-cla SS ina tier." Copyrighted, 1907, by C. W. 3weet. Vol. LXXIX. APRIL 6, 1907. No. 203S INDEX TO DEPARTMENTS. Advertising Section. Page , Pj.E« Cement ....................xvii Lumber.....................ix Consulting Engineers .........vii Maciiinery .................viii Clay Products ................xvi Metal Work ...................xy Contractors and Builders ......iv Quick Joh Directory.........xxiii Electrical Interests ............ix Real Estate ...................xt Fireproofing ...................ii Roofers & Rooflng Materials.xxii Granite ...................xviil Stone ....................xviii Iron and Steel ................x Wood Products...............xx WALL STREET is feelmg more hopeful this week. The perennial money question is temporarily settled in any case until the early summer. The rate went below 17o on call and time money was also lower. Stocks are stronger, largely owing to the announcement hy the Secre¬ tary of the Treasury that he will refund $50,000,000 of 4% bonds due in July and pay cash for the others. Naturally the railroad situation in connection with what may be called Washington politics is still a disturbing factor, and there is also anxiety as to the outcome of the controversy be¬ tween the President and Mr. Harriman. It is thougiit, how¬ ever, that while the echoes of trouble may be heard for some time, they wil grow fainter and fainter and will soon be forgotten. In other words, it is said that the recrimi¬ nations exchanged in the dispute will have no effect on leg¬ islation regarding either trusts or railroads. On the other hand there are several favorable features in connection with the market. Among them may be mentioned the action of the Atchison, Topeka & Santa Fe Railway Co, in declar¬ ing a semi-annual dividend of 3% per annum. In 1906, this road earned more than 12% on the common stock, and it is likely to be greater this >ear. Another event that is construed as favorable to Wall Street Eecurities is the de¬ feat of Mayor Dunne in Chicago ou the municipal ownership issue and the election of the Republican candidate. The effect of this victory was immediately felt on the stock mar¬ ket, especially in public utilities securities, Chicago, the second city in the Union, thus shows that it is not yet pre¬ pared to adopt the altruistic doctrine of municipal owner¬ ship. As a set-off to this, European stock exchanges were generally weals:, although the present ease of money, owing to Secretary Cortelyou's action, will undoubtedly stop gold imports from the other side and will thus afford relief to foreign markets. Money conditions, in short, have brought about a feeling of security which Wall Street has not "known since the disastrous break in the middle of last month. THE report of the Mayor's advisory commission, pointing out the necessity for severe economy in planning new- municipal improvements merely calls attention in a more em¬ phatic way to a condition which has long been apparent. The debt margin is so narrow that it will be impossible for the city to finance all the improvements which are now upon the boards. During the next five years its capital expenditures must be restricted to less than $50,000,000 a year. This appears to be a large sum, but it is not large enough for all the new subways, bridges, tunnels, docks and school-houses which have beeu planned ;and inasmuch as the prosperity and growth of the city depend upon a liberal policy of municipal improvement the commission recommends an amendment to the State constitution providing that the money spent upon remunerative improvements such as sub¬ ways and docks shall not hereafter be estimated in the total of the municipal debt, to which the ten per cent, limit ap¬ plies. Thus the financial advisers of the city have reached a c-pnclusioii whjch the Record and Guide predicted as inev¬ itable many years ago. When the real estate assessments were raised during ex-Mayor Low's administration for the purpose of adding to the borrowing capacity of the city, we insisted that the measure was only a temporary expedient and that the necessity of dealing in a more radical way with the problem was merely postponed thereby. If a success¬ ful attempt had been made to amend the State constitution at that time the city would not be in financial straits at the present time, and indispensable public improvements would not have to be indefinitely delayed. As it is, at least three years and iirobably as much more time must elapse before the too long and precarious process of amending the consti¬ tution can be brought to a close. In the meantime all but the most necessary municipal improvements must be held up, and the Board of Estimate is confronted by the impor¬ tant practical question of selecting among these improve¬ ments the ones which can best be delayed. It looks, for in¬ stance, as if the mucli needed county court-house would have to be among the plans which would have to be placed upon the shelf. But if such should be the case, something should certainly be done to make the existing court-house more con¬ venient and healthy for its distinguished occupants. What¬ ever improvements, however, are advanced or postponedj the property-owners of Manhattan and the Bronx should insist that the proposed new subways should not be neglected. Just what money will be necessary for this purpose cannot be ascertained until after April 25th, when the nature of the bids wiil be known; but in any event the Lexington and Seventh Avenue routes must be constructed. Any delay in providing for new and better means of communication would strike a vital blow at the prosperity of the city during the next five years. MR. EDWARD HARRIMAN has been much in evidence during the past week, aud among other conspicuous actions has bought from Mr. F. G. Bourne part of the old Langham Hotel property at Fifth Avenue and Fifty-second Street. The purchase is interesting, because of the indica¬ tion it affords of the future of that part of Fifth Avenue. It is stated that Mr. Bourne decided against building, be¬ cause he feared tbat Fifth Avenue as far north as Fifty- ninth Street was destined to be wholly a business thorough¬ fare. Apparently Mr. Harriman does not share this opin¬ ion, and the Record and Guide imagines that Mr. Harriman is nearer right than is Mr. Bourne. Of course no one can tell what will bapfen in New York real estate at the end of thirty years; but certainly for a long time to come the development of Fifth Avenue for business purposes is not likely to extend north of Fiftieth Street. It will be stopped by the influence of the Vanderbilts and of the several rich men who have of late years bought and built in that neigh¬ borhood. At the present time the property is really more valuable for residential than for business purposes, and this fact will have a decisive influence upon the immediate fu¬ ture of the avenue. ,0n no other avenue in Manhattan are there any important shops situated north of Forty-second street, and it is not to be expected that the transformation of Fifth Avenue in this respect will%)ush far ahead of the other important avenues to the east and the west. On the contrary it is prob.-'.ble that Broadway aud Seventh Avenue between Long Acre Square and the park will precede Fifth Avenue in its occupation by shops which can afford to pay big rentals. In the long run doubtless there will be fewer private residences in New York south of Fifty-ninth Street, but this result will take a great many years to accomplish. There can be no doubt that Fifty-ninth Street is destined to become one of the most important cross-town thoroughfares in the city, and that it will have to be widened for that pur¬ pose. Neither will this result be postponed more than ten or fifteen years. Fiut Fifty-ninth Street itself will develop faster than the inti.;rmediate blocks south thereof, and it is entirely possible that Fifth Avenue from Fiftieth Street north will be more valuable as a site for residences than for stores during a practically indefinite period. WILL the new authority soon to be lodged in the Police Commissioner be sufficient to accomplish the reform o[ the Police Department? The Record and Guide fully hopes that such will be the case, and it congratulates the Mayor and his commissioner on the hard and successful flght they have undertaken on behalf of an honest and effi¬ cient conduct of the department. But we very much doubt whether even with Iiis new powers Mr. Bingham will be able to exercise effective control over his subordinates. It must be remembered that the existing system is of many years standing, that jt is enormously profitable to its bene-