Columbia University Libraries Digital Collections: The Real Estate Record

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JovemDêr^, IQO? RECORD AND GUIDE 741 If the State gives title insurance because such insurance can be given by the State somewhat cheaper than can be gotten under the present system—why, then, should it not give fire in- surance, life insurance and casualty insurance for the same reason? A few American States, aĩl largely infected witĩi socialistÍG Ideas, have tried this experiment, but I have yet to hear that real estate has risen greatly in value in those States by reason thereof. It has been argued that tbis proposed change would facilitate speculation in real estate. No doubt this seems a desirable thing to certain interests, but is it an argument that should carry much weight with people generaily? I might say here in passing that some years ago the Argen- tine Republic adopted ,the scheme of loaning money to pur- chasers of real estate on a valuation made by government ap- praisers. The result was a wiid real estate speculation followed by a collapse in real estate values and a total disorganization of the national flnances and business. I might also add that the greatest panics this country has seen have come from real estate speculation. The inevitable result of the proposed change would be tbat the average householder would be taxed for the benefit of the real estate speculators. Is this a thing to be desired? The more I have thought of this matter the more I am persuaded that it is a ĩong step toward socialism. How those who advocate this proposition could with any consistency offer any opposition to State operation of railroads or State fire insurance, life insurance or banking, or any other form of in- dividual or corporate human endeavor, I cannot imagine. There is not an argument that one can urge for íhis that one cannot urge for them. These are but a íew—a very few—of thé objections that can be urged against this proposed measure. I could say much about the unfairness to a very large number of individuaĩ practltioners and to the titĩe insurance companies who have spent hundreds of thousands of dollars and years of time in building up a business and who have b'een granted charters or licenses by the State to do this very business wbich it is now proposed that the State take from them and do itself, but is it necessary to urge any other objection than those already enumerated? The prime evil of to-day is tbe tendency toward soclalism and the constant interference with the individual by the State. It used to be a maxim of government tbat that State governed best that governed least and that the State shouid never attempt to do anything which its individual mem- bers could do as such individuals. If we adopt this proposed measure we 'must in ali consistency relegate this doctrine to the scrap heap. Have we not already traveled far enough in the path towards beaurocracy, centralization and socialism? I do not elaim that our present system is perfect, but after practicing under it for a quarter of a century J do say that it is so nearly perfect that íhe attempt should be to change it, if at alĩ. as iittle as possible, and above all not to change it in any of its essential principles, When the Gode of Civil Pro- cedure was adopted it was fondly thought that the practice would be so simplifîed as to make it a simple matter to prac- tice iaw. Tbe'same belief ■was entertained when the eodifica- tion of the statutes relating to corporations wasmade in 1S92. I did not practice pnder the old Code, but I have practiced in courts still operating under the old practice and I have talked with many who did practice under the old Code. and I am per- suaded that our Code of Civil Procedure in its present form has rendered tlre practice of the law more complex than under the ancient practíce. My practice has been very iargeiy in corporation law and I have found that the so-called simplification of the corporation law adopted in 1S92 has resulted in great confusion and added much useless labor. The change in the courts made in 1896, or thereabouts, is another case in point. It was then believed that the abolltion of the Superior Court and the Court of Com- mon Pĩeas would greatly assist in clearing up the calendar. The result was immediately an added clogging of the calendar, which has continued to this day, AII these things have satis- fled me that nothing is more dangerous or more apt to result in disappoĩntment in its results than a radical change in the laws relating to practice or for that matter any Tadicai change in the laws. But once more in closing I would repeat that even if this proposed change would do all that its most ardent supporters claim, it would stiU in my opiníon be a most inopportune exercise of power by the State and an opening of the door to countless socialistic schemes which would in- evitably result in disaster to the body politic. Our National Wastefulness. The Geological Survey is sending out some most timely and Important bulletins. One of its latest bulleíins calls attention to our wastefulness in deforestration; it sliows that we allow more timber to be destroyed every year by preventable forest fires than is used in all the lumbering industries; it reiterates the fact that there is more coal left and ĩost in the ground, by reckless processes of mining, than is taken out, and that at the very most we and our descendants have only coal enough left for ĩess than 100 years, The size of our country and its enormous natural resources havs led us to beiieve that many things were Ihexhaustible that on the contrary are being utterĩy anfl ruthlessly wasted at a most extravagant and foolish rate, and our people have de- veloped habit^ of prodigaiify that spell ultimate national bank- ruptcy, In fires, for instance, we have gotten so that we really expect and plan for terrific losses. As an example, Wasbington's record has just been completed and there were 470 alarms of fire in the year resulting in damage of only ^1250,000. It is one of the lowest and most satisfacíory records attained by any cily 'in the land, yet our fires have' inflicted a damage, small as we believe it to be. just 350% greater than that suffered by the average of sixteen European cities of equal size. Incidentaliy, all the flre adjustment and the other accom- paniments of the San Francisco disaster have been tabulated and arranged, and it now transpires that what was supposed to be a total damage of about ?350,000,000 amounts to much nearer ,?600,000,000. Oniy $200,000,000 can be properly charged up to insurance and, therefore, the country has suffered a total wiping out of existence, an obliteration of property. to tbe amount of $400,000.000 by that ons flre! A matter worthy of our most serious consideration and firm resolve to build so as to make impossible the tecurrence of such an awful conflagra- tion, a recurrence that is imminently possible now in several cities, notably New Orleans, Boston and Philadelpliia. Tunnel and Subway Situation. Ey JOSEPH CACCAVAJO.* BEFORE going into detail, I shouIS like to cail your attention to the maps showing the subways and tunnels, under con- struction and proposed on January Ist of this year. These mapg were prepared in my offlce, particularly to show the new subway routes whicĩi the tben Rapid T'ransit Commission proposed to advertise for bids for construction and operation, and are sub- stantialĩy correct except that bids were asked for on libe Lex- ington, Seventh and Eighth av routes witbout results. There is one other slight change. The maps do not show the subway loop through Centre, Canal and Delancey sts, which was later approved by the Board and which is now being con- structed to conneet the Brooklyn, Williamsburgh and Manhat- tan bridges. It is expected that this loop will be completed in- side of two years or about the time the Manhattan Bridge, now under construction, is completed and will tend greatly to re- duce the present congestion at tbe Brooklyn Bridge entrance, At the present time the Bo-oalled Eelmont tunnel under the East River is nearest completion, though tliis statement ĩnay tae challenged by Mr. McAdoo, who has a few tunnels of his own very nearly ready for carrying passengers under the North River, But the fact remains that cars have actually been run through the Eelmont tubes and they are sbortly to carry passen- gers from near the Grand Central Station in 42d st to Long Island City. The Long Island City terminal of these two tubes is about one-half mile north of the present L. I. R. R, Ferry, and it wiil take about four minutes to make the trip one way, Tbe capacity is about 6,000 passengers an hour each way, not counting strap-hangers, The battery tunnelg to Brooklyn connecting the present subway system of Manhattan with that borough are also practically completed, the compressed air has been removed wiíhoíit mishap, and these tubes should be carry- ing passengers to their capacity before January Ist. The work of constructing these tubes has been most trying and the diffl- culties which confronted the engineers and contractors, at times, seemed almost insurmountable, but now that they are substan- tially completed, they should, when in operation, greatly relieve the Brooklyn Bridge, affording, as they will. transportation for about 24,000 passengers an hour. The Brooklyn tunnels at present extend only up through Jo- ralemon st, Fulton st, and Flatbush av, to the Long Island R. R, depot, but provisĩon has been made for connections with future subways out 4th av and up Lafayette av, and from the new Manhattan Bridge, Right here I might state that the in- tersection of Flatbush av, Fulton, Nevins and Navy stg is des- tined to be a second Herald Square, and the situatîon there is unique, there being car tracks on five levels one above the other, There are four other tubes now being constructed under the East River, but I will speak of these later, as they belong to the Pennsylvania system. Just what the Hudson tunnels, better known as the "McAdoo Tunnels," mean to the owners of realty, not onĩy In nearby Jersey, but on and near 6th av between Sth and 33d sts and in the vicinity of Cortlandt and Fulton sts, is probably better ap- preciated by real estate men than by anyoii'e else. The uptown tubes, which cross under the North River at Morton st, a short distance south of the Christopher st ferriea, were flrst begun in 1S7S and failed in ISSO, after about 1,200 feet ĩiad been built, Prom 1890-1892 about 1,800 additional were built. when the project again failed. About six years ago Mr. Wm. G. McAdoo secured control, organized the present company. and work has been carried on continually since that tîme. These tubes will probably be carrying passengers before Chrlstmas from Hobo- ken to ISth st and Gth av, and when the tunnels and connectiong at both ends are completed it will be possible to ride from New- ark to Herald Square without change of cars. A branch will also run across under 9th st from Gth av to 4tl! av and connect with the Astor pi station of the present subway, The McAdoo (Continued on page 744.) *Prom an address hefore the Acmy Real Estate Club.