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Real estate record and builders' guide: v. 80, no. 2072: November 30, 1907

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November 30, 1907 RECORD AND GUIDE ^ . ESTABUSHĩlí^ áfS^KaV^ 1868. DnÔTfl) 10 Rf\L Eswĩ,BuiLDiifo Af^a^nxeTUR^ .Kousdíold DEoat^Twrf, Btfsntas/jfoTHEHEsbfGEiÍÊR^L Ijíierfsi.,- PRICE PER YEAR IN ADVANCE EĨGHT'DOLLARS Communlcatîons shculd be addressed to C. W. SWEET Tubíisbed EVery Satardai; By THE RBCOBO AND GUIDE CO. Presldent, CLINTON W, SWEET Treasurer, F, W. DODGE Vice-Pres. & Genl. Mgr., H. W. DESMOND Secretary, P, T. MILLER Nos. 11 to 15 East 24tli Strcet, New Yort Cliy (Telephone, Madison Square, 4430 to 4433.) "Enlered at tke Post Office at Nefi York, 2V. r., as s'.conil-cltiss niatlcr." Copyrigbted. 1!K)7, by Tbe Record & Guide Co. Vol. LXXX. NOVBMBER 30, 1907. No. 2072. INDEX TO DBPARTMENTS. Adyertising Sectlon. Page. Page- Cement .......................xvl Lumber .....................xvfl Ciay ProductB ................xiii Machinery ..................xiv Consulting Bngineera .........xv Metal Work ...................xil Contractors and Builders.... .iv Quicit Job Directory...........ix Electrlcal Interests ...........xv Real Estate ..................vii Pireprooflng ...................ii Roofers & RooBng Materlals.xviii Granite ....................xix Stone .....................xviii Iron and Steel................vi Wood Produets ..............xvii Strategy In TraDSportation NOTHĨNG IS MORE FUNDAMENTAL in real estate than the tiependence of lantl values upon accessibility Erom great busi- ness centres. The nearer a place Is in polnt _________________ of time to a great ceutre of thrift the greater the number of peopie who vfíĩI faney it, as a general proposition. Brooklyn demonstrated the principle twenty-Eour years ago when the Brooklyn Bridge was opened, In ten years Kĩngs County grew from a population of 635,000 to a round miUion. Native New Yorkers orowded from the dwellings south of Madison Square and submerged Brooklyn witii a tide of new popu- lation. A new illustration is Queens, When the enormous plans for getting peop!e over and under the Bast River began to be iiammered. into visible shape the biggest land boom in the annals of real estate.was started. The pur- chases of the Pennsylvania alone amounted to twenty-five thousand lots. Farms which had been considered as worth four to seven hundred dollars an acre have since brought flve thousand dollars an acre, and in the raarket garden sec- tions oE Newtown lauds for which one thousand dollars was once the top price are being held at flve to flfteen thousand dollars an acre, Last year eighteen millíon dollars' worth of buildings were planned in Queens, against three million dollars' worth in 1900. A pamphlet written by the Secre- tary of the Long Island Railroad Company discusses the efCect upon land values of transportation development and reminds us oE many remarkable facts in the rapid growth of Brooklyn and Queens, Ijut it is to be said that all the principles enunciated therein seem quite as applicable to the case of New Jersey. When all the tunnels and bridges are flnished an extremely large portion of New York's busi- ness population will find it more convenient to commute to New Jersey than to Queens or Brooklyn, Nothing In the history o£ transportation can equai the strategical positĩon of the subways constitutîng the approaches to the upper McAdoo tunnel on the New York side. Bxtending from Greeley Square on the north to Astor Square on the south, and touching Broadway at both extremities, they will be like wĩde open arms of invitatíon to the Jersey suburbs, Por many thousands who spend their business days in the cen- tral and west side of the island it -will be only a short walk- ing distance to some one of a number of stations in these lines of exit; but to' reach the entrance to any of the cross- ings to Brooklyn would for the same peopĩe require an extra car ríde and fare. ' Xlnder all the circumstances the members of the N. Y.-N. J. Eeal Estate Exchange, who have just rîsen from their first annual banquet, have a right to aĩl their expectations for a wonderful era of growth. for the country on the western side of the Hudsonj in which it will share alniost equally with Brooklyn and Queens in the bene- fits of the reinarliable transportatíon developments of thø tlme. REAL ESTATE being "in no danger," the "H'eralA" does not feel called upon to enllst in its defence, or to extend to realty interests tbe same degree of support which it is giving to railway and indus- trial securitíes. Moreover, it considers that real estate appeals mainly to capitalists, whiĩe stocks and bonds are within the reach of every householder who has scraped together a few hundred dollars. From the first propositiou we do not dissent, and we leave the second to the judgment of the "Herald's" real estate patrons, with this one remark, that we have always been under the ĩm- pression that the facts were the other way—that it is the man with the "few hundred dollars" who ordinarily buys those suburban lots and homes which are so plentifully advertised In out contemporary's pages, aniĩ mainly the capitalist who invests in railway stocks and industrĩal bonds —but who ought to put more oE his surplus in New Vork City real estate and mortgages, where it would do both him and the commuuity more good. THB Pr'oSPERITY OF THE CITY OF NEW YORK DEPENDS IN A VBRY LARGE DBGRBE UPON ITS REAL ESTATB AND BUILDING IN- TERBSTS, Nearly one hundred thousand men are em- ployed in the buildíng trades, many thousands more in pro- ducing the materials utilized in those trades, and other thousands in selling, managing and taking care of the produet. They constitute a great army of consumers for the mercantile interests. These allied interests are now lan- gu'ishing for money—the money that is locked up in railway and other Wall Street securities. Thousands of mechanics are idle, and every day is adding to the number, and also to the consequent loss of local trade and of local business in all lines, Having called attentiou to this state of affairs, need we say where the ready money o£ the "Herald's" read- ers ought to be invested at this crisis în order to be of most benefit to the community, and to themselves as welĩ, directly and indirectly? The "Herald's" first duty is to its own immediate friends—the people oE New York and their busi- ness interests- Start a strong flow oE money ĩnto real estate and building and into the seeurities of those institutions which lend to home buyers and builders, and new life will be put into the building trades and all the interests con- nected witb and dependent on them, Rea! estate values may be "in no danger," but there are buildinga waiting for money to coraplete tbera, plans waiting to be financed; buyers waiting for loans, mecbanics for work, and raer- chauts for trade. AND WHAT IS THE DAILY PRESS DOING TO HELP THEM? ONE THING STANDS OUT PROMI- NBNTLY in the confusion and distrust of the past few weeks. The carefuUy selected first raortgage on New Yorlî City real estate has been proven to be the most satisfactory investment for indivîdual, trustee or corporation to carry through such times as wu are having, Possibly, it may not be so readily sold and turned into cash, but we have reached the time when nnt mucb else ean be readily sold or turned into easb, and what can he, is sold at a great sacrifice. With New York City bonds twenty or more poínts below their quotations of six years ago, and other bigh class bonds equally depreciated, and the best of stooks, many of tbem selling for half what they did three years ago, reaĩ estate mortgages alone, in the statements of institutions, are bolding their own and are tbe investment bulwark of those who are fortunate enougb to hold considerable lines of them. During tbe last six weeks the sales of mortgages by the title corapanies have gone on, not to the sarae extent as in ordiuary times, but to a far better extent than has been the case with tbe average railroad or industrial bond. One of the title guarantee com- panies reports sales of mortgages for October of ?3,300,- 00 0- The reason for the faíth of the average person in a good real estate mortgage is not far to seek. It is the one thiug about wbich he can form sorae judgment of hi? own. He may not be an expert in values, but be can see the property; be cau inquire of others and he ean exercise some judgmeut as to whether his raoney is well secured. lu the next place, he does not have to trust auybody after he gets the mortgage into his possession; bis security cannot be ruined by raismanageraent and is not carried down by the raismanagement of something else tied to ít, but, if good when seleeted, stays good. He gets bis interest regularly and his princlpal when due or within a reasonable tlme ĩhereafter. It is safe to predlct that one uĩtimaté result Qf