Columbia University Libraries Digital Collections: The Real Estate Record

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November 8, 1913 RECORD AND GUIDE 861 piiiiiiiliiiiiliiiii^ I BUILDING MATERIALS AND SUPPLIES I POSTPONEMENT OF ACTION ON CURRENCY BILL AND THE BUILDING CODE KEEPS CONSTRUCTION MONEY TIGHT. Denial of Railroads' Application to Boost Freight Rates Holds Prices Steady. fci:iiiiiilllMMIIiliW»iglMI»liMlilill»B^ IN a dull building market, material in¬ terests are more concerned with in¬ fluences that are likely to aft'ect future construction than in the momentary rise and fall of demand or prices. Accord¬ ingly, the news from Washington that the Currency bill could not be passed until sometime after the first of the new year would have had a depressing- effect upon building interests here were it not for the reassuring information from the same place that the Interstate Commerce Commission had denied the application of the Eastern railroads to advance their freight rates. The first report had a tendency to encourage money lenders to continue their con¬ servative policy regarding engagements for 1914 construction projects, and the latter report insured slight fluctuation, if any, in the cost of building materials - in New York. Reports of October construction from ninety-four of the leading cities in the country to Bradstreet's show a heavy decrease both from September and from October a year ago. The total expendi¬ ture in October was $45,378,512, a de¬ crease of 22.4 per cent, from September, and of 17.1 per cent, from October, 1912. October shows the effect of new building laws in many cities, which caused the filing of permits in September, to antici¬ pate the changes. Only thirty-eight cities of the ninety-four showed gains in October over the like month a year ago, while fifty-six showed decreases. For the ten months of the year 1913 the aggregate value of building was $724,- 507,663, a decrease of 5.9 per cent, from 1912, which year, however, showed a gain of 7.1 per cent, over 1911. This year's net decrease from normal is therefore almost nominal, considering the stress that has rested upon the money market in 1913. The result of the election on Tuesday would seem to presage a prompt dis¬ posal of the building code problem. The demand is urgent for some definite action in the matter of determining the standards of construction in this city, and it is the opinion of many building material supply men that with prospects of less politics and more constructive action with reference to the ordinance, the building situation will clear up quicker than it has heretofore given evidence of doing. The Herbst code may yet be forced through the present Board of Aldermen. The continued general rigidity of prices is considered good evidence of the firm position of material producers. Steel has been cut to a proportionately greater extent than has any other basic building commodity, but few other de¬ partments have followed suit. Portland cement, which usually is the first com¬ modity to feel the effects of shading, remains remarkably steady at $1.58. Common brick is being fairly well taken and list prices stand. Gravel, crushed stone and sand are held stiffly, al¬ though the demand has fallen off some¬ what, as usual at this time of the year. Lumber, especially Southern hardwoods, are a little nervous over the Mexican situation, and mahogany stiffened per¬ ceptibly. THE CO.MMOiX BRICK .M.VRKET. l.Hst of L'nassigued Barge Loads I*uss Out ot W lioiesale Mariiet. T HE last o£ the unassigned brick barges on * the Hudson River wholesale market passed out tor unloading this week after being held for almost a month. Unloading repon.s are com¬ parable with those of last week, whicli showed an advance over the preceding week, frices for Hudson brick are not particularly firm. Raritan distributors, however, are holding rigid.y to their lists, both in this market ana in Newark. .■Vrrivals at the wholesale docks were in excess of sales. Official transactions for Hudson common, hrick covering this week ending Thursday, *\ov. 6. in the wholesale market, with comparisons for the corresponding peiiod last year and a compara¬ tive statement ot Hudson brick unloaded from barges for con.suniption in this market this week, follow ; 1913. Left over. Friday A. M., Oct. 30, 66. Arrived. Sold. Friday, Oct. 31................. 5 3 Saturday, Nov. 1............... 5 A Monday, Xov. 3................ 8 7 Tuesday, Nov. 4................ 0 2 Wednesday. Xov. 3............. 8 5 Thursday. .Xov. 6.............. 4 4 Total.......................30 25 Sold, but unassigned, Friday A. M., Nov. 7, 0. Reported euroute, Friday A. M., Nov. 7. 6. Condition of market, dull. Prices. Hudson, .$------ to .$6.50. Raritans, $6 to $6.5D CEME-\T STE.VDV. iiKlulrv for German Brands Improves a Llttie Under Sfew Tariff. ABOUT the only department in the building material market that has felt the effect of the new tariff law is that ot German Portland cement. Under the new quotation ot .$2.10 to $2.15 for Alsens. the inquiry has been a little firmer. So far the improvement in demand for this cement in this market has been slight, how¬ ever, American Portland is quoted at $1.58. wholesale, dock, N. Y. As a general rule prices are closely adhered to. STRUCTURAL STBEIj. Wire tlie Best Factor in tlie Present Alarlcet. STRUCTURAL steel and plates are in better inquiry, although a large proportion of fhe orders in sight emanate from Philadelphia, Chi¬ cago and the south. .New York is still sluggish although several important tonnages are being figured. Wire goods are among the best lines in the steel trades today. The demand for reinforcement has come from a broad field and particularly in the west. The lower prices established by the mills have en¬ couraged a free movement, specifications con¬ tinue generally full and mills are operating- more closely to normal capacity. Nails are equally steady, but in this department the east shows up to better advantage. The demand for wire rods, aside from the nail and reinforce¬ ment trade, is less active owing to a slower movement in reinforced concrete work, as cold weather approaches. They are now quoted at 27.50 Pittsburgh. Current prices for struc¬ tural steel at tidewater follow: Beams and channels, up to 14-iu. 1.46^/^ @1.56V. Beams and channels, over 14-in. 1.46V3@l-56^ .\ngles. 3x2 up to 0x8..........1.46'/, fe* 1.56% Zees and tees .................. 1.46M. 0(1.56% Steel bars, half extras.......... l.A(iV2(wl.oiiV2 Univ'l & sheared, 34-in. & under. 1.46Vii(yi..5Gy2 Business in pig iron in the eastern district continues dull with small orders and few new inquiries. The lone of the market is easier, and it is understood that prices in Eastern Peunsylvania are about twenty-five cents per ton lower. Southern iron is also being offered at a reduction of about 25 cents a ton, it being claimed that $11 tor No. 2 Birmingham can be shaded for shipment into the Ohio valley. Prices current tor shipment over ttie fourth quarter of 1913 and flrst half of 1U14 at tidewater; No. 1 X foundry. Northern........16.25@16.50 No. 2 X foundry. Northern........15.75(1*16.00 No. 2 plain, foundry..............15.25^15.50 Gray forge, foundry ...............14.50 @ 14.75 Basic, Northern ..................15.00(^15.25 No. 1 Virginia, foundry............16.50@16.80 No. 2 -Virginia, foundry............16.0U (lu 16.30 No. 1 foundry. Southern............15.25(5)15.75 No. 2 foundry. Southern............15.25 (g) 15.-75 No. 3 foundry. Southern............14.75 (tji IS.25 No. 4 foundry. Southern............14.5U@14.75 No. 1 soft. Southern...............15.25(1*15.75 No. 2 soft. Southern...............14.73(8)15.25 Gray forge .......................14.25fg'14.50 Mottled T..........................14.00 fe; 14.23 SPRUCE PRICES FIRM. AVest Virginia Grades Are Sure To Ad¬ vance As souu -Vs Demand Improves. VT, HILE other kinds of lumber are in anything '' but a firm condition ia the wholesale market. West Virginia spruce is a marked exception. Prices are not only holding firm, but the slight¬ est improvement in demand will result in a sharp advance which would break records. Hem¬ lock is a close second, although the tension is not quite so great. Lumber prices in general from manufactur¬ ing sources are decidedly restricted. It seems to be the policy of producers to let the market absorb practically all of the present supply. A reflection of this attitude is shown in the cur¬ rent wholesale price list, which while covering a range somewhat above actual buying and sell¬ ing prices, nevertheless represents the basis from which any future increase must be made. In other words, current list prices are being shaded to encourage new business. Upon the slightest increase in demand that looks per¬ manent not only will the shading be discon¬ tinued, but list prices are expected to move upj Although the average retailer in the outlying district understands this they are still inclined to buy from hand to mouth and to expect long credits. Those who can buy for cash or short- terms can get very favorable quotations. Ex¬ treme conservatism governs all purchases and credit is as elastic as it has ever been known to be. A1VTHR.\CITE COAL, ACTIVE. Approacli of Cold AVeatlier Stimulates Buying; in Tliis Marlcet. ANTHRACITE coal has been active for two weeks, probably due to the approach of cold weather. Local office buildings and apartment houses have come in for heavier coal deliveries on contracts taken up earlier in the year. The demand from consumers has been such as to call for a heavier output at the mines and some of them could use more men to advantage. There is a bigger demand for egg sizes and most of the outlying dealers are finding it diffi¬ cult to get domestic sizes, although there is nothing like a shortage at the present time. Steam sizes coming into New York for direct consumption in buildings show no change in prices. Bituminous coal, on the other hand, shows signs of wavering in prices. An exception must be made in the case of the higher grades, which are tie(i up under contract to such an extent as to be practically out of the market but, with the general run of soft coals, prices are weaker and demand has quieted down. It should be re¬ called, however, that summer and early fall shipments were very heavy. Consumers are not buying much in the open market, and with few exceptions are taking all their contracts called for. It is this fact which prompts many to believe that the heaviness of the spot market is only temporary and that the first touch of winter weather will make things lively. Mine bases range from $2.80 to $3.00 on the better grades, with medium coals selling at .$2.70 to .$2.75. Odds and ends of nondescript are offered as low as $2.60. TERRA COTTA HOUSE ORGAN. -Vtlantic Product To Be Exploited in an .attractive Periodical, THE Atlantic Terra Cotta Company is issuing Number One of Volume One of its new house organ, "Atlantic Terra Cotta." Typo¬ graphically, it is one of the handsomest books of its kind that comes to this department. It is of the new standard magazine size bound in stiff cardboard and has for a frontispiece a remarkable picture of the Woolworth Building, showing in unretouched photograph the beauty of the matt cream architectural terra cotta this comp.iny supplied to the general contractors, the Thompson-Starrett Co. under specification by Cass Gilbert, the architect. Us leading article, "Two Skyscrapers," deals with the application of this facade material to tall buildings. The general character of the publications bespeaks the high quality of work the Atlantic Terra Cotta Company turns out and is a credit to its editors. It is being ad¬ dressed to architects and consumers.