Columbia University Libraries Digital Collections: The Real Estate Record

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56 11 RECORD AND GUIDE July 14, 1917 liHiiiiniMiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiin CURRENT BUILDING OPERATIONS, I MATERIALS AND SUPPLIES ■11.....lllilH.....lillllllllllllllllllliiliilllllllli iiiiiii.....liiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii^ ......iiiiiiiiiiim.....II.....ifi AMONG the various conditions that have influenced the building situa¬ tion during the past week there is the announcement of the recession in the price of Hudson River common brick from $9.50 to $8.50 a thousand. This reductijDn followed numerous predictions of substantial concessions in the price of this commodity and there is reason to assume that building activity will be much stimulated as a result of the cut. There has been a considerable amount of new structural work recently notice^ able and with more favorable weather conditions than have been experienced this week there is but little doubt that the volume of commitments would have reached a considerably larger figure. The price fixing for Governmera steel is also a factor and while the general buyer will not receive immediate benefit, still steps have been taken toward fix¬ ing the price he will pay. One of the cided resumption along this line if ma¬ terial prices could be brought back to a reasonable level. With the exception of common brick, structural material prices have remained practically stationary for the last week. The scattering fluctuations were not to an'extent that would have any substan¬ tial effect upon building conditions. While material prices are exhorbitant the excess cost of construction has not seemed to have influenced the type of construction that has been prevalent for the last few months. Almost without exception the structures placed under contract were absolute economic neces¬ sities and the matter of extra cost was not comparable to the urgency of the demand for working space. Structural steel continues to climb to higher levels and for the private builder the commod¬ ity is almost impossible to obtain. In view of this condition there is a deter¬ mined movement toward the elimina¬ tion of steel for structural purposes in most important features of the week f^^^j. ^^ ^^.-^^y. ^^.^^ timber or reinforced was the announcement to the efifect that a general contract for the construction of the Yale Dormitories, at New Haven, Conn., a three million dollar building operation, has been awarded on a per¬ centage basis to Marc Eidlitz &: Sons, 30 East 42d street, Manhattan. A re- remarkable condition in connection with the present building situation is the vast amount of institutional and educational building that is in process of construc¬ tion or soon to be started. Religious, educational and philanthropic institu¬ tions and societies do not seem to have experienced many difficulties in obtaining the necessary funds for the prosecution of their contem- concrete, and in this way that impor¬ tant material will be conserved for Gov¬ ernmental usage and the building trades will benefit by increased activity through the commencement of operations that otherwise might have been held up pend¬ ing the delivery of fabricated steel. The present outlook in the building and construction field is for a contin¬ uation of progress in structural activity and unless something unforseen occurs there is no apparent reason why the builders of this country and the numer¬ ous lines of manufacturing endeavor that are dependent upon them, should not begin to enjoy better times. Within a very short time the com- plated improvements and the arnount merce and industry of the United States of money that is being expended for structural work of this character is sec¬ ond only in importance to the vast sums available for the expansion and enlarge¬ ment of the industrial and commercial facilities of the country. The latter branches of building activity are steadily gaining in volume and there are reports coming in daily from practi¬ cally all parts of the United States in¬ dicating that many new projects for manufacturing and commercial pur- will begin to feel the effects of the tightening in the labor situation due to the selective draft for the National Army. Shortage of labor is naturally bound to become more intense than it has been in the past and will undoubt¬ edly be one of the controlling factors in the building situation during the com¬ ing season. With many thousands of able-bodied men under arms or at work in the manufacture of munitions or other military activities and with an insistence poses are being planned ^and placed fro^i every quarter that every available J---- *■ ^^^^ ^£ tiij^i^ig i^xif^ be cultivated, it is certainly the part of all concerned in construction as an industry to make use of every possible labor-saving device or appliance that will release human labor for the military requirements. Tools and machines are cheaper than men and in many instances they can be used to superior advantage. under contract for immediate construe tion. High class residential construc¬ tion is fairly active and there is an_ in¬ creasing number of moderate priced dwellings projected. Speculative build¬ ing, while still far behind other types of construction in volume and cost, is nev¬ ertheless indicating signs of renewed activity and there will surely be a de- Common Brick.—Dealers in masons' materials and building contractors who have recently been predicting that the wholesale price of common brick was to experience considerable of a slump feel this week that their attitude was alto¬ gether justified by the developments of the current week. During the period common brick has been selling at $8.50 to $9.00 a thousand to dealers in cargo lots alongside dock. Nearly a year has elapsed since the time common brick was sold at these prices. One of the in¬ fluencing factors responsible for the drop in price this week was the fact that the manufacturers had a large amount of brick on hand that they sent into thc market with orders to sell, at a sacrifice if necessary so that ready money could be obtained for the requirements of this season's producing activities. The com¬ mon brick market might not have been so adversely affected by the concessions if there had been more favorable wea¬ ther. The recent rains and generally inclement conditions resulted in almost a complete cessation of outside construc¬ tion and the buying of brick slowed down to a considerable extent as a natural consequence. There are no in¬ dications that the market during the past week was affected by any circumstances other than the situation caused by a supply that was greater than the de¬ mand coupled with the bad weather. The prediction has been made that the outlook is for a more settled condition, with an increase in building activity and prices stabilized. The demand has recently been quite light and the sales comparatively few. The present time is most propitious for the speculative build¬ er who contemplates the construction of non-steel frame structures, to take advantage of the existing market condi¬ tions and arrange for future require¬ ments in the material line as there is no definite knowledge as to the length of time the present low price level will The manufacturing situation for the operation of their plants. The coal situation, has not as yet affected the production of brick to any extent and it is thought that it will be some time before the stringency exists. SUMMARY—Transactions in the North River hrick market for the week ending Friday, July lo, 1917. Condition of market: Demand fair; prices lower. Quotations: Hudson Rivers, $8.50 to $9.00 to dealers in cargo lots alongside dock. Number of cargoes arrived, 30; sales, 28. Distribution: Manhattan, S; Brooklyn, 11; New Jersey points, S; Bronx, 1. Structural Steel.—Practically all pri¬ vate buying of fabricated steel is sub¬ servient to the urgent demands of Gov¬ ernmental requirements and with the large amount of business on hand at the mills from this source there is but little prospect that private consumers would receive but scant attention if their orders were placed. During the last week there were announcements that the Government was in the market for a considerable tonnage in addition to that already contracted for and there is a strong feeling throughout the building trade that Federal requirements will con¬ tinue to grow and that steel for building and commercial uses will become more difficult to obtain. The producing mills are all working to full capacity but the fabricating shops are limited in their output on account of the existing condi¬ tions. According to statistics compiled by the secretary of the Bridge Builders' and Structural Society it is shown that during May fifty-six and one-half per¬ cent, of the entire capacity of the bridge and structural shops of the country was contracted for. The recent monthly statement of the United States Steel Cor¬ poration showed unfilled orders on its books as of June 30 of 11,383,287 tons, which is a decrease of 503,304 tons from those reported May 31. The June re¬ port is the smallest since last November when the total on November 30, 1916, was 11,058,542 tons. There has been no material change in the price of steel shapes. Mill shipments are quoted at 4.669c._ to 5.169c., New York, for deliv¬ eries in two to four months. Lumber.—The market for lumber is steady at the high price levels that have now maintained for a long time with a local demand that is making the whole¬ salers and dealers hustle to keep abreast of. There is a decided scarcity in cer¬ tain grades and stocks in the yards are generally lower than can be viewed with comfort. There is an evident tendency toward further increases in lumber prices on account of the firm demand and the difficulties that manufacturers are laboring under. While there has been some improvement in the trans¬ portation situation the conditions are still far from normal. Labor shortage and high wages are large factors in in¬ fluencing higher production costs. From these conditions there is but little pros¬ pect of relief in sight and if there is a further demand made upon the producers and dealers in lumber and timber for materials for use as an alternative for steel construction there is every pos¬ sibility that lumber prices will still be further advanced. Wire Nails.—Market conditions are becoming more uncertain every day, with the producing mills unable to consider new orders and from two to three months behind on present orders. The prices of all wire commodities are firm at the levels quoted last week and there is every possibility that further advances will be announced before long. The large amount of Government business recently placed in the hands of the pro¬ ducers will undoubtedly make it harder for the private consumers to obtain de- maintam in the Hudson River plants is practically liveries of their requirements and from unchanged except for the fact that pro- the present outlook there will probably ducers are experiencing greater diffi- be further large orders from Federal culties in obtaining the necessary labor sources in the near future. RECORD AND GUIDE QUOTATIONS ARE ACCEPTED AS OFFICIAL BY IIUILDING MATERIAL EXCHANGES.