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300 ItECORD AM) GUIDE September 8, 1917 VB%. REAL ESTATE ^P^) BUILDERS |^ig®ii-C|iiPi« Devoted to Real Estate Building Construction anil BuUdingManagement in the Metropolitan District Founded March 21.1868, by CLINTON W. SWEET Published Every Saturday By THE RECORD AND GUIDE CO. F. T. MILLER, President J. W. FRANK, Scc'ctary A Treasurer 119 West 40tli Street, New York (Telephone. 4800 Bryanu) "Entered at the Post Office at New York, K. 1'., as second-class matter." Copyrifiht, 1917. by The Record and Guide Co. TABLE OF CONTENTS (Section One) New Standard Fire Insurance Policy.......295 The July Labor Market in New York State. 296 City Authorities Must Decrease Budget.....297 Bronx Board of Trade Names Delegates to Convention .............................297 Legal Notes Affecting ReaUy...............298 Subways in the East Bronx...............298 Consumers Must Reduce Coal Requirements. 299 Greenpoint Barge Canal Terminal.......... 2!)9 -Editorials ................................ 300 Query Department........................ 301 Real Estate Review........................ 302 New Catholic Church on Sherman Square. . 311 Building Material Market.................. 310 Classified Buyers' Guide................... 321 Current Building Operations............... 310 Departmental Rulings..................... 320 Leases ................................... 305 Personal and Trade Notes................. 312 Private Sales of the Week................. 303 Real Estate Notes.........................308 Statistical Table of the Week.............. 309 Trade and Technical Society Events........ 319 Wholesale Material Market................. 311 Are you saving your money to invest in the Second Issue of the Liberty Loan? Real estate interests in the entire Gowanus section of Brooklyn are an¬ ticipating the creation of a new com¬ mercial center in that section of the city as a result of the completion of work on the Erie Basin, the new transfer ter¬ minal of the State Barge Canal. "Price readjustments evidently in an¬ ticipation of Governmental control dom¬ inate the iron and steel markets," states Bradstreets, "the crest point in prices touched in the middle of July having un¬ dergone marked shadings the past three or four weeks, but withal, the mills are so far booked ahead that the current sit¬ uation is accepted with equanimity." The agitation for proper safeguarding of the records of the titles to real prop¬ erty on Manhattan Inland should be continued until suitable facilities are af¬ forded for the maintenance of duplicate records. When fires like those in the old Equitable Building and in the Capi¬ tol at Albany are possible, which re¬ sulted in irretrievable losses in the de¬ struction of records, there shoijld be little cause for opposition. New York County should do what progressive pri¬ vate companies have found it expedient and desirable to do. New transit lines are being opened at frequenc intervals. The most recent link in the new chain of interborough rapid transit was opened on Tuesday, and marked the invasion of Manhattan by the New York Consolidated Railroad Company, a subsidiary of the Brooklyn Rapid Transit Company. Real estate and civic organizations m Brooklyn celebrated the event with an elaborate program. The new road is expected to benefit, not only a large section of Man¬ hattan, but will furnish additional trans¬ portation facilities to sections of Brook¬ lyn as far out as Coney Island. Suburban Growth. One of the most important real estate developments in recent years has con¬ cerned itself with the unprecedented in¬ crease in the number of all-year-round residents in the Metropolitan district, notably on Long Island and in West¬ cliester County. These sections have witnessed not only the building of high- class residential communities, but have also been experiencing a steady and un¬ interrupted demand for improved prop¬ erties of practically all types. It is not difficult to explain this trend, since an¬ alysis will show that six factors, each important in itself, have been operating toward encouraging the residential ex¬ pansion of these territories. In the first place, the decline in build¬ ing construction has created a scarcity of space in the city proper, and inabil¬ ity to obtain suitable living accommoda¬ tions has stimulated the dritt to the suburbs. Secondly, this tendency has been stimulated by the natural growth of the city, which even in normal times would have been reflected in additional interest in real estate in the surround¬ ing outlying districts. Thirdly, the ex¬ cellent commuting facilities provided by the railroad companies has placed the running time between the suburban home and the office within more reason¬ able limits, and the commuting business has increased by leaps and bounds. Fourthly, the popularity of the auto¬ mobile has contributed largely to the growth of suburban New York, in that it has made easily accessible to railroad stations lands hitherto practically out of the question for residential improve¬ ment. There was a time, not long ago, when most of the Long Island and Westchester dwellings clustered around the railroad stations or within walking distance. A home five miles away was unheard of and made commutation al¬ most impossible. The motor car, how¬ ever, changed conditions, and large stretches of land even fifteen and twenty miles inland have been made available as sites for fine country estates. The barrier of distance having been effec¬ tually eliminated, proximity to the rail¬ road station was no longer an essential, and one of the principal hindrances to growth removed. Road improvement came as a matter of course, and sub¬ urban highways around New York now compare favorably with automobile thoroughfares anywhere else in the United States. The fifth factor which influenced the suburban movement has been the ever present and innate hope of the house¬ holder to have a place in the country. Many business men have availed them¬ selves of the opportunity to take their families into the suburbs for permanent residence, not so much because they were dissatisfied with city life, but rather because a home of their own far away from the bustle and throb of the big city presented an irresistible appeal. Lastly, suburban growth has been fur¬ thered through the activities of the de¬ veloper, whose enterprise has resulted in the creation of splendid residential centers. More than one attractive home community in Long Island and West¬ chester has replaced barren and unpro¬ ductive waste land, and the transforma¬ tion has been largely due to the de¬ veloper. The suburban trend, therefore, may be traced to at least six sources, but there may be others which have encour¬ aged it. Yet, in spite of these reasons it is probable that even a resumption of building activity in the city proper would not materially alter the situation. New York City represents more than the actual boundary lines separating its five boroughs from the adjoining counties of the State. It represents the heart ot the greatest industrial, commercial, and residential section of thc United States, the Metropolitan district. The new im¬ portance of the suburbs only emphasizes the greatness of New York. Their growth does not mean New York's de¬ cline or its loss of prestige. If anything, it accentuates New York's supremacy over the numerous competing cities aspiring to the title of America's great¬ est municipality. The Coal Situation. With winter only a few months off it is imperative that the question of the dis¬ tribution of coal be settled, so that some benefit may be derived by the small con¬ sumer. Cooperation ot the operators is essential, and it is to be hoped, if they do not meet the administration half way, that Dr. Garfield, the Fuel Administra¬ tor, will enforce the drastic regulations as prepared by the President. The present time is not one in which to procrastinate. Untold hardships will ensue to thousands and hundreds of thousands of people unless coal is re¬ ceived, but while just needs should be supplied, there is no reason why hoard¬ ing should become the rule. In fact this condition should be fought against. Dr. Garfield has the power to license retail dealers as well as operators, job¬ bers and wholesalers, and it is to be hoped that he will follow this course, unless present shortage conditions are speedily rectified. It is realized that the retail price of coal must, of necessity, vary in different sections, but the ap¬ pointment of local committees through¬ out the country should bring to light true conditions. Acording to a statement issued by Dr. Garfield, it would seem that the Gov¬ ernment was using its power to effect an amicable settlement, but in the event of the failure of this course, drastic meas- iires should be resorted to, and then a final adjustment could be made at a later date when the pressure was not so severe. Dr. Garfield stated: *Tt is not pro¬ posed to require efficiently operated mines to produce coal at a loss, but the burden rests upon applicants to show that the prices fixed in particular cases are unfair." This is a reasonable atti¬ tude and should have the support of ev¬ ery fair-minded man. Then again Dr. Garfield says: "The Fuel Administration is preparing a plan of apportionment which will secure to domestic consumers their fair share of the coal supply and at prices which will reflect the prices heretofore promul¬ gated by the President." Real estate owners, as well as manufac¬ turers sincerely hope that this policy will be carried out, and speedily. While some contracts for the winter supply have been made, still there are thousands of houses which are being supplied from day to day. This condition must be changed and everyone is backing the Ad¬ ministration in its efforts to unravel a l)ad tangle. But "haste" must be the watchword, and if the operators will not cooperate, then measures must be taken to bring them into line. Menace of Cost Inflation. Among the outstanding factors that are influencing present-day economics there is probably nothing more serious or presenting a greater problem than the inflation of price of almost every character of commercial and industrial commodit3^ The condition is one that is undoubtedly directly chargeable to the World War. However, where it is to end and what will be the ultimate ef¬ fects upon consumers is still largely a matter to be determined. Undoubtedly there is no industry or trade that has suffered to a greater ex¬ tent through the inflation of commodity prices than has the building and con¬ tracting business. At the present time the excessive charges for structural ma¬ terials and labor entering into the con¬ struction of buildings has been prominent among the reasons for the marked reces¬ sion in structural activity that has been so noticeable recently throughout the country. The erection of new structures, except those absolutely essential to the prosecution of military activities, has slowed down to the minimum, and with conditions as they maintain today, no improvement is to be expected until com¬ modity prices are reduced and stabilized at a more reasonable figure. Prospective builders cannot possibly undertake the commencement of their contemplated op¬ erations at the current prices of mate¬ rials. High construction costs absorb all RBCORD AND GUIDE IS IN ITS FIFTIETH YEAR OF CONTINUOUS PUBLICATION.