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Real estate record and builders' guide: v. 70, no. 1813: December 13, 1902

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December 13, 1902, RECORD AND GUIDE. 885 SBlaim 10 Rfj^LEsTUE.BuiLDrifc \ftoKrTE(rn;RE>(ousErioii)D£flaii^iiot). BUsltiEssA^lDTHEi^Esof GEifen^l IKt^sT; PRICE PER YEAR IN ADVANCE SIX DOLLARS published every Saturday Communioations sliould bo addresgod to C. W. SWEET, 14-16 Vesey Slreet. New YopK J. T. LINDSEY, Business Managt/ Telephone, Cortlandt 3157 "Entered at ike Fo.%t O.ffice at Nevj York. ff. Y.. a.s second-class malltr." Vol. LXX. DECEMBER 13, 1902, No. 1S13. T T 7 ITH the break in prices that the week has produced, the ^ * atmosphere in the stock market is cleared consider¬ ably, and yesterday's rally may be taken to indicate that prices have reached the interesting point to the minds of buyers. To¬ day's bank statement will doubtless disclose a heavy demand upon loanable funds, but it ought to be the last of had state¬ ments for a considerable period. Of late years the close of the second week of December has marked the end of the rush for money and other contributing causes to the recent decline are in process of remov.il or of mitigation. The attack on prices this week had all the characteristics of ?- final rush, reports exag¬ gerating known troubles and the free handlings of names of people alleged to be in difiiculties were common. The event has again proved the soundness of business as carried on in Wall st because, despite the heavy break in quotations, there was no failure of any consequence, nor any real apprehension that there is likely to be one. To all appearance the great moving cause of the decline of prices, the heavy demand for money was sea¬ sonal, although materially increased by the exceptional circum¬ stance of our industrial and commercial position. Unless signs and precedents err it has now been met. If this is so and the banks report a substantial reserve above the legal limit, as they undoubtedly ought to do, confidence should be regained and securities a purchase for a further advance of some propor¬ tions on that made yesterday from the extreme decline. SOME of the labor unions of this city connected with the building trades have adopted resolutions favoring the granting of the Pennsylvania R. R. Co. tunnel franchise without the labor clause. In doing this they show they are as alive to their own interests as to the city's welfare, and they are frank enough to point out that they are doing it in their own interests. They show, too, a reliance upon their own strength to procure proper treatment during the course of the work that is highly commendable. The immediate importance of the resolutions is to bring out without any doubt whatever that those who are opposing the franchise are not the true friends of labor, and that in thinking they are they have mistaken the facts. It stands to reason that what the men must want most is tbe work. Ex¬ perience already had with tunnel construction in this city proves, as they claim, that they are able to take care of them¬ selves, because in almost every instance where disputes have arisen between contractors on the rapid transit railroad and their men it was the latter who were successful. OF course the European money centres cannot but be affected more or less by the conditions prevailing here, but it is more because of their effects upon money than on stock prices. As is well known Europe was a seller iu our market on the ad¬ vances, and ought to be in good shape so far as Araerican securi¬ ties are concerned. At the same time foreign bankers are tak¬ ing advantage of the high rates prevailing here and placing a good deal of money in New York loans. This, while increasing the indebtedness of tbe United States to Europe for the time being, also shows the latter's ability to buy stocks aa soon as prices have reached an attractive level, and there Is no doubt, when that is the ease, the temporary investments put Into the form of loans will be converted into more enduring ones by purchases of securities. On the whole, home securities are some¬ what stronger at nearly all the centres of European finance. This does not apply to government bonds and other very low return, though very safe issues, but to others of a more re¬ munerating character. Tt looks as if there is some picking up of good things that offer more attractions to capital than the open money market. It need not be that they pay as much as current rates for money, but that they will pay more over a long period than any one can expect to obtain by loaning money on collateral for the same period. Prices of commodities which dropped in October were stationary in November. A curious accompaniment. If not a result of tbe coal strike in France, is a decline in coal importations of about 8% for ten months, during part of which the strike has been going on. This possibly rep¬ resents part of the economy enforced by prevailing conditions, and is interesting because it will probably be paralleled here. Such inflictions as France and the United States are suffering teach care in the use of commodities that has valuable practical results. It will probably be found at the end of this winter that we got through witb less coal as much from economy as from necessity. England has managed to create a successful wall¬ paper trust known as the Well-Paper Manufacturers Ltd., which has investments of $10,000,000, reports profits of about $1,000,000 for the year and has paid 5% on preference and 8% on ordinary shares. The conditions under which such results can be ob¬ tained ought to interest American wall-paper manufacturers. Rapid Transit and Surface Transit. WITH the beginning of cold weather the usual complaints are appearing about the almost Intolerable discomfort and delays of the transit service in Manhattan. The service on the elevated roads, it is generally agreed, has never been so bad. It is difficult to obtain a seat at any time In the day. During the rush hours tbe over-crowding is worse than ever, and fre¬ quent delays on different parts of the line, owing to the con¬ gestion ot traffic, add to the discomfort. The dangers and trials of the situation have not as yet equalled those of Brook¬ lyn travel; but they are fast approaching the condition of things on tbe Bridge. And conditions are even worse on the surface Hues. There can be no doubt that the large gains in traffic, made by the Manhattan Company during the past two years have been due chiefiy to the over-crowded condition of the cars of the Metropolitan Company and the over-loaded state of their tracks. It is more difficult to get a seat on these cars than it is on the elevated trains. The delays are more frequent and of longer duration; and it is apparent that at least diu'ing the rush hours the running of more cars would increase rather than diminish the delays. The trouble is that at all important points of intersection, such as 23d st or 34th st or 4th av and Broadway or 6th av, there are so many cars going east and west and north and south, that they are continually getting in each other's way. It frequently takes as much as a half an hour to travel a mile or so in the centre of the city during tbe crowded hours. The aggregate amount of time lost by New Yorkers owing to these delays must represent a huge sum in the course of the year. It is apparent, also, that all the improvements in transit facili¬ ties which have so far been authorized will not do much to ameliorate the situation. The Subway now building will im¬ prove conditions for people living on the West Side aud in the Broux; but to the residents of the East Side and the central parts of the city, it will either do nothing or merely give another chance of being over-crowded. There can be no doubt that the Subway will do no more than accommodate the existing surplus, and that within a few years, just in proportion as it develops new traffic, travel upon it will be congested. For this reason it is imperative that preparation for an East Side and a Jerome av extension should be pushed as fast as possible, and that the actual work of construction should be under way within a year. As to the proposed extension along Broadway from 42d to 14th st, that is a more questionable matter. It looks very much as if the real object of that extension would not be reached until permission was obtained to run the tunnel down Broadway to the City Hall. It is incredible that one tunnel from 14th st south will be sufficient to accommodate the traffic of the two tunnels from 14th st to I04th and the three tunnels north of 104th St. The East Side extension to the north will certainly necessitate in the end a West Side extension south of 14th st; and tbe projected Broadway tunnel to 14lh st is probably the entering wedge for a turough route along this main thorough¬ fare of the city. It may be that Broadway property-owners are now prepared to assent to such an extension; but if so, they at least should be Informed in advance. At any rate, the legal preliminaries to these extensions should be pushed with all pos¬ sible speed. As the administration with wise foresight has arranged to provide the necessary money, the only source of delay is likely to be the Board of Aldermen—whose particular function it is to hamper all municipal improvements. It is obvious, however, that the complete development of the Subway system, as planned at preaent, does not more than half meet the transit problem of Manhattan. It will relieve the traffic on the elevated roads, but It will affect that on the surface