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Real estate record and builders' guide: v. 71, no. 1840: June 20, 1903

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June 20, 1903 KECORD AND GUIDE 1221 !ipii. Xte&nD ID RfV- Estate . Buildij/g AfiafiTEcmmE i{ousoiou> DebchjudH. Busb/ess Alio Themes Of GeiJer^ iKTERfsj. PRICE PER YEAR IN ADVANCE, SIX DOLLARS PubHsfied eVery Satardag Communications should ba addreaaed to C. W. SWEET, 14-16 Vesey Street, New Yorh j. T. LINDSEY. Business Manager Telephone, Cortlandt 31BT -Entered at fhe Post Office at New York. Jf. T.. as second-clasa matter." Vol. LXXI. JUNE 20, 1903. No. 1840. THE stock market during the, week past has not exhibited any very decided tendencies. It is quite apparent, how¬ ever, that the bear ammunition has been pretty completely shot away. A twice-told tale may have a charm as literature, but it never possesses much of its original force subsequently upon the investor. On the other hand, the facts and conditions that are making for higher prices have not yet disclosed themselves in that clear and obvious form which the optics of the ordinary man demands hefore he can see them and be induced to act upon them. There are immediately ahead, however, a number of events that may be counted upon to help the market and develop a proper appreciation of stocks at current prices. On the 27th, for instance, the Pennsylvania subscriptions will be in and it will be seen then that stockholders have taken all the new stock without any dislocation of the money market. Again, as we all know, Mr. Morgan will soon be home. The Concilia¬ tion Anthracite Coal Board is to hold its flrst meeting, and some of the sense of uneasiness that arises in that direction will be removed. Moreover, we shall soon hear that the chief of one of the largest of the "Industrials" has resigned. Klondike gold is due to arrive, and the continuance of another week of sun¬ shine in the West will give an additional assurance as to the splendid crop outlook. It should also be noted that the labor situation is generally improving. As any and each of these points develop themselves an accompanying improvement in the general tone of the market is pretty sure to result. We have seen every available scare used of late to depress prices, and it is now in order that the "other side" should be heard from, -----------------♦---------------- ONE of the worst obstacles to the advance of American art has always been the pressure which is brought to bear upon American artists of all kinds to adopt the most up-to-date and business-like methods in their work; and evidence of this pressure and the idea that accompanies it may be plainly seen in tbe assignment to Mr. Philip Martiny of the work of design¬ ing the remaining sculpture which is to be placed on the new Hall of Records. The amount of this sculpture is very con¬ siderable. There are to be two big seated groups near the street at the entrances on Chambers and Centre Streets, four portraits of tbe Governors of the Colony under the Dutch, and over these four rondos in relief, with historical subjects. In addition, there are to be standing figures, portraits, of distinguished New Yorkers, between the windows of the second story, below the eaves. All these groups, flgures and reliefs Mr. Martiny is supposed to model in three years; and if he succeeds in accom¬ plishing the task he will undoubtedly have a right to be called the best contract sculptor in the country. He will he able to model or have modeled a large number of flgures in a shorter space of time for a smaller sum of money than any other reputable American sculptor. The idea at the bottom of such an agreement is that a sculpture contract should be given out like any other contract, and the lowest bidder, all things con¬ sidered, should get the job; and if it prevails our new public buildings will undoubtedly be decorated at a very cheap price and in a very short time, with some of the most mechanical and worthless statuary which New Yorkers have ever seen. On the other hand, another recent example shows just as plainly how sculpture contracts should be given out. in case you want not cheap and quick sculpture but beautiful and expensive sculpture, Mr. Augustus St. Gaudens obtained the commission for design¬ ing the equestrian statue of General Sherman some eleven years ago. He was paid what was considered to he a very high price, and was allowed as much time as he needed. Doubtless no man whose reputation was less considerable and whose qualifications for that particular task were smaller would have been granted such terms; but at any rate the sculptor was given the time and money he needed to keep making his changes and improvements until be had perfected his original conception. The result is a masterpiece, and who shall say that it is not worth all that it cost and much more? But Mr, St, Gaudens actually gave as much of his personal labor—three years—to this one group as Mr, Martiny will give to seven or more of flgures and reliefs intended for the Hall of Records; and it may be confidently predicted that if the Sherman is worth incom¬ parably more than a big price. Mr. Martiny's contract sculpture will be worth very considerably less than a small one. THE Borough President, Mr, Cantor, has exhibited com¬ mendable enterprise in having plans drawn for a subway whereby the Broadway cars can get through Greeley Square at a lower grade than that used by the Sixth Avenue and the 34th Street crosstown lines. These plans simply carry out one of the suggestions of the State Railway Commission, and, considering the desirability of the improvement, should not meet with any opposition- Objections, if at all, are likely to come from only two sources. In the flrst place, this subway may conflict with the plans for the proposed rapid transit subway on Broadway from 42d to 14th Street; but if sn we have no hesitation in say¬ ing that the plans for the rapid transit subway should if pos¬ sible be modifled. It is very much to be hoped that the Rapid Transit Commission will alter its chief engineer's suggestion in this particular, and lay out the West Side extension along Seventh Avenue; but if it should decide to cleave to the nar¬ rower Broadway route, the bigger subway should be run deep enough to allow the smaller one to go over it. Obviously some provision must be made for the congestion of surface trafflc on Greeley Square. It is bad enough at the present time. Five years from now, when the Pennsylvania tunnel will be in use, it will have become intolerable; and to run a rapid transit tunnel under the Square in such a fashion that no alleviation could be given to the intersecting surface trafflc would constitute an inexcusably short-sighted method of dealing with a serious transit complication. Objections may also be made on the score that the city will bear the expense of this proposed subway, while the Metropolitan Railway Company will get the advan¬ tage of it. But surely the railway company would agree to lease the tunnel for flve per cent, of its cost. It would be an enor¬ mous advantage to the company in the prompt handling of its traffic, and would be worth far more to it than the small rental that would have to be paid. Should the company refuse to pay such a rental a difficult dilemma would be created, for it is cer¬ tainly bad policy to allow a private company such a facility at a considerable expense to the city treasury without securing adequate remuneration. But this dilemma need not be feared until it actually arises. It is sufficient for the present that such a tunnel is an early necessity, and that preliminary steps should be taken to have it constructed. There is no square in the city which is likely to be in a worse congested condition than Greeley Square unless prompt measures are taken to secure adequate relief. THE admission on the part both of the Chief Engineer and the Contractor of the Subway that no trains will be run¬ ning during the current year will be a great disappointment to New Yorkers, Tbe residents of the West Side particularly have been looking forward to some relief from the delays and discomforts of their present means of communication during the coming winter, and the assurance that owing to delays for which the strikers are in the main responsible they will have to pull through the coming winter without any betterment of their situation will not be very patiently received. For our own ■ part, we doubt very much whether many trains will be running by July 1, 1904, for it may be reasonably inferred that the re¬ mainder of the work will not be completed without other delays of the same kind; and this fact should stimulate the Rapid Transit Commission to reach some speedy agreement with the management of the elevated roads which will enlarge the capacity of that system. During the height of the travel last winter the transit situation became well-nigh intolerable; but intolerable as it was it promises, unless some measure of im¬ provement is afforded, to be very much worse during the coming winter months. The better facilities for boarding trains at some of the downtown and uptown stations will help; but what is particularly needed is a more considerable train service; and so far as has been announced nothing has yet been done to provide it. We do not understand why the Rapid Transit Com¬ mission has not acted more promptly in this all-important mat¬ ter. It is some four or flve months since the chief engineer proposed certain very desirable increases in the trackage of the elevated roads; and since the situation is so critical, that part of his recommendations should have received the immediate at-