Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 76, no. 1959: September 30, 1905

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September 30, 1965 RECORD AND GUIDE ESTABDSHED-^Mm:H2LV>1868, mm. DevM P> Rp\l'Estate.BuiLdiKo AB.cKiTEenuRE.t{ousnfoiDDEca[?ATMit, Bt/sit/Ess Aifei Themes OF GEflER^VWitRfST.; PRICE PER YEAR IN ADVANCE EIGHT DOLLARS PubUsfied every Saturdag Communications should do addressed to C. W. SWEET, 14-16 Vesey Street, New York "■ Telephoue, Cortlandt SI57 "Entered a( the Post '0.ffice at New York. N. Y., as second-class matter." Copyright by the Eeal Estata Eecord and BmHsra' GuldaCompany. Vol. LXXVI. SEPTEMBER 30, 1905. No. 1959. INDEX TO DEPARTMENTS, Advertising Section. Page Page Cement ..................xxvii Law .........................xi Clay Products .............xxvi Machinery..................vil Contractors and Builders..,viil Metal Work ...............xxiii Fireproofing ................iii Stone .......................xx Granite .....................xx Quick Job Directory........xxix Heating ...................xxiv Real Bstate ................xi'i Iron and Steel..............xxii Wood Products ...........xxviii THE stock market has behaved during the past week in a normal and sensible manner. It has been dull, and moderately weak. The weakness has not amounted to liquida¬ tion, but it has served to reduce or at least to prevent anj Increase of the use of money for speculative purposes; and that is the important thing at the present juncture. If the market caL clear the period of high money rates without any liquida- ticns or loss of confidence, the way will be prepared for a further rise of prices next winter. Just what such a rise will amount to will depend partly upon the course of business during the next three or four months, and partly upon the methods adopted of flnaaclng the req,uirements of a number of railroad and indus¬ trial companies. But whatever tbe rise amounts to, its only chance of appearance depends upon the maintenance on the stock market throughout^ the fall of steadiness, without any marked movement in the direction either of higher or lower prices. Higher prices are a luxury which cannot be afforded. Lower prices might undermine public confidence, and give the whole situation a black eye. At present this situation still looks fundamentally sound and encouraging; but it never requires very much to convert genera! hope and expectancy into appre¬ hension and uncertainty. THE doubts which any observer may have felt about the prospective activity of the real estate market duriug the approaching winter and spring must have been dispelled by the showing which it has recently made. During the past week the number of sales haa been phenomenal. They have indeed been much more numerous than Ihey were during the corresponding week a year ago, and if they afford any indication of what we have to expect a few months later, it must be predicted that dur¬ ing the current season the volume of real estate transactions will exceed the enormous totals of the winter of 1904-5. Of cour&e,the speculation in vacant land in the Bronx aud on Waah¬ ington Heights did not get under way last year until November, and a decisive comparison cannot be made until a few w«eks later; but there is every reason to believe that the volume of rea! estate business transacted will break the record. It will consist, however, of a larger proportion of improved property than it did a year ago. There is little speculation at pesent in vacant land. Property of that kind is being sold in considerable quantities; but it is sold for immediate improvement. The bulk of the operations are confined to flats and tenements to the north and east of Central Park—the demand for private dwellings not being as good as it was a few weeks ago. This is accounted for by the extraordinary renting conditions wbich still prevail. Va¬ cancies are as scarce as ever and when one tenant moves ^ut, another can be found in a few days. Landlords of all kinds, but particularly of residential property, are more prosperous than ever; and the investment demand for tenements is far better than it used to be. All this provides an opportunity for specula- tlv*- transactions, which the multitude of professional operators are not slow to seize; and as these underlying conditions will prevail throughout the year, its resulting activity can hardly eliow any considerable diminution. IN spite of the apparently assured re-election of Mayor Mc¬ CIellan, the municipal campaign thia fall has assumed an extremely interesting and significant character. It will serve to test with great accuracy the amount of popular support which the several municipal parties can command. On the city ticket Tammany will be able to exhibit what its full voting strength is under the most favorable circumstances. Its only opponent \ will be'a candidate wbo will receive the regular Republican vote, assisted by whatever strength the radical Hearst men can bring to the ticket. It will be possible, by analyzing the returns, to infer with some precision just what is the strength of the party, which stands for municipal ownership of public utilities at any price. The Record and Guide does not believe that the strength of this party in its alliance with the Repub¬ lican machine will prove to be very considerable. The cause of municipal ownership is a good one, and little by little It will increase in popularity; but the attempt to dispossess the corporations operating public franchises immediately either by purchase or by competition would be the height of futility and foolishness. Moreover, ths men who are heading this party do rot command any general public confidence. But if, on the city ticket, Tammany will have tbe field practically to itself, that oiganization will on its ticket for New York County meet with a much stiffer resistance. The latest reports are that Tammany will not re-nominate Mr. Jerome, and that the Citizens' Union will concentrate all of its energy upon the re-election of that gentleman. It will not be a bad thing in ease the situation as¬ sumes this shape. No doubt Mr. Jerome's re-election will be im¬ perilled; but the contest wiil give him a much better chance to show bis metsil, and to assert vigorously his political ideals than he would have in case he received tbe support of Tam¬ many. He is much more at home in leading a fight than in pre¬ siding at a love-feast, and it will be a very good thing for tho city that be should be in a position to talk candidly and vigor¬ ously about tbe whole political situation. He will have a chance of keeping tbe reform movement alive and kicking dur¬ ing a period of overwhelming Tammany predominance, and It locks as if the leaders of that organization, in giving him this opportunity, had made a mistake which in the long run may prove to be costly. POLITICIANS who believe that a party platform looking in the direction of immediate municipal ownership of public utilities will obtain much popular support are utterly mis¬ taken. The people of tbis city do not at present feel any very profound resentment against the public service corporations, because they have not suffered as much from the abuse of fran¬ chise privileges as have the citizens of Chicago and otber cities. In many cases, undoubtedly, extortionate profits are made, and tbe flrst duty of any public-spirited municipal administration should be to obtain in one way or another better service for the public at a lower price; but the immediate and forced muni¬ cipal ownership, as a means to this end, ig not practicable and would not be popular. The local franchise companies give to tho public, as a rule, a very fair service. Some of them, such SS the Telephone Co., give what is probably the best service in the world. The transportation companies do not pander to the public any more than necessary; but, on the whole, they are tolerably efiicient—at least in Manbattan. The consequence is, that, while there is a certain atmosphere of discontent, and a general wish for better and cheaper accommodations, this dia- rontent is not actual and aggressive enough to shake men out of their ordinary habits of voting; and, as we have intimated, it is well that such should be the case. The city has not at present either pufiicient money, power, or public integrity to embark upon a "wholesale policy of municipal trading. There is very much more to be gained by constantly pressing the corporations to give the public better and cheaper service, and it is at least possible that in this way they can eventually be converted into good public servants. Tbe Record and Guide has always believed that as a means to making a better bargain in any particular negotiation tbe city government should have tho power and the resources to enter into aggressive competi¬ tion with the franchise corporations; but this power should only be used as a last resort. Arbitration proceedings in the case of the Amalgamated Sheet Metal Workers have resulted in a full and final settlement be¬ tween the employers and their journeymen concerning wages. An agreement was made which will continue without change un¬ til January 1, 190S, and not then unless notice is given by either party prior to June 1, 1907, IE no such notice is given before the first of June in any twelvemonth, the agreement will continue from year to year. Four associations of employers were included in the settlement, namtly. the Employers' Association of Hoofers and Sheet Metal Workers, the AssociatiOH of Steam