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Real estate record and builders' guide: v. 77, no. 1998: June 30, 1906

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June 30, 1906 RECORD AND GUIDE 1233 ESTABUSHED-^tfJlRPH21u> 1868. DE^Tfl)IDRpMLESTAII.BmLDir/G ^fpKlTECTURf .H0USEH0tDDE0C8t«K)rf,. BcTsiWess A»fi>Themes or GEjiEHAl iiiTtF|.E3T. PRICE PER YEAR IN ADVANCE EIGHT D0LLAR3 Published eVers Satardag Communlcatlona should hs addreased to C. W. SWEET. 14-16 Vesey Street. New York t Telephone, Cortlandt 3157 "Entered at ths I'ost OJUce al New York, N. Y.. as second-clais matter.' Vol- LXXVir, JUNE 30. 190lj. No- 1908. INDEX TO DEPARTMENTS. Advertising Section. Page. Page. Cement ....................ixUi Law.........................xl Consulting Engineers ..........x Lumher..................iivlll Clay Products ................xiU Machiuery ...................iv Contractora and Builders ......v Meta! Work ................xvll Electrical Interests ..........vlil Qul^^k Joh Directory ........xxvii Fireproofing .................ii Real Eslale .................xiv Granite ....................xxiv Roofera & Rooflng Materials.xxvl Heating ....................xx Stooe .....................xxiv Iron and Steel ..............xviii Wood Products ...........xxviii PESSIMISM in Wall Street this weelt may be said to reign supreme, in spite of generally favorable conditions, Tbe marltet is lower, and there bave been feeble rallies, only to be succeeded by sbarper and more serious brealcs. As has been previously stated in these columns, tbe market acts in a way tbat is not consistent, for, logically, prices sbould advance instead of declining. If tbe promise of excellent crops, increas¬ ing business, large railway earnings and nothing disquieting about tbe money situation sbould not form the basis for a bull market, it is difficult to say what is demanded by Wall Street ■with that end in view. Tbe brealv in St. Paul on Wednesday was little short of startling under tbe circumstances. It bad sold as bigb as 17G% during the day and lost about five points. It loolved lilie real liquidation. Interborough, Amalgamated, Reading, Union Pacific and tlie Steel stocks ail suffered severely. Anaconda declining eleven points. The causes given for the break, were far from satisfactory. Everybody bas a different reason. Corporation baiting, the regulation by Congress of trusts, the exposures in the investigations of railroads and tbe political unrest were all assigned as factors contributing to tbe decline. Yet putting an end to the system of secret rebates has increased railroad earnings, and there wil! certainly be more money for distribution among the stockholders in tbe way of dividends. It is not a bear argument that because the Federal Government will enforce tbe law and tbat there is to be honest management in corporations that stocks are really less valuable. But what is to be said or done in the face of the actual senti¬ ment as it at present exists'.' Veterans of tbe Street are puzzled. The most tangible evidences of prosperity go for naught. SOME bankers are of opinion, however, that the new low level which prices bave struck cannot but be attractive to investors, and that money wili be forthcoming from the public at the right moment. But if dividend announcements are to be followed by weakness aud by selling movements, it has been suggested by some that tbey be withheld. They seem to depress ratber than stimulate tbe market. The increased declaration on Baltimore and Ohio last week, tbe higher rate on Anaconda, the regular dividend in Norfolk and Western and the increase in the Ontario and Western Wednesday have apparently had this effect- As to tbe dividend on the latter, some of the lowest prices in stocks of tbe session were recorded after its announce¬ ment, although the stock itself showed a net advance of the day of % per cent. The authority on Iron and Steel tells us tbat the flow of orders in the finished trade continues very iarge and that during the first twenty-two days of the current month the United States Steel Corporation booked orders at tbe rate of 37.000 tons per day. This is more than double the quan¬ tity during the corresponding period of 1905. Money rates are practically unchanged, but in the present situation money condi¬ tions seem absolutely a negligible quantity, just as may be said of tbe smouldering volcano in Russia. Tbat there Is public dis¬ trust of the market cannot be denied, and the refusal of the public to buy stocks is loolved upon by the pessimists previously referred to as absolute and conclusive. Little or nothing more is to be said on the subject of the market. It "passes experi¬ ence," showing that ao rules can be laid down and that "all signs fail in speculation." No one can prophesy or Indicate the outcome of the paradoxical situation. Probably the market 'may become steady when what is known as the public is satlsr fied tbat prices are low enough to enable stocks and securities to be purchased at a figure with a prospect of a fair margin of profit from a speculative point of view or for investment pur¬ poses, bul the attempt to predict under present circumstances as to the course of tbe market is impossible. 'T^HE property owners on Madison avenue, between Thlrty- J- fourth and Forty-second streets, are beginning to make a concerted effort to keep that part of Madison avenue residential in character, and there is no reason why tbey should not suc¬ ceed. They bave tbe money, and it is wortb tbeir while. There can be little doubt that Madison avenue, from Twenty-sixth to Thirty-fourth street, will eventually be devoted to business pur¬ poses, and a similar fate is likely to befall that part of the same avenue between Forty-second and Fifty-ninth streets. Business will also creep in for a block south of Forty-second street and for another block north of Thirty-fourth street, but the summit of Murray Hill can very well be protected, because those two blocks are really more desirable for residential than for busi¬ ness purposes. They are occupied by rich people who can afford to pay as much as it is necessary to pay in order to pre¬ vent the intrusion of business. Prices in that part of Madison aveniie have already become so high that very few business houses could afford to keep such good society, and this fact In itself simplifies tbe wbole problem. Moreover, it is a good thing that the residents of the vicinity have been willing to spend tlieir money for tbe purpose of protecting the surround¬ ings of their bouses. Tbey certainly live in the most convenient and attractive neighborhood in New York City, That part of Madison avenue has no electric cars; it is much nearer the most important centers of business and amusement than Is the upper East Side, and it wears an air of quiet distinction which upper Fiftb avenue entirely lacks. Eventually, no doubt, it will be swallowed up by tbe imperative demand for more space by important business interests, but there Is no reason why thia demand should become too insistent during the next twenty-five years. Farther tban tbat no man can look in seeking to pierce the outline of Manhattan real estate. By that time the popula¬ tion of New York City should be double what it is to-day and its business should be three times as large. The attempt to transact three times as much business on Manhattan Island as is transacted there at present would cause a demand for avail¬ able space which might be too much for any obstacle which Mr. Morgan and his associates could raise. MANY fine private houses are now being built on the upper East Side, The district bounded by Madison and Third avenues, Sixtieth and Seventy-third street is now fast merging into what may be called an aristocratic residential section. That Third avenue should be embraced or even mentioned in connec¬ tion with this favored section only goes to show the tremendous strides the city is making and bow limited and valuable the whole area of Manhattan Island is. Tbe growth and develop¬ ment of the district in question was undoubtedly aided by Secretary of State Root's purchase a few years ago of the old flats at the Southeast corner of Park avenue and Seventy-first street. On the site of tbese flats he built a handsome house, and tbe result has been to improve the character and tone of tbe neighborhood. Others have now followed Secretary Root's ex¬ ample, and doubtless in a few years the transformation that has taken place will be little short of startling to those who were familiar with the surroundings a decade ago. There will be tearing down, improvements, building and rebuilding all over this section during tbe summer and autumn. The feature of all this construction is that there is nothing speculative in It. It is being done exclusively by private individuals who wish to make their homes here and join the colony of prominent persons who live in tbe immediate vicinity. These include some of New York's wealthiest and most eminent citizens, which fact alone will make the section a fashionable and restricted quarter for many years to come. WHEN the flve boroughs were consolidated, forming Greater New York, it was said that many otber cities would speedily follow the example. Now we have Pittsburg and Alle¬ gheny, in Pennsylvania, falling into line, a majority of more than 25,000 in a popular vote having decided to make tbe two municipalities a Greater Pittsburg. There has always been opposition to this consolidation In Allegheny, the fight having been going on for more than half a century. The new greater city will boast of a population of upward of 500,000, It Ig a logical and natural step, the merging of the two cities with ong