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Real estate record and builders' guide: v. 78, no. 2022: December 15, 1906

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December 15, igo6 IlECORD AND GUIDE 991 ESTABUSHED-^ MWPH sm^ 1 ae s. DE^TrtpI^EsTAJE.SinLDIffc A^ITECTURE,HaUSElf01I>DEGCiRAnOtf. Bi/sr/ess Alto Themes of GeSei^V iKrapi, PRICE PER YEAR IN ADVANCE EIGHT DOLLARS Published eVery Saturday communications should bo addressed to C. W. SWEET Downtown OHice: 14-16 Vesey Street, New York Telephone, Cortlandt 3157 Uptown Olfice: U-13 East 24th Street, New York Telephono, 4430 Madieon Square ''Entered al the Tost Office at New York, N. Y,, as second-class matter." Vol. LXXVIIl. DECEMB(>R 1."., 3900, No. 2022 INDEX TO DEPARTMENTS, Advertising Section. Page Page Cenaent ..................xxiii Law....................xl Consulting Engineers ..........x Lumber ...............xxvil Clay Products............xxil Machinery.................Iv Contractors and Builders ......v Metal Wort..............xviii Electrical Interests........viii Quick Job Directory ........xxvii Fireproofing..............il Real Estate ..............xiii Granite.................xxiv Rooters & Rooflng !Materlals,.xxvt HeatinK ..................xvii Stone....................xxlv Iron and Steel ..'...........xx Wood Products .........xxviii THIS week's stock market differs but little from that of last week. It still wants to go up. It shows that the moment the pressure is lifted, whether that pressure be tight money or what not, that the market in trying to reach its goa], has to meet half-backs and short-stops and every other form of Interference. Yet, notwithstanding all this, it maintains an upward trend, with, here and there a stock like Canadian Pacific or St. Paul breaking ioose and making a ten point advance on its own account. Should money ease so that the commission houses would feel encouraged to ad¬ vise buying, a smart advance aJong the whole line would be a certainty. One of our largest banking houses, however, ex¬ pressed some fear as to weight on the market of the new issues of _stocks by the New York Central, Great Northern, Northern Pacific and St. Paul companies, amounting in the aggregate to over two hundred millions of dollars. While the rights attached to these issues are all favorable in re¬ spect to the larger holders, it is fair to assume that they are availed of almost entirely by borrowers of money, so that the new securities do not to any extent find their way into the hands of investors, and can only be digested by the stock market. The point made by the banking house referred to is that during this period of digestion it may be impossible for these shares to advance. Great care is being taken to assure Wall Street that there will be an increase in the divi¬ dend rate of Reading next week, and, acting on this in¬ formation, there is a great deal of short selling of the stock. It will be interesting to see the effect on the shares of the official announcement that the dividend rate is unchanged. Recent experience has been that au increase in a dividend rate has knocked down the price of the shares affected. The money market still remains nervous, and looks as though It might grow harsher for commercial and real estate inter¬ ests. Several hundred millions of dollars have clearly dis¬ appeared from circulation, and can only be in the stockings and pockets of the well-employed laboring class, only to see the light again after a period of idleness. Incidentally St. Paul continues to justify all that has been said of this stock in the columns of the Record and Guide. A price above two hundred is not improbable for it in the near future. UNDERNEATH and supporting the present real estate market there is felt to be by every token a basis of public confidence and financial strength quite beyond even what the transactions of a very interesting week have typi¬ fied or been able to measure. In Manhattan especially this feeling is daily spreading wider among the strongest invest¬ ing and speculative forces, and the several centers of special interest were all represented prominently in the business of the week. Particularly significant were the transactions in Fulton and Barclay streets, which are attributed to the in¬ fluence of the lower McAdoo tunnel project, and certain deals of exceptional moment on Washington Heights tended to counteract any thought of a general readjustment of values in that section. Likewise, the Pennsylvania terminal section, Middle Stb av and the Brons, ail favorite spheres of action. were prominent in the trading of the week. No doubt the activity is largely professional and more particularly note¬ worthy in transition neighborhoods, but notwithstanding it is clearly based on a quickened investment movement, and all pointing to the fact that the sentiments now prevailing are not reactionary. While that demand which in the sub¬ urbs springs from small building companies and home¬ seekers seems to have slackened, the loss on this account can easily be abscribed to the severities of the season as well as the money tightness. The Police Department. THE Police Department of the City of New York is cer¬ tainly in an extraordinary condition. During the term of ex-Mayor Van Wyck the collusion between the police and the keepers of gambling houses, pool rooms and other illegal resorts was so flagrant that public opinion was incensed, and it was this public resentment more than any other one cause which resulted in the election of Setli Low as Mayor. Mr. Low was committed, above all things, to the reform of the Police Department, and undoubtedly appointed men as Commissioners who tried to effect such a reform, but they failed, and their failure had much to do with his subsequent defeat. Mr. McClellan, when he became Mayor, in 1903, showed his mettle immediately by appointing Mr. McAdoo to the commissionership and later by substituting Mr. Bingham. Both of these gentlemen have undoubtedly done their best to break up the collusion between the men who violate the laws and the men whose duty it is to see that the laws are enforced, but it is generally admitted that, despite their best endeavors, they have so far failed. It is no wonder, consequently, that the public-spirited residents of thia city are coming to the conclusion that the Commissioner evi¬ dently has not the power under the existing law to reform the department, and that they are taking counsel for the purpose of agreeing upon some effective amendment of the law. The committee of the Citizens' Uniou which is con¬ sidering this matter claims that its purpose has the support of both the Mayor and the District Attorney, and it hopes to prepare a bill which will.be passed at the coming session of the Legislature. It is very questionable, however, whether any bill can be drawn which will accomplish its proposed object without the tise of means wliich public opinion is not as yet prepared to approve. The general provisions of the bill which will be submitted to the Legislature have already been outlined. In the first place, the term of the Commissioner will be lengthened so that an energetic and able man will retain office for a great many years and will really be in a position to learn the business of effectively controlling his subordi¬ nates. The Commissioner will be made more independent of the Mayor by providing that he can be removed only for cause and on the official publication of definite charges. Finally, the Commissioner will be given a greater authority over his subordinates, so that he will be in a better position to enforce disciplinary measures. There can be no doubt that every one of these provisions is intended to correct evils which the experience of the last five years has proved to be serious and stubborn. An inexperienced Commissioner is very much at a disadvantage compared to the experienced officials who lead the uniformed force. He does not under¬ stand the game as well as they do, and he does not know whom to trust and whom not to trust. He makes mistakes. The public becomes impatient and critical. The Mayor feels obliged to substitute somebody else in his place and the same process, with variations in detail, is repeated. Hence i tis ex¬ pected that a longer term and a more independent position will enable an upright and able commissioner to retain the office until he is really in a position to build up within the department an effective following of honest and energetic policemen of all grades, and the additional power granted to him of disciplining offending members of the force would undoubtedly greatly contribute to this end. The scheme has, under existing conditions nevertheless, one serious difficulty, and that is its tendency to diminish the responsibility of the Mayor. The whole theory of the existing charter is that the Mayor shall have absolute authority over the heads of de¬ partments and be able for the purpose of securing loyal sub¬ ordinates to dismiss and appoint them at will. The proposed revision of the law would make him less responsible than he is for the most important department of the municipal gov¬ ernment. It would place the Commissioner in respect to the Mayor in very much the same position that the uniformed officials of the Police Department have been placecl in respe(^