Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 79, no. 2039 [i.e. 2034]: March 9, 1907

Text version:

March 9, 19O7 RECOKD AND GUIDE 481 ESTABUSIiED-^W,RRCH£!'-i^l868, DD^Td) p R^L ESTAJT. BuiLDIf/G %Cl(lTEeTUHE .KoUSEllOU) DECOf^nciJ, Busit/ESs Alt) Themes of GEfiEfiAl IKteresI . PRICE PER YEAR IN ADVANCE EIGHT DOLLARS Tnblished eVery Saturdaii Cohimunications sliunld ha addressed to C. W. SWEET Downtown Oflice: 14-16 Vesey Street, New York Tolophouo. Cortliiudt 3157 Uptown Office: 11-13 East 24th Street. New York Telephone, 4430 M.^dison Squaro -Entered at the Post Office at New York, iV. ]'„ as second-class mailer." Copyright by C. W. Sweet.___________________ Vol. LXXIX. MARCH 9, 1907. No. 2039. INDEX TO DEPARTMENTS. Advertising Section. Page Page Cement ....................xvii Lumber.....................xx Consulting Engineers ........viii Machinery...................vi Clay Products .................ix Metal Work.................xvi Cootractors and Builders......lil Quick Joh Directory.........xxiii Electrical Interests ...........vii Real Estate ...................xl Fireproofing ...................ii Roofers & Rooflng Materials.xxii Granite ...................xviii Stone....................xviil Iron and Steel ................x Wood Products...............xx WALL STREET has had a severe shaking up this week, and as with former upheavals and movements of a similar character, the inevitable upturn should come if the future is to be judged by the past. Obviously the wild selling movement was started with a view of demoralizing the market and precipitating, if not a panic, at least pan¬ icky conditions. The action of stocks on Wednesday un¬ doubtedly indicated that the bears, for tbe time being, were routed, and in their efforts to cover they made things lively. That there is an enormous short interest cannot be doubted for a moment. Wall Street, which is always full of sur¬ prises, has been indeed treated this week to an almost un¬ precedented spectacle in the advance iu Reading on enor¬ mous dealings. It rose eleven points from 114iA. Upward oE 700,000 shares were dealt in, the total transactions iu all issues on Wednesday amounting to about 2,4 00,000 shares. The improvements in other stocks after the earlier slump included advances in Great Northern 5^, Atchisoil 3%, Northern Pacific 2%, Union Pacific 1%, Southern Pa¬ cific 2 1^, Tennessee Coal & Iron 3, American Smelting ZYs and Sloss^Sheffield Steel SVa, the bears naturally suffering in consequence. As Reading was the storm centre there were, of course, all kinds of rumors flying about with regard to it. It was currently reported that the property had been captured by Priclf aud Harriman, Philadelphia and Read¬ ing, together witli the New Jersey Central Railroads, would thus, with Mr. Harriman's other holdings, give him com¬ plete control of a transcontinental railroad system, which is figured as follows, with the total mileage of upwa^rds of 32,000, stocks and bonds $3,360,000,000 and the different properties respectively, Southern Pacific, Atchison, Balti¬ more & Ohio, Illinois Central, Reading and Central Railroad of New Jersey. It is but fair to say, however, that iKlr. Har¬ riman makes a practice of neither denying nor confirming rumors regarding his business dealings and does not seem inclined to throw any light on the question of the Brobdig- nagian deal. All indications point to the fact that there are grounds for the belief tliat something of the kind has been accomplished, though brokers in touch with the parties concerned deny all knowledge of such a coup. On the other hand friends of Reading say that the stock went up for two reasons, one because of the large short iuterest, and the other because of the tremendous business it would do in the present year. There has been little or no change in money rates, call money ranging between 5% and 6 per cent., with a prevailing rate of 51^ per cent, and the rates for time money are nt^excessive. To sura up, it may be said that although certain capitalists indulged iu bearish talk the re¬ ports of iron trade organs are hopeful and we are told that the bargain hunter is abroad in Wall Street. 'T^HE introduction of the measures drawn up under the A direction of Governor Hughes providing for the con¬ stitution of two public utility commissions raises questions of the gravest importance for New York City. The proposed legislation places all transit, electric and other corporations, operating under franchises iu New York City, under the control of a commission appointed by the Governor, The powers of this commission would be enormous. They would include not only all the functions now resident in the Rapid Transit Commission, but also all and more of the powers now resident in the State Railroad Commission. It would not only plan extensions to the subway system, but it would overlook the actual operation of the railways in this city, their financial transactions, and all other possible matters of public interest in connection with them. In this respect the proposed commission is un,doubtedly a great improvement upon the existing machiuery of supervision. The powers over the railroads in this city, which the bill confers upon the proposed commission, should have beeu granted to the Rapid Transit Commission long ago; and the provisions of the bill in this respect are unquestionably deserving of all approval. When, however, the relation of this commission to the municipal administration of New York City is care¬ fully considered, the provision of the bill in this respect raises many doubtful questions. The commission would be a body appointed by the Governor and responsible to the state authorities. At the same time it would have partial or exclusive authority over a large number of exclusively local matters. In all business connected with rapid transit extension, for instance, it could do nothing without the co¬ operation of the Board of Estimate and Apportionment, and it is entirely possible that two Boards deriving their powers from such different sources might frequently clash. The bill, that is, sets up a vital piece of local governmental ma¬ chinery in New York City without any sufficient reference to the spirit and the machiuery of the existing charter; and we do not believe that in the long run it will work smoothly. There is no objection to government by commission, and tlie members of such a commission should unquestionably be appointed rather than elected; but they should be appointed by the Mayor and not by the Governor. While Mr. Hughes, himself, would doubtless name an excellent commission, the quality of the appointments made in the past by Republican Governors has not been such as to inspire much confidence in the people of New York. They would rather run "the chance of bad appointments with a Mayor, who is responsible to them, than with a Goveruor, who is not. Opposition to the Governor's measures will be concentrated on this point, and it would be a great pity, in case the whole scheme falls through, because it is defective in this minor respect. THE patience with which the people of New York sub¬ mit to the evils and embarrassments of their defec¬ tive means of street communication is extraordinary. Dur¬ ing the past winter the common topic of conversation at almost any gathering of New Yorkers has been the delays they had encountered and the trains they had missed ow¬ ing to the congested condition of the streets. Yet iu spite of this ferment of protest and the real seriousness of these delays, no voice has been raised in public demanding that the municipal government take some measures which will relieve this congestion and enable the streets of New York to serve their purpose. The city of New York is iu this matter riding for a fall. People complaian that the railroads have not been sufficiently forehanded in arranging for a future increase of traffic; but the railroad companies have been models of fore-sighted management compared to New York City. And every successful year of delay makes the problem more difficult and more expensive to solve. The very congestion increases the values of real estate in and near the centres thereof, and this increase of real estate values makes any adequate plan of relief almost impossibly expensive. Ten years ago a tolerably comprehensive plan of street widening and extensions could have been adopted and carried out at a cost which would have been large, but not out of the question. At the pres¬ ent time a similarly comprehensive plan could not be car¬ ried out except at double the cost, and it is no wonder that the municipal authorities fiinch at the idea of spending the money which the sufficient improvement of the streets of New York City would demand. On the other hand, the business interests of New York are undoubtedly suffering severely from the existing congestion. Every business, for instance, to whom the quick receipt and delivery of goods iu trucks and wagons is of great importance, has been put during the past winter to large extra expenses, and there can be no doubt that such kinds of business will, iu the course of time, be impelled, if possible, to move out of Mauhattan. Surely it is time for the husiness men of Man¬ hattan to form a serious organization devoted specifically to the purpose of improving the street layout of the borough. The plain fact is that the existing street system of New