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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
"â– 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