Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 66, no. 1689: July 28, 1900

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July 28, 1900. RECORD AND GUIDE. 109 DofriiO TO RW.EsTAjE,BmL[Hffc Aftprinz(rTvii^4{ouaofcaDlto3(np»i Bibotess iub Theses or GE>lEit^ lim^l. PRICE PER YEAR IN ADVANCE SIX DOLLARS. PubUahed everj/ Baturdaj/. Telephone, Cortlandt 1370, Conimiin I cations should be addressed to C. W. 8WBET, 14-16 Vetey Street. /. r. LINDSEY, Business Manager. "Entered at tfte Poat-Offioe at New Tork. N. 7.. as second-class matter." Vol. LX"VT. JULY 28, 1900. 1689. READY TO-DAY. The Index to Volume LXV 0/ the Eecord and Gtiide, coveriiir/the period betiveen January 1st and. Juiie 30th,, 1900, iv-ill be ready for delivery Jvly 2Hth. Price, $1. This Index in its enlarged form is now recognized as indispensable io every one engaged or interested in real estate and building operations. It covcis all transactions—deeds, mortgages, leases, auction sales, building jilans filed, etc. Orders for the Index should he sent at once to the office of publication, 14 and 16 Vesey Street. THB stock market during the week past has been dull, un¬ certain, with the general list about where it stood at the opening. The efforts made to advance quotations were, in a marked way, only momentarily successful. The fact is the market at pres¬ ent is socompletelydominatedbytheuncertain situation inChina, that it is vain to expect our strong commercial and financial position at home to have its full effect upon prices. Of course, at any moment the fog that lies over China may lift, but until something like a clear view of the situation can be taken, caution and uncertainty are not only inevitable but even desirable. The entire world to-day is hesitating, the United States being, un¬ doubtedly, the most optimistic spot. Were we concerned wholly with our own home affairs, there would scarcely be a single dis¬ turbing fact for anyone's consideration. The recent rains fur¬ nished a strong guarantee for the corn crop, cotton is in an im¬ proving condition, the financial status of both the Government and the banks is exceedingly strong and although there has been a slight falling off in the amount of general business, the volume is still very large and the diminution is only due to a conserva¬ tism that is itself healthy. A year ago people were buying largely in anticipation of increased demand and higher prices. Tbe tendency then was to slightly exaggerate the future In both these respects. To-day, perhaps, people are somewhat prone to go too far in the other direction, particularly in looking for lower prices. For the time being they are content to buy as little as possible and prefer to be understocked rather than over¬ stocked. Unless the trouble in the East developes other com¬ plications than those involved in a contest between the Powers as a unit on the one hand and China on the other, this will only be temporary. ^r^ HE Chinese situation deserves to be very closely studied as ^ an exhibition of international morals. It affords an op¬ portunity. If we will only keep our conscience at work, of getting a clear idea of the actual governing tenets of nations who call themselves "civilized." When one "civilized" nation sets out to cut tbe throat of another "civilized" nation under high sound¬ ing pleas, tbe situation lacks the contrast that exists in this case when all the chief "civilized" powers of the world are dealing with a distinctly "heathen" people, whom their missionaries have been trying to convert for hundreds of years. How, in this case, wil! "civilization" work? What motive will actuate it? Along what lines will it proceed? What end will It accomplish? Theoretically, of course, it ought to be high-minded and unsel¬ fish, lenient to its enemies, protecting the weak. But, so far, Europeans have dealt with China in a positively shameful man¬ ner. Almost every step that has been taken has been in flagrant disregard of the moral code. They have dealt with the China¬ man with about as much Christian spirit as the conquering Tar¬ tars themselves, centuries ago, possessed for their enemies. They have been arbitrary, covetous, mean and tyrannical. They have murdered unnecessarily, and have stolen under every possible plea. Let anyone consider for a moment what his judgment on China would be If the Chinese had been powerful and had done to Germany or Russia, to Great Britain or the United States tbe things that those nations have inflicted upon China. The only country whose fingers are at all clean Is the United States, but even we have been Inconsistent and have endeavored to exclude the Chinamen from our shores, while, at the same time, insist¬ ing, despite China's wishes, that that country should receive our people and our merchandise. We do not, of course, mean to be understood as upholding or sanctioning in any way the recent events 'in China. Such work cannot be tolerated, and merits the severest punishment, but no one can speak fairly on the sub¬ ject or judge righteously until he keeps in mind the long list of provocations that have produced the present uprising and hatred of the "foreign devil." The conduct of the "allies," their dissen¬ sions, their scarcely veiled covetousness are almost as sad a re¬ flection on human nature as the bloody events in Pekin, The United States is the only nation that seems to be acting with some consideration of high-minded principles. We sincerely hope that nothing will change this country's policy. It may in the end leaven the dirty mass of mean motives which Europe has centered in the Orient. T^ USINESS in the public and private real estate sales market J—* continues to be wholly perfunctory in character. How¬ ever, quietness in these branches is not without some advan¬ tages. Whenever summer activity is in any way pronounced it is usually composed of professional trading with a view to further production of new buildings. There are ordinarily very few investment transactions concluded at this season. The present dullness, in so far as it is more pronounced than usual, is due to the absence of preparation for building flats and tene¬ ments, which has for several years constituted the bulk of the building industry. The demand for lots uptown and on the lower East Side is exceptionally small, these being tbe sections where construction by the speculative builder has been particu¬ larly active. On the other hand, the fall In the price of building materials is inducing builders to undertake operations in the neglected mercantile districts. This Is commented upon else¬ where, and is tbe most conspicuous feature of this week's news. Tt Is announced that John T, Williams will build a 12-st0T7' structure at Nos, 114 to 118 Liberty street. The section just north of 42d street is also receiving attention, No. 57 West 45th street having been sold this week to L. C. Mosher, who will erect a SV^-story apartment hotel, which has been leased for twenty-one years to A. W. Eager, the owner of the Schuyler, which It adjoins and with which it will be connected, as wilt also No, 63, on which a similar structure Is now building, and which has also been leased to Mr. Eager. g< LOWLY but surely tbe decline In the prices of building ma¬ terials to a normal point Is beginning to revive operations which the sharp advance checked earlv this year. We have been able to sneak In these columns lately of anumber of large and cost- Iv bnildine:s, the foundations of which will soon be started. We nlso know that a number of projects are now In the!r final pre- naratorv state and are only waiting the return of owners from the country to be put into the stage of actual work. Proohesy- ine, of course, is always a dangerous business—there are so many ways of being trinned up. This much, however, may he said: The lower rnnge of building materials Is now beginning to he felt as a sort of pressure stimulating building. The prices of all staple materials have certainly reached a point very much TieTow which they are not likely to go for some time to come. Whatever small concessions are to be gained in the future by a waiting policy will be more than offset by the value of the time lost. As a matter of fact, it is not probable that anything will be gained by delaying, because as soon as there is greater activ¬ ity, material men will stiffen In their demands and will refuse to figure as closely as they are undoubtedly ready to do to-day for good orders. T^ VEN Mayor Van Wyck must now see how unfortunate for "^ the city's Interest was his veto of the Dock Department Bill. In consequence of this veto the department was deprived of tbe necessary money for the improvement of tbe North River pier system, from Eloomfield street to 23d street. Now, unfor¬ tunately, it is exactly within this section that the North-German Lloyd must locate, if that company is to make New York the starting point for its steamers instead of Hoboken. No doubt, even under the present circumstances, something can and will be done to accommodate the steamship company, but the ridic¬ ulous management of this city is well exemplified in this case Here we see "held up" one of the few successful pecuniary enter¬ prises of the Municipality, while elsewhere money Is appropria¬ ted without stint for undertakings of doubtful utility, though perhaps of more political value. Any common-sense person would imagine that New York City, being a commercial seaport, bid-