Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 73, no. 1885: April 30, 1904

Text version:

April 30, 1904. RECORD AND GUIDE 977 'T^ ^ ESTABUSHED-^WyiflpHSl'^^lBBS. De/oieD to f^L EsTHe.. BuiLoi^ic *;RcKrTEtmiHE .HousedJoib DEOtffl^TlOri. .Busir/ESs aiJdThemes Of GeKer^I iHTERfsT, PRICE PER YEAR IN ADVANCE SIX DOLLARS FubUshed eVers Saturday Communications should be nddrosaed, to C. W. SWEET, 14.16 Vesey Street, New YorS J, T, LINDSEY. Buslnoas Mana-cr Telephone. Cortlandt 3157 "Entered al the Post OMce al New Tork, JV. Y.. as second-class matlei:" Vol. LXXIII. APRIL 30, 1904. No. 1885. , THE stock market has relaiised into the condition of languid letliargy, which prevailed previoos to the Northern Se¬ curities decision. Stoclts are supported on a decline and sold on an .'Advance, so that, specialties apart, the net changes are in- signififTint. Steel has been weak, owing to a realization that the outlook for any very large profits during the current year is bad. Yet, on the other hand, the consumption of the lighter grades of steel manufactured products is cnornious and should give some volume to the earnings of the steel companies. Gen¬ eral business is unmistakeably diminishing in amount and is having its effect on railway earnings, which are beginning to de¬ cline all along the line. The decrease, however, is small and rarely c&rries the totals as low a's those even of 1902, which were OGiisidered good at tbat time. The railroads, however, have evidently got to be cautious, and 3vill soon be looking around to reduce not merely their capital, but their operating expenses. Another fact which produces speculative hesitation is the gold exports, which although they are due chiefly to the Panama payments, nevertheless have a bad effect upon people wbo are loaning or borrowing money. This dullness may be soon broken again by a period of sensational professional ac¬ tivity, but it will probably be the dominant characteristic of the market for some months to come. ^^ HS real estate market has not shown during the past week ■^ any new or specially interesting characteristics. The total number of transactions has amounted to more than 200, wbich is a thirty-three per cent, increase over last year; but the dealing has been conflned as usual to residence propevty and vacant lots. The flood of tenement house trading continues, but one gets the impression that it is somewhat on the ebb. Whether because of the anti-reat agitation or be¬ cause the same opportunities uo longer exist, it does not main¬ tain the same rate of increase as it did earlier in the season; and it is a fail- inference that, while its volume will continue larger than the volume of the trading iu the same kind of prop¬ erty las:: year, it will gradually cease to dominate the market as it has done siuce last September. But while the trading in tenements will probably be reduced to normal proportions, tbe buying of vacant lots is likely rather to increase. It has been a good deal heavier during tbe past week than during the corresponding period of 1903, and, since the labor situation looks promising, it is likely to make a stili livelier pace during May. More vacant property is being sold on Wasbington Heights than lormeriy, and a fair beginning is being made in tbe iinprovement of tbat neighborhood. Morningside Heights, also, promises a good deal of activity and Harlem even more. Private dwellings have not been quite so active during the past week as has been customary of late: but. on the other hand, a good many eld buildings, chiefly situated in the middle west side have been sold for improvement with business buildings. On the whole the mai-ket is assuming a normal and wholesome as¬ pect, and accidents apart should be active and progressive throughout the summer. ^^ N the whole it is extremely aud unexpectedly gratifying *^ that the New York delegation, or part of it, succeeded in wringing from a reluctant Congress enough money to secure the erection of large branch post-offices in immediate connec¬ tion with the new Pennsylvania and Central terminals. These post-offlces will enormously facilitate both the shipment and re¬ ception of the mails and consequently their distribution and col¬ lection in this city. At the same time they will relieve the pres¬ sure upon the restricted area of the central post-office downtown, and permit a much more efQcJent, economical and expeditious handling of the mails throughout, the whole borough of Man¬ hattan. We are forced to add, however, that these advantages will not be obtained without certain drawbacks. What New- York needs, and needs very badly, is a new and adequate cen¬ tral office in or near the lower business district, and it is very probable that the two uptown post-offices which have just been authorized will stand in the way of a new central post-office and postpone the accomplishment of tbat very desirable improve¬ ment for a good many years. The expense of acquiring the land for such a building and erecting the structure will be so great tbat under the most favorable conditions it will be difficult to obtain the appropriation, and the recent grants will undoubtedly be made an excuse for a refusal on the ground that New York has obtained all it is entitled to for the present. Indeed, the tendency will always be to get along with the central post-office as it is, and obtain the additional space which is necessary, by shifting part of the business to other buildings in other quarters of the city. Tbat will always be tbe cheapest and the easiest way of providing for the increase of postal business in New York; and it will prevail unless a strenuous protest is made against it. New York, as by far tbe most important and re¬ munerative post-office in tbe country, sbould have a large mod- era building with the best mechanical equipment and the. most convenient internal arrangement. Furthermore, it should be the aspiration of every New Yorker, who takes any pride in his city to have that part of the City Hall Park, on which the central post-office stands, i-eturned to its original purpose. Never was a more grosser sin against the good looks and the dignity of a great city perpetrated than when tbe apex of the triangle of City Hall Park was granted to tbe national government as a building site; .and as this site and the building upon it are wholly inadequate for its purpose, the effort to bave it torn down should never cease until it is successful. T N its issue of March 5th of the present year, the Record and ■^ Guide summed up the situation in respect to rapid transit extension created by the application of the New Yorit City Railway Company in tbe following words: "The best way to obtain tbe maximum advantage for the city (from the conflict¬ ing proposals of the two interests), would be to lay out two al¬ ternative routes, one of wbich will be satisfactory to each com¬ pany. Then it would be placed squarely 'up' to the manage¬ ments of these companies to offer attractive proposals to the commission." This is precisely the course of action taken by the Plan and Seoi>e Committee of the Rapid Transit Board. It has laid out a route very much like the route proposed two months ago by the New York City Railway Company. The only modifications are those intended to make this route as at¬ tractive to the Interborough Company as it may be to the New York City Railway Company. To this end a connection is made between the Lexington Avenue subway and the Westchester Avenue line of the Bronx, Another connection is made between the Lexington Avenue route and the existing subway south of Forty-second Street, and in order to facilitate an additional con¬ nection between the lower and upper West Side subways, tbe new tunnel along the lower West Side comes up West Broadway, Greenwich and Seventh Avenues, connecting with the existing tunnel at Forty-second Street, If the Interborough Company's bid is accepted by the Commission, the Lexington Avenue tunnel wiii not be continued south of Forty-second Street, while in case the bid of tbe New York City Railway Company proves to be more attractive, the proposed Seventh Avenue subway wil! not be continued north of Thirty-fourth Street. The routes are consequently most ingeniously arranged to de3'e!op the maximum of competition, and their selection should enable tbe city to obtain the additional transit lines which it needs on the next advantageous terms—provided, of course, both of tbe com¬ peting companies will act in good faith. It is extremely prob¬ able that the conflicting claims of the rival corporations will eventually be peaceably adjusted; but for the present some¬ thing may be raade out of their hostility to one another. As to the scheme as a whole, as an adequate solutiou of tbe rapid transit needs of New York, that must be interpreted in the light of the remark in the report that these routes are intended to meet immediately pressing needs. The extensions, that is, are intended to supply transit accommodations to the population of tbe city as it is distributed at present rather than as it will be distributed fifteen years from now. The Bronx, consequently, gets pi-actically nothing at all, no Jerome Avenue line being proposed. Furthermore, the Manhattan routes cannot possibly give room for more than three tracks, so that any express service which they can supply will be exceedingly restricted. The Recorvl and Guide regrets very much chat the Commission has not seen its way to accomplishing more for the Bronx; but we are obliged to admit the desirability of giving present needs tbe preference over future ones—even though these futiu-e needs will become present by the time these new tunnels are built.