Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 78, no. 2017: November 10, 1906

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November lo, 1906 RECORD AND GUIDE 759 ESTABUSHED^HWPH21«>ie6a. Dp^teD to Revl Estwt . SuiLDif/G %aliTEeTUR,E .HousrHou) DEQQRAnorf, Busii/ess Alii Themes of GEjtei^l Interest . PRICE PER YEAR IN ADVANCE EIGHT DOLLARS Published eVery Saturday Communications should bo addreased to C. W. SWEET Downtown Office: 14-16 Vesey Street, New York Telephone, Corll.vidt 3157 LTpto-.vn Oltice: 11-13 East 24th Street Telephono, Madiaon Square 16»8 "Entered at ihe I'ost Offlce at New York, N- Y„ as second-class matter," Vol. LXXVIIl, NOVEMBER 10, 1906. No. 2017 INDEX TO DEPARTMENTS. Advertising Section. Page Page Cement....................xxiii Law........................xi Consulting Engineers ........x Lumber .................xxviii Clay Products ..............xxii Machinery ....................iv Contractors and Builders ......v Metal Work................xviii Electrical Interests ..........viii Quick Job Directory ........xxvii Fireproofing ..................ii Real Eslate ...............xill Granite ..................xxiv Roofers & Rooflng Mater'Is. .xxvi Healing .....................xvii Stone ......................xxiv Iron and Sleel ................xx Wood Products ...........xxviii BULLS and bears alike are still aggravated and tantalized by the action of the Stock Market. The election, with its indecisive result, has practically had little or no effect on either small or large operators. The market has its hours of strength when it seems that the loug deferred activity and advance may be at hand, whereupon the professional bears run to cover and the bulls get aboard. When this descrip¬ tion of stock-buying ceases, the market halts and the sagging tendency is again in evidence to the great disgust of the bears who have covered and the bulls that have gone long—- only those who have the courage to sell on strong spots without reference to the accompanying news and to buy when stocks are weak and deterred by the scare of the moment which makes the low prices, only these two classes of operators we repeat are making any money in this extra¬ ordinary and peculiarly strange market. Meanwhile the patient ones wbo are holding stocks in the hope that the great prosperity everywhere must find expression in higher figures are being slowly "chewed up" by interest charges. Money is still a cause of anxiety, and some bankers say that the outlook is discouraging. Otherwise it is impossible to regard the immediate future with anxiety in view of the continued prosperity prevailing. The election of Mr. J. T. Harahan as vice-president of the Illinois Central Railroad to succeed Mr. Stuyvesant Fish is regarded as a great vic¬ tory for Mr. E. H. Harriman. It is claimed that it will make the Union Pacific system of much greater importance, and puts it on a firmer basis from a dividend point of view. The management of the Illinois Central and the Union Pacific will now be under the control of the Harriman interests, to the great advantage of the latter system. THOUGH this has been a short and broken week in the real estate market, it has not been without features of some prominence and a very good list of private sales. And, speaking generally for Manhattan and the Bronx, there is observable this week a very decided improvement in the tone of business affairs. Brokers speak of the outlook as being brighter than it was some weeks ago, of actual trade as being much more considerable, and of the money situa¬ tion as gradually growing more favorable. AH this not¬ withstanding that Monday and Tuesday were almost incon¬ sequential days for real estate interests on account of the general elections. The sales included almost ail kinds of property—several office buildings, a notable Fifth avenue transaction, and a number of dwellings, particularly on the West Side, to which quarter a certain tide of business seems to be drifting over from the choice population of the East Side. It has become very noticeable this year that the northern limit of East Side residence growth seems to have been fixed with some finality at about 96th street, beyond which there seems to be a determination not to go, not alone because of the uncongenial surroundings, but also because of the poor transit facilities. No part of the city is more meanly served by the rapid transit companies than the upper Pifth and Madison avenue sections. Regarding the money situation, remarks by some of the most influential men of finance, as quoted elsewhere iu this number, indicate that more consideration, if any has been lacking, is hereafter to be shown for real estate interests. Certainly one effect of the publication will be to call the attention of certain large -lending institutions to the high importance of this matter from the point of public welfare. With the approach of winter, building operations, especially new undertakings, are tapering off and, in consequence, trade in certain lines of buildiug materials is less pressing, which is noticeable in such leading commodities as cement, brick and lumber. Cement quotations have recently declined, and in a marked degree, while brick values continue at a low level, to indi¬ cate the general tendency of things in the building world upon the approach of the winter season, and after several years of the most unprecedented activity. THE people of New Tork have to thank Mr. William Randolph Hearst for one thing, and that is for the opportunity to vote for Mr. Hughes and to elect him. The Republican machine would never have nominated an inde¬ pendent resident of New York City had the nomination of Mr. Hearst not made necessary the selection of an excep¬ tionally strong candidate. For the first time in many years we shall have a Governor who is not identified with tho State machine, and who will pay some attention to the needs and requests of New York City. Just what the opinions of Mr. Hughes are iu relation to taxation and the similar problems of State government, have not been divulged, be¬ cause the canvass did not turn upon State issues. But Mr. Hughes' speeches have confirmed a very favorable im¬ pression of his abilities, his disinterestedness and his inde¬ pendence. He will bring a fair mind to the questions of State government, aud with his help there will be a better chance than there has been for years to propose some more radical and effective legislation. How much and what can be done in this respect remains to be seen. It will not be possible to tell the trend of Mr. Hughes' opinions until after the publication of his first message to the Legislature, He has an admirable opportunity to propose a really effective reform in the system of taxation, and in the general franchise laws; and he will have every inducement to pursue a vigorous policy, because his canvass against Mr. Hearst demanded on his part definite promises of a house-cleaning at Albany. How far his party will support him in sucS a house-cleaning is doubtful, but he is committed so far that he cannot ignore his promises, and in any steps he may undertake, he will, of course, have at least the moral sup¬ port of President Roosevelt. The great result of the elections this fall has been the vindication of Mr. Roosevelt's policy, and the apparent increase of his influence. After his over¬ whelming victory two years ago an emphatic reaction might have been expected, but as a matter of fact, it has been scarcely perceptible. Mr. Roosevelt has triumphed once more. His influence, wherever he chooses to exert it, must be stronger than ever and it is comforting to remember that it will be exerted iu favor of a better political condition in New York State. SHAKESPEARE, when he wrote "The Tempest," must have had in mind the Singer Building, now in course of construction at the northwest corner of Broadway and Liberty street, when he spoke of the "cloud-capped towers." The structure is literally a tower such as was projected by the builders of the Tower of Babel, which, according to the Bible, was "to reach the Heaven." At any rate, the Singer ediflce will be the loftiest on the earth. The tower will rise to a height of 613 feet above the curb level. The gigantic mass of steel and stone, with its forty-two stories, will stand out above every structure in this city. Every other tower or monument will be dwarfed by it. Time was when the Tribune's "tall tower" was gazed at with wonder, aud more recently the New York Times"s new establishment in Times Square, but the Singer Building is higher than any other ou Manhattan Island. Let us compare it with other tall monuments. The Eiffel Tower in Paris was erected in 1SS9, and is 9S4 feet in height, but it is simply a skeleton iron tower, isolated and not forming part of any building. The Washiugton Monument in Washington, D. C, is 555 feet high. Among other lofty structures are the Pyramid of Cheops in Egypt, 486 feet, Antwerp Cathedral, 476 feet and Strasburg Cathedral, 474 feet. The question now presents itself as to whether higher buildings are to be constructed in New York City, or will the Singer Building represent the limit?