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Real estate record and builders' guide: v. 79, no. 2041: April 27, 1907

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April 27, 1907 RECORD AND GUIDE 813 ''f^ ^ ESTABDSHED^M.AR.CH2l'^1868. DEvil1lDl0REA,LESTWE.gi;iLDI^''G ^^KlTECTJRE,HOUSEHOLD DEGORATlorf,, BilsitiEss Ali)Themes of GejJeraI IKtej^esi. PRICE PER YEAR IN ADVANCE EIGHT DOLLARS Published eVery Saturdap Communications should bo addressed to C. W. SWEET 11-13 East 24th Street, New York. Telephone. 4430 Madiaon Squaro •'Entered at the J'ost Office at A'cw Tork. S". T,. as second-class matter.' Copyrighted. 1907, by C. W. Sweet. Vol. LXXIX. APRIL 27. 1907. No. 2041. INDEX TO DEPARTMENTS. Advertising Section. Page Page Cement ...................xvii Lumber .....................xx Consulting Engineers ..........v Machinery ...................vi Clay Products ................xvi Metai Work ..................xv Contractors and Builders......iii Quick Job Directory.........xxiii Electrical Inlerests ...........vii Real Estate .................ix Fireprooflng...................ii Rooters & Roofing Materials.xxii Granite.........;.........xviii Stone.....................xviii Iron and Steel ..............viii Wood Products ..............xx IN nautical parlance Wall Street has been in the "clo!- drums" this week, and the market has heen "backing and filling" to little purpose. He is a wise man indeed, if not an inspired prophet, who can predict or foresee even approximately the course the market will take or its trend. There has heen no participation by tbe public in stocks, aud the business, entirely professional in character, has shown that irregularity which it has displayed more or less since tiie recovery from the great convulsion of last month. The government weather bulletin, so far as it affects the crops, has, of course, been a factor to a certain extent. Crop scares are always in order at this time of year aud they have been freely used by operators on both sides of the mer- ket, wheat for July delivery touching the season's highest price. Western houses have been active in circulating crop damage stories which had more or less basis of truth, but two or three weeks of fine weather will soon eliminate from the market such disturbing influences. There has been much talk about Mr. Harriman in connection with Union Pacific. The gentleman denies that the railroad company is con¬ templating any note Issues or flnancing of any description, but was silent about a probable issue of preferred stock. Declarations of this character either one way or the other are not likely to create activity in Wall Street on the part of the public, who are tired of being "lambs" and only will come into the market, if they come at all, when their judg¬ ment justifles operations that will be successful. These re¬ marks, of course, apply to tliose who have suffered, for it must not be forgotten that new recruits for the lamb flock are coming in daily. This is not to be wondered at, for however much one may decry Wall Street speculative meth¬ ods he must be a pessimist indeed whp is not bullish on the country. The deposits in State and savings banks have in flfty years risen from less than three hundred million dollars to more than six billions and the total deposits to upwards of twelve billions, and the progressive process still goes on upward and onward. Mouey both for time and call loans continues easy. Rates for exchange on New York at cer¬ tain points in the West show that there is still an outward movement of currency. Those who loan money say that profits are not to he made in such a money market and when there is an eager demand for cash, rates will rise. favorable terms and the advantages of the situation of the lots, appealed to and went far to meet a great and unsatis¬ fied desire on the part of the public for more building space. The section in which these lots are situated has been re¬ garded with favor by some of the largest operators in the flnancial district of old New York. We have heard it said by the head of one of the wealthiest syndicates that a pur¬ chase in the vicinity of Washiugton Bridge, on the Bronx side, would be a perfectly safe one. No doubt this opinion is generally held, though it must be said that the lay of the land is not in every part inviting, and that all the lots which went under the hammer are not eligible to high class¬ ification. At any rate, a large portion are desirably situ¬ ated, although in most cases the physical contour of the individual lots leaves a great deal to be desired. Not even the refusal of the Interborough syndicate to bid for the coutract of building a subway up Jerome Avenue turned any noticeable damper against the bidding, and hopes continue strong that the city government will find a way of provid¬ ing the rapid transit which the West Bronx is fairly en¬ titled to. Summing up the sales of the flrst two days, it is found that a total of 493 lots were sold for ?66S,990,-or at an average of lill,500 a lot. Por one little irregular lot of 1500 square feet, situated at the corner of Boscobel Place and Ogden av, where it faces the plaza at the end of Wash¬ ington Bridge, the sum of $15,800 was hid, aud $11,000 for the adjoining lot. No doubt the whole section will be quickly built up, and it may be timely to call attention to the fleld that there is here for high-class residences. Who questions the statement that the building of flats has been overdone in the Bronx? Purchasers of average-quality dwellings, who would prefer to live closer to the city if builders would meet their requirements, are forced to New liochelle. Mount Vernon, Yonkers, Flatbush and the Jer¬ seys. Considerable money was made in building a good class of houses on the West Side of Manhattan, and now the West Side of the Bronx offers a similar opportunity. Such development as has already come to the section is almost wholly of this sort, and it is very much hoped that it will continue, for the crying need of the city is for dwellings and not for flats. BY THE SALE of the Ogden estate, which constituted the great business of the week in the auction room, more than a thousand lots will pass into the possession of those who will be likely to develop them. As the sale is stiil going on at this writing, the exact number of lots can¬ not be given; but there are some flfteen hundred in the whole tract and the probabilities are strong that the auction will continue from day to day until all are disposed of. It has been one of the most interesting sales in the history of the city, attracting a great number of buyers each day, who fliled the room to its capacity, while the bidding was all that could possibly have heen hoped for. Undoubtedly the thorough preparation which the auctioneer (Mr. Joseph P. Day) had made, his good judgment and cleverness, the CHIEF ENGINEER LEWIS has given out a list of improvements to which the City of New York is al¬ ready definitely committed. The cost of these improve¬ ments, all of which are absolutely necessary to provide for the growth in population and business aggregates almost $200,000,000. Inasmuch as the hills will not have to be met all at once, the existing debt margin amounting to $S0,- 000,000 and the normal additions thereto during the com¬ ing flve years, will be sufficient to meet these necessary claims. But this is not the whole story. The Chief En¬ gineer's list does not include many improvements which are almost if not quite as necessary as those already adopted— among which should be mentioned the new sewer system for Manhattan, a "new court-house and new fire-houses. None of these plans can be indefinitely postponed, because the in¬ crease of tall buildings all over Manhattan is already taxing the existing sewers beyond their capacity, the present court¬ house is both unsanitary and cramped in size, and the need of new fire-houses and police stations is not the sort of need which a city can afford to neglect. Neither is this all. The city is begiuning the construction of a new system of water supply which will cost $160,000,000; and while this sum is not chargeable against the debt limit, the money will nevertheless have to be raised. At the present time the city is barely able to borrow at four per cent. Will it he able to raise about $400,000,000 during the next six years with¬ out paying more than four per cent.? In short the finan¬ cial condition of New York City is really very precarious, and the responsibility resting on her authorities very seri¬ ous. In spite of the enormous increase in real estate as¬ sessments which has taken place during the past five years, the city is barely able to pay its way; and it is difficult to understand how it will pay its way hereafter except by ne¬ glecting many of its responsibilities. Moreover it looks as if one result of the present condition was pretty sure to be an increase of the tax bills. The current expenses of the city are beginning to Increase faster than ever. The school teachers and the police force will both cost largely increased sums next year, and it is doubtful whether the regular in¬ crease of the city's income will he sufficient to meet these additional charges. The income from real estate is on the average so much larger now than it was a few years ago that the property-owners can stand a slight increase ixt