The herald., 1898-12-01
DULL MARKET WAITING ON THE
CLERK OF THE WEATHER
NEW YORK REALTY MARKET
Transactions of the Week-Building
Permits Slow-An Increafs.
National Bank Changes
OFFICE OF THE HERALD,

btlOW very llltlc iiNSStSio nav "P
parently made up their minds to await th'
outcome Of the season before deciding upor
any important deals. Transactions have
been about normal, and no change of import
ance need be expected until it becomes
matter of certainty whether the present sea
son is to b repetition of last years expert
ence, or to the contrary. Ii the rainfall
should turn out to be as is expected by those
who are most hopeful, there will undoubt
edly be very quick and large augmentation
of transactions in property deals. Mean
time building keeps up to good average
and even Spring street, which has not been
noted for the enterprise of its owners, is
showing some signs of Improvement A
three-story building on the northeastery
corner of Spring and Fifth streets is about
to be put up, the excavation being now un-
der way. The cost of erection will be some
thing over $4,000.
The expected improvement on the north
easterly corner of Fourth and Spring streets
may not be made as soon as anticipated, as
the Hamburger Bros. of the Peoples Store,
who were reported to be negotiating for a
lease of the premises when erected, have
made "A deal with Louis Phillips, the owner
of the block on the corner of Franklin and
Spring, for renewal Of their lease, and
the Peoples store will therefore remain in
its present location for some time.
1t is stated that the Hamburger Bros. have
secured lease OF the whole five stories Of
this building at price not exceeding that
which they have been heretofore paying
for the stores alone. The deal may be con-
sidered a wise one on the part of the owner,
as it will have the effect of retarding certain
other removals from North Spring street,
which were in contemplation in consequence
of the expectation that the Peoples store
would move further south, following the
line which seems to be marked out for the
extension of the retail trade in this city.
A correspondent calls attention to the
pernicious practice of allowing tight-board
fences to be erected in the principal busi-
ness streets, particularly, on corners, and in
stances the erection permitted by the super
intendent of streets, on the corner of Fifth
and Spring, where the worlimen have been
allowed to dig holes in the newly surfaced
asphalt pavement, and sink posts and put
up fence which comes close to the curve
Of the street car track, entirely shutting oil
the view, and making it the most danger
GUS corner in the city, and the most prob
able place for collision to take place or for
foot passenger to be run over.
The only object in allowing tight board
fence to be put up is that the owner may de-
rive an income from the advertising privi-
lege which he is thus enabled to rent out
while his building is going up ,and in order
that this income may be obtained, the pub
lie safety is endangered. There is not even
guard rail or footway provided outside the
fence, nor is there room for one at the cor
ner, even if desired, as the fence comes so
near to the street railway.
An open fence would allow persons to
avoid danger and would certainly meet all
the requirements of the property owner in
the erection Of his building.
The Los Angeles Railway company is to
have its track relaid on Figueroa street
from the south line of West Pico street to
the intersection line of Figueroa and Wash
ington streets. A similar improvement is
to be made in its track on South Broadway
between First and Seventh streets Crowley
and Harmon nave the contract to furnish
the material needed and do the work neces-
sary to remove the present double tracks
and relay the same in both instances. The
track of the company will necessarily have to
be repaved between the points named, and
the contract for doing that work has been
let to the Alcatraz Asphalt Paving company.
New York Real Estate Market
The current feeling in the New York real
estate market is best reflected in the fol-
lowing extract from the Evening Post of
that city, which says:
Some few weeks ago, before pseudo-activ-
ity became rampant in the real estate mar
ket, the sentiment was here expressed that
so long as Wall street was active there would
be no marked investment buying, and, al
though there has been a growth in the gen
eral demand quite encouraging in itself, that
sentiment has been borne out by subsequent
events And, as this week has furnished
a lull where exactly the reverse was expect
ed, it is appropriate to rehearse the causes
which initiate against realty prosperity,
despite frightening general conditions.
Perhaps never before have stocks and
the latter--attracted
the investing public in such numbers and
much of the money now being converted into
securities is thereby diverted from the real
estate market. The investor, encouraged by
prophecies of further advance in prices,
has believed that n wider margin of profit, |
ms well as a better return for his money, |
was to be had from stocks and bonds; there |
fore, he has cast his fortunes with Wall
street, and the real estate market was left to |
shift for itself. Real estate is the last sort
Of investment to suffer from bad times, but |
once retrograde movement is started, it |
takes time to check it, after which recovery
Is very slow process. For these reasons
activity in this market is to be expected, |
but last of all.
Of course, all who habitually purchase
realty for investment and are avoiding the |
market at present are not speculating in Sc
curities. They are awaiting DEVELOPMENTS;
md what may these be? The first suggestion
IS that of better prices, but inasmuch as
there has been no perceptible decline
throughout a period Of unequaIed depres-
sion, it is unlikely that capital waits for
such a possibility as fall in prices. There |
IS a disturbing element in the situation. how. |
ever, which doubtless leads many to hold |
nloof. This is the belief that increased tax |
ation must necassari1v folInw nc ros,l+ .f |