New-York tribune., 1903-03-29
THE WEEK IN REALTY.
Acti14ty Not Stopped By Mortgage
Tar Talk.

While m gigantic realty transa ctionS were re-
ported last week, the market was not barren OF
cheerful signs. There are many persons IN 'ne
real estate market who did not cannot and Will not
see these pleasing signs. They have said for some
time that the market is Hstless. unattractive ana
enough to discourage hopeful men. This con-
dition is due. they say to the mortgage tax oues-
ton They have long been record as being op-
posed to taxing mortgages, and every time mort
gage tax bill is introduced into the legislature they
become SO nervous that their business for the pres
ent has no longer any charms for them
In some sections in the real estate market such
talk the Mortgage Tax bill having caused the
drop out of the market is looked upon as
'fwhistlng to raise the blues If the whistlers
can whistle depressing thoughts on the real estate
outlook into the minds OF the majority. there would
likely be marked inactivity, and this dulness would
make many more active workers in the cause for
the defeat OF passage Of the Mortgage Tax BILL
But in prosperous times, and with a gratifying
realty market (though 1t Is not by any means as
pleasing II ought to be. on account OF the blue
whistling brigade) persons who whistle tnharrno-
nous have less power to attract than in days
Of great market disturbances.
A cheerful prophetic word from a giant IN the
realty market has a good effect on transactions.
but when several such men say that the Mortgage
Tax bill would be a disaster for the market now
can the majority Of little men feel safe IN their
own citadels? There is no doubt that the intro
ducton Of the bill has brought to a standsthl
many operations Of some of the big opponents oi
+he measure not of itself alone. but because OF
their way Of peeping into the future with a copy
Of the Mortgage Tax bill in their hand II tnere
are any encouraging signs IN the market 1t Is
the wish Of most Of the realty students and many
other persons that these signs should not be con-
cealed from the public, but shown to the PUBIC
For. II vigorous efforts are made to have the
public think that such signs exist, 1t is though
that il would not be long before there were ne
indications of sood market, and then truly, the
bottom would be Of the market Some rner
identified with realty affairs think the time Is
ripe for the formation Of an organization for fht
isolation Of persons whose vision Of things realty
is blurred BY always looking too closely to dis
cover what might cause disaster
In spite Of the mortgage tax question. more
money was loaned on bond and mortgage last week
than in the week ending March q last year. Last
week s.. 394 300 loaned on mortgages on Man
haitian property against S2O45, 100 for the week
ended March q. 1872 The realty statistics for the
two weeks show that the number OF conveyance:
last week was 24. just 100 more than for the
CORRESPONDING week Of last year. If increase
In the number Of conveyances is looked upon as
inactivity what would a decrease be called? Sure
Iy, not activity.
The plans for new buildings filed last week
/ showed that the approximate value Of the pro
posed buildings in Manhattan and The Bronx Is
81 ss a35 The estimated value Of the buildings for
which plans were filed In The Bronx and Manhat-
tan for the week ended March Is. 1902 was sl,4l
As. which is many hundred thousand dollars less
than the estimated cost or the hulolngS pfoJeCteu
last week.
The transactions reported last week indicated {
| good demand for properties in the West Side sec
ton above Fifty-ninth-st-, in the central and up
per Fifth-ave- sections and in many other parts o
| the city.
The Real Estate Record and Guide" in its las
issue says. part about the real estate situation
All the city dwellings, apartments and tene
/ meats have extremely small proportion Of va
canCes and this is particularly true of the apart
ment house section Immediately north Of the park
which in 1900 appeared to be very much overouilt
The most active kind OF trading ts now taking
place in such apartment houses, particularly II
those which are seven stories high. Flats of thi
kind have q, great advantage income producer
over the six story buildings to which the new Tene
! inert House law restricts builders, and they ar
| naturally in great demand. The number Of nev
tenements and dathousce planned continues to b
very large and very we'll distributed II is an in
teresting fact which points an increased pros
| perity among the Jews OF the most crowded dis
frfct distinctly expensive class Of liv
ing accommodation Is being offered for rent in tina
| vicinity. Flathouses as distinguished from tene
ment houses projected in fairly large number
| on the more important streets Altogether II ap
pears certain that from cause or another New
York Will have unusually large amount OF nous
/ ing accommodation added 10 its stock during tn
] current