New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-02-14

Is SAID but speculation e far different from gam
hing. and Il is tbs gambling mania which must be
wiped out There are not a few gamblers IN the
market They are men who take desperate
chance on a very small capital Some Of them.
with a thousand dollars capital VIII buy tens-
ment house. which is heavily uOrtgaged. and which
does not pay for Itself. II they can md a quick
buyer who VIII pay them 500 or 500 above the sum
that they paid Tor the property. their gambling
operation Is success. Il they 90 not ma such a
buyer they fail. and the property Is taken away
from them under foreclosure proceedings II any
one has desire to gamble on a small capital in
the present market ho likely be better pleased
with himself Il he threw the money into the
street.
ACTIVITY N FTFTH-AvT. DISTRICT
DUlness IN certain fields may Be marked lack
Ing. but the ACTIVITY IN FTfth-ave is vfsbly pres
ent This activity. which has been discussed at
length IN the columns OF this paper. has arpar-
emily come 70 stay Tor long time. Il forcefully
brings home familiar remark OF a well known
real estate leader that property IN choice CEN
tra3 location Is OF the best investments for the
trend % prices there Is usually upward never
downward; and seldom year passes that there
Is not good market for such property"
Two sections q the city are generally a'lUTlng
20 the investor. One Is the West side north %
Fifty-nini hist. ard the other the Fifth-ave. rec
ton, especially from Washington Sqvare nCrth 70
one hundredth-st The management OF the realty
holdings o. Columbia University Is considered 20
lie second % no ether o. a similar kind Granted
that this Is fact. not the Offering for sale
by Columbia Of the block bounded by Forty-sev-
enth and Fcr7y-eiChth SITS. Fifth and Sixth aves-.
tell better than mere words that there is
cellent market Just ~ present for F"fth-ave prop
er-y2 Columbia r. there was not such a market.
could wait patiently for that market r. is true
that the university is DESTROYS OF turning some OF
Its realty holdings into cash TO enab. il TO carry
out certain OF its building projects. But
person will say that Il has ever had any lnten-
ton o. sacrificing any OF those realty holdings so
as TO ado 10 jts available cash on aand Tho value
% this Columbia block IS between 1000 90 and
S4o0oo0 Some real estate men have expressed the
opinion that the placing Of such block on the
market result IN poor demand for Fifth
ave property by such an increase being made TO
purchs sable property. Here IS another realty bug
aboo arising from jumping at hasty conclusion.
The Columbia block Is a leasehod. and fee Of the
lots is FIRST 20 - offered TO the leasehoders. and
AZ terms which likely be quiC KY accepted
an doubt the figures being attractive
set az rest last week by the following Official an
nouncement OF this interesting and important sub
sect.
The finance committed with Cts agents e now
determining the prices q the various lots and II
to the ieaseho;der: and these prices tavinE been
ca-eftIlv considered II IS understood viii not he
subject % any reduction. Arrangements have been
made by the committee with the Title Guarantee
st ard a. ,7e- cent an Gee tenants NAV wish 10
avail themselves % the offer and TIE committee
bayer IN this trausaction whether he takes a loan
from the title company or not
REALTY PAPERS OPINION.
THE Real Estate Record and Guide in It's lates,
issue says IN part regarding ths real estate stua-
ton:
The building plans which coming ont At
the present time are q very high quality. and
indicate a continuation Of the excellent demand OF
former years for locations by important bust
ness houses. SUCH Is the character OF the lease
OF a Fifth-ave lot by Ovingto1 Brothers for the
purpose OF erecting Il new ten story building.
such Is the ofice building for the Produce Ex-
change Bank. on lower Broadway. and the new
factory % prominent milling company. on Firth
ave. the pressure FOR available business locations
Is such that part OF the block between Forty
seventh and FoTty-eighyh sts. which Columbia is
Offering for sale VIII be turned Into business
properties unless the present owners Of the houses
should combine TO prevent g.
The demand for residences continues 70 be bet
ter than q a month ago. and q should be stiN
better this spring So far the cheaper grade
Of dwellings Is concerned. the plain facts are that
almost none % them have been erected for four
years. and none viii b. erected until fear from
the coming spring L seems incredible under such
circumstances that the demand tCr existing dwell
fuEs Of moderate price wiz not be sufficient 20
force Up The price % them somewhat. for "A Ger
aain number Of people VIII continue 20 wish TO live
IN that kind Of habitation. The SUCCESS OF the
auction sales held during the week VIII encourage
further offerings under sinisr condiuors-