New-York tribune., 1907-08-25

tractive 20 the majority OF spectators owing to
Che stringency Of money, the outlook for BRISK
trading IN future is better than II was at
any time this The fall renting season
is already at hand and many brokers report that
they never had many inquiries from persons
looking 10 modern dwelling houses or suites in
high class apartment houses or hotels Some per-
who had intended 10 lease dwelling houses
have already bought such structures for their own
occupancy. From one end OF the city to the other
brokers are unusually busy showing TO prospective
clients their houses which for sale or 10 lease
and suites Of rooms in apartment houses and
hotels under their management
Moreover, many brokers have received visits
from persons who have never bought property in
this city, who said they had decided 10 invest in
Manhattan Bronx property provided ii was a
good time make such investment They
said they had been told that the real estate market
had been unusually duh for a long time and that
there was a possibility Of getting one or more i'm
r1roved investment parcels at considerably smaller
sum than if they had bought them last fall There
is little likelihood Of any one buying an invest
rneut parcel yielding yearly return of about from
to 10 per cent at what is known as bargain
price.
In spite Of unsatisfactory money conditions many
Spectators who have a long list OF property
for sale are not the verge Of tightening their
realty burdens by parting with some parcels at a
loss At least those speculators do not appear TO
be worried, and they express no fear as to their
ability TO hold their parcels for almost indefi-
rite time. Surely q person who has been tax
payer fo- five years is. IN view Of his ex-
rerience realty matters not going TO look for a
market for his property As the renting
power Of his property has not been impaired in the
slightest degree by tic scarcity Of money for
realty operations hire is no danger that he VIII
be forced TO sell. Even the owners who have
mortgages soon due have cause to be alarmed
unless the mortgages represent sum greater than
% per cent OF the value OF the property IL the
mortgages 80 per cent or more OF the value OF
the property they may have to pay an unusually
high bonus for renewals of the mortgages. but
these bonus charges viii be added TO the sum Of
the old MORTGAGES and the transactions will prac-
ideally exchange Of money So the own
ers of such mortgages VIII not find themselves
forced 10 sell at Sacrifice or any other prices
There will, therefore, be no large number Of cases
arising from present realty conditions which VIII
offer opportunities TO pick up bargains" in the
serse in which that word is usually used in the
real estate market
The stability the real estate market is being
severely tested, and Il 1t not laid on founda-
tcn created from unity Of all the forces that are
factors the upbuilding Of great city along the
best lines the fact that II rested a weak base
would have been revealed long before this tune
in the present The CONSCIENTIOUS thought-
fll slilfui and progressive man is largely respon-
sble for the solidarity OF the foundation on which
the stability the real estate market rests Acres
Of fine Buildings may be burned in an hour The
realty leaders, though saddened at the spectacle
quickly take up the task Of rebuilding. Strikes
may delay for months the work Of building, but
these things only annoy and do not dismay the
realty leaders. Financial distress, due TO over
Capitalization or Unsuitable greed Of certain
men TO make all the money they can even though
they disregard laws may cause realty progress
20 be checked by lack OF money for realty projects
but the realty leaders do not trernbe at the sight
Of such financial storms. but patiently wait for a
loosening OF pursestrings, knowing that it will
surely soon But it Will not come at first
from the money kings, but from a vast army of
industrious who are owners Of thriving farms,
lumber mining tracts or engaged in manufact-
Urfng pursuits
On every hand realty values are increasing. and
not at snail's pace, but at surprisingly rapid
rate. The asking prices of to-day will soon look
remarkably small The buyers now who study
carefully real estate conditions and try to learn
what will be the probable future realty develop
nents will never regret being active in the real
estate market at this time Throughout the lower
section the city Of old business structures
giving way TO skyscrapers. and in the central
districts or greater business centres are be
ing built In the beautiful West Side and East
Side residential sections there is considerable build
ing activity. in The Bronx, Queens. Brooklyn and
on Staten Island builders. too, are active In a
few months a large purchasing movement in New
Jersey property Will be here UnQuestionably, the
realty outlook Is bright
Since January TO date about 1906 oO0c0 has been
lent on bond and mortgage Manhattan and
Bronx property against about s2s70oeoco for the
corresponding period of last year The building
tables show that the total number of Manhattan
and Bronx structures projected from January 1 to
date is 2l05 as against 27Sl for the similar period
Of last year. The estimated cost Of the buildings
planned this year is given So 95slO and that of
those for which plans filled the correspond
ing period last year at sos.5I7275-
The Real Estate Record and Guide" says in its
last issue in article about the real situa-
ton. in part as follows:
The way in which general business manages TO
maintain its volume. in spite of the scarcity OF
money and the decline in security values, is
traordinary II there is one department OF bust
ness which ought 10 feel most severely the effect
of tight money i IS that Of building; but the hg.
decrease from the large figures Of last year. The
decrease amounts 70 only s. 10000. OF which $3.50
Middle West particularly in the larger cities.
building is more active than i was a year ago.
waukee and St Paul all report substantial in
creases In the amount Of Construction project
and the majority Of the Eastern cities have not
the showing m Is so n oos 5s ~h9ie shS e. Ioo hoE
a IL the building industry could count upon an
oiher year OF substantial prsespeI1ty SO il is in
only that they are working overtime TO IN exist
larger volume than ever. 1t is probable that the
Will suffer abatement of the good times
ceive will constitute than compensation for
any d:rinuton in the yield In short. il seems
ing the coming year viii be that which the best
sre ct the m e eRisr m Rns 2 rts sG1ia & d
which Will, In the course of time, have the effect
of easing the money market: but the volume Of
business win be well maintained. and there viii
be no sudden contraction either of credit or Of
Reports from previous centres of activity in the
city particularly those known he free
show a substantial increase In the demand for
good investment propsrty and private dwellings.
be characterized by these features Regard
sa< new law houses. while the situation in this