New-York tribune., 1908-02-19
BIGGER REALTY PLANS
Il LEADERS, PROPHECIES.
r. E. Doscling Says City VII Be
Much Greater Trenty Years Hence.

md
bowling president of the City Investing Com
nanv and one Of the most brilliant leaders Of
the local real estate market. He expressed this
on;n,on last night before the real estate school
of the Young Mems Christian Association. No
s2o West 57th street The subject of his ad-
dress was Real Estate Corporations. Many
men who have played an important part In the
unbuiIding of the city in the last twenty years
We're present
Mr. Bowling spoke about many other things
besides realty corporations. He prophesied that
the wonderful things that had been done In real
estate here in the last twenty five years would
look small when compared twenty or twenty
five years later to the realty achievements which
would be made in that time. HI said he remeIn-
bered the days in the early sos. when stage
coach line was in operation from 104th street to
92d street and Sixth avenue. which charged each
passenger 10 cents ride. and which ran coaches
on a half hour headwav. The southern emo OF
that stage route exactly III front of the site
on which is now being built the Sixth avenue
terminal station of the Hudson and Manhattan
tunnel system between New York and Hobok"n
It was an interesting coincidence Of the changes
which time had wrought that the block 10 which
the stage ran and the tunnel route will run is
the same.
Mr Dorling frequently made his hearers
ters in humorous manner He said that fhe
magnitude of the McAdoo tunnel project could
not be adequately described IN words, nor could
the mind quickly comprehend II. Many per
sons think he added, that the McAdoo ana
Pennsylvania tunnel system will result in thcu-
sands OF people leaving the city and seeking
homes in the suburban sections Of New Jersey
and Long Island. Ny view Of things is that It
will hurt the shopping and business centres Of
the suburban districts more than anything else.
OF course the tunnels will afford myrads Of
persons an opportunity TO live out OF the CITY
but the ma iority of them will continue TO work
here and shop here. Moreover, they Will be
mum abered among the audiences at the local thea
tres as much in the future as in the past. MI
McAdoo says he will be able when his tunnei
route 10 Newark is in operation to carry persons
over that route between Newark and the sd
street terminal station in twenty minutes with
such easy and comfortable transit facilities De-
tween those two points does any one really De-
Iieve that more than one woman out or every
ten who lives in Newark will still prefer to do
her shopping in Newark? Why with the great
tunnel projects now building in operation the
vast suburban section in the day will be prac-
,fcal1v deserted because most of the women of
those centres will be in the shopping districts
Of New York. and in the evening a rural quiet
cause the heads of families will be in the city
eniovins themselves at some playhouse
81 have been told that since the opening oil
the tunnel to Brooklyn hundreds Of persons
who seldom patronized the theatres in Manhat-
tan now frequently visit them because they can
make the tourney between Brooklyn and the the
a+re centres Of Manhattan quickly and in
comfortable way.
MANY of YOU rer1ennber that when the Brook
Ivn Bridge was opened 10 the public Manhattan
realty interests thought that the bridge would
seriously check the growth of Manhattan But
realty statistics Will show that in the year after
the opening of the bridge one Of the greatest
building movements on the West Side was well
under way. The West Side was then in the
initial stages of development II is now dis
trct which numbers more substantial and artis-
tic anartment houses than can be found in any
area of similar size in the world. Why, one Of
the many big apartment hotels of that district,
if located in any European city would be con-
eidered wonderful building. Here their large
ness and their greatness are hardly noticed.
recently saw many women. who had come from
Brooklyn TO the Wall Street section by way of
the Brooklyn tunnel gazing al the tall buildings
in that district, They looked UP at the NAM
moth office structures just strangers do in the
great cities of Europe at the notable buildings
there. Amazerent was written on every line Of
their faces. They had probably never before
seen the Wall Street section because they had
always made the journey between Brooklyn and
Manhattan by way of the bridges. They en-
toyed themselves just much on their first
visit TO the Wall Street district as they would
if they had gone abroad
Realty corporations are organized under the
general laws of the state. | in favor Of the
tlpir
operations. The public has not much confidence
in realty corpora tions. and probably viii not
until the state controls those corporations in
some way similar TO the supervision II exercises
over the life insurance companies and many
other corporations.
Il wish | was starting III the real estate buSI-
ness because | firmly believe that after con-
stability of the corporate and business life of this
country realty progress will be made here that
will truly astonish the public. Ever since the
attack on the life insurance companies in 1903
realty interests here have suffered severely, be
cause the great money channels of the life in
surance companies have been practically closed
to them Now the life insurance companies are
lending money back to people who ought 10 be
paving money 10 them. The of such loans
in about four months has reached s110oo0Ooo
That sum, or at least the greater part of it..
would unuuestionablv have been turned into real
estate projects if such loans had not been made
The strength of every real estate corporation is
measured principally by the efficiency Of the
individuals who manage it
MANY UPTOWN BUILDINGS SOLD.