The sun., 1908-11-15
THE REAL ESTATE MAUKET
BIG WEEK FOR BIG DEALS IN
CITY AND SUBURBAN LAND.

The Cnenk0 In tne Inuu1tTteA VoueSN -
AttFaSting Capital Once Mere te
Property That win Ne ARected by
the North end East River Tunnels
The real estate business transacted
last week was remarkable not less Tor its
peculiar character than for its unusuai
volume. The bulk Of the dealing was IN
property of the more expensive sorS
and q very large proportion Of the buyers
were men of high rating on the books OF
commercial agencies or OF the first
rank among professional real estate
operators. The amount OF the dealne
indicated that substantial accommodations
of capital denied an outlet before the
election are seeking prompt investment
In a form of wealth that Ia certain to
profit as few others by the revival OF
general industry.
Opportunities offered by local inn
provements In transportation are per-
haps no more Of novelty than they have
been in the last year and a ha'f, but Tor
at least that space OF time capital and
confidence with respect to the immediate
future OF industry have been wanting
In the measure needed to put these OPP
portunities TO the test. With the indus
trial outlook cleared up a demand has
developed for business property in the
dow ntown and midtown sections. both
Of which will he influenced by the North
and East river tunnels and bridges. tracts
of suburban land are being bought
up. particularly in New Jersey, and a
great building campaign is preparing
Ina do and h in nh hni
The chances Of gain to investors are
multiplied by the presence Of bargains
thrown on the market as a result of the
panic. Among the private dwellings
sold last week, for example, was one
which. held year and half ago at $225.-
600. was disposed of now at $4,000.
There IL, it ~ true. a good deal Of liqui-
dation still in prospect, but the import
ant thing is that liquidation is now possible
without resort to foreclosure. Capital
is once more competing for nnderpricei
real estate, whereas a short time since
there was no comI etiton whatever and
property was simply turne1 o,o- to
creditors.
Meanw hilo the Improvement note in
the market is one OF sentiment rather
than of actual income There is no less
need to-day than there was month ago
for economy in public expenditures.
The Bureau Of Municipal Research, which
lei the taxpayers campaign against an
extravagant budget. calls attention to
the fact that a number of public investi-
cations are under way which directly
al ect the taxpayers interests. Whether
these Investigations are TO result in
,,f lfa,f
ment will depend largely on what stops
real estate owners take to make them
elective.
The Bureau of Municipal Research
says in substance: II the Charter Revision
commission submits charter in January
based upon theories OF government
with which real estate Inen happen not
to be familiar instead OF upon facts
which the real estate man himself can
prove the probability IL that the
winter will be spent in threshing over
old straw and exchanging theories in
stead Of fitting charter 10 the particular
needs OF Greater New York, Several
this commission. 1thas come chiefly from
real estate men. How many real estate
owners know how this money was used
and what sort OF facts and service it has
bought?
The joint legislative committee will
begin its sessions again in few days.
IL might not be out Of place to suggest
to real estate men that through their
ORGANIZATIONS and as individuals they find
out what methods the committee pro-
poses to use and the technical ability
they propose to hire or have already hired.
What kind of facts is this committee
looking for3 Is it going to the right place
for the facts? Is il hiring enough men or
too many men to look for facts? Are there
ways in which the real estate owners can
cooperate in showing the need for better
control Of supplies, for standardizing
salaries. for correction OF abuses in pur-
chasing real estate?
legal procedure to learn through q referee
how much the city really owes and how
much it could borrow II it wanted to.
To test the city's ability to build subways
or to undertake other improvements
Jefferson M. Levy instituted Q taxpayers
suit against the Board of Estimate and
Apportionment. Other taxpaying in
terests have since become parties to that
suit. How many. real estate organiza-
tions know who these taxpaying interests
are and how much they care whether the
city debt is judicially determined at this
time or not? Is there any reason to be-
lieve that real estate men want to find
out before the LIST OF january. or would
they just as soon learn year hence what
the city debt isl Is there nothing that
real estate organizations can do to ex-
podite this case and to find out not only
how much the city's debt is, but what
fraction Of that debt ought to have been
charged against budgets and not loaded
on 10 posterity. TO be taken care of by
interest charges.
Then. there ia the recently auth orized
Aldermanic investigation aimed primarily
at the Commissioners of Accounts, Press
reports state that Borough President Coier
Of Brooklyn expects through this COM
mittee, whose appointment was suggested
by him. to show not only that Taxpayers
money has been wasted by the Commits
sioners Of Accounts but eventually to
get at the Comptroller's Office and the
water department. Whether this in
taxpayer depends not upon the personal
qualifications Of Messrs Gallaher and
Mitchell. upon the motives of President
Coler or the political affiliations of the
chairman, Reginald Doull, but rather
upon what the Aldermanic COMMITTEES
does or gets done. The way to find ont
what IL gets done In to watch what IL does.
1s this good time to ask real estate men
whether they have any plan for Watching
that investigation. to see what In done
with their money and with the oppor-
tunity2 -
Aside from the -four, extra usual bodies
above mentioned. there are other invesl
legations that are supposed to be taking
place all the time. The commissioner
Of accounts investigated Borough Presi-
dent Ahearn and their facts made ont
such a case that Gov. Hughes removed
the president. The same facts were used
recently to effect cut of $500 200 in the
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