The sun., 1909-02-21
THE REAL ESTATE MARKET
CUT IN STEEL STIRS UP TIE
BUILDING INDUSTRY.
F1reBroOf Construction Has Hitherto
Remained Almost st . stsndstiii,
Despite Big Fund OF Idle Capital
New Taxpayers Protective Union.

Inc private sales reported last w6ok
reflected a notable expansion Of profess
sional trading particularly in the midtown
mercantile district, The activity there
was widely distributed, but centred
chiefly In the Pennsyl ylvania terminal and
Empire square neighborhoods. 1t was
no doubt stimulated by the announot msnt
that the MoAdoo subway is to be eItended
10 the Grand Central Station. However.
1t would probably have developed shortly
in any event.
The Pennsylvania tunnel will be in
use next year. and the MoAdoo subway
Is already carrying shoppers from. New
Jersey to the Sixth avenue retail district.
The conditions Of trade In the neighbor-
hood Of the Pennsylvania station will be
greatly altered within a year, owing TO
transit betterments Of a revolutionary
character, and there is consequently
every inducement for operators to pur-
chase sites either for rise or for i'm
mediate improvement. Buildings put
under construction this summer will be
ready just about the time when the new
conditions Of trade are likely to create
demand for housing.
Arrangements appear TO have been
made for a great department store over
the McAdoo station at Thirty third street.
and it is said on good authority that sim
lar store will be erected in Sixth avenue q
few blocks further south. The buying
last week, however. was principally in
nearby streets that are expected to be used
for Wholesale convenience and light manu-
featuring.
The movement at Empire Square la Of
course an incident of the northward mi
grafton Of the automobile trade. The
stretch Of Broadway from Columbus Circle
TO Seventy ninth street-a mile in length
is now the recognized section OF the motor
car industry. Perhaps thirty automobile
houses are located there and new ones are
constantly coming in. Consequently land
lords are advancing rents TO point where
the automobile concerns find 1t advanta-
geous TO own their own buildings. Buy
ers are therefore recruited both from the
firms already in the district and from
those seeking entrance there
The expansion Of activity in the real es-
tate market noted last week was wholly
independent OF the promise Of a cut in
steel prices 1t was natural consequence
of existing speculative opportunities,
coupled with growing ease in mort gage
loan conditions. The announcement on
Friday that the United States Steel Cor
poration has decided on q concession in
prices created something of sensation in
the local building industry. II brought
out Immediately a host OF inquiries from
builders and operators for quotations
on structural steel
A al hat anti ial ra1iiof ion in atoal y,r;oaa
is certain to induce building enterprise.
Owing TO the policy Of the United States
Steel Corporation in the past OF keeping
up prices there has been no such material
reduction in the cost Of freproof con-
struction since the panic as there has been
in the cost OF brick or frame construction.
Wages with New York building trades
are the same as they were in the boom
periods. Fireproof construction except
in few lines has therefore remained al
most at a standstill. With lower QUOTA
tions for structural steel and lower rates
OF interest on capital fireproof construc-
tion should be resumed on a large scale.
An item in the week 8 news OF general
rather than technical interest was the
announcement Of still another organi-
zation to keep watch on municipal affairs.
1t is 10 be known as the Taxpayers Pro-
teotive Union and its object is to secure
for the real taxpayer--that is, the rent
payer-a businesslike city administra-
ton. Property owners viii be welcomed
as members, but IL has been formed pri-
marily TO give those who actually fur
nsh the money to run the city some voice
in how the money is spent. The only in
will be politicians and Office
holders. They are barred absolutely, and
officers and members Of the new organiza-
ton are pledged not TO seek or accept
public office.
.,, IL L
the union has been in progress for sew
eral months under the direction of its
president. John +. Connolly. Mr., Con-
nelly said yesterday that one of the city
has for some time been the
subject Of quiet but thorough investiga-
ton. and that all Of the facts will shortly
be laid before the Mayor. Just what de-
partment was referred TO Mr.. Connolly
would not say.
The only object Of the union,' Mr..
Connolly says, "is to enforce public
and through public exposure
make official extravaganza or neglect a
for public officeholders.
Conscientious scrutiny of public expen-
ditures on the part Of officials entrusted
with spending the public money would
result in an enormous annual saving and
in a reduction of the tax rate. Our plans
and work are now far enough advanced
10 warrant US in coming before the public
and placing the machinery Of our organi
zation at their disposal. The member
ship of the union extends into the FIVE
boroughs Of the city. II is non-partisan
in purpose and in membership and is
simply a campaign Of business men for
Dusinesslike administration of public |
Affairs
Headquarters for the organization have
been established in the Commercial Trust |
at Broadway and Forty-f first |
street. At meeting of the executive .
,ommi ittee on Friday evening a complaint
committee Of twenty-five members was
appointed to investigate fully every COM
olaint of abuse Of official power or misuse
IF public money which comes to the at
ention of the union. Complaints OF this
character will receive the most careful
attention. Citizens are requested TO re-
bort any instance Of official oppression,
'Ntortion or neglect coming to their
iotice. Under no circumstances will the
names OF such complainants appear or
10 used in any investigation made or
lction taken by the union.
No complaint will be deemed too trivial
or investigation. and where extraordi-
lary skill is required the investigation
will be made by one Of the largest private
detective bureaus In the city. acting for
he union.
The membership of the union already
Includes the names of many men promi-
tent in various branches of business
)esides those OF large number OF rent
)ayers and property owners. The annual
iues will be 81. Among those who have
iignifed their willingness to serve on
'ommittees of the Taxpayers Protective
/ Thomas. Clarence II. Kelsey, presi-
lenr of the Title Guarantee and Trust
'ompany; Il. A. de Lima, president of the
battery Park National Bank; r. II. Moore,