New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-07
REALTY v|G0R TESTED
Worth of Various Kinds Of Prop
erty VividIy Shown.
NO DECREASE IN VALUES
In a Long Period of Cleaning
House" City Has Grown Con
siderably Greater.

This period of STRENGTHENING out affairs
In realty walks, through which the great
metropolitan market has come forth more
attractive than at any time in its history,
has been somewhat longer than the most
important one in other times. The length
however, was mainly due TO general condl-
tions throughout the country, ana not TO
any localized factor.
II there could be a greater test Of real
estate stability than marked this period 1t
must be one of such power that the mind
cannot easily grasp its outlines.
| II has been proved concusvey that there
is never any will o the wisp" about sound
realty ventures; that the earning power Of
home centres. business areas and Office dis
tricts can be computed exactly in pros
porous times, as well as under huctuating
conditions. Briefly. this means nothing
more or less than that there is no better
investment than Manhattan real estate.
Why. in the distrustful times following
the financial depression, syndcates OF big
| operators and investors were Immediately
formed for the purpose Of taking over
whatever properties valued at a million or
more might be offered for sale by institu-
tons or individuals seeking TO change their
real property into liquid moneyed form
| How many such properties did these syndi-
! Gates acquire? Records show that not one
parcel on Manhattan Island were they able
To buy. and they stood ready with hundreds
Of thousands of dollars in cash TO purchase
| any big property a little under the value il
| would bring i'm fairly ordinary times. Al
| that time-leaving for the moment the real
estate market-such syndicates could have
purchased railroad bonds and mortgages at
sums much less than would have been paid
for those commodities just prior 10 the
financial depression.
\ striking example OF the power Of real
ty of what it can do in the face OF great
disasters, its strength to rise again after
herculean blows have been struck az il. is
to be found in every nook and corner OF
san Francisco. a city almost completely
transformed within two years after il had
been shaken low by an earthquake. And
then there is the example set by Balu-
more There scores of blocks were de-
stroyed in "A day by a fire Soon aiterward
there rose on those sites long rows OF the
most substantial business and other kinds
of structures ever placed TO the realty
strength of that city. There are almost
unlimited exhibitions OF this feature az
realty regrowth in the face OF sudden
catastrophes Nothing can seemingly check
realty progress. ami often disasters stimu-
late greater activity.
The city has not ceased To grow duriro
this period OF readjustment II is creator
to-day in the office district than IL WAS in
1896 Its amusement centres are bigger ana
more attractive. Ii has in tie heart of
old Manhattan Island two great, railroad
centres. and virtually three great railroad
terminals instead Of one. In 1886 IL had the
New York Central station. II now has the
Pennsylvania at $50 street and Seventh
avenue. the McAdoo terminal i'm the dry
goods district and the greater Grand Cen.
trail Station.
It's retail shopping district occupies a
larger area than IL did four wears ago one
OF the most notable additions being the
Gimbel store, which Is linked 10 almost
every section of the city and suburbs by
subway and under-riyer tubes
The hotel districts are more modern. too.
.han they were four years ago. They are