New-York tribune., 1911-01-01
OVER $2OO,OOO,OOO SPENT FOR BUILDING
Volume of Construction Work in Manhattan and The Bronx Last
Year Exceeded Only by Record Of 1905 and 1909.
lEwER REALTY WEALTH OF VARIOUS DISTRICTS OF CITY

More than 500 10000 was invested in the
year in developing the various amusement,
residential and business districts of the
greater city.
Homes were built for about two hundred
thousand persons large numbers OF big
mercantile buildings were put up for -four
ishing wholesale concerns, and great areas
OF land were bought and improved In the
heart of the city by speculative compan-
les and individuals for the use Of manu-
facturers. Moreover, in order 10 meet the
newer needs of the rapidly increasing army
of visitors within the city's boundaries the
skyline OF many districts was changed by
new hotels, substantially built and re-
Hecting in their exterior appearance and
in their interior design the latest advance
ment in hotel construction. and also by
Increasing the number of playhcuses.
The structural vigor of the city, repre-
scented by dollars and cents, was only $22'-
1854 less than the record of 1909. the ban
ner building year.
Though the yearly trading was devoid OF
great speculative iurries. Of investment op-
erations of unusual proportions, or sudden
creations of stupendous residential terri
tories or remarkable additions TO the real
" attractiveness of wholesale and retail
bailiwlcks, every week OF the last year
was notable for realty progress.
Here and there some too venturesome
speculators and operators were overtaken
by money troubles Even in the most pro-
pitious realty days certain classes Of spec
ulative syndicates and individuals go be-
yond the line of safety, and are submerged
by debts or contracts unfulhled.
nv. Lost war M
the usual quota.
Onward went the majority OF big and
little traders. True. they went forward
without that lightness Of step that buoy
ancy of manner. the CHEEKY countenances
that were theirs in the previous year OF
in the subway boom of 1906 There was a
fear that Father Knickerbocker had De
come too wealthy as a real estate owner,
that some Of his building possessions ac-
cumulated i'm 1909 were burdensome 10 him,
and that possibly some Of his newer resi-
Dental and business sections were larger
than his needs
Then there was a feeling, prevalent III
nearly all realty paths, that business con-
aitions we're none too good 10 launch many
record realty ventures. This fear ana reel
inc we're heirlooms. some experts thought,
OF the panicky days Of 1907. Undouotedy
tbav we're factors in limiting realty activity.
Factors Governing Stability.
Supply and demand are the predo-ninatinS
,,.t,icb mould the foundations on
,,bich realty values. stability and advance
mont rest. If the city spreads outward ana
onward too quickly one year or In q petloo
of wears. its building activity must pe less
On a short while after the boom. In nearly
evs,v wear or period of phenomenal build
ING enlargement there are almost countess
,nZriads of persons who keep on putting up
aathouses. apartment houses. hotels res
taurants or loft and factory buildings WIN
ont noting the demand, and in Twinkle
as II were. more new home and business
centres are made than the occasion war
rants. Then the money channels for Specu-
Ia+lve building energy become narrow the
yate of loans reaches heights which prohioit
many proposed realty ventures. and the
GREAT home and business marts OF the
greater city take on again healthful
building vigor. 1t is then a time for read
iusting affairs. and this work reveals where
building operations in business areas may
be continued with risk reduced TO mini
mum. sets the measure of the volume Of
trade which can be profitably done I'm the
other various sections of the metropolis
and with each succeeding week the resi-
dental and business thoroughfares which
are unappealing to investors are nearer
10 being quick marketable assets at figures
satisfactory 10 the projectors-wh is the
goal sought and reached by all successful
developers.
The roadiustment process was I'm full
force early in the year. 1t was expected