New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-12-31
Edward E. Mccall Believes
Bottom Is Reached in
Downward Tendency.
SAYS CITY REALTY
HIGHEST SECURITY
Should Be mo Calling of Loans
or Demands for Unnecessary
PAYMENTS on Principal.
By EDWARD E. MCALL,

By EDWARD L. MCALL,
Chairman Public Service Commission.
"Tho YEAR 1915 should sec. a reyiVaI
ia real estate activity IN TINS OtS'
am one of those who believe tnat Vhe
bottom has been reached in the doWH-
wsrd tendency. and that even no"
siops that the reaction has set IN are
diecernible I confidently expect thaV
the swing of the pendulum IN the otheI
direction will describe a larger arc
+ban that which defined the recent de-
STbe new year will open with the
most inviting prospect ior genera
business. and many competent JuokeS
are of the opinion That the Chi'ee
States rs on the eve OF period Oh
prosperity unsurpassed IN recent ms
tory. would be strongly inclined 70
share in this opinion If we can attain
a period Of rest from undue ana hys-
tsrical agitation and stop aiming poi
sorod arrows at business interests, and,
II ! NAV be permitted 20 adopt a home
" smile. treat the patient as conva-
lescent and apply medication that VIII
strengthen and build up rather than
continue along lines Of drugging ana
destruction. II those who administer
would adopt a helping regime, put the
natieut now living PROSTATE on his feet,
returning vitality would manifest ltseH
in a vav that will make this country
take its place as the most prosperous
and nroqressive in the world, ana l
believe that the real estate business
will receive its share or the genera
Improvement.
@To those who arc in control OF the
large institutions which advance the
mc9evs invested in mortgages on our
city real estate, and whose admlnlStra-
tion Of their great trusts has been so
highly commendable and has yleloed
sucb vast and splendid returns, what
communities present themselves at
ms moment 20 make them and their
institutions take place IN the Minus
and Judgment O. our citizenship tnat
win secure for them unending praise
and credit as manifesting the highest
Grade of patriotism and making them
.ubiects Of the highest civic pride'
Eopl estate in New York City has BEEN
is and never can be aught else tnah
the worry highest character OF security.
IL never can be affected permanently
bv any process Of natural deterioration
or deDreciation 90 that II grows un-
q.
NAV occur to scare and frighten, but
ultimately the clouds clear away and
there N stands glittering and pure as
tho cold IL most certainly is. Unthlnk-
inc men NAV enhance the scare ana
cause a seeming condition that has no
warrant. after careful analysis, Tor ITS
existence.
"Let there be no calling Of loans or
demands for unnecessary payments on
princiual. Quite on the contrary let
there issue from these great loanlng
agencies assurances to our sorely
troublcd people that the real worth OF
their investments is recognized ana
hvsteria finds no place IN the admins
tration of their trusts. Let them no
tifv their clients that meeting thelI
obligations of payment OF interest an"
taxes is expected. but that they nave
full faith I'm them and their SECURITY
and 80 pcr cent of the unnecessary
worry i, az an end, with no possible
chance Of loss or sacrifice to eltheI'
and returning confidence VIII ne so
marked and positive that our people
will Justly call them blessed.
Aside from the general SITUATION
the influence Of rapid transit develop
ncnt must have a wholesome erect
',Don real estate in this city. Inc tlme
of waiting for the realization OF
ten-year dream is rapidly drawing 10
close. and the attainment Of the great
object which New York City has aimed
~ for the last decade namely, com
prehensive system Of rapid transit
uniting and serving all borouChs OF the
greater -ity--is near at hand. The
balf-m;le stone has been passed, four
ffths Of the construction contracts
have been awarded, within few
months we will have temporary opera
ton of two of the most important
lines. and by the close OF the year
1917 confidently expect 20 see all con-
struction work on the dual system Of
rapid transit, except possibly the rver
tunnels, completed and ready Tor per
manent operation.
Judging the future by the past, IT
f- now unreasonable 20 expect large IN
creases I'm realty values by reason OF
the construction Of the new subway
and elevated railroads. The cOnstruc-
tion OF the elevated lines IN the 'Os
was followed by a large increase IN
the value o. real property m the north
crn part - Manhattan. he opening
of the existing subway, a little more
than ten years ago, was followed by
az even greater appreciation OF lana
values IN The Bronx. u ls reasonable
therefore. 70 expect "a similar increase
in the regions tapped by the new lines
Of the dual system. There IS this diff
ference. however, In the situation, chat
whereas the benefit Of the existing
subway was felt mainly in the oLtly-
ing districts % the north OF Manhat-
tan, those % the dual system will be
distributed In many directions. Brook
Ign and Queens. and 20 a certain e1-
tent Richmond. as well as Manhattan
and The Bronx. will feel the influence
Of the new system.
A'fhe hrg.u all fr1d