The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-07-04
n, JOHN l.. PARISH.

- LOSING Of the spring season in
the real estate market quite
naturally raises the question
We'll. how has II been. and
what are the prospects?' A fair ana
proper answer to this question involves
and requires consideratidU OF "A greater
number of factors In the situation than
over before. The statistical records
afford no Indications NJ Importance. con-
sldered by themselves alone.
As TO Manhattan, the c~onveyances are
about 10 per cent. less In number, the
mortgages 10 per cent. less In number
and nearly 30 per cent. less In amount.
the new buildings about 5 per cent. lees
In number, but fully SO per cent. more
In value-an increase from s26 200. 900
to $3S, 0OO, 00O-than for the corre-
spending six months period Of last year.
But plans have been fled for many i'm
portant buildings. merely TO save the
rights OF owners under the present aw.
in anticipation OF possible detrimental
changes in the building laws. or with
only tentative purposes regarding con-
struction
In The Bronx the conveyances have
fallen on l3 per cent. in number. the
mortgages about the same. yet only
about 10 per cent. in amount. while
ullhl l'N ~ Alo'' Nv -
per cent. in number and about 81 per
cent. in amount (s9.6o0. 900 in the first
half Of 1914. sl5.iO0.0 900 thus far this
year,.
In Brooklyn the c~onveyances number
about 1000. as against 1000 last
. the mortgages 5000, against
$500. n sac. 0OO. 900 against e37. 000.-
900 in amount. while the building per-
mits number about $500. against
$500. and amount this year to 1872
000, 900, as against $23. 100000 last
year. In the two remaining b~oroughs
the changes are without even the
little significance that attaches TO the
figures given for the three larger
boroughs.
In ordinary times these figures would
be without much significance. At the
most they would Indicate that the mar
ket was not yet entirely free from the
influences that have caused a well nigh
constant liquidation for the last Nh
years. And as a matter Of fact this
liquidation has continued and. with
changes In location. IL still continuous.
fy this II meant that the foreclosure
of mortgages continues to be a dis
couraging factor. and to about as large
an extent al ever. Much Of this Is the
deplorable result of the decline In values
that was caused by the shifting Of trade
centres. but by far the greater part IL
the result Of overlending in the irst
place. What Justification there ever
was for some of the loans recently fore
tlosed II is very difficult to discern.
. In times such as have prevailed for
the last eleven months. however. the
oflcial records OF the local real prop
erty market as shown In the figures
quoted reflect a fundamental strength
that is most creditable. In the face OF q
disturbance that closed the stock ex-
changes OF all the world for three or
four months that has flooded the finan-
cial markets with new national and
municipal loans OF unprecedented
Amount and AT rates OF Interest that
compete OF more than even terms with
representative corporation securities
that has called for an enormous invest
uent OF capital In abnormal and prob
ably only transient productive enter
prises; that for a time threw great ar
mics OF workingmen entirely out OF en-
ployment In our own country. and that
has thrown three-fourths Of the civilized
world into a conflict of arms such az
the world never saw before-in the face
Of such a combination OF adverse fac
tprs. that the rea property market In
Kew York city should present so nearly
Normal an aspect is a record Of unmis-