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SECTION 2 ;six PAGES. tin. Real Estate Sports Automobiles-r ,r: s NEW YORK, SUNDAY, NOVEMBER 3, 1918. cwtow, mi. y 'Hm,,,, and PybUtMng AnooiaUon. REALTY' S LEAN YEARS New Transit and Building Improvements Make GOOD TIMES Grand Central Section Big Factor in City Life COMING TO REMAIN GONE Splendid Outlook for Investment With! ' .i,....tj . Rentals High and Space Limited, Says Robert E. Dowling, Call ing Attention to Present Opportunities "From the standpoint of'thd Investor J will Bay that not in my years In real eatrtto havo I oecn etronrjer market leases. J think thnt lncomo properties aro In (l etter slinpe than; in many years. I be lieve thnt rentals will go even higher than they are. to-day." It is a long time since Robert 1Z. J'otvllns h.is expressed himself bo ile as liberal financial support as betoe the panic, when the upbuilding of tlm city was tlio wonderment of the world. The curb on construction will bo reflected in higher lentula and rjientcr swurity for Investments. Theio will bo no bmlnojs In one section should an Inclination tn mnvi nirnnpq .should try to ston the Inclination nr preparo for the reception or a now busi ness. Many owners lmvo given little attention to their property, taking the I Income and Joint: nothing In ictum. The welfare of the sourco of the income I should not be overlooked. The tenant j should not bo expected to pay rent and attend to the owner's Dronorlv at the same tlnio. Carelessness on tho part of owners has had the effect of depreciat ing values and driving away business." Mr. Howling referred to the old mer cantile district and the Sixth avenue 'hopping district. It la a notable fact that many of tho owners in thebe see tlonr, ho said, did nothing to hold their tenants. liulldin.v.i wore not knot In ihn building of loftu'tn High class property ' .L,esl ct condition And no heed was paid i as In the past. I t0 "mpialnts. Finally threats often- "Factory bulldlncs. - Mr. Doullmr con. 1 10 1Bavt' re'' " 'rs, because tlnued, "havo no place In side Ktreel 1 rcc?Bn,z ,rad" district It was ..... ui unnui.1 11IUI leiianiH wouiu to remain In the section us n bus!- ness necessity. To euch ownership are fldedly and enthusiastically on real .v. sltel, vnIu.d at ,so.ooo to 175.000 -a lot I .C"d'1 J? '"LU "I --. on.nK I.; will pre-' ! A new character of Ini- vent this; provement will bo developed fol- side street property." Overproduction of every type building. Mr. Dowling intimated, worked to the advantage of the tenant, who be cause of the oversupply cooM and did due tho low values between Chambers and Twenlr-third streets west of Hroad- ttflV lint Tt Tln-IIR ....I.... I .t.. I .. . ..... 'uiiili;u UUI umi O 1 thl. .lunrAMlittm. la II,.. ..... , wv, .mwium 13 iiutiiitiK iiKe inai 1 which has occurred In somo railroad and unuiiciai mocks, no maintains that. ri: nmko terms that the owners had to ac-1 Z'l'SJ T men in the realty field, buyer of millions hnd millions of dollars worth of real estate, builder it tho gigantic City Jtstltig Building on lower Broadway ?nd the nearly as great Adams Express lulldlruj, ono -may feel satisfied that there Is ample reason for such optimism liecause Mr.' Dowling Is ti6t tho type of in an Mho,. Is. given to extravagant talk. J Is Is ono of tho. most conservative of the jnarltet'n leaders and weighs well his pub lic exprcsflons for fear of giving a wrong Impression on market conditions. It ias this conservatism that caused his Mews on the market In the boom days I'Cfore the panic of 1907 to bo accepted vlth greater consideration than those jpf any other of the big men In the Held. As ho Is still one of the luminaries, his lews on the market aro received with fine Eame deference as ten or fifteen Sears ago. In his terse phoohery Mr. Dowling has I ...... ,1 ... r . I .... I 71 . , maaanwrn 1 ! ' H C J tntnri nnd Knppni.itnrn 11 i ihnmMtii- d&sib wun me iiKeiinooa mat ..v or them nave ret red from thn nid assuring dlcc to thoso with money p-'"l,cfnt' .,,wU1. be thf ,to,m!'- Initial , These who have proiwrtlcs t-houM Lave ccpt or go without Income fiom their property. Tho war has changed condi tions and now It Is the landlord who Is making tho terms, and tho tenant Is willing to accept his towns. Thu compe tition which worked against thn landlord , nafe as real estate. Heal estate has nl , ways regained lost value. "Wo nre at the end of the mocment which started in 1S&S. It will be 1 noticed that there were tw o nerlods In thla movement. The end of tho Snanish , . , . r 1 iiiciil. .1 ue vihi ui 1 jiii rtjjaillFn previous tt last year Is going to work I war was followed by good business, high against the tenant In the next few years. I values ami rnnillini.i i..u.iin ti. Mr. Dowling thought. The situation 1ms panic halted tho good period und the cured ltseir and not until a new set of poor period then started. Wo arc at the lenders fcomo Into the market will there , end of that poor period, bo any danger 6f a recurrence of the' "My advice to inventors and specu condltlon psesent a few years npo and 1 latnrn is to deal wijh established and to the overllabtllty of owners of money. ' responsible real estate men or concerns. Tlnanclinr of building operations In Irrf nonslble brokers havi Iwn hunnfni the future will bo on a 50 or 00 per; to real estate, and It In ihm f as been heard in a long time.' Men In 'tunch .1 building operation unless pur- ths market who know Mr. Dowling will "m" ''nm. ,. if8 1 , will bi needed therefore lo 1'ted his words as they would thoso of few others. His optimism, one may rest assured. Is tho result of a close watch on the course of events In the market and his ability to estimate correctly the sig nificance of developments which might tiave escaped the attention of a man less experienced In the ways of real estate. It was his ability to estimate tnarket movements that made Mr. Dowl jtig a very successful .pioneer and (operator. Ileal cstato has brougjit film fortune. In referring to the strong bases hlch should attract Investment In teal ritate Mr. Dowling said that lie great scarcity of business and residential upace must havo been brouaht to tho attention of a good many people in this city in tho last eighteen months. "It Is my belief," ha said, "that It will be ten years before construction 111 have caught up with the require ments of the city tor homes and busi ness premises, jTentnts are much higher than they were, but I am of the opinion that they will go even higher. ,rWo must remember." Mr. Dowling Wild, "that New York's population Is K rowing every day. Peace will, perhaps, Increase the Hood of humanity and to make up the difference between the builder's capital and the financial sup port obtainable In the mortgage mar ket." Such restrictions Mr. Dowling con siders more beneflclnl than harmful be cause they will curb tho desire to pile up buildings. Return of peace will be followed by a Hood of money for In vestment In real estate. Mr. Dowling thousht. Ho said tlio buying will be chiefly In business and apartment prop erties. Both hold a very attractive por tion In tho market because of the rei nue derived. Money which had been attracted by tho more lucrative business as devoloped by the war will find Its way Into real estate when large earnings haje stopped. Business men and con cerns, too. will Invest some of thrlr sur plus funds In real estate for Investment. Many firms havo found It profitable to purchase their homes. 'There Is no doubt whateer thnt property on Manhattan Island will al ways retain Its vnlue," the speaker con tinued. "Although real estate has Its ups and downs like other Investments, Its value has never dropped to such a degree as some stocks and bonds In the last few years. What property In this city, valued at $234,000 In 1906. tho advice of experts In order lo hold up the value of the Investment. Decay Is known In real cstato ns in other tilings." The enactment of the Gilchrist bill, Mr. Dowling said, was a good tiring for leal estate. It has broadened the mort gage matket, making it f-osslble for Mnall and large funds to lie Invested In mortgages on the best of property through the division of loans Into sr many small mortgages. This will permit the entrance of a lot of money Into the real estate market, money which was denied Investment before, A general speculative market, Mr. Dowling said, could not be expected un til mortgage money was moro free, which will not be until the war Is over. But bo did not express any doubt that thn real estate market will be well sup ported when that time comes If not by lei'dmg Institutions then by other Inter ests. He was forceful in his opinion that present conditions aro wonderful from the standfolnt of Investment. r s The Safest Investment 3, i f f tmnmn M-h :a -y rr r.y-n .j:x,, mc'sie yav n - mn and Hartford Jtallroad was selling at limited now; what shall they bo n few cars irom now with building opera Hons limited as they are by the require ments of a warrlns nation? It means nothing less than higher rates for the noeommodations available." Peaco will revolutionize the real es tate business, Mr. Dowling said. Bulld ing movements such ns marked the ten eiT from 1904 to 1914 will never be I sen again. The building up of an over- puppiy or space, whether business or residential, will never be permitted for 234 a share, it was considered u good investment and estates and individuals bought heavily of this security. The stock of that company to-day is selling at J40 a share. There arc other stocks that have been disappointing an Invest ments. Heal cstato on the other hand has never been a permanent disap pointment. Values always swing back. ' Depreciations in realty values often can bo attributed to the neonlo In nosses-1 slon. Ownership of real estate Is a ' of 7ZZZ?.J , 1, V "ueni" W1" n"r I business and unless one takes care .,.,.,.. imnir ny business business will vanish. (Wholesale, construction, as leuders have "Change In the charaoter of a section Seamed la lesson, which In the future will . should bo noted by owners and steps ba tbe effect of preventing unlimited taken to meet the changes. The ten construction. Builders will not be given dency of business has been northward. FACTORY SITES Five Miles from New York City Hall On Deep Water with Railroad Facilities Property located midway botween Newark and Jersey City, N. J., fronting on the Passaic and Hackensack Rivers,' in tho heart of the World's Greatest Labor Market Crossed by FOUR RAILROADS and their branches, sidings from which can be obtained: Pennsylvania R. R., Central R R. of N. J., Del., Lack. & West. R. R., Erie Railroad. Newark Bay and Passaic River Channels , up to the Property 20 Feet at Low Tide The following concerns havo recently bought loca tions in the property and buildings are now in course of construction: UNITED STATES STEEL CORP. FORD MOTOR COMPANY, Automobiles THOMAS A. EDISON CO., Inc. NILES-BEMENT-POND CO. H. KOPPERS COMPANY, By-Product Coke Ovens MARTIN DENNIS COMPANY, Chemicals EGYPTIAN LACQUER MFG. CO., Lacquer NORTH AMERICAN COPPER CO., Metal Goods WHITE TAR COMPANY, Naphthaline JAMES H. RHODES & CO., Felts s Stic Agent 31 Nassau St., N. Y. City K Phohe 744 Cort. Robert E. Dowling, presi dent of the City Investing Company says, "There is no safer form of investment than property on Manhat tan Island, and there is no doubt whatever that New York city real estate will re tain its value. Regardless of temporary fortunes made in other investments none has the stability of real estate." Coordination of property lnterrcte In 'he Grand Central d!tr!ct has resulted n a wonderful lesthetlc and commer- Tho alms of the railroad and the clal betterment of the locality to the. owners have been accomplished In n end that greater rentals, higher values) great measure a may bo seen by the and wider publicity have been attracted i above reproduction of a perspective to tho blocks bordering tho terminus of ' maue or uie i-arn avenue and Forty been developed with the view of making morrow connecting tho structure with prominent the Grand Central district. I the railroad station. liack of the terminal Is the Hotel Hilt mere, John McK. Howman's original operation In tho Grand Central district. the New York Central Lines than ever before. No section of the olty can show such harmony of purpose. Tho city authorities had a similar plan In mind when they twk propeity north east of City Hall Park, but tho develop ment of the civic centre stopped wlthS rho building of the nucleus, the Hall of Ileconls nnd the Municipal building, and tho city beautiful Idea ha stopped as far an the municipal authorities are concerned. Development of tho Grand Central district, which In the work of a seml publlo corporation and Individual own rs, Is therefore worthy of pral. The Pennsylvania Itallrnnd Company erected a flno station on Seventh avenue which might have been made tho centre of an attractive district, but the spirit of co operation was not thera. Tho New York Central has encouraged development of the highest class by supporting tho Improvement of Its sur plus property Tho director of the company knew that Its operations would i.e emulated bv owners of adjicent prop rty, mi they made sure that the build ings erected on tho company's holdings ere of good architecture and harmon ized with the railroad terminal, creating a distinct section around the station building. Civic pride took root as the railroad men thought It would and prop erties adjacent lo tho railroad blocks, to tho north, 'south, east and west, have Let us demonstrate why you can invest your money in a business building now, to net 12 to 15 per cent., with a factor of safety as great as the Safest Bond. 907 Broadway, cor. 20th St. Phone Gramercy 6052. second street utatlon. Values nnd bul nesj reputation have come to tlio en tire district as a result. The perspec tive shows what a wonderful section this Is. with Us surface and sub-surfaco de velopimuit. Jt gives an idea of the subway tmiglc, with three subway levels now In operation. The surfaco development is more im pressive because of the revolutionary change In the entire character and ap pearance of tho district In tho last ten years. Tho massive building at the left of the teproductlon Is the new .Murray Hill Hotel, wlitch Is Ko be erected Just an soon as the War Depart ment lifts the lan on building material. It will replace tho present Alurrny Hill Hotel on the west side of tho avenue from Fortieth to Forty-first street. On the right of the picture is tho Hotel Commodore, which Is to bo ready for use the end of thla year. It was to havo been finished months ago. but tho re strictions placed on material held up tho building nnd work Woh not resumed on an extensive basis until last summer. It Is on New York Central property nnd the erection of the building Is financed ly New York Central Interests. The low building to tho left l tho Grand Central Terminal. Tho drawing shows the via duct as It will look when connected with the street around the terminal building. Thn viaduct will bo In use within a few months, as tho last of thn big support Ing spans will be swung Into place to- Thls was financed by the railroad com pany. Ilctween It and the new Murray Hill ns shown In tho picture aro the Manhattan Hotel and tho Hotel lielmont. Kicry development In the district has been guided by un effort on the part of the promoters to harmonize with neigh boring developments. An attempt 1 blng made to have the section t-hown In (he above reproduction named I'ershlng Square after the com mander of the American Kxpedltlonary Forces. The plan Is to Include In the Kiiuaru the sito of the old Grand Union Hotel on the east side of Park aveiue, which the ilty purchased to help build the connection bctwoen the Lexington avenue subway and tlio old subway through Fourth nvenue. The old sub way now turns east Instead of west on Forty-tocond street. RENTS COMPARATIVELY LOW. c. a. moses in !i:nvrcu. Charles Griffith Moses, vice-president of the J. Itomalne Hrown Company, has been commissioned faptaln In tho Troop Division of tho Qrdnanco Department, nnd Is now In Washington pending de tail to a permanent post. Increase In Oilier 1'hliiK I'nr Urfater, finy Itrnlty Men. The feeling that legislation should be enacted to control tho rental situation in this city nnd In every section of the country is not tho disposition of real es tate owners Individually or organized. The Real Estate Hoard of New York In a pre-election statement said that legis lators now In office or those entering the lAglslnturo for the firt time should know that tho Increase, In rental Is far less proportionately than that In the prlco of food or clothing or wages or In terest or building materials or coal. Interest formerly 4 Is now- r.'i nnd fi per cent : taxes Increased 60 per cent in twelve years: Janitors' wages, 10 per cent, to 30 per cent. ; hall boy nnd elevator men, 2o ier cent, to 40 per cent. ; materials, TOO per cent, to ;no per cent, j mechanics' wages. 70 per cent to CO per cent. ; rent according to Gov ernment reports has only Increased K. per cent. IXVr.STOH 111 Vh TOTIt ST.- HOfSB Hinest K. Daldwln has sold his prop erty, tho four stor. American basement dwelling at 26 West Seventieth tftreet, to a buyer, who will occupy tho house. Peaso & Klllman arranged tho deal. The house covers a lot 17x100. w. s.'in vr. iioi'.sn rou tii Tho tr.rce ston ton dwelling a West I.lgmy-thlrd street, on lot lfi.4r 102. bus been bought bv an Investor from the I..iiV5e:s Mortgage Compan Tho new owner, a client of tho Duroys Company, plans to alter tho propeity for business use. HAMCIIH SKM.S IN NKAVAHK. Ixiuls Pchleftlnger has sold for Will iam I. Cooper, president of the National State Hank, tho dwelling on plot 30x202 feet at 118 Orchard street through to Camp Alley to P. Hacca, who will ic modcl It. EH OCCUPANCY OPPORTUNITY A Broadway Building Subway Block Near Canal Street. Price $150,000 Rents $15,400 Mtge $90,000 Net $7,700 Store, Basement and Sub (15,000 feet) available Febru ary 1st for tho buyer of this property. If you need 15,000 square feet of store space February 1st you should investigate. CHARLES F. NOYES CO. 92 William Stroet, N Y. Tel. 2000 John NOTE Store, Basement and Sub for rent at $7600 It ha two street frontages. Che United States Realty and Improvement o. lias several properties, both improved and unimproved, which it is disposed to sell at attractive prices and on reasonable terms. Apply to Real Estate Department United States Realty and improvement Co. Ill Broadway Telephone, Rector 4300 im FOR SALE Leasehold and Four Story Bldg. ON North River Water Front AT 22ND STREET - - - SO X 100 LARGE HEAVY SERVICE ELEVATOR ERIE, BALTIMORE b OHIO AND NEW YORK CENTRAL YARDS NEAR AT HAND. A MOST ATTRACTIVE PROPOSITION. APPLY L. R. JOHNSTONv 857 Wat 22nd Street, tyw York City MBMMMMM AN IDEAL SITE FOR A CORPORATION desiring to occupy an individual building "Wvinit? Court" 6 story modern office building at 70-76 Trinity Place, directly facing Wall Streot across Trinity Church yard. Frontage 104.5H ft., with an irregular depth averaging about 47 ft. Plot contains over 5,000 sq. ft. Tho largo frontage on an open spaco affords unusual light and outlook directly .facing Trinity, Equitable and Empire office buildings. The property is also desirable for an investor, as it brings in a good roturn and can be purchased at land value. Gross rents about $25,000. Pride $250,000 Apply to The Alliance Realty Company Clarke G. Dalley, Vice-Prea. or Details from 115 Broadway. Tel. Rector .50 Your Own Broker ReaKEstate Real mcr.ey fluctuates in pur chesting power with every unusucl change in general conditions. Because cf the war the vhluc of money to-dcy measured in terms of merchandise is lets than half what it was five years ago. Real estate values change very gradually, for real estate was, is and always will be the foundatit n of weUth. Thcmcney that to-day will buy barely half as much mer chandise as was possible in 1914 will buy fully cs much real estate. It dcesn't require an elaborate calculation to prove that the in vestor who puts his mrney into reat property now will reap an unusually generous y refit if he holds it until the value of money returns to the normal, ns it should after the war. SCARSDALE, the exquisite premier of residential places, offers unrivalled acreage tracts for future country homes on Birchall Drive, and Fenimore, Heathcote and Kelwyn Roads. FRED'K FOX & CO., Inc. 14 H'nt 40th fit,. Nrir York, rbone, Vandrrhllt atO, IIMHlMlliHtrthl-lllil!iHttilil.thHill!IHIIHIHiWlIHIHtiniiHHH?:il- PARK AVENUE APARTMENT HOUSE For Sale Inteatmcnt Yield Over W" 13-story fireproof building fully rented. Price $80,000, under assessed value. 20 Cash 80 on 1st M't'g. (Ilrld by I.lfi" Injurandi ( u Full partxrulars on rrqurst. DoufeLJEllimanBCo. Tovn atirf Country lltsidtnttt 414 MADISON AVE. At Hth Sir-' Murray Ihll .Suno War Time Bargains Mean Peace Time Profits For Sale 39 West 92nd Street between Central Park and Coltmbi i Avenue. Three tory iik basorent private reiidence. On plot 20100. r.!een rocms and one bath. First morlgaje $11. SCO at 5rJ for three years. Price $14,000. Attc!fd by the city at $17,000. For Sale 228 East 127th Street bet cen Second and Third Avenues Five ttory tenement. On plot 25x90ilOO. Rcnti $2,160. t"irt mortgage $7,000 al 5 , for three years held by a Trust Company; payable $100 every year. Three four-room apartments on a floor Recently the sum of $.5C0 has been spent on this property. Price $10,000. Assessed by the city at $17,003. James H. Cruikshank, Owner 55 Liberty Street. Tel. Cortland! 5183 Bond & JVortgage Guarantee Qj. 176 Broadway, N. Y. Offers Bargains in FORECLOSED REAL ESTATE Attractiie Prices. Libera Terms. List forwarded upon request. ASHFORTH & (lnnrp'ratl REAL ESTATE Management PnrticwJar' I ADU.lyiSj mm Mil t-siiri Avenue ri