VVVVVVWW 'VWT" *! Cl METROPOLITAN REALTY. SSSESSED VALUATION OF THE GREATER ' CITY. ' ‘ REAL ESTATE ESTIMATED AT $2,500.000,000, DI; . VIDED AMONG THE DIFFERENT BOROUGHS— MONTHLY SALES 0F PARCELS REACH $10,000,000—BUILDING OPERATIONS, OF THE LAST Two YEARS. 'The changes foundein realty. from ‘yegtr to ear fOrm one‘of the best-‘means by which to estimate the life and activity of a. city, and in New-York the constant demolition of old inld- lngs, the appearance of new and 'more elabo- rate ones in their places, and a continual effort to make each new structure superior to the ones that have preceded it, present a tangible evi- dence of the city's growth. ‘ It is by no means only worthless buildings that disappear. In many cases fine structures of modern building are razed, simply to meet the ever-increasing demands of the times. Old thoroughfares take on new appearances, and in many respects the whole face. of,the city has been changed. In sections where for many years rambling, low-browed houses stood, the skyscrapers now rear their lofty heads, seemingly ambitious to reach the blue vaulted sky itself. Four and five—story structures, which a few years ago were looked upon with admiration, have either disappeared or stand like dwarfs beside the great, towering giants of stone and steel, brick and mortar which loom up for twenty-five stories or more. There is now in courseof con- struction on Park Row a building which will rise to a height of four hundred feet above the street level. ‘ The development of the skyscraper may be directly traced to the general commerCIal growth of the city, necessitating increased of— ‘fice facilities. On Broadway, the main artery of the city, are hundreds of great bulldlngs which compel admiration for their structural beauty, and new ones are being added con- tinually. The street, from its beginning, was dignified with many fine buildings, but the most fertile imagination could hardly have conceived such progress as is manifest to-day. Almost within the memory of the generationmow rap- idly passing away Broadway termmated at Trinity Church, opposite Wall-st. At the close of. the Civil War the population of the city began to increase rapidly, and the four and five story buildings began to dlsap- pear from the principal thoroughfares. The first high buildings took the form of flathouses and tenement-houses. Elevators were introduced and a revolution in building construction began. The idea .extended to office structures, and to- day the skyscraper is everywhere apparent In the business sectiOns of the city. Visitors find them one of the interesting features of the City, and a. splendid sight is afforded by a view from the City Hall, taking in the Tribune Building, the pioneer in modern constructive methods, and the numerous magnificent structures which dot that section. ' Looking south from the City Hall stands the immense columnar pile, the. Federal Building, in which are located the Postoffice and the United States Courts. Just beyond can be seen the Manhattan Life and the Washington Life buildings, both impressive in their architectural structure. At the top of the former is located the United States Weather Bureau. _ Among the other buildings which represent in a concrete way the growth and importance of New-York realty may be mentioned the Dun ‘Building, the Mills Building, the Metropolitan Life Building, the Manhattan Life Building, the New—York Life Building, the Johnson Building and the Criminal Courts Building. In the upper section of the city the new Delmonico is worthy of attention, being an edifice of exceptional beauty. Here, too; are to be found apartment-houses and hotels which , are of extreme beauty architecturally. One of the leading deals in realty for the year was the purchase by the New—York Stock Exchange of the Western Union Building, in Broad-st. The purchase price was reported to be $825,000, and included a comparatively modern building and a plot of ground of 4,122 square feet. The build- ing was estimated to cost $125,000, leaving $700,000 as the price of the land, or $169 82 a square foot. - ' The purchase is generally thought to be an especially satisfactory one, which will benefit the realty market to a considerable degree. The following table, comparing the nine months of real estate and building for 1897 with the same eriod ofthe present year, has been prepared y “The Record and Guide”: NEW-YORK CONVEYANCES. Total number 1898—First quarter— conveyances. Amount January ........................ 1,391 $8,547,975 February ......... ......'..... 1,250 9,194,271 March .............. . ....... ~. . '. . . 1,522 9,622,702 Totals. first quarter. . . . . . . . . . . . 4,163 $27,364,948 Second quarter— , ., April .................... . . . . . . . . 1,391 $9,407,977 May ..; ..................... 1,211 6,676,622 ' June ................ 1,539 _ 12,269,549 Totals, second queue: ...... '. . . . 4.141, 828354.148 4 . 4.163 27,364,948 Totals, six months. . . . . . . . . . . 8,304 $55,719,096 Third quarter— » , July ............... . .............. 840. $6, 612,034 August .......................... 711 7,252,735 September ........................ 849 6,437, 143 Totals, third quarter ........... 2,400 $20,301,912 8,304 55,719,096 Totals, nine months ............ 10, 704 $76,021,008 1897—First quarter— ' January .................... _ ..... 1,462 $13,340,118 February ........................ _ 1.160 9,469,731 March , 1,462 12,015,252 Totals, first quarter. . . .- ........ 4,084 $34,825, 101 Second quarter— » April ............................. 1,502 $12,725,872 May ............................. 1,382 11,494,653 June ...................... , ...... 1,304 9, 431, 832 To tais, second quarter .......... 4, 188 $33,652,357 , . 4,084 , 34,825,101 Totals, six months ..... '........ 8,272 $68,477,458 Third quarter—— July . . . . .; ........... . ........... 1,276 _- $7,214,484 August ............. . ............ 810 3,944,695 September ....................... 1,018 6,469,521 Totals, third quarter ........ . . . . 3,104 $17,628,700 . 8,272 68,477,458 Totals, nine months ............. 11,376 $86,106,158 : : NEW—YORK MORTGAGES. ' ‘ Total No. . 1898~First quarter— morts. Amount. _ $17,810,706 gunnery ......................,_.. 1.430 ’ " _ 18,779,521 42,336,840 $3,927,072. February ...... ’ ......... ...'...... 1.960 March - ............... a ,........‘.... 1,654 Totals. first quarter. . .. . . . . .. . . 4,374 Sec‘cnd quarlcr— \ . , April .......... . ....... ..; ...... ' 1,517 $21,043.74? May ......... ‘; ............... 1,314 . ~ ' 17,041 811 J une ................... . ........ 1. 546 21,338,848 Totals, second quarter .......... 4,377 $59,424,406 ’ ,\ ‘ 4,374 78,927,072, Totals for six months ........... 8,751 $138,351,478 Third quarter—4 ’ July . . . . . .; ...................... 973. $9,601,492 August ..................... ,931 19,757,309 September ....................... 1,036 12,506,415 Totals for third quarter ......... 2,990 $41,815,216 8,751 138,351,478 gtalsfi‘gor nine months ......... 11,741 $180,216:694 _—— rst quarter— — .- . _ Janggry ....... -. ................. 1,452 $14,680,474 February ........ ' ................ 1,218 15,069,387 March ....................... .' . . . 1,436 18,988,346 'gota-lsc.i first quarter ......... _.... 4,108 $48,738,207 econ quarter—- Apri ............................ 1,501 $21,725,280 May ................. , ............ 1,464 21,435,804 June ................. ‘ ............ 1, 457 - 20,134,340 Totals. second quarter .......... 4,422 $63,295,424 4,106 48, 733, 207 Totals, six months .............. 8,528 $112,033,631 Third quarter— - July . ....... - ..................... 1,373 ' $18,393,743 August ..................... . ..... - 987 16,225,876 September ....................... 1,081 12,699,202 Totals, third quarter ........ .... 3,441 $47,318,821 _ 8,528 112,033,631 Totals, nine months ......... '...11,969 $159,352,452 The following table shows the variety of build- ings erected in the several districts of‘the city, as well as the number and cost of the structures planned during the nine months: Estimated 1; Total buildings projected. cos : For nine months, 1898 ....... ..... 2,814 $57,018,231 For nine months, 1897 ....... ..... 2,771 66,207,665 The figures for 1898 include 1,384 flathouses and tenement-lenses, 9.01 dwelling-houses, 150 office buildings, hotels, stores, churches, etc., and 379 miscellaneous buildings. For 1897 the figures include 1,228 fiathouses and tenement-houses, 1,078 private dwelling- houses, 196 office buildings, etc., and 269 mis- cellaneous buildings. The total real estate valuation of the greater city is $2,464,394,677, viz.: Manhattan, $1,694,- 472,365; Brooklyn, $570,107,742; The. Bronx, 92,714,426; Queens, $82,683,593; Richmond, 24,371,551. . The estimated tax rate for the greater city is 2.26, instead of as formerly 2.01 in Manhattan and The Bronx A comparison of the real estate transactions for two‘ months in 1897 and 1898 shows that while the number of parcels for the preceding year was larger the value for 1898 is greater. The figures for October and November last year are 161 parcels at $10,327,000; for 1898, 114 parcels at $10,519,000. The budget for 1899 is $93,520,082, or an in- crease of $14,000,000 over 1898. Valuations are being increased, it is said, on commercial and residential properties-from $500,000,000 upward. The amount of money loaned on realty during the last quarter was considerably less than for the same time last year, but of the amount loaned a fair proportion was at the lower rates of interest. There has been an increase, how- ever, of loans made at the higher rates, prob- ably owing to a greater building loan business and a rapid development of the outlying sec- tions, more or less experimental in character. It has been found upon investigation that the increase in the population of Manhattan Island since 1893 has been about 8 per cent larger than the increase in housings furnished by new apartment-houses, fiathouses, tenement—houses and private dwelling-houses. ~ The number of apartment-houses, fiathouses and tenement-houses projected from January, 1895, to January, 1898, is 3,089, furnishing an estimated housing capacity of 154,450 persons. The increase in the legal tenement-house popu- lation from January 1, 1896, to July '“1, 1898, is 156,023 persons. The average for the legal tene— ‘ment-house population and 'money was placed below Fourth-st. and north 4.5 persons a family; . _ The tenement-house population on January, 1. 21896. was’1,341_,728. I The census completed. July 151898. - Shows. 1,497,751, or a. net increase of 156.023, ' ‘ -~ _ "The amount borrowed sonsiNe'w-York realty ‘ last quarter shows some; rather remarkable changes from the same period last year. While, in the period of last year'$5,551,377 was bur- rowed below Chambers-stwin that of this year only $552,539 was borrOwed,: Without staking into account $1,000,000, the amount of a mort- gage issued by the Wall and Cortlandt Street Ferry Company. The amount placed between Chambers and Canal sts. was last quarter near- ly double what it was in 'the corresponding quart r of last year, the fi urespeing $1,855 282 963,578, i-espeétfirey. Considerably less of Canal, the several totals for the two quarters being $4,768,546 for 1897, and $3,595,550 in the quarter now under review. It should be stated that the total of the mortgages for last quarter shoWs a large decline, it being $33,065,216 only, as compared with $43,818,821, after omitting mortgages to Secure corporate bonds in both cases. But, generally speaking, the loss is pro- portionately greater in the lower sectiOnS of the city. Last year a great deal of money was raised on downtown property for other purposes than for improvements; there was an active building movement north of Chambers-st, another above Central Park, and another in the Twenty—third and Twenty-fourth Wards, all of which contrib-- uted to swell the demand for money. This year has seen a slowingoup in all these sections ex- cept probably the last, ‘where, under the con- tinued demand, building goes on as rapidly as ever. North of the Park and south of One—hun— dred—‘and-twenty-fifth-st. the mortgage loans Of the last quarter were only two—thirds. of what they were in the period of last year, and the loss here and that below Chambers-st. almost ac- counts for the total decline. The comparative figures for the section between Central Park and One—hundred-and—twenty-fifth—st. are 11,115,- 136, against $15,211,869. In the Twenty-third and Twenty-fourth wards we have $5,044,294 to set against $4,689,559 for last year’s quarter, and can, therefore, show a Slight gain for this sec- tion. The gain is more than all made in the old- wa-rds, the addition of 1895 showmg a loss of about $160,000. - It was generally expected that. with the close of the war the season of 1898-’99 Would witness a resumption of activity in the real estate mar- ket. Sales, however, have been largely Confined thus far to private dwellings. Vacant lots and old properties intended for improvement/Pur- chases have been made largely for personal resi— dential use or for speculation. Two possible ex- planations for the absence of the investor from the market at the present time are offered. Either the money which last year appeared available for ‘real estate investment. has been temporarily diverted, as a consequence of the war, or the earning capacity of improved real estate has been reduced by overbuilding to such an extent as to preclude a fair return on capital invested. It is from the speculative buyer that building interests have most to expect at the present time. ' ——-—¢———— STEAMSHIP AGENTS. THE ACTIVITY IN .GRAIN EXPORTING HAS MADE A FLOURISHING AND SATISFACTORY YEAR. The average steamship agent at the present time is apt to be a. very jovial person. In the Maritime Exchange, where he makes his head- quarters, or in his‘ well-appointed office in Broadway, he is found to be good-natured and, ready for a joke, a funny story or a business contract, as may suit the purpose of the indi- vidual caller. The reason for his good humor is not far to seek. Times are good with the steam- ship agents. The business is in a prOSperous ONE OF THE WHITE STAR LINE STEAMSHIPS. The White Star Line had itél origin in the days of the great Australian gold fever, which marks the period. of transition from the old- tlme sailing ships to the magnificent sailing clippers which carried Her Majesty's mails, and from’these to the new order of great steam- ships, such as now fly the 'White Star flag. The year 1867 saw an important change, when the managing owner of the W'hite Star) Line retired, and the 'flag was takenover by Thomas Henry Ismay, who introduced iron ships in place of wooden clippers. Two years later the Oceanic Steam Navigation Company was established, and'the firm became Ismay, Imrie & Co. On December 31, 1891, Mr. Ismay retired from the firm, but he still retains control, as chairman of the White Star Line. The Oceanic, the pioneer vessel of the fleet, may be said to have inaugurated an entirely new type of steamship. One of the principal improvements introduced in the Oceanic and her sister ships, and since generally adopted in modern ocean steamships, was the placing of the saloon and the first—class passenger accbmmodatlon amidships, whereby the comforts of an oceanvoyage were immensely increased. ' The earliest steamships of the White Star Atlantic fleet were remarkable for thelr‘uniformity in speed, reducing the passage, which had previously averaged nine and a half or ten days, to about eight and a half days. and each steamship in its turn did the passage under In September, 1891. the Britannic excelled her best previous passage, by making the run across from New-YOrk to Queens— town in seven days, six hours and fifty-two minutes, and she has recently (August, 1896) beaten her own-western record, by making the pas- sage from Queenstown to New-York in seven days, seven hours and thirty minutes, at a 3 track of her sister ship, having in August, 1891, travelled from New-York to‘Queenstown in seven ’days,,_-se:ven hours and thirty-seven. min- utes, at an average speed of 16.10 knots per hour. ' ~ "- ' " . ' ' . the eight days. The Germanichas recently received new engines and In'August, 1896, she still reduced her time to six ' knots, thus showing a substantial increase of speed. From 1873 until 1884 the Atlantic, and since 1877 ‘has been regularly employed, under contract,,w1 jestic and Teutonic. from Liverpool and Queen‘stown to New—York. The Teutonic was launched January 19, 1889, her ke 5 in ' Manhattan. (is about and flourishin'g‘condition, 'and;,the agent helm ' special cause to look upon life/from any but t1. rosiestrpoint of view. _ The’tprosperltyjln which the agents find themselves at present is largely incidental to the extensive transactions which the present condition ”of grain exporting he. brought about. The agents have been called upon‘to furnish tonnage for enormous quantitiel of grain, and they have been taxed to their utmost capacity to supply. enough vessels to do the business. The New~York steamship agent. represent companies in all parts of the world. A large share of the business is necessarily cab ried on in vessels flying the'British flag, but there is a. tendency now to do cOnsiderable busi- ness with “Norwegian firms also, and British- built ships flying the NOrwegian flag nowcarry large quantities of goods from this port. The ‘business ‘ of the NewsYork 'agents is by "116' ‘ means confined to this port, but they do an ex- tensive business from many‘other points, and contract for freight not only from American ports, but'from those of other lands.* ~ They have facilities for transacting any amount of business in the shortest possiblo~ time, and cable for steamers from, all parts'of the. world to take part in the general traffic which a great distributing point like New-York makes possible. -The agents in this city repre- sent all the important steamship companies.’ acting as middlemen, so to speak, between ship-— pers and ownersof vessels. They are at all times familiar with the number, size and ton- nage of vessels and tramps that are available, and are in agposition to furnish .the information to would-be shippers on demand or on short or» der. In addition to furnishing veséels and cargo accommodations, many of them contract for loading and unloading, and look after all the many details of the shipping business. They have agents at principal points who gather up a large amount of business and send it through this channel; . ——o———— _ SHIPBUILDING. ALMOST EVERY DEPARTMENT OF THE IN- DUSTRY Is REPRESENTED IN NEW- YORK CITY. . . Almost every department .of the shipbuildi industry is represented in New-York in a greater or less degree. The, principal builders: of the United States have offices here, through which a. share of their business is transacted, and where estimates are made and contracts placed. In a pleasure-loving community sfich as that of this city, the building of yachts is an im- portant item, and the shipbuilders are called upon to furnish pleasure craft of the finest pos- sible construction. The improved tone of business throughouttho United States has had, its effect on lthis in- dustry, and the shipbuilders are at present de- cidedly busy people.“ 19:33 The facilities for docking and repairing at this port can hardly be excelled. As an illustra- tion of the work that is done the following list of steamships docked, overhauled and repaired by one cfirm at Erie Basin is given: Steamship Florida, a. general overhauling to hull and ma- chinery; steamer St. Nlnian, repairing rudder and machinery; steamboat Jacksonville, deck and wheel repairs; United States refrigerating steamer Celtic, docked and painted; Spanish steamer Alava, general“ repairs to machinery; steam yacht EnterpriSe‘, docked and painted; steamship Dalecarlia, general repairs to ma;- chinery; United States transports Roumania Manitoba, Massachusetts, Mississippi and Michigan, general overhauling and docking; steamships Indrain, Hevelius, Louisiana, Alene. Alps and Beechley, painting and repairs; Alesia, docking and repairing rudder; Olinda, painting; Lancelot, painting; Knickerbocker, painting and peed of 15.80;kn‘ot_s.~.T»he Germanic was close on the boilers, and had her passenger quarters exiting}: ‘ days, twenty—one heursjgandfitifljfityeeight. minutes, averaging 16.78 the White Star Line triallitalnedjts position as the fastest .fleet on 'th Her Majesty's Governmenhin.‘c'On-veying; the American. mails el having been laid in March, 1887, twenty-two menths previously, and it was: net repairs; Narada, painting and repairs; Cyrene, fé‘hildélled,0n‘ih¢. Plait-M» the M3" until August 7, 1889, that she left Liverpool on her maiden voyage to New-York, after astonishing nautical critics with her splendid propor- tions at the naval review at Spithead, where she was honored by a special visit from H. I. ,M. the German Emperor and H. R. H.~the Prince of Wales. She crossed from Queenstown to ‘New-York in six days, fourteen hours and twenty minutes, then the quickest maiden passage on recs ord. The Majestic was launched June 29, 1889, but did not'sail on hermaiden voyage until April 2, 1890. She still further lowered-theme: 0rd of maiden passages from Queenstown to New-York. . , ~ . - _.;:'_.. z ’ ; ,; ~.-. - . 1.2-. ,-. .. The company’s fleet consiSts of eighteen large steamships and three steam tenders, of the aggregate of 1106,000~tons,-s renderingthe .Whltl Star fleet one of the largest and finest in the world; _ . .. - .. - ‘ 0 ' "7 " V4
Norwalk Chronicler