The New York Times from New York, New York • Page 19

I Sfpt Jxfe' Jadis SUNDAY. MARCH 25. 1906. REAL ESTATE SECTION PART FIVE. REAL ESTATE SECTION PART FIVE.

7 REALTY MARKET'S BREADTH FORTY MILLIONS FOR -DOVNTOWN SKYSCRAPERS FOREMOST FEATURE Dealings Cover Remarkable RangeTransportati on the i Fifteen New -Structures Under Way. or Projected -South of -tiitSr Street The Increased Demand for Offices and. Its Meaning, i vrcne. factor Citys Expansion and Its Relation to Values. ITS s.

To those marveled at the earlier stage ot the present remarkable activity metropolitan real estate, which had Ita fcefinTJjsis about two rears ago, there are "Jst tVo facta which stand out aa the mpnsiaat features In th situation to-day W-lr. the wonderful breadth of the 1 ana ln" reroarxaoiy large ana VtvnUy Increasing; number ot people are turning; mirr attention to real 'Estate as a field for speculation and ln- ryVTIm was when the Manhattan real aetata man broker, -operator, or invest-' or was a power unto himself, watching; keenly for favorable opportunitiea in the i' supposedly magic area Included by the North. East, and Harletn but lured with "difficulty to the Bronx, and disposed to sneer at any mention of the other three boroughs now parr of the greater dty. How conditions 'have changed within a year or a year and a Lalf: Builders and operators who prior ts that time ootua not nave been Induced te leave Manhattan are to-day developing new neighborhoods beyond the Harlem. the last six months In Queens baa had as active participants those -who eighteen months ago were Washington Heights and the Bronx In search' of opportunities for profitable buying.

Brooklyn, moreover, is displaying fully as great staying qualities in Us real estate activity as are the older boroughs, with its 8,600 conveyances of property last week, as against 6,000 for the corresponding week last year; with new construction being projected at the rate of a week, and with the total number cf plans filed since Jan. 1 nearly 200 in excess of the number for the same period last year. The one underlying condition upon which all of this activity Is based is Improved transit, coupled with a belief that the city is entering upon an era, of growth In business and population that will make lta wonderful past records in these particulars appear insignificant. The Subway baa only, added to the dem- roads In showing bow New York can grow northward, but the great fact is that the city is soon to have at its dis posal transportation faculties that will enable It to expand In all directions. Five years benoe the man whose place of busi- ihw wit wwuivwu vr in ui, riiuj growing mercantile district of i Twenty-third Btreet will not find himself limited to taking a surface car or tram.

running northward in order to reach his home In reasonable time and without dla- imn.frf t4tt Hlt itA in rrr Ana esily' h' can go uxju it lit ims iuktfvbiiuji iu utile, i when these conditions have been estab-1 lUbed. how long the tradition will be pre-1 LOT SPECULATION AND TENEMENT BUILDING Note of Warning in Views of Prominent Operator. PRESENT SITUATION STRONG But Existing Conditions May Not Hold Indefinitely Memory a Bad Asset for Speculator. History has never recorded a more marvelous growth In wealth ami in population in any city In an equal space of time than we have witnessed in Greater New York in the last decade. Surely It will not be expected of me to attempt at thi9 time to trace or to analyze the causes which hnve brought about this remarkable result.

Among the many recent record-breaking figures of enormous development in various avenues of business and speculation probably none would prove more astounding than an array of statistics showing the Increased value of real estate in our greater city, and especially In Manhattan Borougb, based, not upon "the Tax Assess or's valuations, but upon actuul market prices. The much-heralded Western Dooms are mere cnua piay una insignificance when compared with the gi-gantio upward strides of our own real estate market. In which the speculative price of yesterday becomes the staid, conservative investment standard of to-morrow. A good memory Is the very worst asset an active and successful real estate operator In such a market can possess. What he needs Is a good forgettery." He must rise upon stepping stones of his dead self to higher "prices.

The latest census shows that Greater New York la increasing in population at the rate of about per annum; In other words, that we absorb annually a city of about the slae of Newark. To the builder and the real estate operator is assigned the duty and is given the opportunity of providing homer" and business quarters for this annual increase. Since fully 0O per cent, of this added population must be housed In tenements and ths cheaper grade of flats, (whfeh. lor 'he sake of convenience. I shall include under the generic name of tenement,) it will readily be seen that the tenement house bulldr.

speculator, and Investor have had a golden opportunity, which. Indeed, they have not been slow to embrace. The field has been very fertile. It has been and is being very diligently and carefully tilled, and it Is yielding a rich harvest, which an ever-Increasing number Is ready and'anxlous to reap. No corner or part of this field is being neglected or allowed any longer to lie fallow.

We marveled at the building up, during the period from 1S85 till 1S93. of a small-sixed city on the west side, north of Fifty-ninth Street. Now we scarcely stop to note that whole settlements of far larger proportions are springing up In the Bronx, on Washington Heights. In Brooklyn, and in Lng Island City, in addition to the reclaiming and the upbuilding of the neglected districts of Harlem and of the extreme east side of Yorkvllle, a name hardly familiar to the newer set of operators. The tenement houses of Harlem, which had long been a souroe of revenue only served that the only Simon Pore New Tprker Is the one who lives on Manhattan Island.

This will be the problem the answer to which must govern the real estate speculation of the Immediate future whether the same ratio of Increase In value can be developed oveV the vast lerrltnrv v. reached by the citys enlarged transit system as was maintained when New Torks growth was limited to one direction. For years the city grew rapidly in population with practically no very large extensions of Its transportation facilities. Since the beginning of the new century these conditions have been In that, while the population has continued to increase at, a phenomenal rate, there have been projected even more remarkable transit Improvements. That the radius of the metropolitan circle Is to be doubled means that its area is to be Increased fourfold that there la four times as much land within ventv miles of the City Hall as there la within 1 a ian-mue With this fact In view, even admitting an increase In population more rapid than at present.

It is evl- degree of discernment will be necessary In property buying than In the days when the city's growth was so much more confined. There Is no reason to believe that Manhattan will suffer by reason of this expansion. The larger the region tributary to It the greater wUl be the demand for Its properties and the higher its values. It Is the realization of this fact that haa led to the vast dealings of the last few months in downtown properties. Large operators and investors have recognised that tunnels to Brooklyn and New Jersey will increase the value of lower Broadway property Just aa surely as it will the vacant property at the other end of these routes.

Old buildings south of Fulton Street that have been on the market for years, with prospective buyers objecting to the high asking prices, have been taken over by corporations and individuals with the certain knowledge that these properties at the centre of a twenty or thirty mile city are going to be more valuable than they were as the centre of a ten-mile city. Slmllaly at the great uptown centres has there been a disposition to anticipate the city's Inevitable expansion. The establishment of great terminals at and near Broadway and Thirty-third Street have made it all but a certainty that the retail dry goods district will eventually absorb all of the Sixth Avenue territory from Twenty-third to Thirty-fourth Street. In fact, the entire area between Fourteenth and Fifty-ninth Streets is reflecting in i. advancing realty vaiuee th probabil ity than It la about to become the hotel.

amusement and shopping centre of the greatest city in the world. to the inexorable tax collector, are to-day an excellent investment at prices that the boldest, plunger in real estate would not have dared prophesy. Tho new tenement house law accomplished results which its framers neither dreamed of nor desired, and which Its opponents neither expected nor hoped for. It made more valuable every existing tenement house, and thereby created a new industry that of overhauling the old-fashioned neglected tenement by removing the toilets from the yard into the halls and otherwise improving the building. I am inclined to question whether the perpetuation of these old.

unventllated, unlit tenements by thus establishing them upon a paying investment basis is an unmixed benefit to the community. To-day every kind of tenement, old or new, shows a gratifying return. They are all well rented and the tenant Is most reasonable In his demands. Dispossession for non-payment la rare, and, on the whole, the tenement house owner's lot is a happy one. Concerning the future, unlike my namesake of old, I am no interpreter of dreams.

I have no magic power to draw aside the curtain that hides the future from our gaze. I may say, however, that the stability of tenement house values will largely depend upon whether or not we accept and act upon ancient Joseph's advice, and, in these fat years, have an eye to and prepare for the lean years that may follow. In the first place, we cannot expect that our population will forever continue to grow at the rate of per annum. Our builders, however, are proceeding on the theory that the flow of immigration to these Bhores will always remain at high tide and. not content with providing for such an unprecedented Increase, as wo have witnessed, they are, erecting, in this and the adjoining boroughs, tenements which will house that Increase and inore besides.

When all the building of -This character now under way shall have been completed there will be a slight surplus of supply over demand. If It continues on the same stupendous scale during tne coming year, we will have. In the Bronx and on the Heights, conditions somewhat similar to those which existed on the east and west side of Harlem until the year At present there is no trouble ahead, but a continuation on this scale spells danger. And now Just another note of warning and of advice. We are building in most prosperous times, when labor and the products of labor are receiving their very highest reward.

Of all the new-law tene ment houses, fully 90 per cent, contain only four, five, six, and even seven room apartments, renting at $5 a room and upward. In my humble Judgment It would be well not to overstock the market with this standard of apartment. If anything Is needed It Is more two and three room dwellings, which, even In these prosperous times, are eagerly sought for by those who will not or cannot pay for the larger accommodations and which. If times chanire even slightly for the worse, will be inquired in increasing numbers by those who, in the heyday of their prosperity, have forgotten the advice to lay by for the lean years that may possibly await them. In conclusion I would merely add that he who Invests in well-located tenement property In the.

heart of Manhattan, or near the main avenues of the other bor-ougfrs. and who owns a substantial equity In what he buys, may feel assured that he nas about as safe an investment as he can expect to find anywhere In this high market a market which, so far aa real estate la conoemed. shows at the present time no signs of weakness, i JOSEPH BUTTKXWXESEIt. i MilMiSr Muf. mm nll! 'ltHJ THIRTY-STORY CITY INVESTING BUILDING.

Vtcvp' Structwe at Broadway arid Cortkndt Street Wfll Involve Its Many Unique Features. The new City Investing Building, to be erected at Broadway, Cortlandt, and Church Street, will be In several particulars the foremost of the city's bky-scrapers. In Its central portion It will rise to a height of thirty stories, and the roof over this thirtieth story will be 41S feet above the curb. The caisson foundations which will support It will be carried down to bedrock, about eighty feet below the curb, so that the entire structure, above and below ground, will be very nearly utio feet high. The basements and sub-basements will be excavated to a depth of forty feet below the curb.

The total Investment Involved In the operation will be about making It in this respect the largest single building project ever undertaken by private capital in this city, and probably in the world. The building will contain 15.000 tons of HARD TO AVOID REAL ESTATE PROFITS IN MANHATTAN, SAYS PHILADELPHIAN "You Can Be1 Seventy-five Per Cent. Wrong and Still Make Money" Criticism of New York's Real Estate Methods "One Hundred Different Cities On Manhattan Island." First, I believe you can be 75 per cent, i wrong and only 25 per cent, right In Manhattan Island realty and Btlll make considerable money. This condition is nofc to be found anywhere else In the United States. The moment is almost upon us when a higher If not the highest order of intelligence will be enlisted in the realty-markets of America, and most particularly In New York City.

There have been very few, in proportion to the large number of truly great men In the financial and business world, that have gone into the realty markets, but it looks very much now as If there will be a universal demand for high-class realty by the majority, instead of the minority, of the best brains the country possesses men who will not disregard the obvious until holders of realty have raised their prices from 100 to per as is often the case in the New York realty field. The knowledge of the general practice of the art and science of realty dealing In New York City is, I regret, very much below the standard of other large cities. There Is an utter lack of system and harmony between brokers, speculators, buyers, and sellers. It Is very rarely that an Investor has a chance to purchase a cheap piece of realty, as it must generally travel through a broker and also a speculator before reachmg him. and always at increasing prices.

Should 'the investor desire to sell his property, the general practice appears to be to inform any broker about the property; the broker spreads the information that the property is on the market; the owner is deluged with notes from brokers to the effect that they have immediate purchasers and to send them particular post-haste. Thereafter they devote all their time toward keeping ono another from making a sale, for just so sure as more than one man has a chance of sell-ling a property the price will surely be cut. Many good parcels have often been removed from the market because the sale of the property at a proper figure has been rained by sues procedure. If every broker 9 ZLTT structural steel almost enough to furnish the framework for three Flatlron Buildings. The rentable space in the new skyscraper will be Coo.

0U0 square feet or, if it were spread out on a single floor, an area equivalent to about six blocks the Fixe of the Madison Square Garden. The building will inclose 11.000,000 cubic feet of space considerably more than the Hroad-Bxcbange Building. The Broadway front will be twenty-six storlea high, and the central portion of the building thirty 6tories. Yet so skillfully has Architect Francis If. Kimball succeeded in carrying out his Ideas that one scarcely reallxes the structure's great height.

No less than twenty-one very large plunger elevators will be Installed to provide the structure's great transportation system. These will be arranged along tho southerly side of the arcade, which would insist upon a signed ccgitract placing a property exclusively In his hands for sale, the owner would be protected as well as the broker, and order will reign. This is the universal practice in Philadelphia. If a department store or other mercantile enterprise should be conducted In a manner similar to the title companies of Oreater New York It would" be many years behind the times. There appears to be no such thing with the title companies as a fixed charge.

"Why should a title company pay a lawyer or broker, or both, part of the money paid by the investor for title Insurance? Why should the title companies of Greater New York charge so much more for the insurance of titles than those in many other large cities? Why should their policies contAin so very many stringent clauses? When the time arrives that the title companies will take the greatest pains to clear a title, charging for their services a figure from which no one will receive any graft," allowing a return premium for cancelation, or for the bringing down of a title, the realty market of Oreater New York will have received Its greatest benefit. The lawyers and realty brokers have the.tr opportunity of participating in the profits of the title companies let them become stockholders, and If they cannot become stockholders in the large companies, let them form new companies. Don't make the purchasers of properties pay large sums for title insurance. It stops action and prohibits trading. Now something about New York City realty.

There is no such thing aa New York City from a real estate standpoint. There are one hundred different cities on Manhattan Island. New Yorkers do not appear to understand just how great their city is. and Just bow much greater it will become. If they would 'study realty conditions in other countries they would understand how much cheaper much of their realty Is as compared with, other cAles In other will extend clear through the building from Broadway to Church Street.

This arcade will In Itself be one of the building's most striking features. The Broadway entrance will cover the whole of the frontage on that thoroughfare, 37 feet, and the arcade will maintain this width throughout. It will be 315 feet long and 40 feet high, rising through two entire stories. The primary reason for the undertaking of so large a project, according to President Robert E. Dowllng of the City Investing Company, is that there is a steadily growing demand for large office space on one floor.

Even In some of the more recently built downtown structures, large corporations are finding it difficult to get accommodations without, taking In parts of two or more floors, and it Is for, such tenants that the City Investing Building has been planned. countries, and in many of the cities of the United States. They see properties increasing, ever Increasing. They see enterprises, conducted from a starting price at which they predicted failure, prove tremendocs successes. They see section after section developing and left to speculators for appreciation, never realizing that the most wonderful opportunities are before them to participate In the tremendous increase Manhattan Island realty must have.

They never study the lesson of tt. No one seems to understand any of the basle reasons underlying actual conditions. The only arguments one ever hears regarding the desirability pf a purchase on Manhattan Island are statements such aa the coming of the Pennsylvania. Railroad," the new department stores," extensions or building of subways," or "tips from Inside information of new boulevards, parks, What is destined to become the greatest city of all time and in a much smaller area than any other large city Is situated at the entrance to the New World, and la known as Manhattan Island. The superior merchant that establishes himself on Manhattan Island radiates his worth throughout the United States, and to some extent throughout the world.

In no other city in America does this condition exist. The tendency for many years has been to do away with the middleman. Cigars are being retailed directly from the growers of tobacco, and the time Is not far distant when every targe producer will retail his merchandise. One by one the choice spots are being taken out of the market. The manufacturer Is beginning to realize that he holds an impregnable strategic position when he owns the parcels of real estate in which he can retail the products of his own factory, and a general appreciation and broadening of this fact will surely bring much higher prices for realty throughout every large city of the United States, and particularly in New York City, by reason of Its manifold advantages over all other cities of UUa country.

The most remarkable movement In the construction of office buildings which haa ever occurred la the history of the world. In point of both magnitude and character. Is about to take place on the lower end ot Manhattan Island, south of Fulton Street. Plana either have been or are about to be consummated tor building at least fifteen tall, modern office structures within this small area, which will provide on or before 180. more than 2.B00.0O0 square, feet of rentable office pace in addition to that already existing.

When It Is remembered that the present Trinity Building haa only a brut 182.000 square feet of rentable ares, the extent ot this construction movement may be better understood. Borne of the projected bulldlnpe will be larger and higher than the office structures now-existing In this area. In which, however, are centred moat of the cltys greatest skyscrapers. Among the buildings referred to are the new Boreel Building and the new Trinity Building annex, at Broadway and Cedar Street; the United States Express Company, Building. S-t Rector Street and Trinity Place; the new Trust Company of America Building, at 87 and 88 Wall midway between the Stock Exchange and the new site of the National City Bank; the proposed great twin structures for the Hudson Tunnel Company on Church Street, extending from Cortlandt to Fulton Street; the City Investing Building, at Broadway, Cortlandt, and Church Streets; the Howard Oarroll Building, covering the West Street block front between Cedar and Albany.

Streets; the addition to the Singer Building, at Broadway and Liberty Street; and the extension to the White-ball Building, at Battery Place, West, and Washington Streets. The new Boreel Building and Trinity Annex will be at least twenty stories high, the Trust Company of America Building and the United States Express Company Building twenty-three stories, and the. other buildings above referred to. twenty-five stories or more. It is estimated that the fifteen structures, which Include, besides those already mentioned, rfie Seligman.

Cockroft. Royal-Queen, and St. liouis Mercantile Tnyst Company Buildings, and another the name of which Is withheld, will cost nearly $40,000,000. The query which naturally arises Is: Will they rent and be successful? My best Judgment is that they will be successful, because of the wonderful rate at which the business of the country la ex- PRESENT CONDITIONS ON WASHINGTON HEIGHTS How the Present Has Justified Speculation of a Year Ago. NO PRESENT APPREHENSION Plenty of Tenants for New Buildings-Demand for More Elevator Apartment Houses.

The proof of the pudding Is In the eating may be a homely saying, but the truth of it aa applied to Washington Heights real estate has surely been proved in the light of existing conditions. All those speculators. Investors, and builders who were fortunate enough to get some part of that small but Important section of Manhattan Island now find the pudding a very palatable morsel, the speculators In counting their profits, the investors in a realization of the advance in value of their holdings, and the builders in the rapid renting and sale of their finished product. About a year ago the Heights was the scene of a speculative movement the like of which has certainly not been seen' in this generation, and It was but natural that the rapid rise in values should be accompanied by considerable apprehension In many quarters. There were many who predicted that prices were rising beyond all reason, and jthat a recession was bound to come.

To those, however, who were familiar with the real estate history of New York, and who had made a thoughtful study of present-day conditions in the upper part Of the city, no such alarms were worthy of serious consideration. And how baseless any such forecasting of calamity was has been amply borne out by tna results of the year following this wonderful market. NEW STRUCTURES WELL RENTED. The value of land must surely be dependent upon Its Income producing possi bilities, and In my opinion It was a most fortunate thing for Washington Heights real estate that It was put to this test so soon. Immediately following the lot spec ulation of last Spring dozens of building operations were started, and within the last two or three months we have been put In a position to see whether land was or was not too high on the Heights.

Builders who finish their apartments in January and February as a general rule look forward to a period of at least two or three months before their houses are filled with tenants, but that has not been the case this year, for In this most unfavorable renting season tenants have been numerous snd many houses scarcely finished are practically filled, at the rents orlglnaJUy scheduled' and even in some Instances at slightly higher figures. Naturally the result of this has been that houses that are rented are easily disposed of. and there are now many builders on the Heights' who have disposed of the whole or part of their output and are ready for new operations. The confidence of the general Investing public In real estate, and particularly uptown real estate, seems stronger than ever, and there is no lack of buyers who ar well supplied with cash. In fact, in all my experience on Washington Heights I cannot recall a time when conditions have been so satisfactory.

The future, too. seems to be particularly bright, aa there Li still ample room for further development along existing lines and also in some fields that have been up to the present somewhat CHARACTER OF PRESENT DEMAND. The general run of apartments built on the Heights daring the last few month has been of that kind la which rent run pandtnr, and remembering that most sh the country's hnpertant enterprises mast maintain office 4n New 1 York. The increasing demand should be equal to the supply as i- Is available. Not otJy is the need for creased office space apparent, but many or the best located prop-ertie In the cor.

iratively small, area referred to are be permanently absorbed by corporations firms who are fin-covering that la their own buildings they are acqulrlrg an asset that Is valuable in many ways. Not only. aav formerly, are the lnv-portant financial tnatttutloas -of the city -appreciating these advantages. but tha great Industrial corpora.tlcns ths country are dleoorertng the bejv't of -owning a great- building in rLl- -r all their subsidiary and efUU t- "ra-tlona tan be provided for, I for a wide extension. ttm orv-uent.

It the world's greatest oil cc found economy, convenience, and a saving of time by grouping Its worker in one huge structure, why does this argument not apply equally to steel, sugar, tobaoco, etc? J. The financial and commercial centre of Manhattan Island haa been fixed by th enormous vested interests la the great buildings already built or now building, between Fulton Street and th Battery The Inference to be drawn from th facts herein outlined la that ell-selected real estate on this narrow tongu ot Man- hattan Island Is the safest purchase la th world. There appears to be no chase ot a recession of values, and every reason why they should advanc beyond their present status. New York City has In th last few year become the on great permanent centre of th Western Hemisphere from almost every point ot view. It 1 not exaggeration to say that as a dty It contain moat of the features ot both Parts and London, In addition to many others not found la those great capitals, and afford cp- portunltles in commerce and Rnanoa and offers surroundings and luxurle not obtainable anywhere else In th world.

No other city and so foreign country contains such office buildings, hotels, retail shops, and theatres, and New York Is the magnet that draws the busy and the Idle peoples of the Western ephere. and many ot th Old World. Ir the same sense that these cissses haw been drawn In the past to London an Paris. w. n.

CHESEBROUOH froSt "ino $8 foom. but there Is ij a slightly, lowesntave( a con- (laeraoiy signer iigve. jror mis iier ciass the high-grade elevator house must be built, and it ha been only recently that builders, who In the beginning wer somewhat timorous about undertaking this larger type of structure, are beginning to see the possibilities of the substantial profits to be made on houses ot this sort. There are several six-story corner buildings now In course of construction, and the builders tell me that they are besieged with Inquiries as to when they will be ready for occupancy, and In some Instances leases have been signed for flats that will not be finished till late In the Spring. It Is along Broadway that theee buildings are being put up, and it surely, will not be long before progressive operators and builders will realize the desirability of Riverside Drive and Fort Washington Avenue for Improvements of the best quality.

For those looking fo. cheap rent there is little place on Washington Heights, and the great mass of people who cannot afford to pay as high as 0 a room will be compelled to go further north and find homes In the Dyckman )racL The opening up of the Subway through to the Ship Canal on the 12th Of this month has given us practical proof of how accessible thi section la, and there is now nothing that can retard Its development In the near future with flvu and six story apartment houses built to rent at moderate prices. There is another side to the Dyckman tract which has not been fully appreciated except by two or three large manufacturing concerns and a few operators, and that Is, that within Its borders along th Harlem Rtver there remains about th only available undeveloped water front on Manhattan Island, The' advantage for commercial purposes of all kinds of property abutting on the water are, of course, too obvious to call for comment, and they are coupled with accessibility by means of exceptional transit facilities both from Manhattan and th Bronx, (from th Utter by the new 207th Street bridge, which will be completed. In a few months.) It cannot be long before the few remaining blocks will be taken out of the market and used for business. The demand for private houses, both for rental and sale, is very good, and as there have been practically no private houses built on the heights In th past two years the supply Is very small.

Builders who will put up good on and two family dwellings In th few restricted streets will certainly sell out befor completion. 1 The Spring season seem to be start lng under most auspicious circumstance, after a remarkable Winter, from a real estate and building point of view, with many new structures reaching th finishing stages, with an unprecedented demand for all kinds ot property, and with the Rapid Transit Road running to th northerly end of Manhattan. CHARLES GRIFFITH M08E3. AUTOS AND REAL ESTATE. Of the new industries which have contributed to the city's real estate prosperity during th last two or -three year probably none outranks in Importance th automobile trade.

Th automobile has- demanded for It storage and Ita display hundreds of thousands of square feet; of spec all over the city. A walk up Broadway from Times Square to Seventy-second Street 1 sufficient to demonstrate th motor oar Influence upon real estate. All along this stretch ot the city' great thoroughfare stores for which there was formerly an indifferent demand, are now fully tenanted and at greatly increased rental. Many plots, moreover, have been mad the site of new trooture which yielding excellent return on thw7aln 4 th land. i i.