New York Herald from New York, New York • 64

AUCTION H( FORECASTS I Trend Back to Norr World Will Bring f. Into the Real By BRYAN' L. President, Kryan L. 1 sPft'T Vice-President Harrbn What is the outlook for the real estate auction market? The brighteet in all the annals of New York realty. 1 am as a confident of this as I am of the ultimute II results of tho Washington disarmament conference.

The auction market was j.i never better than during 1921 and the t. market for 1922 promises to overshadow If. particularly in the volume of vacant lot transactions. And there is good rea- a son for believing this. Civilization has begun to put Its house In order again.

It a is recovering f.nm the moral slump i which has kept the world in a state of paralysis for almost a decade. It is I fuming to peace and is making Ito posi- more stable and secure. Tt is get- ling ri'il of disorders and restoring con- It Is reviving trade everywhere. letting In motion all its industrial looms li and cr'-ating a demand by ono nation for tlie wares and goods and good will of another. Added strength Is given to ny faith in the future of the rial estate auction market In the return of investors to the field of reaJty and their active par, ticlpation in most of the important transactions.

Tor several years past tiiey have held aloof, devoting most of li their attention to stocks and bonds and ether securities. They lost sight of the frolldarity of Now York real estate und of real estate as a source of constant and steady income. Having sustained tremendous losses In other fields, which they had been led to believe offered fabulous profits, the truth has dawned upon a large number of investors that the safest kind of an investment is im- proved real property hich produces substantial returns. a Let me say that investment In the real estate market during the 1914-1918 con- flirt against militarism and during the post-war period to date has meant 'he conservation or saving of fortunes for many American citizens, because of the a soundness of real estate and Its ability I to stand up against even so great a catastrophe as the world ar. It Is truly remarkable that while 'ery thing else virtually went to smash, estate, jespecially New York real estate, stood the shock without once feeling It.

When one considers Manhattan real a estate by itself, what equals It from an Investment standpoint? Thero is no spot on the Island whose value of the i moment is not fixed and whose greater value of the future Is not assured. Man- lis (tan has hardly been developed, and tj within the next decade or two, when the real stride of development is begun, we must look for a real estate growth out- distancing by a tremendous margin any growth of the past. As proof of this, banking institutions. Insurance compa- nlets, mortgagees and individuals of ei known conservation are handling more tl real estate securities than ever before, ci and they realize more than ever before it the soundness of Investment In real es- tale and its strength and potentialities pi Mv confidence in the future of the real a estate auction market la ulso strength- I ened by the increasing number of a women Investors, operators and speeu- lutors at all my sales. When women Fine Shops Ent Fifth Among all the vast changes that have been taking place in the vicinity of Fifth avenue and Fifty-seventh street In recent years few have attracted more attention than the erection of the great nl twenty-five story Ilcckscher Building at the southwest corner of those thorough- fares and the recent opening of the 'via artistic new home of .1.

M. A which adjoins it on the south. Theae structures represent the most approved T1 satisfactory types of commercial KhltwWt In the city. They are also 'l. monuments that will commemorate the confidence which these business Inter- esta have In the future of that portion J1' of the ever changing surface of Man- 1 liattan Island.

There is only one more building nn this bl" front. That is the handsome home of Duveen Brothers, art dealers. 111 The new Cidding store occupies a frontage of fifty feet and Its real estate history calls attention to the extraordlnnry Increase In property values in this Fifth avenue neighborhood. Two handsome residences formerly occupied the plot. The house at 724 Fifth avenue was purchased In 1884 by R- Fulton Cutting for $100,000.

The price created something of a sensation at the time is It' was said to have been the highest ever I flilU ,1 I I 'if mr rum nviiur unruuiB vi aw i 7.r. Mr. Cutting 11 there for several years nnd prior to 1911, when sr. by the own'-rs, the dwell- lng was occupied by Mrs. Mary E.

Bierstadt, widow of the artist, Albert Bier- fctadt. J' The house at 726 Fifth aventie was the home a generation ago of Aaron Rsy- lr mond. a prominent New York merchant. In 19bS Mrs. lyiuls T.

Hoyt purchased th the plot for about $250,000 and erected br a new residence whleh was sold early In 1920. Mrs. Hoyt set a price of 1600.000 on her property and, like the plot at 724, thirty-six years before, when the ar Hoyt residence was sold the price paid to was re' (, I 1 the highest ever paid for nn Inside lot on Fifth ave- nun north of Forty-second street. Almost within a stone's throw from eh the Olddlnjj store I the plssa area above wt 'n-. with tl.e status of 1 fa Gen.

W. T. Sherman by St Gaudens. i Fi which appropriately faces the elaborate oo Pulltser fountain to the south. On the west Is the Duxa Hotel and opposite are the Savoy and the Netherland hotel Tlie Metropolitan and Knickerbocker clubs arc close by, to the north, while the private residences remaining are those of Mrs.

Cornelius Vanderbllt, Commodore Eldrlrijra T. Q-rry and Cf Harry E. Huntington, who married the widow or r. Huntington. houie, built by the wealthy California railroad pioneer, Is directly opposite the Bf new homo of J.

(lidding Company pr In It la housed most of tlie Ineom- pli parable Huntingdon library, the largest and most vnluablo private collection of books ever together In America. If a -nlstory of these blocks pt the noro-riy boundary of the great- l'n est and bo lest retail thoroughfare In the lnl world "'or id he written, It would form one of most fascinating stories of 1,1 the growth of the metropolis in Its never cea.rlnr onward rrarrh to greatness and achievement In the commercial and so- i clal worhl. I w' Oolng back Inlo the early part of the 1 last century the map of the city In 1107, laid out In rectangular by the 1 commissioners of that time, shows barely half a doxen In the Fifth ave- 't mte area north of Forty-second street. 'nl The country home of Thomas Addis Kmmet, the Irish patriot and first of that name to to America, In rj la plainly markeil In the block bounded bv Fifth and Sixth avenues, Fifty-second end Flfy'-third streets. There were also rnbt.ti two amnll houses In the middle of the block between the satnc avenues and p)i Fifty-fifth end Fifty-sixth streets.

The l.lgln Botanical Gardens occupied a large portion of the blocks on the west I 3R0SC0PE i BIG YEAR nality Throughout More Investors istate Market KEN NELLY. Krnnellv. and nan National Bank how a live interest In real estate it is inal proof that real estate is as stable nd secure as Gibraltar is popularly beleved to be. Their activity is a great timulus and I look forward to the time ihen women will take the leadership in rading in the open market. While on the subject of transit 1 night say that nowhere in the world re there such transit facilities as exist our city.

The wonderful part of Tt .11. too. is that still greater transit fa llltles are in store for the people of lew York city. In the last year a numer of new transit units were completed contracted for, and vast vacant areas ither opened up or gave assurance of einff opened soon. Among new transit nits added to the dual subway system 1921 was the extension of the Lexingon avenue five cent line to Pelhain Bay 'ark, where.

In the early spring, I held ly Pelham Bay Park lot sale, which fas attended by more than perons, a few of whom paid close to a aillion dollars for BOO vacant lots. The coming back of Investors into the eal estate market has, with the operaIon of the tax exemption law. resulted the establishment of a new high rocrd for building this year. These two ondltlons have created a volume of ontemplated undertakings, assuring the ontinuance of the home building moveicnt. In Greater New York homo buildigs are being erected weekly to care or approximately 1,900 families.

Brook- rn leading with 1,000, Bronx with 400, ueens 300 and Manhattan and Rlchaond with 10-0 each. The suburbs of Vestchester, New Jersey and Nassau nd Suffolk counties, L. are producig 600 weekly. In spite of the fact hat constructional cost averages $1,000 er person or close to $5,000 per family, esldentlal work is taking more than 60 er cent, of the total building outlay gainst a normal average of 35 per cent. For the first time In the history of the Ity, this will be an active winter for the uilding industry.

Gigantic housing rejects are under of them or 400 frame dwellings In Brooklyn, epresenting an outlay of $2,500,000, and nothef for the simultaneous erection of thousand homes In five cities within ommuting distance of New York. There is good prospect of the State extending the rent relief iwa for one or two years, or at least ntil November 1. 1923, as well as the ax exemption law on the new bulldog constructed for another year, so that rlvate dwellings and apartment houses tarted before April 1, 1923, will get raotleally nine years of tax exemption, uch action by the Legislature would far reaching and of Inestimable benflt to the community. It would mean i le development of large tracts of va- 1 ant land, the eoaetruction of many I lore homes and the building of numer- I us multi-family dwellings. Most Im- I ortant of all, it would mean a great dditton to the already formidable list 1 property owners and would prove nother big stride in the direction of etter government and a high standard citizenship.

on outh of Plaza; i de of the avenue below Fifty-first Most of the property was designated i common lands, belonging to the city, i ho most astute purchaser of these com- 1 ion lands, whose wise or lucky real es- I ito Investment has provided the present 1 ascendants of his family with more i ealth than they ever would have as a result of his banking: was John Mason, one of the found a and president of the Chemical Bank, ter called the Chemical National Bank, bout 1S23. Mr. Mason bought the eight ocks from Fifty-fourth Sixty-third rects. between Fifth and Fourth ave- jew. Madison avenue then was not cut trough, with tlie exception of the plot tween Fifty-sixth and Fifty-seventh 1 reets.

Records show that Mr. Mason lid the city for three of these large ircels. each 300x950 feet, $2,500, aver- ring about a city lot, and practi- illy the same price was paid for the hers. In 1845 a lot, 25.10x100 feet, on northwest corner of Fifty-fifth reet, where the Fifth Avenue I'res by- rlan Church now stands, wns sold for 150, and in 1850 one of the westerly imers of Fifty-seventh street was sold while Inside lots between Ifty-seventh and Fifty-eighth streets, the site of the Vanderbllt mansion, -ought from 1520 to J710. Below Fiftieth atreet, on the east side, tre unsightly cattle and shabby' luatter shanties lined Sixth avenue in upper Fifties.

On the site of the Ho. 1 Nether land in 1859 and for some urn later was a riding academy, and iring the tame period a well patmned seating pond was a popular winter sort In a deep hollow now graced by Savoy Hotel. That was formed by a oofc running through Fifty-ninth A few years before our Centennial lebration, in 1970, the Fifth avenue id Fifty-seventh street vicinity began feel the effects of the northward home ovement. It nn Interesting cotnci. ince that while John Mason was the st large land purchaser there, his lest daughter.

Mrs. Mary Mason Jones, the leader Its development as a shlonable center. She built, about 1870, ench mansard roof at the northeast 11 roer of Fifty-seventh street. OWUNG SELLS LAST OF OLD SAGE PLOTS Robert K. Dowllng of the Liberty A lurch Street Corporation has sold the it of the vacant property on Catheal Heights which he purchased In 1920 the auction sale of the Ruseelt Sage ilLallaa TVa tsai Ja.1 liiv mvi urn i invunrn inv on the north aide of 109th met, 100 feet weat of Broadway.

Slawn Hobba were tlio Mr. pimhaaed aeventeen lota 1 9tn the eatate of Ruaaell Safe extendI from 109th atreet to Cathedral Parkiy UlOth atreet). with the entire! untaico on Riverside Drive. 100 feet jet of Broadway and reaold through Kama the plot on the south le of Cathedral Parkway. 100 feet of Broadway, to the 610 West "th Htreet Company (Benlamln P.

alker), and the northeaat comer of! veralde Drive and 109th atreet. lOOx1 .10, to Mr. Wa.Ker. The Rlveralde Ive Corporation (M. 10.

Paterno) haa rchnaed the southeast corner Rlverle Drive and 110th atreet. The buildre about to be erected on plota II mark a notable Improvement In thla ilnltjr. In the Dwelling Market. H. Crulkahnnk purchased from John Rogers 103 Eaet Thirtieth reet, adjoining the corner of Fourth enne, a lire atory dwelling, 20x79.1 mrlea M.

Baldwin waa the broker. I -V 6 THE HEttSCHER BUYS 5TH AY. LEASEHOLD Acquires Fee to Building at Corner of Fortieth Street; Other Deals Reported. Through the office of F-rank Veiller and J. Robertson.

August Heckscher has added another Important Fifth avenue property to his list of holdings in that section. He has purchased the leasehold of the Knox Building, at the southwest corner of Fortieth street and avanna ha T7Vvr.fr Fifth Avenue Corporation, which Is controlled by Benjamin Mordecal and E. C. Potter. Two years ago the sellers leased the Knox Building from the Fanners Loan Trust Company for a period of twenty-one years with renewal privileges for a similar term.

The rental for the en- tire forty-two years totalled about I $2,000,000. In taking over the building for tho unexpired term Mr. Ileckscher i will have the benefit of the alterations do by the Mordecal-Fottor Company. Tho Knox Building la a ten story structure fronting 33 feet on the avenue and 110 feet on Fortieth street. The basement, ground floor store and the sixth floor are occupied by Knox the hatter under a lease which has about six years to run.

Mr. Heckscher took over the leasehold under the name the Anahma Realty Corporation, which is one of his holding companies. His law- I yer in the deal was William Dickinson Hart of the firm of Piatt, Field, Taylor Patterson. Sidney B. Cardoza was! attorney for the sellers.

Mnltlfnmlly Property Sain, Melster Builders, have purchased through Eisman Lee, Corn and Levene the six story apartment house. 40x70, with six stores, at the northwest corner Forty-eiRhth street and Second avenue. The property was held at $75,000. O. Johnson was the broker.

Purchase has been made by the newiy formed Mott and East Houston Streets Realty Corporation (F. D. Paoli, J. d'Anugelo and P. Mato) of three five story tenements with stores, 63.4x76x irregular, at 53 and 55 East Houston street and 293 Mott street, forming the southwest of those thoroughfares.

The new company was represented by Alexander Blneh. attorney. J. C. Hough Co.

sold for Benjamin Silverflno the six story apartment house at 220-222 West 111th street, 62.6x71.10, renting for $15,000 and held 1 at $85,000. Irving Bachrach and Ira Rosenstock i sol I to Kopel 9 East 115th street, a live story tenement with two storits, 25x100. Co. Sixth Ave. Bldg.

The Childs Restaurant Company has started an "own your own business Iiome" movement. Yesterday the company purchased from the estate of the late Oscar Hoyt, Bryan B. Kennedy, trustee, the premises on the west side pf Sixth avenue between Fourteenth and Fifteenth streets, held at $100,000, and i ponsisting of a four story building with I 1 one story extension, 20x100. Bronx Market Reports. Richard Dickson sold for B.

Winter- roth, northeast corner of Briggs avenue und 109th street, a plot 75x100, with two family dwelling. Alexander Selkln and Samuel Hoch- 1 teln sold for F. Calgagno the four story I 1 Prick four family dwelling at 954 Leg- Sett avenue, 25x100. Barnett Smith have purchased for i i client the block front taxpayer site on Baseford avenue between IS 3d and Fletcner streets; also a taxpayer site n-ith a 45 foot frontage on Decatur ave- i iue near Fordham avenue; a ten room i house at Marble Hill avenue and St. Charles place, and a taxpayer site, 60x 100.

on the southwest corner of Ogden ivenue and 170th street. 1 i 1 Brooklyn Transactions. i M. Rosenthal Company sold to B. fCrnus a three story house at Fast Ninth itreot near Coney Island avenue.

Kings Highway, held at $15,000. Realty Associates sold to T. B. Farrell i two story dwelling with garage at 122 Blxty-elghth street. Bulkley Morton Company sold 538 I rtonroe street, a two and a naif etory osldencs, 20x80, for A.

Maiinofr. The Prudence Company. has doacd a flrst mortgage on the property (ccupted by the 8terllng Piano Company the southeast comer of Fulton street, tnd Hanover place. In the busy downown shopping and business center of irooklyn. Lawrence, Blake 4- Jewell plnced a lullrilng and permanent loan of $90,000 it 6 per cent, for ten years on the southvest corner of Thirteenth avenue and Fifty-fifth street for tlie erection of a our story apartment house.

100x120. rhe operation will Involve $200,000. William E. Harmon 4k Co. sold plots their East Flatbush tract to Morris dogad, Patrick J.

O'Pray. Louis Stern- ichein, Joseph Coehn. Michael de itattla, Louis Casino, William P. Kane, Frank Vttalo, Pasquale Franco, Mario Jcoma, James Kllpatrick, David KllPatrick, Samuel BctlOllcr, Henry Kelt, dorr Is Reltmelster, Lulgl VasKallo, flarry Berger, James J. Karger.

Joseph longorlno, Savarlo Chlofalo, Benjamin Friedenthal, Rosa Berdy, Vlncenzo I'asluale, Agostlno Ruglero, Louis Berger. tnthony Roberts, Paul Ls Joseph Junrtano. Morton W. Sass. Consajjllo -aurea.

Joseph J. Delapa, Frances Ronano, Frank W. Weiss and Thomas J. Vrlght. Snbsrbsn Market.

A. E. Williamson, president of tfhe Liability Insurance Comany of Jersey City, has purchased frotn 1. A. Richardson, chairman of the Pnnnylvanla Coal Company, the latter's welve room residence at 149 Upper1 fountain avenue, Montelalr, N.

J. Th? I irnnnrtv tima hrld nt IRO.OOrt hmiki 1 situated on a plot, 144x200, with gar- I an The sale by the Frank Comlany of Montelalr. W. Madden, agency manager for the Mutual Life Insurance Company, haa lurohaaed Headquarters, the home of ha late John W. Sterling In Ryo, V.

1 rlr. Madden will occupy the proptutw, i-hlch a iitueco hou.ee. two crea of land and Kenieth Ives A Co. were the brok Among the recent in Larch inont lardena, Larchmont. through Oeoi Town are the following: For K.

Robinon to Rebecca on tooky for Luther It McMllInn touae on Drive to E. Blttel, lisoolated with the Federal Advertlalng ksroncy, and for Frank J. Nlnnott lutch Colonial on Monroe avenue, damnroneck, to Roy W. Mar.iten of the dint Producta Company. Port Cheater; to Rufua Allerton two on Lanelowne Drive adjoining the buyer's reallance.

Burke Stono, sold for Welter feriberg a corner plot In Larchmont on he road and Beach avenue to a llent In this city; ulao for Hope Htxgerald plot In Larchmont Gardens, and plot In Larchmont to Wllllnm If. Rmlth, if Lorchmont. R. Franklin Hull of White sold or the estate of Randall Spalding tne esldence and large plot with gnrago at 5 Alexander avenue, White Plains, to talph Weeka of this city, who will ecupjr. I sIEW YORK HERALD.

CENTER Expert Says It Of nities Than Air Section of By FB.VIMO Of Vrct The center of speculative activity just now is the Pennsylvania Terminal district. This wide expanse of territory, extending from Thirtieth to Forty-sey-ond street und from Broadway to the Hudson Kiver, affords more opportunities for the real estate operator and speculative builder than almost any other section of the city. After fifteen years of quietude the district is at last awaKoning. 1 iiij year 1321 marked the complotinti of the tire', large building operation undertaken by private capital in this erection of the two gar. ment center structures.

Involving an outlay of IS. 000,000. The year 1922 will sco the continuance of an active campaign by speculative buihiers will add an Important chapter to the city's development and Will establish a new center of the needle trades. Almost twenty years have elapsed since the Pennsylvania Itu'lroad Company acquired its extensive holdings and started work on the terminal at Seventh avenue and Thirty-second street At that tlmo only one thing was needed apparently to bring about the development of Seventh avenue and the side streets along lines similar to the building up of Fourth avenue. That one thing was rapid transit When announcement was made that a new subway was to bo constructed extending southward from Forty-second street under Seventh avenue the stage was set for the enactment of this program.

Unfortunately for those Who backed their theories with the purchase of the land for improvement or fhr resale at advanced prices, the actual construction of the subway lagged for years, while one city administration after another wrangled with the local traction heads and waged bitter warfare in partisan papers. An incipient boo'm, developed in the side streets near the station, flourished for a brief time and then languished. Then the zoning laws were enacted and the Save New York Committee came into being. Factory buildings were prohibited above Thirty-third street ar.d east of Seventh avenue. Objectionable occupants in the protected gone were induced to move to the unrestricted neighborhoods.

A neutral zone was established around the high class shopping district centering at Broadway nnd Thirty-fourth street, and a protective barrier was drawn up around tlio Pennsylvania Station. Seventh avenue was restricted against factories, as were also the Forty-second street theater blocks. Now the real development of the section, so long deferred, is actually under way. Unnd values have risen rapidly in the last year throughout this district, a number of new buildings have been erected, and plottage is being assembled for operations to be carried on in 1922. In the side streets between Seventh nnd r.ignin avenues several parcels liavc changed hands and the quotations have risen from $18 to $23 per square foot.

The tendency is to accumulate sites of from 10.000 to 23.000 square feet, which Is not a difficult matter, owing to the fact that operators pieced together a number of smaller units years ago In anticipation of the present building movement. Ruildlngs for the needle trades have boon put up in Thirty-fifth, Thirty-sixth, Thirty-seventh, Thirty-eighth and Thirty-ninth streets, and have been filled with tenants at rentals ranging from $1 to $1.50 per foot of floor space, stores in the side street buildings nnd In new garment center capital have been taker, by show room tenants in the furniture line and in the millinery trade. Plans have been filed for half a dozen tew structures for manufacturing tenints to be ready within the next twelve months and many more are contemplated. Originally given over to the publishing, printing and allied trades, these few blocks are apparently destined 0 be filled with garment factories to he exclusion of all other lines. Seventh avenue, thanks to the zoning aw, is restricted to ofllce and showroom manufacturing not being permitted.

A tall structure at the southeast corner of Thirty-sixth street pvas put up by the Armlon Realty Company, infl is now the home of the Furniture Sxchange. The Pictorial Review put up 1 handsome sixteen story annex for Its I use at the southwest corner of rhirty-ninth street. The Cen- er Cspttsl buildings take up the west- fronts between Thirty-sixth and Thirty-eighth streets. Several large I plots occupying prominent corners are ivallable, although active negotlationa ire being carried on for their Improve- rent. The fitate arsenal property, an I ild brick edifice occupying a plot 100 at the northeast comer of Thirty- Building Cc Returning Construction Expe Which Cost I Costs $6 to Br PAUL STAnRKTT.

of the George A. Fuller Company. Th? mit'nnU fftr rpnl nnrl fcnlU ng for the year 1922 fa promising. The Improvement In the situation during the net monthe has heen very marked. rho 1 rummer rxpanelon In the demand for apace from manufacturers of war natorlala, starting early In 1916, at a isnc when New York was In one of Its periodically overbuilt conditions.

Imnedlatrly absorbed the vacant space vntlahle, and the steadily Increasing i end resulted in 1918 In almost a eiu panic, when the most undesirable was eagerly absorbed at unreaspnnbly high prices. War artlvltlee had eo completely the supply of labor of all sorts ind prices of materials for building onstructlon mounted so rapidly, that uilldlng contractors were forced to ilinndon taking contracts at a flxed Tho only method hy which buildng contractors could operate was the percentage or flxed fee plsn, under vhlch tha contractor received a set 'ommlsslon or a fixed amount for his icrvlcea snd the owner paid the cost, whatever It was. At one period bulbing costs advanced so rapidly that an 'Ktlmate made for an owner's eoneldcrnlon wns worthless by the time tpo Drellmlnarlea necessary for a building were gone through. Conditions prevailing In this perlon rapidly rising costs resulted In serious kbuses In the building Industry. Posilbly It should bs said that the natural SUNDAY JANUARY KNIA ZONE ACTIVITY fers More Opportunost Any Other ivfanhattan.

HE C. GOODE Goode. fifth street, is being: offered for sale. The major portion of the block front to the south is available also. At the northeast corner of Thirty-seventh street is a plot 244x100, held by the Bannerman estate.

Tho Wendcl and Fitzgerald estates Thlrtv. seventh, Thirty-eighth and Thirty-ninth streets, extending from Seventh avenue east to Broadway. Some surprising figures have been paid for small pieces on Seventh avenue between Thirty-first and Forty-second streets. Inside lots aro held .1 to $5,000 per front foot. SniiUl pieces comprising the keys to larger plots on certain prominent corners are held in some instances at $7,000 to $8,000 per front foot.

Long term leases for improvenrefv been made at record rentals. The plot 50x100 at Seventh was rented last year tor a term of sfttty-threc years on a sliding scale basis, running from $15,000 to $20,000 a year. A modern office building will bo erected on this site, tlie improvement reverting to the owner at the end of the lease. On the east side of the avenue, two three blocks further down, the owner ef a plot including 4,600 square feet of pround recently refused an offer of net for twentyone years with renewals. NEWARK AT PORTAL OF MARKED GROWTI Port Development and New Industries Assure Prosperity for Real Estate.

Br CHAR F. KRAEMER, President of the Real Estate Board of Newark. Never In the history of Newark was the approach of a new year so anxiously anticipated or so laden with such auspicious possibilities as the one we have entered. Notwithstanding the many disturbances to our business and industrial life and the distorted mental condition of our people that the war has caused, we are rapidly regaining our equilibrium, and with the proper guidance at the hands of strong and trustworthy officials our municipal craft will soon be sailing in clear waters toward prosperity and success. Nature has endowed Newark with a strategic position.

Our Industries are all preparing for the oncoming world's trade. Our seaport development is nearlng the point where we can soon shelter the world's commerce. Our great transportation questions, both passenger and freight, ure rapidly being planned and coordinated so that we will soon be the terminus of all these giant carriers. Interstate communication Is fast being established by the vehicular tunnel and bridge projects. What more could any city ask; what greater future could one want to look forth to? From the real estate standpoint there is no territory that holds out greater Investment inducements than Greater Newark.

We have seen land values advance from to $22,000 a front foot on Broad near Market street In the last twenty years. Such incrcssos are only Indications of what will affect the entire business section of this city. Industries have made Newark what It Is, and Newark has quickly adapted Itself to Industrial wants and requirements, but this is only the beginning. The coming year is destined to see the largest Industrial Influx that we have ever experienced, to the city's development of Its waterfront lands and deepening of the waters of Newark Bay. Of no less significance is the general program of our City Commissioners and the Board of Chosen Freeholders, who are In every way cooperating toward end of reducing their overhead In the various departments, to higher efficiency and practicing tho strictest economy so to reduce the taxpayers' burdens.

And. last but not undertaking of a vast Industrial development along the lines of the Bush Terminal multiple lofe building Idea In the Port Newark Terminal area, now under advisement and consideration by the engineer of tho Department of Streets and Improvements, Is a feature that means more to the taxpayer than anr other program that 'he city is corslderlng. Ar to State rt Says Worst Is 140 a Ton at Peak Is Also Ir Nearly Pre-war upward movement In coats was aug-1 inontcil liv romhlrnllnm 1 and of building and by unreasonable and practices In the control and manipulation of the labor Undoubtedly abuses have existed In a moderate way for but the necessities of the war presented opportunities for extortion which were exploited to an Intolerable degree. The demand for labor was naturally token advantage of by labor, and wages aid to and common laboring ien enabled their families to enjoy luxuries to which they were unaccustomed. lie mechanic's wife could afford much i 'iter living than the lerk or other citisrn of modeat Income.

Vhla was one of the faetora which led to i ho shortage of housing which started so much discussion In all parts of the country nnd was so serious ss to result In legislation with tho object of relieving the situation. The abuses described above resulted In the activities of the Uockwood Com. mission, which turned a searchlight on the situation, with very satisfactory resuits. The worst la over now. Things are rapidly getting hack to normal.

The advertisements of aparlments to let In the dally papers, and the condition In Brookl.vn, for Instance, where the Jyong Island Ileal ICstate Hoard report 7.200 vacant houses. Indicate that the housing short, age Is not serious, to say the least. Building prices have fallen rapidly during the last six Steel, which as much ns $140 a ton erected In buildings at the peak, can now be erected for $60 a ton, which la very little, If1 3, 1922. DEVELOPER MAKES ROCKAWAYS HUM Many Big- Projects Forced by Increase in Population; Homes Snapped Up. By LEWIS H.

MAY. The Rockaway peninsula, having a i seven mile ocean frontage in the greater city of New York, leads the entire Bor- ough of Queens in Increased population. number of buildings constructed and 0 home ownership, which doubled Itself in tho year 1921. Due to this increased home ownership, real estate values have been established far In excess of any of the other boroughs of the greater city. a The values obtained In the year are based on sound factors.

Tlie elW matio conditions, tho commuting con- 1 vcnienccs and nearness to Manhattan are the advantages for all year resi- dents, offering both summer and winter attractions, as against the other geo- graphic lochtions in the greater city, with no summer attractions. 'Numerous modern stores have been constructed, 'I theater and moving picture houses. churches of all denominations, apart- ments, flats and other buildings of a I' substantial character, the greater num- ber being of fireproof construction, brick, steel, and the balance stucco. The frame dwelling is not in favor with the builders developing this penin- aula. i In N.nonslt, Belle Harbor and Rock- 1 away l'itrk lot values have doubled within the last twelve months and numer- 1 ous private homes have been built and arc now under construction.

A large moving picture theater Is under con- a at Rockaway Park and the onocean front, where the Park Inn 'y was located, is being developed a 1,000 room bathing pavilion of I steel and concrete. values on Fifth tj i ir. Park, average about $10,000 a lot, 20x100. The entire coast, (I including Rockaway Beach, Hammels and Arverne, has practically been ab- sorbed for all year residence purposes and the all year population in this sec- i tion compares favorably In size with the summer population of three and four K( years past. I Edgemere has a summer population of i over 50,000 people, due to the construe- tlon of the smaller typo of bungalow I house.

Thousands of these have been -ri built within the past few years, each he- c( ing occupied at a rental ranging from $800 to $1,200. At no time during the past two years has the supply caught up with the demand. I.ots range In price 0, nnn nnn an.i In I -wu IQ instance a corner lot, 20x100. near the a( station, was recently sold for $6,000. hi A $1,000,000 corporation was recently formed for the development of the ej ocean front at Edgcmcre in the nature of an electric park, which will finally be located along the ocean front between the Edgemere Club and the Lor- ralne Hotel.

This park will contain adaptations of foreign seashore resorts. A pier similar to the $1,000,000 one at Atlantic City will project into the ocean. The great demand for homes In Far Rockaway and the vicinity caused the absorption of nearly every private house in this section, which has b' changed ownership for permanent oc- cupancy. The rehabilitation of these di older buildings by the new owners for all year occupancy has 1 the entire aspect of Far Rockaway. The purchasing power of the ir.creased population has caused the husi- ness section to expand to euch an extent that numerous streets surrounding the station have been developed for business purposes only.

Lots on Central avenue the heart of the business center, are held to-day at $25,000 each. The thirty tapestry private homes erected on the Toch property were all practicallj sold from the plans before their completion at prices ranging from $22,000 to $27,000 each. CI The apartment hotel on the Stiner property, corner of Oak street and Broadway, plans for which are com- s' plotcd, will be started In the spring of ai the year at a total cost of approxl- cs mately $800,000. Lawrence, Cedarhurst. Wood mere and Hewlett are experiencing a building boom to take care of the present do- mands in this section.

Hundreds of private homes arc under construction and are actively sold from plans. These dwellings range in price from $18,000 cc to $40,000 each. cc The Rockaway Boulevard through Nassau county from the Merrick road which will be completed in the spring; the contemplated cross-bay road, now under construction, and the beach cnannei arive, ine tana lor wnich Im being condemned by the city, are all ce potent factors In real estate activity tit on the Rockaway peninsula. Associate Brekern In Deal. Spear Co.

were the associate brokers fn with Joseph P. Day In the lease of the tore and In 18 West Elgh- vl teenth street for A. M. Bedell to Joseph hi ft Davidson. nc dl Rapidly Normalcy Alone, Hi Prices, Now proved atus I Ini any.

above the average from 1100 to su 1914, notwithstanding the great In- ra crease In freight rates. Cement, brick pe nnd other building necessities aro pro- he curable at reasonable prices, considering ne the fact that wages have not been re- se duoed comparably with the drop In ma. a terlal prices. fo The efficiency of labor, which was at ly a very low ebb during the period of very wi nigii rusin, nua improved nooui us bn pro-war value. Records show that at the peak of high costs labor In some lines was producing less than one-third rr of the work It did In the en mo time In the period from 1900 to 1914.

Yc An encouraging factor in the present he outlook Is the fact that mortgage se money Is becoming available for legitimate building projects at a more rea- mi aonable rate of Internet. During tho th war the usual sources of mortgage mi money were almost cut off. a notable bo exception being the Metropolitan Life jy Insurance Company, which took no unfair advantage of the situsi m. A large number of substantial new building projects are on the way. The supply of space at present Is probably greater than the demand, hut the pnpu- Af lation of N'ew York Is Increasing at the rato of 200,000 per year, and this will absorb a largo amount of space.

Oe iservatlve real estate men are ef the opinion that tho present unoccupied space will he absorbed within a year. 1 Before very long tenants who wore forced Into Inconvenient, undesirable snare will return to the better, more up-to-date buildings, and this, with the ta natural growth of the city, will absorb bu any available space now unoccupied, and there will be tenants for many more well located up-to-date buildings. In 1921 SMASHE AUCTION fear Will Go Down i as Banner Period 1 Realty Under The year 1921 will go down in history pro is a record breaking auction year. Lot lince last spring we have sold more cn? 3ts and houses at better prices than ver before, and the totals of my sales Qjt: ggregate a volume of business larger thu' many millions of dollars than in tmy ther corresponding period. tha After one of the most strenuous lot alo years in the history of the market.

mal nd in the experience of my business, sal( seemed a fitting climax to hold the ecord breaking auction sale of all time pro nd sell 1,888 houses for tho United caies uoverninem in rairview. um- en, N. and "Harriman," Bristol, 'a. It Wi the largest auction sale ver held any auctioneer in this ountry. The auction lot market is in a most ealthy condition, the housing shortage eing a largo contributing factor.

Toay the demand is l'ar from satisfied. C'UI 'he build your own home movement is ell under way, and, in my opinion, Thi jany more thousands of lots will be 420 urehased on the auction block for the ent: rection of new homes. spit Sinco last May we have eold about the (.000 lots, located in every section of sale lew York city and surrounding terri- The Bronx, Brooklyn, Island City, Nassau and West- este liester counties and New Jersey, the hose lot sales have totaled almost 28,000,000. In atldilon, wo have sold yor bout 2.500 houses for almost $7,000,000. by In the early part of May the lot ago uction market opened with a rush, veer 'hen wc sold 1,200 lots in Long Island mal ity for the Park Pendleton estate for pur aggregate of almost $1,000,000.

a week later more than a thou- j)ro, md lots in the Tlirogs Neck section of Wtr le Bronx were sold for the Columbia rust Company of New York, trustee for le Bruce Brown estate, and from that prr). me on sales were held weekly until io middle of December. In addition to the Bruce Brown estate auc lie In Throgs Neck section we also voP inducted large auctions in the same iction involving the Turnbull estates, le Brlnsmado estate, the Watson estate nd others. As a result of these sales ln le entire section Is alive with home nilding and several hundreds of houses ave been completed or are now in of construction, and more than vice that number are projected for the irly spring. At Long Beach we held two more ncw notion sales, at which more than 3,000 its were sold to individuals for a total The $2,984,000, These sales i it ive also had the effect of enlivening the sat I hole section, and now houses are tivil iringing up in every section of the mcr Hems From the Old It is no easy task to pick out the five loca 'st tabloid stories written for The him ork by the Odd Paragrapher erat art no the year Just passed.

The en- csta tiiifir however, arc as rep re- will ntative as a.ay of the terse whimsical- with which the paragrapher treats T1 is real estate and housing news of the su'5i orld. They are reprinted at the sug'stion of Edward P. Doyle, head of the urcau of Research of the Real Estate oord of Sew York. The original plan dou as to reproduce teti of these, para- 'aphs. but lack of space made this im- if? or The Strangest Palace.

One of the strangest palaces In the orlil has been completed by Ferdinand lieval, a postman of Hauterlves, In ol ranee. Chcval. ar a young man. saw a eata irlen of pictures in a book of Oriental old ories and was struck with the fantastic dogi id picturesque qualities of the Oriental istlea, with their towers, highly orna- ental windows, mlnarettes, Ac. In his Cc lsure tlmo he gathered stones of va- In oua colors and types, read books on com and masonry and gathered all the in I lowledgo possible from workmen.

The who step was the beginning of con- thrc ruction work on a castle of his own In inception. This dream creation Is now they implete, and Cheval is eighty years old. was It Is a weird piece of architecture, Ith all the towers and turrets, arches neig id scrolls that the builder desired. The erec isilo Is R5 feet long and 45 feet deep one id In Its construction Cheval used fHrn Ullons of pebbles and stones, all of hlch he gathered, and 4.000 bags of iment and lime. He put In 67,000 acisl working hours on the construction fill 1 the building.

Ill The money used came at first from Small out an mo p. rw tourists visited It by hundreds, and realized a goodly revenue from their Cheval, desiring to buried In a fantastic palace, erected a monuent In the main hall, but this wish will it be granted, local authorities forbid- ng It for of public health. hla Town No Rent Problem. A newspaper In Clarkavllle, hits this Interesting Item to iw th? housing problem Is being solved the Ozarks: Jess Daniels contemplates moving to In IWton county this week. Ed Patter- 11 will move to the place Jess Daniels rates.

Jess Horton will move to tho ace Ed Patterson vacates. Albert ollan will movo to the place Jess cirton vacates. Id Monkey Go Willi the House p7', Ho had examined tho house from utne liar to attic and declared It perfect? the i unusual condition In these days of gres using difficulties. The house was be- prev offered for rent furnished for the mmer months. The rental was ulat ther steep, but that was to he ev- cted.

Finally he asked the owner volu would hold the offer open until the slru xt day. In order that Mrs. Jl. might tho house and feel that she had had voice In Its selection, tie called the ri llowlnr day with Mrs. who quick- 1 ii.u,.ttnn T1i? 'MO is paid and the deel cloned.

As the ppy couple were about to depart the jjon irnc'r suddenly remarked cour "I forgot to state that my wife has a the monkey which she'll have to leave con? hind, na we arc sailing for lOurnpn. confl iu won't have much trouble with It," jhar i concluded, as If the matter were f), ttled. ed i Now Mr. and Mrn. IT.

hadn't been crrR irriod long enough to give any her oughts to family pete, a the nnkcy would be the last choice, any- with iw. They stormed, argued nnd final- quai pleaded. All In vain. has "Sorry, but you will have to take the tlon snkey If you want the house," per- durl ited the owner. Mr.

If. finally agreed, but Mrs. TT. the house without another word. -j-j i Mr.

H. Joined her In the street he for id soothingly: "Now don't worry. ar: thlnra aren't as bad as they seem. rrty going to send that pet monkey to a mkey hoarding house for the summer. the owr.er will never be the wiser." on 2,700 for Ten lloom House.

(Vant a bargain In German real es- of 8 te? No? Well, we don't blame you, feet it there Is rather an Interesting story Atla hind the offer, so read on. pare Meier la a real estate broker erty Lelpslg, Germany. He wrote to a for A 1 ALL RECORDS in Realty History Disposal of Hammer perty. The Increase In population at ig Beach will be very marked, and usands who purchased should bo In lablc positions. 'he same condition exists at Garden Estates, Long Island, where more 1,600 lots went under the hammer, the present time considerably more a score of new dwellings of a subntial character are being erected, and ny more are projected.

Important were held at Long Island City Inrins both industrial and residential perties. Many of the buyers are ing advantago of the tax exemption and are starting to erect homes be? the law expires next April, 'he principal auction sale of lmved properties Manhattan during 1 involved the Cortlandt-I'almer ate, at the southeast corner of mdway and Fourteenth street, piling the old Morton House, the oil th Theatre and an office building, valuable corner was sold for $1,,000, and since bus been leased in it Irety at a price which returns a income to the new owners land. The total of the entire was $1,952,500. he most important sale in Yonl-ors jived the properties belonging to finite of James Gordon Bennett for Guaranty Trust Company ana in the Dunwoodie section of ikers. This property was acquired the late Mr.

Benngtt several years and involved about 1,500 lots. These 0 sold to Individual home ly of whom are now Improving their chases. he Rockaway coast also came Into mlnence through several sales which held during last eumirer, includthe two tracts of land at Cedarst, the well known Solomon Castle perty and others. 1 addition to the Park Pendleton sale Island City other Important tion offerings In that section inred the Kennedy Collins tract in ig Island City for the Mercantilist Company; also the John P. Crims Estate property In the same sec.

the Einstein Estate and a large In the Bowery Bay section. he year 1920 was a record year in auction market and few people jght that the 1921 totals would even it That they were mistaken a matter of history, and 1921 will ainly go down as a banner year. home and lot buying movement Is lull swing. The demand 1s far from sfied. and we look to see great aety during the next spring and sum- 2 Pen of Paragrapher 1 roal estate man recently asking if lie or any other New York would be interested in a large located in Saxony, Germany, ch is being offered for sale at a fain price.

io property, he writes, consists of a stantlal residence of ten rooms an 1 ath on a plot of nearly 2,000 square beautifully landscaped To the ion who is willing to gamble on the btful value of a deed to German estate in these troublesome fine property will be sold for $2,750, lo writer usncu w. cowib Jertxian birth what an estate of the radar above described would have 1 worth beforo the war. lore than five times that sum." ho ied, "and rest assured that no ter would have offered German in those days to a foreigner. Th country has certainly gone to the House In a Slnale Day. mstruction of a four room cottage single day was the proud feat acpiiahed recently by seventeen men 'ittsfleld.

to help a neighbor i had previously lost his horn fire. Tho builders began early ho morning and worked as long as could see. By nightfall the house completed find ready for occupane for a few finishing touches. Tli i for whom the cottage wos will occupy it until he can build more suitable to the needs of his lljr. The seventeen neighbors Christmas Day by cutting timber the proposed improvement.

TY BROKERECORD IR BUILDING IN 1921 itract.8 Awarded Were 25 or Cent. Greater Thnn the Total for 1920. 1921 New Tork city carried largmt construction program on recfor many years, according to tlio W. Dodge Company. The total lunt of awarded during the was $301,754,400.

This figure la 25 cent. greater than the total for 1920, ch was it was tlH cent, greater than the total for 1919, was $279,478,200. The actual vol. construction, distinguished front dollar cost, was very considerably iter In 1921 than In either of the two rioua years. tsldentlal construction, greatly stinted by the tax exemption act, has largely responsible for this record me of building.

This class of eonction accounted for $202,184,400, 'tly two-thirds of the total. 1921 there were 36,356.700 square feet evidential floor space contracted for, (tared with 13.142.000 square feet in and 38.179,500 square feet in 1919. cond in importance to residential itructlon In 1921 was the construoof commercial buildings, which aoited for $70,062,900, or 18 per cent of year's total. Although this was Idarahly less than the 1920 volume of itructlon of this class. It was irreate.

i the cort'jspondlng smount for total amount of contracts award, December was an of 17 per cent, over the Novemfigure. This Increase, unusual for closing tnonth of the year, i the fact that there Is still a great itlty of construction planned which not vet been started, Is an of a healthy volume of activity ng the coming year. lie Oat HiM'kswsy Holdings. je Lewis H. May Company, agents the Hanlster Realty Company, has osed of the remainder of the prop, held by this corporation through tha wing sales In Rockaway: to el and Kntz, a 100 foot parcel he oast side of Nellson avenue, 120 south of Sea Olrt avenue; to Harry the entire htock on the east sldo enera avenue, with a frontagn of 120 on Sea Girt avenue, extending to tli" ntlc Ocean.

The purchasers of both els contemplate Improving the propby erecting private eeashore houses occupancy next season. i.