May 21,1881





The Real Estate Record





519





The Herald of Monday devoted four of
its valuable columns to repeating the old,
old story of the underground raUway up
Broadway through the Boulevard to Har¬
lem, with a branch to the Forty-second
depot. This romance with the same flgures,
tm-ns up every three months, sometimes in
the Tribune and afterward in the Times.
The Herald itself has published the same
yam four times. Of course, no sane capita¬
list would agree to put his money into an
enterprise so very costly, which would be
certain to prove a failure as a competitor
against the elevated roads, A tunnel under
Broadway and to the upper end of the island
on the West Side, would be a costly f oUy
and could not be made to pay unless the
elevated roads were torn down. Those who
have used the Metropolitan raUroad of Lon-
o n, know what unpleasant traveUing it is,
compared with our out in the air steam
conveyance. Why, even the tunnel from
Thirty-third to Forty-second streets under
Fourth avenue, though well Ughted and
ventUated, is yet a nuisance to aU who use
the horse cars on that line. There wUl be
no underground road buUt in New York,
for capitaUsts are not fools enough to execute
so purposeless a work. What is practicable,
though not likely to be attempted, is the old
Arcade scheme, by which a new street was
to be created from the Battery to the Forty-
second street depot. If the ground is exca¬
vated from curb to curb, the sidewalks
above made of patent Ughts, if carts, carri¬
ages, as well as freight and passenger cars
could use this new avenue and it was made
tributary to all the railroads which enter the
city from the north, there might be some
chance of its being successfuUy carried out.
But an underground road in any other
shape; would be a smoky, stinking, noi¬
some hole in the ground, which nobody
would patronize when they can do so much

better.

-------------------------■< « >■—-----------------

The proposed appointment of a new Fire
Commissioner, in place of Vincent C. King,
caUs attention to the fact that we have the
most efficient fire department in the world.
There was a, great fire recently in Paris,
when the fact came out subsequently that
the fire apparatus was very inefficient. Col¬
onel Paris, chief of the brigade, explained
how he had repeatedly caUed the attention
of the authorities to the shortcomings of the
apparatus. It has resulted in the very finest
machinery being ordered for the use of
the Paris fire department. Paris houses are
of stone, and it is difflcult to get up a great
fire in that city. The communists were
forced to use petroleum to help the flames.
The PhUadelphia department is also in a
somewhat disorganized state. Indeed, in no
city in the country if not in the world are
there such well-trained firemen or more effi¬
cient machines, it is a pity there should be
any changes in the management of our flre
department. It should be a permanent bu¬
reau, which shoiUd not be changed whUe it
retained its efficiency.

«»>------------_

And now they are talking of making
Montauk Point a place for the an-ival and
departure of European steamships. It is in¬
tended to bear the same relation to this city
that Queenstown does to Liverpool and Mil¬
ford harbor to London. This cannot be
thought of, however, untU the bridge over
BlackweU's Island is constructed. The
scheme may sound chimerical, but if unin¬
terrupted steam communication with the
rest of the country could be had at Montauk
Point, it would shorten the voyage to
Europe some thirty hours. The missing link
is the proposed bridge oyer BlackweU's
Island,





SOME MINING POINTS.

Caribou has been listed upon the New York
Mining Board. It ought to be a purchase; the
mine has a very good record, its management is
capable and honest, and it has money ahead tn
the treasury. There is no manipulation of the
stock as yet, and there is a fair prospect both as
to the price and in future dividends.

We are soon to have a "boom" in Montana.
The Eureka Mine of Montana is shortly to be
listed. It is a well developed property, has had
capable management and its friends predict that
it will make Montana mines a feature in transac¬
tions upon the market. There are a number of
fine propei-ties in the Territory, and the time is
coming when a great deal of gold and silver will
reach New York from that region.

It should be noticed that our New York min¬
ing share dealing is to-day on a much more
wholesome basis than the mining stock dealing
ever was in San Francisco. In the latter city the
Comstock lode absorbed everything. The deal¬
ings in other localities than the Comstock were
very limited. But a look over our New York
list shows that the mining interest represents
every section of the country. Our capitalists are
reaching out in every direction where a profit is
to be made in the development of mines.

The types last week made us say that "Bodie
Consolidated was trash." It should have been
Union Consolidated, of Bodie. Bodie Consoli¬
dated is famous for its deals, but it is a great
mine, with immense possibilities for the future.
Its ore, when found, is very rich, but the forma¬
tion is broken, and hence sometimes it has yielded
enormously and again become apparently barren.
Good judges expect Bodie to seU for high figures
before the close of the year, but its manipulators
are very tricky people.

This coming June •will witness a sharp compe¬
tition for the possession of Bodie. The contesting
parties are WilUam M. Lent ou the one 'side and
ex-Senators Sharon and Stewart on the other.
There is nothing to be said in favor of either
party. Whoever is chosen wiU try to get -fche
best of the stockholders. Lent would not rob the
mine and he would pay out honestly the gold
found in it, but he would make deals on the stock
market and euchre the outsiders if he could. But
Sharon and Stewart—well the mines they run
rarelv pay dividends, but these men know how to
get rich out of them.

The State Line mines were the cards.in the
New York Mining Board during the past week.
The gambling in them was very lively. The
Tribune announces that Mr. Osbiston has visited
these mines in Nevada, and speaks highly of them.
This person's name will be remembered in con¬
nection with the HukiU and Freeland mines, with
which our New York public were "stuck"so
badly something over a year ago. It is very cu¬
rious that character counts for nothing in the
manipulation of mines. The California rascals,
who exploited the investing public in ChiysoHte,
Little Chief and the other Leadville properties,
are known to be behind these State Line proper¬
ties ; but the speculators rush in just the same,
expecting to get out before the bubble bursts. If
there was some way of dumping the occupants of
several of the rooms in the Boreel Bmlding into
the North River, and to give each one of them a
lesson in swimming with a fifty-pound weight to
his heels, it would be a splendid thing for the
mining interests of the country.

Two new Arizona mines have been put upon
this market through Prince & Whitely's office.
James R. Keene is understood to be interested in
them. The subscription price of one of them was
$1 a share and the other $3 a share. One is called
the Washington, the other the Bradshaw Their
backing is good, and they wUl be very lively
stocks. The mines are in the Tombstone district,
and the ledge is the same as that of the famous
Contention mine. Look out for Bradshaw and
Washington.

Something is clearly upon the Comstock, either
a bonanza is to be uncovered, or a great deal is
to be made, John Mackey will soon be back from
Paris, and the report is tbftt by the 1st of July





the ball wiU open. Belcher, Best & Belcher, Hale
& Norcross and Mexican are mentioned as the
probable " boomers."

An old subscriber says he is the unfortunate
owner of Little Pittsburgh, which cost him 25, and
Bull Domingo, which cost him 10, and he wants
to know whether he had better sell out or wait
for a possible boom. As the price of A. L. B.'s
purchase is so much less than when he first in¬
vested, we would advise him to wait for better
figures. Little Pittsburgh will never again see
25, but Bull Domingo may, when fuUy developed,
approach near the figures they cost our corres¬
pondent. There are great possibilities in the best
known mines listed upon our local board. But
mines are very uncertain properties. One can
tell something about railway stock ; good or bad
crops, the state of the money market, are factors
in the price of railway securities, and of these
anyone can be the judge. But the real condition
of a mine can be known only to the superintend¬
ent and to those to whom he confidentially com¬
municates. Bull Domingo may yet prove to be a
iine property.

Calaveras stock was depressed by the announce¬
ment that a debt of .§300,000 is to be created, to
wHch the stockholders are to be forced to sub¬
scribe. This money is not for the purpose of im¬
proving the property, but to take up $100,000
worth of bonds now held 'bj the fiiends of the
directors. In other words, it looks as if the stock
holders are to be forced to carry the burden Oi
the bonds. Calaveras is an excellent property,
and is making money ; but this action looks as if
the design is to freeze out the stockholders. Ac¬
cording to all accounts, the property should pay
a dividend this fall, but it appears that the out¬
siders i>ropose to gobble it all up.





THE SITUATION ON THE  STREET.

Stocks are very strong and points in the
broker's offices are as thick as " leaves in Valam-
brosa." A movement is promised in Ontario and
Western, due to the raising of the §15,000,000 to
begin building the opposition to the New York
Central. Canada Southern, it is said, will soon
declare a dividend and 95 is talked of for the
stock. Jay Gould's Southwesterns are all prime
favorites and they talk of 130 for Missouri Pa¬
cific. Friends of the stock declare it is a good
8 per cent property. It is true that so far every¬
body has made money in the Southwestern secur¬
ities. Erie 2ds are said to be a purchase. MUls
and others talk of 115 for them. They wiU draw
3 per cent on the first of June, but will not f aU
off from theii- present price. Colorado coal it is
claimed is good for 75. New York Central stock
will, it is said, be doubled and o per cent on the
new shares. Then again, they talk of making
Lake Shore a 10 per cent stock. A great " deal"
is underway, which includes Oregon Navigation,
Northern Pacific and St. Paul. These roads, it
is claimed, wiU some day be consolidated ami
make a through line to the Pacific. And so it
goes. Every stock has its favorite and every
one has points to buy. The public are purchas¬
ing right and left, orders come in from every
quarter and there seems to be no pause in the
speculation. The crop reports are good from
Ohio, Indiana and Illinois, but there is danger
that the news wUl not be so favorable from re¬
gions further West.

From all accounts,'. James R. Keene has suffer¬
ed severely this spring. He managed to get on
the bear side, and he has been unfortunate in
every stock he sold short. He is now turning his
attention to mining shares. Next-week, it is
said there wiU be a movement in Silver Cliff
and he has brought two Aiizona properties on
the market, the Bradshaw and the Washington,
which aU the boys in the Mining board expect to
deal in extensively. The mining outlook is very
promising. It is said the New Tork Board are
to have fine rooms in D. O. Mills' new building.





The Sewanhaka Yacht Club has the founda¬
tions in readiness for its new club house, which is
being buUt elsewhere and is to be erected in front
of Conklin's Basin.;TompkiR§Yille.