Real estate record and builders' guide: v. 34, no. 869: November 8, 1884
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1124
The Record and Gui
November 8, 1884
The Real Estate Situation.
The total number of Projected BuiliJings for October, 1884, is 303
against 189 for the corresponding month last year, but the eeli-
mated cost is less by some $334,000. The noticeable feature in the
annexed table is the steady increase in the number of new build¬
ings in the Twenty-third and Twenty-fourth wards. For the ten
months of this year 2,476 buildings were projected against 2,273
last year, and 3,011 in 1883, but the cost was greater by nearly two
millions last year, and three millions the year before. We are
building more houses but lees costly ones. The following is the
table:
BHILDINGS PROJECTED.
October,
1882.
Total No. buildinffs orojected........... 283
Estimaie-I cost........................ $5,020,736
No. south of 14tli street................... 18
Cost................................... $353,950
Bet. 14th Sc 59th streets................... 57
Cost ............................... $1,768,285
107
$1,808,5110
31
$393,500
2
$21,000
.55
$531,850
â– 13
$110,673
October,
1883
189
$3,679,533
15
8778.000
41
$633,900
60
$901,967
15
$151.TCO
0
0
19
$107,700
GO
$n7,S!65
October,
]8i4.
aoa
$2,345,991
la
$130,435
25
$512,450
53
|i767.900
29
$664.0DD
0
0
18
$96 4m
65
$174,810
1884.
Jan. to Oct. incl. Jan, to Oct., incl.
3,272 a,476
$39 607,443 $37,969,388
Bet, 59th Sc laSth sts, east oE Sth av
Cost..............................
Bet. 59tt & 125th sts, west of 8th av
Cost ............................
Bet. ! lOtb Sc 195tti sts, 5tli & 8th avs.
Cost..............................
Norrli of 195th street................
Cost...........................
23d & a4th Wards...................
Cost............................
1883. las').
Jan. to Oct.. incl.
No. buildings................ 2,011
Cost.......................$4",E69,499
Thenumberof Conveyances for October, 1884, is largely in excess
of last year but the consideration is somewhat less. For the ten
months there is quite an excess of conveyances in favor of this
year, although the consideration is eome twenty-three million more
than last year. The mortgage indebtedness shows an increase
over last year. From what is occurring about us it is probable
that in buildings projected and transfers the past ten months make
a better showing than will the coming ten months. The following
is the table of the Conveyances and Mortgages:
CONVKTANCES
1883. No. Conveys. Amount. Nom. 23d & 21th W. Amount.
Jan.-Sept., ice 9,073 $121,451,-.ata 2,033 1,0^5 $3,113,529
October...... ^87 11,815.908 320 116 514,019
Total...... 9,860
1884.
Jan,-Sept., inc 9,489
October....... 934
Total...... ia,413
$133,267,111
$I4},74!,878
11,295,73 J
2,253
3,376
290
1,141 $3,627,548
1,319
169
$3,927,650
511,234
$l5G.0a7,C10 2,666
UORTOAOES.
1,518 $3,468,884
Nom.
281
34
315
301
40
341
1883.
Jan.-Sf'pt, inc..
October........
Total.......
1884.
Jan-Sept., inc.,
October........
No.
Marts.
7,498
757
Amount.
$88,366,3^5
8.815,2B9
No, At
.5 p. c.
2.458
253
. No. to
Banks Sc
Amount. lus. Cos. Amount.
831,765,071 1,295 $3-J.9-2,832
12L
2,875,399
3,561,800
8,255 *$9r,l61,6r4 2,711 $.34,640,370 1,416 $36,511,622
7,051
740
$91,094,495
7,T88,7H5
3,938
277
$36,379,0->2
^,967,23 i
1.396
128
$:M,183,335
2,548,570
Total........ 6.691 $98 88.3,230 3,513 $40,916,954 1,521 $32,731,905
' Does not include one mortgage for $10,000,COO on property of Postal Telegraph
Co.
Why Low Prices.
The Record ahd Guide of New York, still persists in thinking that
under-con sump tion ia the cause of ths present depression, aad that this lack
of conaumption is on account of the meager supply of currency. It aays
tbat the present dultoess of trade is caused by a natural reluctance ol
manufacturers to produce goods on a failing market. Well, what is tbe
reason thereisa falling market ? Let us get at the beginning of the matter—
the firs^t brick that set the row in motion. First there waa a drop in iron
as a result of producing toj much for the market. Coal followed suit,
then woollen, cotton, lumber and grain. Tfae iron makers overdid the
thing because a boom in railroad construction was too much for their
blood. They got excited aod gave too much head to their team. The
momentum carried them too far. Just so it was with every industry—all
were overdone. There has uever been any lack of money to do the busi¬
ness with, but au overfeeding nf the markets has resulted in plethora and
loss of appetite.—Northtvestem iiondennoii.
Our Chicago contemporary does not seem to understand that the
depression of industry and the steadily lowering prices is a phe¬
nomenon common to the whole business world and is as true of
Asiatic trade aa of the iudustries of Europe and America. The
products of human labor—neatly everything dealt in by merchants
or produced by manufacturers—^is cheaper than at any time during
the past century. The farmer complains of the price of his small
grain ; the manufacturer is appalled at the ruinously low figures
of tlie cotton and woollen goods which he offers on the market.
There must, therefore, be some general cause at work affecting
prices the world over. Tariffs have nothing to do with it, for free
trade England and protectionist nationa like France and the United
States are common sufferers. It cannot be traced to the waste of
war nor to a wide-spread pestilence, for we have had no interna¬
tional conflict since the close of the Franco-German contest. The
cholera of this past season has been confined practically to one
of the poorest nations in Europe, Italy. What, then, is the
cause _of this ^^steady lowering of values ? "We say that
ii
it is due to the natural and artificial decrease in the
money metals. The production of gold has been falling off for a
decade at a time when there was a prodigious development of
modern industry and commerce. This is the natural cause of the
depression. The artificial cause of the scarcity of these indisp'^nsi-
ble agents of business is the demonetizing of silver and the adop¬
tion of the gold unit of value by the commercial world. By
common agreement among tha nations the yardstick which
measures prices has been shortened, or, to state it more accu,rateiyH
gold has been augmented in its purchasing power by being made
the sole unit on which prices are based. We appeal to the history
of past ages to justify this position. Whenever there were" great '
gold or silver discoveries industry was healthily stimulated Afi<l
the bulk of the population of every country enjoyed the ^va^tages
of good times. On the other hand, when the supply of real money
fell off the nations became impoverished. We do no look for any
better time or any advance in prices until bi-metallism is re-estab¬
lished among the commercial nations. This would immediately
change the aspect of affairs for the better. If in addition to that
there should be new gold flelds or silver mines that ivould increase
the present product of the world we would again see the pros¬
perity which followed tbe gold yield from California and Aus¬
tralia thirty-five years ago. Things are cheap enough that is
very clear, and if people had money they would buy, but there is
an absolute lack of sufficient currency to supply the needs of the
commercial world.
-------------•-------------
An Interesting Table.
The following table from the report of Mr. Blanchard, Superin¬
tendent of the Mint, is worthy of careful study hy all who wish to
understand why some nations are rich and prosperous and others
are poor. These figures show the amounts of paper and specie
money in every country, together with the amount per capita in
circulation. The reader should bear in mind, however, that the
amount per capita given is somewhat misleading, and that a table
which would discriminate between the active and the actual cur¬
rency of a country would get a
make nations prosperous. The
Countries.
United Stales..........................
Great BritHin and Ireland.............
Dominion of Canada, including Maoi-
tobit and New Foundtand ........
British India.........................
Ceylon ................................
Australia. Tasmania and New Zealand
Gape of Qood Hope ..................
France................................
APgiers .............................
Guadeloupe...........................
Belgium ...............................
Switzerland...........................
Italy..................................
Greece...............................
Spain.................................
Cuba...............................
Luzon.........................-.......
Portugal, iuclud'E Azores and Maderla
Germany ............................
Austria-Hunpary------.................
Sweden and Norway..................
Danish Kingdom .....................
Netherlands..........................
Russia...............................
Turliey..................... ..........
ItoumHUia.............................
Mexico.............................
Central America......................
Ari^euiine Republic....................
Colombia..............................
Bnzil.................................
Peru....................,..............
Venezuela.............................
Chili ................................
Bolivia ..............................
Uruguay.............................
Hayti ...............................
Japan..................................
Hawaiian Islands .....................
better idea of the influences which
following is the table:
Paper.
$873,426,755
197,818,139
45,770,084
62,:iP3,I36
1,563,301)
H6.010,72i
5,617.000
548.061,913
13,3.VJ,0['O
96S,750
62,836,515
31,480.:31
33t,54H,5ai
23,7.ii9 OUO
7O,aia,440
44,e6d,M3
1.300.000
6,367,610
279,')73,033
311.(i46,314
i23,633.d9J
20..H^4,0fl0
78,8«7,919
532,433,641
8,515,976
15,83;, 3H3
2,048,529
2.{i09,a6l
5(i651,K50
1,097,830
189,871,1^55
13,098.830
559,701)
26,555.341
1,.508,533
5,936.000
112,411,093
335.000
Specie.
$S73,S0O 000
6r8,5LO,000
13,836.000
1,037,000,000
773,000
70,(dO,CK10
33.441,100
1,443,900.000
15.215,000
669,000
123,600,000
31.rOP,000
212.(i(0,0:i0
5.404,000
300,000,000
2S, IS J.000
2,9i)S,000
4l),O0O,UOO
545,9110,0(10
120,000,1100
19,4.^5,161
18.894,000
83,000.000
l'34.0O8,l.'.3
74,800.000
11,550,0 0
5ll,'00,00i)
2.693,000
20.730.000
4,000,000
1.883,666
3,133,000
6,000,000
6,400,000
5,601,0( 0
4.780.000
136,333,713
1,499,930
^Per capita—.
Paper. Specie.
$17.41 $]S.8g
5.61 I9.S5
10.15
.24
.67
9.03
7.23
14.65
4.30
5 21
ja.n
7.55
11.30
12,00
4.32
33,17
.27
1.40
6.18
8.69
3.65
9.70
14 10
5.31
.84
2,94
.'.it
.06
19.94
.36
It,83
4.39
.37
10.97
.65
13.66
3,06
.5.01
8.07
4.10
.28
25.01
41 64
38.80
6,30
23.63
11.81
7.14
2.45
13.73
32.03
.07
,67
8.79
12.P6
a.35
3.00
9.00
20.37
1.26
3.00
3.15
5.23
.93
8.15
1.33
"'.63
1,03
2 47
2.33
2^8
8.36
3.71
23.41
Total...............................$3,943,746,608 86.048,317,916 ..........
From the above it will be seen tbat France has tbe largest
specie currency of any of the leading nations, that is per capita,
as well as in the total amount. It haa $iJ8.30 per head against
119.39 for the United States, and $19,35 for Great Britiin and
Ireland. The prosperous colony of the Cape of Good Hope has
as high as $41.54 per capita. The United States has the largest
paper issues of money, being $17.41 against $14.55 in France,
which is the next highest in the list of specie paying nationa.
Russia, it will be noticed, has an extremely limited currency,
only $1.26 of specie and $5.31 of paper.
In a general way it may be claimed that nations with plenty of
currency, provided it is sound currency, that is specie or paper
based on specie, are the best off, while nations with little mongy are
poverty-stricken. A glance at the above table will verify, this
generalization, ^he people of France undoubtedly enjoyimo^ft
substantial prosperity than do the inhabitants of any other coun¬
try. The United States and Great Britain contains more .:milU6li?_
aires, but nowhere else is there so large a well-to-do middle cI^S'
or so many well paid workmen as in France. ^
Tbe moral of this is tliat we cannot have too much real money,
and that any attempt to curtail the amount of currency afloat is
a blow at the well being of the communitry.
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