813





The Real Estate Record





August 20,1881





of the law. There can be no more fictitious
ownership.

Then, another abuse has been corrected. No
one can hei-eafter change the plans or specifica¬
tions, or any part of them, without the written
permit of the owner and with the consent of the
architect. Under the old law it was quite possi¬
ble for contractors of the material required for
the buildings to go to tho department and have
the specifications changed. A contractor for
iron work for instance would want to supply
lighter material than the original contract called
for. Inferior brick or stone or timber would
take the place of the quality required in the
original specifications. The Department was
powerless to put a stop to these frauds, owing to
the way in whicli matters were managed. Here¬
after tJie real owner and ai chitect must give full
consent to any variations in the plans after they
are filed.

Mr. Esterbrook explained still another excel¬
lent provision in the new law as affecting tene¬
ment houses. His department had been embar¬
rassed by the diflSculty of serving notices upon
the owners of tenement houses. Under the old
law the department was forced to serve a per¬
sonal notice upon the owner, before the latter
was lx)und to make needful changes in his build¬
ings or to put fire escapes on his buildings ac¬
cording to law. This sometimes was impossible.
Hereafter, if the owner cannot be found, all that
is necessary is to post the notice on the building.
If not attended to, the legal penalty can be en¬
forced, or the department itself can build the
fire escape, charging it against the property. In
other words, the Building Department has the
same power which the Board of Health has
wielded in providing for the sanitary health of
the city.

There are other provisions in the new law
which are an improvement upon the old. It
must be confessed that the law is not all that it
should be; it is defective in many important
pai'ticulars, but it seems to be impossible to get a
thoroughly efficient law through an Albany legis¬
lature, btill every amendment is for the better,
and with Mr. Esterbrook in charge, the build¬
ings hereafter to be erected will be as good and
safe as the law makes provision for.





THE JUMEL ESTATE IN SARATOGA.
The sale of this estate took place in Saratoga,
on Wednesday last, and continued Thursday and
Friday. Saratoga just now is very full and a
great many New Yorkers were present at the
sales. The fact that Jay Gould and William H.
Vanderbilt, with many of the greatest railway
magnates of the country, were there, supplied a
large New York speculative element which had
ist effect upon the bidding. Then, a certain ro¬
mantic and historic interest attaches to the Jumel
estate which made it attractive to buyers.

The heirs were surprised at the result. One of
the parties representing a one-third interest,
would have gladly taken $10,000 for his share be¬
fore the sale, but it is believed the total sales will
foot up nearly §;5{,000. On the first day, the
blocks between Nelson avenue and Ludlow street
were sold at prices ranging from $150 to $500.
Totten and Shaffer bought two loti? at the corner
< Lake and Nelson avenues, one for $700 and the
other for $675. It is noticed that on both days
sales, the property was bought by people from
abroad, principally New Yorkers. Up to Thurs¬
day night the total sales amounted to about
$30,000.

It; is an open question whether Saratoga would
grow naturally in the direction of this property.
Much of it is situated on the old road to the lake,
and is within a few minutes walk of Broadway.
It is some distance north of the race track and
the White Sulphur and Ten Springs region is on
the other side of it. There is a general impres¬
sion that the future development of Saratoga will
be towards the south, where are situated the
Spouting, Geyser and Vichy Springs. StiU, if a
building movement is commenced by some of the
purchasers of the Jumel estate it may establish a
new point of departure in the growth of Saratoga.





MINING INFORMATION.

There seems to be a revival of interest in
mining shares. The sales on the Mining Board
of this city are getting to be more active, and
prices are in some instances higher. Some of the
old footballs of speculation are again coming to
the front, and higher figures are predicted for
them.

Chrysolite is the first stock that claims atten¬
tion. Professor Rossiter W. Raymond explains
the situation of this property. It will be remem¬
bered that he examined the mine when it was
under the control of the California swindlers.
He then stated that there was $35 per share in
sight, according to nis measurements. As the
stock was at that time selling at low figures, he
and his friends purchased ver> largely of the
shares. Mr. Abraham Hewitt invested nearly
$200,000 in Chrysolite stock. But the swindlers
who were in control did everything they could to
wreck the property and they almost succeeded.
Raymond and his friends then went into the di¬
rection, and they have worked honestly to put
the property on a paying basis. The rascals
whom they succeeded, had involved the mine in
a heavy debt and everything was left in confu¬
sion. A year and a half has now been employed
in putting things in shape. The debt has been
paid up, the shafts repaired, the levels opened, a
reserve of $300,000 has been accumulated, a sec¬
ond dividend of 50 cents a share has been de¬
clared, and three more monthly dividends are in
sight and are promised. The Chrysolite has the
rare advantage of a perfectly honest and capable
management. Under these circumstances the
stock has advanced and may go higher. Barely
one-fifth of the ground has been worked. The
present management make no promises, while
they admit that Leadville mining is very uncer¬
tain, and that the deposits of ore in the Chryso¬
lite are very crooked and misleading.

The news from Iron Silver is also good. A
great deal of ore is being taken out and the com¬
pany has just paid another dividend of 20 cents a
share. .

Little Pittsburgh, it is said, will soon be able
to show up oro that will warrant much higher
figures for the stock. Soon after William M.
Lent arrives, there is expected to be a lively
movement in Big Pittsburgh, also on merit.

The stories from Silver Cliff are conflicting.
Certain shrewd operators who held large quan¬
tities of the stock, have visited Silver Cliff, and,
after carefully examining the mine, have sold
their interest and told their friends to go short.
But the friends of the company tell a very differ¬
ent story. They say the new mill is working to
a charm, that the net profit is $1,600 a day, that
only $25,000 of the debt remains to be paid, and
that the mine will begin to pay dividends before
the close of the year. Over 40,000 shares of this
stock is held in England and France. The in¬
siders admit that at one time the mill returns ran
very low, but this was because a streak of poor
rock was being worked up. It had to be got out
of the way, and it was cheaper to mill it than to
dispose of it outside the mine.

All the Bodie stocks are active. The improve¬
ment is particularly notice°ble in Bodie and
Mono. It seems that the very rich vein, known
as the Fortuna, in Bodie, has been re-discovered,
and is yielding wonderfully rich ore. But the
real movement in this stack will not begin until
cross cutting is conunenced for the Lent shaft.
At last accounts good pay ore has been discovered
at the bottom of the shaft, 700 feet down. They
have been drifting upon this newly discovered
ledge, but its value is as yet unknown outside of
the inimer circles. But the great deal is prob¬
ably not yet due, for the shaft is to be sunk
deeper and then there willbe a great deal of cross
cutting. A movement is evidently impending,
as Lent is now in Bodie and will soon be on his
w ay to New York to manipulate it on this market.

As yet there is nothing striking from the Com¬
stock, but something is expected before the close
of the year. But even without the Comstock, it
looks as if we shall have an excited mining mar¬
ket some time this fall and winter.





There are some mysterious movements going
on in Findley. The officers, who are respectable
men, say the reports from the mine are discour¬
aging; that only about enough is made to pay
ruiming expenses, without meeting back obliga¬
tions. But to the surprise of these same officers,
the stock is being absorbed by somebody, and as
high as 41 has been paid for it. It is rumored
that a gentleman familiar with the mine is satis¬
fied that there is a great deal of money in it, and
wishes to purchase it. He believes, actually,
that the gold milled finds its way somewhere else
than in the treasury of the company. This gen¬
tleman bought 10,000 shares at 25. There are
100,000 shares altogether. This mine has a splen¬
did mill, in fact, two of them, and a magnificent
body of ore, but its richness is in question.

The extension of the railway system of the
country all through the distant mineral regions,
will add marvelously to the bullion product of
the country in time. There are many fortunes
in store for those who, having some means and
mining knowledge, will pick up properties In and
near the Rockys and the Sierras, and develop them
honestly. While we would discourage gambling
in mining stocks, not a word can be said against
mining as a legitimate industry. We shall be
able to maintain our industrial supremacy over
the whole world, as soon as our mineral resources
are being fully developed. We have the greatest
mines in the world, not only of gold and silver,
but of copper, lead and iron; we have a popula¬
tion that knows how to handle them, and the
moneyed enterprise to get the best and fullest
results.   Let mining be encoura ged, by all means.

*•*--------

GOSSIP IN WALL STREET.

It is said that Woerishoffer has lost a great deal
of money in grain. He is said to have made the
same mistake that his great rival Jas. R. Keene
did a year and a half ago. Keene was long of
wheat but met with a heavy loss. Woerishoffer
is sliOrt of both wheat and corn and is so far bad¬
ly behind. The conspicuous weakness of the
Woerishoffer stocks, Denver & Rio Grande, Col¬
orado coal and the like, is said to be due to the
necessity of some unloading.

The " true inwardness " of the recent break in
the market is said to be a desire on the part of the
banks and money lenders to raise the rate of in¬
terest. The whole programme was concocted at
the Niagara convention, and simultaneously all
over the country the banks began throwing out
weak collaterals. This in part accounts for the
lowering of the bank reserve, the disfavor into
which the " cats " have fallen and the consequent
break in prices during the past week.

The carelessness of owners of past due govern¬
ment bonds is surprising. Interest ceased on Au¬
gust 1st, but many of the owners do not seem to
be aware of that fact, for but few of the bonds
have been presented for redemption. It seems
that among the owners of governments are many
ignorant and stupid people.

It is believed that Jay Gould was one of the
principal upholders of Lake Shore. That stock
and Erie was kept firm so as to keep up the rest
of the market.

It is noticed that Union Pacific, Northwest and
Omaha kept up their prices better than any of
the other'stocks.

It is predicted with great confidence that when
the returns of the railroads are made on the 1st
of September, it will be found both east and west,
that they have done a splendid business; that
notwithstanding the deficiency in the crops, the
increased business in miscellaneous articles will
keep up the profits to the average of last year.
When this fact is discovered and fully understood,
it is believed there will be a rally and much
higher prices for railway stocks.





While architects are generally busy finishing up
o'-d work, at present there are very few plans for
new buildings being made. Several of the lead¬
ing architects have plans in embryo, which may
be matured in the early autumn, should the price
of labor and material be such as to warrant own¬
ers in building. On this point hinges the future
ol building operations in New York.