48





The Real Estate Record.





January 15,1881





of the southwestern roads. But one or two
bad crops West would not now affect the
permanent value of the trunk lines East
which have their terminus in this city. Our
country is so vast that the failure of any one
of our great commodities would not mate-
riaUy reduce the revenues of the eastern
trunk lines, although it might prove disas¬
trous to the roads which traverse the stricken
district.

Our own judgment is, that the best invest¬
ments for profit and iiermanence are in real
estate. But if one has a preference for rail¬
way securities, there seems to us to be more
of a margin in the coal stocks, specially in
Jersey Central, in Erie, in New Y^'ork Cen¬
tral, Lake Erie & Western, Wabash, Chesa¬
peake & Ohio, and in short all the roads
which seek the seaboard.' There is undoubt¬
edly money in the southern roads ; the census
shows that the Southern States are not loos'
ing in population, and that vastly more
cotton can be grown by free than by slave
labor. Some of the Southern State bonds
now in discredit will see a marked advance
during the coming year.





comj)laints it hears and heeds a great deal
more than those of the solid merchant, who
curses in the innermost of his soul a muni¬
cipal system under which he is compelled to
transact his btisiness.





SHAMEFUL   NEGLECT   OF   BUSINESS
STREETS.
Elsewhere we have alluded to the manner
in which the city refuse, on the pretence of
being "snow," is disposed of along the docks
of our rivers.    This, however, is only a par¬
tial expose of the careless manner in which
this pretentious Street Cleaning Bureau is
doing work for which the city of New York
pays annuallj'' over two hundred thousand
dollars.    During the past week, while snow,
ice and slush v,"ere accumulating in all the
avenues, streets and lanes of our city, an ex¬
traordinary attempt wafj made by Captain
Williams to secure the good will and abund¬
ant j)raises on the part of our citizens.    He
did, it must be acknowledged, remarkably
well along the Fifth   avenue,   Broadway,
Thii-ty-fourth, Twenty-third and Fourteenth
streets,  all leading thoroughfares, through
which those capable of "hurting" the Captain
Avere apt to drive, in coach or sleigh, during
the severe storms that have followed one
another tip rather smartly during the week.
The plain  business men, however, who are
neither fast drivers nor politicians, who are
not in the habit of showing themselves "on
the road," were entirely neglected. They had
to pay for the piper by loss of time and in¬
creased expenditure, caused directly by the i
wUful neglect with which their streets were
treated by the Street Cleaning Bureau.   We
aUude particularly to the streets crossing
Broadway, below Canal street, where firms
doing the very heaviest of business were un¬
able to load, unload or forward merchandise,
owing to the scandalous accumulation of
snow, ice, filth and dirt before their respect¬
ive establishments.   Worth, Pearl, Frank¬
lin, Leonard,  Walker,  White, Church and
Lispenard streets show to-day the neglect
which characterizes the doings of this ex-
})ensive   municipal bureau.    And yeb, the
iuerchants who require more than the fast
:sports the use of^their streets for the purpose
■of fiUing orders that reach them from all sec¬
tions of the Union, are overlooked and ne¬
glected by this would-be street cleaning de¬
partment, which apparently, has not the least
idea of the immense value centered in that
dry goods district, but has, as far as we are
led to believe, a very keen perception of the
loads that are to be trotted over by the poli¬
ticians, the sports and the "oflElcials," whose





SOME FACTS ABOUT MINES,
The Hibernia is the name of a new organiza¬
tion in which dealings are permitted on the New
York Mining Board. We advise investors to
leave it alone. It is situated on Fryer Hill, in a
good location, and some highclass ore has been
taken from the mine; but the officers and promo-
tors include the names of several old Leadville
mining-sharks, vrho have most unsavory reputa¬
tions. Honest investors should not in any way
encourage the people whose names are associated
with Little Pittsburgh, Chrysolite and the other
Leadville stocks in which the public have been
deceived. In dealing in Hibernia, you are play¬
ing against gamblers whose cards are marked.

Silver Cliff had a '' spurt" upward during the
past week. This is a mine with immense pos;ibil-
ities, and the stock may yet s(:ll at high figures,
for there are vast quantities of ore on the dump.
But so far it has not been worked profitably.
The new mill, on which so much depends, will not
be in operation for a couple of months. And,
then, the mine is in debt to Mr, James R. Keene,
its largest stockholder. Even if the mill should
prove to work well, we do not see much chanc?
for dividends this year. But the stock will be
subject to fluctuations aud will be profitable to
speculators.

Bull Domingo has got a black eye. The insid¬
ers, who promised dividends in February, now
hint that perhaps none may be paid until a
couple more levels are opened. There are three
theories for the break iu the price of Ihe stock.
One is, that a large holder, with whom the com¬
pany has had some dealings, is found to be in so
many operations that his credit is precarious. So,
with the amiable intent to slaughter the weak,
some of his associates are going for him to get
their stock at the lowest possible price. Another
.story is that a well known California ruining
operator had given calls on the stock at 6 and
that he broke dowu the price, so as not to give
any profit to the caller. But as this break occurs
after President Barnum has returned from the
mine, it looks suspicious. The ciitics of this
mine says that, in the lower depths, the boulders
increase in size, and the silver beaiing ore,
though richer than above, is limited in quantity.
Indeed, it is hinted that more concentrators may
be required to work the mine profitably.

Standard of Bodie has appreciated in market
value recently. According to the officers and in¬
siders, all the dividends from this mine come from
one level, 385 feet from the surface. Tho ore on
this level runs from $400 to $60D a ton. It is
claimed there is enough of it in sight to last four
years and insure the payment of 75 cents per-
month, per share, for that time. Ore is taken
from half a dozen other ore bodies in the mine,
none of which are really profitable, but it is wise
to work them, to see if they may not develop
into richer ore. The shaft is now down to a
thousand feet, and before the ore body on the 385
foot level is worked out other rich bonanzas may
be discovered in the mine. But cautious inves¬
tors will doubt. The Cooks, who were in the
famous Alta deal, are officers in this company,
and perhaps some one may think it worth while
to slaughter the Eastern stockholders,

Sfcormont has been reorganized. We warned in¬
vestors against dealing in this stock, both before
and after it is put on the regular board. The
owners of this mine were very rich Philadelphians
and New Yorkers. A. J. Johnson, the wealthy
publisher, was the principal promoter. Presi¬
dent Barnard and Professor Newberry, oi; Col¬
umbia College, Presidept Knight, of the Bound-
brook Road, President Palmer, of the Broadway
Bank, and others, equally respectable and well to
do gentlemen, were the principal stockholders"
But, from all accounts, they made a bad bargain
and got "stuck," There was an eager demand
ifor shares at $5,50, when first organiieed, but so





certain were the promoters of having a good
thing, that they would not sell more than 10,
000 out of the 150,000 shares. But they finally
found that they were deceived. They tried to
get up a " boom " by gutting the mine, and they
succeeded in paying three dividends; but finally
one had to be passed and the stock broke from 4%
to less than 2. Nov/ there is a reorganization and
some of the stock was sold at higher figures,
because of the change.

The Silver Reef region, of Utah, is a peculiar
one but very treacherous. We give the same
advice as heretofore, dont touch Stormout.

The prices on the Comstock lode are getting
worse and worse. There does not seem to be a
ray of light from any part of this famous lode.
The north end stocks are a lamentable failure so
far.

Prof. Morgan Draper lectured before the Bul¬
lion Club last Tuesday evening on the San Juan
region of Colorado. Undoubtedly Southwestern
Colorado is destined to be the great mineral re¬
gion of that state. The ores I'equire to be
smelted, and hence reduction works are necfs-
sary. A young man, in good health, with a few
thousand dollars and his wits about him, ought to
be able to make a great deal of money in Color¬
ado, New Mexico or Southern Arizona, Until
railroads, however, run near the mining region,
people would do well to avoid investments in
those distant territories.

Mines may be ever so rich, and yet bo value¬
less in the absence of cheap transportation.





THE MA.DISON AVENUE EXTENSION,
The proposed extension of Madison avenue, first
suggested in the columns of TheEecoed, is being
discussed favorably by the daily press. It is more
than likely tliat the Legislature-will be appealed to
by interested property owners, so as to smooth the
way ior the actiongof the Board ofjStreet Openings,
composed of the President of the Board of Alder¬
men, Comptroller, Mayor, Commissioner of Public
Works and President of the Park Department. In
the meantime property owners as well as officials
have thus far expressed their opinions somewhat
in the following strain:

Mr. S. L. M. Barlow thinks that property owners
along the line of the "cut and those owning property
on Madison avenue, above Madison square, could
easily afford to pay the whole cost of the work and
the property to be condemned. Property along
Fifth avenue above Madison square is worth more
than property along>Madison avenue, because It is
an artery which the flow of business naturally
enters.

Comptroller Campbell says that, if the persons
owning property along the line of the proposed
cut, and those persons owning property along
Madison avenue above Madison square, which
would be available business property when a stream
of travel could be turned from Broadway directly
into Madison avenue, were willing to bear the cost
of the change, he cees no objection to the project.
It would certainly be ro detriment to the city.

Commissioner Thompson, of the Department of
Public Works, had no doubt as to the value of the
work, conceding that Broadway at that point was
very crowded. If the citizens owning properly in
that neighborhood thought that it would pay them
to make the improvement, he would help them to
the best of his power. Perhaps the city might
even pay something toward the cost of widening
Broadway, between Nineteenth street and Union
square, but it would certainly, in his opinion, do
no more,

Mr, E. H. Ludlow says that [it would be neces¬
sary to condemn about twenty houses of an aver¬
age value of $60,000, The increase in value of ad¬
joining lots would nearly cover the whole cost.
He considers this a good time to appropriate this
property, as the houses are mostly occupied by
families who want to move further up-town, and
the present valuation of real estate is low com.
pared with 1870.

•    LET IT GO THROUGH,
[From the New York Sun ]
Tha  plan of extending Madison avenue from
Twenty-third street in a direct line toward tho
'south, until it strikes Broadway, has been revived,
and is discussed iu yarioas quarters.-