Real  Estate   Record





AND BUILDERS' GUIDE.





Vol. XXY.





NEW YORK, SATURDAY, APRIL 10, 1880.





No. 630





Published Weekly by

TERMS.
ONE YEAR, in advance....SIO.OO.
Communications should be addressed to

C.   W.  SW^EET,

Nos. 135 AND 137 Broadawv





RAPID TRANSIT IN THE ANNEXED DISTEICT
-CAUSES OP TKE DELAY.

An erroneous impression prevails in certain
(juarters that the construction of the Kapid Transit
lines in the annexed district has been indefinitely
postponed, because a few well-known capitalists
are no longer connected with this enterprise. We
are authoritatively informed by a gentleman whose
entire time is devoted to tho affairs of the Twenty-
third and Twenty-fourth Wards.that the withdrawal
of the $75,000 previously paid in has no such
meaning, and that this action was bi;t the natural
result of decisions recently rendered by the courts.
The Suburban Transit Company, for which this
capital had been subscribed, received its franchise
from the first Rapid Transit Commission, and when
this, by the mandate of the court, ceased to exist,
tbe Transit company created by it, of course, had
also to suspend operations. It has, in accordance
with the decisions rendered, to begin its work all
over again, and must also obtain a new franchise.
In other words, in order to have any status at all it
vc(|uired a franchise de novo from the second com¬
mission. This it will receive and in the course of
another month tbe ne'v company with new ofiicerB
and new capital, it is confidently expected, will be
under full sail. The Central Trust Company, ac¬
cording to the ofiicial view of tbe case, had no other
choice but to rnake to the dissolving company the
tender of the capital eo deposited, and the sub¬
scribers instead of permitting it to remain to serve
as a basis for the operations of the second company
took back tho money so tendered. There can be
no doubt, and this is admitted even in official cir¬
cles, that just now there is among capitalists no
great anxiety to invest any more money in elevated
roads. Several causes hcve, during the last three
months, combined to create this apathy. The
constant interference of the legislature with the
franchises once granted is a source of constant
annoyance and vexation on the one side, and at
the same time the unsatisfactory showing made by
the roada now in operation on Manhattan Island'
also act as a damper on the ambition of the projec¬
tors of transit linesin a sparsely populated district.
This may be, however, only a temporary difficulty
which the organizers of the new suburban transit
company are meeting with, and it is a difficulty
which they look squarely in the face and honestly
acknowledge to those aeeking information.

As to the reasons which induced the original
capitalists to withdraw their funds, we have stated
above the views as given in ofiicial quarters. The
bankers, themselves, decline to furnish any other
reasons than those in regard to the uncertainty of
elevated railroad enterprises as experienced during
the past few months, for not forming part of the
second combination. And yet therfe arfr those" on
the inside of this Suburban' Eapid Transit mbve-
mentj-and less-close^-Wouthe'd than the retiring
bankers who maintain,that, aside of the cloud wbicb





has recently been thrown over rapid transit enter¬
prises, there are cogent reasons why the new com¬
pany could not succeed in retaining the old cap¬
italists. It is claimed that the latter only withdrew
when they ascertained that tho rapid transit com¬
missioners had granted permission to the Hunt's
Point Road, which means the New York & New
Haven Eailroad, to construct the Second avenue
bridge across the Harlem River, and that the entire
capital required for that purpose had been
subscribed for by the New York & New
Haven Railroad Company, and that, further, the
money for the small branch to Jerome Park having
been subscribed for by Mr. Jerome's friends, some
of the best 'plums in the suburban rapid transit
system had been dealt out before this company
could get a seat at the table. The inhabitants of
the district will just as well be benefited by this
mode of proceeding as if the Commissioners had
given all these rights to the regular rapid transit
company. Only, it is said, that, owing to this action
of the Commissioners, tbe company will find it
mor \ difficult to obtain the requisite capital in as
short a time as was originally anticipated. That it
will eventually be in good working order there can
be no doubt, but the various causes as detailed
above are the principal reasons why the building
of all the rapid transit lines in the annexed district
may occupy more time than ia agreeable to those
citizens of the Twenty-third and Twenty-fourth
Wards whose daily occupations call them to this
city.

In this connection it ought to be stated that the
New York & New Haven Railroad Company have
two years to build the Second Avenue bridge, and
that very shortly they intend to run a ferry, so
as to connect with the Harlem & Portchester or
Hunt's Point i-oad. It ia alao given out that nego¬
tiations are now pending for the purchase of land
in Thirty-fourth street and Second avenue, where
the New Haven Company intend to establish a
branch depot.





EXRERT RAYMOND   AND   THE   LITTLE
PITTSBURG.

Dr. Rossiter Raymond calls the Editor of The
Real Estate Recobd hard names because of the
statement that Mr. Abram Hewitt probably sold
out his Little Pittsburg stock from some hint he
got from him (Raymond).

But, surely, if there was any mistake it waa a
very natural one. Raymond examined the mines
as an expert. Hia employer, Hewitt, was among
the original purchasers of the stock, of which he
took a large block. He sold out at a high figure,
not holding any when the stock broke. It certainly
was not unreasonable to surmise that he got his
point in both cases from the expert who examined
the mine.

However, we will not again make the same mis¬
take. We now understand that when Mr. Hewitt
buys mining shares he carefully avoids consulting
his employee, Raymond, especially if the latter
knows anything about the property from personal
inspection; aud when he sells, being a good busi¬
ness man, of course he does not post himself as to
the real value-of'the shares he-deals-in. Mi-.
Hewilit's ways of'doing buaine'ss are' peculiar, if
Baywpncl represents them aright, but we advise





the latter not to get out of temper and call people
names, as he does in the last Engineering and
Mining Journal, because they innoceiitly sup¬
posed Hewitt had some confidence in the j udgraent
of one of the persons in his pay. It is just possible
that after this Little Pittsburg./ifl.sco the investing
public may place the same estimate upon Ray¬
mond s judgment of a mine that Hewitt does.

Dr. Raymond makes ono point whicli will attract
attention. He says hia report was not made to
the public, or even to tho stockholders of tho
Little Pittsburg, but to those who paid him his
fee; presumably Chairoe, Moffitt, Tabor & Co.,
and he intimates that it ia an impertinence for any
one, except his paymasters, to call him to an ac¬
count for any statements he may have made about
any mine. This doctrine if accepted would, no
doubt, make thing.s pleasant for mining cxperfca,
but we judge •S.'jjOOO lees would bo scarce iinleas
the expert's repute and former official poHifiou
could be made use of to fioat the stock of mining
companiea. Raymond's name and supposed trust¬
worthiness waa certainly used to get subscriptions
to the stock of Little Pittsburg, but the public will
hereafter understand that he repudiates any
responsibility for statement.s ho may make about
a mine. Only his employers have any right to call
him to an account.





CARICATURES ON MINING.
Puck had a cartoon the other day on the mining
furore, which ia striking but unjust. There is more
or less fraud and swindling in connection with all
speculative movementa, but it is not fair to charge
the whole mining industry 'with dishonesty. All
mines are not "wild cats." AU Boards of Mana¬
gers are not dishonest oivinefficient. So far. Little
Pittsburg management is a thing by itself. No
doubt, other Little Pittsburgs will deceive honest
investors, and perhaps it is well that Puck, follow¬
ing the lead of The Real Estate Recoed, should
warn the investing public not to be too hasty in
believing all the stories told by the promotera of
pretentious mines. Puck's condemnation is alto¬
gether too sweeping.





REAL ESTATE AS AEPEOTED BY ELEVATED
ROADS.

The property-owners along Fifty-third street, and
also several prominent owners along Sixth avenue,
are justly elated at the decision of the Supe¬
rior Court General Term in the Caro suit. For the
first time, after several years of litigation, they
have scored a substantial victory, and it already
haa had the effect of bringing their various forces
into closer union. There haa been in the past quite
a number of defections from the ranks of the
Property-holders' Associations, banded for the
purpose of fighting the roads, and only a few of
them subscribed enough money to carry on the liti¬
gation up to this stage of proceedinga. Since this
decision has been rendered, however, meetings
and consultations have been held and the most
sanguine of them already dream of Sixth avenue
redeemed and the elevated structure taken down,
as was the old Knox Bridge, in Broadway. The
result of tbeir consultations thus far ie that, should
the Court of Appeals oonflrm the cJeeision of the