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Real estate record and builders' guide: v. 27, no. 674: February 12, 1881

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Real Estate Record AND BUILDERS' GUIDE. YoL. XXVII. NEW YORK, SATURDAY, FEBRUARY 12, 1881. No. 674. Published Weekly by TERMS. ONE YEAR, in advance.. ..SIO.OO. Communications should be addressed to C. W. SWEET, No. 137 Broadway SIX GIGANTIC ENTERPEISES. How few Americans realize the maEtnitade of the enterprises now under way on the North American continent. Six different trans-contiuental lines, having in view the uniting of the Atlantic with the Pacific Ocean, are now either beiog perfected or are under way. The construction of any one of these great lines will be a feat of which any nation might be proud ; but six of them at one time, is literally unexampled in the history of the world. The greatest memorials of the Roman Empire which have come down to us, are the magnificent roads, many of which have survived to this day the fall of the great Empire, But how poor a piece of work after all was a Roman road, com¬ pared with a double track railway line with its steel rails, bridges, culverts aud costly palace cars and innumerable freight cars. Yet it is more than probable that dating back from the twentieth century fifty years, the United States alone will show more steam roads than were constructed of Roman roads throughout the world during all the centuries when that power was supreme. Look at the list. First, there is the Canada Pacific, which is intended to traverse the ice bound region to the north of us, so as to connect the Domin¬ ion with the British possession on the Pacific coast. Next, there is the Northern Pacific, which is being pushed with great energy and which will be completed before the close of 1883. Then comes the Union Pacific, the pioneer of them all, which is perfecting its system of roads, reaching north and south to mineral regions, coal lands and, agricultural and grazing districts. The Union Pacific will soon have 3,000 miles of roads tributary to it. The Central Pacific is destined to become a part of a road under one management, ex¬ tending from New York to San Francisco. Then, fourthly, there' is the Southern Pacific, the news of the completion of which we wiU soon hear. This road will have its eastern terminus at Ne Alport News and Nor¬ folk, and will be connected in time with several ports on the Pacific besides San Francisco. Numberless connecting roads will soon be under way to add to the volume of the business of ths Southern Pacific. Then comes the extension of the South- "western system of roads to the City of Mexico, which will be followed almost immediately by the construction of a line to some point on the Gulf of California or the Pacific Ocean, probably Guayumas. And lastly there is the Panama Canal, the capital for which has been subscribed. It is safe to say that something like $1,000,000,000 will be spent before these roads and their branches will have been completed, and when we recall the fact that they are aU now under way, with abundance of money back of each scheme, we may realize first, the immense impetus this is giving to all kinds of business, and,second, theppril which we run in using up money so rapidly for fixed improvements. Great Britain comprises but a small portion of the earth's surface, and that densley popu¬ lated. North America is no inconsiderable part of the whole surface of the globe, thinly populated. The rapid building of railroads in wealthy and overpopulated Great Britain, brought about at least five commercial crisises. We have had two commercial panics, one in '57, the other in '73, due in great part to the overbuilding of railroads. Who dare say that we will not pass through several revulsions before we have completed the gigantic works we have undertaken. Let us make money while we may. This immense expenditure for railroad building will keep our people employed at remuner¬ ative wages for several years to come. But about the time that payday arrives, woe to those who are in debt or who have ready money in institutions that are in any way weak financially. passes, and $600,000,000 of investments will be set free to seek more lucrative employ¬ ment than in the purchasing of Government ZI4 per cent, bonds. We may see prices that will make one dizzy, if a speculative funding bill should pass. But we do not advise any one to buy, except indeed real estate, which is a purchase whether stocks go up or stocks go down. WHAT WE MAY EXPECT. All the ]3rivate advices from Washington agree in saying that a funding bill will certainly he passed before the 4th of March. Our informants have seen letters from prominent leaders of the Senate and House, of both parties, and they all agree in predict¬ ing the passage of a satisfactory biU. If this is so, we may look out for another very active market and rising quotations in securities. This will be more especially the case if the provision in the funding bill is retained, of issuing Treasury notes bearing 3 per cent.finterest and of smalldenominations. These are proposed to give the poor a chance to invest in those parts of the country where there are no savings banks. But its real effect will be to set free the hoards of gold, silver and legal tender paper which are now put away in old stockings by poor and ignor¬ ant people all over the country. The state of the exchanges shows that no gold can be shipped hitherward for the present; but the exports are very heavy, greater than they were this time last year, while the imports are much less. This, if continued, must lead to the renewal of the importation of gold. But to create a' 'boom" this will not be necessary if the funding bill POSITION OP THE WESTERN UNION. People who are familiar with the telegraph system of the country, say there will be no difiiculty in Western Union earning 8 per cent, on its capital stock of $80,000,000. This can be done without increasing the tolls, while extra facilities can be given the press and the various Exchanges. It is clearly the policy of Western Union not to antagonize the public. The latter is just now in an angry mood, but this feeling will in time die out. It is understood that General Eckert is about to offer the use of his idle wires, of which he has an abundance, at very reason¬ able terms, to the members of the Cotton Provision, Grain and Stock Exchanges. This in the hope that it wiU put an end to schemes for starting new companies. In any event it will be impossible to or¬ ganize an opposition to the Western Union that will be efficient, in less than two years. Congress cannot act until the year 1882 and in the meantime the Western Union people will have the entire field to themselves. A new telegraph company starts in under great difficulties. Telegraphing is a kind of retail business, the plant of which does not cost so much as the machinery for carrying it on. It is easy enough to put up poles and wires, but to open offices and train operators is a far more difficult task. Then, a new com¬ pany will be cut off from the markets of the world. The Western Union will not only have a monopoly of the existing cables, but Jay Gould has announced to the world, through an interviewer, that he expects to have cable communication with South America, the Continent, with the West India Islands and even with Russia by way of Alaska and Kamtschatka. A telegraph com¬ pany confined to internal communication, cut off from cables, would not amount to much. There is a great deal of folly and nonsense in the newspapers as to what the new com¬ panies can do. The fate of the twenty odd organizations swallowed up by Western Union, tells the story of what we may expect should a new company be organized. There is no such thing as competing in telegraph¬ ing or raibroading. Ihe competing com¬ panies are always bought up and the unfor¬ tunate public pockets the loss of capital. There is but one solution of the problem and that is, the purchase of the lines by the Government, Then, and not until then,