Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 27, no. 678: March 12, 1881

Text version:

Real Estate Record AND BUILDERS' GUIDE. Vol. XXVII. NEW YOEK, SATUEDAY, MAECH 12, 1881. No. 678 Published Weekly by TERMS. ONE YKAR, in advance___SIO.OO. Communications should be addressed to J. T. LINDSEY, Business Manager. C. IV. SWEET, No. 1.37 Bkoadwav. ABOUT OURSELVES. On Saturday, the lOth of March, The Eeal Estate Eecord will enter tipon the four¬ teenth year of its existence. It was started in what were apparently prosperous times, when real estate commanded high figures and speculation was rampant. Our four¬ teenth anniversary will be signalized by a new departure in several respects. In the first place, The Record will appear in an entirely new dress, and will, we tmst, pre¬ sent a handsome typographical appearance. The price hereafter will be $6 per annum, instead of $10, as heretofore ; single copies, 15 cents. The reduction, a very considera¬ ble one, will be made without curtailing any of the departments in this j)ublication> On the contrary, we expect to add very greatly to the interest of the paper by add¬ ing new features. What they will be our patrons will discover in due time, for we prefer to be judged by what we do rather than by what we promise. We also contemplate publishing an addi¬ tional sheet, to be issued on some o+her day than that of The Record, which will be devoted more exclusively to matters affect¬ ing real estate situated in the immediate vicinity of New York. It will also contain much that will be of the utmost value to business men generally, and all subscribers to The Record who have paid for their sub¬ scriptions will receive this paper free. Harlem people are in trouble. They com¬ plain that rents have advanced from 15 to 30 per cent. There are, it seems, sufficient new buildings to accomodate ten thousand ad¬ ditional people who may care to live in tliat part of the city. Some of the tenants ai'e turning their eyes towards Brooklyn, only to find practically the same condition of things, while others will cross the Harlem River. But turn about is fair play. Ths tenants had the best of it up to last year and the upward surge of rentals was to have been expected. Everybody is making more money than he did two years since or for many years previous, and the landlord shares in the general prosperity and rise in prices. Rents will be much higher before they are lower everywhere. Besides the rise in rents, residents of Har¬ lem have another complaint. The store¬ keepers are suffering. The elevated road, although it brings population to the upper districts of the city, injures ths storekeeper, as customers prpfer to deal in the larger and cheaper establishments down town. This paper has always pointed out that the ten¬ dency would be to concentrate trade in the 2;reat down town establishments. The L0- cal Beporler of Harlem is authority for the statement, that there are more dispossess warrants in the hands of the Ninth District Court than was ever before known. These are mostly against the occupants of small stores, who have found their business un¬ profitable during the past year. HOW THE NEW CABINET AFFECTS NEW YORK. It is not the province of this journal to discuss matters political, except so far as they affect the price of real estate and secur¬ ities generally. A few words may not be out of place, touching the influence of the new administration upon the trade of the country and the probable price of realty. James G. Blaine, the Secretary of State, believes in the rebuilding of the steam ma¬ rine of the United States. He is anxious the country should again have a commerce of its own, that is to say, that our immense exports and imports should be carried iu vessels which bear the American flag. He favors subsidies, so as to encourage steam¬ ship lines to all parts of the world. So far, therefore, as tho influence of James G. Blaine can be exerted, it will be directly in favor of adding to the wealth of the metrop¬ olis. For every steamship line will pay its tribute to New York, and nine out of ten of the new American ships, will clear from this port and add to the profits of our mer¬ chant princes. Secretary of the Treasury Windom is the sworn foe of corporate monopolies. He be¬ lieves in some oversight by Congress of the transportation lines, so as to protect the trade of the country against extravagant tolls. If he should succeed, it will make business more profitable by freeing trade from the heavy exactions of the railroads. But Secretary Windom has made a special study of water ways, as competitors against railroads, to keep down prices. In exhaus¬ tive reports to the Senate of the country, he has shown how the lakes, the Erie Canal, the Hudson River and the Mississippi, can be utilized in the interest of trade and to protect the commercial community against the heavy charges of the railroads. Some of his views may be deemed extreme or ex¬ travagant, but obviously all his efforts will be in a direction that will enhance the value of merchandise, increase the trade of the country and incidentally benefit the com¬ merce of this great port. Then, President Garfield is outspoken in his determination to add to the commercial importance of the United States. Then, this cabinet is strongly bi-metallic. It favors the using of both silver and gold. Secretary Blaine is as earnest on this point as are any of the silver men of the West. A bi-metallic conference is about to meet in Paris on the 19tli of April. It is to determine the ratio between gold and silver. . It will recommend free coinage of silver, the world over. Of course, the action of the conference must be referred to the respective governments xvhich send representatives. But there is scarcely a doubt, that if there is anything like a unanimous agreement, all the nations will glady consent thereto. The mere fact of an agreement however, without ratifica¬ tion, will enhance the price of silver to very near the ratio determined upon. As all ad¬ ditions to the currency give a "fillip" to prices, we may expect it will be followed by a stimulus to business the world over. As the United States is the greatest silver pro¬ ducer among the nations, stocks will be bulled and the markets wUl all advance. Our experience previous to 1873, showed that silver was undervalued in the standard dollar of 412V^ grains, for the white metal left this country for the Latin Union, where the valuation was 3 per cent higher for silver. There is a current impression due to the amazing ignorance of the writers on this subject in the daily press, that the normal relations of silver to gold would demand more silver in our dollar; but it will be found when the conference meets, that it will adopt either the American ratio, or, what is still more probable; the ratio in the five franc piece, which values silver at 3 per cent more than we do in our coinage. But, however, this may be decided, the remonetization of silver and its free coinage means an enor¬ mous addition to, and active use of, the money metals of the world. All additions to the currency, whether of gold, silver or paper, involve higher prices, and this means a great addition to the business prosperity of the county and the metropolis. THE SITUATION IN THE STREET. The past week has been a doubtful and feverish one, so far as dealings in stock se¬ curities were concerned. The volume of transactions fell off and every one was wait¬ ing developments from Washington. At first it was argued that the new adminis¬ tration meant inflation, and that naturally Secretary Windom would do what he could to make things pleasant for the Banks and the Stock Exchange. Hence, there has been a great deal of bull talk during the week.