Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 27, no. 679: March 19, 1881

Text version:

Real Estate Record AND BUILDERS' GUIDE. Vol. XXYII. NEW YORK, SATURDAY, MARCH 19, 1881. No. 679 Published Weekly by The Real Estate Record Association TERMS: ONE YEAR, in adyance.....$6.00 Communications should be addressed to C. W. SWEET, 137 Broadway. J. T. LINDSEY, Business Manager. The Real Esatte Record, to-day, enters upon the fourteenth year of its existence. It has lived through a period of depression, unequalled in the history of the country. It is not in the nature of things that real es¬ tate in this city should ever again be so depressed as it was from 1873 to the close of 1877. Good times have come again and to stay; but, as yet, prices have not reached the flgures which obtained in 1870. Yet the population of the city is larger, we have made great local improvements and have an elevated railway sys¬ tem which makes New York city travel unequaled for cheapness and comfort. The establishment'of The Recokd met a want, long felt by the real estate interests in the city. For the first time the Conveyances, Judgments and Laws and City Ordinances affecting real estate, were given with fulness and scrupulous accuracy. The building in terests, also were appealed to, and the carefully edited price current and the review of the lumber and build¬ ing material market for the week, made this paper in¬ dispensable to all who were erecting houses in and near New York. Some of this news had been given in the daily newspapers, but in. an irregular and care¬ less way. All who deal in real estate wish to keep the record of transactions, and this could only be done by having a file of a paper which made it a specialty. To do this work well cost a good deal of money, and dur¬ ing the hard times we were forced to advance the price to $10 per annum. Appealing as it did to a wealthy interest, the Real Estate Record naturally became a paper for investors, that is to say, its readers are not only real estate owners and deal¬ ers, but bankers, financiers, merchants, leading lawyers and large holders of government and railway securities. An advertisement in this paper, relating to a really first class enterprise that will com¬ mend itself to the judgment of investors, is naturally worth more than when put in an ordinary daily paper. The increase of our business from this source has led us to believe that we can now afford to reduce the price of the paper, as well as give more attention to general financial topics. There are so many papers published in the interest of advertisers, that the field is open for at least one weekly paper pubhshed solely in the interest of the investor. In its new departure, the Real Estate Record will no longer be a local paper. It will be circulated all over the covmtry. The whole world to-day speculates on and in the New York market, and the time is com¬ ing when vacant lots on this island will be bid for by capitalists in all parts of the country. The example of the California colony will be extensively followed, and people who make money as merchants or specula¬ tors in any of the interior cities, will be tempted to have a home in this splendid metropolis of the Western world. The Real Estate Record will retain all its old specialties during the coming year, and will add several features of interest It will discuss all topics whidi affect inve^iors, funush tiie latest aad fullest news about real estate, pay some attention to mining and will collate from the exchanges the best expres¬ sions of opinion from every quarter. In a few days, not later than Wednesday week, to meet a special want, a new paper wiU be issued from this oflice, entitled "City and Suburban Index." "Would it not be well for capitalists with spare means to pay some attention to invest¬ ments in New York water fronts? New York is destined to be the entrepot of the commerce of two continents. All roads lead to this metropolis, and every ship that ploughs the sea, whatever its flag, makes in time for this harbor. From the nature of things, our commerce cannot but grow. We have, apparently, a good deal of water front, but, after all, not so very much that is available for immediate improvement. The deepening of the waters at Hell Gate aud the removing the rocks will make the fronts on the northeast side of the city of very great value. The improvement of the Harlem River, which cannot be long de¬ layed, will make other fronts available. This is not a very tempting kind of prop¬ erty to look at, but its potential value is very great. Nor should any one invest unless he make a specialty of the business. A wise purchase to-day is certain of a large percentage of increase within the coming five years. FINANCIAL JOURNALS. As the Real Estate Record, expects to take a hand in commenting upon the stock market, it may not be out of place for it to pay its respects to other journals, which make a specialty of discussing upon the news of the " street." The Wall Street Neios, has won a deserved reputation for the points it has given during the past year. It has been mistaken at times, of course, but people who followed its advice, have generally made money. It has given misleading points about Erie and other stocks, but, on the whole, it has been generally successful in divining the course of the market and the advances in particu¬ lar stocks. It generally is quite bullish in tone, but for several weeks past, has had the good sense lo warn operators against pur¬ chasing for aa advance. Indeed, its advice recently has been decidedly bearish. Ru¬ mor has it that some of its inspiration comes from James R. Keene. The Graphic is also famous for its well edited Wall street column. This depart¬ ment bristles with points, generally very good ones. It is not chary of giving advice, and it is so far inside, that no operator can afford to be without the 4th edition of the Graphic. Generally bull, it has lately been bearish in tone. Some of its inspiration is said to come from Jay Gould, but Prince & Whiteley, and even James R, Keene, are said to give its editors points. IThe Tribune, has a very well edited money column, but tho compiler is a confirmed bear. During the rise of the last three years, the Tribune money writer has steadily pre¬ dicted disaster. Whoever follows him has lost money ; but the Monday article is very well worth reading. There is no trace of Jay Gould in that department. But there could be no mistaking the inspiration of that operator ia many of the recent articles on Rufus Hatch. The World's market gossip department is openly in the interest of Jay Gould. There is no disguise as to who it is inspires the whole course of that paper on money ques¬ tions, from article to paragraph. Even the dislikes and spites of the great speculator, are openly expressed in the gossip depart¬ ment. This is shown by its frequent attacks on James R. Keene. Its advice is not always safe to follow, for Mr. Gould is sometimes selling when he wants other people to buy, and vice-versa. Everybody reads the World, however, to find out what Mr, Gould wants people to believe. The Commercial Advertiser has a money column worth reading, conducted by Dr. Norval, formerly of the Times. It is gener¬ ally bullish and always accurate, and some¬ times gives a point which is worth consider¬ ing. The Times wastes a column of space evpry morning, on what it calls market news, which might be just as well omitted. It ia utterly without character and no one reads it. The Herald money article is pleasantly written, but is of no value. The Evening Post money column shows some conscientious work, but is of more ac¬ count for its facts than for its judgments. In view of the multitude of papers pub¬ lished to cater to the interests of Wall street, the Real Estate Record proposes to distin¬ guish itself from them by being strictly an investor's paper. We shall not attempt to give tables or figures, but will collate tho best opinions from all quarters and give such general judgments from all the markets as will be a guide to those who wish to invest wisely. We propose to occupy the higher department of financial journalism. How often it happens that schemes which look well on paper and seem reasonable, are disappointing when tried. When Mr. Has¬ kell started Llewellyn Park on the side of Orange Mountain, it seemed to embrace every condition that would insui'e its suc¬ cess. The location was all that could be de¬ sired, it was near New York, of its healthful¬ ness there could be no doubt. The condi¬ tions under which the building plot was sold, secured the purchasers against nuisances and undesirable neighbors. The abolition of fences, with the regulations about fowl and cattle, were calculated to convert the park into a great garden in which the varying tastes of hundreds of wealthy gentlemen could be exercised so as to make a charming ensemble. But though many rich and cul¬ tured people were attracted to the park, it has not proved financially profitable. Chicago has a beautiftil neighborhood