Columbia University Libraries Digital Collections: The Real Estate Record

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May 21,1881 The Real Estate Record 519 The Herald of Monday devoted four of its valuable columns to repeating the old, old story of the underground raUway up Broadway through the Boulevard to Har¬ lem, with a branch to the Forty-second depot. This romance with the same flgures, tm-ns up every three months, sometimes in the Tribune and afterward in the Times. The Herald itself has published the same yam four times. Of course, no sane capita¬ list would agree to put his money into an enterprise so very costly, which would be certain to prove a failure as a competitor against the elevated roads, A tunnel under Broadway and to the upper end of the island on the West Side, would be a costly f oUy and could not be made to pay unless the elevated roads were torn down. Those who have used the Metropolitan raUroad of Lon- o n, know what unpleasant traveUing it is, compared with our out in the air steam conveyance. Why, even the tunnel from Thirty-third to Forty-second streets under Fourth avenue, though well Ughted and ventUated, is yet a nuisance to aU who use the horse cars on that line. There wUl be no underground road buUt in New York, for capitaUsts are not fools enough to execute so purposeless a work. What is practicable, though not likely to be attempted, is the old Arcade scheme, by which a new street was to be created from the Battery to the Forty- second street depot. If the ground is exca¬ vated from curb to curb, the sidewalks above made of patent Ughts, if carts, carri¬ ages, as well as freight and passenger cars could use this new avenue and it was made tributary to all the railroads which enter the city from the north, there might be some chance of its being successfuUy carried out. But an underground road in any other shape; would be a smoky, stinking, noi¬ some hole in the ground, which nobody would patronize when they can do so much better. -------------------------■< « >■—----------------- The proposed appointment of a new Fire Commissioner, in place of Vincent C. King, caUs attention to the fact that we have the most efficient fire department in the world. There was a, great fire recently in Paris, when the fact came out subsequently that the fire apparatus was very inefficient. Col¬ onel Paris, chief of the brigade, explained how he had repeatedly caUed the attention of the authorities to the shortcomings of the apparatus. It has resulted in the very finest machinery being ordered for the use of the Paris fire department. Paris houses are of stone, and it is difflcult to get up a great fire in that city. The communists were forced to use petroleum to help the flames. The PhUadelphia department is also in a somewhat disorganized state. Indeed, in no city in the country if not in the world are there such well-trained firemen or more effi¬ cient machines, it is a pity there should be any changes in the management of our flre department. It should be a permanent bu¬ reau, which shoiUd not be changed whUe it retained its efficiency. «»>------------_ And now they are talking of making Montauk Point a place for the an-ival and departure of European steamships. It is in¬ tended to bear the same relation to this city that Queenstown does to Liverpool and Mil¬ ford harbor to London. This cannot be thought of, however, untU the bridge over BlackweU's Island is constructed. The scheme may sound chimerical, but if unin¬ terrupted steam communication with the rest of the country could be had at Montauk Point, it would shorten the voyage to Europe some thirty hours. The missing link is the proposed bridge oyer BlackweU's Island, SOME MINING POINTS. Caribou has been listed upon the New York Mining Board. It ought to be a purchase; the mine has a very good record, its management is capable and honest, and it has money ahead tn the treasury. There is no manipulation of the stock as yet, and there is a fair prospect both as to the price and in future dividends. We are soon to have a "boom" in Montana. The Eureka Mine of Montana is shortly to be listed. It is a well developed property, has had capable management and its friends predict that it will make Montana mines a feature in transac¬ tions upon the market. There are a number of fine propei-ties in the Territory, and the time is coming when a great deal of gold and silver will reach New York from that region. It should be noticed that our New York min¬ ing share dealing is to-day on a much more wholesome basis than the mining stock dealing ever was in San Francisco. In the latter city the Comstock lode absorbed everything. The deal¬ ings in other localities than the Comstock were very limited. But a look over our New York list shows that the mining interest represents every section of the country. Our capitalists are reaching out in every direction where a profit is to be made in the development of mines. The types last week made us say that "Bodie Consolidated was trash." It should have been Union Consolidated, of Bodie. Bodie Consoli¬ dated is famous for its deals, but it is a great mine, with immense possibilities for the future. Its ore, when found, is very rich, but the forma¬ tion is broken, and hence sometimes it has yielded enormously and again become apparently barren. Good judges expect Bodie to seU for high figures before the close of the year, but its manipulators are very tricky people. This coming June •will witness a sharp compe¬ tition for the possession of Bodie. The contesting parties are WilUam M. Lent ou the one 'side and ex-Senators Sharon and Stewart on the other. There is nothing to be said in favor of either party. Whoever is chosen wiU try to get -fche best of the stockholders. Lent would not rob the mine and he would pay out honestly the gold found in it, but he would make deals on the stock market and euchre the outsiders if he could. But Sharon and Stewart—well the mines they run rarelv pay dividends, but these men know how to get rich out of them. The State Line mines were the cards.in the New York Mining Board during the past week. The gambling in them was very lively. The Tribune announces that Mr. Osbiston has visited these mines in Nevada, and speaks highly of them. This person's name will be remembered in con¬ nection with the HukiU and Freeland mines, with which our New York public were "stuck"so badly something over a year ago. It is very cu¬ rious that character counts for nothing in the manipulation of mines. The California rascals, who exploited the investing public in ChiysoHte, Little Chief and the other Leadville properties, are known to be behind these State Line proper¬ ties ; but the speculators rush in just the same, expecting to get out before the bubble bursts. If there was some way of dumping the occupants of several of the rooms in the Boreel Bmlding into the North River, and to give each one of them a lesson in swimming with a fifty-pound weight to his heels, it would be a splendid thing for the mining interests of the country. Two new Arizona mines have been put upon this market through Prince & Whitely's office. James R. Keene is understood to be interested in them. The subscription price of one of them was $1 a share and the other $3 a share. One is called the Washington, the other the Bradshaw Their backing is good, and they wUl be very lively stocks. The mines are in the Tombstone district, and the ledge is the same as that of the famous Contention mine. Look out for Bradshaw and Washington. Something is clearly upon the Comstock, either a bonanza is to be uncovered, or a great deal is to be made, John Mackey will soon be back from Paris, and the report is tbftt by the 1st of July the ball wiU open. Belcher, Best & Belcher, Hale & Norcross and Mexican are mentioned as the probable " boomers." An old subscriber says he is the unfortunate owner of Little Pittsburgh, which cost him 25, and Bull Domingo, which cost him 10, and he wants to know whether he had better sell out or wait for a possible boom. As the price of A. L. B.'s purchase is so much less than when he first in¬ vested, we would advise him to wait for better figures. Little Pittsburgh will never again see 25, but Bull Domingo may, when fuUy developed, approach near the figures they cost our corres¬ pondent. There are great possibilities in the best known mines listed upon our local board. But mines are very uncertain properties. One can tell something about railway stock ; good or bad crops, the state of the money market, are factors in the price of railway securities, and of these anyone can be the judge. But the real condition of a mine can be known only to the superintend¬ ent and to those to whom he confidentially com¬ municates. Bull Domingo may yet prove to be a iine property. Calaveras stock was depressed by the announce¬ ment that a debt of .§300,000 is to be created, to wHch the stockholders are to be forced to sub¬ scribe. This money is not for the purpose of im¬ proving the property, but to take up $100,000 worth of bonds now held 'bj the fiiends of the directors. In other words, it looks as if the stock holders are to be forced to carry the burden Oi the bonds. Calaveras is an excellent property, and is making money ; but this action looks as if the design is to freeze out the stockholders. Ac¬ cording to all accounts, the property should pay a dividend this fall, but it appears that the out¬ siders i>ropose to gobble it all up. THE SITUATION ON THE STREET. Stocks are very strong and points in the broker's offices are as thick as " leaves in Valam- brosa." A movement is promised in Ontario and Western, due to the raising of the §15,000,000 to begin building the opposition to the New York Central. Canada Southern, it is said, will soon declare a dividend and 95 is talked of for the stock. Jay Gould's Southwesterns are all prime favorites and they talk of 130 for Missouri Pa¬ cific. Friends of the stock declare it is a good 8 per cent property. It is true that so far every¬ body has made money in the Southwestern secur¬ ities. Erie 2ds are said to be a purchase. MUls and others talk of 115 for them. They wiU draw 3 per cent on the first of June, but will not f aU off from theii- present price. Colorado coal it is claimed is good for 75. New York Central stock will, it is said, be doubled and o per cent on the new shares. Then again, they talk of making Lake Shore a 10 per cent stock. A great " deal" is underway, which includes Oregon Navigation, Northern Pacific and St. Paul. These roads, it is claimed, wiU some day be consolidated ami make a through line to the Pacific. And so it goes. Every stock has its favorite and every one has points to buy. The public are purchas¬ ing right and left, orders come in from every quarter and there seems to be no pause in the speculation. The crop reports are good from Ohio, Indiana and Illinois, but there is danger that the news wUl not be so favorable from re¬ gions further West. From all accounts,'. James R. Keene has suffer¬ ed severely this spring. He managed to get on the bear side, and he has been unfortunate in every stock he sold short. He is now turning his attention to mining shares. Next-week, it is said there wiU be a movement in Silver Cliff and he has brought two Aiizona properties on the market, the Bradshaw and the Washington, which aU the boys in the Mining board expect to deal in extensively. The mining outlook is very promising. It is said the New Tork Board are to have fine rooms in D. O. Mills' new building. The Sewanhaka Yacht Club has the founda¬ tions in readiness for its new club house, which is being buUt elsewhere and is to be erected in front of Conklin's Basin.;TompkiR§Yille.