Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 27, no. 692: June 18, 1881

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Real Estate Record AND BUILDERS' GUIDE. VoK XXYII. NEW YORK, SATURDAY, JUNK Is, 1881 No »92 Published Weekly by The Real EstateRecord Association TERMS: ONE TEAR, in advance ----- $6.00 Communications should be addressed to C. W. SWEET, m Broadway, •J. T. LINDSEY, Business Manager. It is rumored that there will soon be seri¬ ous trouble with the employees of the rail¬ road and telegraph companies. The really extraordinary demand for skilled telegraph operators has led to the formation of a secret union, and a. demand, it is said, will be shortly made for a large and permanent Advance in the wages, as well as a reduction of what are deemed excessive hours of labor. In the cable dispatches, it will be noticed, that the employees of the government tele¬ graph in England have united in demand¬ ing better treatment and shorter hours of la'^or. Rumors in regard to the intention of our American engineers are indefinite, but it is believed that all the railroad employees expect to get better wages this summer. This desire for higher wages and better treatment on the part of the working classes, is not an unfavorable symptom in itself. It •shows that the times are prosperous, and (fchat the working classes think they ought to share in the lairge profits of business. But a concerted movement of the railway employees and telegraph operators, might tend to depress the price of stocks. The outcry against the "syndicate of liars," by the World newspaper, was one of the most magnificent specimens of audacity known to Journalism. There was, it is true, a syndicate of liars, but the leading membero vpere Wiliiam Henry Hurlbut, Hugh J. Jew- •ett, of the Erie road, Commissioner Fink, Mould's broker, Connor, wlio supplies the points for the gossip of the World, as well as some less well-known followers of Jay Gould and the bull party. It now turns out that the crops are deficient, that the railroads are and hav© been cutting rates, and that there has l^en the most persistent and vigorous lying on the bull side of the market. The agent of the Associated Press did what he could to help the bulls by issuing the circu¬ lar upon which tlie charge of lying against the bears was based. Although William H. "Vanderbilt's name was used, we do not be¬ lieve that he ever denied that the rates were being cut. Indeed, there is evidence to show that he commenced cutting rates himself, his probable object being to depress stocks before the next rise was inaugurated. The continuous rains have so far done no harm in the East. Indfed, for several years our rural population have suffered from a de¬ ficiency of rainy weather during the summer season. This last winter and spring, however, have supplied so much moisture that tbe ground is thoroughly saturated, the wells and the cisterns are full, amd the streaios unusually high. There is no danger of plen¬ teous June rains, so far as the East is con¬ cerned, but if the stormy weather prevails during July, the effect on the crops will be serious. There will, however, be plenty of feed for cattle, and we ought to have an abundant hay crop. WHAT IF JAY GOULD SHOULD DIE? The agent of the Associated Press de¬ clined to publish a dispatch, which stated that Jay Gould had been shot at S . Louis. It is alleged this report was gotten up by a "syndicate of liars" who wished to depress prices on the stock list. But would the news of i he death of Jay Gould affect stock prices unfavorably? The same thing was said of Yanderbilt when he was alive, yet his decease had no perceptible influence upon the market. This may have been be¬ cause a long sickness preceded his decease and the effect of his death, if anv, had been discounted. In all human probability when Mr. Gould dies, it will not be by the hand of an assassin. He is a frail, sickly man and when his time comes, he probably will take to his bed and be kept alive for weeks, if not months, affording abundant time for any unfavorable effect of his death to be discounted. The reason why it is feared that Mr. Gould's death might affect the market, is because of the vast consolidating schemes he has on hand. There is the southwestern syst m yet to be perfected, and it is more than probable that other combinations still more comprehensive are under way. Mr. Gould is understood to be engaged in an enterprise having in view the consolidation of all submarine cables of the world. It is also believed that if he lives, the country will be startled by a connection from St. Louis to the east, which will put him in practical control of more than half the rail¬ way system of the country. But it should be borne in mind that the work of consolidating raUway companies began before Mr. Gould commenced his railroad career, and will continue for many years after he is dead. Everything con¬ spires to unify the railway system of the country. It is certain that at some time or other, the Central Paciflc will make a com¬ bination with the Union Pacific, so as to form a line under one management from New York to San Francisco. The St. Paul and Northwestern systems will certainly unite some day and a connection between them, the Northern Pacific and the Oregon Navigation Company, seems to be written in the book of fate. Then, Mr. Jay Gould is exceptionally fortunate in having for his lieutenants some of the ablest financiers and railroad men of the country. Solon Hum¬ phreys, Russell Sage, Sidney DUlon, General Eckert and a score of others less known, wiU continue the work Mr. Gould begun, should any fatal accident befaU him. We there will be no great change in the price of securities because of his decease. But what a curious change of feeling these speculations about Mr. Gould's life show, on the part of the press and the public. When Gould and Fisk were associated together in the Erie management, the death of either or both of them would have been regarded with sublime indifference, if not with secret satisfaction by the great mass of the busi¬ ness community. But now the whole spec¬ ulative world regards with breathless appre¬ hension the possibility of Jay Gould's death. There must have been some mistake about this man's character and intentions. Either he was misunderstood at the opening of his career, or he is overappreciated now, when he is apparently at the height of his wealth and power. But what a career it has been. What a contrast there is between Jay Gould coming to New York to seU a patent mouse trap, and the same man who stands to-day in the railway and financial world like "great Jove among the gods, to to whom there is no second." HOW THINGS LOOK OUT WEST. One of the attaches of The Real Estate Record has just returned from a fly ing visit to the West. In view of the interest which attaches to the crop question, a statement of what he saw and heard may be of some value to those who have interests in the stock and grain markets. Winter wheat is undoubt¬ edly very seriously damaged in Ohio, Indi¬ ana, Illinois, Michigan and probably further West. At the best it cannot be more than a two-thirds crop. Tiiere is time enough for it to turn out somewhat better than the pres¬ ent promise, but heavy western grain men fear the worst and are buUs on the price of winter wheat. The spring wheat crop, so far. looks fairly well. It promises an average yield, and the weather lately has been highly favorable. The return per acre will be about equal to last year. Still, it is too early to speak with any certainty about spring wheat. In view of the exceptional weather we are hav¬ ing all this yf^ar, the woi'st is to be feared. The corn crop has been delayed in its plant¬ ing several weeks and in many cases had to be replanted. The acreage wiU be large, but if we have a cool, wet summer, the crop wUl fall far behind that of last year. All through the West it was noticeable that business activity was very great. There is a buUding mania under way, and in every city and town the number of new buildings is something extraordinary. All the rail¬ ways seem to haye as much traffic as they can handle. There was, however, cutting of rates on east bound passenger fares and freight. At any of the hotels, tickets from Chicago to New York could be bought for $15. There is a great deal of stock opera¬ ting in the New York market on the part of operators in the Westem cities. Just at judge then that. ivhUe his sudden taking off 1 present the Westem operators are buUs on might depress stocks, the probabUities ai-e grain and bears on raUway stocks. A great tha* if he dies in hia bed like other men, | part of the immense short mterest in Wall