Columbia University Libraries Digital Collections: The Real Estate Record

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813 The Real Estate Record August 20,1881 of the law. There can be no more fictitious ownership. Then, another abuse has been corrected. No one can hei-eafter change the plans or specifica¬ tions, or any part of them, without the written permit of the owner and with the consent of the architect. Under the old law it was quite possi¬ ble for contractors of the material required for the buildings to go to tho department and have the specifications changed. A contractor for iron work for instance would want to supply lighter material than the original contract called for. Inferior brick or stone or timber would take the place of the quality required in the original specifications. The Department was powerless to put a stop to these frauds, owing to the way in whicli matters were managed. Here¬ after tJie real owner and ai chitect must give full consent to any variations in the plans after they are filed. Mr. Esterbrook explained still another excel¬ lent provision in the new law as affecting tene¬ ment houses. His department had been embar¬ rassed by the diflSculty of serving notices upon the owners of tenement houses. Under the old law the department was forced to serve a per¬ sonal notice upon the owner, before the latter was lx)und to make needful changes in his build¬ ings or to put fire escapes on his buildings ac¬ cording to law. This sometimes was impossible. Hereafter, if the owner cannot be found, all that is necessary is to post the notice on the building. If not attended to, the legal penalty can be en¬ forced, or the department itself can build the fire escape, charging it against the property. In other words, the Building Department has the same power which the Board of Health has wielded in providing for the sanitary health of the city. There are other provisions in the new law which are an improvement upon the old. It must be confessed that the law is not all that it should be; it is defective in many important pai'ticulars, but it seems to be impossible to get a thoroughly efficient law through an Albany legis¬ lature, btill every amendment is for the better, and with Mr. Esterbrook in charge, the build¬ ings hereafter to be erected will be as good and safe as the law makes provision for. THE JUMEL ESTATE IN SARATOGA. The sale of this estate took place in Saratoga, on Wednesday last, and continued Thursday and Friday. Saratoga just now is very full and a great many New Yorkers were present at the sales. The fact that Jay Gould and William H. Vanderbilt, with many of the greatest railway magnates of the country, were there, supplied a large New York speculative element which had ist effect upon the bidding. Then, a certain ro¬ mantic and historic interest attaches to the Jumel estate which made it attractive to buyers. The heirs were surprised at the result. One of the parties representing a one-third interest, would have gladly taken $10,000 for his share be¬ fore the sale, but it is believed the total sales will foot up nearly §;5{,000. On the first day, the blocks between Nelson avenue and Ludlow street were sold at prices ranging from $150 to $500. Totten and Shaffer bought two loti? at the corner < Lake and Nelson avenues, one for $700 and the other for $675. It is noticed that on both days sales, the property was bought by people from abroad, principally New Yorkers. Up to Thurs¬ day night the total sales amounted to about $30,000. It; is an open question whether Saratoga would grow naturally in the direction of this property. Much of it is situated on the old road to the lake, and is within a few minutes walk of Broadway. It is some distance north of the race track and the White Sulphur and Ten Springs region is on the other side of it. There is a general impres¬ sion that the future development of Saratoga will be towards the south, where are situated the Spouting, Geyser and Vichy Springs. StiU, if a building movement is commenced by some of the purchasers of the Jumel estate it may establish a new point of departure in the growth of Saratoga. MINING INFORMATION. There seems to be a revival of interest in mining shares. The sales on the Mining Board of this city are getting to be more active, and prices are in some instances higher. Some of the old footballs of speculation are again coming to the front, and higher figures are predicted for them. Chrysolite is the first stock that claims atten¬ tion. Professor Rossiter W. Raymond explains the situation of this property. It will be remem¬ bered that he examined the mine when it was under the control of the California swindlers. He then stated that there was $35 per share in sight, according to nis measurements. As the stock was at that time selling at low figures, he and his friends purchased ver> largely of the shares. Mr. Abraham Hewitt invested nearly $200,000 in Chrysolite stock. But the swindlers who were in control did everything they could to wreck the property and they almost succeeded. Raymond and his friends then went into the di¬ rection, and they have worked honestly to put the property on a paying basis. The rascals whom they succeeded, had involved the mine in a heavy debt and everything was left in confu¬ sion. A year and a half has now been employed in putting things in shape. The debt has been paid up, the shafts repaired, the levels opened, a reserve of $300,000 has been accumulated, a sec¬ ond dividend of 50 cents a share has been de¬ clared, and three more monthly dividends are in sight and are promised. The Chrysolite has the rare advantage of a perfectly honest and capable management. Under these circumstances the stock has advanced and may go higher. Barely one-fifth of the ground has been worked. The present management make no promises, while they admit that Leadville mining is very uncer¬ tain, and that the deposits of ore in the Chryso¬ lite are very crooked and misleading. The news from Iron Silver is also good. A great deal of ore is being taken out and the com¬ pany has just paid another dividend of 20 cents a share. . Little Pittsburgh, it is said, will soon be able to show up oro that will warrant much higher figures for the stock. Soon after William M. Lent arrives, there is expected to be a lively movement in Big Pittsburgh, also on merit. The stories from Silver Cliff are conflicting. Certain shrewd operators who held large quan¬ tities of the stock, have visited Silver Cliff, and, after carefully examining the mine, have sold their interest and told their friends to go short. But the friends of the company tell a very differ¬ ent story. They say the new mill is working to a charm, that the net profit is $1,600 a day, that only $25,000 of the debt remains to be paid, and that the mine will begin to pay dividends before the close of the year. Over 40,000 shares of this stock is held in England and France. The in¬ siders admit that at one time the mill returns ran very low, but this was because a streak of poor rock was being worked up. It had to be got out of the way, and it was cheaper to mill it than to dispose of it outside the mine. All the Bodie stocks are active. The improve¬ ment is particularly notice°ble in Bodie and Mono. It seems that the very rich vein, known as the Fortuna, in Bodie, has been re-discovered, and is yielding wonderfully rich ore. But the real movement in this stack will not begin until cross cutting is conunenced for the Lent shaft. At last accounts good pay ore has been discovered at the bottom of the shaft, 700 feet down. They have been drifting upon this newly discovered ledge, but its value is as yet unknown outside of the inimer circles. But the great deal is prob¬ ably not yet due, for the shaft is to be sunk deeper and then there willbe a great deal of cross cutting. A movement is evidently impending, as Lent is now in Bodie and will soon be on his w ay to New York to manipulate it on this market. As yet there is nothing striking from the Com¬ stock, but something is expected before the close of the year. But even without the Comstock, it looks as if we shall have an excited mining mar¬ ket some time this fall and winter. There are some mysterious movements going on in Findley. The officers, who are respectable men, say the reports from the mine are discour¬ aging; that only about enough is made to pay ruiming expenses, without meeting back obliga¬ tions. But to the surprise of these same officers, the stock is being absorbed by somebody, and as high as 41 has been paid for it. It is rumored that a gentleman familiar with the mine is satis¬ fied that there is a great deal of money in it, and wishes to purchase it. He believes, actually, that the gold milled finds its way somewhere else than in the treasury of the company. This gen¬ tleman bought 10,000 shares at 25. There are 100,000 shares altogether. This mine has a splen¬ did mill, in fact, two of them, and a magnificent body of ore, but its richness is in question. The extension of the railway system of the country all through the distant mineral regions, will add marvelously to the bullion product of the country in time. There are many fortunes in store for those who, having some means and mining knowledge, will pick up properties In and near the Rockys and the Sierras, and develop them honestly. While we would discourage gambling in mining stocks, not a word can be said against mining as a legitimate industry. We shall be able to maintain our industrial supremacy over the whole world, as soon as our mineral resources are being fully developed. We have the greatest mines in the world, not only of gold and silver, but of copper, lead and iron; we have a popula¬ tion that knows how to handle them, and the moneyed enterprise to get the best and fullest results. Let mining be encoura ged, by all means. *•*-------- GOSSIP IN WALL STREET. It is said that Woerishoffer has lost a great deal of money in grain. He is said to have made the same mistake that his great rival Jas. R. Keene did a year and a half ago. Keene was long of wheat but met with a heavy loss. Woerishoffer is sliOrt of both wheat and corn and is so far bad¬ ly behind. The conspicuous weakness of the Woerishoffer stocks, Denver & Rio Grande, Col¬ orado coal and the like, is said to be due to the necessity of some unloading. The " true inwardness " of the recent break in the market is said to be a desire on the part of the banks and money lenders to raise the rate of in¬ terest. The whole programme was concocted at the Niagara convention, and simultaneously all over the country the banks began throwing out weak collaterals. This in part accounts for the lowering of the bank reserve, the disfavor into which the " cats " have fallen and the consequent break in prices during the past week. The carelessness of owners of past due govern¬ ment bonds is surprising. Interest ceased on Au¬ gust 1st, but many of the owners do not seem to be aware of that fact, for but few of the bonds have been presented for redemption. It seems that among the owners of governments are many ignorant and stupid people. It is believed that Jay Gould was one of the principal upholders of Lake Shore. That stock and Erie was kept firm so as to keep up the rest of the market. It is noticed that Union Pacific, Northwest and Omaha kept up their prices better than any of the other'stocks. It is predicted with great confidence that when the returns of the railroads are made on the 1st of September, it will be found both east and west, that they have done a splendid business; that notwithstanding the deficiency in the crops, the increased business in miscellaneous articles will keep up the profits to the average of last year. When this fact is discovered and fully understood, it is believed there will be a rally and much higher prices for railway stocks. While architects are generally busy finishing up o'-d work, at present there are very few plans for new buildings being made. Several of the lead¬ ing architects have plans in embryo, which may be matured in the early autumn, should the price of labor and material be such as to warrant own¬ ers in building. On this point hinges the future ol building operations in New York.