Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 28, no. 712: November 5, 1881

Text version:

Real Estate Record AND BUILDERS' GUIDE. Vol. XXYIII. NEW YOKK, SATUEDAY. NOVEMBER 5, 1881. No. 712 Published Weekly by The Real Estate Record Association TERMS: ONE YEAR, in advance.....$6.00 Communications should he addressed to C. W. SWEET, nt Broadway. J. T. LINDSEY, Busmess Manager. The ofl&cial list of conveyances and mort¬ gages show some marked changes this week. The number of transactions have largely increased, while the sum paid for realty is nearly double what it was the previous week. As the increase is not so great in the mortgages, it shows that the purchases involved the payment of an unusual amount of ready money. price of stocks cannot remain as high with I the mercy of certain gentlemen interested a 6 per cent, money market as when 2 and 3 per cent, were the current rates. Between now and the maturing of the next crop, there will be ups and downs in the market, but no great booms or any very marked de¬ pressions, except when the unexpected oc¬ curs. Of course, in spf cial stocks a good deal of money will be made, as combinations will be effected;- as the railroad system of the country becomes unified. Any booms, here¬ after, will be in general merchandise and in real estate. Week N.Y. Am't. No. No. 23d Am't. No. end City in- Nom- &24th in- nom- mg. Cons. volved inal Wards. volved. inal. Sept, $ $ 14 75 809.071 25 12 24,450 21 111 1.381,992 36 16 45.928 6 28 Oct. 5 89 1,355,333 21 19 90,593 4 157 3.200,444 34 15 15,400 8 12 157 2,007.448 39 21 38.289 3 19 159 1,696,607 52 18 64.000 6 2i) 146 1,720.325 44 21 213,871 6 Nov. 2 192 3,103,469 44 20 25,725 4 Week Mort- Am't. No. Am't. No. to Am't end- gag¬ m- Five m- T. & in- ing. es. volved. per ct. volved. [nsCos. volved. Sept. $ $ $ 14 108 798,153 13 224,700 17 227.900 21 149 1,159,231 29 235,681 28 464.450 28 117 1.076,874 29 469,100 27 562,500 Oct. 6 169 1,310,982 35 334,900 31 378,700 18 152 1,531,856 28 285.611 29 549,175 19 174 1,486,930 36 334,038 30 480,250 26 298 1,741,208 35 377,632 51 687,000 Nov. 2 241 1,866,805 55 466,500 41 375,000 in the stock of the elevated roads. It would wonderfully purify operations in Wall street if Field, Sage and Gould were sent to state's prison and compelled to do some honest work in the marble quarries, just as if they were ordinary swindlers. Of course these persons may be innocent of the charges against them, but if they are guilty their wealth should not protect them from being sent to Sing Sing. Then, the civil courts are open for those who have parted with their property through their representations. Every owner of Man¬ hattan stock who has sold it at a loss during the past six months has a moral and ought to have a legal claim upon Field, Sage and Gould. It is the business of the courts to protect the public against perjurers and swindlers, no matter what their wealth or position in Wall street may be. From all accounts there are lively times ahead. There is a spurt of activity in the stock market. It is based upon an easy money market, the prospect of the close of the rail¬ way war upon the stoppage of navigation, and a belief that the heavy decline in stocks since last May affords a basis for at least a moderate advance. Then other causes are at work. We have received nearly $20,000,- 000 gold from Europe this fall; the national banks have added over $16,000,000 to their issues in the past year, and we have retained all the gold and silver mined, which will aggregate nearly $73,000,000 during the year 1881. Business is wonderfully active, as is shown by the exchanges, which, during the month of October show an excess of $80,000,- 000 over last June, when the exchanges were greater than they were ever known to be in the history of the country. There is special activity in Northwestern stocks, due to the phenomenal immigration, and to the fact that the crops in that region were not seriously injured. But, then, there are some clouds in the sky. Our exports are falling off seriously in amount; imports are increasing, and the great drain of gold in this direction has ceased, as there is reason to believe, for good. Hereafter, the probabilities are that gold will leave New York for Europe instead of coming this way. The activity in business has bid up the price of money, and we must expect an occasional stringency, and in time lower range of values for stocks. FIELD, GOULD AND SAGE, Last week we alluded to a certain lunch given last summer by a relative of Cyrus W. Field, an account of which at the time ap¬ peared in the Evening Mail, whe.ie, it is be¬ lieved, a .conspiracy was concocted for depreciating the stocks of the elevated roads. At that gathering the plan was marked out. Field agreeing, it is alleged, through his newspaper organ, the Even¬ ing Mail, and by his personal efforts, to do all he could to create the impression that the Manhattan stock was to be wiped out and that his company, the Elevated, was to insist upon getting back its property. Jay Gould, it is also reported, promised that the World and his other newspaper and Wall street connections should second the outcry of Mr. Field. Russell Sage also promised to do his share. How faithfully these gentle¬ men did their work is a matter of common notoriety, Sage and Gould going so far as to make affidavits before Judge Westbrook that they believed Manhattan stock to be worth¬ less. Certain holders of Metropolitan stock were, it is said, cognizant of this consj)iracy, and a watch was kept on all the brokers who bought and sold New York Elevated, Metro¬ politan, and Manhattan stocks. Sufficient evidence was accumulated, it is said, to send these three specuiaitors to state's prison, and it is believed that the proper legal measures will soon be instituted looking to that end. The brokers who bought Manhattan stock for Gould, Sage and Co. while these per¬ sons were decrying it and lying and swear¬ ing falsely about it, will be forced to give up their principals in open court, and the public and private utterances of the triumvirate with the affidavits of the news[)aper report¬ ers and the articles in the Mail and World will be given to prove that, while they were lying and swearing to one set of facts, they were loading up with the stocks, and were committing perjury in order to cheapen the market price for them to buy. During the past week they received their first check. The Governing Committee of the Stock Ex¬ change refused to recognize as a good deliv¬ ery the Metropolitan stock upon which the new agreement made by themselves was stamped. These gentry are believed to own two judges, but are not able to control a ma¬ jority of the judges on an appeal. The ac¬ tivity in Metropolitan stock and its high price is due to the fact that this trinity of The Board of Apportionment, not making The ^conscienceless operators are practically at proper pecuniary provision, has deprived THE NEW PLUMBING EEGULATIONS. We give to-day the first perfect copy of the new plumbing regulations. This docu¬ ment was published by the Herald some time since in an impei-fect shape, and the first printed slips issued by the Health Board have since been revised. But plumbers and builders can rely upon the document which will be found elsewhere. In this connection it may be well to correct a misapprehension. Because the law proviHef^ that the registra¬ tion of plumbers must be completed on or before March 1, 1883, it was supposed that the act did not go into effect immediate¬ ly, and that probably it would be repealed or amended during the coming winter. But as a matter of fact the law is in force, and there is not the slightest probability of any change during the coming session of the Legislature. Many plumbers do not like the idea of being forced to register, and this is the only feature of the new law against which there is any complaint. The city has been divided by the Health Board into seven districts, in each of which an inspector has been appointed, whose business it is to thoroughly examine the plumbing arrange¬ ments in every house, with a view to having it kept in a good sanitary condition. This will make a great deal of additional work for plumbers, but after it is completed the death rate of New York will be lowered, and there will be less poisoning from sewer gas and malaria. Hereafter, every plumber, before making a contract for a new dwelling or other house, must make his plans and speci¬ fications, and submit them to the Board of Health for approval. This will be a safe¬ guard to those who purchase new houses, that the plumbing arrangements have at least the sanction of our local sanitary board. Nothing that the Board of Health has done since its appointment, would be of more ad¬ vantage to New York than the oversight it will be forced to give to the plumbing, repairing and housebuilding in this city.