Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: [v. 30, no. 766: Articles]: November 18-25, 1882

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November IS—35,1883. The Record and Guide. 81 THE RECORD AND GUIDE. 191 Broadway, N. Y. NOVEMBER 18—25, 1883. PRICE OF RECORD AND GUIDE. Per Annum, ----- $5.00 With Supplement, . - - . 6.00 Record and Guide, Single Copy, - - - 10 cents. With Supplement, - - - - 15 " CONTENTS TO-DAY. Tlie new Casino will be found criticised in our columns from an architectural jJoint of view. It is pronounced one of the finest specimens of Moorish architecture in the country. Tlie four days' sale of the Jumel estate will be found fully described elsewhere. There is no other such large parcel of uninvproved ground on this Island to be disposed of hereafter. Hence lower p)rices were made for unimproved lots last week than will ever again be recorded in our tnarket reports. All who use butter and cheese will be interested in the account we give of the production and sale of those articles. It seems we are becoming a cheese-eating and butter-consuming nation. While ihe use of oleomargarine is increasing, a greater demand is springing up for better qualities of butter. It appears that the western dairies and creameries are producing finer grades of butter and cheese than those of New York and New England. Moncure D, Conway contributes one of his very interesting letters about London matters. A2yro2:)os of the unveiling of Carlyle's statue, he quotes many interesting and hitherto unpublished passages from the privaie correspondence of the '' Sage of Chelsea." The confribu- • iioyis of an ex-editor " Concerning Men and Things " will be found interesting, and somepiersonal anecdotes are given. Sir Oracle this week casts Ihe horoscope of the future, wliile "Barlow," of Wash¬ ington, gives the probable programme of the Democratic pariy when it gets into power at the Capital. -♦---------------■ The Cause of the Depression. The business world is wondering at what seems to be the abnormal condition of trade. From all parts come accounts of the bountiful harvest of the past year. Every nation has the same story to relate of overflowing granaries and cheap food. Yet, in the midst of this lilentifulness come complaints from every quarter of diminished profits in trade and of failures in all departments of business. The in-ice of iron—which is regarded as the key to the industrial situa¬ tion—is declining; cotton and woolen goods are not salable ft prices which have been obtained in the past. Even the shares of the railroads, the traflfic of which is steadily increasing, because of the abundant harvest, have to be " pegged " by the great railroad magnates in order to keep their status in the market. What is the reason for this anomaly? The answer is—that cheap food and raiment involve finally pi'o- duction at a lower rate. And it is this scaling of prices which is so depressing to business circles. The fact that goods will certainly be replaced at less cost reduces the value of all the merchandise on hand, and instead of a profit in trade there is a loss, aud hence inability to meet engagements and bankruptcies. Is, then, an abundance of grain and cotton a national calamity? By no means, eventually all human interests are subserved by cheap food and clothing. By and by we will become accustomed to the changed condition of things, and cheap production will be followed by increased consumption, and this will be a stimulus, in time, to all manufacturing Industries, and to the commerce of the world. The darkest hour is just before the dawn, and the present depression is certain to be followed by a period of gteafc industrial activity. The priceof railway shares cannot be kepfc down if the receipts of the railroads continue increasing and the dividends grow larger. The farmer, with an over-abundance of food products, wil not stint himself for tools, necessaries, and even luxuries. And so parous trade is an abundance of ths fruits of the earth. This may not be apparent this year, but it will, in all probability, by the early part of 1883. .-------^----,—- The Jumel Estate. This sale of this propert}"- was a disappointment. The prices ob¬ tained last June were regarded as far less than the land was worth, yet they were higher than those of last Tuesday and Wednesday and Thursday. It seems incredible that lots on oue of our finest up¬ town avenues should sell for less than $900, and that side street property should go begging at $3U0 a lot, yet such was the case at this sale. The fact is, the elevated roads and the great office buildings and apartment houses have changed entirely the course of prices in New York realty. Were it not for the great number of very large build ing, by which six and even seven families are accommodated on oue lot and for the fact that a hundred persons can do business on a piece of ground which would not suffice for more than twelve some years since. New York Island would by this time, and willi the same population, have been nearly covered with buildings. But oiu- city has grown skyward instead of laterally. We are rebuilding the older settled parts of New York, so as to acconiniodate a much greater number of ])eople ou the same ground. This explains the remarkable enhancement of values in certain business and residence quarters of the metropolis, while it also accounts for the absence of speculation in those locations which are not immediately available for improvement. The time will doubtless arrive when the Jumel estate lots will sell for very high figures, but they may lay idle for years. While the rebuilding of the older portions of the city is going on, of course a certain amount of new ground is required for the overplus, but this will be supplied by the unimproved prop¬ erty near the elevated road stations. What the northwestern part of this island needs is some better means of communication with down town. There should be some extension of the Metropolitan Elevai:ed road to accommodate people wlio live between One Hun¬ dred and Fifty-fifth street and Spuyten Duyvil. Then would come the time when land on this island could be utilized for liouses sui.*- rounded by grounds. Eventually rich people "will not be satislkd with a fine house built directly upou the street. AVith our modern means of communication the well-to-do cau transact business in the lower part of the city and yet live in homes with rural sur¬ roundings. There is an abundance of uuiuiprovcd in-oporty avail¬ able, and it is surprising that some far-seeing owner of r(.'alty does not set aparfc a section nofc too distant from an elevated station upon which fine houses could be built, surrouuded bj grounds with noble trees and ornamental shubbery. Ifc is safe to say, however, that anyone who secured portions of the Jumel estate will have no reason to regret the purchase. What of Democratic Policy? On Saturday last afc a dinner given in his honor, in Boston, by the Democratic State Cenfcral Committee of thafc State, General Butler made a speech which is worthy of much more attention than ifc has received. Much of ifc \vas an eloquent eulogy ou what fche Democrafcic party had done—" the results of its statesmanshii), the outgrowth of its principles." AVhafc are those results? "The progress of the country and the exfcension of its territory until tlie sun now rises and sets upon the land of the United States,'" The great Louisiana purchase of Jefferson is first adduced as a case in point, opposed as ifc was by the opposition party of that day. "Who would now," s.ays the orator, "give up the Mississippi River, Mis¬ souri and the Wesfc to any power on earth?" Textis is then i-eferred to as a Sfcafce a third larger than the Empire of France, " and this day and hour developing, by the richness of its soil and the beauty of its climate, into an empire, which is destined to be divided directly into four States of this Union, each greater in territory, aye and in the next decade iu population, than the territory of New England." The war with Mexico followed. We aquircd nothing by war directly; but we " acquired the right to buy and and pay for, honestly and fearlessly, the great empire of the Pacific coast, Arizona and Nevv Mexico." He points to these as the crown jewels of the Democratic party. " For twenty odd years thei-e has been no chance for Democratic st itesmanship to assert itself in the government." The important question at this time is, does General Butler mean to suggest that a policy of the peaceful extension of the boundaries of the United States is at this time the proper, as is the traditional, policy of the Democratic party ? The attentive reader of his speech can have no doubt upon the subject. In reply to the question " ia the Democratic party equal to the task?" he says: "Ifc becomes our duty to teach the people that the sons are as the fathers were, equal to anything that conduces to the glory, honor and perpetuity of free insfcifcutions in this country." Bufcler weighed his Avords well on this occasion. There was not the slightest need of referring the old lesson will be retaught that the surest foundation for pros i to the glories of the old Democrats in enlarging boundaries, unless