Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 34, no. 853: July 19, 1884

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July 18. 1884 The Record and Guide. THE RECORD AND GUIDE. Published every Saturday. 191 Broadway, N. Y. TERMS: om TtSilR, in advance, SIX DOLLARS. Commurdcations should be addressed to C, W, SWEET, 191 Broadway. J, T. LINDSEY. Business Manager. JULY 19, 1884. And now the mechanica connected with Lhe building trades are striking again; in some places for more wages, in others for a reduction of labor to nine hours per day. Employers should resist these absurd demands in the interest of the laboring men them¬ selves. To ask for more wages for leas work at this juncture is to kill the goose that lays the golden eggs. Employing brickmakera talk about shutting down for a couple of mouths, and if they do thousands of men will be thrown out of employment. There is a general feeling among employers that they must resist these demands. But the mere fact of a talk of a strike with the universal depression prevailing in business shows what a large amount of buildmg must be going on throughout the country. The Deane sale ought to put an end to the illusion tbat real estate will not sell as well in mid-summer as it does in tbe springer fall. Staple property of any kind will command its value at any time of the year. The Stock Exchange is often as active in mid¬ summer as at any other season, although its patrons and dealers belong to the wealthiest class, who always take a long vacation during the warm weather. True, they are in direct communication with Wall street by wire, but real estate dealers will have the same facilities when their Exchange is under way. At the Deane sale the crowd was aa large and the bidders as numerous as at any sale during the spring, nor can anyone say that the prices were not as good in July as they would have beeu in March. It ia understood that quite a good deal of property would have com© upon the mar¬ ket this summer but sellers have beeu persuaded to postpone their offerings until fall. The brokers who gave this advice did it in the interests of their clients, but we believe they were mistaken. Mer¬ chants who deal in wmter and summer clothing have an escuso for regarding the seaaons, but there ^s no season for fixed property like securities aud realty, or rather all seasons are alike. If the price and production of iron is an indication of the state of business, then is the outlook very unpromising. On the first of July last there were fewer pig iron furnaces in blast than in any period since 1879, Of the total of 708 works, only 379, or lesp tha,n 40 per cent,, aie in operation, against '6id a yesr ago, and 437 on July 1, 1881. For the first half of this year our production of iron has decreased about 860,000 tons compared with last year. This depression is confined to no one section of the country Every iron producing region is suffering alike. It is worthy of remark, however, that the furnaces in blast are able to produce a hundred tons a week more on the average than those which have been blown out, which proves that there haa been a survival of the fittest and that the best located furnaces and the most efficient can bold their own even in these bard times for the iron trade. Accord¬ ing to *' Sam" Benner, as well as authorities that rank higher, it is idle to talk of the revival of business so long as the irou industries are languishing. Until there is a demand for tools and for the materials that enter into the construction of railways, the outlook cannot be considered hopeful. Jay Grould. like Hamlet's mother, doth " protest too much." His recent letter predicting a better condition of the stock miu-ket would have had more effect had he not so often preached from the same text during the past three years in scores of newspaper inter¬ views. Over a year ago he said the only blue spot in the Union was in Wall street. His anxiety to create a favorable impression robs what he says in his Boston Herald letter of much of its force. Btill this time we think he is right. The business of the railways must improve as tbe great crops of the summer come to be mar¬ keted. With increased receipts there will be no more passing of dividends or defaults of interest on the good Irunk lines which have had a fair financial reputation in the past. Jay Gould's fate is like that of the little boy who cried " wolf" so often that he was not believed when tbat predatory animal really arrived, so with Gould's cry of ■•' good times coming." Then there are signs of trouble in the mercantile world. There may be a large crop of failures in dry-goods and other firms due to past losses and slow collections. This may check recoveries of values on the Stock Exchange, but we do not believe, if they occur, that they will lower the prices of good securities from this time forth. The liquidation has apparently done ita worst in Wall street, although it has not come to an end apparently in general trade. If we are to have a great corn as well as a large wheat crop the year will close brillianMy. There will be no boom, of course, but the railroads will have all they can do, and, as a consequence, there will be no ware or cutting' of rates. A large' business and good prices means heavier profits and more satisfactory dividends. All who oan hold or carry good securities should make money for the uext twelve months. But then a disaster to the corn or cotton crop would upset this calculation. The weather has been rather cool for corn recently, but there is time enough for a hot spell. But there will be no " boom." Confidence is a plant of alow growth, and ptirchasers of railway securities will be cautious. Political Changes. Although the tariff and revenue reform issue was " burked " by the Democrats as well as the Republicans inthe platforms adopted, the subject itself is so vital and imperative that it will inevitably enter into the canvasa. The Republicans who will vote for Cleve¬ land are generally free traders. The New York Times and Evening Post have for years been denouncing the protective tariff, George William Curtis bas announced since he bolted that he favors a more liberal tariff and ttiat that is a vital issue. Then most of tho New York, Boston aud New Haven malcontents have belonged to the free trade wing of the Republican party. It does not appear, however, that any number of Democratic protectionists will vote for Mr. Blaine, His recruits, if he has any, will come from quite a different quarter. The Irish in the large cities, or at least very many of them, will cast their ballots for the Republican candidate because they believe he will oppose a bold front to Great Britain and thus indirectly help the Irish cause. The labor organizations will also furnish recruits for Mr, Blaine because of the supposed subservience of Mr. Cleveland to corporate interests. Should the defection in this city from Cleveland be so large as to divide the vote between the two parties, it might prove the death blow to that unique organization, Tammany Hall. Tam¬ many has heretofore been tolerated—indeed encouraged by the State Democracy—because the Democratic majority was so large that it could best be kept in hand by two instead of one organiza¬ tion. Indeed the local Democratic vote could not be counted upon 1! wielded by one set of leaders. Should, however, the two parties be more evenly divided there will be room for only one organiza¬ tion of Democrats and Tammany would from ne'iessity be forced to retire from the field. Indeed it ia doubtful if the organization would survive the death or retirement of John Kelly, whose pres¬ tige and fighting peraouality Ims kept it alive since the ruin of the Tweed ring. The independent Republicans who propose to vote for Cleveland intend, it seems, to keep up an independent organization, of their own. This may do at flrst so tbat their leaders may gain recog¬ nition when nominations for office are in order, but eventually they muat cast their lot with the Democratic party. They will supply an element of respectability, character and lofty aims if that organization treats them with any consideration. It is sin¬ cerely to be hoped tbat in this city at least, in the next, as in all coming elections, that the two parties will be more evenly divided numerically than they have been in the past. If there is not a large majority either way, it will put a stop to corrupt bar¬ gains and force tbe conventions to nominate good candidates for office. We must somehow elect good Mayors in New York, or else universal suffrage, as applied to municipalities, will prove a dis¬ mal failure. Our Mayors hereafter will be real executives with very great power. If the authority vested in the chief magistrate is abused, there will be uo remedy for misgoverument but revolu¬ tion. J From these considerations, it will be seen that the changes tak¬ ing place in the rank and file of the two parties has a direct bear¬ ing upon our local government, and hence tbe importance that tbe real estate interest attaches to the mutations of the national party organizations. ----------•---------- The law which provides for the taking of lands in the annexed district for six new parka places the initiatory steps in the proceedings In the Park Department. There waa a meeting of tbe Park Commiasioners on Monday, all the commisBionera being present, A resolution was unani¬ mously adopted by the Board authorising the CorporationCounael to take tbe necessary proceedings and make the application to the courts for the appointment of the Commiasioners of Estimate to determine the amount to be paid for the lands to be taken for the parks. This prompt action of the Park CommiBBionersia to be commended and demonstrates that there ia to be no delay in carrying out the purposes and Intent of tbe act for more parks. 1