Columbia University Libraries Digital Collections: The Real Estate Record

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October 18, 1884 The Record and Guide, 1051 years mentioned at the aale. It would naturally be to the interest of the purchaser at a tax sale to protect himself by again purchasing the prop¬ erty in the event of its being sold for additional arrears of taxes or assess¬ ments, and thus acquire a further proprietary interest in it as lessee. The World of Business. No More Booms. It seems, notwithstanding the lessons of the past two years, that men are still looking for booms, but owing to changing conditions and methods trade no longer goes by spring and fall rushes, but is more evenly dis¬ tributed over the year. Railroads, telegraphs, drummers, multiplied distributing points, etc., have ab.tlished " booms," There will he no fall rush; it will be distributed over the fall and winter mouths. The presi¬ dential election interferes somewhat, and business may be a little better after it; it grain advances and the crops come out freely more money may be put iu circulation. But these temporary interferences will not affect the whole body of distribution during the uext six or nine months. During the paat week the necessity for restricting production in Eastern mills has continued, but returns from a syndicate of the largest corpora¬ tions, notably those at Manchester, ahow that they have turned out more goodi the present year than during the year previous. It is reported that seventy millions of dollars have been invested in new manufacturing enter¬ prises in the South and Southwest during the past three months. Such data might be multiplied. They furnish the reverse side of the picture to that which newspapers oftenest show. There is an evident tendency to croak, and croaking will produce a panic as often as real trouble can. It is evident that there is a good deal of money in tbe country not in banks, and that a good many people are holding on to it like a canine excavator to the radical part of a tree,—Merchants fteview. luTestaients and Incomei Discussions are beeinuing to spring up iu relation to the philosophy of the present investment market as modified by the liquidation and forced readjustmeuts of tbe last two years, A prominent hrm of London bank- era started the discussion in a well-written pamphlet, in which tbey dis¬ credit American corporate stocks as an investment, but strongly recommend to the capitalists of Europe the senior mortgages of oou- speculative railroads, James McHenrytnowa resident of England, ia writing a series of letters to an English paper, which he introduces by way of establishing his experience aL.d opportunities of judging, by glancing at bis connection with the Atlantic Se Great Western, which, as he says, he "found the money for building," Mr, McHenry directs his attention especially to American railway bonds rather than stocks, and hie comments on the merits of both aa securities'are not favorable, His strictures are directed to such roads as are managed by speculative officers and boards, and have established a reputation for crooked financing; but aa, in the laxity of our laws controlling corporate truats, immunity from such hazards is a mater of chance rather than of efficient public guaran¬ tee, the risk is the rule and security the exception. He says: "Every source of traffic on most American railroads is worked in the interest of private associations. Cattle-yards, elevators, warehouses, etc., are man¬ aged for the personal gain of marauders. Branches and bridges are often constructed with money advanced by the coinpauies, and then leased to them as the private property of the officials. The petroleum traffic, equal in yearly tonnage to six cotton crops, is in the hands of a few m.en calling themselves the Standard Oil Company, whose origitial capital eonaiated of contracts with four or five railways, securing the monopoly of railway transit. Tbe grain traffic has ceased to be profitable through fraudulent rebates and free use of'ghost trains.'" "The moat profitable portion of railway traffic in the United States is surrendored to the so called express companies or fast freight lines, in which railway oflicials are principally interested, and it is aaid of this traffic that not a tithe, and of the general traffic scarcely one-half of the amount paid by the people reaches the treasuries of many American railways, and out of theae proportions all expenses are paid." " The phrases ' wiping out.'' scaling down,'' assess¬ ment,' 'prior liens,' 'cutting rates,' etc, are common in the United States, and are useful in blinding the public to their real dangers, but prof¬ itable to the persons who kuow how to play a game which ia not gener¬ ally undorstood.'"—Exchange, Fast Enough. This wonderful ship (the Umbria), 520 feet long, is reported to have made, in her trial trip on the Clyde, with new machinery, twenty-four miles per hour. That will do. She will get in an extra mile on another occasion, and then the first step to a fulfillment of the prediction will have been taken. The limit of speed in oceau steamers will be reached only when the limit of length in construction without increasing the breadth of baam or draught of water has been reached; the engioes, of course, keeping pace in power with the prolongation and weight of the vessel. Fine lines will do something to promote a rapid rate of progress through the water, but weight and momentum without a corresponding increase of the resisting surface will do much more. But who shall say how much further the new principles of construction can be carried? Had the Great Eastern's breadth ot beam been only 50 feet instead of 7-5 feet and her draught of water a few feet lesa, she might not now be found lying aa a coal hulk at Gibralter, Bu^ there ia danger on the deep. We still main¬ tain that this contest for speed among the ahip builders will be maintained until some ocean racer breaks her back across the crest of a wave, and the passengers and crew go sailing away on the compartments. This prob¬ ably means a perpendicular cruise.—Protectionist. Condition of Western Bauks. It may be inferred from the published statements of the national bauks in aeveral Western cities, showing their condition on September 30, that the banks of the West generally have strengthened themselves materially in the last sixty days. The national banbs ahovi considerable gains in reserve resources aod in deposits since thf last preceding state¬ ment oE June 20, though loans have diminished. The policy of contrac¬ tion has evidently been pursued extensively and au increase in deposits under the circumstances was hardly to have been anticipattd. There has been more or le^is realizing on government bonds held for invest¬ ment. It is probably a pretty general sentiment at present that the severest stress of weather has passed, but, like prudent mariners, the banks are still keeping an extra tuck or so iu their sails, or, to speak mora plainly, they are disposed to keep a larger percentage of their means in reserve and a smaller proportion invested m cotnmercial paper than uaual. It would seem that in a general way this would not prove a hardship in the current conduct of trade, as there is a decrease In trade both in bulk and in values, especially the latter. In the meanwhile the aggregate of suspended debt has been decreasing from month to mouth by liquidation,—Z,o 1(1 sutite Courier, Growth of the. South. Northern capital is pouring into the South at a most remarkable rate. According So the Baltimore JlfaTi-u/acfMrers'iiecord, the money invested in new mining and manufacturing enterprises in the South since the let of January this year, amounts to the enormous sum of $55,5