Columbia University Libraries Digital Collections: The Real Estate Record

The Record and guide: v. 36, no. 922: November 14, 1885

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November 14, 1885 The ^Kef'ord a/nd Guide. 1245 THE RECORD AND GUIDE, Published every Saturday. IQl Broadwav, IST. !£', Our Teleplioue Call U.....JOHN 370. T E RMS: OAIC ¥E.\R, in advance, SIX DOLLAP.s/ CommunicAtions should be addressed to €. W. SWEET, 191 Broadway. J. T. LINDSEY, Busmess Manager. Vol. XXXVI. NOVEMBER 14, 1885. No. 922 The *'boom" in the stock market still continues, and as yet nothing hns occurred to check the buying fever. Conservative operators realize and hold their money to buy on the expected re-action, which somehow does not come, and they are tempted to enter the lists again at much higher figures. What gives particular strength to prices is the fact that the market is no longer a local one ; for not only do the orders come in from all parts of the country, but the heaviest buying just now is in London. This fact, with the more liberal export of cotton and provisions, has reduced exchange to a poiut wliich will bring us gold from the other side. The strength of the market, however, should not be a surprise. We have passed through four years of extreme depression and liquidation. Capital had become timid, and money was piled up in all the banks of the world unused. Stagnation followed, and when the change came a movement of excessive activity was in order. This is what is now taking place. The whole scene has chauged. capitalists are no longer afraid, they know tliat railroad wars are over, that prices are rising, and that there is a certainty of profit in every well- planned and well-managed industrial enterprise. So far, this revival of industry and speculation is confined to the United States. The industrial depression in Europe continues, due, as we think, to the apprehension of war next spring and the non-use of silver in the measuring values. The annual meeting of the stockholders of the Real Estate Exchange and Auction Room (Limited) will be held early in December. The outgoing directors will be able to make an excel¬ lent report of the operations of tho board during the past year. The Exchange has been altered and repaired, and all the bills therefor have been paid. It is not unlikely that there will be some difference of opinion as to who shall constitute the new board. Would-be candidates are already soliciting proxies. A spirited, if friendly, contest of members for the board of directors would not hurt the Exchange. It is, however, very desirable that good busi¬ ness men, conversant with real estate interests, should form the majority of the new board. We do not think it would be possible to greatly improve upon the board which have been so successful in organizing and constituting the Real Estate Exchange and Auction Room (Limited). The confusion worse confounded which reigns morning and even¬ ing at both ends of the Brooklyn Bridge shows in a striking man¬ ner the short comings of the municipal administration of this city and Brooklyn. The crush at these two points should have been foreseen before the bridge was opened. To make matters worse no provision was made for removing the elevated road station to some point above or below tbe bridge entrance, so in the evening the multitude who wants to cross to Brooklyn are forced to fight their way through the still greater crowd who wish to reach points on the east side of this island above Canal street. That accidents do not occur, due to the crowds, is no fault of the local rulers who have this matter in charge. The fact is the New York end of the bridge should take in some of the ground above and below the entrance, and then a platform should be built to the other side of Centre street. The connection of the Brooklyn Bridge with the elevated station is all right, but foot passengers should not cross the track of the vehicles on the way to the ticket oflfice. Any real good railroad manager, accus¬ tomed to handle crowds in depots, could easily draw a plan to put an end to the confusion which now prevails; the diflSculty in the way seems to be the number of persons to be consulted in making any change. The existence of this bridge emphazises the necessity of putting New York and Brooklyn uuder one municipal govern¬ ment. Our bridge and ferry systems would then be subordinated to the good of tbe United metropolis. Fuit'-a street. To be sure, the chief difficulty'there is the concen- tra'^tion of vehicular travels. Subways will in time be built to relieve the pressure at this point of Broadway, but we must con¬ stantly bear in mind that the steady increase of office buildings below the City Hall Park will keep constantly adding to the multi tudes who will throng the thoroughfares at the toe of the island. Lower New York will within twenty years have the densest busi¬ ness population of any portion of any city in the world. The project for uniting New York and Brooklyn has often been discussed in these columns. We have always held that the union of the two cities was not only desiivtble but inevitable, and that the sooner it could be effected the better it would be for property- holders on both sides of the East River. This matter has come up incidentally in connection with the Postal service, and an evening paper has been urging with a great deal of force that one general postoffice could better serve this metropolitan district than two postoffices. In other words, if the New York postoffice was to assume the control of the receipt and distribution of letters for the neighboring country, including Brooklyn, the public would be more efficiently served, while the government would save money and economize in the matter of unnecessary employes. There are other points' in the lower part of New York in which there is daily overcrow d^'rg. One is the junction at Broadway and But, of course, this would not suit the small politicians of Brook¬ lyn. They want to erect a costly postoffice, and then the unneces¬ sary clerks and letter-carriers would give more patronage to the bosses of both parties. A leading morning paper takes this matter as a text to preach the same discourse so often given in these columns. Why not join for good and all the two divisions of the great metropolis ? Let the East River become another Thames or Seine, uniting instead of dividing the great city of Manhattan. Our police system could be improved and cheapened, the minor depart¬ ments of the dissevered city could then be reorganized and put upon a more economical basis. Very great saving could be effected in municipal administration, if the union could be effected under the right kind of auspices. ----------«---------- Of course, when this matter comes seriously before the public it will provoke bitter antagonism from interested parties. The local politicians and office holders will fight it to the death, but it only wants full discussion to unite the larger interests of the two cities in support of the proposed union. We could then elect Mayors of the very highest character, while the heads of departments and local boards would be of so much importance that none but superior men would aspire to them. Whoever of our local public men who will come to the front in advocating this uniting the two cities will will earn for himself an enviable reputation, and will be good for a statue to commemorate his good work in our most popular park. And now no less than two omnibus companies are making prepa¬ ration to occupy Fifth avenue. The intention is to run from Washington square to Harlem, the fare is to be live cents, and ifc is proposed to have outside seats similar to the Parisian omnibusses. In the meantime the horse-car company is trying to get the consent of tlie property-holders, and they are having more success than would have been suspected—because owners who have turned their houses into stores, or who think of doing so, are of opinion that a horse-car liue would be of an advantage to the avenue as a retail trading mart. Of course those who own costly residences and who believe that for long years to corae the Fifth will be the fashionable avenue of the metropolis are not likely to concur in this view, while nine-tenths of the wealthy people of this city wiU be bitterly opposed to a horse-car line luarring that beautiful thoroughfare. .---------«--------- Bat Fifth avenue, below Central Park, is rapidly changing its character. Every month new business houses make their appear¬ ance. On one block it is a picture store, on another a restaurant or a druggist. Traders still continue to api'opriate one house after another. The stage lines u ill further deteriorate the street, and then the great increase of carts and trucks on the east side of Cen¬ tral Park must disquiet property-holders, especially when they realize that as the upper part of the city grows these vehicular nuisances will steadily increase in numbers. It is clear that before 1900 the creme de la creme of our wealthy people will seek other quarters than Fifth avenue for residences. Whoever can tell which will be the favored avenue, can now lay the foundation of a great fortuue. The market value of Manhattan stock steadily increases, not¬ withstanding the numerous suits for damages pending against the company. So far the courts havesust;ained these actions, and the sura total of the daraages claimed, according to David Dudley Field, is about $200,000,000. It may be that the stock is "whooped up" preparatory to unloading. This may be the reason of S. V, White's appearance in the board. It is quite true theaii, while tbe Company is carrying a great many passengers ; indee«n in the win