Columbia University Libraries Digital Collections: The Real Estate Record

The Record and guide: v. 39, no. 1002: May 28, 1887

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May 28, 1887] rhe Record and Guide. 729 THE RECORD AND GUIDE, Published every Saturday. IQl Broadway, 3Sr. IT. Our Telepbone Call ia JOHN 370. TERMS: ONE YEAR, in advance, SIX DOLLARS. Communications should be addressed to C. W. SWEET, 191 Broadway. J. T. LINDSEY, Business Manager. Vol. XXXIX. M^Y 28, 1887. No. 1,002 Business has a hopeful appearance ail over the country. Every¬ one seems to have all he or she can do ; indeed the only trouble is the natural desire of the working people to increase their compen¬ sation now that their labor is in demand. Capitalists are eager to enter into new enterprises or extend old ones. Indeed the danger now seems to be that we are, as a nation, discounting the future, and in all probability are "biting off more than we can chew." We are building more railroads and houses than ever before in the history of tlie country, and in this and other ways are turning our floating into fixed capital. Europe is helping us in these new enter¬ prises, and is taking our bonds to au unlimited extent. This is shown by the exchanges. The balance of trade is heavily against us, and if there was no bond selling we would be shipping gold at the rate of from five to. ten million a week. Everything will be lively so long as this supply of capital is coming to us trom abroad. ----------«---------- But capital isn't currency. The one may be compared with the clothing that we wear permanently, the other the food on whieh we live daily. There is a hundred million of greenbacks locked up in the Treasury. The tendency will be from this time forth to accumulate cash in the government vaults. Currency is in demand from every quarter because of the more active business which is being done compared with former years. Our population is increasing very rapidly, and in no nation in the world is there such a demand for money with which to transact daily business. Counting all our gold, silver and paper money—that stored in the Treasury and in banks as well as what is circulating among the people—we have less than twenty-eight dollars per capita, while France has fifty-seven dollars per capita. We shall want more currency in the near future, and the time has come when we should get the full benefit of the silver coinage law. Under that enact¬ ment the Treasury authorities can coin 4,000,000 silver dollars a month. So far they have only coined the minimum amount required by the law, $2,000,000 a month. But the farming popu¬ lation and trade of the country requires a much larger volume of currency. The proposal to deal in certificates of silver bullion in the Stock Exchange may create an interest which wiil favor raising the price of that white metal. We now mine more silver than we use, and hence are constantly exporting it to other nations. ----------«---------- Our production of silver is about $52,000,000 per annum. If we use $48,000,000 in the coinage it would keep our silver at home, and would help strengthen the price all over the world. This would greatly benefit^our agricultural interests, and would permanently raise the price of grain and cotton in the markets of the world. There would be no inflation in the addition of silver dollars, for the new certificates are needed now in the channels of trade. There never can be any infiation due to an excess of the precious metals. It is irredeemable paper money which is dangerous—never gold or silver. By all means let us have an agitation for a full coinage of silver dollars. It would save us from an extra session during the coming fall. We can¬ not increase the number of greenbacks under the law, while the national bank bills are doomed. There is no likelihood of any American Congress within the next generation passing any law authorizing private corporations to furnish the community with currency. The only relief we can have is utilizing our silver resources, more especially by putting the silver coinage law into full force. ------------a------------ Certain of the city journals have pointed out the additions of our currency due to emigration. Of course, foreigners will bring more or less coin, which is sent to the mint in time for recoinage; but it cannot be said that this adds to the available currency supply, for the reason that their currency wants in a new country must be kept in mind. They must buy and sell if they are to live, and undoubtedly they keep employed all the money they bring with them. ' ------------a------------ For several weeks past quite an active demand for cheap lots within the city limits as well as in the suburbs has made its appearance. These dealings have not assumed the proportions such as those in the Western and Southern cities, but it is very cle,i,r that there is a growing desire on the part of our working peo¬ ple for homes of their own; hence tbe avidity with which lots were taken up in the annexed district within the past few weeks. From the plans filed at the Building Bureau it is very clear there is no abatement of the building movement. There is very lively buying and building along the line of the Suburban Rapid Transit road in the 23d Ward. Most of the new plans for buildings are for homes for what might be called the lower middle-class, and tenement houses of the somewhat better sort. It looks as though the fall of this year will see a great deal of pr.operty change hands, while there will undoubtedly be a much better sale of new houses than has been the case recently. Combinations seem to be the order of the day. When the work¬ ingmen formed their unions the employers did not like them. Quite recently the employers themselves have combined to protect their own interests, and the members of the trades unions are anything but satisfied therewith. The shoe manufacturers here in the East, and the bosses of the Duilding trade of the West are having a trial of strength with the organized working people. A solution of the labor problem is in sight when both sides are organ¬ ized, but not before. It looks as though the trouble in the building trade out West will soon be compromised. Had not the employers formed a union of their own they would have been at the mercy of the organized workingmen. But at last accounts it looked like a drawn battle. The employing silversmiths here at the East have been able to keep up a long contest with their journeymen simply by being organized. The great shoe firms have also had more or less success in fighting their men. And now it is reported there is to be a grand " combine " of the cattle interests in the Northwest. The owners of the great cattle ranges are about to " pool their issues," and act as one body in buying and selling their cattle and in controlling their herds. This tendency to co-operation is showing itself in all the great industries of the country. We doubt if these vast monopolies are in the end hurtful to the community. They effect great economies in the conduct of business, and at first, at least, they cannot afford to charge extortionate prices. The community can deal with a large corporation much better than it can with irresponsible private owners. The Standard Oil Company has undoubtedly injured and even ruined its competitors in business. But all who use their refined oils are sure of a pure article at the very cheapest price. The great packing houses of Chicago are a benefit both to the cattle grower and the consumer of meats. As the world grows older it seems likely that vast corporations will do more and more of its work. Mayor Hewitt is quite right in objecting to the practice of sand¬ ing the tracks of the street car companies. It is simply a means of dirtying the streets and of rendering the city unwholesome. There are too many particles of dust and iron held, as it were, in solution by the air of our leading streets. In addition to what rises from the ground there is a constant downpour of iron particles from the elevated roads. Not only is the health m jured by the inhalation of these particles into the lungs, but the sight is often impaired. Mayor Hewitt hit the nail on the head when he told the representatives of the horse-car roads that the stocks of the companies represented five times the actual cost of the roads, yet nine-tenths of them paid enormous dividends on the watered securities. They ought to keep the streets clean instead of making them dirty. --------•-------- If the court permits the Third Avenue Company will change its horses for a cable. This will be a decided public improvement, for the time will thereby be shortened between Harlem and the City Hall, and the new cars will be an improvement on those now in use. Indeed, all our horse cars should be replaced by cables run by steam. What a pity the cable company was not permitted to get possession of all the tracks, in which case there would have been a system of transfer tickets by which any part of the city could be reached for five cents. Then the cable company offered to pay 3 per cent, of the gross receipts into the city treasury. The horse car companies, backed up by the city press, have successfully opposed this very desirable change. Doubtless the several compa¬ nies will in time adopt the cable system, but the passengers will have no transfer tickets, nor will the city benefit by the 3 per cent, tax. But then the average reader is so easily fooled when the newspapers cry ** monopoly " and "job," in fighting a great public improvement. The crop situation is getting interesting. Prices on the Stock Exchange are due very largely to the reports from the fields of grain and cotton. A good crop leads to bull campaigns, and a crop failure to a marking down of quotations. The reports this year are