Columbia University Libraries Digital Collections: The Real Estate Record

Please note: this text may be incomplete. For more information about this OCR, view About OCR text.

11*^0 The Record and Guide. September 17. 1887 together with the removal, replacing, renewal and repair of existing plant and connecting the same with the new. of the enlargement of the Metro¬ politan Museum of Art in the Central Park. Chicago is gradually feeling the westward drift of the cattle and hog buMness. Tho trafflr; of her great stockyards is lessening, and the time is near at band when Kansas City p')rk products and Montana and New Mexico dressed beef wiil partially supplant the Chicago pork and beef in Eastern markets. Not many var^ ago aM the beef consumed in Boston and vicinity was driven on the hoot to Brighton, Medford and Watertown. Itnowcjmes lapgHlv in refrigera':or cvs. Chicago wiU sooner or later meet a similar experience. Pennsylvania is slowly but steadily losing its dominance in coal produc¬ tion. In 1880 the output of its mines was 63 per cent, of that of the whole country, while it had fallen to 53 per cent, last year. The PhUadelphia press believes that its ratio will be less than 50 per cent, by 1890. BUILDING 9UTEK1AL OlARKET. BRICKS—The weakness on Common Hards last noted has made further progress, and all along the line annther phading on values Is shown. Indeed, such a course became a matter of almost absolute necessity, as the natural outcome of the over¬ crowded condition of the market end iDdifferent character of the d*»mard compelling h^'ders to seek the nuly method to secure custom. The d- clinf^ was an Irreeular one. «ccorr!itg to qualitv bu' wfil fully equal 95e on the nveratre, making $7.00 a top on BHver<=traw«, aun $H 2S ab mt al' that could be fairly deppnded upon for "Up Rivpra." w'th other grades in prnponlon. though t>n wa^ihed stock, mixed car- eoe-* and the njl>=celiaDPOUR assjortmeut of quality sent In ha** led to a groat d^^al of a sort rf special termQ business, through which huyers in some cases secured quite low figures. This laat reduction of cost, how¬ ever, Appears to have been PiifBJently attractive to Btsrt up he inquiry in euch general form as to enable bolder-* to flnally work cff nrarly or q Ite all the sur¬ plus; Piipnl , a matter in wt fch they were assisted by the fact, that most of the barges wer- at this end fif the route, ard no freeh arrivals of importance were coming lo hsnd to complicate matters TJn ^o the present writitig no very positive reactfou has devel¬ oped on cost, b'lt the position is certainly somewhat steadier and more h' pefnl. and many operators in¬ cline to the belief that about the lowest ehb of the season ha« pas-ed. From nlong the " river " the ad¬ vices at hand indicate a continuation of producdon in full average measure with a t robahility that ihe 'ui- rer't make will (■•e < f berter qualify than a great d<-al of stocft it ha<5 recently been found necCRsary to han¬ dle. The accumulati'»n in manuf iciurers' h'^nd;* ia irrfgnlar. some showing qui*e a large ytock and others only a moderate quantity. Pales haveehflded iu the wenkuHBs. and some s'ock gold down aa low as $3.'IS per M.but ah^ui $4 on per M couhidered inside for anythiog tf fine quality. HARDWARE.—The market ie In good general form and showing a steady run of trade, whh all localities properly represented at this season of the year. The selection of goods is to a certain extent upon the ba«is of necessity only, but with light and broken aasort- men B in j ^bhers' ard retHllern' handa »he amount re¬ quired to supply all is pretty full. Noihint: in the way of posiilvf* Chan. e of Iwie announced in value, but rn pretty much aU builders' hardware the tone Is quite arm. LATH.—It ha«( not been a remarkably active mar- ket.nor have sellers found any special advantage even on the best stock. On the one side demaud bad an Indifferent sort of tone diCQcult to meet and neutral¬ ize, and on the other th^re waa an offering of stock from Ma ne and via H'd^on River at comparatively low flgu'-es that s emed to sstisfy -nanv buvers. This bniiieht the range down ro $2.\b wirh SJ 2(^ about an av*-rHg*» extreme, though 8**ll-"R can be found who will li-t«n to DOihUg below $4 85 per M. either on spot or to arrive. LIME—In a general wav much the usual story is reported and the disposition as a rule is to dimply caH the market unchanged. Now and th^n, h wever, an odd word or two is dropped that would seem to indi¬ cate an under current of dlspatisf iction among oper- atom lo Eeet^ro stock, and whi e the arrivals are not over large it looks a'» though they were quite enough for any u-e the market at pr^^eot afforMS. It is also rumored il. ju-it tbe faiot»-8C bind of a whisper that whil" quotatioDR remain uncfaant^ed and po-^sibly customers are even charged furmer figures, that means are occasion^^lly taken m> mahe the actual coat some¬ what les-;. Nearly 6t ooO bbls 8r. John lime have be n received he. e sinc^ the operiog of the vt-ar, and firohablp Ihat, ae much as anything, is a factor to nterf**re with tbe smooth steady sale of Rocklind. The price of the St John grades remain a' *'5@9.5c. per bbl, accorMns to qtia'ity, but a great deal sold on an avef-eg-^ price as tt runs at 9 'c. per bbl. One cargo recentlv went av 80c. but it was air slacked and un¬ desirable. LUMBER.—A measure of Irregularity Is noticeable an referring to the condition of the d'stributi^e trade and occasionally a positive grumble mav be heard. As usual, however, the localitv of yard has a great deal to do with business and the further one travels toward the upper wards a'^d the annexed district the greater appears the animation. We notice in some cases, a repetition of tha old complaints about the 1 ght call tur stuff adap'ed to repairs nnd alterations down town, and this seems to be larcelv ff nofc solely due ro the multiplication of office buildings. Cou- tr.ict- f Tlatefdll >ind winter deliv-rya-e also still milk¬ ing sl wiy, and, takeu all in all. a considerable deeree of caution unquestionably do'j.inates at the cou'^ump- tive end of the market. This, howevtr, carries no special influence upon the moveme-'ts of dealers who h^ve room for, and are oih-rwis^ iu a position to ban- die additional suppMes "f reallv standard quality, and offerings of that description from first h^nds secure reasonably proraot .attention, the mOre so that co«t cannot tie called full io t^e maj >ritv of c ses aud the Invpsring risk i-^.eems to bo small. Selinrs, however, do not find demand exac'lv in shapf? to induce too much display of firmness, and there is an absence of pre¬ dictions of sharp advanc-^s to come, etc. Eastern Spruce i^ not Mkely to recover the extreme plane of valuation sliown during the spring aud early summer months until toward the end of the anason at lepst. but most receivers seem to think about the low¬ est point has b«en touched, and are calcuKtlng upon returning advantages with srreater ease It is thought hardly p a>«ible that the market can aeain be hardened with such a fli-et of lumber-laden coas'ers as swept down through the "Gate" at the latter end of Au- E'ii«t, and any ordinary quantity, it Is claimed, cau now be nandled without difilculty. Of course, every¬ thing tbat comes from the manufacturers in the way of *' information " is in the stereotyped cheerful form and a'-king figures and specials continue about as full as ever Dealers are as a rule willing to negotiate either for present or future use, but their wants not being particularly ureent at the moment they are less Inclined to "snip up" cargoes, and this, of course, protracts negotiation. During tbe month of August ninety-oue cargoes came into this port from the Hiitish P'ovinces and about an equal number from Maine por s Quotations range at J13.0i'(?^U.U0 for t> to 9 Inch, and $H .%@16 50 for 10 and 12 inch, with as lii^h as ^ISdO still "asked " for specials, though we hear of no actual contracts made at the laUer figure of late. Norihern Spruce, either for early use or yard stock, finds a continued good demand, and sellers admit of no positive loss of advantage. Quite a number of local dealers who have been buying more or lees all the season still remain upon the market, and it ap¬ pears that their takings went largely into consump¬ tion so tbat they are compelled to kf ep on buying fur stock when they find parcela to suit them. Reports fcom primary sources generally continue firm, and suggest moderate offerinea. iVe quote for good stock as follows: 2x10. ^5c ; 2x9. 3"c.; lJ4xlO. 24c.; 1^x9, aOKc: 1J4s6%. 13@13Hc-; 1x10, I9c.; 1x9, lej^CgtlTc; 1x6%. nH®l2c.; Ix6,10i^c ; 1x5, Ti^c. as njii Piling differs in no essential particular from the po- s-iti n previously reported. Demand seenns to be a lillie uneverly distributed, but makes A fair balance against the quantity of stock offering, and sellers niaiijiain a pretty steady tone for desirable stocks wiihout much diCBculty. Recent arrivals have ruu a trifle larger. Quoted ai 4^'di'i}^ per imeal foot for one-half of cargo of 13-iiich bull or larger, and 4@4J>^e. for smaller sizes. Heiulock continues to justify the j?ood opinion en- terto.ined of it by a poni-m of the trade, and is keep¬ ing up a pretty full general movement Many of the arrivals, it is noticeable, fol ow right along in the same path as previous receipts of a similar charac¬ ter, showing that earlv season's claims of big con¬ tracts were well founded, but in addition there is a very good new demand and agents representing fa¬ vorite mills are un-ble to meet a'l the calls made up¬ on them. \vh quote Joist at $11..^0@12.t'O per M; Boards at $]3,0t @'9 50 do.; Timber $U'@U»..50 for 24- foot and un6.00 for 1!4 inch htock—12. 14 and IG feet—all kiln-'fried No. 1 quality, with No 2 worth about $4.00 per M less. w hite Pine does not find a firm compact market, yet general aopearances are promising and the aver¬ age report from the selling side is iu cheerful form. Naturally at this season a greater number of cusf-om era are interested and sales from week to week are np'. to show a growth, but with few exceptions buyers now fall to initiate negotiations aud occasionally some of the best dealers are working on a standing off policy. This is known to be in part due to uuppiies coming forward on early coutract aud io part to a feeling that while cost may n"t go lower the chances are fgainst any important advance, and therefore just as well to postpone investment until the last moment and save so much in carrying expenses. We quote S'l" ^'0(3119.00 for West India shippmg boards; $20(^29 for South America do.; $15.O0(5Jl6.O0 for box boards and $16 50 (SIT.50 for extra do Yellow Pine has an uncertain demand and not much of a market. It would pr«jbably be a difficult matter to reach desirabla stock upon better terms than for a week or (wo past, hut rates were already low enough to satisfy any reasonable customer and no special effort in the "bearish" line is resorted to Supplies simply are not wanted to any important extent, and sellers are at a disadvantage, Froai some quarters of the tsouth offerings are a little anxious, with a disposition to pare down cost pretty low against a desirable contract la sight, hut ae a rule manufact¬ urers endeavor to abstain from pressure, ^'e quote Randoms, $I8.50@2i.0fl per M; Specials $.;o.50® 21.50 do. ; Green Flooring Boards. $21®22.50 do.;Dry do. do., S23.00@25.00 do ; Sidings, $14.00(^18.00 do.; Cargoes, f. o. b. at Atlautic ports. $]3.00®16.00 for rough and $18.00@20.00 for dressed; Cargoes, f o. b at Gulf ports, $ll..V){ai3.00 for rough and $19.00 (^21.00 for dressed. Hardwood-i are quite generally carried with much faiih by all deal-^r-t, and there is no-special objection to making an addition to yard stock when attractive parcels come within reach at former coat. Buyers, how¬ ever, ar© particular in selecting, and will not negotiate on anything faulty unless ample allowance in tne matter of cost is made. Distribution into consump¬ tive channels in th-^ meanwhile continues fair, with an increasing tendency aud quite a ereneral variety of stock is required to fill the wants of cuatomer-i. We quote at wholesale rates bv car loads aa follows; Walnut, $60@110 p-^r M; White ash, $37 50(^43 do.; oak. $37(^45 do.; quarter sawed clear, $50{g^55 do.; maple. $25(gi32 do.; chestnut, $30@38do.; c'«erry, $67 (giito do.; white wood, $-^76133 do.; elm, $20(^23 do.; hickory. $50(9175 do. Shingles remain generally firm in toae and secure a very fair average demand. With iiuyers occssionally quite vigorous i-i the call for parcels on homeaccount. (Jonslderdble stock is uow biding picked up by small dealers for winter supply. We quote Cypress at $8 50 0\9..'5O per M for 6x20 and Cypress large $15.00@16.00. Pine shipping stock, $3.25@4.50 for 18 Inch, and Eastern saw grades at $3 25@5.u0 for Iti inch, as to qual¬ ity and to quantity. Eistem shaved cedar, $4@4.75 per M. Machine dressed cedar shingles quoted as foUowa : For 30 inch, $15(^20 for A and $23(^28.50 for No 1; for 24 inch $13®15 for A and $18.50@20 50 for No. 1; for20inch,$8.75(g>9..^0 for A and $11.50® 12.50 for No. 1. GKAERAL LDJIIBKB xVdTES. THE WEST. The Northwe.'item Lumberman says: Late rains on ibe upper tributaries of the Missis¬ sippi River have raised the streams so that the bung- up Tog-^ are now coming down to the booms and mills with a ru-h. This will change the »ntire aspect of affairs frora Stillwater to St. Louis. The scarcity of loers at Middle River mdl points whs becoming a seri¬ ous matter, sev'-ral mills havitg b-en shut down and dry lumber having become scarce the demand bad to be supplied with green lumber Stocks of dry lumber were settlne so low at Clin¬ ton, Davenport, B Tlington. Hannibal, St Louis and other pomts that the Cldcago yards bad to be heavily drawn upon for lumbrr to t^upply 'he Western de¬ mand. Even piece stuff has lately been ordered from thf^ yards here to fill the bills of ^iissigsippi River markets. Though the outlook is now more cheerful for the river manufacturers the lumber to he aawed from the logs now coramg will be schi cely dry enough for shipment tliis season. And of the Chicago wholesale market as follows: Hhor ffreen piece stuff atJil holds at $10 f< r desir*- ble tildes—that is. those that include a good per centage of 2x4 and 2x12. Cargoes that have ' othmg particularly desirable in the schedule drag at $10. Several cargoes have been sold during the week at $9 75, though not, much is said about it by either seller or bu^er. It is stoutly maintained that $10 la the market price. The condition is peculiar. The yard men arc* as anxious to maintain the $ lO basis as the commission dealers—perhaps more so. The first- named saw the effect on vard prices of the late drop of 50 cents a thousand on the market, and want no more of it. ^o outwardly the show is to maintain the bottim at $10 a thousar d, while conce-sion ot time for payment, or an advantage iuleughts, edge boards, or something is given to th buyer. If a lower price than $in is made, it is quietly done. It is not likely that the price will eo nmcli beh»w the current range. for there is no interest at stake to press values down at this juncture in affairs. In fact, it is thought that piece stuff has been a little more active thau it was within a day or two pa&t, aud that a stiffening of prices may be looked for. There is a particularly good demand for IB and 20 foot joists. The requirement forcir-fluori'ig has kept down the snpply of 18-foot stuff all the vear, and con¬ siderable 20-foot stuff has undoubtedly b'-eu used. Lumber of the lengths mentioned is worth $12 a thou¬ sand by the cargo, and if lumber 22 feet long be in¬ cluded, it is all the same. Slim jims are not worth any m-'re than IS and 20-foot stuff. Joists v'xl2 and 3x12-24 and 26 are selling at $13 to $13.50; 2x14 and 3x14 brintf higher prices. The demand for ] 2-inch boards is active. The call for strip cargoes is also fairly urgent. Inch lumber is seUine at prices within our quoted range. The Timberman In ita general review says : It is evident tbat the trade is going into the fall and winter season with a relatively smaller supply of stock than it is usual to carry at this time. Sawing for this year's use is nearly over, and in a short time all the lumber that can be made dry enough to ship before spring will be where it can be a^^en. There is scarcely a market on the ll-^t that has as much as it held last year, while a number are notablv shoii;. Along the fllissiasippi the lack of lumber In pile is a prominent feature at all points, and although late rains are agaiu filling the mill booms with loga, the relief has come too late to help out the dealers on this season's trade There is some accumulation of stock at a few of the lake mill points, but it counts for scarcely auythin? against the shortages at distribut¬ ing centres The fact of a Ught supply Is one that tends, or should tend to create confidence in the future; as, in case trade should be light, it will save the carrying over of a burdensome surplus, and, if it ia active, will so s'ifff n and advance prices as to make It a benefit where it might seem to be a disadvantage. And in referring to the yard trade, says: The weakness iu prices continues, but if no leas, is certainly not much greater than it was a week ago. As noted then, piece stuff haa dropped b ck to $ 2@ 12.25 for short lengths 2x12 and under in size. There are some who say they are asking $'2 ."iO aud refusing to sell for less, but it is to be noted tbat the refusal is usually equivalent ro sending the customer to some other yard, where the backbone is somewhat more pliable. A good many have kept up to the $12.25 notch, and made a strong fight to hold the break there, but they were not successful, and most of them ore now swimming with the current. At present, $12.25 may be recarded as about the top of the market, and $12 is probably the figure more often made in actual sales. It is said that some large orders have been placed at a cut below this, bat how much t,he price was shaded has not transpired. Long stuff has also gone into some bills at several points off the regular quoted figures. The fact is, long dimension is in pretty liberal supply, and holders are not so choice of it as they were a while ago. nor do they insist so strongly upon tbe quotation fixed earlier Prices do not appear to have been cut to a corresponding ex¬ tent on inch lumber. Common has been reported sold at $13. but most yards want more for it, and the range given is probably a fair one. Strips are good property, and are held pretty firm. There are com¬ paratively few dry ones iu market, and the demand for them is relatively so strong that they are salable at the list. This applies toall kindsof strip?, but par¬ ticularly No. 1, which are regarded as especially de¬ sirable stock. Flooring and siding cannot but t>e in- pretty good form in re.specr to price when the stock irom which they are made is firmly held. The Mississippi Valley Lumberman, MihneapolU, as* follows: Tlie raia whioh has prevailed during the greater part of the past wee< his somewhat checked the shlp- meuDof lu nber from this mxriet an l jurtail^d local • deliveries, and the table of ahtpoaeats this week shows