Columbia University Libraries Digital Collections: The Real Estate Record

The Record and guide: v. 40, no. 1020: October 1, 1887

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October 1, 1887 The Record and Guide. 1223 THE RECORD AND GUIDE, rublished every Saturday. 191 Broadv^eiy, IST. "ST- Our Telephone Call Is - - - - JOHN 370. TERMS: OIVE TEiR, in advance, SIX DOLLARS. Commuuications should be addressed to C. W. SWEET, 191 Broadway. J. T. LINDSEY, Business Manager, Vol. XL. OCTOBER 1. 1887. No. 1,0'33 The Stock Exchange has been ratlier tame during the past week, but the tone has been tirnier. and the beard have not been so con¬ fident in tlieir onslaughts on tlie market. Still the feeling i.s not buoyant, for although there is plenty of moaey on call time, loans cannot be had except on the very choicest dividend paying securi¬ ties, backed by 20 per cent, margius. Stock3, however, are all in strong hands, but the money of the country is actively employed outside of Wall street in all manner of productive enterprises. It is as yet Coo early to say anything definite about real estate, but during October there will be several large estates sold on the Ex¬ change. The parcels offered will embrace choice business and resi¬ dence properties, as well as very desirable vacant lota. The bidding will tell the story of the immediate future of the real estate market. It is a noticeable fact that in the various party platforms recently put forth by the several State conventions nothing has been said favoring an exclusively gold coinage. For years back the party conventions of the Northern and Eastern States have objected to the silver coinage, but this year the subject has been dropped. It is now realized that were it not for the standard dollars and the silver certificates issued against them the busiuess of the country would have been in a far worse condition than it is. We want more currency, not less, and if we cannot have gold coin then silver dollars will be gratefully accei)ted. The architects aud leading builders all agree in saying that there is to be very little new construction for the present. Then the plans for new buildings filed are few in number and unimportant in character. Prospects are much better in the suburbs—in Jersey City, Newark and the Oranges, Yonkers and New Rochelle. There the prospect for the winter and spring is exceedingly good. While there is little new construction talked of in New York there is great activity in completing the houses already under way. Indeed, there is so much domg that the labor unions are seriously interfering with the master builders and contractors. Strikes are infrequent, but there are minor demands made by the " walking delegates" which is adding to the cost of houae construction. Indeed, not for years has the materials which enter into a house been so high as at present. -----------•----------- The Western and Southern tour of President Cleveland means that he is a candidate for re-election. But an excursion such as he is on imperils his chances. In his impromptu speeches he may aay something indiscreet. He is by no means a brilliant orator, nor are his views cn public afi'airs particularly impressive or statesman¬ like. He stands the chance of being misreported and running a fire of hostile crowd criticism that will make him appear at a disadvantage to the average voter. Even should all his own utterances be discreet, there is sure to be some orator on hand to say things which will do him damage. The Burchard episode in the Blaine campaign explains what we mean. President Cleveland Btands well, not only with the best elements of his own party, but with the country. But he is risking his popularity in making speeches to promiscuous audiences such as he will meet in his present tour. Ex-Governor Sheppard, of the District of Columbia, is to receive what the newspapers call an "ovation" frora the people of the city of Washington, a fact which is considered scandalous by a number of journals which have been in the habit of classing him with **Bos8" Tweed. It w^'s said of Augustus Caesar that he found Rome wood and left it marble ; and those who wish to honor Alexander Sheppard say that ho did for Washington what Caesar did for Rome. It was a shabby Southern town when he com¬ menced his improvements. It is now a city worthy of the nation, for the changes for the better are on the lines marked out by him. It is true his building operations and street improvements were unnecessarily costly, but the work was done iu paper money times, when public and private expenditure was at a high rate. Baron Hausmann, who almost re-created Paris, was very extensively abused, as i* was alleged that he profited persoaally by the public money he expended. There should be no condonation of crimes committed against the public ; but it is a fact not to be forgotten that some of the world's best benefactofs have had to accept, as their reward, a great deal of undeserved obliquy. His Washing¬ ton admirers are talking of a statue to ex-Governor Sheppard. More Facts about the Currency. The figures given in our last issue, showing the total circulation of gold and silver coin, greenbacks and national banks notes, with the average circulation per head of tlie four currencies, is supple¬ mented by the following table, which gives the entire circulation of all the currencies, including gold and silver certificates in and out of the Treasury, items which were not taken into consideration in last week's table : AKgrega'e Years. cifcuhtlon. ISTfS........................... $l.0.iH,G5G,H.ltJ 18TH IHSK last. 1853. 1884 18'i'i. 188tJ 1887. l,U(;4,i'.V1.7.ifi i,i9j,'^;m,;i3J l,:j77,:^7().4'.;a 1.41-i.:.'C6,547 1,591,773,iai 1,(545.561.4'9 I,;99,0n4,cy7 1.747.311,!i.5 I,8i3,8d0,851 Appoximate populaton. 847 5UU.nOJ 48.750,000 .'iO.v'C l.OUO 5],75'',0C1) 53.V5 1.(1(10 .•^'»,7.> ',00i) F.tJ'JiO.OOO .V,,750.OMO 5'J:2--iQ,C.0'i CIrculatloQ p.-r capita. 2 i. 18 2\ 8i 23 67 att.8'> 27'^7 29t)7 2'i 2 ■. 30. KB 29.49 29.61 In the above table tlie amount per capita is mislea'iing, as the gold and silver certific ites are practically counted twice ; that is, the gold and silver is allowed for as well as the certificates that represent them in the channels of trade. The active circulation of the country aro the le^al tender notes (greenbacks) not in the Treasury or the banks, the national bank notes, the gold and silver certificates, the silver dollars actually in use, and the minor coins of the country. But the gold and silver iu the Treasury and in banks and the legal tenders held in reserve do not count in estimating the active currency of the country. AVe are indebted to Deputy-Assistant-Treasurer Muhleman for the following figures, showing ihe imports and exports of gold and silver coin and bullion for the fiscal year ending June 30, 18S0, until the same date 1887: -Gold.- ....... 10f),0:Jl,-i59 ....... 81,377,051 If^Sl.......... ...... 17,734,149 18''4.......... ...... Si.831.3l7 ...... M6,691.fi9fi 18-6........... ....... at1,743.3l9 1837........... ....... 45.9tO,UJl F.xports. $J.(j3»,0i) 3/63,13-J 3,',5S7.8-^0 ll.*100,88H 41.081.9-.7 8 477,89i 43.95-^,191 9.701,lh7 SS31G.07r,8-31 ---------------Silver _______, Imports. Exoortfl. $l-J.;;75.9 4 SI3.503.8J4 lO.'-4J,-*i38 16,841.715 8,09.-), m ]ti,8.'9,r'9y 10.7->5,i« 2^1,219.415 14.591.9r> ',6,031,428 16,550,f'J7 33 753.613 17.H5i»,3"7 29.51I,-.'l9 17,:ia}.i9l 26,2^0,504 $l07,92S,aO3 8183,007,435 515i,606,15i It will therefore be seen that we imported $193, 471,669 more gold than we exported during the past eight years, and exported $75,- 080,635 more silver than we imported. Hence it follows that while the business of the country is constantly expanding: the amount of available money with which to transact it is steadily diminishing. A financial crash would seem to be imminent, unless the currency supplies aro in nome way increased so as to be commensurate with the business wants of an enterprising people. Total gold and silver coin and bullion imported and exported, together with excess of imports and exports: Excess im- Total exports Total Yeira. imports. 1880................. $93,034,310 1831 ............... 110,575,497 l88i................. 42.472.39J 1883................. 28.489,391 1884................ 87,426.-.!62 18'*5................ 43,212321 1886................ 38,691.656 1837................. 60,170,792 $17.14^,919 19.406.817 49,417,479 31,82i',331 67,133.383 4i,i3l.5-'5 72.4-53.4 (0 35,997,091 port^ over exports. $75,891,331 91,168,6)0 Excess ex¬ ports over imports. 1,010,793 24, i 73,'id i $6,945,089 3,830.942 29,707,121 $454,004,6-il Sl9v\2l3,9lO 33,S69,754 $73,852,906 $)35,613,5&7 Showing an excess of $113,39l,03i for the eight years of imports over exports. During the years from 1S71)-81 it will be noticed that the excess of imports were particularly heavy, amounting to $167,060,041. It should be borne in mind that the above figures, though oflicial, are misleading. Gold, silver and greenbacks stored up in Treasury vaults and banks are of no value to the current trade of th*^ country unless they are circulating in some ropresentative form, such as gold and silver certificates. It is the amount actu¬ ally in the channels of trade which can be called currency. On this point tho following, which was sent by a friead to the editor of this paper, throws a good deal of Hght. We suppress the name, which is that of a well-known expert in bullion production, for personal reasons : I send you a table that ahould hav3 a le3=ion. U sh^ws the paper circu¬ lation at th© disposition of our people ou tbe 24th instant, as compared with that which tbey had available for buiiu-ss^ in 1SS3—say 1st July, to wit: lfl83. September 24, 1E87. Treasui-v notes..........................;..$(7O,6-*i,0l6 $346.739.l.^-s National bink notes...................... 3.-)6 M5.5ro l7l.5Mi.589 Gold certificates outstaodiQ?................ .^9.fU7,3:o H9.341.500 fc^ilve^ certificates outstaadiog............... 72,6i0.6K(i \:,\ ,054,044 Total circulation......................$83>,9M,612 Sr£.9.8o3,GG2 Shrinkage since 1st July, 18-53..................................... $06,120,990 Or exclusive of silver certiGjitea...............................$155,114,348 In ISSS the population was about 55,000,000 only. Now it has come to be about 63,000,000, with a business expannon and consequent increased