Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 42, no. 1069: September 8, 1888

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September 8,1888 Record and Guide. 1083 ^' ^ ESTABLlSHED''^WJU^H5r-^ IB68. De/otS) to Kt\L EsTftiE. SuiLDif/o A;fict(iTECTji^E .Household DeooratioiJ. BiisiiJESs A^/D Themes ofGEi^ERAl I^tei^esj PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Pidilishcd every Saturday. TELEPHONE, - - - JOHN 370. Communications should be addressed to C. W. SWEET, 191 Broadway. J. T. LINDSEY, Business Manager. Vol. XLII. SEPTEMBER 8, 1888. No. 1,069 Noio Ready—The Index to the Conveyances and Projected Bmldings published in The Record and Gxhde during the first six montlis of the current year. The Index is printed on extra heavy paper, and, as usual, includes Neiv York and Kings Counties, and is the most exhaustive ever published. Tlie labor and expense connected with the work has become so formidable that a charge of iifty cents is made for this issue, as announced in these columns on January 21s* last. Subscribers requiring copies should send in their orders at once. The week closed with a reaction under way in Wall street. The price of St. Paul was pressed down, and then the cold weather hereabouts g-a.ve the impression that perhaps com might be injured; but up to Fi'iday evening the news from the corn belt was very favorable—warm weather prevailing where it was most needed. In view of the vital interest in the corn crop this year, it is remarkable liow the daily papers have failed to keep theii- readers posted as to the temperature in the corn belt. It was on the 7th and Sth of September, 1883, when a black frost cut down the corn crop hundreds of millions of bushels. Tliis changed the whole aspect of the year's business. A similar frost at this time would be almost as damaging, as the crop is late, the summer having been cool aud wet. But the daily papers are so busy with politics that tliey have so far given no information respecting the temperature in the corn regions. General business is in good condition. All the news from the manufacturing centres is of large sales at advancing prices. Cotton goods, boots and shoes, and manufactured articles of all kinds give evidence of a heavy consumptive demand. The railroads find themselves short of freight cars ; this applies more particularly to the companies west of Pittsburg. The Erie road, alone, is a thou¬ sand cars short of ^'ts freight necessities. The promise of tlie new corn crop is so good that farmers are marketing their old corn, wliich is a bulky article to can-y and takes up freight room. Then ocean freight facilities are also found to be inadequate for the great demand for room which has sprung up with the opening of the fall months. Our domestic and foreign transportation lines will have all they can do for the rest of this crop year. As to real estate there- is a very hopeful feeling. There is a revival of building and increased activity in sales, as is shown by the official transfers. There does not seem to be a cloud banging over any of the markets in the country. ----------•---------- The coal barons are having prosperous times. According to a well-informed papei-, the Central of New Jersey is earning 10 per cent, on its capital, the Delaware & Hudson 15 per cent., and the Delaware & Lackawanna 30 per cent. Reading, after paying all its fixed charges and interest, is earning over 6 per cent, on its common stock. The consumption of coal has increased enormously, and there has been a steady rise in its price. Another advance is thi-eat- ened on tlie 1st of October ; but ought not the press and the public unite in demanding of these coal corporations that they should not unduly tax the consuming public. They are now making enough, and they should not check manufacturing or enhance the pijce of fuel to the poor by exorbitant charges. Then would it not be well for them to do sometliing for the miners. When they reduced the wages of the latter last January the press was unanimously against the men when they struck. Yet everyone knows that the condition of the coal mining population is a scandal to our civilization. They get wretched pay and do very hard work. It will be noticed that some of the coke manufacturers recently advanced the pay of their employes voluntarily. This good example should be followed throughout all the coal mining regions. Better wages make better trade. If these poor creatui-es liave barely enough to live upon the retail storekeepers are thereby impoverished and manufactm-ers consequently suffer. Substantially this coal business is to-day a great trust. The price of coal and the rate of wages is fixed by some half-dozen managers of the coal roade, It will not dq for them to impoverish the working people on one hand and unduly tax the consuming public on the other. _-------.—a------------- It does not seem possible that the Democratic party of this State can nominate for Governor David Bennett Hill, in view of the widespread and deep-seated opposition to him in the best elements of the Democratic party. The meeting held last night represents tens of thousands of Cleveland voters who will not cast their ballots for Hill. Important Democratic papers, hke the Brooklyn Eagle, have pointed out the danger of putting him on the same ticket with Cleveland. His only active supporters are the macliine Democrats and the liquor men, but the latter can be depended upon to vote against Warner Miller in any event. It would be a poor recom¬ mendation for Hill that his strongest supporters represented a trade interest that is not regarded as reputable. Evidences accumulate that the feeling againsu not only free hquor selling, but all liquor selling, is growing througliout the coun¬ try. The Proliibitionists will poll a sui-prisingly large vote for their Presidential ticket. The no-license vote cast in New Jersey dm-ing the past week was very significant. Strong Democratic counties gave large majorities for proliibition. Much of the ojiposition to Governor Hill is because of Ius veto of the election reform law. Voters ought to organize in every Assembly district to question can¬ didates and force them to pledge themselves to vote for high license and election reform. Forecasting the Futurei Prophets are beginning to be quite common. We have had one in our employ for some years jiast, and he has been reasonably suc¬ cessful in guessing at what the future had in store for us. As will be seen by "Sir Oracle's" vaticinations this week, he thinks the prospects are bullish in all the markets of the country. We are to see liigher prices for stocks, grain, provisions, petroleum—in fact, for everything which is dealt in or used. Our prophet thinks that this increase in price will be caused by the abundance of paper cur¬ rency of low denominations. On January 1st, 1887, our total paper circulation was $834,745,940. On August 1st, 1888, the paper money circulation was $883,908,883. an increase of nearly $50,000,000. In the meantime the coin circulation was enlarged about $1,000,000. During these nineteen months the gold certificates had increased J;34,743,507, while the silver certificates have increased $86,434,209, In the same interval there was a decrease in the greenbacks aud in the national bank notes, but the fact to be kept in mind is that the great increase was in silver certificates of small denominations. It is these which are flooding the retail channels of trade and are enhancing the values of all consumable articles. At least that is what our prophet thinks. Our old correspondent, Mr. Samuel Benner, is also a pronounced bull on the situation. It will be remembered that last January he predicted that grain would rule high during the summer, but that stocks would not be a purchase until after it became very clear that a Republican President would be chosen in November. It is true that tbe price ol grain—certainly of wheat—has made a handsome advance, but stocks did not wait until the end of fall. They began to advance in midsummer. Sir, Benner is now out with a letter in which occurs the following paragraph: I take this occasion to say that I am a big hull on things iu general. Having been a bear since ISSI, I propose to look the other way, from August, 188S, to 1891. The outlook for a great corn crop has turned the tide. The raUi-oads -will have plenty to do tbis fall and winter, and conse¬ quently stocks will advance. We shall soon feel the favoi-able influence and ail kinds of business will improve imtil the election. I think that right now is the opportunity to buy stocks cheap to hold until next June at least. This is all very reassuring to people who hold securities ; but now comes to the front Mr. Matthew Marshall, of the Sun, who aspires to be the prophet of that bright, but very perverse paper. Tbis writer, it seems, predicted about six weeks ago that the coal stocks were a purchase, but that operators and investors would do well to leave the rest of the stock list alone. He was right so far as the coal stocks were concerned, for they have had a very decided advance. Mr. Marshall predicts that they will continue to rise in value ; but he is equally positive that there will be no advance in any other class of securities, except, possibly, the gas stocks. He goes on to say: I feel cei-tain that the present dullness will uot be broken by a rise, but will it give way to a fall ? My behef is that from uow till next February there wiil he a further steady rise in tbe anthracite coal stocks, und no ad vance, but rather a shght decliue, in raih-oad stocks, with au uneventful market for the rest of the list. He continues giving his reasons at length for looking on the market as a stagnant one. This prediction came on Monday last, but we have had a higher and more active market ever since. Most people would reason that if coal was in demand, it was because It was needed for manufacturing purposes ; and that if the mills and factories are doing more work, it must be because the consuming pubhc want more goods, Tliis means activity in trade, and in¬ creased busiuess for all the transportation lines. Then the Sun writer ignores the enormous corn crop that is just maturing, which Trill give the railroads an immense busijiess further along. The