Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 42, no. 1072: September 29, 1888

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September 29,1888 Record and Guide. 1159 ^ M "^ \\ ESTABLISHED ^ A\ftRpH 51"^ 1868.'_ De/oteO to R£\L Estve , BuiLoi;/g Afi,ci(iTECTji\E .Household DEooKftriotJ. BUsir^ESS aiJd Themes of GEfjErvil 1;JT£i\est PRirE, PER YEAR IN ADVANCE, SIX DOLLARS. PiiblisJied every Saturday. TELEPHONE, - - - JOHN 370. Communications should lie addressed to C. W. SWEET, 191 Broadway. J. T. LINDSEY, Business Manager. Vol. XLII. SEPTEMBER 39, 1888. No. 1,073 Stocks were comparatively strong in Wall street during the early- part of the past weelt, and faii-ly boonaed on Thursday afternoon and Friday. It seems the Granger troubles have been definitely settled, and the rate -wars arc at an end. This was inevitable some¬ time this fall in view of the immense business all the roads will transact up to the close of this croj} year. But the passing of the St. Paul dividend precipitated a settlement, as it led to the organi¬ zation of European capitalists to protect their immense interests in American railway securities in the regions west of the Missouri and Mississippi rivers. Tlie organized efforts of J. S. Morgan & Co. and their backers have brought all the warring corporations into line sooner tban would otherwise liave been possible. It now looks as if we shall have a boom in stocks wliich may recall "79,'80 and '81. Then the other conditions are favorable. General business is fairly good, and manufacturers are generally making money. All our agricul¬ tural products, vfheat alone excepted, are abundant and will com¬ mand good prices both in home and foreign uiarkets. The corn crop is the largest we have ever grown. The same is true of the oat and hay crops. This abundance of food for animals will be a great thing for the country, and will give the Western rail¬ roads a large and increasing business for two years to come. There does not seem anything likely to interfere with our business prosperity, unless there should be some explosion in Europe—that is, either a war or a financial catastrophe, neither of which is improbable. -------------■------------- A buoyant stock market, while it shows a hopeful condition of general business, does not immediately affect real estate. Indeed the market for real property just now is nothing to brag of. There is no marked weakness, but there is no disposition to operate. Holders are firm, but purchasers are scarce or timid. The most sagacious dealers do not look for much activity until after tlie Presidential election, but there is scarcely a doubt that next spring will see a much better market and higher prices. The wise dealer and far-seeing capitalist will doubtless take advantage of what may be a dull fall to accumulate property that will almost certainly show a profit early next spring. It must be confessed there are more or less builders in trouble Just now because of the over¬ production of houses compared with the demand in 1886 and 1887, Such of them as can tide over what may be a dull fall and winter will come out even, if not ahead, probably eai-ly next year. The metropolis is growing rapidly and the demand for houses is certain to overtake the supply. People are making money in Wall street and in general business, and will continue to make it—a state of things which eventually will make itself felt in the real estate market. Tliere is nothing to discourage anyone in the business situation. Since General Harrison has given in his adliesion to the plan of getting rid of the Treasm-y surplus by buying national bonds, the Democrats have discovered the shortcomings of that particular scheme of Treasury disbursements. They say, truly enough, that it is making a present of the money derived from general taxation to a very few rich bondholders. The 4's, for instance, were selling at 124 and 135 before the bond purchasing policy of the government was announced, These same securities Secretary Fairchild is paying 130 for, a rate which makes the 4's barely yield 3 per cent, per annum. Of course no government on earth can in an open market get par for bonds which would bring only 3 per cent. The high price is an artificial one, the rich owners practically making a corner upon the government. AU these objections to General HaiTison's position are quite correct, but the Democratic administration is as deep in the mud as he is in the mire, for the bond buying policy was inaugurated by Secretary Fairchild. The blunder made by President Cleveland was in not favoring the disbursement of the money in the Treasury for objects of public moment. Had the surplus been spent on river and liarbor improvements, on public buildings, or in rehabilitating our foreign commerce, it would have stimulated the industries of the.country and directly beneflted the wage-receiving class. But President Cleveland elected to make a present of the surplus to the rich bondholders, and this wasteful Democratic policy has had the warm indorsement of the Republican candidate for the Presidency. The panic about the yellow fever in the South seems to be a very senseless one. True, the number of cases in Jacksonville were large, but the deaths were only about 10 per ceut.—that is, in about 2,000 cases but few over 300 died. This mortality is very light, compared with diseases such as diptheria, typhus fever, scarlet fever or consumption—plagues wliich we have always with us here at the North. It is ti-ue that in the old times yellow fever was a fatal disease; but this was because of the way in which it was treated by the physicians. They bled their patients and gave them calomel, and consequently there was a fearful loss of life; a result due to the perversity of the medical profession and not at all to the disease. The treatment now consists of good nursing and the drinking of sour lemonade with cream of tarter, so as greatly to affect the bowels and kidneys. Under this treatment very few suc¬ cumb to the disorder; but, of course, many are attacked who are ah-eady sickly or whose constitution has been impaired by excesses. They die, not so much from yellow fever as from weakness of con¬ stitution. The weather is now getting cool and the danger line is nearing the Gulf of Mexico. The microbe which propagates this disease cannot stand a low temperature and by the time November arrives tliere wiH be very little interest in the yellow fever plague. The panic this visitation has created was out of aU proportion to the virulence of the disease. Asiatic cholera is really something to be afraid of, as from 40 to 60 per ceut. of those attacked die, but any person with ordinary good health runs twenty times the risk from an attack of pneumonia than they would from yellow fever. Tlie scare in the South does not speak well for the courage and good sense of the people of that region. The Pouglikeepsie Bridge over the Hudson is nearing completion, and the Flighland Bridge which is to span the same stream, between Anthony's Nose and Fort Clifton, just above Peekskill, is about to be commenced. Its projectors claim that it will be completed witMn two years time. At this point the river narrows to a width that makes feasible a single span reaching from shore to shore; this span will be 3,000 feet long and 195 feet above high water. Its cost is estimated at $10,000,000, which has all been subscribed. It is claimed that advantageous traffic arrangements have already been made with the Erie, the Lehigh & Hudson, and the Pennsyl¬ vania coal carrying roads. These will all connect with the New York and New England. The advantage this bridge will have over that of Poughkeepsie, is that it will be nearer New York, while there will be a saving of seventy miles between the coal and iron fields and tbe consuming points of New England. This wiU make the third bridge over the Hudson, the first being the one at Albany. Next tn order -will come the one from Wasliington Heights to Fort Lee, and later on a still more important structure wUl be buUt between 13th street. New York, and Hoboken. By the time the Highland Bridge is finished, the tunnel under the Hudson to this city will probably have been constructed. Perhaps it would be just as well to suspend judgment as to the complete authenticity of the Emperor Fi-ederick's diary. It is very certain that as published there are gi-ave mistakes in the matter of dates and facts. This may have been due to additions made to the diary from memory when the Emperor was sick at St. Remo. It is not at all improbable that the leading points made in the diaiy were correct. The deceased Emperor was a hberal-minded man of large views, much under the influence of liis wife, and, in liis time, was guided in his general theories by her father, the late Prince Albert. It is quite reasonable to suppose that it was he who suggested the German Empii-e which liis father was doubtless at first reluctant to favor. Bismarck got the credit for the conception of a great Ger¬ man power sustained by manhood suffrage and a free ijarliament* But it is much more likely that the then Crown Prince was the foTmulator of the idea of an Empire with a democratic basis, it is a great pity that Kaiser William lingered so long on the throne. Had Frederick been Emperor for ten years before he died it might have changed the history of Europe. Germany then would have had the advantage of a full parliamentary system somewhat after the English i>attern. So far as known there is only one man in Germany capable of ruling—Prince Bismarck. The advantages of a really free state is that many statesmen are known to have the gift of governing. The instinct of the new Emperor William seems to be that of a mere military leader. He can plunge the nation in war without reference to the wishes of the Reichstag. Mere fight¬ ing monarchs are an anachronism in this age of industry. Nearly every American newspaper thinks it is its duty to pro¬ nounce the Panama Canal a failure. Stories are constantly being told of the difficulties in the way of completing the canal and the prodigious cost of the work. Probably nineteen out of every twenty persons one meets who has read the papers really believe that the canal will never be finished. In this connection it would be well to