Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 42, no. 1074: October 13, 1888

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October 13, 1888 Record and Guide. fl219 ESTABLISHED ^ fAARpH 21'-!^ 1360. DE^TED to i\ui- EsrWE, BuiLDlf/o \KcKITECTUP(E .HoUSEIIoLD DEOORAnoiJ. BlIsiiJess a(Jd Themes of GEf^ERAl IfJTti^Es] PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Publislied every Saturday. TELEPHONE, - . . JOHN 370. Communications should be addressed to C. W. SWEET, 191 Broadway. 7. T. LINDSEY, Business Manager. Vol. XLII. OCTOBER 13, 1888. No. 1,074 Wliile the biills in the stock market have had all the active factors apjiarently iii their favor the course of speculation has hardly been -with them dm-iug the past week. The reduction of the Atchison dividend was a serious blow ; yet it ought to have been anticipated. There does not seem to be any otlier disaster in sight to destroy confidence, and unless the unexpected should occur an advancing market seems probable. Congress will very likely adjourn early next week, and this will put an end to any further legislation until January or Februai-y next. The heavy appropriations and the boud purchases, as well as the January dis¬ bursements, will keep down the Ti-easury surplus. In the mean¬ time tbe volume of currency is increasing, aud as all the other con¬ ditions are favoring we ought to have a tolerably buoyant stock market. The result of tbe Presidential election is not likely to affect prices materially—certainly not more than it did when Cleve¬ land was chosen President fom- years ago. The business of the country is good, aud railroad earnings promise to be phenomenally large from tbis time forth. After every era of speculative budding of railroads in England a pai-tial panic was in order. The change from a floating to a fixed capital resulted in a money pinch which for a time depressed ail the industries of the United Kingdom, Yet the various raih'oad lines of Great Britain were well planned; they all met a public want, and, except in a few rare instances, were constructed through populous Deighborboods where there was plenty of business for railroads. We, too, have suffered when there has been excessi.e building of railroads, even necessary ones, but of iate years the strain upon our monetary resources bave not been so great because European capital has come so largely to our aid. We would, indeed, have been in the " dumps " had the vast extensions of om- railway systems been raade with our own money. Fortunately we had the capita! of Europe to fall back on, but at the same time there was a heavy drain on our own resom-ceS; for a gi-eat building activity usually accompanied the widespread construction of raihvay lines. These remarks are germain to what has been taking place west of the Missouri and Mississippi Eivers. Chicago, Bm-lington & Quincy, Northwest, St. Paul, Missouri Pacific, Rock Island and tbe Atchison & Sante Fe corporations have been adding largely to their mileage during the past four years. A great deal of the money required was contributed by foreign capitalists, but inevitably large amounts of American funds were also expended in a way that was not immediately reproductive. We would never have had the set back of 1887 in our stock mai'ket were it not for exces¬ sive railway construction. Missouri Pacific was the first to show weakness; then followed Chicago, Burlington & Quincy, St. Paul made the next break, and now Atchison & Sante Fe has slumped in a way to demoralize the stock market. Everything foreshadowed an active demand for securities this fall, but the weakness of these overbuilt roads has for a time taken the snap out of our market. The business of tbe country is good. Oui- hay, oat and corn crojis are enormous and our cotton crop is fair. Wheat does not make so good a showing, but it will command an excellent price. All these considerations would have given us a. buoyantstock market, but the distress in the overbuilt roads and the necesaai-y reduction of the dividends has temporarily, at least, checked the enthusiasm of the "bulls.;' We expect, however, to see better prices further along. The Newark election gives Mr. Cleveland's friends a chance to felicitate themselves, but the large Democratic vote is said to be due to the liquor interest, which has determined to punish the Republi¬ cans for the high license and local option laws. The brewing, dis¬ tilling and saloon interests are very large in Newark. Still the fact remains that a large manufacturing centre has not been frightened by the MiUs bill nor by the clamor about free trade. The Presidential contest is not settled yet by a good deal. New Yorkers will have a choice among four candidates for Mayor—all of them honest and able men. The contest will appar¬ ently be between Hewitt and Grant, The running of Coogan, the labor candidate, will help the former, as it will withdraw the labor votes from the Tammany candidate. Still, tbe position of Mr. Hugh J. Grant will be very strong. Tammany is now, by all odds, the most powerful section of the local Democracy. It is ably led and will offer patronage to the local leaders of the County Democ¬ racy [to win them away from supporting Mayor Hewitt. The latter is running on a platform Wliich forbids his supporters from expecting consideration from him after the election. Then the local leaders of the Republicans, that is the "boys" who ai-e in control and who keep it despite the xn-otest and humiliation of the respectable Republican vote, are on very friendly terms with Tam¬ many and will help Grant and Hill all they know how. Mr. Hewitt is, of course, personally very strong. His one chance of re-election is a stampede of Independents and Republican voters in his favor. Employers of labor will back him up heartily, and then Ins personal admirers comprise thousands of active voters of all pai-ties. But the outlook for the local tickets is very much mixed. As we have said, however, any of the candidates would make a good Mayor. One of the most notable events of the day is the practical division of Africa among the great powers of Europe. Great Britain and Germany claim the lion's share; but Italy, Portugal and even Bel¬ gium have their fingers in the pie. Tbe close of this century will see Africa practically parcelled up, and under tbe direct govern¬ ment of the various Europeau nations. Fi-ance has a good slice of Northern Africa. Italy will doubtless soon own Tripoli, and were tiiere an energetic ministry in Spain, Morocco would fall to the share of that kingdom. It wiU be curious to note what success the several nations will have in utilizing tbe resources of the several parts of Africa. The United States, although it has some claim on Liberia, is not destuied to have auy share in the trade of Africa; but perhaps its turn may come sometime in the early part of the next centui-y after the "Dark" Continent has been opened up to the commerce of the world. Few iJGOple appreciate the responsibiUty they incur when they undertake to build a house. They are contented if they can erect four walls and a roof, wh'ch will give a good return for the capital invested. They uever consider whether tbeii- construction harmon¬ izes with the buildings adjoining, or whether in general it will help to beautify the city. As long as people can live in it, who cares for its looks ? Yet it should be remembered that when a man erects a house he owes something to the street, the neighborhood and the city wherein it is located. He ought to strive for something better thau a mere return for his outlay. What if he does get 1 per cent, less for his money, ultimately be will lose nothing; for when a neighborhood is filled with fine buildings, from that very fact, prop¬ erty thereabout increases in value. It would be well if om- builders regarded then- individual whims less and their social obligations more. One of the most extraordinary actions by any civilized nation in the Ninteenth Century was tiie confiscation of the Mormon Church property by the United States government. It cannot be said that this was an unpopular measure, for the most remarkable feature in the matter is its apparent hearty and unanimous indorse¬ ment by American people. The excuse for this wholesale confisca¬ tion is that some few of the Mormons practice polygamy. It is not claimed to be widely diffused, for only very few of tbe richer Mormons can afford the luxury of more wives than one. Polygamy is an honorable form of marriage in many countries to-day, and has come down to us from the distant past. It was practiced for generations by the chosen people. We have forms of the sexual relation right among us wiiich are far more objectionable. Of course polygamy has not produced as good results as monogamy; but are we justified, in view of free divorces and the social evil which is producing such direful results, in robbing an industr'oua community of their property because of a difference of view as to the desirability of recognizing plural marriages. The current dis¬ cussion as to whether the monogamic marriage is a failure throws a curious side light on this whole matter. The Sun ventures upon a criticism of the action of the government in the following pai-a- g'l-aph: Much as Morinonism is disliked by everybody except the Mormons, no one cau fail to think that it is sharp practice and hard lines to take from tbem, ou a legal technicality, all tbe property of their Church aud turn it over to uses which tbey do uot wish for. They worked for it, made it, saved it, and nobody else has a right to it. Coiifiscation is a very rough business here in the Uuited States. This is very timidly put, but it must be that there are millions of Americans who would speak much more earnestly if the matter were presented to them in tbe right light. If the Mormons can he robbed of their property because tbey differ from the rest of their countrymen in one social practice, then can any sect by this prece- iiiiil illH