Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 42, no. 1076: October 27, 1888

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October 37, 1888 Record and Guide. 1275 "^ * ESTfcBUSHED'-^N\MVCH21'-^IS68,^ DEvdiED TO R^L EsTME, BuiLDi;/c Af^cKiTECTiJi^E .Household DEGORAiiorJ. BUsii^ESS a(JdThemes oFGEfjErviL I^tei\est PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Published every Saturday. TELEPHONE, . - - JOHN 370, CommimlcatioDS should be addressed to C. W. SWEET, 191 Broadway. 7. r. LINDSEY, Business Manager. Vol, XLII. OCTOBER 27, 1888. No, 1,076 The market for securities has been rather depressed during the past -n^eek, Boston lias been losing a great deal of money in its stock and otlier ventures, and simultaneously the Eastern roads have been slopping dividends in a rather surprising way. Then the Presidential election is near, and operators are disposed to be cautious. This has emboldeoed the bears to raid the market. Tliey have been assisted by the weakness of Missouri Pacific, which the "street" seems to think Mr. Jay Gould is again selling. Indeed, things are in such shape that ]irices might have had a serious set-back were it not for the consummation of a gi-eat deal in Southern securities. The Richmond Terminal has now become )i colossal corporation, -with apparently a very bright future before it. The gf-neral trade of the country is all that could be desired. Real estate in and near this city is not very active, There are more new buildings on the market than there are customers for. We are promised, however, a better state of things after the election is over. The month which follows the sixth of November promises to be an interesting one in real estate circles. It is admitted that this is the tamest Presidential election we have had for forty years. The discussions have been in better temper, and the two candi<^tes have been treated respectf uUy by their opponents; yet the registration in the large cities shows that the vote will be phenomenally large. It shows how futile, after all, are the efforts of politicians to work up enthusiasm by fche cheap methods usually employed. Banners and processions, mud-throwing, monster meet¬ ings have very little to do with the serious work of the campaign. People will vote this year because fche contest is close ; and then the State and local issues are very interesting and involve moral elements, such as the temperance question, personal partialities or antagonisms, as in the case of Mayor Hewitt. It is a consolation to know the country is safe whoever is chosen for President, Governor or Mayor. ----------•---------- It is clMmed that James G. Blaine's speeches have hurt the Republican canvass. Wliat he said about Ti'usts was true enough, but it rau counter to popular jirejudice, and was used in detriment to the canvass of Haixison and Morton. Then a t-wist was given to his other outgivings, which was made a handle of by the Demo¬ cratic papers and orators. At the beginning of the canvass "Bob" Ingersoli made a very brilliant plea for the Republican candidate and platform, and it was supposed he would be heard frequently during the canvass; but the national commtttee took alarm at some of this famous orator's utterances, and he -was not allowed to speak agaiu. Anna Dickinson was sent to stump Indiana, but the senti¬ ments she expressed were so pronounced that she also was sup¬ pressed. The Democrats have been more cautious, and, apart from Mr. Thurman, have had no orators in the fleld likely to say anything that was striking enough to excite unfavorable comment. The moral of all this is that hereafter Presidential canvasses will be very tame affairs. Suggestive and brilliant orators and statesmen will not be allowed to speak, for naturally they are apt to say things which lead to discussion. It has been noticed that year after year our national platforms become vaguer and more colorless. The country has got to be so large and its local interests so diverse that party managers think it wise to suppress all decided expressions of opinion. Fervid orators and picturesque individualities will here¬ after disappear from our political platforms. The work of cam¬ paigns will be done by literary bureaus and speakers who will con¬ fine themselves to platitudes. Congressional oratory is dying out, for the action of Senate and House now depends upon the commit¬ tees and not upon the debaters. Can it be that political oratory is to become one of the lost arts in the United States? Persons who sue newspapers for libel never get any damages under our present laws. Such a thing as a money payment for an attack on character by a newspaper editor has not been known for forty years. Nevertheless, the proprietors of journals are con¬ stantly hai-assed by libel saits. There is a class of lawyers who carefully watch the papers, and if any person is attacked he is sought out and informed that he can exact exemplary damages from the offending journal. The lawyer knows, of course, that there is no way of getting a cent out of the journals by due process of law, but, if engaged, he is sure of a fee from his client, and the journal is often willing to settle the matter for $50 or so, which also goes into the pocket of the "shyster." This state of things is scandalous from every point of view, and is a nuisance to the newspaper proprietors. To cure the evil the Herald proposes that the law of libel be so amended as to pufc a stop to all claims to pecuniary damages, but make the editor, writer, or reporter liable to criminal proceedings. Tliis would make a newspaper's subor¬ dinates more careful, and would put a stop to the blackmailing of the " shyster " la^vyers. It would be almost impossible, however, to get an amendment of this nature through the Legislature, as our law-makers are largely recruited from the class who profit by our defective laws. They will never willingly vote to amend enact¬ ments wliich are profitable to the profession. Still, we ought to have an effective libel law. Under the present system a private citizen has no redress when liis character is called in question by a newspaper, -----------a----------- Last fall and spring Jay Gould took some twelve million doUars out of "VaU stre?t in exchange for Missouri Pacific stock, which he sold from 118 d.iwn to about 70. While selling this particular security he was having himself interviewed repeatedly on the sub¬ ject of the gi-eat value of the stock. The amount of lying he did about it was phenomenal even for bim. Lately his touters, headed by his son, have been giving out the point that Missouri Pacific was going to par before the fii'sfc of January. Then Mr. Jay Gould has allowed liimself to be interviewed as to the intrinsic value of the stock and the great prospects of the corporation. Tliis was fol¬ lowed by a slump in its price, and the " sti-eet" has jumped to the conclusion that Gould is getting rid of the remainder of his common stock. It seems probable that he wants to own nothing but bonds and securities like Western Union and Manhattan, about the futures of which there can be very little doubt. It is understood that the amount of doubtful stocks which Mr. Jay Gould yet holds is about $80,000,000 {nominal value) of Wabash common and preferred. He got stuck with this worthless stuff because of the great f aUure of the corn crop in 1881. He hopes to recoup himself by the certain pros¬ perity which is now assured to the great com belt through which the Wabash lines run. It is to be seen what strategems he will invent to induce the investing and speculative public to take the Wabash load off his shoulders. Last spring and during the past summer "' Sir Oracle," in these columns, frequently predicted a unification of the railway systems of the country. He gave his reasons for believing that in time the Richmond Terminal would absorb most of the lines in the Southern States, and he also suggested the possibility that in time the com¬ bined Southern roads would find their way to the Pacific Ocean over the Missouri Pacific and connecting lines. A part of this pro¬ gramme has been carried out during the past week. The Richmond & DanvUle, the East Tennessee & Georgia, the Georgia Central and several minor corporations have been put by pm-chase and other¬ wise under the control of the Richmond Terminal, which now haa connecting lines between the Mississippi and South Atlantic coasta with branches to nearly all the principal cities in the South, Thia is a consolidation of the very greatest importance, for it will put a stop to the paralleling of roads, do away with the fear of all rate wars, and then the business and traveling public will be far better served in dealing with one great corporation rather than a host of minor ones. The Richmond Terminal at one step becomes one of the most important railroad corporations in the country. Of course there are some gaps yet to fill. The Norfolk & Westem and perhaps the Louisville & Nashville may yet form a part of this gigantic railway system, Tiien a connection has to be made with Cincinnati, which will come in due time. The next step would seem to be a coalition with the Missouri Pacific, but this is not likely to occm- unless Mr. Jay GoiUd would be wiUing to sell that property to the very able syndicate who have control of the Richmond Terminal. Messrs. Thomas, Brice, Moore, Inman, Scott and their associates will never put themselves in the power of so entirely selfish a manipulator as is Mr, Jay Gould, In time, of course, the Pennsylvania Centi-al will secure some control over the roads it connects with at the West, such as the Burlington, Rock Island and Atchison. A third great connecting group would be the Vanderbilt in the Northern zone of the country. The next decided building movement in railroads will carry the Northwest to the Pacific. Hence in time there promises to be three great systems of roads extending from the Atlantic to the Pacific, The Canadian Pacific might be called a fourth; but that is a foreign corporation. It wiU be noticed that in these combinations there is no talk of creating new stock or of unifying the indebtedness of the allied m a