Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 42, no. 1079: November 17, 1888

Text version:

ESTABUSHED-^ WARPH 2|ii^ De/oJEO to R.E>,L EsTME , 8uiL0lf/G Af^cKlTECTJI^E .HobSCMOLD DEGORATIOiJ, BUsii^ESS a(Jd Themes of GefjER^l l;iT£i\EST PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Published every Saturday. TELEPHONE, - - . . JOHN 370. Communications should be addressed to C. W, SWEET, 191 Broadway. 7. T. LINDSEY, Business Manager. Vol. XLII. NOVEMBER 17, 1888. No. 1,079 " Glimpses of the Future, Suggestions as to the Drift of Tilings," " Sir Oracle's" book, is now ready for delivery. It can be procured at The Record and Guide office, and its price is one dollar a copy. The author declares that he does not wish Ms work to be judged until the year 2,000 ,- but our readers are invited to render their verdict before the close of the present year. As we stated recently, this work is composed almost entirely of new matter, and treats largely of the more vital topics that would not be proper to discuss in the columns of a business journal like The Record ksd Gdide. General business continues to be very quiet, and tbe hopeful views of tbose who iireciicted an immediate revival after the elec¬ tion of the EepublJcan candidate remain only hopeful views; the ■ facts are against them. Tbe victors in the battle so recently fought out claim tbat tliey have been so badly wounded, or ratlier so badly frightened, in the four months' campaign, tbat tbey are unable at once to realize tbe benefits of their victoi-y. This is, in a me.T,s- ure, ehown by the stoppage of part of the Higgins' carpet worts, which for montbs have beeu piling up stock, not having the usual outlet, so tbat now they must wait for orders. Tliis firm is tyi^ical of hundreds of other manufacturers, each of whom represents dif¬ ferent Unes of gcods. Cotton goods manufactiu-ers, woolen goods manufacturers, sOk goods manufacturers, all are going through the same experience—too mucb stock, too few orders. Con¬ cessions in prices are the rule, still buyers do not take hold, and tbere is nothing in the immediate outlook to justify the precUction of any sudden change. The opposite of aE this seems to have been going on in England, where business has been so good that nearly every recent strike of workmen has been successful. The coming year will be an important one should this condition of things continue in the two countries, and the practical working of business in Protection America and Free Trade England will do more to settle tbe vexed problem as to which system is the better tbau all the theories iu tbe already overstocked literature of tbe day concerning free trade. There seems to be a growing feeling that real estate in this -ricinity will get a better show under Mayor Hugh J. Grant tban it has had under any previous Chief Magistrate of the city. The Mayor-elect knows all about New York real estate, and tbe measures he approves and the appointments be will make will undoubtedly bave the effect of lowering taxes while adding to the value of New York realty. The uew Mayor will bave extraordinary authority in appointments. He should try, however, to get the Legislatm-e to permit him equal power in removals. Unfortunately, at present, once a head of a department is appointed he is practically independent of the Mayor. The Legislature, however, will be largely Republican, andit may not care to add to the authority of ■au already powerful Democratic Cliief Magistrate. Of course. Mayor Grant will generally appoint Tammany Democrats to office. Tills wiil not be so objectionable if the appointees consider the interests of the city first aud tbat of Tammany Hall afterwards. If he is as successful in the Mayor's office as be was in the SherifE's office, Mr. Grant lias a chance to become one of the foremost men of tiie country. Should, however, the city government be i-iin in tlie interests of Tammany Hall mainly, he will go out of office under a cloud. Oue advantage in giving the Mayor responsibility is tbat it makes it to bis interest to serve tbe general public rather tban the party faction behind him. One lion in the path of Mayor-elect Grant will be the suspicion that he may be helping corporate interests in advocating certain city improvements. We ought to have cable roads and electric motors to replace caxs propelled by horse power, but tbere wiU probably be an idiotic clamor raised against the new motors because somebody will profit by the change; but the cable will ,giye Tis swifter travel and get rid of d, gi-eat mapy unne¬ cessary horses which now obstruct the streets. Hence the change should be encouraged. Then we ought to have further utilization of our elevated road system. There should be extra tracks and owifter transit. When this is projiosed some news¬ paper idiot will howl about paying further tribute to Jay Gould, but what 'does it matter if tbe Manhattan road profits by fur¬ nishing facilities for intermural travel sorely needed by our citi¬ zens. It is questions such as these that will test the business capacity and tact of Mayor Grant. The statistical article dealing with tbe west side building movement of the two years ending with April last should be carefully pei'used by everyone interested in realty in that section of the city. It is an effort, probably for the first time, to apply the principles of exact science, so to speak, to real estate. Tbe time, thought and labor bestowed upon this article, to make it as coiTect and complete as possible, can only be realized by those who have made a study of intricate figm-ing ; and while every effort has been put forth to make it jierfectly reliable, infallibility is not claimed, to a unit, for the figures of houses actually taken out of the market, owing to the possibility, in some cases, of an error on the pa,rt of a watchman, or sorae otber representative of the owner on tbe premises, who may bave imparted the information to our canvassers. Tbis possi¬ bility, though here presented, could only have occurred in rare instances, so that the tables are as correct as the intei-mittent and painstaking labor of several weeks co-did have made them. They should be studied carefully by institutions aud individuals making loans on bond and mortgage, and they ought to be of gi-eat service to intending builders and investors in warning them agaiust ven- tm-ing their fortiuies in overbuilt sections, where they are Mkely to come to grief owing to an ab-eady greater supply than the demand calls for. The Times points out the fact that since tbe election the mar¬ ket price of trusts' certificates have largely advanced. Th's is probably ti-ue of those which were legitimate business enterprises. Tbe clamor raised against these great business organizations by certain newspapers and the politicians was uncalled for, because undiscrimiuating. Tliero are trusts and ti-usts; some are bad, wliile others are a public benefit. Competition has had full sway for half a century and has often worked badly. CoLabination has now to be tried, with what success time alone will tell. As our readers know, we bave never taken any stock in tliB wild denun¬ ciations of these great business organizations known as trusts. We believe tbat on the whole they will benefit the community. The newspapers have commented, very generally, upon the dis¬ appearance of the Labor party during the recent Presidential can¬ vass. It seems to betaken for granted that the workingmen will never again appear in the field as a separate political organization. But is there any warrant for this supposition ? The various trade and labor unions, as well as tbe occasional'strikes, are training the working peoiiie to organized efforts. The experience which they passed through under tbe Henry George movement shows tbat it is feasible to detach tbem from the old parties, and get them to w^ork together for special movements, provided the object is desir¬ able enougb. We tliink it likely that the time will come when a large and more formidable movement will make its appearance. But the leaders must Iiave some high aims in view. It is credit¬ able to the workingmen that the Coogan candidacy came to grief. Rich adventurers or ambitious tradesmen cannot purchase the votes of tbe average laborer in any numbers. Henry George's canvass was that of a poor but able man, who had a high purpose in -riew, tbough his one measure, bis cm-e-all for poverty, seemed to us to be visionary; but it was creditable that tbe poor man with an idea should poll 68,000 votes, while the rich one who bought his nomina¬ tion obtained less than 9,000. Still, wliile we think labor parties are possible we do not regard tbem as desirable. All organized efforts in favor of a class are to be deprecated. We dou't waut tbis nation controlled by any oue faction. Our political organizatiou should represent every vital industry in the couiiti-y. History is full of warnings as to the evils of class legislation. Soldiers, priests, the rich, the landlords and nobles have been dominant ia this or in that nation, and they have always misused their power. A community controlled solely by its laboring classes would be iu just as bad a plight. It behooves us to see that justice is done to the working people, so that they will have no excuse for forming special organizations of their own. If they have no complaint against legislation there will be no danger of political combinations of the working classes. Our country is getting to be so vast aud its interests so varied that no ono class can ever hupe to achieve permanent supremacy. T!ie labor vote was practically confined to a few large cities, and should th^re be another similar combination it would be found that the farming and other cl9,5?eB -would antagonize the workers 1;^ tli§ great cities. I I