Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 42, no. 1080: November 24, 1888

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Move mber H, 1888 Record and Guide. IBS'? M e-^ "^^ ^ ESTABUSHED'^'wARilHSl'-^'^ I86B.' MS Dev&JeD to Re\L ESTME . BuiLOiKg Afi.Cti'lTECTUI^E .HohSEHOLD DeCOI^TIOpI. BUsii^ESS aiJd Themes of GEHEfiftL Ij>it£i\est PRICE, PER TEAR IN ADTAIVCE, SIX DOLLARS. FidMshed every Saturday. TELEPHONE, - . - JOHN 370, ikiinmunlcations should be addressed to C. W. SWEET, 191 Broadway. I. T. LINDSEY, Business Manager. Vol. XLII. NOVEMBER 34, 1888. No. 1,080 The bracing weather of the past few days, starting from the Westi has brought with it a. good trade feeling, which has sliown itself both in retail and wholesale lines in every city and large centre of business from Omaha to New York. Whatever may be the out¬ come, certainly we hear more hopeful talk lately than has been indulged in for months. In many articles this talk has been backed up by ijricee. For instance, raw wools, since the first week in November, have advanced from 15 to 18 per cent. One of the largest manufacturers of wool blanketing in the country, Dobson, of Pennsylvania, states tbat he has been offered 18 per cent, advance on every pound of wool which he laid in previous to November. Yarns of all gi^ades have improved in price, and as stocks are low there is every i^robability of still further advances, particularly if general trade continues to improve. Many large hnes of cotton goods have been sold this week at prices which last week buyers refused, and some manufacturers who have moved a large part of their surplus stocks refused further business at figures wliich only last week they would gladly iiave accepted. On the whole the outlook has sensibly improved. If the stock market is really the pulse of a country it would seem tliat the business of the nation is not in an entirely satisfactory con¬ dition. There has been no marked decline in quotations, but there has been dullness and an unsettled feeling. Hopeful people were looking for a better state of things after the Presidential election was over, but this has not made its appearance. It was supposed that the large corn, hay, cotton, fruit, vegetable and other crops would have added to the receipts of the raik-oads, despite the shortage of the wheat crop. But railroad profits seem to be falling off, not only because of rate wars, but for the reason that there is an actual diminution of business as compared with last year. A bad sign has been the failure to import gold this fall. Indeed instead we are shipping some gold, which is anything but a " bull" argument, A suspicion begins to prevail tha.t the great railroad interests of the country are not ready for any upward movement in securities. They want the Interstate Commerce law amended in several important particulars. The clause against poohng is regarded as especially obnoxious. Undoubtedly a determined effort will be made to get this law amended duriug the coming short session of Congress. Should the railroad companies be successful it would change the whole financial situation, but if this is the programme what hoise is there for the "bulls" in stocks before the 4th of March, when Congi-ess adjourns. We will miss the expected Jan- uaiy rise and there will be no money on the " bull " side except in specialties. Still there are hopeful people in the " street" who think tbe market cannot be kept down. They point to the great corn, hay aud cotton crops, and say these will give the roads all the freigiit they can carry. As for rates they can be put up any time the trunk lines agree to do so. There is certainly a better feeling in real estate, and then there is a larger demand and a higher price for iron and steel—always a good sign. For the year just closing we will have built 6,000 miles of new track. This makes a good average year for railroad construction, aud the chances seem to be that next year will be an active one for the opening of new lines and the extension of old ones. New construction has pretty well stopped in the West. The more recent enterprises are in the South, on tlia -Pacific coast, and are distributed among other parts of the country. Hence the new construction has been more wholesome, for it has met natural wants. The section of the country which seems to require most attention is in those regions in the Southern States which have developed new industries. The St. Lawrence haa been deepened between Montreal and Quebec. Time was when there was only 11 feet of water in many places between these two cities. The depth is now 23 feet, so that incoming vessels can sail for 800 miles up the St. Law¬ rence to Montreal. The Dominion of Canada is straining every nerve to satisfy the wants of her foreign commerce, while our press bitterly opposes the internal improvements which would enable us to keep pace with oui- northern neighbor. The appropriations for our own hai'bor and for improvements on the lakes are ridiculously inadequate, ^nd every effort to improve our harbors and waterways at once oalls down the anathemas of the journals of the country. We ought to spend from $5,000,000 to $8,000,000 right here in this harbor to deepen the channel in the Lower Bay, to construct the Harlem Ganal and accommodate the throng of shipping which is attracted to wai'ehouses on the Brooklyn side of Buttermilk Channel. But the contemptibly mean attitude of New York towards the rest of the couuti-y in the matter of improvements is met naturally by a refusal by Western and Southern Congressmen to vote appropria¬ tions which are needed in New York, The rapidity of the gi-owth of the west side is very well shown by the recent annual report of the Manhattan Elevated, which gives the following comparative statement of the passenger traffic on the several lines during the past two years: Year ending Year ending Increase Sept, 30, 1888. Sept, 30, 1867. '88 over W Second aveuue.............................. 33,280,853 30,593,079 1,758,874 Third avenue............................... 68,308,460 e6,57u,454 1,733,006 Sixth avenue.............................. 53,115,905 45,204,992 7,010,973 NlQtbavenue.............................. 17,814,411 16,050,717 1,103,684 Tota^ ...................................171.628,780 158,963,333 J3,Gfi6,557 These figures show that wliile the increase of passengers on the Third Avenue road was 1,700,000, on the Sixth Avenue road the increase amounted to nearly 8,000,000. As the total increase on all tiie roads was over 13,566,000 it follows that the increase on the Sixth Avenue was nearly three-fourths of the total number. It will be remembered that when the famous merger scheme was projected the Metropolitan—that is, the west side road—was put in at a small valuation, but Mr. Kneeland and his associates always contended that in time the Metropolitan (when the west side was btdlt up) would do a larger busiuess than the rest of the system. The above figures also show that the Second Avenue had a greater increase in passengers during the year than the Thu-d. The problem of the futm-e, however, is to further utilize the Manhattan system so as to give swifter and more frequent trains on all the elevated roads. What we need, of course, is an Arcade road, or such a one as that projected by Mayor Hewitt; but any such improvement would nec¬ essarily take time, and a great deal of it. In addition to extra tracks on the Second, Third and Sixth Avenue Elevated, there ought to be another elevated road over the Boulevard ; also one over a widened and extended Elm street. These we could have in a few years' time, and New Youk would be fixed until a real rapid transit road was built under Broadway, or in accordance with some such scheme as that of our JWayor. Our point is, that the city authorities should co-operate with the Manhattan Company in extending present facil¬ ities. Of course, we expect that the company would pay for the chance to make more money out of our citizens. lu the meantime our surface street car service could be improved. Nay, it is being improved by the gradual addition of cables and electric motor power. The Julien cars on the Fourth Avenue road seem to be successful, and we are promised a cable on the Third Avenue within a year. Indeed, we are informed that the Eighth and Sixth Avenne lines are as desirous of adopting the cable as the Tliird. When this is done our streets will be rid of many unneces¬ sary horses and a great deal of dirt. There will also be a valuable saving in the time of ti-ansit. Our progi-ess in intermural travel is slow, but it is real. By the end of this century local travel will be in pretty good shape in New York city. Oue of the surprises of the recent Presidential contest was the hea-Vy falling-oif in the Prohibition vote. The temperance senti¬ ment was so aggressive and active, particularly in the South and West, it did seem as if there would have been an increase instead of a decrease in the vote for Candidate Fisk as compared with that of Candidate St. John. But it is clear that the large Prohibition vote four years ago was due to the dishke of Blaine by the Republicans with temperance proclivities. Evidently Harrison was more satis¬ factory to them. Then the saloon vote proper showed itself very powerful, both in New York and New Jersey. It is very clear that the concentrated liquor interest won its way by money very largely. It re-elected Governor HiU, notwitlistanding the Mugwump and Labor opposition to him, and money must have been veiy exten¬ sively used. It is clear that burning local questions of the future will be opposition to the saloon vote and reform in oui- election laws, practically doing away with bribery at the polls. The use of money in carrying elections must be put a atop to orjour Republican insti¬ tutions cannot last. The Republicans in thia coming session of the Legislature will undoubtedly pass the High License and Election Refoi-m enactments. Governor Hill will veto them probably, buf the issue will be made up for furture contests.