Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 47, no. 1198: February 28, 1891

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February 28, 1891 •cord and Guide. 801 iif€i^ -g^ \ ESTJkBlJSHED-^tfARpK?l"^l868.^ De/oteO to Rf*.L EsTWE. BuiLDif/c Ap.cKiTEcrTdi^E .KousnloiD Degoratwi*. Bi/siriEss Atb Themes of GEfJEi^L l;JT£n.Esi PRICE, PER TEAR IN ADVANCE, SIX DOLLARS. JMilisked every Saturday. Telephone, - - - Cortlandt 1370, Communications should be addressed to C. W. SWEET, 191 Broadway. J. T. LINDSEY, Business Manager. Vol. XLVII, FEBRUARY 28, 1891. No. 1,198 IF the market has been a little more active during tbe past week this activity has been restrirted to a few stocks which were particularly affected by particular circumstances. General con- ditious remain precisely the same. A feeling exists that a faster pace may be taken after tbe acljournmeut of Congress, but for some days past it has been apparent that the power of evil of Con¬ gress need no longer to be taken inlo acciunt The only legisla¬ tion affecting the stock market which is under consideration is the Subsidy Bil', and its passage or its defeat would not nmturially affect the market immediately, although in the long run its effects would doubtless be beneficent. The weak ppot in prices continues to be Atchison and Bui-lington & Quincy, both of which have suffered further declines, and neither of which are able to make as good an exhibit of earnings as many uf the other "V/eslern roads. The Farmer's Alliance is threatening many of these com>inies with legislation that will still further reduce their earnings, and in Kansas particularly it is scarcely likely that the year will pass with¬ out this adverse influence making itself felt. Nevertheless, tho situation, as a whole, continues to offer few features which anyone need feel discouraged about. The earnings of such of the roads as make weekly statements are good, and Uniou Paciiic has under¬ gone some advance of the strength of an alleged imjjrOTement iu this direction. The weather can hardly becalled favorable, but warmer temperature will soon remove all impediraenis of this score. The continued shipment of gold to Europe has excited some apprehensions. As, however, it has had little or no effect on our rales for money this fear is scarcely justified. IF speculators aod brokers need any further illustration of the truth that cheap money is rather an effect than a cause, they wouM have it in tLe condition of the European markets at the present time, not to speak of our own. The public take little or no interest in speculation; and while at times cheap money offers them a stimulus, it is never of itself quite sufficient to revive a flagging interest in the stock market. In spite of an uneasy feeling pro¬ voked by the visit of Empress Frederick to Paris, it is safe to say that never have prospects for a continuance of peace in Europe been fairer. There are rumors that determined efforts, initiated by the young Emperor of Germany, will be made to bring about disarmament; but these rumors are so frequent, and the difficulties to be overcome are so enormous, that very little credence can be placed in them. The fact is patent, however, that the strongest influences are making for peace rather than for war; and that uncertainty on this score can be dispensed with for the time being. Consequently stock markets are liable to continue quietly to sleep off the effects of the late excitement; and no one need deeply deplore the dullness. The most depressed class of securities on the London stock market continue to be the Argentines and tbe other South American stocks, for the bankers are naturally indisposed to make advances on them on terms that would revive speculation therein. Stocks are a little more active in Paris ; trade reports from all parts of that country are encourag¬ ing. A significant example of the prosperity of the past year may be found in the report of the Bank of Franc-. This report shows that the total movement in th*^ year amounted to 13,-150 millions of ' francs—an increase of 646 millions over 1889. The discounts aug¬ mented 429 millions ; the advances on public securities 98 millions ; the drafts and transfers 143 millions, and tUe specie transactions 14 millions. This sum of 13,450 million francs only represents the operations on which a profit was earned. The transfers effected gratuitously in Paris amoimted to the enormous sum of 43,500 million francs, and the receipts and payments of the treasury,-aiso without charge, 5,783 million francs. A Superior Council of Labor has recently been instituted, andis at piesentin session studying the questions of arbitration in disputes of registration offices for tlie hiring of laborers, and the methods of paying wages. The Berlin market is completely m the hands of the bears. The regular oper¬ ators are most feeling blue, and the public is indifferent—the only coaeolatioil being tbe fact that they are as little disposed to sell as to buy. Austria has recently changed her finance minister ; and the new official is said tu be a pronounced bi-metallist. WHEN the Legislative Committee of the Real Estate Exchange was called to order at its meeting on Tuesday last there were eight members present. During the course of its well- attended and representative proceedings two or three more mem¬ bers dropped in; but apparently the work did not arouse much interest, for when the adjournment came all had disappeared but six. Now there are some seventy members of this committee, and they are doubtless all very busy men; but it does seem that if the work of the committee is going to command tlie slightest respect that a larger body of men must be present at the proceedings. It were better to give the whole business up and allow the Senate and Assembly to go theii' way unimpeded than to continue to pass reso- lutiOTis which reflect the opinions of only such a small minority of the people interested. If the meetings of the committee are held at the wrong time of the wrong day, some more conveuient hour ought to be selected, and if then the members cannot attend they ought to resign and allow others to be su'Jstituted in their place. Or, in other words, the committee ought to find some way of doing its work so that its action will command and deserve the attention of our legislators as the final and well-considered fiat of the prop¬ erty-owners of the city. Another point is also worth considering. A question to the chair at the last meeting elicited the information that unless some particular request is made the recommendatiops of the sub-committees instead of being sent to Albany are allowed to remain eloquent, perliaps, but very silently so, in some desk in tbis city. Now we submit that if the Legislature is going to get what George Meredith calls the " first tadpole wriggle of an idea" of what the Exchange approves or disapproves, there must be some more efficient means instituted of putting these views before them. Iu every case that the Legislative Committee or any of the sub¬ committees pa.ss on a bill their " pious opinion" should be trans¬ mitted to Albany so that eacli member of the Legislature will have it forced on his attention. AGAIN, there is talk about the wisdom of abolishing taxation on personal property, but apparently it is impossible to enlist the sympathy of the public in a strong movement for this reform. The cause of the indifference on the part of the people is obvious enough—tbe gre;it majority of them know nothing of per¬ sonal taxation except by hearsay, for thei"e are only a few thousand individuals in this city who contribute fco the public treasury on the score of their personal possessions. To all intents and purposes the taxes of this city are assessed upon the community through real estate, the levy for 1889 being made upon $1,331,578,391 of real estate and only ?373,360,838 of personal property, including bank shares. . Doing away with the expensive farce of taxing personal property would in reality be very little more than a nominal proceeding. It would not be the introduction of an innovation or tbe establishment of a new order of things about tbe outcome of which there could be some uncertainty, but the acknowledgment of a state of affairs which has practically existed in this city for years. The only serious objection that can be offered to tbe step is, it would lessen the moral effect of taxation by diminishing the number of citizens having direct pecuniary relations with the municipality. Ic is very probable that th"a city would be governed somewhat better than it is if every citizen had personally to pay once or twice a year his quota of the taxes. The greater part of the people of New York {more than half of them live in flats or tenements) ina sense do not know what it is to pay taxes. Their share of the expenses of governing the city is paid in the shape of higher rental, higher prices for commodities, etc. Under these circum¬ stances it is hard for them to feel a keen pecuniary interest in dirty, badly lit streets, oriuofficial extravagance or mis¬ management. If the tax on personal property served to heighten the interest taken by the great mass of citizens in the management of the municipality a strong case for its retention could be made. But it does nothing of the kind. As we have said before, only a few, comparatively, pay taxes on personal property—unless those who false-swear are car¬ rying their account " forward " for settlement elsewhere. Iu short, neither the good sense, nor the moral sense of the community is behind the persona! property tax. Whereverit is in operation the result is a travesty upon the object intended to be compassed. All this is generally admitted, but so few are interested in the matter, that a reform through popular clamor is hardly to be looked for. Tne flrst steps should be taken by the city officials, or, if they are too timid, a body such as the Real Estate Exchange could take action appropriately. ABOUT this time last year we published a supplement in which we showed, as completely as possible, both by illustration and description, the progress which social clubs in this city wera making. We pointed out that most of them were either buildiog