Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 47, no. 1202: March 28, 1891

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March S8,1891 Record and Guide. 465 m^. -J^- ^ ESTABUSHED^IAM^pt?l'-^1868. De/oTED to HeJeSTWE , BuiLDIf/G ftj^cKlTECWI^E .KoUSEHOLD DeGDRAIBI*. ^sir/ESS Atto Themes of Gf^eRAI- 'I^tci^esi PRICE, P)te TEAR IN ADVINCE^SIX DOLLARS. Published even' Saturday. Tele^one, . - - Cortlandt 1370. Commimicatio J, T. LINDSE\ Vol. XLVII Lould be addressed to C.W. SWEET, 191 Broadway Busineas Manager, of £6,650,000, and thatthe liabilities of tbe firm had been reduced from £31,0l0,000 to £3,523,000. The proposed changes in the tariff still monopolizes public attention iu France, and the price of securities has been somewhat weaker owing to the liquidation of tbe Societe des Depots eb Comptes Courants. The cause of the failure, it'seems, was not so much due to the Argentines as unsuc¬ cessful and irregular company-promoting in general, and advances of cash to building speculators. The state of the Berlin stock market is far from satisfactory, A remarkable depression exisis in industrial stiares, due to the over production which has been going on for years, and which is uow not unnaturally followed by a luDg and sharp reaction. Some 4 per cent gold bonds of the City of Rome, amounting to £l,732,52u, are about ta be offered by the Deutche Bank and the Darmstadt Bank. MARCH 28, 1891. No. 1,202 THE stock mjket has had a long period of dullness, and there are many ements in Wall Street which are becoming tired of the stagnation. There are, however, signs that point to a decided movement one my or the other and that before long. The situ¬ ation continueJvery mixed. A good deal is expected from the winter wheat \rop, but there are still bo many contingencies, which may intopose to spoil it, and its effects are so very distant that it- wouk seem to be but a shadowy basis for any considerabl advance in prices. Conditions abroad are not at all encouragingl The trouble has spread to Italy, a countrj whose finances are far vom being in a sound condition, and as German and French capimists are largely interested in that conntry, aay prolonged or shaa crisis would react on Berlin and Paris, and consequently to sVne extent on London and New York. The ;Demcbe Bank is amresent engaged in floating a large loan for the City of Rome, -whim is an indication of the way German capital is engaged in Ital ian enterprises. An ingenious theory haa been advanced that pbyical causes have been to some degree respon¬ sible for the dulliess which pei-vades the markets of the world. The grippe yas very prevalent tbis time last year, both here and abroad. Al who have been afflicted are unanimous in asserting tbat it has ai exceedingly depressing effect, and would doubtless indispose fiWnciers to take a rosy view of new under¬ takings. At the timelt lowered the physical tone of all Europe, and people have not a yet recovered from its harmful influence. Very certainly it is affecting business in Cbicago at the present time, and if it continue to be epidemic may do still more harm in the future. General bisiness remain? dull—a fact which will be hkely soon to show itset in the earnings of the railways. This is particularly true in the ipgions of Pennsylvania in which strikes have been prevalent; on May 1st is tli financial horizon. Aftei nd the prospect of labor disturbances most threatening cloud on the all has been said, however, the facility with which we have aWorbed more than $100,000,000 of our own securities witliin tbe hst few months, the low prices at which stocks are selling and tie failure of all tbe troubles to disclose any really important seam in our financial fabric are excellent bull arguments, the effects )f which will be felt some time. The w.ay in which exchange hat eased up, despite the aciion of the Secretary of the Treasury, sbowi that bad no obstacles been placed in the way of gold sliipmentsthe fall might have heen still larger. There seems to be a consensui of opinion that the action was unwise, at all events, when the markets of the world were in their present unsettled condition. .A gold movement, wlien exchange favors it, is natural and healthj ; the laws of trade should be allowed to work themselves out; obstacles placed in tbeir way are frequently disturbing and always ineffective. A SUGGESTION has been made by one of the railwa? trade journals which, if properly used, might, perhaps, be of considerable assistance in determining what the sane attitude of the public should be in respect to the further usage of Battery Park by the elevated roads. By the application of a certain number of citizens the State Railway Commissioners can be called in to inquire just how far the Manhattan Company can run more trains without danger to life or the menace of vexatious delays and blocks. This matter is not quite clear at present. The managers of the company have made contradictory reports at different times. Yet it is manifestly a crucial question. The traffic will certainly grow within the next three or four years, although not at the same rate as it bas in years past. How many more trains would be tbe limit of the present terminus? If the limit is anywhere near reached at the present time, the argument for a better terminus would be so far strengthened. The present policy of the company seems to be to keep the overcrowding just about constant; but if it could be reduced without any djmgers in the future, we should be glad to know it. The prospects for obtaining the legislative authorization for the improvement of the Battery Park terminus are not improving. Harper's "Weekly calls the argument in favor of the giving to the company the strip it needs, a " specious plea," and adds with that self-righteousness characteristic of the high-minded Mugwump, " tbat the Legislature need be in uo doubt that the most intelligent opinion of the city is opposed to the scheme." " Other property as suitable," it says, " can be bought by the company." This is gospel truth ; we are waiting to see the company try to buy this " suitable" property. We think it would be foolish to make the attempt. In case, of course, the limit of the carrying power of the roads is likely to be reached before any new rapid transit line can be constructed we can understand that it would bave some interest in going to the large expense required ; but under other circumstances we must admit that we think its mana¬ gers would show small business sense in doing so. Wheu any new system is constructed the elevated roads cannot hope to compete with it for the long-distance passengers ; the strain on the company during the "rush " hours will be greatly mitigated; and the present terminus, with a better distributed traffic will be all that is required. It is Jay Gould that has the whip-hand, not the public. We ought to be grateful to the company if itwill increase its pro¬ portion of operating expenses to earnings by running more trains. Furthermore, if the company attempted to buy the private prop¬ erty needed for the purpose it may be doubted if satisfactory terms could be made with the owners without condemnation proceedings, which would take so much time that the sole object of tbe improve¬ ment, from tlie public point of view—i. e., immediate alleviation- would not be obtained, and Brooklyn would reap the advantage of New York's folly. THE Board of Trade statistics of England for Febmary are more favorable than tl.ose for January. The exports during the latter mouth declined i per cent from the totals of the same month in 1890, while during Tebruary the falling off amounted only to 3 per cent. It should he borne in mind, moreover, that in February, 1890, the exports were exceptionally large, showing an increase of no less than 11 per cent over the corresponding period for 1889. There is still more reason for satisfaction in connection with the import returns. For Janiary a decrease was shown of as mucb as 11}^ percent, bufc during the past month there was an increase of 7=^ per cent, due principally to the large receipts of raw cotton aud of cereals. The stock mnrket remains wij-hout special feature, all departments being dull and none advancing, and general trade is naoderats, but healthy. Tie new joint stock enterprises up to date are £10,000,000 less than during the same period iu 1890, and more than £3o,000,000 less than in 1889—thus reflecting the general indis¬ position to undertake new responsibilities. It is interesting to note the earnings of the Bank of England, the largest bank in the world. The net profits for the half year ending Feb. SSth was £766,834. The governor in bis speech stated tbat the bank was uuder advance to tbe firm of Barings in connection with the liquidation for the sum THE contractor has begun the preliminary work of laying tlie cable conduit in Broadway, In the meantime Senator Lis¬ penard Stewart's bill for a comprehensive subway system is drag¬ ging its leisurely way through the State Senate, and the oppor¬ tunity for tbe construction of any such conduit simultaneously with the laying of tbe cable conduit and the wholesale teariug up of the thoroughfare of Broadway, which will attend it, is rapidly slipping away. The municipal authorities, for the last tbree administrations, have been agreed that a tunuel system sufficient to contain all of the .sub-surface work was an absolute necessity for such thoroughfares as Broadway and 3d avenue, and no such favorable opportunity has ever occurred for the construction of such a subway as is presented by the existing conditions. Both streets are about to be torn up and their sub-surface conduits, pipes aud lines reconstructed and relaid so as to make room for the cable conduits. It would cost but little more effort and the absolute minimum of expense to do the entire work once, build the subway tunuel, remove the sub-surface works to their proper places in its interior, construct the cable conduit, relay the granite pavement upon solid concrete foundations, and thus have the arterial thoroughfares of the city in perfect condition of repair, Somebody is making a great blunder in allowing this