Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 47, no. 1212: June 6, 1891

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June 5,1891 Record and Guide. 897 miMmm circuDiatancea wilt bring forth a rye harvest better than below middling, and the outlook for wheat is not much better. Dev&teD to f^L Estate , Building Ajf,ch(iTECTJ[\E .Ko^seiIold DEGOl^not). Bi/sitJESS AtJo Theme? of GsrlEivi i;JT£i\EST ESTABUSKED V/ WARCH ?1"^ 18S8. PRICE, PER VEAR IIV ADVANCE, SIX DOLLARS. Published every Saturday. Telephone, - - - - Cortlandt 1370. Commuuications should be addi'essed to C. W. SWEET, 14 & i6 Vesey St. J. T. LINDSEY, Business Manager. Vol. XLVII JUNE 6, 1891. No. 1,SI2 NOTICE OF REMOVAL. The publication offices of The Recokd and Guide have been removed to Nos. 14 and 16 Vesey street, over The Mechanics' and Traders' Exchange, a few feet west of Broadway. THE Stock Market has resisted what in less reputable circles would bs called knock-down blows, consisting of the con¬ tinued export of gold, the increase of capital by two corporations and the reduction of dividend by another. Mostof the bear news has been announced to the public in ways calculated to do the most harm to prices, and has renewed the outcry against speculating directors. The Rock Island announcement had about it more than the usual number of suspicious features. In the first place the reduction of a dividend not to be paid until, according to the managers of the property, the road will be largely increasing its earnings by carrying the gi'eat grain croi>, is perhaps pushing conservatism to the extreme. But taking action three weeks before the usual time and reserving the announcement until, what are emphemistically called the friends of the road could act upon it, supposing they wished to do so, are matters not at all creditable to those responsible for them. It is urged in extenuation that this ia not the first time that the Rock Island management lias announced a dividend out of the usual course. In answer it can be said that neither is this the first time tbat such action has had similar results in the stock market. The sustaining influences in the market have been the reduction of the Bank of England rate of discount and the good eai'ning showing made by railroads. Generally the attitude of waiting shows no sign of change, and what variation may be seeu is likely to be in individual stocks from special causes. IT is to be presumed that the Governors of the Bank of England would willingly have retained the 5 per cent rate of discount for some time still, was it not that the market rates have been beaten down and the retention of the hjgherrate of discount would avail but little. It is espected that the gold collected with so much difficulty will soon flow away again, and the monetary outlook for tbe autumn is considered anything hut reassuring. The condition of trade in England at present is fairly indicated hy the railway returns. These traffic returns, although not brilliant, must be regarded as satisfactory on the whole, for there has been much to check any expansion in trade this year, and the current earnings bave compared with the very big totals of 1890. Apart from the Scotch lines, the gross earnings of fourteen English roads, from January 15th to May 10th, amounted to £435,000, or 2 per cent more than in the corresponding period of last year. Hence it appears likely that on the whole last year's dividends will be maintained. Prices iu Paris have heen moresteady, particularly with Fi-ench securities, but the outlook for Portuguese issues is as bad as ever. It is now admitted that only a third of the tobacco monopoly bonds reserved for the German and home markets were subscribed for, and tbat the bankers who took up the 50,000 bonds in Portugal have asked for time to pay tlie price of them into the Treasury. In Berlin affairs are going from bad lo worse, and securities are constantly declining. It is denied, however, that there is any cause for alarm. The condition is oue rather of despondency and resignation tban feverish excitement. The warn¬ ings so frequently uttered have had their effect, and people are becoming prepared for the worse. Germany has very close rela¬ tions with Portugal, not only in the matter of securities but also in trade; and the troubles in that country are beginning to excite alarm in Hamburg, the centre of the trade. The only province in all Austria and Hungary which is not complaining of the condition of ita crop is Bohemia. It is impossible that the most favorable AT tbe beginning of the week there was reason for expecting that at least the trouble in the lumber trade would ba brought to some sort of termination before Saturday. Both par¬ ties to the contest bad shown willingness to settle tbeir dispute and many believed the " willingness " was really stronger on both sides than either bad indicated or was willing to acknowledge. More¬ over many held tbe opinion tbat there were certain demands and concessions the justice of wbich employers and men alike recog¬ nized, and beyond these tbere was nothing that would be fought for. That events, so far, have not justified the expectation does not prove that the expectation was unfounded, for it is more tban likely that tbe next few days will witness the lifting of tbe boycott and the resumption of work. Be this as it may, employers have learned a leason from tbe trouble, or rather the lesson first taught by the brick strike last year has been repeated; and in our opinion tbere is likely to be fewer strikes in the future. The days of what may be called guerilla warfare betiveen employers and tbeir men are coming to an end. Employers are now awake to the fact which the Labor Unions have heen demonstrating for years, viz., tbat organization is necessary for the completest protection of tbeir interests. In future Labor wars will be contests between tbe Unions and organ>- ized Capital. A strike ordered in one establishment will suspend work in all otber establishments in that industry. The interest of one will be the interest of all. Greater responsibility will be thrown on the Walking Delegate than the present capacity of tbat indi¬ vidual will be able to carry with profit to those personally con¬ cerned. A higher class of men with other qualities than those of the agitator will haye to take their places. Tbe reasonable demands of both employers aud employes will he more readily granted, and questions upon wliich tbere may well be two sensible opinions will be more frequently decided by arbitration tbau at present. Strikes will be fewer, but when tbey do occur tbey will affect larger interests and affect tbem more acutely tban to-day. THE report of the Rapid Transit Committee of the Chamber of Commerce and its acceptance by that body should effectually silence those opponents of the Manhattan Company who have been continually claiming that the " rei>utable citizens" of New York sub¬ scribed with any unanimity to the acrid and unscrupulous attacks upon the management of the elevated roads. So far from thia being the case it has heen evident for some time past that the division of opinion was such that it was silly for partisans on either side to claim any preponderance of authority. Since for the next few montbs • all discussion of rapid transit will range around the recent report of the commission, tbe matter is not of very much immediate importance; but tbe time will come when the commissioners will have to consider the just claims of the elevated roads to increase the efficiency of their present sys¬ tem, and it will then be well to remember how far the childish virulence of tbe attacks ou the wicked Mr. Gould represent tbe heat public opinion of the city. The report adopted by tbe Chamber of Commerce places the different aspects of the subject in their proper relations. The assistance which tbe elevated roads have rendered to the development of tbe city is rather understated than overstated. During the decade or more which they have in operation. New York has been not only extended marvellously, but has been reconstructed in a manner unparalleled we believe in the history of municipalities. They bave acted as leaven to every ward in tbe city, and all the characteristics wbich make the improvements of New York unique and significant are traceable to the one common source. In the future they will be needed quite as mucb as they have been in the past; and it is eminently desirable tbat they should be permitted to make the connections necessary to tbe completer collection and more efficient distribution of their traffic. We have no doubt tbat tbe Rapid Transit Commissioners will, as soon as tbey have disposed of tbe urgent matter of planning a more fiexible and capacious service tban tbat which the elevated roads will ever be able to supply, agree to make all reasonable concessions to the Manhattan Company. Meanwhile every assistance should be rendered to the Commissioners in their intelligent and energetic attempts to provide the permanent system needed. NEW yORK is justifiably proud of ita police force, and no doubt many a bosom hi the crowd of citizens who watched the bluecoats parade, laat Monday, felt some municipal exultation as the long line of stalwart constables filed down the street, " These are the men," a taxpayer could say to himself, " who through tbeir courage and vigilance make my life and property secure; they prevent crime and punish criminals, they pilot my wife and daughter across crowded streets, their presence removes apprehension, they permit me to sleep at night peacefully." And he