Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 49, no. 1243: January 9, 1892

Text version:

Jannary 9,1892 Record and Guide. 29 ESTABLISHED <$/ M/WpH 21 u^ 1868. jpiir^iHsa unit as a further step in the direction of facilitating commercial intercourse with Grermany. DeV&TEO TO HeAL EsTME . BuiLDIfíO íí^pcrflTECTJI^E .HoLISEriOLD Dzeof^TioN, Bi/SIíJESS AtÍDĨHEMES Of GEfJEf^L 1;JT£I\ESĨ PRICE, PER YEAR I.\ ADVAIVCE, SIX DOLLARS. Pii.bli.shed every Saturday. TeLEPHONK . . - . CORTLANDT 1370. Communications should be addressed to C. W. SWEET, 14 & i6 Vesey St. J. 7. LINDSEY, Business Manager. "Entered at the Post-offlce at New York, N. Y., aa seconã-claaa matter." VOL. XLIX JANUARY 9, 1893. No, 1,243 The six months Index of the Neio York Conveyances and Pro- jected Buildings in Vol. XLVIII. of The Record and Gulde, .7ííÍ2/—December, 1891, will be issued next week. THE rise which took place during the fall and early winter in ihe prices of securities on the New York stock market was as healthy an advanoe as the most coiiservative financier could have desired. It took place in the stocks of railway companies directly benefited by the abundant cropi, and those whose management commands the conSdence of the financial community. These advances have been maintained and the prices are not so high that they cannot be maintained as long as conditions s'milar to the present prevail. Within the last couple of weeks, however, indications have not been wanting of the presence of a very difîerent element in the market. Securities which will never be benefited by the crop movement, and wliich for years past have been the speculative footballs of a class of not very scrupulous operators, are now looming into prominence. The mar- ket has lost some of its iuvestmeut character, has become subject to sharp advances and sharp breaks, and in general shows signs of manipulation and speculation. It would not be at all surprising if a similar condition of afîairs should obtain for the immediate future. We have pointed out how speculation for years past has been shifting around from one market to another, always, however, keeping away from Wall Street. It is time for stock gambling aga.in to become fashionable, fur ootton, wheat, and petroleum are none of them favored subjects for speculation just now. Wall Slreet writers are deploring the turn which the market has taken, but it is well wort.h considering wliether a time is not aoproaching when ordinary conservative action will be as utterly out of place as it always is in periods of inflation. THE figures respecting the securities floated in the Englisii mar- ket during the past year tell the story of English financial conditions very clearly. In 1891 £104,600,000 in new issues were ofĩered to British investors, which is about £20,000,000 below the average, £38,000.0i,0 below the applications of 1890, and £«5000,000 those of 1889. The total given for 1891 is, however, far larger on paper than it has been in fact. From the aggregate should be deducted £30,00u,000 of the Russian loan, which was offered in London but subscribed to very meagrely. In a number of other inrtances also similar deductions ought to be made, and conse- quently the past year is desoribed by a good authority as being one of the most stagnant in moderu times. It sbould be remembered also that sevcrat oases Colouial governments were forced by pressing necesjities to borrow very much against their wiĩl, because their issues could not be floated without concessions in prices. Consequently a severe fall in Australian government securities has taken place. A portion of the demand must also be looked on as a relic of past excesses and of liabilities thereby entailed which neoessitated further applications early in 1891. The prospects for the new year are considered to be very niuch brighter. In some directions the worst is certainly over, and the markets is less overladen with securities than it was. One important result of the easier oonditions in the European money markets may be noted. The Austrian and Hungarian Finance Ministers have been amas- sing gold in preoaration for a resumption of specie payments, and their accumulations of the metal already amount to more than 160,000,000, It is expected that bills authorizing the resumption will be introduced into the respective "Legislatures as soon as the nevF oomroorcial treaties have been voted. The iutention exists, so it is ^aid, of ^bandoning tbeflorin and adopting tbe maik as a money TAMMANY is now being put to a very dangerous test for such an organizalion. Since it defeated ex-Mayor Hewitt, its domination 'of this city has been restricted by the Republicans at Albany, the city officials have found that the bills introduced at their request were frequently killed with small respect. At presint, however, Tammany can pass almost any measure it wishes to—that is, any measure that contains a particle of reason. Consequently we shall doubtlesa see the legislative consummation of many changes and improvements. Already a bill has been prepared to abolish the Aqueduct Commission and to turn over the completion of that improvement to the Departmeat of Public Works—a transferral of power which ought not to be made. Other measures which have been or wiU be intro- duced are less objectionable. The Rapid Transit Coramissioners wish a number of amendments to the act of last session, and all of them should be immediately Y>assed. The Department of Public Works should be granted the $3,000,000 for which it asks to con- tinue the work of repaving the city, a work which so far has been well performed ; and provision should also be made for the raising of the bridgps over the Harlem, so as to conform toregulationsof the United Statesgovernment. Another matter which presses for final settlement, and let us hope wiU receive final settlement.isthatof the new municipal building. It remains to be seen whether Mayor Grant will have the courage of his convictions respecting the removal of the present City Hall and the substitution of another and larger building in its place ; but at any rate the matter ought to receive final ad,iustment. But most important of all is the pro- posed change of ihe fiscal year of the municipality, so as to do away with the present large expense in the way of borrowing money in anticipation of laxes. Controller Myers has f requently urged the necessity of adopting a raore economical and business- like system in this respect; but now for the first time Mayor Grant has recommended the change, and the recommendation has been 80 well received that Tammanj' will probably push it in the Legis- lature. As very much depends on the details of auy proposed measure, a lengthy consideration of the proposal is not yst neces- sary. These are a few of the more important bills aflfecting real estate interests in this city which will come up for action ; buD as it is only a fortnight since Democratic control of the Legislature has been assured hII the plans of Tammany have not as yet been formulated. Probably New York City has plenty of surprises ahead. THE new Mayor of Brooklyn by his veto of the trolley resolu- tion of the Common Council of that city has proved himself to be a shrewd and competent oíHcial. One of the reaî'ons which he gave for this veto turned upon the objection made to the propo- sition in the columns of this journal, viz.: that although new con- ditions were imposeii on the citizens of Brooklyn not a dollar of com- pensation would be paid by the companies. There can be no doubt that if Mr. tíoody insists that as the price of his oonsent the surfaoe railroad companies must make more liberal contributions to the city treasury, he will not only be able to add a very comfortable sum to the i-evenues of Brooklyn, but he will establish a precedent that will be oi lasting benefit to his city. When a good example of this kind is set, ofĩicials are obliged to act up to it in the future. On this side of the East River, it is a very well-established (though not very successfutly applied) proposition that city franchises should be made the source of as much revenue as possible ; but the idea has apparently been prevented by the jam from crossing the bridge, for both the press and politicians of Brooklyn have hitberto been totally oblivious of its existence. A determined stand, taken by Mayor Boody, particularly if it is suocessful, will punch this very obvious notion into the headsof the city's leaders of public opinion. Biooklyn less even than New York can afford to neglect such a source of revenue as the sale of street franchises. It? tax rate is already more burdensome than that of New York; and its total debt is not, far from the sum to which it is restricted by its consti- tution. Yet it has a great many important improvements which will have to be undertaken within a few years. Like all other prosperous municipalities, its growth is continually running ahead of itspublic works; and the expenditure ou this accounc wiU have to increase very rapidly. Of co-rje, the assessed value of its real estate wiU increase at the same time; but, even so, it is not desir- able for any municipality to run as close to the limit as Brooklyn is now doing. If Mayor Boody maintains his present stand, he will be doing a great public service. IT is not alone by his veto of the trolley resolution that Mayor Boody, of Brooklyn, proves himself to be a desirable public official. His first annual message to the Common Council is plain, dLrecfc an(} sufficient, indicating both a conscientious devotion to his publip duties and a certain amoimt of intelligence in their execution. If be fuLfilIs the promise of his flrst ofiScial actipps, and provcs t/O