Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 49, no. 1250: February 27, 1892

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February 27, 1892 Record and Guide. 313 2x ^^ ESTABUSHED '^ NVARPH Zl'-2^ 1868. ^ DEVÍ)Ttĩ' P RfA>l- ESTME . BuiLDif/c ApoKlTECrai^E .KoUSCHOU) DEGOI^TIOti. Basil/ESS A^ÍdThEMES Of GErJEI^L l;íT€I\ESÎ PRI€E, PER YEAR IN ADVAIVCE, SIX DOLLARS. Published every Saturday. TeLEPHONK .... COHTI.ANDT 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., as second-class matter." VOL. XLIX, FEBRUARY 27, 1892. !>Í0. 1,250 THE Stock Market has returned to the irregularity and inactivity which characterized it previous to tlie developnient of the Readingcombination. The niovement in prices is not large, and they are sent up or down on rumors that prove to be harmless. In other words, it is a market which botli the big operators and the public are closely watching. The general conditions have improved in certain lines of trade and grown somewhat worse in others. Iron is weaker, if anything, and stocks are accumulating. The trade has not adjusted itself as yet to the great changes produced by the Southern furnaces, which are increasing in number and outpiit every year. A very diíîerent state of things, however, is to be found in the cotton-goods mar- ket. Buyers have been holding ofiF in the expectation of obtaining some a'îvantage from the fall in raw cotton, but iio important con- cessions in prices have been made, and orders are now coming in with great rapidity. Several large houses in the trade haveall they can do for many weeks in filling orders already received, aud if the demand keeps on iucreasing theliveliest kind of business may be anticipated for goods for immediate deliveiy, in many lines of w hich there is already scarcity. POLITICAL disturbances and socialistic agitation may be responsible for part of the rioting at present taking place in Berlin; but it is evident that business depression has contributed largely to the misery and dissatisfaction, of which the outbreak is the unfortunate sign. As we have frequently pointed out Germany is passing through a period of declining prices, decreasing trade and diminishing wages and work. The country had two or three years of prosperity which culminated in inflation and wild specu- lation, and from the results of this speculation it is now sufĩering —suffering as only a country can wherein the struggle for life is hard and the margín between laborers' income and outgo next to nothing. In Berlin the number of the unemployed is particularly large, even considering the size of the city, because of tbe distressing condition of its building trades. For years a real estate speculation had been carried on ia the capital, which rivaled that which of ten takes place in some of our cities. Prices traveled mountain high, and buildingin the outer wards was mostactive. When thecollapsecame, the local industries felt itmost severely; and this riot, bloodshed and heated discontent is one result. Doubtless socialistic agitators have had something to do in flaming the crowds; but it is easy to exaggerate the political bearing of the outbreak. Its proximity to the young Emperor's intemperate, visionary and domineering speech is probably only a coincidence; but it is sad to reflect that such an autocratic and hasty spirit is not at all suited to dealing wisely with the mob vio- lence. What elements of vitality and persistence the revolt may have, it is impossible at this distance to .judge ; but a small and flighty fire may be largely increased by indiscretion. No material change has taken place in the business situation during the flrst six weeks of the New Year. The rapiJ rise in prices on the Aus- trian Stock Exchange has been succeeded by a natural r'eaction—a reaction which has been assisted by the diftĩculties which the gov- ernment is meeting in realizing its project of a return to specie payments. In England, trade is stiU moderate in araountand fairly steady in price. Many industries are, however, still suffering severely from the disturbed state of foreign markets and the read- justment of tariíĩs. Wages have thus far been retained on a good level, and sti-ikes are not numerous. It is interesting to uote that out of 300 trade uuions who expressed opinions recently as to the best means of preventing or settling trade disputes, no fewer than ninety-two were in favor of the establishment of boards of concilia- lion, The majority of t mployers, also, who have given opinions on the subject are in favor of conciliation, and many would have it undertaken by the State. THE real estate year is sufiBciently well advanced to make a pre- diction as to its character fairly safe. From all the signs, it is evident that the dealings wiU not be enormous, either in the trana- fersor the new buildings; but the aggregate will, nevertheless, be very respectable in size. Just as important as the amount of the operations is its quality, and all signs indicate that the quality of the dealings will be excellent. The cheap money at present pre- vailing, and which will continue to prevail, will certainly bring many investors into the market, for during the past year real prop- erty in New York vindicated a claim to be considered one of tbe stablest kinds of investment in the world. The advent of these investors will tend to put a stop to the unprofitable trading, of whioh so much took place during 1891. In building, however, more clearly than in tbe transfers, is it evident that the operations wiU be of an excellent character. Hard experience during tbe past two years has taught the building material dealer that he must exercise somewhat more care about extending his credits; and it is not so easy as it was for builders with no capital to make other people pay for their operations. Not only, however, does mcreased caution on the part of " material men" lielp to prevent a poor class of operations being undertaken; but the positive con- ditions are also working in favor of large improvements. The time is apparently very favorable for the undertaking of big building enterprises in the lower part of the city, and plans which have hung fire for years are now being developed wiih some rapidity. Five or six new buildings are going up on Broadway south of 14th street, and according to the plans flled and the announcements made an equally large number of the highest class of improvements are to be erected south of Chambers street. The municipal building itselt will mean the distribution of large sums of money among contractors, and the municipal building will be only one among many. The need for new oflice buildings on or near lower Broadway is practically boundless. As soon as erected they are absorbed, and never for more than a few months at a time has there been any over-procbiction of oflSces. Of late years their erectionhas proceeded steadily, but the improved methods of oon- struction have not had the stimulative efifect that they ought to have had. This, we believe, is now coming, and it vvill be assisted by the reductiou in the price of sfcructural iron whicli has lately taken place. A good class of work will also be undertaken on the West Side. The building of dwellings will be somewhat restricted in the future by the fact that many of the remaining lots have practicaUy been cornered, but this fact will not prevent the con- tiiiued erection of enormous apartment hotels. Those which have already been opened have been exceptionally prosperous—a fact so well kiiown that many others will follow. some of which have already been announced. AVERY revolutionary measure has somehow crept into our good Le^islature at Albanyandhas passedaremarkablyquiet but not altogether idle existence there in the Assembly since the 22d day of January. It deserves careful attention. Its sponsor is Mr. Listman, its authors are, so far, unknown, and it is recorded as bill No. 310. The purpose of this measure, which we print in fuU elsewhere, is to amend sections 168, 170 and 675 of the Penal Code, relating to and deflning conspiracies, so that, if it become law, it will legalize " the orderly and peaceable assembling or co-operation of pei-sons employed in any calling, trade or handicraft for the purposeof securing or aidingother persons so employed in securing an advance in the rate of wages [or compensation or more favor- able conditions of employment in aiiy other respect, or of main- tainingoraiding otherpersons so employed in maintaining such rate or condition or of obtaining or aiding others so employed in obtaining the redress of any grievance against employers." Furthermore, this measure enacts that it is not unlawful for persons to combine, bind theniselves by oath, etc, to persuade, advise or encourage other persons to enter or leave the employment of any person, firm or cor- poration, or " to persuade, advise or eucourage by peaceful means any person, flrm or corporation to withhold\iisoritscustom,patron- age or employmentîrnm SLuy person, firm or corporation." Plainly this means nothing less than giving to the Boycott a clear fleld ín the industrial world, andstarting it on the rampage in search of all labor grievances, real or imaginary. We do not care to say that the Boycott cannot be an instrument of civilization. There have been cases; there may yet be cases where it has and might serve as a last and just resort against injustice. Combination in labor haa not been an unmitigated evil; indeed it has produced a real addition to tho welfare of Humanity. But men, whether we label them in the catalogue as Laborers or as Capitalists, are men with the faults and weaknesses of men, and Labor has not shown iteelf a whit wiser or less unselfish or broader in its views and aims than bas Capital, which it has always berated and not infrequently belied. In sbort, Capital has no t appeared to any particuJar disad- vantage in comparison with Labor, Tlie Boycott is social war, ia