Columbia University Libraries Digital Collections: The Real Estate Record

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Deccmbcr 17, 1898 Record and Guide. 797 future. So far the evidences of a vevival are iiot very prorainent, but they may tlevclop. EEV&jtD 10 Rf^L ESWE SuiLOIh'c A^CrÍ!TE;CTJR,E .KOUSCÎÍŨLD Dti3CiRí.naA, FRICE, PER fEAR IN ADTIKCE, SIX DOLLARS. Fublished eiíery Saturday. TKLKPHOrJKl .... CORTLANDT 1370. CoinruuDÍcatioDs should be addressed to C. W. SWEET, 14 & 16 Vesey St J. 1, LINDSEV, Busîness Manager. "Entered at the Posl-offlce at New Vorle, N. ¥., as second-class ma/íi'r." VOL, L. DECEMBER 17, 1893. No. 1,303 The Record AND OuiDE presents with this îsîmc a supplement (lescribing Pelham Mrtnor, Pelham Heights and vicî'nUii, with eĩeven illustrations. Every subscribsr and reaãer shauld see that /iff receives a cop-y of this supjilement with the paper. X>EOPLE talk so endlessly oE the trouble tbat niust come as a -^ result of our carrency conditíons, and are so prepared to be frrglitcned aL the slightest sign of stringencr, that the bear party in tlie stocb mnvlict found itan easy malter lo create a scare by bîd- ditig monoy iip lo 15 per cent, even afc an unusual tîuie of the day for themakingof loang, and wlien there were few brokers around lo fake advant.nge of high bids. Tlie suspicîous features of the movement wrre not discovered until afler its eft'ect on fbe stocb marlĩet had been reaped. There is always, iu the latter part of the year, a lcssening of the money ?upply, owing to the aiTangements tliat have to be made for the payment of interest at the first of Ihe yoar, and the banks are, no doubt, carefully fícanning the securily in loauF, which means a curtailing of accommodations, These facts of tliemseíves make the money market strong. The profes- sional oporatora can at any time brîng about an artificial advance on top of that and ereaíe an appearance of stringencey and ao demorahze stock qnotations. Tliis incident îs an indication of how the situation favors bear oiierations, and cousequently a further decline in prices. The market is sure to be sold on evpry shipment of gohl, and as tliere is no confidonee to bring any strong volume of buying in the iiitervals Ihe bad effects of such selling cannot be recovercd. The sîtuatĩon waiis for a settleraent of tlie currency question in tlie Uniled State?, no mattcr wliat othcr nations may do or be doĩng, atĩd untîl this settlement coines will be a tíme of uucerLaÍQtf. MORE hopeful views are now being expros?.ed concerning the prospects of Bome of the most împortant business înterests in England. The iniprovGd prices, wliich were obtained durîng the closiog series of colonial wool sales, have mefc witli a disfinct respoDse in the woollen and worsted manufacturiug districts of tbe countiy. The gloomy reports wliich have persistently appeared ever since the McKinley Tarilî becaiue an accomplislied fact have now given place fco a noficcably more reassuring tone. For the first time in a coupls of vears spinners and weavers are mani- festing a distiĸct desire to buy ahead. The recovery in wool has brought out nioro extended orders for yarns, boih for home consuinption and export, and tlie demand for tíniihed mateiials is also responding in various directíons. Turning from wool to cotton, there are likewiso evidences of a sharp rise ĩn prices, both in the raw materials and in the manu- factured article generally. tlitherto the tone of Manchester has been so exceptionally depressed, and the consumption so greatly reduccã that an advance in valuea of the largestocks of cotton now held in England will tend to put heart into liolders. Many other commodilics also are showing an increase in price and activity ; and it is the genoial belief that the lowest poînt has been passed in the prescnt cycle of depressîon. Ifc is noteworthy, also, tbat while there Iias been this advance in the prices of certaĩn manu- factured producis, foods, which were com]jaratively dear at the beginning of the year, are now exceptiunally cheap. Thua the cost of living, parlicularly for llie workmg classes, is considerably decreased; and even if the dcmand for labor should not be materi- ally increased ihe worknien wiU be benefited in reai^ecfc of their expenditure. In the financial centres of London, also, therc is somethíng like a conviction that the worst is past. These hopeful anticipations may be disappointed, but it îs something to Hnd that jn s_ome leading directiona manufacturers are not only getting higher prices, but are looking forward more confideDtly to the f - ■ ' ■ f ■[■'■■ AT the oud of two weeks we shall learn whether any syndicate of pvivate capilalists will have the hardihood and the resources to undertake the conatructioti of tlie uew West Sidc rapid transit road. During the whole period of publication no sach syn- dícate Iiaa given signs of existence; and, while it is too much to say positively thatlhe franchise will not be diaposed of, still Ihe probabiiîties of faihire are such that it is well to consider what îmmediate aclion aliould be taken in that event, Of courae, the Rapid Transit Couimĩssion will not consider this first failure (if it come3topass)asconclusive;and will preparetoreadvertísetheterme and specificatiũns of sale. Such a readvertiaement will, however, simply bs a prudent way of waiting to permit pubiic opinion to act in thematter, for it will be generally and rightly assumed that tl e failuro is conclusive. Under scch circumstances the obvious com'se for people'i'ho believe in the construction of the road by the municipality is to call a public meeting fof the purpose of starting a vigorous campaîgn in fa^or of such a step. Unless pub- lic opinion is unmistakably iu favor of the assumption of the task by tho municipality, we may be very sure tbat some oLher possible course will be taken. The Rapid TransitCommission will not come out iii favor of the innovation, and Tammany will hold aloof from it as long as the leadera of the organiiĩation fear that ít couid te made an effective weapon of attack upou them. A departure from the routine aa important as tho one proposed needs the bcst of backing in order to make it polífcically possible. We think that such a backing can be found by some energef ic exertion on tbe part of those wbo believe that in fhis way only can New York get the kind uf rapid tranĩit system it needs. No one can read the interviews publíshed of lale in our columns without being con- vinced that such a public opiniou exisLs and only wants a liftle development in ordcr to bccotne effective. The meeting ought, if possible, to be held under the roof and with the í'ancticn of the Real Estate Exchange, but in any case ĩt ouglifc to be held without delav. TN round numbers Ihere were 5.50,000 iinmigrants who lacded -^ iu this country during last year. Multiply tbis by $10, the Heráld price, and we get $5,550,0li0 as the passage money paid to Ihe steamsbip companies, and this tlie United Sfates, whîch talks ío much and does so little for coramerce, wants to wipe out with one law, to be called a quarantine law. tíurely this is eucouraging trade and commerce ! A T a low estimate, these 5S0,000 irauiigrauts had buiit for them -^^ andnow occupy 100,000 houses, which certainiygavenotonly employment to the number of mechanics required to build them, but each one had to have and did have more or less furniture and tlie necessary appm'tenances for house-beeping. Again, say what oue will, it was only a small i)roportion of these 550,000 immigranfa who remained in the East. Certainly four-fifths of tbem wentWest and paid railroad aud traiisportation comiĩanies on an average say $10 each. This would make aay aiiother $5,000,000, which CougreBs talka about abolishing tlirough its quarantineimmigration law. TTT would certainly be a low estimate to say tiiat every one, or neatly every one, of these immigranis bought iu the course of the year two suits of clothea or dreases, as the case might he; and if they did not do tliis last year they will be compelled to do so the coming year. This makes a raillion snits of clothing--an inter- esting fact for the mauufacturers who made and tbe clotliiers who . sold íhem. \ LL fhe immigrants who come to tliis counfry are nut paupers ■^^ —one would think so to read the papeis, Our foreign population know bett"r. ĩt is not too much to say that tho average amount brought to the United States is $80 per head, raaking another iflOjOOO.OOO to be added to the account. ----------■---------- rpHIS country years ago calculated vcry closely the value of a -*" man, aud rccogniaed in its slavemartthatthe raost expensive and valuable maciiine to produce was a buman machine, and the value set upon a man, able-bodied and ready ío work, was about $1,000. At this rale,-500,000 immigrants raised abroad, expensea all paid by other countries, are vvorth .Î500,OÔO,000, This coun- try proposea to juggle with such a valuable product coming fo ilsterritory ready-made and only too willing to worir. Even if it bp, urged against these figures that not «11 inimigrants are full