Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 51, no. 1304: March 11, 1893

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Mai-ch 11.18S8 Record and Guide. 357 ■ jEvbid) TO RfA,L Estate BuiLDif/c A^t(iTECTu:',E .HotjseHou) Dr-jDRATWiL Bifttttess AjfoThemes or GeSera^ i/iK'if^ PRICE, PER TEAR IN ADTA1VG£» SIX DOLLARS. fttbiisAed every Saturday. TBEiSPHOirail .... CoBTiiAinyr 1870. OommimlcationH should be addressed to C. W. SWEET, 14 & i6 Vesey St. J. 2. LINDSEY, Business Manager. "Sntered at the Post-o^lce at Sew Yiyrh, N. Y., ae second-class matter." Vol. li. MARCH H, 1893. THE high rates for money at this centre will cause the temporary return of some of the funds that were drawn away by the usual requli-ements of the interior, to say nothing o£ the alaim affecting everybody, elsewhere as well as here. But it is likely to go away again as soon as interest falls to normal figures. Tbe situation is not a reassuring one, nor can it be when money loans at a premium at the end of a period that has seen so large an in¬ crease in the issued currency aa the present has—au increase that ia only in part offset by the gold exports. The stock market quota¬ tions have reflected the fears that tbe reference to trusts In tbe Pre¬ sident's inaugural address have created in the minds of holders of industrials, although there i.s now no trust in existence, everyone that once came under that title having been incorporated. These fears aggravate the decline that naturally came in tbat class of stocks when money began to tighten, and their influence does not seem to have ceased, thougb it is bard to account for them. These securities represent hundreds of millions of dollars invested in manufacturing interests, and it is hardly reasonable to think that either the Administration or Congress will go to work to deliberately injure them, though they may deprive them of some of their profits and create distrust by investigations. Railroad stocks are likely to suffer, as the monthly earning statements show them to have been affected by the storms of last month. Northern Pacific is said to have been very severely hit in this way. Of course, freight lost by reason of storms is to a large extent freight saved for a more convenient season, but the extra expense of clearing tracks and the other work incident to storms has to be borne in addition to the ordinary esst of handling the business. The few reports of winter wheat yet received are not encouraging, and tbis, while it may be a bull card on wheat, will not help the grangers. Over and above all is the continued discussion of the ciu-rency which is spreading daily. The result of this is seen in business contracts in tbe larger number of gold loans, and the care that this particular matter receives both from loaners of money and buyersof property. An instance illustrating this fact occurred only a few days ago, in which a builder made a contract to sell a bouse, but the contract was repudiated by the buyer when he discovered that the mortgage on the property called for pay¬ ments in gold. The matter was settled, under advice of the seller's attorney, by a concession equal to about 5 per cent on tbe seller's equity to the buyer. Without assurance that a reasonably early remedy will be found for our currency disorders wbat ia now the exception will become the rules, for tbe lender of money is gener¬ ally in a position to dictate the terms of tbe loan, this week, before the Joint Committees, Tbat gtntleman, of course, apoke for his own city and of course in favor of " annexation." His remarks were candid in the extreme: he did not allege, as is usual with our neighbors, that Brooklyn desires annexation chiefly for the benefit of New York. On the contrary, he declared that consolidation was imperative, because Brooklyn is too poor to main¬ tain herself properly as an independent corporation. The revenue necessary to maintain the city in a first-class condition cannot be raised, he said, within tbe present corporate limits, and develop¬ ment and progress will be impossible or very slow unless tbe assistance of New York is secured. The bribe is annexation. We will not dispute for a moment the accuracy of tbis diagnosis of the condiiion of our sister city. Mr. Gaynor ought to be a com¬ petent judge, and nothing that he said was contravened by his associates who spoke on the same subject before the same com¬ mittee. What we would like to ask is: What does the New York taxpayer think of this somewhat new view of annexation ? Brook¬ lyn cannot get along comfortably to day with a tax rate of $8.75 on a basis of 70 per cent. How are these figures to be lowered materially except at tbe charge of New York taxpayers? It is true, great economies have been hmted at in a grand, vague, gen¬ eral way as s^u■e to flow from annexation; and no doubt some could be effected. But to what extent? Why not put this annexation scheme to the test of arithmetic? It maybe that itwould come out of the test not too much battered to be worth something to the New Yorker; but Mr. Gaynor's statements render tbis problemati¬ cal. Certainly, it seems to us, without prejudicing action in the case of Brooklyn, that if New York is anxious to be annexing something ber attention should first of all be given to the vast, developing territory north of her. No. 1,804 THE " annexationists " or " consolidationists " in Brooklyn have bad a holiday this week with New York's interests. They sent a big delegation to Albany ,;who took up mucb of the time ofthe Joint Committees on Cities, demonstrating that consolidation was not only necessary and advantageous, but inevitable. It is, per¬ haps, only natural that tbe gentlemen from Brooklyn should have treated the matter solely from the Brooklyn point of view, leaving it to New York to discover and make known the enormous benefits that will accrue to her fi-om closer political ties with her sister city. So far the subject has received little or no real consideration from New Yorkers. They have accepted in an off-hand way ali the relevant and irrelevant discussion that has appeared in the news¬ papers, and have come to a hazy, lazy conclusion that annexation may be a good thing, or at any rate a thing not worth opposing. Very few who think tbis vvay could give any substantial justifica¬ tion for their position. In short, New York is drifting into "annex¬ ation" as the darkie drifted into swearing, " by gettln' so used to it that ther' didn't seem to be anything wrong in it,'' We desire to direct at once those of our readers who are of this mind to a careful reading of the speech mada by Mr. Gayuor, of Brooklyn. THB impotence of public opinion in dealing with the Rapid Transit problem is more clearly exemplified as each week closes, bearing further testimony of the absolute indifference of the Legislature to the inlperative requirements of tbe metropolis. It is fully time for the people to realize bhe position they are in. The Manhattan Company controls Rapid Transit legislation, and noth¬ ing will he done that does not sanction or directly lead to the exten¬ sion and perpetuation of the elevated system in New York. The people might just as well go at once to the offices of the Manhattan Company and ask them to indorse tbe underground road or any otber road but their own as to go to Albany. Save as a protest. which may ultimately be effective, it is of little urie to send any more deputations up the river to perpetuate or sanction the burlesque supposition that the people bave anything to do with the settlement of the Rapid Transit question. All the making, introduciDg, and amending of bills now going on is a well recognized farce. Nobody who knows anything regards it as anything else. Nothing could possibly better please our worthy representatives, working this Rapid Transit racket, than to have bills introduced by the score, and numerous flatulent deputations apiJear in behalf of hopeless measures. A great sbow could then be made of eagerly doing something. Worthy Senators and Assemblymen, friendly to the Manhattan, or who daren't call tbeir souls their own until they get permission from the New York City Hall, could pose as careful guardians of the people's interest. With so many schemes it could be declared great deliberation ik necessary, and amid con¬ troversies events might shape themselves favorably to the few indi¬ viduals that our Legislature really represents. Again and again The Record and Guide has insisted lately tbat there are only two parties to the Rapid Transit questioD~the Manhattan Company and Tammany, The Manhattan Company, of course, is in favor of nothing but elevated roads, and Tammany, if not in favor of the Manhattan Company, is purposely or unpurposely playing into the company's hands by its present policy of euave inactivity. Here is the quick of tbe situation, Tbe public should stop playing the part of a fool, cease acting as though everybody was only anxious to find out what it wanted in order to hasten to carry it out. Pressure should be exerted, not at Albany where it is useless, but at the real centre of all legislation affecting tbe metrop¬ ohs—right here in New York City. Our officials should be forced to sbow their hands. They have time to plan speedways and park improvements, and lay out vast street opening projects, and the political power necessary to cause the legislation required to caiTy these out to be enacted in double quick time. Some of this atten¬ tion should be given to Rapid Transit. A little of their ardency for improvements should be manifested in seeing that New York is provided with decent, adequate transportation. All other improve¬ ments are as naught compared witb tbis one. Public opinion should prohibit the undertaking of any uew schemes until thie most vital one has been commenced. --------•---------- IT has been a common remark lately that tbe most unsatisfactory division of the real estate market is the auciion department. There has been not only a faUing off in the number of free offer¬ ings, but the attendance at the sales has been comparatively light and prices geuerally unsatisfactory. Such acti\ity in real estate