Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 53, no. 1362: April 21, 1894

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April 21,1894 Record and Guide. 613 ESTABUSHED^ *\WPH21U> 1868. Dev&teD to BfKi Estate . BuiLoif/o Appt^iTEcruilE ,Kouse«oui DEOca^TwH, Busii/ess Aifo Themes of GeSQ^L IKterest . PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Published every Saturday. TKi-KcmiNK,......Cortlandt 1370 Uommunloatlous sbould be addressed tu C. W. SWEET, 14-16 "Vesey Street. J J. LINDSEY. Business Manager. Brooklyn Office, 376-282 Washington Strkkt, Opp. Post Officb. "Entered at the Host-office at New York, A. Y., as second-class matter." Vol. LIII. APRIL 21, 1894. No. 1,362 For additional Brooklyn matter, see Brooklyn Department immediately following New Jersey records (paqe 642,. THERE in no break iu the dullness of business. In whatever deparfineut oue looks, AA^hether iu stocks or grain or cotton, ill goods niiinut'acured or uninaimtactured, the story is the same. But the absence of trade is not affecting prices as much as it would hiid the dullness supervened ou an era of large produc¬ tion and e.tteiided opei-ations. It is simply a conditiou of Availing upon all sides, until the decision of Congi-ess on the Tariff Bill is reached, Avith jierhaps a feeling of disappointment that the hopes for the defeat of that measuie, arou.sed a few Aveeks ago, have not yet beeu cdiifirined. Iu Wall street there have been several bear pools on certain stocks, resulting in discomfiture to the members of the pools. The mist.ake made was in attempting these operations on a very narrow mtirket. Any movement to either raise or depress the price of a particular stock iu such a market as this is liable to come to giief because it (-aniiot tind anywhere tlie concealment necessary to success. Then, too, quotations are still Ioav and do not offer any inducement to holders to part Avith their securities, especiidly in a time when mouey is so plentiful as now. At the same time there is a tendency in finaucial quarters to take a gloomy view for the moment and. as in such cases is usual, the news in circulation is made to match. If trade improved this tendency Avould disappear like magic, but with no demaud for money in the banks and no customers in the commission brokers' offices the most is mtide of the condi¬ tiou of the Treasury, the gold exports and labor disputes. Of course these are thiugs not to be lightly passed by, but their influence ou prices cau only be proportioned to the size of the prices theiuselves, and these, as Ave have said already, are not high aud in mauy cases much below values. SIR WILLIAM HARCOURT'S budget speech illustrates very well indeed not only how rapidly people's vieAvs change, but also hoAV quickly actual couditious are modified. Not many weeks ago it was the general belief iu England that there would be a deticieucy of at least ,$10,000,00(1 in the governmental receipts for the yetir about to close, as well as an inevitable increase of $22,.500,000 iu the expenditures of the year just opened, for Avhich provision would have to be made. The fact uow appears to be that, owiug to tlie improvement in business the actual deliciency is only iibout tiiS.30,000, and the prospects are so good that uo special provision in the Avay of extra taxes will be made either for that or to meet the expected deticieucy of the current year; they Avill be met by borroAAing or abandoning the tixed reductions of the natioual debt. One remark of the Chancellor of the Exchequer is important iu view of the continued aud erroneous reports of Great Britain's intentions in regard to silver, Avhich Avas to the ett'ect that tlie financial system of the couutry had stood the test of recent commercial troubles so Avell that any attempt to change the currency Avas unuecessiiry. Com¬ plaints, too, are arising that the banks are inconvenienced already by the coinage of uuueeded silver. The practictil settle¬ ment of the Baring estate is another matter for congratulation. Liabilities of $10.5,000.000 have been reduced to less than $15,000,000, with assets sufficieut to cover the balance Avithout the guaranteeing syndicate having been called upou to put up a dollar, and meantime the parties Avho made these liabilities have not been rendered helpless by their insolvency, but have been able to make for themselves a new busiuess, small coiupared with what they ouce did, yet by uomeaus iusignificaut. NotAvitli- standing the improvement in busiuess, prices in Great Britain have on the whole had a doAvnward tendency, doubt¬ less due to the faet that so far only a small minor¬ ity can benefit by the change and the majority, who still feel the pinching shoe, are rushing their goods to market to raise needed cash. France, like ourselves, finds that whatever its other advantages, the republican is not the most economical form of government. It is calculated that since 1876 the aug¬ mentation of the cost of the public^ervice has amounted to $440, - 000,000. Suez Canal receipts continue to increase in comparison Avith the returns of last year. That Paris is now taking the lead iu regard to Italian loans is thought to foreshadow an eud of rhe commercial ditt'erences between France and Italy. Ger¬ many is discounting the speculation tliat preceded the passage of the commercial treaty Avith Russia through the Reichstag. Reliable Berlin advices, referi-ing to the recent proposition for the lehiibilitatioii of silver, are to the ett'ect that there is nr probability of its producing any practical ettect beyond abund¬ ant di.scussion. As a result of the Austro-Bussiau commercial treaty the Vienua Institute of Commerce has seut an expert into Russia to report on the ai-ticles that had best be sent there for sale. Naturally the news from South America has improved the value of Brazilian securities iu the foreig-n markets and wiU doubtless improve trade in that direction. Private Pronerty.—VI.* bl KioMAKii T. Ely, Univehsity of Wibconsin. AVHAT MAY I OWN? THE question iu regard to the ethical right to own property of this or that kind is one which is frequently niised. It is indeed a questiou Avhich is troubling many persous who have sensitive consciences, and perhaps there are few persons having even a normal conscience who Avould uot refuse to own property of some sort or description. The discussions couceruing landed property have iu particular made some persons uneasy iu regard to the oAVuership of land. The writer met not long siuce a cler¬ gyman of some piduiiiu'iici', aud indeed some means, Avho held that he could uot, Avith his vicAvs of landed property, own land. His views Avcre substantially those of Mr. Henry George. This clergyman, ou account of his residence near a great city, had had o]iportuiiities to make large gains by laud OAvuerslup, but he refused to embrai-e these opportuuities. Was this clergyman riglit from his oavu standiioint 'i That is to siiy, granteci that the change Avhich he advocated Avith respect to land ownership was desirable, Avas lie called upon to renounce the advantages of ownersiiip 1 We hiive just seen tluit private property is a social trust. It is a trust committed to us for the general welfare by society. Society alone can change or revoke this trust. The individual, as such, is poAverless to change the institution. Has he then a moral right to refuse to accept the trust when it comes to him naturally'? He may attempt to show that private property in land is socially iujurious. If he believes that it works decided harm, he -cauuot, as an upright man, refuse to do this. But, having explained his views in regard to landed property, and uaATug endeavored to convince society of its mistake, has he not done his full duty? His refusal to accept the institution as it exists does not mend it. On the contrary, if he refuses to own landed property it does uot cease to be privately owned; but it will probably be owned by some one who has a less sensitive conscience than he in regard to private oAvnership. He has thus, on account of what seems to be a mistaken vieAv. very likely produced harm rather than good. Should a Iiersou feel very strongly on the subject he might accept OAvnership aud use the gains of OAvnership for the propa¬ gation of his opinions concerning the nature of lauded property. This would be a consistent course, which could be easily under¬ stood. The same line of argument holds with regard to a multitude of institutions. Oue may hold, as the writer does, that public gas-works are jireferable to private gas-Avorks. Is this auy rea¬ .son, however, why oue should not gain all the advantages which he is able to secure from the existence of private gas-works ? It would seem not. It is a reasou Avhy a mau who holds that private gas-works are less beneficial than municipal gas-works should use such opportunities as may present themselves to teach the public what he believes to be the correct yiew and to induce this public to adopt a sounder practice. Why, however, may not a person who holds to the desirability of muni¬ cipalization of the gas supply say in eifect to the geueral public: "I hold that you would gain decidedly by the niuuicipnlization of the gas supply. I have said this openly aud have endetivored to persuade you that the course you are now pursuing is au uuAvise oue. You have uot, how¬ ever, as yet been able to accept my views, and you cannot, of course, blame me if 1 derive whatever advantages I am able to secure fiom the existence of a private gas supply. Of course, again, I may employ the gains derived from private ownership to shoAV that public ownership is better. Aud, indeed, I should do this, unless I see some other Avay to employ this income to better advantage for all parties concerned, myself and my •Commeuced in No. 1,357. Copyrighted by the Recobd and Qciob.