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Real estate record and builders' guide: v. 24, no. 608: November 8, 1879

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Real Estate Record AND BUILDERS^ GUIDE, YoL. XXIV. NEW YUliK, JSArUllUAi, JSOVEMBJiR 8, lb79. JS'o. 608. Published IVeekly by '€bt Seal Estate Secorb l^ssoctation. TERMS. O.VE VEAR. in advance... .*10.00. OotnmunicationR Rhould bn addre.iscd to C. \%\ .SWEKT. No.s. 115 AND 1}" nROAnW.^Y THE RECORD'S NEW UFFICES. On and after this da}-the oltlce.'^ of Tiik Rkal Estate Record will beut ISnanil l?.THrnad%vny, corner of Cedar .street. This removal to the imiiu'diatt' vii-iuit^- of the real estate market, has been iieoe&sitated by a de¬ sire to aecoinmotlate our numerous friends and suKscribers, for whom Tuk RKOcmo h;is now he- come an all iinportant adjunct for tho proper transaction of busine.s.s. "Whatever new spirit and yiu?rs.v may bu ile- veloped in the real estate and building market will, in the future, as it has been in the, be care fully reflected in these columns, and in its new i}uarters the j;reat trans continental linei are practically under me management. Tho strength of the weaker railw.iy secuiicie.s in tbe market ii this knowl¬ edge that the great rich trunk lines are forced to ()urcha.s*tliem and make them a part of the gen¬ eral railway system of tbe country. Tho child is living who will see our whole railway sy.stem practically controlled by one set of directoi-s and che^-, in turn, subordinated to the government of die United States. Not only public, but private interests aro rapidly bringing this consolidation •ibout. It is the interests of the Presidents, Directors and sub-ofTicers of all the railways of tho country to unite. There is money to be made by nianipuluting the bonds and stocks of the weaker companies and American oflicials are not, gi'iiorally, averse to making money by manipulating the stock of the road.s committed to their care. It is these considerations which must bo borne ill mind by prudent investors. Thoj^ are safe uuiugh ill buying and holding the bonds of first- road-;, though it seems to us the prices for these securities are very high, but we do not chink capitalists aro .safe in paying very much dbovo par for the leading railway securites, for the reason that in time these are to be taxed to support the weaker and less valuable lines. Evei'i' new connection, while a benefit to the country aud to the sto^-k of the leased or guaran¬ teed road, is another burden upon the back of the sjreat trunk line. We know what the history of the Penn-tylvania Central has been-in itself a magnilicent property; the panic found it so laden down with connecting lines that it looked at one time as if a receiver would have to be appointed, riie history of the Penn.sylvania Central is about t'j be repe.ited by the New York Central, by the Chicago & R ick I->land, by the Chicag i, Qaincy & Burlington aud by the Union Pacific and the Central Pacifi ■. They cannot help themselves. They must act. and that in the direction of exten¬ sions, leases, guarantees and the purchase of the stocks and bonds of connecting lines. How far this movement of the great lines to give value to the connecting lines has proceeded, will be seen by the folio iving summary of the prices which we give of the minor stocks : N'onhwest, common.........^ Nov!!'isrU' liy Erie ■* -^t»'"''. '^^- ^% ^"\.......................... i NOV..18TU. 41^1 Hannibal & St. Jo., common.. i. ^{J^"" j|;'J" yy Ohio & Mississippi ...........j i"ov'.".'i879. ai'sl waoasn...................^ Nov.. 18T9. BO Hissouri, Kansas & Texas___< j^iA' gj Kansas City & Northern......| ,4ov."'i8?9^' 46 Kansas Pacific ...............| ^^^[S.- sl BurtiuKton & C^dar Rapids... i ^»^''^' ^^ If our readers wiil consult the list of higU priced securities, they will fir.d that there has been but a relatively slight advance, so that the speculators of the street are justified in the course they have followed, and the very wild talk in the daily pres-; about the dangerous specu¬ lation in Wall street, tbe c*>rtauity that the bubble will be pricked and the like, d