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Real estate record and builders' guide: v. 25, no. 630: April 10, 1880

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Real Estate Record AND BUILDERS' GUIDE. Vol. XXY. NEW YORK, SATURDAY, APRIL 10, 1880. No. 630 Published Weekly by TERMS. ONE YEAR, in advance....SIO.OO. Communications should be addressed to C. W. SW^EET, Nos. 135 AND 137 Broadawv RAPID TRANSIT IN THE ANNEXED DISTEICT -CAUSES OP TKE DELAY. An erroneous impression prevails in certain (juarters that the construction of the Kapid Transit lines in the annexed district has been indefinitely postponed, because a few well-known capitalists are no longer connected with this enterprise. We are authoritatively informed by a gentleman whose entire time is devoted to tho affairs of the Twenty- third and Twenty-fourth Wards.that the withdrawal of the $75,000 previously paid in has no such meaning, and that this action was bi;t the natural result of decisions recently rendered by the courts. The Suburban Transit Company, for which this capital had been subscribed, received its franchise from the first Rapid Transit Commission, and when this, by the mandate of the court, ceased to exist, tbe Transit company created by it, of course, had also to suspend operations. It has, in accordance with the decisions rendered, to begin its work all over again, and must also obtain a new franchise. In other words, in order to have any status at all it vc(|uired a franchise de novo from the second com¬ mission. This it will receive and in the course of another month tbe ne'v company with new ofiicerB and new capital, it is confidently expected, will be under full sail. The Central Trust Company, ac¬ cording to the ofiicial view of tbe case, had no other choice but to rnake to the dissolving company the tender of the capital eo deposited, and the sub¬ scribers instead of permitting it to remain to serve as a basis for the operations of the second company took back tho money so tendered. There can be no doubt, and this is admitted even in official cir¬ cles, that just now there is among capitalists no great anxiety to invest any more money in elevated roads. Several causes hcve, during the last three months, combined to create this apathy. The constant interference of the legislature with the franchises once granted is a source of constant annoyance and vexation on the one side, and at the same time the unsatisfactory showing made by the roada now in operation on Manhattan Island' also act as a damper on the ambition of the projec¬ tors of transit linesin a sparsely populated district. This may be, however, only a temporary difficulty which the organizers of the new suburban transit company are meeting with, and it is a difficulty which they look squarely in the face and honestly acknowledge to those aeeking information. As to the reasons which induced the original capitalists to withdraw their funds, we have stated above the views as given in ofiicial quarters. The bankers, themselves, decline to furnish any other reasons than those in regard to the uncertainty of elevated railroad enterprises as experienced during the past few months, for not forming part of the second combination. And yet therfe arfr those" on the inside of this Suburban' Eapid Transit mbve- mentj-and less-close^-Wouthe'd than the retiring bankers who maintain,that, aside of the cloud wbicb has recently been thrown over rapid transit enter¬ prises, there are cogent reasons why the new com¬ pany could not succeed in retaining the old cap¬ italists. It is claimed that the latter only withdrew when they ascertained that tho rapid transit com¬ missioners had granted permission to the Hunt's Point Road, which means the New York & New Haven Eailroad, to construct the Second avenue bridge across the Harlem River, and that the entire capital required for that purpose had been subscribed for by the New York & New Haven Railroad Company, and that, further, the money for the small branch to Jerome Park having been subscribed for by Mr. Jerome's friends, some of the best 'plums in the suburban rapid transit system had been dealt out before this company could get a seat at the table. The inhabitants of the district will just as well be benefited by this mode of proceeding as if the Commissioners had given all these rights to the regular rapid transit company. Only, it is said, that, owing to this action of the Commissioners, tbe company will find it mor \ difficult to obtain the requisite capital in as short a time as was originally anticipated. That it will eventually be in good working order there can be no doubt, but the various causes as detailed above are the principal reasons why the building of all the rapid transit lines in the annexed district may occupy more time than ia agreeable to those citizens of the Twenty-third and Twenty-fourth Wards whose daily occupations call them to this city. In this connection it ought to be stated that the New York & New Haven Railroad Company have two years to build the Second Avenue bridge, and that very shortly they intend to run a ferry, so as to connect with the Harlem & Portchester or Hunt's Point i-oad. It ia alao given out that nego¬ tiations are now pending for the purchase of land in Thirty-fourth street and Second avenue, where the New Haven Company intend to establish a branch depot. EXRERT RAYMOND AND THE LITTLE PITTSBURG. Dr. Rossiter Raymond calls the Editor of The Real Estate Recobd hard names because of the statement that Mr. Abram Hewitt probably sold out his Little Pittsburg stock from some hint he got from him (Raymond). But, surely, if there was any mistake it waa a very natural one. Raymond examined the mines as an expert. Hia employer, Hewitt, was among the original purchasers of the stock, of which he took a large block. He sold out at a high figure, not holding any when the stock broke. It certainly was not unreasonable to surmise that he got his point in both cases from the expert who examined the mine. However, we will not again make the same mis¬ take. We now understand that when Mr. Hewitt buys mining shares he carefully avoids consulting his employee, Raymond, especially if the latter knows anything about the property from personal inspection; aud when he sells, being a good busi¬ ness man, of course he does not post himself as to the real value-of'the shares he-deals-in. Mi-. Hewilit's ways of'doing buaine'ss are' peculiar, if Baywpncl represents them aright, but we advise the latter not to get out of temper and call people names, as he does in the last Engineering and Mining Journal, because they innoceiitly sup¬ posed Hewitt had some confidence in the j udgraent of one of the persons in his pay. It is just possible that after this Little Pittsburg./ifl.sco the investing public may place the same estimate upon Ray¬ mond s judgment of a mine that Hewitt does. Dr. Raymond makes ono point whicli will attract attention. He says hia report was not made to the public, or even to tho stockholders of tho Little Pittsburg, but to those who paid him his fee; presumably Chairoe, Moffitt, Tabor & Co., and he intimates that it ia an impertinence for any one, except his paymasters, to call him to an ac¬ count for any statements he may have made about any mine. This doctrine if accepted would, no doubt, make thing.s pleasant for mining cxperfca, but we judge •S.'jjOOO lees would bo scarce iinleas the expert's repute and former official poHifiou could be made use of to fioat the stock of mining companiea. Raymond's name and supposed trust¬ worthiness waa certainly used to get subscriptions to the stock of Little Pittsburg, but the public will hereafter understand that he repudiates any responsibility for statement.s ho may make about a mine. Only his employers have any right to call him to an account. CARICATURES ON MINING. Puck had a cartoon the other day on the mining furore, which ia striking but unjust. There is more or less fraud and swindling in connection with all speculative movementa, but it is not fair to charge the whole mining industry 'with dishonesty. All mines are not "wild cats." AU Boards of Mana¬ gers are not dishonest oivinefficient. So far. Little Pittsburg management is a thing by itself. No doubt, other Little Pittsburgs will deceive honest investors, and perhaps it is well that Puck, follow¬ ing the lead of The Real Estate Recoed, should warn the investing public not to be too hasty in believing all the stories told by the promotera of pretentious mines. Puck's condemnation is alto¬ gether too sweeping. REAL ESTATE AS AEPEOTED BY ELEVATED ROADS. The property-owners along Fifty-third street, and also several prominent owners along Sixth avenue, are justly elated at the decision of the Supe¬ rior Court General Term in the Caro suit. For the first time, after several years of litigation, they have scored a substantial victory, and it already haa had the effect of bringing their various forces into closer union. There haa been in the past quite a number of defections from the ranks of the Property-holders' Associations, banded for the purpose of fighting the roads, and only a few of them subscribed enough money to carry on the liti¬ gation up to this stage of proceedinga. Since this decision has been rendered, however, meetings and consultations have been held and the most sanguine of them already dream of Sixth avenue redeemed and the elevated structure taken down, as was the old Knox Bridge, in Broadway. The result of tbeir consultations thus far ie that, should the Court of Appeals oonflrm the cJeeision of the