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Real estate record and builders' guide: v. 28, no. 711: October 29, 1881

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Real Estate Record AND BUILDERS' GUIDE. Vol. XXVIII. NEW TORK, SATURDAY, OCTOBER 29, 1881. No. 711 Published Weekly by The Real Estate REcoii^i) Association TERMS: OIVE YEAR, in advance ----- $6.00 Communications should be addressed to C. W. SWEET, 137 Broadway. J. T. LINDSEY. Business Manager. The diagram in The Real Estate Record of last week, showing the outlines of the proposed " Ten Mile Park," naturally excites a good deal of interest in real estate circles, especially in the regions north of the Harlem River. The Herald of last Sunday promptly followed up the hint it found in The Record, and devoted a whole page with a map to an article setting forth the advantages of not only one but several parks in the annexed district. The statements of a number of leading real estate authorities were given, all favorable to improvements of this kind in the Twenty-third and Twenty-fourth Wards. There is naturally some division of opinion as to where the parks should be situ¬ ated and what is to be their size; some fav¬ oring two large parks, and others a series of small ones. This is a matter which should be left to some competent authority. The land ought to be secured while real estate is yet cheap. There is a curious story floating about Wall street to the following effect. A rela¬ tive of Cyrus W. Field gave a lunch one day last summer, at which were present Jay Gould, Russell Sage and Cyrus W. Field. On that occasion the elevated road matters were discussed, and at the close there was a pri¬ vate conference between Sage and Field. Suspicion was excited and a watch was kept on the doings of the triumvirate so far as they effected elevated road matters. It is stated that in the litigation about to take place, every broker who dealt in elevated stocks will be compelled to testify and to give up his principal. It is believed it will be shown conclusively that there was a deliberate conspiracy to plunder the pub¬ lic and the stockholders, and that it can be traced to the lunch party of last summer. The evidence is said to be conclusive. Investors who know what they are about are quietly picking up warehouse property or laud which will be needed for warehous¬ ing purposes. During the hard times this kind of realty was seriously depreciated. The destruction of the shipping trade of New York and the opposition of Jersey City and the Atlantic docks cut off the revenues of the New York warehouses. But the increased commerce of New York, the railroad war, and other causes have made store and ware¬ houses again very valuable. Capitalists who are wise enough to pick up this useful but uninviting-looking kind of property have found themselves well rewarded. New York is destined to do five times the business it is traiisacting to-day; it will be a wholesale business and will involve the use of large warehouses. The completion of the tunnel under the North River will make an immediate demand for vast warehouses in the very centre of this island. When the coal of New York reaches here by way >f the projected bridge between Newburg and Fish¬ kill, a still further demand will be made for storage room on this island. According to the figures recently published nearly 70 per cent, of the entire foreign commerce of the United States is transacted at the port of New York. This being the case, it is plain to see that he cannot make a mistake who purchases warehousing property. NEW YORK BENEFITED. The railway war has been a good thing for this city, temporarily at least. It has brought a great influx of travelers to this city, and has also induced thousands of West¬ ern and Southern merchants to make their purchases in lhe metropolis, who if high rates had prevailed, would have gone else¬ where. The statistics show, since the war commenced, that New York has profited, especially in the grain trade, at the expense of Philadelphia and Baltimore. Instead of sending their grain to Philadelphia, the Penn¬ sylvania Central now brings it to New York, and the further effect of the war will be to force the Baltimore & Ohio to have an out¬ let into the metropolis. Since the elevators of the Erie and Pennsylvania Central have been established on the opposite shores of the Hudson, the increase of our grain and other Western business has been very lai-ge. The two roads named have profited far more than the New York Central in the amount of tonnage brought to this city. According to the Railroad Gazette, since the low rates were established the New York Central has delivered nearly 16 per cent, more than last year, but the Erie gained 41 per cent., and the Pennsylvania Central 110 per cent. This was brought about by the cheaper handling at the Jersey City elevators and by bringing the grain to New York instead of Philadel¬ phia. The large increase in business and the enhancement in the price of seats in the Produce Exchange, tells the story of the present great importance of New York as a grain a:nd provision market. The Balti¬ more & Ohio system will be forced to secure an outlet here, and this will also tend to give the metropolis the advantage over every other city on the seaboard. Atone time all the roads of the world led to Rome, and the same fact is becoming true of all the railway and transportation lines in this country. They naust find their natural entrepot in this great and growing city. If Congress will only rearrange our tariff and navigation laws so as to re-create our mer¬ chant marine, the growth of New York within the next ten years will be phenome¬ nal, and this is very likely to take place. The spurt in the stock market is due to a k belief that the railway war is an end. The bulls argue that the close of navi¬ gation will find such vast stores of grain to be forwarded that there will not be sufficient cars to do the business. This will not hurt New York if Mr. Vanderbilt declines to give Baltimore and Philadelphia the benefit of preferential rates. Should there be a moderate bull movement on the Stock Exchange it would react favorably upon our real estate market. METROPOLITAN [STOCK. The Metropolitan stockholders might, if they combined, still get very good terms out of Gould, Sage and Field. Their desire to possess our elevated road system is really part of a scheme for the enhancement of the value of a trunk line western connection with New York. The Metropolitan road is of more value than any of the others, because of its running arrangements with the New York & Northern, which gives it access to all parts of the country, north, east and west. The surveys and plans for a bridge over the Hudson river, from Fishkill to the opposite shore, are now under way. The president of the company is Vincent C. King, late fire commissioner. When built, it will connect the Erie road with the New York and New England. When this is accomplished, which will be within two years time, the Metropoli¬ tan road will be a prize worth figliting for. A great deal of the coal which is now landed at Rondout, Jersey City, Elizabethport and Perth Amboy, will come direct to New York over the bridge, and by way of Brewsters Station. There will be no need of boats, for by the elevated system the coal can be dumped directly in the yards from which it will be sold at retail. Natur¬ ally, all the out-of-town connections, which in time will be very lucrative, will be by way of the Metropolitan. TJien, the time is com¬ ing when the whole west side, from Yonkers down to Seventy-second street, will be densely populated, and the local busi¬ ness per mile will be as great as on the east side, with many more miles on which freight and passage money will be paid. It should be remembered that the Metro¬ politan stockholders never received any of the Manliatian stock. Field and the New York Elevated stockholders got their shares as a dividend; but the proportion allotted to the Metropolitan was manipulated by the Loan & Trust Company, which sold the stock without paying any dividend to the Metro¬ politan stockholders. The suit of the Man¬ hattan company for the recovery of their $13,000,000 does not at all affect them. There is no decision higher than the Supreme Court, which permits directors to change the terms of leases. They can modify or amend a bargain; but we believe that the Court of Appeals would promptly decide that the terms of the lease between the Manhattan and Metropolitan roads coidd not be altered unless with the consent of the stockholders. Holders of Metropolitan stock should