Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 32, no. 817: November 10, 1883

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November 10, 1883 The Record and Guide. 875 THE RECORD AND GUIDE. 191 Broadway, N. Y. TERMS: ONE TEAR, iu advance, SIX DOLLARS. Communications sbould be addressed to e. W. SWEET, !9I Broadway. J. T. LINDSET, Business Manager, NOVEMBER 10, 1883. The busineas outlook is certainly improving, though it must be coiife8sed_the number of failures continue uncomfortably large. But then the balance of trade is largely in our favor, gold is coming from Europe and we will soon be shipping wheat freely to foreign ports. The stock market continues dull, but the undertone is strong as the raids of the bears are over for the present. Of course, disasters may occur, but should there be no catastrophe matters will be better before they are worse. -------------------------------------------------------------------------------------------------•--------------------------------------------——■ Why all this fuss about railway travelling on the Brooklyn Bridge? It is notorious that somearrang'.ment has beeu arrived at between the elevated road magnates ana the Bridge trustees by which the Manhattan cars will be run to the Brooklyn end of the bridge. It will be a great accommodation to the public and a benefit to New York city wben this programme is carried out. This fact, of course, accounts for the non-removal of the elevated depot at tbe bridge. The cars running on the bridge propelled by cable is a farce and to the public something of a nuisance. Doubt¬ less, the running of the Manhattan cars over the bridge will be deferred until the time comes forthe settlement of the Metropolitan imbroglio, and a boom in tbe stocks of the elevated roads. The interviews we publish with Ex-Secretary of State William M. Evarts, President Barnard, of Columbia College, several hankers and others on the subject of bimetallism ought to attract a good deal of attention. Mr. Evarts adheres to the opinions he expressed at the Monetary Conference, at Paris, that the coinage of silver should he as free as gold, in a fixed ratio with the latter. He believes that the bimetallic view is rapidly gaining adherents iu Europe, because of the depressing influence ou prices due to the recognition by tbe commercial nations of the exclusive gold unit of value. This topic is of deep interest, and should be studied by all engaged in trade, because of the fall in prices whicb is pro¬ duced by the adoption of a single standard. The interview with General Jordan bristles with facts, some of which are of a very sur¬ prising character. In a few sentences he manages to convey more information than is often found in an elaborate magazine article. The national banks will try and get the coming Congress to issiie a bond which will be a basis for their circulation. Ic is doubtful, liowever, if they will succeed. Tbey are now steadily contracting their circulation because of the withdrawal of 3 per cents., and if the debt paying goes on a great part of these issues will be retired before three years are over. There is a strong party growing up which believes that all money, whether gold, silver or paper should be issued by the general government. The people have become habituated to gold and silver coins, to certificates representing the two metals and to the greenback. It is a notable fact that from no CLuatter conaes a demand for retiring the latter. They are looked upon practically as an integral part of the circulation of the coun¬ try. Mr. James B. Colgate, the well-known banker, advocates a withdrawal of all paper money except such as is based upon the deposit of gold and silver in the Treasury; in other words, he would restrict our paper money to the volume of gold and silver actually on band in the government vaults and in the hands of the people. Xhis view, however, is not likely to find general acceptance, but the South and West will stand by tbe silver certificates and the greenback. The former is the most perfect currencv, except the gold note, in this country. There will be strife over this question in the comiug Congress, and President Arthur will favor the banks, but the Democratic party will hardly like to go upon record as giving exceptional privileges to monied monopolies. ---------•--------- Travelers on the elevated roads must have been struck with the unwisdom of property holders wbo persist in building up to tbe front line of their several lots and to within a few feet of the elevated tracks. On avenues like the Ninth, for instance, above Sixtieth street, the new bouses should have been on the rear of the lots, the front being reserved for a garden, foliage trees and greenery, whicb would in time hide the cars from the living rooms of the house. In some of the very higb houses to be erected on tbe Eighth avenue, ifc has been suggested that they should contain elevators connecting with the railroad stations, but all small houses ought to be constructed in the way we have indicated. But even on the older .streets, where improvements are to be made, it would be wise to set the houses back. Take, for instance, the bead of Chatham square and the lower part of tbe Bowery. This section of the city is densely thronged with currents of travel from four different directions. Store room, iu consequence, ought therefore to be of the highest value, but tbe shops are old and \inattractiv6, aud are all darkened by the tracks and depots of the Manhattan company. Were the houses on the lower B'jwery, Division and Catherine streets to be torn down and rebuilt the property would be trebled in value were the houses set back and tbe stores made attractive. Some time or other the great retail establishments in New York will be located in this neighborhood. There is a law as certain as tbat which influences the tides that wherever there is a location in front of which hundreda of thousands of human beings pass daily and weekly, that there centres of trade and industry will be established. Throngs of people and travel always bring business. Some day or other great building and land improvement companies will get possession of the property in these crowded centres and will improve it, thereby quadrupling the money invested. But even before these corporations are at work large property holders would do well to berr in mind tbe changes which the construction of the elevated roads in crowded businesa quarters will render inevitable. —.....^-------- The Facts About the Rival Real Estate Exchanges, Last Saturday the announcement was made that the "Real Estate E.\;change, Limited," had been legally incorporated, and that Franklin Edson, W. R, Grace, James D. Fish, Chas. Coudert and Robt. A, Chesebrough were authorized to receive subscriptions from woulJ-he members. Next day, iu the public journals over the signature of E. H. Ludlow, appeared the following card; The corporation for a new excUange, called " The Real Estate Exchange" (limited), is not the ons favored by the committee appointed by real estate owners and brokers last September. The committee are now look- iog for a suitable site near the present real estate centre, and have nearly completed their organization, of wbich due notice will be given. To explain the above announcements, it will be necessary to give a brief history of tbe efforts to institute a Real Estate Exchange in this city. For several years past The Record and Guide has been urging upon real estate dealers the organization of sucb an insti¬ tution. Its obvious advantages were pointed out, but, while ita benefits were not disputed, no dealer felt specially called upon to take the initiative in starting the organization. Last spring, however, a group of persons, not identified with the real estate interests, brought into existence what they called the "Real Estate and Traders' Exchange." A headquarters was established at Nos. 39 and 41 Broadway, and it is claimed some 400 seats, costing from $35 to §300, were sold. After the organiza¬ tion an attempt was made to induce real estate dealers and brokers to transfer their business to this new headquarter. But the offers were declined, as the leading Piue street dealers and auctioneers had a suspicion that tbe so-called "Real Estate and Traders' Ex¬ change" was not what it "purported to be, and that its membership represented speculative rather than legitimate interests. Tbis organization moreover keeps its constitution and list of members a secret. Ahout the middle of September last, the first serious effort was made to organize a real Real Estate E.tchauge. Tbe leading bro¬ kers and auctioneers in Pine street, Broadway and Trinity building, upon invitation of tbe proprietor of The Record and Guide, conven¬ ed at the office of tbis journal, and after a lengthened conference the following named committee were appointed to organize an Exchange and secure an eligible site, viz.: E. H. Ludlow, Richard V. Harnett, Geoj-ge H. Scott, Isaac Honig, E. A. Cruikshank, H, H. Cammann, A. Bellamy, L. Friedman and D. G. Croly. Subse¬ quently R. A. Chesebrough and Cbarles Coudert were added to the committee. It seems that previous to the holding of this meet¬ ing Mr. Chesebrough had conceived the idea of a Real Estate Exchange, and had gone so far as to get a refusal of the old Pro¬ duce Exchange building, which be tbougiit would be very suitable for the purposes contemplated. The committee being desirous of harmonizing all interests, carefully considered Mr. Chesebrougb's views, but after devoting much time to the subject, they decided, unanimously, that the old Produce building was too far down town, and that it would imperil tbeir business, as well as the success of the proposed Exchange, if they should run the risk of getting so far away from the present centre of the real estate interests. Mr. Chesebrough, however, backed by his friend and legal adviser, Mr. Coudert, insisted that the old Produce Exchange was the best spot on the island for the proposed institution. He candidly admitted that his personal interests led him to favor that site. He owned a great deal of property in the neighborhood, which the construction of the new Produce Ex- . change had reduced in values Stillt quite outside of his personal