Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 26, no. 654: September 25, 1880

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Real Estate Record AND BUILDERS' GUIDE. Vol. XXYI. NEW TOEK, SATUEDAT, SEPTEMBEE 25, 1880. No. 654 Published Weekly by C^5 Eeal EstateEerartr^ssonatx0n. TERMS. ONE YEAR, in advance....SIO.OO. Oommunications should be addressed to C. Mr. SWEET, No. 137 Bhoauway FINANCIAL POINTS OF THE WEEK. The development of a •'bearish" feeling on Wednesday wliich continiies to Friday. A "break" in Western Union, whicli af¬ fected the whole market. A weakness in all the " Jay Gould " stocks, so-called because he hasn't got any of them. Kumors that "Jim" Keane had turned " bear" for the moment. ' Comparative strength of the "grangers," Lake Shore, Delaware and Lackawana as compared with rest of market. Erie reported to be earning at the rate of twenty million per annum. Reading weak on report of Receivers ? Advance in the price of Metropolitan bonds; which sold up from par to 103>^ in face of the "bear" market. Continued imports of gold, together with excessive imports of foreign goods. Large shipments of gold and silver to the interior, yet money easy ; on call two and a half and three per cent.; on time, flve per cent. Belief that stocks will continue uncertain in value until October 13th, when a Demo¬ cratic victory in Indiana and Ohio is expect¬ ed to still further unsettle prices. Depression in mining securities continuous with no signs of recovery. Comstocks very weak. The fall in Governments on Thursday was due to a fear in the " street" that we are to have a Democratic administration after the 4th of March. The break in Iron Mountain and Kansas and Texas w^as caused by the discovery that large as has been the increase of receipts of the South Western roads, their expenses have been equally large. The construction ac¬ count on the,Iron Mountain, will be found to be very heavy, the road requiring new depots, bridges, culverts, rolling stock and repairs, but the road has a great future. Queer—aU the financial writers of the daily papers but seven days ago were proving that the elevated railroads were worthless as divi¬ dend paying properties ; but for the last two days they are unanimous in saying the stock and bonds of these roads are a purchase. LATEST ABOUT THE WORLD'S FAIR. From authentic sources we gather the fol¬ lowing latest information in regard to the intentions of those gentlemen who have the planning and execution of the New York World's Fair in their charge. First—No official conference has as yet taken place between the Executive Commit¬ tee and those forming part of the Hilton Committee, Mayor Cooper awaiting the re¬ turn of certain influential capitalists be¬ fore calling a regular meeting of confer¬ ence. Informal expressions of opinion, however, have passed between the Mayor's Committee and capitalists forming part of the Hilton Committee, all of a tendency to satisfy the most sanguine in regard to the great enterprise. Gentlemen like Edward Clarke, Abram S. Hewitt, Chas. L. Tiffany and others, wiU favor any satisfactory ar¬ rangement that may bo arrived at for the purpose of consolidating the two commit¬ tees. It is suggested that William H. Van¬ derbilt and other railroad magnates wiUtake a personal and pecuniary interest in the pro¬ ject. Second—It is not certain that books of subscription will be opened on November 10. It may just be possible that after the various conflicting views have been crystallized into one sound and comprehensive scheme, that the capitalists directly connected with the enterprise will not go to the general public at all for any money. Third—These capitalists, however, insist that the money when contributed by them shall be under their control. In other words, they demand the control of the method of expenditure. Fourth—^Those who are the most influ¬ ential in organizing a sound flnancial con¬ cern are strongly in favor of The Record's idea to select the site for the World's Fair at once, even before the subscription books, should such a course be deemed necessary, are opened. They believe with us in the selection of a site before asking for any money. Fifth—These same parties are unani¬ mously of opinion that the World's Fair , should be on Manhattan Island, and that, too, on the West Side, below One Hundred and Twenty-flfth street. j Sixth—The directors of the Leake & , Watts Orphan Asylum will undoubtedly surrender their property for the Fair, in j view of the fact that itf) occupancy wfll bring a handsome revenue to the institution. It must be borne in mind that this is a quasi municipal corporation, the Mayor- of New being its head, ex-officio. Seventh—That the three hundred acres, more or less, lying between One Hundred and Tenth and One Hundred and Twenty- fifth streets, Morningside and Riverside Parks, including those Parka, constitute, in view of the above points, the only pi'oper site for the fair; the remaining two sites being Manhattan Square and adjoining grounds, or the lower end of the Park where the sheep pasture is now located, and that the section named above is all sewered and substantially graded. Eighth—That the objections heretofore made in regard to accessibility for freight have been overcome by the views of compe¬ tent engineers, who declare that the grade frora the north side is not so heavy, but that it will be an easy and quite feasible matter to nin freight cars direct to the grounds, and that the grade, from the south side, is al¬ most unappreciable. Ninth—The Metropolitan Elevated Rail¬ way Company has already expressed its willingness to build a depot at Tenth avenue and One Hundred and Tenth street, so as to confront one of the main buildings forming part of the exhibition. Tenth—Mr. Jacob Wrey Mould, has made complete and very fine designs for the Exhi¬ bition at the location indicated, including a ground plan, and also an isometrical pro¬ jection of the buildings, and a geometrical elevation of the site as it will appear after the buildings are erected. It is believed that his recent selection as supervising landscape architect for the Park Department, with es¬ pecial reference to the immediate improve¬ ment of Morningside and Riverside Parks, indicates that the city officials are actively co-operating in the movement looking to the location of the World's Fair at the place mentioned. The Record, of course, is not at liberty to divulge the names of those gentlemen from whom the above information has been gleaned. These points, however, prevail uppermost in the minds of those who have official charge of the grand enterprise, which they are determined shall eclipse any of its predecessors in this country or abroad. Coming, as this information does, direct to The Record, from persons who have no speculations to promote, but who are by law authorized to do their very best for the suc¬ cess of the coming World's Fair, we violate no confidence by promulgating their views, which will be embodied in official documents before long. At the same time we are of opinion that we render our readers a signal service, by placing them, even at this early date, in possession of facts of such vast im¬ portance to the property owning interest of New York.