And Builders' Guide

AND BUILDERS' GUIDE. YoL. XXIX. NEW TOKK, SATUEDAY, APKIL 22, 1882. No. 736 Published Weekly by The the residence at the corner of Tliirty-fourth year, as well as by the natural increase in REAL ESTATE PVEGORD ASSOCIATION street and Fifth avenue, it is equally useless our native population. and will never bring half its cost when put The bears present some strong arguments TERMS: upon the market. to sustain their view of the market. There QWA YEAR, la advance - - - - - $6.00 One of Stewart's mistakes was in not will be no silver conference in Paris and Communications should be addressed to training competent successors to conduct hence no cheapening of the.money of the the business upon his demise. He knew how world, which would of course show itself in C. W. SWEET, 137 Broadway the enhanced value of everything purcliased J.T. LINDSEY, Business Manager. to organize the many departments of his great establishment and give them compe throughout the civilized world. The Ad tent heads, but he chose a law3-er to conduct ministration is determined to do all it can to THE STEWART ESTATE. a mercantile business, and from all accounts discredit silver in this country. There is a The late A. T. Stewart has been regarded it has been strangled by red tape. Stewart's constant shrinking in the volume of our as among the most successful men of his successor denied his assistants freedom of national bank currency and some day the age; yet there is no person, who, while he action; they were cribbed, cramped and gold artificially kept in the country will lived, made so many and such conspicuous confined in every possible way. Those Avho find its way across the w^ater. Grain ship mistakes. He bought real estate quite ex were not forced to resign were asked to ments have stopped, but little cotton is tensively, but in nearly every case the pur leave, and department after department had going forward and we are actually repur chase showed entire lack of judgment. He to be given up. chasing provisions sent to foreign ports. purcriased once valuable property on Bleeck A. T. Stewart did one service to the trade Our importations have increased and some er street, because it was cheap, unaware of of the country. He established the one time or other there will be heavy differences the fact that it was steadily deteriorating; price system and insisted upon cash pay to settle in gold. Then again the crops may he got possession of old churches in unde- ments. This led to ^small profits and large turn out bad, in which case there will be a s'lrable locations, while his acquisition of sales, which, while it concentrated the busi heavy drop in the present figures. It is con the flats at Hempstead was a coni3j)icuous ness into a few houses, was a benefit to the ceded that there is dulness in business instance of business folly. Hempstead was community by the assurance it gave of circles compared witli the activity of last cheap, because it v/as undesirable and una- honest goods at reasonable rates. year. There is absolutely nothing to give us A'ailable, and the money in real estate is higher prices but the immigration and the made in proi^erty Avhich has a future, and IDromise of the crops. Without the latter Avjiich is dear and will be dearer. Then Mr. THE FINANCIAL OUTLOOK. there ought to be a further shrinkage in Stewart, during the whole of his active life, values, though of course there will be oc The stock market has been so heavily effectively opposed underground aud ele casional vigorous rallies. oversold that the bears are now the best vated steam roads on Broadway, while the sustainers of prices. Any little flurry in street car was his particular aversion. But ANENT NEW PARKS. stocks sets thom covering and so prices are the construction of the elevated road on The Sun objects to- the laying out of pretty well maintained at the low level they Sixth avenue has greatly increased the price of parks in the annexed district, but favors reached after the failure of tlie famous peg reoity on that thoroughfare, and* has ruined them in that part of the city which lies east, speculation of Vanderbilt and Gould. There the retail business of Broadway below Four- of the Bowery and below Tompkins square. does not, howevei', seem to be any present toentli street. Tiien, as hss been repeatedly Here live nearly 300.000 people who have no prospect of a bull market. The same general pointed out, it is that part of Broadway on park pleasure ground, while the iDopulation causes which have been depressing prices which street cars run, w^hicii retains its is dense and the streets narrow. But the since the crop failure of 1881, aro still at Rreat retail business; that is to say, between reason for parks in the Twenty-third and work, and until there is a reasonable assur Fourteenth and Thirty-fourth street is not Twenty-fourth Wards is that the land cau ance of a good harvest, it is idle to expect only a favorite location for stores but for now be procured very cheap. These new any marked advance in stock values. The tlieatres. To perpetuate his memory after pleasure grounds would be accessible by the high prices for Governuients and the cheap lie died, Mr. Stewart built a hotel for elevated roads as well as by way of the Forty- ness of money show tliat investors are not women; he took every precaution to have second street depot; but the construction of buying but selling stocks and do not know liis business firm continued under his own new parks on the East Side would cost mil what to do with their money, hence it is un name, while his final resting place v>-as to be lions of dollars, and would -do but little employed or is in Governments, where it in ia a splendid mausoleum ia Gaixleu City. good. But the city should do something for at least safe and can be reconverted into But tho Woman's Homo is now an ordinary this part of the metropolis. Portions of the money when things look better on the Stock hotel, the great business whicii lie built up, river front might be improved. Without any Exchange. The very large business that is with so much care will not outlast, the pres thing so costly as the Thames embankment, being done in real estate is due to the ent year, and his very body has disappeared, we might have pleasure gardens and refresh natural desire on the parfc of investors to put and there are probably not more than three ment places along the East River front, their money into somethiug v^diich lins a persons who know the secret of its where utilizing open ground and the ends of the better future than stocks and bonds. Usu abouts. There are no poor women to thank piers. Then certain, streets might be lined ally eas}'- money means a rising stock him for a luzurious home, there will be no Avith trees. Much of this population find market, but continuous clieap money great establishment to perpetuate his fame relief in the hot summer nights by cheap means that people who have large means in the business world, and no innusoleuni trips to Coney Island. Glen Island is also a distrust all investments in stocks and are anywhere to mark the spot where he lie^; in favorite and cheap resort for our East Side keepiug theii' funds in Isand. The bulls terred. After all, what a failure wuo liis people, and its success has been so gi-eat iiave a goad de.il to s;iy of the ilual effect on life, despite the money lie made as a mere that quite a number of places just beyond stocks of the great immigration, but un- mercliant. Hell Gate on the Sound are being fitted up fortunate'ly the railway receipts from that for East Side summer excursionists. The source are but a trifle and the new labor The great building on Broadway and cost of the parks in the annexed district will hardly be available for helping the busi Tenth street is literally a white elephanl,:. need not be large enough to frighten even ness of the country before next year. The It is of no value as a store, it is too far down our most economical taxpayers. aad too costly for an opera house or a thea one interest that it will certainly stimulate tre, and it would require tc o much money is that of unemproved real estate throughout to alter it into a hotel.. It was built on leased the country. All the western and north It is a noticeable circumstance that there ground, and bears an arinual rental of $36,000 western, roads must in time profit largely are relatively very few foreclosure suits, to the Sailors' Snug Harbor estate. As for * by the million people who come over this while thei-e has been a decided falling off iu 384 THE REAL ESTATE RECORD April 22, 1882 the number of mechanics' liens filed. At the proper time comes. The property is FINAITCIAL TOPICS. the same time, the number of partition suits bought in the name of outsiders, so as not IV. is larger than usual. Real estate dealers to excite suspicion, with a view to its trans THE tTNITED STATES TELEPHONE COMPANY.

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