Los Angeles daily herald., 1873-11-15
gus Angeles Herald.
NEW YORK .coRREsp spoNDENcE.
NEW YoRK, NoY. l, 1873.

New YORK, Nov. l, 1873.
EDITOR HERALp:-In my last the
hope was expressed that better feel
ing would exist in commercial circles
before the close of the present month
but the near approach of December
gives little encouragement for
brighter outlook. Collections in the
interior are bad, and country mer-
chants, acting under the general inn
preston Of q decline inprices, are 10th
to make purchases, even OH credit.
Our banks are beginning to extend
limited amount of aid to the nler-
chants of this city, but even with the
aid thus afforded there will be many
of them unable to meet their matur-
ing obligations-not from q want of
assets on their part, but the inability
of their customers to respond finan-
cially. And now, with the Winter
months close upon us, the tide must
be breasted as best we can until the
return Of Spring, when a more pros
porous era Is anticipated.
Our heavy real estate brokers report
an unusually quiet market, and while
there has thus far been no decline in
prices of property on this island, they
express the opinion that the rates now
asked are entirely too high, and that
the present extravagant prices must
undergo q decline before sales can be
effected. Operators freely express
their views that return to specie
payments will necessitate q decline of
twenty per cent. from the rates now
ruling. The prices of real estate in
our city, during the past ten years, in
some localities, have appreciated one
thousand per cent, especially Is this
the case on and above Fourteenth
street. ,eFkq yam a.fI8Of
Among the most creditable improve
ments now under way in our midst at
this time, are the new Postoftice,
Western Union Telegraph Company's
building and the Tribune building.
They are massive structures and will
add greatly to the already solid and
business appearance of the lower part
Of the city. The two former will be
ready for occupancy by July next, and
the later, 1t Is anticipated, will be
finisked by May improvements Of q
private character are at standpoint,
owing to the scarcity of currency and
the difficulty of obtaining loans there
on from our monied institutions. UG
The Gilbert Elevated Railway, an
enterprise much in favor with our up
town residents, is another improve
ment which the want of funds retard;
in fact prevents the commencement.
The success which has attended the
New York Elevated Railway, alias
"One-Legged Railway, now in opera
ton two years from the Battery to
Thirtieth street; time, Is minutes,
guarantees that the Gilbert road, which
It 10 proposed to, extend to Harlem,
will meet with . paying business
should Its projectors be enabled to
place their bonds in this country OF
Europe, and dsthns secure the requisite
aid for its construction; but while the
present distrust of railroad projects
exists, there is little hope for this or
any other railroad enterprise meeting
with favor.
It is understood that the owners ot
the Cunard line Of steamships propose
to run daily line from New York to
Liverpool after the coming spring. In
order to accomplish this, they will
withdraw many of their vessels from
the West India line. 1t will require
40 steamships in all. There is already
an average Of two steamers day sail
ing from this port to Europe, belong
ing to the various lines-Engli Ger.
man and French. STANIsLAUs.