The sun., 1897-06-28
y.Rp TIMES FOR oIrr LANDLORDS,

,rs,,,,,,ous on Tuesday for an advance to l75,
,h. hiohcst poini IL has ever reached in its his
tory and IL has since fallen only fractionally be-
low IT, Tho application OF the company to the |
Committee on Stock List for the admission to |
IN, regular list Of its new 3ia per cent. bonds |
.hows that Of the proposed Issue OF $4,000. |
600 there have been disposed OF S22, ABS, 900 In |
excbAnRe for 81 ,0o5 800 outstanding per cont.
bonds the difference in amount apparently |
representing the premium paid for the surren. |
der of tho old bonds in advance OF their matur- !
ity. The payment OF this premium will make |
tho net saving OF interest to tho company by the
refunding when 1t 10 completed, Sl,27S,44o |
which Is somewhat less than Bic pcr cent. on the
total OF 43.l92, 900 old per cent. bonds, and
will allow OF an increase OF dividends on the
stock OF but 2is por cent. above the g per cent
now regularly paid Since, too. the present
dividend rate Is not likely to be changed for
some time to come. It would seem that the stock
Is bringing pretty nearly all II is worth az an
income producing investment
In this upward movement Of the stock market
and in the revival of general business which 10
beginning TO follow 1t, New York city real estate
docs not yet seem to share. On the contrary,
not for many years have there been 30 many
stores and offices wanting tenants and 90 few
tenants applying for them. Broadway and tho
Fifth avenue are lined with empty windows
bearing ITO Lot" announcements; on tho Bow
cry and on the Third avenue every block has
one or more buildings vacant. and all over tho
eastern portion Of tho city deserted stores and
factory property abound. The Sixth and tho
Eighth avenues mako much better showing, tho
premises offered being not moro than one on every
three four blocks. but downtown ITO Let"
tilis meet the eye at every turn. The conse.
quUnt loss to landlords 10 not to be measured
merely by the amount Of tho rents Of this un.
tod >RlI t, h,x 49,
retained or new ones procured 1t has been by
making considerable concessions on previous
prices. often as much third, and In some
cases ehaf. Only the very poorest and cheap
est property. which had already fallen SO low
that It could not fall any lower. has kept its
former level. With all this, taxes, insurance,
and repairs arc M high az ever. 90 that the net
revenue to landlords suffers moro than the gross.
Various causes hAvo combined to bring about
this condition Of things. tho principal one being.
Of course, the general depression Of business
throughout the country. New York 10 preeml.
nently and almost exclusively q commercial
city. It Is not. like London and Paris, the seat
OF great national government; it 10 not even
the capital Of the State whose name Il bears. As
aplaoe Of residence for wealthy and unoccupiod
people It has few attractions. Its citizens arc
mostly engaged In making money. and II they
are fortunate enough to amass fortunes here
this class indeed remain. after their fortunes
acquired. to take care Of them, and while they
are hero do the best they can to amuse them.
selves. In the effort they mako the city pleasant
for money gettero from other parts of the coun-
try, but the dominant purpose Of both residents
and transient visitors 10 mono tho less pecuniary
profit, and when the prospect Of winning 1t fails,
the induoement to spend time and money hero
fails Also The customers for our shops become
g.. H. aha- q. AGq bail ltr.-.
In less demand, tho manufacturers Of jewelry.
clothing furniture, and similar articles have
less work to do, and the weaker among them
give up business and vacate their factories. The
rayl.is9de OF clerks, salesmen, workmen. and
employees Of various kinds who depend for
their support upon tho prosperity Of their en-
ployers, being also deprived Of their incomes,
have either to 60 away or TO live as economi.
cally a. they can upon their savings whilo wait
ing for better times. That this shrinkage both in
the number and In the means Of the spenders Of
money should also produce . shrinkage in the
number Of tenants and In the rents they are able
to pay is Q matter Of course.
What Ii thus true Of the city as . whole. Is
specially true of certain parts Of it Sec
tons which formerly were inhabited by we'll.
to-do people. whose expenditures supported
shops Of various kinda. have 20 changed in
character as materially to change the value of
years ago, the district lying between tho Bowery
and the East River was the choicest In the city.
Along the river front were Wholesale and retail
warehouses, wherein were stored and from
which were distributed tho manufactures and
the produce of the whole world. Tho merchants
engaged In tho business had their homes 10 the
same neighborhood. and Franklin Square,
Cherry street, East Broadway. and Rutgers
Place were favorito locations for private
-.
Ing centre; In Cherry street lawyers had
their oh1ceS as well a. their abodes,
and In East Broadway the most eminent
physicians did the same. Later on, when busi-
ness began to leave tho East River for the North
River, the wealthier inhabitants of the lower
part of the district moved up TO tho Second ave-
nue. and to tho streets leading out Of It, abandon
ing their former houses to the foreign. born pop
ulation which now hllS them and overhows the
entire eastern part Of the city. This population.
although industrious and well-behaved 10 not
lavish In Its expenditures. and. consequently
the shops in the Bowery. Grand street. and
Canal street have ceased TO be a. profitable as
they once were. Tho Same Is true Of the Third
avenue. Tho customers Of the shops there spend
less money than their predecessors did, 80 that
the profits Of the shopkeepers arc less, and they
either give up their shops or insist on paying
less rent The Sixth and tho Eighth avenues.
on the other hand. have gained customers of
late years and. therefore. shops In those avenues
are In better demand.
The Raines Liquor Tax law 10 responsible for
the emptiness OF o number of corners which
formerly wero In demand for liquor saloons.
Even before that law was passed tho profits of
the retail liquor business had boon considerably
diminished by the diminished earnings Of tho
drinking population. and whom the license tax
was raised from $3.50 . year to $500 q year.
many saloon keepers. who. until then. had been
barely able to struggle along. were forced to
give up altogether. The result has been to throw
upon the market some hundreds of corner
.'ores for which as yet NO occupants have been
iound In time, no doubt. they will bo rented
TOT other purposes. but In the absence Of encour.
asement to embark In new undertakings. they
sAnd Idle. and thus add 10 tho embarrassment
ethe owners Of other property.
similar In tho effect upon ANAL dealera In gro