824





The Real Estate Record.





uiilation of honest monej-, and this is whj- we are
having such a "booming" market.

(,L lu what stocks, Judge, do yon think the
'■ IwKuu " will como first .'

A. 1 believe in Iron Mountain. I tliink it will
go to much lii,:,'lier figure-^. 1 al.so am certain
llmt coal sttK'ks are verj- cheap. In 1S7.5 I
Lx^k Jay Gould to drive out in nij- carriage at
l.ake George. I was much .struck with one re¬
mark he made. 1 was asking him would not
tho centt'unial year bring us better times r
"AVe will never see better times," said Mr.
Gould, •'until the iron interests revives. That
the kej- of the situation. AVhenever j-ou hear
the country calling for more iron, it will show
that the tool making for the use of the com.
niunitj- has recommenced, and then we will have
a real revival of business." "Now," continued
Judge Hutcbings, " 1 b;ive always recalled that
remark of Mr. tion Id's, nnd what tlo we see?
AVbj- a verj- marvellous development of the iron
induct rv. Pig iron has risen Irom eighteen to
twonlv-iiine dollars per ton; the orders for rail¬
road iron and steel cannot be lilleil in this countrj'
f<ir over a jear, and Uie siirplusorders are going
to l'iiroi«'. Everj" ton of iron jiroiluced means
Iwo tons of coal consumed, hence 1 look for a
>-!eady .idvancc in lhe coal .stticks.

1,1. Ihit, JudKc, nre iiol the Peiin.sylvaiiia coal
■ •oiujiaiiic^ ovcr;-l(.cke»l'.- Have tbej not got loo
tiiticb cvijil land '   .MiLstn't thej' litjuidate '

.\. < >(i' ll<•ll^cllse. The litpiidation of the coal
stotk.s will he in the payment of si.x per cent,
tiivideiids instead of ten per cent. It consists in
their stocks being sold below par instead of twentj-
point^s above par. This is what the real depreci-
tion will finallj- amount to.

[The writer maj' here remark that this conver¬
sation occurred w hen Lackawanna, Delaware &
Hudson and Jersej- Central were selling fifteen
points below the figures of to-daj'.]

Q. AA"hj- do you look for an advance in Iron
Mountain :

A. AVeil. because of the increase in the iron
business in the Missis-sippi A^alley. You know
that the Iron Mountain bas a monopoly of the
wonderful ore which comes from the Iron Moun¬
tain and Pilot Knob; then the Southern Pacific
will soon be in the process of construction. I hear
that Tom Scott has surrendered his interests in the
Soullurn Pacific read to a .sj-ndicate which
controls the Iron Mountain. The road will be
built west from Fort AA^orth to El Paso, where it
will bo in lhe neighborhood of tho silver mines of
Mexico, tho finest in the world. The immense
cotton traffic of this j'ear, the trade of southern
.and central Texas as well as the iron business will
all pour over the lines of the Iron Mountain road,
and I would not be surprised to see this stock go
to par within a jear. Certainlj' there will be au
addition of two million and a half to the receipts
of this J-ear compared with last.

CJ. You do not think a " bear " campaign would
l.ro-^per just now. Judge ?

.\. No, indeeil. AVhj-, the public have taken
the bit in their mouths; the leaders no longer
lend the market. I know a prominent operator,
who made monej' iu the " Grangers;" being out
of hltick, he thought he would "bear " the mar¬
ket. In olden times he could easilj' do so, but
he found, to his surprise, that when be attempted
to sell that tho general public were eagerlj' bid¬
ding up the stock and taking it away from him.
He lo.-il monej-; he found that he could not
"bear "the market in coal stock either. As I
'.;nderstaiid ir. Travers and Osborn are both
active " bulls." J-et O.sborn made four hundred
thmisand dollai-s as a "bear" in the coal stocks
after tbei>aiiicof 1S7:; conmienced. He expects
to make quite as mnch as a "bull" in the same
stocks. I believe the coal stocks are certain to
go to par in time, whether a combination is
formed or not.





CORRESPONDENCE.





A  GREAT





PLEASURE   RESORT  CALLED
FOR.
Kli/or Be.m. EsT.xTi: Hkcoho :

I judge from the tone of your editorials that
you might, perhaps, be willing to discuss a deli¬
cate topic. You seem to realize that New York
is destincil to be a great citj-, but have j-ou kept
in mind what a great citj-, like London and Paris,
necessarilj- involves : A London involves an
Albamtiraand a Cremorne Garden; a Paris in¬
volves a Jartlin Mabille anil similar resorts. Is
it not better for propertv--holders to look the
matter .squarelj- in the "face, and, in.stead of
allowing vile, cheap resorts to grow np, to en¬
courage the inauguration of a superb music and
dance ball which will be a marvel of beautj- in
design and adornment, and which wil -.zndeniablj'
be adapted for the strangers who come from all
parts of the world, but who do not care to be
alwuj's accompanied bj' their wives. The value
of such a place is that it strips vice of iiiucii of
its evil by oiiliteratlng ail its grossness. Of the
mj-riads of men who pass through New York a
large portion will cut up capers when away
from home; and instead of handing these custom¬
ers of the great citj'over to the keeper.-^ ot vile
resorts, where tbey are injured b()<4ily and
mentallj', whj' shiiuld New York not take
the matter in haml anil give us sutdi insti¬
tutions as will gratifj- .'^eiise without mater¬
iallj' injuring the stranger within our gales :
A wise toleraiii-e of a nece.s.sjiry ev
better than furtive legal attempts
.stop to tho baser sort of miiii.seineiit.s.
ing po|iulatioii is an iinmense fact w biili must be
constantlj' borne in mind. There aro. iirobablj-
ninetj-thousand jiersons who come to and leave
our citj- dailj-. A large portion ol these are men
awaj' from home and eager for exciteiiient ami
amusement, and tho jiroblem is, how shall we
deal with them ^ AVhat thej' call amusement and
pleasure thej' will have.                     Tolerance.

[VVe doubt the wisdom of even publishing the
above letter, for we judge that without news¬
paper discu.ssion the resorts such as our corre¬
spondent describes will inevitablj' be established
before the city is much older. It is idle to talk
about regulating the social evil in anj' Anglo-
Saxon community where the Christian religion
obtains. The popular gorge seems to rise
against any attempt to legalize or coun¬
tenance social vice. St. Louis made an ex¬
periment of this kind but it ended disastrously.
Undoubtedlj', we will in time have music halls
and all the accommodations which the pleasure
seeker from abroad desires, but there is nothing
we can do but di.scountenanco any and everj' at¬
tempt to give legal or social sanction to the indul¬
gence of irregular .sexual passion. It is idle to
saj- it would be better to treat this matter in a
liberal waj'. It is not a thing to be discussed in
a decent paper or among decent people. Our
regular places of amusement are generallj' unob¬
jectionable and they afford so much real pleasure
aud iu so great a varietj- that it seems tjuito un¬
necessary to countenance other forms of amuse¬
ment which lead directly to vice.—I'Jd. Real
Estate Recokd. J





OFF AVITH THE NEW, ON AVITH THE OLD.
Kditor Real Estate Recoup :

Dear Sir—I ordered to discontinue my Rechud
with No. (iO'i, on account of expecting to receive
nij' subscription to the Kings- Counlii Itcgii^Ur,
%vhich came into existence aliout three nionlhs
ago, and, from lack of patronage, expired. So
please continue mj- subscription, and send mc
No. 0(J4 at once. Hoping that nothing will occur
again to cause me to sever mj- connection (in the
line of a sub.'-cribor) with The Recorp.
T am J-oil IS, respectfullj-,

W. F. CouwiTii.

•'5."i Greenpoint av, Biooklj-n, E. D.





LEGAL  DECISIONS.

contract—WKEX ACCEPT.'^NCE CO.MI'LETE.

The English Court of Appeal has determined
the following:

AVhen an offer in regartl to a purchase is muile
bv letter, which expresslj'or impliedly aullior-
izes tho sending of an aceeiitance bj' mail, and a
letter of acceptjince projierly addressed is mailed
in due time.

Held, that aithough tbe letter was never re¬
ceived l>j' tbe per.son to whom it was addressed, the
contract is notwitb.staniliiig complete. The law
proceetls upon the theorj' that the Post Office iu
.such a case becomes the agent of botfi parties. An
offerer, if he choo.ses, maj- always make the for
Illation of the contract whiidi he proposes tlepend-
the iiilniil coninitiiiicatioii to himself
ptance. .so that until tlie letter of ac
(!eptant;e actually reaches him the contract would
bo incomplete.





.11   Bai.e>.     jj„j  „j,„„   t,,^,  .
It   IS much    „f  ^,,g tieceptan

to   init   !i

Our float





AMERICAN EXCHANGE IN EUROPE.

)449 Strand and
Offices anp Reaping Rooms >   S Adelaide st.,

)    Charing Cross,
LONPON, October S, iST'J.
Jiditor Real Estate Recorp :

Dear Sir—AA'^e are desired to obtain a co])j' of
The Real Estate Recoup for Sept. '20. Please
find enclosed 20 cents for account of same, aud
forward by first mail.

AVe have from time to time entpiiries for j'our
papei* from American and other travelers fre¬
quenting our Exchange, and believe that j'ou
will find it of advantage to send a copy regularlj'
for file in our Reading Rooms. Should j'ou do
so, we will be happy to reci])roc{ite bj' placing
our services at j-our disposal in any matter j'on
may have for attention on this side, and shall
also be willing, if j'OU like, to have our name in¬
serted a,s your Ijondon agents.

AVe forward by this mail a cojJj' of our Weeld;/
Circular, and awaiting the favor of your early
reply,

We remain, dear sir, yours trulj',

Henry P. Gillig & Co.





.N'KW INTEKESr I..VVS   -ITS UI'EU.\rlit.\ ANH KKKlCi  T.

Attorney-G'eueral Schooniiinker has ftirnislied
two important opinions in relation to the new in
terest law. In the course of one opinion lie sajs:
"The intention of the Legislature clearly was to
limit the rate of interest to six per cent., bj- indi¬
viduals, lij- corporations, including banks, both
State and' natio'nal, and public officers charged
with the loaning of monej-, like Loan Commi.s-
sioners. The effect of the retluction of interest
maj- be injurious to banks.                    *           *;

Batiks maj' have no method of supplj'ing the
deficiencj', but these results, it must be assumed,
were not overlooked bj' the Legislature. Bj' the
lastsfection of the interest act, no part of its pro¬
vision takes effect until the 1st daj- of Janunrj-,
ISSO. All contracts, therefore, made prior to the
1st day of Januarj- maj- provide for seven per
eent. interest, and will not be affected bj' the act.

The act only applies to contracts made on and
after the 1st of Januarj'. It can have no retro¬
spective effect, nor impair the obligation of anj'
contract made prior to that date.

Nor in my opinion does the act affect the vari¬
ous stiitutes in relation to usuiy. Thej' remain
ill full force in respect to the reduced rate of in¬
terest fixeil by the new law.' All the provisions
of those statutes are, bj' their terms, as applica¬
ble to violations of the six per cent, rate as to the
old rate. Thej' are in no respect inconsistent
with a lower rate of interest than seven per cent,
and everj' portion of the act is operative without
application to the nsurj' provisions."

In a subsequent opinion, the same authority
says:

"The new act cannot, bj' anj' possibility, af¬
fect loans made or contracts entered into prior to
Juue 20, 1S7'J—the day the act passed—no matter
how loug the loan or "contract may run after Jan¬
uary 1, ISSO. In all such cases tlio rights and ob¬
ligations of the parties were fixeil, and are pro¬
tected bj' the Federal constitution.

The Legislature has no power to pass a law im¬
pairing the obligation of contracts.—(U. S.
Const., art. 1. § 10.)

The lawful rate of interest until Januarj' 1st
next is seven per cent. All loans ami other con¬
tracts made between June 20th and Januarj' 1st
maj', therefore, la%vfullj' provide for the pay¬
ment of seven per cent, interest, anil tho con¬
tract being lawful when made, would seem to fall
as fullj' under the protection of the Federal consti-
tiiti" n as contracts in existence when the law was
passed."

MORTOaHE  FnRKI'LO.SlIRE—TENDElt   l)V J'AY.MENT.

The Court tif Common Pleas has decided that,
where suit is luonght to foreclose a mortgage for
noi.-paj'ment of interest, an offer to pay the in¬
terest "and (!0st.s of the suit iieforo the time to
answer iu the suit expires is insufficient. The
moncj' should be paid into court. The court will,
however, interfere in a case where the mortgagee
does anything to prevent the mortgagor from.