November IS—35,1883.





The Record and Guide.





81





THE RECORD AND GUIDE.

191   Broadway, N. Y.





NOVEMBER 18—25, 1883.





PRICE OF RECORD AND GUIDE.
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CONTENTS TO-DAY.
Tlie new Casino will be found criticised in our columns from an
architectural jJoint of view. It is pronounced one of the finest
specimens of Moorish architecture in the country. Tlie four days'
sale of the Jumel estate will be found fully described elsewhere.
There is no other such large parcel of uninvproved ground on this
Island to be disposed of hereafter. Hence lower p)rices were made
for unimproved lots last week than will ever again be recorded in
our tnarket reports. All who use butter and cheese will be interested
in the account we give of the production and sale of those articles.
It seems we are becoming a cheese-eating and butter-consuming
nation. While ihe use of oleomargarine is increasing, a greater
demand is springing up for better qualities of butter. It appears
that the western dairies and creameries are producing finer grades
of butter and cheese than those of New York and New England.
Moncure D, Conway contributes one of his very interesting letters
about London matters. A2yro2:)os of the unveiling of Carlyle's statue,
he quotes many interesting and hitherto unpublished passages from
the privaie correspondence of the '' Sage of Chelsea." The confribu-
• iioyis of an ex-editor " Concerning Men and Things " will be found
interesting, and somepiersonal anecdotes are given. Sir Oracle this
week casts Ihe horoscope of the future, wliile "Barlow," of Wash¬
ington, gives the probable programme of the Democratic pariy when
it gets into power at the Capital.





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The Cause of the Depression.

The business world is wondering at what seems to be the abnormal
condition of trade. From all parts come accounts of the bountiful
harvest of the past year. Every nation has the same story to relate
of overflowing granaries and cheap food. Yet, in the midst of this
lilentifulness come complaints from every quarter of diminished
profits in trade and of failures in all departments of business. The
in-ice of iron—which is regarded as the key to the industrial situa¬
tion—is declining; cotton and woolen goods are not salable ft
prices which have been obtained in the past. Even the shares of
the railroads, the traflfic of which is steadily increasing, because of
the abundant harvest, have to be " pegged " by the great railroad
magnates in order to keep their status in the market.

What is the reason for this anomaly?

The answer is—that cheap food and raiment involve finally pi'o-
duction at a lower rate. And it is this scaling of prices which is so
depressing to business circles. The fact that goods will certainly
be replaced at less cost reduces the value of all the merchandise on
hand, and instead of a profit in trade there is a loss, aud hence
inability to meet engagements and bankruptcies.

Is, then, an abundance of grain and cotton a national calamity?

By no means, eventually all human interests are subserved by
cheap food and clothing. By and by we will become accustomed
to the changed condition of things, and cheap production will be
followed by increased consumption, and this will be a stimulus, in
time, to all manufacturing Industries, and to the commerce of the
world. The darkest hour is just before the dawn, and the present
depression is certain to be followed by a period of gteafc industrial
activity. The priceof railway shares cannot be kepfc down if the
receipts of the railroads continue increasing and the dividends grow
larger. The farmer, with an over-abundance of food products, wil
not stint himself for tools, necessaries, and even luxuries.   And so





parous trade is an abundance of ths fruits of the earth. This may
not be apparent this year, but it will, in all probability, by the early
part of 1883.

.-------^----,—-

The Jumel Estate.

This sale of this propert}"- was a disappointment. The prices ob¬
tained last June were regarded as far less than the land was worth,
yet they were higher than those of last Tuesday and Wednesday
and Thursday. It seems incredible that lots on oue of our finest up¬
town avenues should sell for less than $900, and that side street
property should go begging at $3U0 a lot, yet such was the case at
this sale.

The fact is, the elevated roads and the great office buildings and
apartment houses have changed entirely the course of prices in New
York realty. Were it not for the great number of very large build ing,
by which six and even seven families are accommodated on oue lot
and for the fact that a hundred persons can do business on a piece
of ground which would not suffice for more than twelve some years
since. New York Island would by this time, and willi the same
population, have been nearly covered with buildings. But oiu- city
has grown skyward instead of laterally. We are rebuilding the
older settled parts of New York, so as to acconiniodate a much
greater number of ])eople ou the same ground. This explains the
remarkable enhancement of values in certain business and residence
quarters of the metropolis, while it also accounts for the absence of
speculation in those locations which are not immediately available
for improvement. The time will doubtless arrive when the Jumel
estate lots will sell for very high figures, but they may lay idle for
years. While the rebuilding of the older portions of the city is
going on, of course a certain amount of new ground is required
for the overplus, but this will be supplied by the unimproved prop¬
erty near the elevated road stations. What the northwestern part
of this island needs is some better means of communication with
down town. There should be some extension of the Metropolitan
Elevai:ed road to accommodate people wlio live between One Hun¬
dred and Fifty-fifth street and Spuyten Duyvil. Then would come
the time when land on this island could be utilized for liouses sui.*-
rounded by grounds. Eventually rich people "will not be satislkd
with a fine house built directly upou the street. AVith our modern
means of communication the well-to-do cau transact business in
the lower part of the city and yet live in homes with rural sur¬
roundings. There is an abundance of uuiuiprovcd in-oporty avail¬
able, and it is surprising that some far-seeing owner of r(.'alty does
not set aparfc a section nofc too distant from an elevated station upon
which fine houses could be built, surrouuded bj grounds with noble
trees and ornamental shubbery.

Ifc is safe to say, however, that anyone who secured portions of
the Jumel estate will have no reason to regret the purchase.

What of Democratic Policy?

On Saturday last afc a dinner given in his honor, in Boston, by
the Democratic State Cenfcral Committee of thafc State, General
Butler made a speech which is worthy of much more attention
than ifc has received. Much of ifc \vas an eloquent eulogy ou what
fche Democrafcic party had done—" the results of its statesmanshii),
the outgrowth of its principles." AVhafc are those results? "The
progress of the country and the exfcension of its territory until tlie
sun now rises and sets upon the land of the United States,'" The
great Louisiana purchase of Jefferson is first adduced as a case in
point, opposed as ifc was by the opposition party of that day. "Who
would now," s.ays the orator, "give up the Mississippi River, Mis¬
souri and the Wesfc to any power on earth?" Textis is then i-eferred
to as a Sfcafce a third larger than the Empire of France, " and this
day and hour developing, by the richness of its soil and the beauty
of its climate, into an empire, which is destined to be divided
directly into four States of this Union, each greater in territory, aye
and in the next decade iu population, than the territory of
New England." The war with Mexico followed. We aquircd
nothing by war directly; but we " acquired the right to buy and
and pay for, honestly and fearlessly, the great empire of the Pacific
coast, Arizona and Nevv Mexico." He points to these as the crown
jewels of the Democratic party. " For twenty odd years thei-e has
been no chance for Democratic st itesmanship to assert itself in the
government."

The important question at this time is, does General Butler mean
to suggest that a policy of the peaceful extension of the boundaries
of the United States is at this time the proper, as is the traditional,
policy of the Democratic party ? The attentive reader of his speech
can have no doubt upon the subject. In reply to the question " ia
the Democratic party equal to the task?" he says: "Ifc becomes
our duty to teach the people that the sons are as the fathers were,
equal to anything that conduces to the glory, honor and perpetuity
of free insfcifcutions in this country." Bufcler weighed his Avords
well on this occasion. There was not the slightest need of referring





the old lesson will be retaught that the surest foundation for pros i to the glories of the old Democrats in enlarging boundaries, unless