November 10, 1883
The Record and Guide.
875
THE RECORD AND GUIDE.
191 Broadway, N. Y.
TERMS:
ONE TEAR, iu advance, SIX DOLLARS.
Communications sbould be addressed to
e. W. SWEET, !9I Broadway.
J. T. LINDSET, Business Manager,
NOVEMBER 10, 1883.
The busineas outlook is certainly improving, though it must be
coiife8sed_the number of failures continue uncomfortably large. But
then the balance of trade is largely in our favor, gold is coming from
Europe and we will soon be shipping wheat freely to foreign ports.
The stock market continues dull, but the undertone is strong as the
raids of the bears are over for the present. Of course, disasters may
occur, but should there be no catastrophe matters will be better
before they are worse.
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Why all this fuss about railway travelling on the Brooklyn
Bridge? It is notorious that somearrang'.ment has beeu arrived at
between the elevated road magnates ana the Bridge trustees by
which the Manhattan cars will be run to the Brooklyn end of the
bridge. It will be a great accommodation to the public and a
benefit to New York city wben this programme is carried out.
This fact, of course, accounts for the non-removal of the elevated
depot at tbe bridge. The cars running on the bridge propelled by
cable is a farce and to the public something of a nuisance. Doubt¬
less, the running of the Manhattan cars over the bridge will be
deferred until the time comes forthe settlement of the Metropolitan
imbroglio, and a boom in tbe stocks of the elevated roads.
The interviews we publish with Ex-Secretary of State William
M. Evarts, President Barnard, of Columbia College, several hankers
and others on the subject of bimetallism ought to attract a good
deal of attention. Mr. Evarts adheres to the opinions he expressed
at the Monetary Conference, at Paris, that the coinage of silver
should he as free as gold, in a fixed ratio with the latter. He
believes that the bimetallic view is rapidly gaining adherents iu
Europe, because of the depressing influence ou prices due to the
recognition by tbe commercial nations of the exclusive gold unit
of value. This topic is of deep interest, and should be studied
by all engaged in trade, because of the fall in prices whicb is pro¬
duced by the adoption of a single standard. The interview with
General Jordan bristles with facts, some of which are of a very sur¬
prising character. In a few sentences he manages to convey more
information than is often found in an elaborate magazine article.
The national banks will try and get the coming Congress to issiie
a bond which will be a basis for their circulation. Ic is doubtful,
liowever, if they will succeed. Tbey are now steadily contracting
their circulation because of the withdrawal of 3 per cents., and if
the debt paying goes on a great part of these issues will be retired
before three years are over. There is a strong party growing up
which believes that all money, whether gold, silver or paper should
be issued by the general government. The people have become
habituated to gold and silver coins, to certificates representing the
two metals and to the greenback. It is a notable fact that from no
CLuatter conaes a demand for retiring the latter. They are looked
upon practically as an integral part of the circulation of the coun¬
try. Mr. James B. Colgate, the well-known banker, advocates a
withdrawal of all paper money except such as is based upon the
deposit of gold and silver in the Treasury; in other words, he would
restrict our paper money to the volume of gold and silver actually
on band in the government vaults and in the hands of the people.
Xhis view, however, is not likely to find general acceptance, but
the South and West will stand by tbe silver certificates and the
greenback. The former is the most perfect currencv, except the
gold note, in this country. There will be strife over this question
in the comiug Congress, and President Arthur will favor the banks,
but the Democratic party will hardly like to go upon record as
giving exceptional privileges to monied monopolies.
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Travelers on the elevated roads must have been struck with the
unwisdom of property holders wbo persist in building up to tbe front
line of their several lots and to within a few feet of the elevated
tracks. On avenues like the Ninth, for instance, above Sixtieth
street, the new bouses should have been on the rear of the lots, the
front being reserved for a garden, foliage trees and greenery, whicb
would in time hide the cars from the living rooms of the house.
In some of the very higb houses to be erected on tbe Eighth
avenue, ifc has been suggested that they should contain elevators
connecting with the railroad stations, but all small houses ought
to be constructed in the way we have indicated. But even on the
older .streets, where improvements are to be made, it would be
wise to set the houses back. Take, for instance, the bead of
Chatham square and the lower part of tbe Bowery. This section
of the city is densely thronged with currents of travel from four
different directions. Store room, iu consequence, ought therefore
to be of the highest value, but tbe shops are old and \inattractiv6,
aud are all darkened by the tracks and depots of the Manhattan
company. Were the houses on the lower B'jwery, Division and
Catherine streets to be torn down and rebuilt the property would
be trebled in value were the houses set back and tbe stores made
attractive. Some time or other the great retail establishments
in New York will be located in this neighborhood. There is a
law as certain as tbat which influences the tides that wherever
there is a location in front of which hundreda of thousands of
human beings pass daily and weekly, that there centres of trade
and industry will be established. Throngs of people and travel
always bring business. Some day or other great building and land
improvement companies will get possession of the property in
these crowded centres and will improve it, thereby quadrupling the
money invested. But even before these corporations are at work
large property holders would do well to berr in mind tbe changes
which the construction of the elevated roads in crowded businesa
quarters will render inevitable.
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The Facts About the Rival Real Estate Exchanges,
Last Saturday the announcement was made that the "Real
Estate E.\;change, Limited," had been legally incorporated, and that
Franklin Edson, W. R, Grace, James D. Fish, Chas. Coudert and
Robt. A, Chesebrough were authorized to receive subscriptions
from woulJ-he members. Next day, iu the public journals over
the signature of E. H. Ludlow, appeared the following card;
The corporation for a new excUange, called " The Real Estate Exchange"
(limited), is not the ons favored by the committee appointed by real
estate owners and brokers last September. The committee are now look-
iog for a suitable site near the present real estate centre, and have nearly
completed their organization, of wbich due notice will be given.
To explain the above announcements, it will be necessary to give
a brief history of tbe efforts to institute a Real Estate Exchange in
this city. For several years past The Record and Guide has been
urging upon real estate dealers the organization of sucb an insti¬
tution. Its obvious advantages were pointed out, but, while ita
benefits were not disputed, no dealer felt specially called upon
to take the initiative in starting the organization. Last
spring, however, a group of persons, not identified with
the real estate interests, brought into existence what they
called the "Real Estate and Traders' Exchange." A headquarters
was established at Nos. 39 and 41 Broadway, and it is claimed some
400 seats, costing from $35 to §300, were sold. After the organiza¬
tion an attempt was made to induce real estate dealers and brokers
to transfer their business to this new headquarter. But the offers
were declined, as the leading Piue street dealers and auctioneers
had a suspicion that tbe so-called "Real Estate and Traders' Ex¬
change" was not what it "purported to be, and that its membership
represented speculative rather than legitimate interests. Tbis
organization moreover keeps its constitution and list of members a
secret.
Ahout the middle of September last, the first serious effort was
made to organize a real Real Estate E.tchauge. Tbe leading bro¬
kers and auctioneers in Pine street, Broadway and Trinity building,
upon invitation of tbe proprietor of The Record and Guide, conven¬
ed at the office of tbis journal, and after a lengthened conference
the following named committee were appointed to organize an
Exchange and secure an eligible site, viz.: E. H. Ludlow, Richard
V. Harnett, Geoj-ge H. Scott, Isaac Honig, E. A. Cruikshank, H,
H. Cammann, A. Bellamy, L. Friedman and D. G. Croly. Subse¬
quently R. A. Chesebrough and Cbarles Coudert were added to
the committee. It seems that previous to the holding of this meet¬
ing Mr. Chesebrough had conceived the idea of a Real Estate
Exchange, and had gone so far as to get a refusal of the old Pro¬
duce Exchange building, which be tbougiit would be very suitable
for the purposes contemplated. The committee being desirous of
harmonizing all interests, carefully considered Mr. Chesebrougb's
views, but after devoting much time to the subject, they decided,
unanimously, that the old Produce building was too far down town,
and that it would imperil tbeir business, as well as the success
of the proposed Exchange, if they should run the risk
of getting so far away from the present centre of the
real estate interests. Mr. Chesebrough, however, backed by
his friend and legal adviser, Mr. Coudert, insisted that the old
Produce Exchange was the best spot on the island for the proposed
institution. He candidly admitted that his personal interests led
him to favor that site. He owned a great deal of property in the
neighborhood, which the construction of the new Produce Ex-
. change had reduced in values Stillt quite outside of his personal