December S3, 1833





The Record and Guide.





1023





THE   RECORD  AND   GUIDE.

191   Broadway, N. Y.





TERMS:

ONE TEAR, ill advance, SIX DOLLARS.

Communications should be addressed to

i                                          C. W,   SWEET,  191   Broadway.

■.      J. T. LINDSEY, Business Manager.





DECEMBER 22, 188S.





The recent heavy snowfalln should help the winter wheat. The
past has been a splendid season, for this crop. The weather has
been warm and open and the plant has secured a good root. The
covering of snow will protect it during the winter, and if the
spring is as favorable as the fall has been, the winter wheat crop
of 1884 will be magnificent.





Tlie " Ticker" this week is too feeble to give the usual informa¬
tion about the market. It is safe to say, however, that whoever
buys at present prices, and can hold his stocks until February, wil'
probably net a profit. The January dividends will be reinvested in
other securities; and while this legitimate buying lasts, there will
doubtless be a moderately strong market. But, of course, an unex¬
pected disaster may make mattera worse in January than tbey
liave been in December.





The real estate building interest has stood the business depres¬
sion of the past two years better than any of the great speculative
enterprises of the country, but several failures have occurred
recently, and there may be others to come. We do not use the
word speculative in any condemnatory sense. All who produce an
article at one price, expecting to sell at a higher, and who take
the chances of the market, are speculators, though they may call
themselves merchants, bankers or builders. Contracts for build¬
ing entered into two years back must be unprofitable at the prices
which obtain to-day, and hence some speculative builders are in
trouble and several have already failed.





One ot the indications showing a more healthful condition of
trade is the heavy exports of certain lines of standard cotton goods.
Several large concerns engaged in the West Indian and South
American trade have orders ahead for three months. This shows
that we have " touched bottom," and that certain lines of domestic
goods can at present prices be exported at a profit. What a pity
this is not true of all our manufactures. There is just nowasuper-
fluitv of goods of all kinds on the market, but even our lowest
prices are far above what corresponding classes of goods can be
made for abroad. We have the machinery to double and treble our
present product, but there is no market for the goods at home, and
all foreign trade is closed against us because of the cost of produc¬
tion in tbis country. We should at least have untaxed raiw
materials. Tben, perhaps, we could largely increase our line of cot¬
ton goods to send abroad, and in addition export woollens and
specimens of all our manufacturing industries. We cannot always
depend upon cotton, grain and provisions. Our surplus of these
will henceforth be limited, due to our mcreaaing population, but
there is no end to the possibilities of our manufacturing industries,
provided we can produce cheaply enough to sell to foreign markets.





expose the frauds in the Comptroller's office, because they might
reflect on John Kelly, and his eagerness to set the Grand Jury at
work on the shortcomings of Couuty Democracy Thompson, does
not look well. If there is wrong doing in any department, the
Mayor of the city of New York should be the first to urge any
reasonable expenditure that would expose corruption and help to
" turn the rascals out."





We have frequently had occasion to speak approvingly of Abram
S. Hewitt, and have more than once suggested that he would be an
excellent Democratic candidate for the presidency. But we are
sorry to see that in one matter at least Mr. Hewitt has mis¬
behaved himself. He had no business to ostentatiously call
upon President Arthur and ask him to interfere in the matter of
the slayer of Carey, the Irish informer. He knew that all efforts
in that direction were futile and the suspicion lies against him that
his course was dictated by a desire to get the cheap applause of
some unthinking Irishmen. It would have been quite proper and
natural for a private person to have felt sympathy for O'Donnell,
but the ideal Democratic candidate for the presidency could not
afford to be suspected of demagogism. We have also felt it our
duty to sustain Mayor Edson against adverse criticism in the city
press. He should not be blamed, we thought, for not falling into
the same error committed by Mayors Wickham and Grace, who
broke with their party a.nd lost all influence thereby over the city
government. Mayor Edson was quite justified in trying to keep
on official relations with the Board of Aldermen, nor was he to be
rebuked when he looked out for the intereata. of the wing of the
Democratic party which made him Mayor.   But his reluctance to





The estimated value of real eatate iu New Tork is two thousand
million of dollars. So far this great interest has had no corporate
organization to represent it. Hence it has been made the prey of
politicians. In addition to the regular taxes, real estate has had
to bear all manner of illegitimate charges. It has supported party
factions, enriched rings, and made the fortunes of characterless
adventurers. And this hasbeen due solely to the fact that it has
been unorganized. What was "everybody's businesa was
nobody's business." True, there have been real estate associations
and taxpayers' parties, but their objects were vague and they
became the prey of shrewd manipulating politicians. But with
the organization of a Real Estate Exchange we may hope for
better things. The new institution will not only have a body bufc
a soul. Its membership will represent not only the owners but the
active dealers and brokers in real estate. The latter will, as it
were, vivify the whole body, and will supply the element which
all previous organizations of real estate owners lacked. Hereafter
they will be a power in the community to correct and inform
legislators and prevent the imposition of unjust burdens upon real
property.

About the New Real Estate Exchange.

The daily papers have given such full accounts of the scenee
attending the organization of The Real Estate Exchange and
Auction Room (limited) that it is needless for us to tell the story
over again. The attendance of members was large, the proceed¬
ings animated, and. at times, turbulent. This was to have been
espected. Had the gathering been as quiet as a Quaker meeting, ora
funeral, it would have shown that there was no life in the organi¬
zation. Hat all institutions which have vitality are very apt to
show signs of lusty vigor. What touches men'n business interest
is pretty sure to make them demonstrative.

It was the original intention of the brokers who were so success¬
ful in organizing this exchange to confine, if possible, its manage¬
ment, for a time at least, to themselves. And this was very
natural. They had been husily engaged with matters for nearly
three months, and had given time and thought co working up the
enterprise to a successful issue. They had induced their friends
and clients to invest their money upon their judgment, and they
therefore wished to keep the association within their own control
for the first year of its existence. They did not care to have the
organization fall into the hands of the skeptics aud critics who
waited until the success of the enterprise was assured before they
subscribed their names. As Messrs. Coudert and Chesebrough, who
started a week ahead of them to establish an Exchange, had suc¬
ceeded in obtaining only thirty-eight subscribers up to the time
when the Ludlow Committee had nearly three hundred, the latter
thought that those gentlemen should take a back seat for a while
at least. This, it seems, they had no intention of doing, though no
doubt much ill-feeling would have been avoided had one of their
number, say ex-Mayor Grace or Robert B. Roosevelt, been placed
upon the regular ticket for directors.

We were of opinion that the Committee could afford to increaae
their number to thirteen, which the law permitted. We tbought,
also, that the additional four should represent owners and other
interests. Our representative regarded this matter as so vital that
he resigned his position aa Secretary of the Committee so aa to
be able to act independently. With this view the following circu¬
lar was prepared and printed :

Oppige Off The Record and Guide, |
191 Broadway.      f

Dear Sir :

You will agree with us that the affairs of our Beal Estate Excbange and
Auction Boom (limited), should bo in the hands of no single claas of the
community, the brokers alone should not bave the sole charge of the
funds and management; neither should the lawyers; nor the real estate
owners. An effort is making to nominate and elect as directors only nine
excellent gentlemen who are, however, all real estate brokers. We do
not think this fair, nor wise, nor for the best interests of our new
institution.

In this view we have been confirmed by a large number of our co-flub-
scribers, who have in every way expressed their disapproval of anything
which might savor of CiinfioinR the control of our Exchange to a smgle
interest. We take the liberty of suggesting that at the preliminary meet¬
ing, to be held on Thursday, at 1 p. m., at 160 Broadway, a committee of
fifteen he appointed ot the very best names on the list of subscribers and
who shall represent all the larger interests of the Institution, and that to
this committee shall be referred the By-Laws prepared by the commis¬
sioners for approval before being submitted t-o an adjourned meeting of all
the members of the Excbange.

As the law permits the election of thlrteB» diroetdrei this committee of