Debember 15,





Record  and  Guide.





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Vol. XLII.





DECEMBER 15, 1888.





No. 1,083





A map, showing fhe limits, area, etc., of the proposed High Bridge
Park, is pvMished as a supplement loith this number of The Record
AND Guide. Subscribers should see that they receive it. Extra
copies may be ordei-ed at the publication office. No. 191 Broadway.





There is excellent material in the Board of Directors chosen laat
Monday to administer the affairs of the Real Estate Excliange. It
would have been better perhaps if there had been more representa¬
tives of property interests in real estate in the new Board, As it is,
the dealers, brokers antl auctioneers are in full control; but it was
foreseen at the beginning of this institution that the active business
men would naturally come to the frout in the management of an
exchange in which they were more interested than auy other class.
For several years jiast tliere has been some feeling between certain
leading members of the Board of Directors. This has made the
annual contests for control more embittered than has been
altogether wholesome. The Eschauge fortunately has not suf¬
fered; but it is desirable from every point of view that there should
be harmony in tbe management. It is to be hoped tbis year, at
least, that all the directors should agree to sink personal differences
and work unitedly for tbe good of the institution committed by the
stockholders to their care. Even directors who have any cause
for complaint against their fellows for want of consideration
should for the year to come forget the past and be actuated only
by a desire to advance the larger interests of the Exchange. Indeed,
it is time that this institution should represent the great real estate
interest, as does the Chamber of Commerce the larger mercantile
world. So far the Exchan.ge has been a business success. It pays
dividends yearly, instead of exacting dues, as do the Stock, Cotton,
Produce and other exchanges; but it should aim to do still more.
It has raised tbe standard of dealing, put a stop to many objection¬
able practices and has been a factor in preventing Itgislation hurt¬
ful to real estate. It is on these lines that the new Board of
Directors can make their mark; but to do so past personal differ¬
ences must be set aside.





selection of his Cabinet. . Garfield's administration was practically
wrecked on that very point, and the antagonistic interests con¬
tending for places are nearly as strong now as then. Further, it is
diffioult to feel entirely at rest until his attitude on Civil Service
Reform is made manifest. President Cleveland was obliged finally
to give in to the spoilsmen. Whether Mr. Harrison will do the same
it is, of course, impossible to say. At present it is sufficient to point
out where the danger lies.





In getting the Constitutional amendment ratified to have seven
judges of the Coui't of Appeals constitute a second division of the
same, the citizens of New York are luckier than they deserve.
Nobody could oppose the amendment ou auy good ground, for it
was a safe and effective cure for the over-burdened condition of our
Court of Appeals calendar. Perhaps this very fact accounts for the
lack of interest in it. It excited no discussion, and hence was not
brought into xJrominence. Be that as it may, it is certainly not
very creditable to the people of the State that there was such a
small vote on tliis amendment. Tbe other issues of the campaign,
important as they were, should never have beeu allowed to obscure
it. The fact is that om- people care very little for a principle, unless
it is embodied in a person ; and while it is quite true that personal¬
ities entered far less into the last campaign than with former ones,
yet in truth tiiey were quite plentiful enough. Is Johnny O'Brien
such a very important politician that a column a day must be con¬
sumed in emphasizing his wickedness? We think not. At any
rate, it would be well for certain newspapers to pause awhile in
their vigorous description of bis boi'us, tail and hoofs. In Switzer¬
land the contest is always over principles, wliile in this country
it is too often over politicians ; and who would not prefer a principle
to a politician?

-----------■-----------

There was a time dm-ing the campaign when General Harrison's
friends were afraid he was doing a trifle too much talking, and
their fears were certainly very well taken. A man who can make
a speech eveiy day for two months and not make a mess of it at
least once or twice must be a very astute person. So General Har¬
rison proved himself; and his silence at present renders tliis truth
all the more apparent. The daily dispatches in the papers do not
show much more thau the ignorance of then- authors. So far the
President-elect has shown himself to be a man of dignity aud sense.
It is to be sincerely hoped that in the futui-e he will preserve the
former and exhibit the latter.   A very difficult task will be the





Mr. Whitthorne's Naval Reserve bill is a measure which ought to
be passed. It is practicable, safe and necessary. The desirability
of increasing the efficiency of our navy has long been urged in
these columns; and this is a most important step in tbe right direc¬
tion, for without going to any great expeuse it makes preparations
and provides safeguards that will be of the utmost importance in
case of war. Organization, no matter how shght, is a great thing,
and this bill smooths the way to what may become in time a most
efficient naval service. It is a pity, perhaps, that the measure does
not go even a little farther still. Not only should the government
have the right of chartering merchantmen for warlike purposes,
but the nation should guarantee interest on the construction of
swift commerce destroyers, which in times of peace could be used
in ti'ade. Tbat would be the most effectual way of hurting any
large antagonist.    The bill nevertheless, as it is, is very satisfactory.





The water supply of the lower part of the city has never been
entirely satisfactory. It is very difficult with the reservoir so far
off to obtain sufficient pressure to force the water up to the top of
buildings, and in consequence a great deal of additional pumping
has been necessary. Such being the state of things, it is not strange
that various projects have been broached, both to increase thia
water supply and render it more serviceable. Lately a company bas
beeu organized to caiTy out a scheme which, indeed, has been
frequently suggested before, but which bas never come anywhere
near realization. It is proposed to obtain the increased supply and
the necessary power from the head-waters of the Passaic, w^hich are
to be brought to the Hudson by means of an aqueduct and undei'
the Hudson by means of a tunnel. If the city agreed to pay for
these improved facilities it would have the right, uuder the law, to
buy out the company at the end of fifteen years. It is claimed that
the water will be superior in quality to the Croton water because it
comes from a region which is far less settled than is the neighbor¬
hood of Croton Lake. It seems a pity, bowever, to take water
from New Jersey when its own towns are so badly supplied, and
so very much water-power is needed for her manufactures.





"Sir Oracle" is disposed tbis week to take a rather gloomy view
of th^ outlook for the stock market. It is true we are shipping
gold, and '' bull" movements rarely take place toward the close of
the year. But then we have a great deal of gold in the country. It
is really the inert metal in our currency. It is piled up in the
Treasury vaults and banks, and does not cu-culate either as coin or
in the form of certificates. It is silver and silver certfficates which
are the active elements in our metallic cm-rency. Then it is a not¬
able fact that gold tends to accumulate in bimetallic nations. Qui:
gold store has increased four-fold since we commeuced the coinage
of silver dollars. France bas more gold than Germany and England
combined. It is these two latter monometallic countries wlich are
in constant ti'ouble, because gold will find it& way to the countries
wliich Ufie both metals interchangeably. It does look as if we
would ship more rather than less gold, but tbis will help our best cus¬
tomers—England and Germany. Our railroad system never earned
such an immense tonnage. There are not cars enough to take care
of all the freight, hut for some incomprehensible reason the great
transportation systems have been eager to do business at unremu¬
nerative rates. Fortunately for the raih-oads, it lies with a few
gi-eat corporations to rt^store peace and demaud fair rates. If the
struggle was between a swarm of small companies the outlook
wouldbe hopeless, but the corporations which control the matter are
gigantic ones, which will sooner or later see tbat their interest hes
in peace. There may be some sagging in prices and a continuous
disturbance, but people who can buy securities and hold on are not

likely to lose money.

---------m---------

How difficult it is for currency theorists to learu by experience.
The Financial Chronicle, commenting upon Secretary Faircliild's
report, again sounds the alarm at the continued coinage of the
silver dollar. Yet it admits that when President Cleveland took
office there were 48,000,000 idle silver dollars in the Treasury. By.
idle we mean that they were not employed as currency nor repre¬
sented by certificates in actual use in tbe channels of trade. Since
then we have coined nearly 114,000,000 silver dollars, and yet on the
1st of December last there were but little over 19,OOD,000 silver dol¬
lars in the Treasury unrepresented by silver certifficates.





President Cleveland was so afraid of the $48,000,000 that he
wanted Congress to repeal the Coinage Act, and yet here  we ai'e,