Jauuary 10. 18Sd





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^-                     "              ESTABLlSHED'^MAHpHaS'-^^ieee,;

De/oteD to I^e\L Estate . SuildiKg A^ciIitectji^e .Household DEoa-^TioH.
Bi/sii>iESs a(Jd Themes of CeHerrL 1;>(tei\est





rRKE, PER VE.AR IN ADVANCE, SIX DOLLARS.

Published every Saturday.
TELEPHONE,          ■          ■          -          JOHN   370.

Communlcationa should be addres.sed to

C. W. SWEET, 191   Broadway,
■T. T. LINDSEY, Bu^ness Manager.





VOL, XLIII.





JANUARY 19, 1889.





No. 1,088





The business outiook for tlie immediate future ia not altogetlier
Bfttiafactory, The unseasonably mild weather has cut short the sale
of winter gnoda; the supjilies of coal has been mueli greater than
the demand, and tlien the iron and steel interests are depressed
because oi; tiie stoppage of railway consti'uction, Real estate is
always dull at this season. Nor do merchants and jobbers generally
know what to do before February ojiens. Notwithstanding the
favorable factors at work, it is no wonder tliat the stock market is
a halting one. Operators seem puzzled what to do. The returns
for the new year generally show a better state of things than for
the corresponding period la.st year. Many coniorations are now at
peace, and there seems to be an lionest eiTort to keep up rates.
But confidence is a plant of slow growth, and conservative opera¬
tors hesitate for a variety of reasons. There is some political dis¬
gust, due to a new administration coming in ou the 4th of March;
still there is time for at least a transient boom in the stock niarket
while Mr. Cleveland is yet President, Money is easy; the earnings
of the railroads are steadily increasing, and wheat is nearing a price
at whicli it can be shipped abroad. Onr enormous corn crop is
moving freely, and. as far as indications go, the bulla ought ulti¬
mately to come out ahead. Spring is approaching, a-id it may
bring with it war in Europe; hut certainly matter.^ look peaceful
enough at present. The only oniinoui^ sign is the increase in the
armies of the Czar.





Assemblyman Creamer's propositions to abrogate t!ie restrictions
upon elevated roads on Broadway, ith avenue and 4Sd street, con¬
tained in the Rapid Transit Act of 187D, have naturally created a
good deal of discussion ; but we may have to do something of this
kind unless mean.s are speedily fouud to further utilize the Man¬
hattan road by permitting it to build extra tracks for through pas¬
sengers. Tlie controversy hati had one good effect in giving us an
idea of what Mayor fJrant has in mind. He is opposed to any
elevated road ou Broadway, and thinks our c'tizens will have no
real relief until quailru]ile tracks are laid on solid earth. From his
outgivings] and other things we hear, we judge that the Central
& Hudson River Raih'uad may carry out Commodore Vanderbilfs
original plans, which was to build a steam road, niniiing ou a via¬
duct or ujidergi'ound, from 42d street to the Battery, thus utilizing
the sxmken tracks above 49d street.





That very excellent and practicable sclieiue was met by such a
howl of opposition tliat Commodoi'e Vanderbilt withdrew it. The
Central road might now make an an-augemeut witli the owners of
the .ircade charter, by which an underground road could be built
under Broadway, between the Battery and 53d street. Any new
charter for a connecting road would meet all kiuds of opposition,
and the capitalists who undertook to build it would be beset by
hoards of blackmailers, legal, legislative and financial. Property-
holders would also give the promoters more or less trouble. But
the Arcade charter is in existence, and is nearly out of its legal
entanglements. By an arrangement with the New York Central,
its owners migiit carry out only a part of their plan, at least for the
present; that is, they might make a tunne! connection, admitting
of four tracks, leaving it open to complete the Arcade idea later ou.





the East River, between Grand sti-eefc and Broadway, The unex¬
pected success of the first bridge, both in tlie way of travel and
income, wan-ants the expectation that a second bridge would te
equally popular and profitable. But \\-e doubt if the property-
holders of New York city would care to holj) to build this new
bridge. It w6uld bo simply opening a new avenue that would
check the growth of this city and help build up Brooklyn. Hence,
if constiaicted, it would probably be an exclusively Brooklyn en¬
terprise. It is very likely the existing City Hall Bridge added very
greatly to the population and business of the regions on the other
side of the East River; and that New York, which paid half the
expense, has very little to show for it. Perhaps this is rather a
naiTow view to take of a matter of such general public utility; but
property-holders do not generally eare to pay out money which
brings thein no return.





The Central and Hudson River road could tlien withdraw a good
many of its out-of-town trains, if not indeed all of tliem, from the
42d street depot, and stop them at 138th street, where it has a large
acreage for terminal facilities. This woidd permit local trains the
whole length of the island, aud out-of-town passengers could be
transfeiTed to them at 138th street so as to reach :iny part of the
cify. All this could probably be done within five years' time, but
to meet immediate necessities the Manhattan Company ought to be
encouraged to build extra tracks for through trains on the Third
and Sixth Avenue roads. This would be an a,oproximatiou, at least,
to rapid transit, and would increase the carrying capacity of that
sow overci'owded STStera,





The case, however, would be gi-eatly altered if New York arid"
Brooklyn became one city, A second bridge would add largely to
the pojHilation and taxable value of that part of New Vork lying
ea-st of the bridges, and ^vonld thus help to swell the tax receipts of
the amalgamated cities. Has not the time come when a union of
interests should be seriously considered? The only real opposition
will come from tho local I'oliticiahs of Brooklyn, who would fear
that in the event of anue,\-ation their occupation would bo gone, or
at any rate their local irupoi'tance and power greatly diminished.
We are convinced that a union would lead to better government:
to a stoppage of waste, and to a genera! purification of our local
politics. The then iiii]jeria! city coidd uot afford to tolerate boodle
Aldermen nor countenance numicipal maladministration. Still,
wliile our taxpayers might ob.ioct to a bridge at Grand street arid
Broadway they would he quite willing to see tlie proposed one at
BlackwelTs Island constructed. This would unite the railway sys¬
tem of Long Island witli (hat of the country. It must be confessed,
however, it would confer no special benefit on this city, for any
movement of jiopulation it might encourage would be from crowded
Ne»- York to iuterior points ou Long Island,





The Mugwump and so-called independent press are having much
to say as t<i the wickedness of using money in cariyiug national
contests. They are parfienlaily severe upon candidates for a high
office whose claims are based upon moneys contributed to help elect
the national ticket, Johu Wanamaker, for instance, is picked out
as being especially blameworthy. But there is a good deal of cant
in all this talk. The practice of paying for partisan money con¬
tributions by appointments, especially in the diplomatic service,
dates back many years in our political history. It requires
a great deal of money to conduct a national canvass, and it has
been an open secret .or yeai-s that the ricli men ivho contribute
largely are remembered by the administration that they helped to
elect. Mr, Levi P. Morton has held several honorable positions.
which he lias aecureil solely hy his money contributions. He is
neither an orator, writer, nor a parly leader. Yet he is to-day the
Vice-Pre.^ident-clect of the United State;^. It is quite time, how¬
ever, that a public conscience should be created against this
]u-actice of selling high official positions for money. But it seems
to have been a part of the spoils system. When we have Civil
Service Reform and adopt the Au.straiian system , in om- election
macliinery we may hope to get rid of the odium of bartering offices
for plethoric pocket-books. As for Johu Wanamaker, he is one of
the great merchants ot the country and would ma,ke a very compe¬
tent Postmaster-General. We want more of such men in public Ufe,





i'laycu' Cliepiu adNoealt-a another bridge to Bruokiyu spanniog





In THE Record and Guide of December 22d we made the follow¬
ing recommendation to the leading bankers of the commercial
world. ■■ Why should not a syndicate be formed of all the great
bankers, tliose who lend the money for these euterin-ises, to see if
the proposed new railroad ia likely to be remunerative. If not,
they should warn the great money markets of the world against
the floating of unjustifiable enterprises of this Irind." It will be
noted that at the meeting of railroad presidents and bankers at
Mr. Morg;in's house this suggestion was brought forwa.rd by Mr,
Roberts, of the Pennsylvania Central, and heartily indorsed by Mr.
Morgan on behalf of the bankers. What a world of difference it
would have made if this determination had been come to ten years
ago. There \\-onlil have been no paralleling of Lake Shore, New
York Central. Chicago & Alton, nor could the Atchison have floated
bonds to interfere with the Missouri Pacific. It is merabers of
the great banking interest who are directly responsible for the
demoralization among the railroads of the West and Soutiiwest.
They have sold bonds to their confiding customers, which they
knew, or ought to have known, were sure sometime would
default payment of interest, while they covered regions with rail¬
roads which would not have population and busino.-is enough to pay
expenses for years to come. The bankers would cut a sorry figure
if some publication should give their names in conroction wilh the
loans they have floated since the revival of railroad building in
1879,    But all is well that ends swW.    if the reftliy great biinkerr—