Mai-ch 11.18S8





Record   and   Guide.





357







■   jEvbid) TO RfA,L Estate BuiLDif/c A^t(iTECTu:',E .HotjseHou) Dr-jDRATWiL
Bifttttess AjfoThemes or GeSera^ i/iK'if^

PRICE, PER TEAR IN ADTA1VG£» SIX DOLLARS.

fttbiisAed every Saturday.
TBEiSPHOirail     ....      CoBTiiAinyr 1870.

OommimlcationH should be addressed to

C. W. SWEET, 14 & i6 Vesey St.

J. 2. LINDSEY, Business Manager.

"Sntered at the Post-o^lce at Sew Yiyrh, N. Y., ae second-class matter."





Vol. li.





MARCH H, 1893.





THE high rates for money at this centre will cause the temporary
return of some of the funds that were drawn away by the
usual requli-ements of the interior, to say nothing o£ the alaim
affecting everybody, elsewhere as well as here. But it is likely to
go away again as soon as interest falls to normal figures. Tbe
situation is not a reassuring one, nor can it be when money loans
at a premium at the end of a period that has seen so large an in¬
crease in the issued currency aa the present has—au increase that ia
only in part offset by the gold exports. The stock market quota¬
tions have reflected the fears that tbe reference to trusts In tbe Pre¬
sident's inaugural address have created in the minds of holders of
industrials, although there i.s now no trust in existence, everyone
that once came under that title having been incorporated. These
fears aggravate the decline that naturally came in tbat class of
stocks when money began to tighten, and their influence does not
seem to have ceased, thougb it is bard to account for
them. These securities represent hundreds of millions of dollars
invested in manufacturing interests, and it is hardly reasonable to
think that either the Administration or Congress will go to work to
deliberately injure them, though they may deprive them of some
of their profits and create distrust by investigations. Railroad
stocks are likely to suffer, as the monthly earning statements show
them to have been affected by the storms of last month. Northern
Pacific is said to have been very severely hit in this way. Of
course, freight lost by reason of storms is to a large extent freight
saved for a more convenient season, but the extra expense of
clearing tracks and the other work incident to storms has to be
borne in addition to the ordinary esst of handling the business.
The few reports of winter wheat yet received are not encouraging,
and tbis, while it may be a bull card on wheat, will
not help the grangers. Over and above all is the continued
discussion of the ciu-rency which is spreading daily. The result of
this is seen in business contracts in tbe larger number of gold loans,
and the care that this particular matter receives both from loaners of
money and buyersof property. An instance illustrating this fact
occurred only a few days ago, in which a builder made a contract
to sell a bouse, but the contract was repudiated by the buyer when
he discovered that the mortgage on the property called for pay¬
ments in gold. The matter was settled, under advice of the seller's
attorney, by a concession equal to about 5 per cent on tbe seller's
equity to the buyer. Without assurance that a reasonably early
remedy will be found for our currency disorders wbat ia now the
exception will become the rules, for tbe lender of money is gener¬
ally in a position to dictate the terms of tbe loan,





this week, before the Joint Committees, Tbat gtntleman, of course,
apoke for his own city and of course in favor of " annexation."
His remarks were candid in the extreme: he did not allege, as is
usual with our neighbors, that Brooklyn desires annexation chiefly
for the benefit of New York. On the contrary, he declared that
consolidation was imperative, because Brooklyn is too poor to main¬
tain herself properly as an independent corporation. The revenue
necessary to maintain the city in a first-class condition cannot be
raised, he said, within tbe present corporate limits, and develop¬
ment and progress will be impossible or very slow unless tbe
assistance of New York is secured. The bribe is annexation. We
will not dispute for a moment the accuracy of tbis diagnosis of
the condiiion of our sister city. Mr. Gaynor ought to be a com¬
petent judge, and nothing that he said was contravened by his
associates who spoke on the same subject before the same com¬
mittee. What we would like to ask is: What does the New York
taxpayer think of this somewhat new view of annexation ? Brook¬
lyn cannot get along comfortably to day with a tax rate of $8.75
on a basis of 70 per cent. How are these figures to be lowered
materially except at tbe charge of New York taxpayers? It is
true, great economies have been hmted at in a grand, vague, gen¬
eral way as s^u■e to flow from annexation; and no doubt some could
be effected. But to what extent? Why not put this annexation
scheme to the test of arithmetic? It maybe that itwould come
out of the test not too much battered to be worth something to the
New Yorker; but Mr. Gaynor's statements render tbis problemati¬
cal. Certainly, it seems to us, without prejudicing action in the
case of Brooklyn, that if New York is anxious to be annexing
something ber attention should first of all be given to the vast,
developing territory north of her.





No. 1,804





THE " annexationists " or " consolidationists " in Brooklyn have
bad a holiday this week with New York's interests. They
sent a big delegation to Albany ,;who took up mucb of the time ofthe
Joint Committees on Cities, demonstrating that consolidation was
not only necessary and advantageous, but inevitable. It is, per¬
haps, only natural that tbe gentlemen from Brooklyn should have
treated the matter solely from the Brooklyn point of view, leaving
it to New York to discover and make known the enormous benefits
that will accrue to her fi-om closer political ties with her sister city.
So far the subject has received little or no real consideration
from New Yorkers. They have accepted in an off-hand way ali the
relevant and irrelevant discussion that has appeared in the news¬
papers, and have come to a hazy, lazy conclusion that annexation
may be a good thing, or at any rate a thing not worth opposing.
Very few who think tbis vvay could give any substantial justifica¬
tion for their position. In short, New York is drifting into "annex¬
ation" as the darkie drifted into swearing, " by gettln' so used to it
that ther' didn't seem to be anything wrong in it,'' We desire to
direct at once those of our readers who are of this mind to a
careful reading of the speech mada by Mr. Gayuor, of Brooklyn.





THB impotence of public opinion in dealing with the Rapid
Transit problem is more clearly exemplified as each week
closes, bearing further testimony of the absolute indifference of the
Legislature to the inlperative requirements of tbe metropolis. It
is fully time for the people to realize bhe position they are in. The
Manhattan Company controls Rapid Transit legislation, and noth¬
ing will he done that does not sanction or directly lead to the exten¬
sion and perpetuation of the elevated system in New York. The
people might just as well go at once to the offices of the Manhattan
Company and ask them to indorse tbe underground road or any
otber road but their own as to go to Albany. Save as a protest.
which may ultimately be effective, it is of little urie to
send any more deputations up the river to perpetuate or
sanction the burlesque supposition that the people bave anything
to do with the settlement of the Rapid Transit question. All the
making, introduciDg, and amending of bills now going
on is a well recognized farce. Nobody who knows
anything regards it as anything else. Nothing could
possibly better please our worthy representatives, working
this Rapid Transit racket, than to have bills introduced by the
score, and numerous flatulent deputations apiJear in behalf
of hopeless measures. A great sbow could then be made of
eagerly doing something. Worthy Senators and Assemblymen,
friendly to the Manhattan, or who daren't call tbeir souls their own
until they get permission from the New York City Hall, could pose
as careful guardians of the people's interest. With so many schemes
it could be declared great deliberation ik necessary, and amid con¬
troversies events might shape themselves favorably to the few indi¬
viduals that our Legislature really represents. Again and again
The Record and Guide has insisted lately tbat there are only two
parties to the Rapid Transit questioD~the Manhattan Company and
Tammany, The Manhattan Company, of course, is in favor of
nothing but elevated roads, and Tammany, if not in favor of the
Manhattan Company, is purposely or unpurposely playing into the
company's hands by its present policy of euave inactivity. Here is
the quick of tbe situation, Tbe public should stop playing the part
of a fool, cease acting as though everybody was only anxious
to find out what it wanted in order to hasten to carry
it out. Pressure should be exerted, not at Albany where it is
useless, but at the real centre of all legislation affecting tbe metrop¬
ohs—right here in New York City. Our officials should be forced to
sbow their hands. They have time to plan speedways and park
improvements, and lay out vast street opening projects, and the
political power necessary to cause the legislation required to caiTy
these out to be enacted in double quick time. Some of this atten¬
tion should be given to Rapid Transit. A little of their ardency
for improvements should be manifested in seeing that New York is
provided with decent, adequate transportation. All other improve¬
ments are as naught compared witb tbis one. Public opinion
should prohibit the undertaking of any uew schemes until thie

most vital one has been commenced.

--------•----------

IT has been a common remark lately that tbe most unsatisfactory
division of the real estate market is the auciion department.
There has been not only a faUing off in the number of free offer¬
ings, but the attendance at the sales has been comparatively light
and prices geuerally unsatisfactory.   Such acti\ity in real estate