February 27, 1897.





Record and Guid*





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Seh^ P RE*,LESTAII-8mLDirfe AjtprfiTECTvii^MousEtfouiaEsoijaioifci
^irsnJtes M)THEue5 ofGeHei^I lifi^^T-j

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Publislied every Saturday.
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"Entered al the Posl-officeal New Tork. Tf. T., as seconA-elass matter."





Vol. LIX.





FEBRUARY   27.  1897.





No. 1,511





IN a period of such extreme dulness as this, there are few
notable ebanges In the marlret. The interest aroused by
the breali in tbe steel rail pool has about wboUy died out and
there is nothing to taUe its place. Tossibly the inauguration of
President McKinley will be used to stir matters up somewhat,
but until the power of the admiuistratiou to induce Cougress to
assist it in carrying out its auuouuced tariff and eurreucy policy
is made manifest, the change iu the occupancy of the White
House can have only a moderate effect. The good and tbe had
features of the situation are to-day the same as they were a
week ago, with the former, we thinli ou a calm review of all,
more predominating. Wo are ueariug the season for renewed
agricultural and commercial activity, when a change for the
better in all lines may be naturally looked for. The waiting at¬
titude of the stock market under ■ adverse circumstances is
especially significant of the hopeful feeling prevalent.





VERY little more thau a year ago the world was denouncing
"Dr. Jim" for his unwarranted raid into the Transvaal;
to-day the same world is applauding King George of Greece for
an equally unwarranted raid into Turkish territory, the Island
of Crete, without the preliminary courtesy of a declaration of
war. The oppression of a kindred people was the excuse in eacb
case, but it does not have the same force in the one as in tbe
other. Singularly, too, those who are now raising an outcry
agaiust the interference of the Great Powers wilh the Grecian
raid, are those who are geuerally found glib and voluble on
the subjects of tbe barbarity of war ami the beauties of peace.
If these people restrained their hysteria and thought for a mo¬
ment, they would see that Europe would very soon be iilunged
into war, if any little country that thinks or pretends it has a
mission to save distressed peoples acts in deliance of custom
and usage, established to give some form of decency to national
quarrels. For instance, the ambition of Greece is not con¬
fined to the acquisition of Crete; if it was it would have re¬
mained still, because the union of the island to the kingdom
was certain to occur in a short time. The Athenian politicians
who are throwing the firebrand that is now making Europe anx¬
ious, are uo doubt disappointed that Macedonia and Thessaly
are not now in a condition of rebellion against Turkish rule.
In teaching Greece tbat crusades are dangerous aud out of date
the Great Powers are serving the interests of civilization in,
as far as possible, avoiding the occasion for war, and it is
utterly surprising that advocates of universal love and peace
do not see this. Further, when the Greek bas chastized tbe
Turk ami taken away as muth of the latter's territory as pos¬
sible, wbo is to keep the former in order. The modern Greek
does not lead iu civilization; he is as capable of atrocity as the
Turk. Greece has j^)roduced some fine specimens of brigandage
the horrors of whose doings thrilled the world not so many
years ago, and to-day stands before the world as a repudiator
of its debt. On the other hand, it is one of the best signs of the
times that wilh the temptation.s tbat the present condition of
Turkey preseiils for a sensational policy on the part of any one
of the Great Powers, that their diplomacy is directed entirely
to moderation and the maiiitenauce of cordial relations. The
result of this policy is being anxiously awaited, and until it is
aiqiari'iit thei'e is not likely to be any change in the European
commercial situation, which, however, is not bad in spite of the
so-called war-cloud.

EXCOMMUNICATION by the Department of Street Clean¬
ing is rather too severe a punishment for the quite venial
crime of disagreeing with one of its wishes. This, however, is
what is threatened to a large seclimi of the West Side because
of its refusal to sanclion tlie establisbment of a dump at West
Otith street, and within the territory where dumps .are express¬
ly forbidden by act of the legislature.    Colonel Waring, iu de¬





claring that ashes and refuse will not be collected in the offend¬
ing district has, in view of all the circumstances including the
act referred to, exceeded any privilege his olflee confers upon
him. The Riverside Park aud Drive were laid out at very
large cost to tbe city to afford means of recreation to all its
citizens, free from any aunoyanee or inconvenience. The special
character that these gave the contiguous territory caused it to
be built up in au expensive style and to be made the finest resi¬
dence portion Of New York, and as a consequence the largest
contributor among the resident districts to the income of the
city. For these reasons the position of the West End Associa¬
tion aud of its President, Mr. Cyrus Clark, in declining to assist
Colonel Waring in breaking up the exclusive character of this
region and property by the placing of a dump midway of its
length on the river, is perfectly proper and justifiable. The mat¬
ter is simply one of a moderate increase in horse and man hire
and the West Side can very reasonably ask that this be iil-
curred. In ptotecting tbeir own comfort and interest, the West
Sidors who oppose Colonel Waring are also protecting those ot
the very large public gathered from all parts of the city, who use
tbe Drive and Park, because the fetid business of a dump can¬
not, uo matter what is said to the contrary, be carried on at
any point on the Hudsou River front between 72d and 125th
streets, without seriously aud unpleasantly mitigating their
pleasures.





Real Estate and The Auction Market.

OF late there has beeu au undercurrent of talk about a re-
consolidation of the two real estate auction rooms. No
olficial substantiation of the rumors is obtainable, probably be¬
cause the reports of a reconcilation are anybody's and every¬
body's expression of the logic of the situation, and are not due
in any degree to a contemplated change of policy by the ad-
ministrafious of lhe rival organizations.

Mauy a good thing, however, is not true, and these rumors
ought to be correct. We all recognize that tbe "split" in the
auctioneers' ranks has beeu a substantial injury to the whole
real estate market, uot to their interests alone, hut to all others.
Of course, too much must not be attributed to the division. De¬
clining prices, small purses, few investors, iu short, all the evils
of these sad, bad days, would no doubt have come upon us
had no dissension disturbed the peace of Liberty street. On the
other hand, the present apathy of the auction market (which
reacts upon other departments) is unquestionably the result in
some measure of the loss of prestige aud stability which befell
the auction business wheu it was split into two warring camps.

The auctioneer's stand should he a sort of guarantee, an out
let or safety valve for real estate, where the market, whatever
that market may be, for property may be quickly and definitely
reached. Everybody recognizes tbat real estate to-day would
be an infinitely more popular form of investment were It pos¬
sible to trade in it quicker than existing machinery permits.
The auction market is something of the needed ready outlet
aud obviously when that market was disorganized and dis¬
rupted, all real estate suffered thereby.

One may say: Investors dou't care a rap where tbey buy the
thing they want. Twenty auction rooms wouldn't hurt the auc¬
tion business if there were plenty of buyers in the market. That
is true—in a measure. But it isn't the whole case. The same
line of argument couid be used to prove that even the twenty
auction rooms were not necessary, nor for that matter, the
greater part of the existing machinery for dealing in real es¬
tate. As a matter of fact, prestige and appearance and what
goes therewith do count for a great deal in the affairs of men.
Even the clearest headed are influenced by considerations which
tested by a rough logic ought not perhaps to have any weight
with them. So, although no doubt investors would buy real es¬
tate if they wanted it, wherever offered, still ou the other hand
it is equally true that they would buy all the more readily if
not all the more largely, were the market concentrated, put, as
it were, before them and maintained there conspicuously. Be¬
sides, in good times almost anything "goes." It is in dull, hard
times like these, that the nicer calculatious tell. A flourishing,
imposing auction room, with an energetic, united membership,
would be a public advertisement of the highest value for real
estate in,general. If Ibis be doubted, look at tke Stock Ex¬
change. People might buy and sell as mauy bonds and stocks
if it were disrupted and its present prominence cut into half by
a factional division, but tbat they would is not at all likely. The
securities traded in at that institution gain a great deal from
the immense power the Exchange has for focussing the atten¬
tion of people upon its doings and upon the particular things
with whicli it is concerned. Ileal estate ought to be benefited in
like niauner by t!ie Keal Estate Exchange. It is not. The func¬
tions of t!ie exciiangc are not as extensive as they should be,
and the division of the auction market further minimizes its