AND BUILDERS' GUIDE.
NEW YOEK, SATUEDAY, OCTOBEE 11, 1873.
Published Weekly by
m REAL ESTATE REiJORD ASSOCIATION.
One year, in advance...........$8 00
All communications should be addressed to
C. "W. S'WEiET,
Whitino BniLPiNo, 345 and 347 Broadway.
CBOAS£BS TO THE B£AB.
In these times of temporary financial de¬
rangement, one reads and hears a great deal
of nonsense as to what should be done by the
Government, the banks, and the public to pre¬
vent the further spread of the commercial
disorder. Some advise unlimited inflation of
the currency, others counsel immediate con¬
traction, and again others wish for the pillars
of tlie financial edifice to come down, that all
may be buried under the ruined temple. It
strikes us, however—and in expressing this
view we repeat the views of the calmest, ablest
capitalists in New York—that the people ot
this couutry, and they alone, can either stop
a panic—for panic it is, senseless and with¬
out cause—at once, or they can continue it
and ruin all the values in the land. If confi¬
dence is restored at once, there is an end to
disaster; if the want of it continues much
longer no one can tell the end. What we
mean by confidence is, that the people shall
keep their money in the banks and return that
which they, in a moment of panic, drew out.
This is the more important now in 1873 than
it was in 1857. Then coin—gold and silver-
was the circulating medium of the country; I
to-day, paper—legal tender, if you please—rep- i
resents that coin of 1857 as a circulating me- |
dium. Now, if this is all taken away from the I
banks and hoarded in corners or old stockings, ;
what banks in the world can do business ? In '[
the wealthiest country on the face of the globe i
no banks could do business if all deposits i
were withdrawn, and certainly not in the I
United States, where we have not an over- I
plus of cash wealth. Confidence, credit, is i
and always has been in this country the great¬
est capital. , It has built up this vast country,
it has built its cities and villages, it has dug
its canals, and laid its vast system of railroads.
Its grand inland works have all been built on
credit, which is but another word for confi¬
dence. There never has been, nor is there
now, sufficient cash capital to carry.out all en¬
terprises, both great and small. Nor is it nec¬
essary. The resources of the coimtry are enor-
pious; the thrift and energy of our people im¬
mense; our grain, our cotton, our coal, our
iron, our gold, simply enormous; and these are
the most abundant collaterals for a people
who, by increased civilization on the one side,
m^ increased ewigratios o» tbe pt^er, Ijecp^ie,
j year after year, more skillful in delving out
! their resources, in taking advantage of them,
I and in bringing them to tke markets of the
world. What has been done in the past has
been done simply on the strength of these
collaterals, and with tlie credit obtained upon
j them the countiy has been made what it is.
Cash capital could never have done it. Credit
capital did. The very war which some people
, mistakenly think has been the source of all
I our trouble could never have been fought
j successfully without that confidence or with-
1 out that credit. And whatever excesses were
then committed financially by the emergency
: ofthe occasion have been remedied, and can
be still further remedied if the people of this
country will only bear in mind that they must
not strike at the foundation of this country's
prosperity—confidence, which as we said
above, is but another word for credit. Of
course, head-long processes of credit is not
what we urge. Wise and temperate manage¬
ment of the credit system so essentially nec¬
essary to the country is what we need. True,
here and there it may have been carried too
far. But who among us with a clear insight
into the country's future does not see that all
; these great railroad enterprises are magnificent
' and immense undertakings ? We may say all
i we like about Jay Cooke and the Northern
I Pacific, but the time will surely come when
the Northern Pacific and all other Pacific
roads will be acknowledged, even by the
croakers of to-day, to be a source of pride and
profit to this countiy. There are gentlemen
in Wall Street to-day who have seen the man
that built the Hudson River Railroad carried
to his grave overburdened with care and anxi¬
ety. Look at it to-day! And bo may Jay
Cooke go from among us, overburdened by a
heavier financial load than he can carry; but
his enterprise stands, and will forever stand
unless the maniacs of our day tear up the
rails and set fire to the stations along the line.
And it is just that which will happen unless
the nonsensical panic—which means ground¬
less fear—is arrested, and that without de¬
lay. This is no land for panic-mongers; we
must not overleap ourselves—no man should;
but we have the right and title to an ample
credit from the nations of the earth, and must
use it as capital to bring all our resources
into play. This we must continue to do, and
must show ourselves worthy of that credit by
continuing to have confidence, in our own
well-tried banking institutions—one at least
of which will, on Monday next, by greenback
payments show itself worthy. With these
views deeply impressed upon our readers, and
as we said before they are the views of the
best men of New York, there need be no fear
as to tU§ future.
1 BowERT (No. 83), E. s. Louis
Hoffmeister and Frank Hersten
agt. Alexander C. Wice.......... 150 00
2 Cherry st. (Nos. 69 and 71), s. s.
Patrick Corbett agt. Charles Kelly 13 75
3 Clinton pl. (No. 83), n. s. Z. .
Parish Wheeler agt. J. B. Young
and R. N. Woodworth............ 600 80
8 Eighth av., s. w. cor. 47th st.
Edward Breisacher agt. Adolph
„ .^J^evy............................. 200 00
4 Fourth av., e. s., Lexington av.,
w. 6., 68th to 69th st, block. Ed¬
ward F. McCabe agt. Board of Ed¬
ucation .......................... 12 75
3 Forty-seventh st. (No. 5M W.),
8. 3., com. 425 w. 10th ar. Jacob
Wick agt. John Ebel............. 500 00
4 First av. (No. 356), e. s., cor. 21st
St. Thos. P. Galligan agt. Eichard
O'Brien.......................... in qo
4 Fifty-fifth st. (No. 312 E.), s. s.,
com. 175 e. 12th av. E. McGuin-
ness and D. Reilly agt. Mr. Hobua 375 00
6 Same property. John McLough-
lln agt. August Hobein........... 75 00
6 Fifty-ninth st. (No. 57 E.), n. s.
Matthew Gorman agt. Mrs. A. 0.
, „^ost............................. 49 00
6 Same property. John Bulman
agt. same........................ 37 00
6 Fifthav.,s.E.COR.50thST. Jambs
Johnston agt. George Kemp...... 2,040 41
8 First av., w. s., extd'g from 42d
to 43d St. Albert Schier agt. John
Doe.............................. 16 50
8 Fiftieth st. (Nos. 404 and 406 W.),
8. 8. Michael Croghan agt. Mar¬
tin Karl.......................... 100 00
8 Forty-first st. (Nos. 440 to 448
W.), 8. 8. Same agt. Carl Wilhelm 750 00
3 Greenwich st. (No. 316), w. s. W.
H. H. Childs et al. agt. George
„ ., Starr.,........................... 133 39
7 Lexington av. (No. 318), w. s. W.
W. Hull agt. J. D. Secor......... 151 00
9 One Hundred and Twenty-second
St., n. 8.. 62 e. 3d av., extd'g 43.
James Black & Son agt. George
„ ^Jons............................. 13000
9 One Hundred and Twentieth st.,
8. B., 275 e. 2d av., extd'g 54.
Frank Gulm agt. Jane Coar....... 169 00
6 Seventh av., n. e. cor. 26th st.,
50x100. Richard Newcombe agt.
Maria Stoessel.................... 788 00
g Twenty-second st. (No. 7 E.)... )
Twenty-third st, (No. 6 E.).....j
John MuUer agt. Mr. Kury....... 35 00
8 Thirty-ninth st. (No. 438 W.), s. 3.
(Cont'n.) Michael Croghan agt.
John Becker___................. 200 00
1 Fulton av., s. e. cob. Brooklyn
av., 100x100. Jeremiah Hackett
agt, Wm. Diuyea, E. T. Hatch,
and Isaac Badeau................ $1,300 75
4 Same property. Sasie agt. same . . 1,375 00
2 Jefferson st., s. s., 340.e. Howard
av., 80x100,4houses. Charles W. .
Comins agt. Charles Blackmore
and John Erickson.... w......... 190 00
6 Twentieth st., n. s., 165 s. 5th
av., 26x100. W. W. Burton agt.
Jas. Barry........................ 90 00
3 Twenty-sixth st., s. s^ 250 w. 5th
. aY.,.25xlQ0.2. Jacob Walters agt.
John Douglas^............,.,,,.. 129 OQ