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September SS, 1888
The Record and Guide.
THE RECORD AND GUIDE.
191 Broadway, N. Y.
ONE TEAR, io advance, SIX DOLLARS.
Communicationa should be addressed to
C. W, SWEET, 191 Broadway.
J. T. LINDSET, Business Manager.
SEPTEMBER S2, 1883.
The list of unrented flrst-class suites .if rooms in apartment houses,
which we print to-day, will be found of special interest to all heads of
families who are looking for horaes. They can see at a glance all the
best rooms in tbe market together with the price and location. Owners
and agents are invited to beep us posted so that we can correct the list
from week to week. No charge.
The contents of The Record and Gdide of this loeeJe are of un¬
usual interest to business men—to bankers and brokers of all kinds
as well as to owners and dealers in realty. Tlie exclusive report of
the great meeting of financiers in London to discuss the double
standard problem should be read by everyone who wishes toJcnow
why prices of all commodities have declined and are declining. The
New York press has conspired to misstatethis vital matter. Every
dealer in stock securities will be interested in the interview with
Henry Hart, who retails points given him by Jay Gould. Tlie
latest and most authentic news about the Real Estate Exchange is
also given, together with ihe freshest information respecting house
decoration. The article on thenew Tiieological Seuinary on Fourth
avenue is by one of the most competent critics of architecture in
this country. "Sir Oracle's" very free criticism of the press of
New York mil also be found spicy reading.
The Proposed Real Estate Exchange.
The Committee who have in charge the organization of a Real
Estate Exchange and the selection of a Bite therefor, have held
frequent meetings during the past week, and doubtless will soon
be able to roake a report which ought to prove satisfactory to the
entire real estate interest of the Metropolis. From the consulta¬
tions of the committee thus far it is safe to say that the programme
they will propose will be about as follows ;
1, The constitution of the Eeal Estate Exchange will be a liberal
one. Membership will not be confined to the leading dealers, but
all brokers and traders, large and small, will be able to enjoy the
privileges of the organization.
3. To give the new exchange influence and character itis proposed
to invite the leading property holders of the city to become mem¬
bers. This is with the view of focalizing the influence of the great
taxpayers, so as to secure such legislation aa will reform our land
and tax laws and ensure good and responsible local government.
3. There mf^y be two classes of members—those who will pay one
or two thousand dollars each and who will own tbe building and
site, and others who will pay annual dues, of say, thirty or fifty
dollara, and who will constitute the active membership of the
exchange. It is suppossed that there may be five hundred of the
first class, mainly large property holders, and in time two or three
thousand of the second class. Thua no one will be excluded from
enjoying all the benefits of the organization.
What troubles the committee just now is the question of site.
The old Produce Exchange can be secured, but it is objected that
it is too far down town. But on the other hand it is urged that a
suitable building or a better chosen site cannot be erected in less
than a year, and the feeling is general that the exchange ought to
get to work before the close of this year. As a compromise it has
heen suggested that the old Produce Exchange should be rented
for a term of years with the privilege of purchasing it if found
convenient. There is a very general determination to abandon the
extremely unpopular Trinity building as soon as possible.
The committee who have this matter in charge, Jlessrs. Ludlow,
Harnett, Cammann, Bellamy, Scott, Cruikshank, Friedman and
Honig, all believe that the new exchange will in time become the
most important institution of the kind in the city—that is if they
can find a proper site and are successful in organizing in such a
way as to unite the propertj'-holding and trading interests in real
The Great Money Problem.
The following dispatch in the daily papers tells ita own story.
Amsterdam, Sept. 14, 1833.
The Congress of Commerce and Industry begins ita annual Be.-wioa here
to-day. A resolution was adopted declaring that the principal cause of
the depreciation of silver results from the decrease of ita coinage in
Europe. The reaolutiou also expresses a wish for the adoption of a com¬
mon double standard throughout Europe and America.
In this connection we call attention to the very full report, which
will be found elsewhere, of a meeting held in London, to bring
about an international agreement, allowing a free coinage of silver
by the several nations, at some ratio to be determined upon, with
gold. It will be noted that the chairman of the meeting was Mr.
Gibbs, late President of the Bank of England, and that his associ¬
ates are leading financiers aud infiueutial members of Parliament.
Bankers and all business men should carefully read the remarks
made by the several speakers. These matters are not only sup¬
pressed, but misstated by the New York daily press. We under¬
stand that an association similar to this English one is about to be
organized in this city.
The significance of the meeting we report lies in tha fact that
England has been living under the gold unit of value since the
close of the Napoleonic wars. This did not matter so long aa the
Latin Union and the United States were bi-metallic, and Germany,
Russia, Austria and all Asia were practically silver countries. But
when Germany and the United States in 1873 demonetized silver,
then the evils of gold mono-metalism in England showed them¬
selves. All engaged in Asiatic trade suffered great losses by the
fall in the price of the white metal, due to the change and the
enforced stoppage of silver coinage in the Latin Union. In view
of the heavy losses of merchants and manufacturers engaged in
the Eastern trade, the Liverpool Chamber of Commerce petitioned
Parliament to favor bi-metalism, and the shrinkage of pricea aU
over the civilized world for the last ten years has convinced the
most farsighted financiers that gold mono-metalism is a serious
mistake, especially in view of the reduced product of the gold
mines in late years. Holland and Italy being added to the gold
unit nations, has made matters worse. Our readers would do well
to carefully peiiise the report we give elsewhere and pass it round,
so that this subject may be properly and widely understood.
Business certainly has a hopeful look. From all quarters of the
country come reports of larger purchases than for the corresponding
period last year. The leading wholesale dry-good houses of New
York Bay that their orders were nearly as large for the first twenty-
one days of September than during the entire month for 1888, This
fall opened with a smaller stock of goods in jobbers hands than in
any year since 1879, while the country's purchasing power haa inthe
meantime enormously increased. Everything points to larger deal-
ingsand to a wholesome and prosperous trade. Money is easy, and
the time has come wheu capitalists who have been keeping it on call
will be tempted to purchase, not only stocks, hut grain and other
products. Capital will not long remain inactive if there are profit¬
able fields of investment, and the very low prices which have now
obtained for the year gives an assurance to enterprising men that
there is small danger in making investments for the immediate
future. The grain crop of Europe is deficient, and our wheat is
very low in price, taking into consideration the heavy demand
there will be for it later in the season. Europe just now is dis¬
inclined to buy our cereals because of the large stock on hand and
the dry weather during harvest, which has led to the ready market¬
ing of the grain grown thia year. But the deficiency nevertheless
exists, and will make itself felt in time. The experience of
thirty years proves that wheat selling at less than one dollar a
bushel in Chicago is always a piirchase for those who can afford to
wait. Stocks are certainly cheap, not only relatively, but abso¬
lutely ; we mean, of course, the securities of the lines which ter¬
minate at New York and Boston, and which have connections with
the far West and South. Railroad building has been overdone at
the West, but every new road constructed acts aa a new feeder to
the trunk lines between the Ohio River and the lakes and which have
their termini on the Atlantic coast. Unlike other falls, it is now
tolerably certain there will be no severe pinch for money this year.
The South and West have so much money of their own that less
than usual will be asked of New York. Then the outstanding call
for Government bonds wiil beep down the price of call loans.
Bankers expect gold shipments, and these will come should foreign
investors buy our securities. But we have not been sanguine on
that point, in view of money on call being dearer in the London
market than in New York, Our exports, it is true, are lighter
than they were last year, but we shall not bave so much cotton to
ship, and the demand for our wheat and corn is not as large aa it
was this time last year. Still, exchange will rule low, and the poa¬
sibility that we may import gold will prevent any artificial dear-
nesB of money on our market.
Nevertheless thia journal holda to the opinion that year by