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September 19, 1885
The Record and Guide.
THE RECORD AND GUIDE,
Published every Saturday.
IQl Broadwav, IST. "^T.
Our Teleplioue Call Is.....JOHN 370.
om FEAR, lu advance, SIX DOLLARS.
Conununications should be addressed to
C. W, SWEET, 191 Broadway.
J. T. LINDSEY, Busmess Manager.
Vol. XXXVI. SEPTEMBER 19, 1885.
The Real Estate Exchange made a new departure during the
past week in inviting to its floor such of its members as wished to
deal with each other directly, instead of through their respective
offices. Chicago in tliis matter has been ahead of New York, for the
real estate brokers there have long held their daUy meetings for tlie
transaction of business. These gatherings have expedited trade
and largely increased the number of transactions. The New York
Exchange has made a promising beginning, but that is about all
that can be said of it. On this point we call attention to Mr.
Ferdinand Fish's letter given elsewhere, as well as our report on the
There is one necessary reform in addition to those suggested by
Mr. Fish which must be effected before these daily gatherings of
brokers are entirely successful. Dealers must come with guaranteed
titles, so that transactions may be closed immediately. The tedious
delays and expense of title-searching must somehow be overcome.
Real estate owners and dealers must bend all their energies towards
reforming our land laws in this State so as to admit of quick and
inexpensive conveyances. In the meantime, it would be well if
some title guarantee company were in a position to insure the
property that may be offered on the Exchange. But owners of
realty should bear in niind that, should such a company come into
the field, it w^ould be another enemy to overcome at Albany, for
the more expensive and tedious legal transfers will be, the more
needful will be the services of these organizations. Then, again,
brokers must insist upon a contract with owners giving them, for
a limited period, the exclusive right to sell their property. The
scalping brokers must be discredited and driven from the field, and
the underhand dealings now so common to get commissions must
come to an end. The success of the Real Estate Exchange will
largely depend upon its ability to induce brokers to transact their
business in its beautiful hall on Liberty street.
of sailing vessels have passed away for ever. An improvement in
steam navigation, or the build of an ocean steamship is of the
utmost practical importance. The swift runs made by the steam¬
ship America, with a consumption of only one hundred tons of coal
a day, when the Etruria and other ocean "greyhounds'* consume
over three hundred tons a day, is a fact of utmos^t importance to all
intrusted in the steam fleets of the world. Of course there are
other factors brought into play than utility in a contest which has
so excited the public on both sides of the ocean for the last two
weeks. There is national feeling, and that love of a contest of skill
or strength which has always been so attractive to mankind. We
may beat the English in our model of a sailing craft, but the fact
remains that the steam vessels of Great Britain are seen on every
sea and in all the ports of the world, while the flag of the United
States is conspicuous by its absence outside tlie shore limits of our
own land. It is this victory of Great Britain over the United
States which our people should take to heart.
Mayor Grace rather misses the point in his letter to Senator Gibbs.
He says the great want of New York City is local self-government.
But is this quite correct? Under aldermen and supervisors we have
had the worst kind of government, yet what could have been more
local. What we need and must have is responsible government;
that is, we must have fewer boards and commissions and more heads
of departments directly responsible to the voters and amenable to
Notwithstanding the increase of school accommodations fully
5,000 children were unable last Monday to obtain seats in the public
school buildings. It is estimated that were 10,000 more seats pro¬
vided they would all be filled. Of course this increase is almost
entirely in the upper wards. This shows that notwithstanding the
additional accommodations in Brooklyn and all the suburbs. New
York itself is growing as rapidly now as at any time in the past.
No builder need fear putting up too many edifices on this island.
He may indeed make a mistake in the kind needed at that time or
in the locality in which he builds, but the fact remains that every
year more residences and stores are required for the people who
wish to live on this island. The Normal College this year has on its
register the names of 1,769 young ladies, which is more than can be
accommodated in that well-conducted educational institution. The
buildings should be enlarged, and additions should also be made to
the so-called New York College, but the latter institution should
give up its Greek and Latin classes and be changed into a great
technical school, similiar to a magnificentone just put into practical
operation in Berlin,
The interest in the yacht race between the Purita.n and Genesta
is not justified by any practical good likely to result from the con¬
test. The day has passed when anything is to be expected of value
to navigation from an improvement in the models of sailing vessels.
Even horse racing has raore justification, so far as utility is con-
- cerned, for the attention given to the production of speedy animals
jijdirectly increapes the value of the stock of horses. 3ut the days
Judge Van Brunt has come to the aid of Buddensiek, and on a
legal technicality has decided tliat there may be grounds for another
trial. This may be good law, but its effect will he to intensify the
popular feeling against the whole machinery of our courts. People
are saying every day that law as administered now-a-days is not
justice at all, but the grossest injustice—that it fails to punish the
guilty and that its main objects seem to be tn waste time and
impoverish litigants. StiU, notwithstanding, Buddensiek may
have a case, and the public may be mistaken in thinking that he
ought to have been promptly and severely punished for his alleged
The attitude of the administration on the silver question is
puzzling. It has been complained that the silver issues displaced
gold, but the fact is the bulk of the gold in the National Treasury
was put there in exchange for silver certificates. The gold was
deposited in our Eastern sub-treasuries in exchange for silver cer¬
tificates which were sent South and West to move the crops. This
accounts for the ease of the money market during the spring and
fall seasons of the last few years. In former years there was a cur¬
rency panic at the crop moving season to the great advantage of
the national banks, who charged extravagant interest for tbe use of
their funds when the crops were to be moved. The silver certifi¬
cates, therefore, have worked excellently well for the business com¬
munity, but have reduced the profits of the banks. Secretary Man¬
ning was the president aud Treasurer Jordan an officer of a
national bank, and consciously or uuc(msciously they are working in
the interest of the banks and against the interest of the business
men in refusing to furuiyh silver certificates for gold. If they suc¬
ceed the rates of money will harden and the banks will profit at
the expense of those who have the crops to handle.
The Business Prospect.
The fall season opens aus]>iciously. We give extracts from news¬
papers elsewhere, all of which are of a reassuring character, so far
as the business outlook is concerned. General trade undoubtedly
shows a marked improvement. Our city hotels are thronged with
out-of-town merchants. Factories are being reopened in every
direction and, wdiat is of peculiar significance, there has been a
marked revival of the iron and steel industries. This is true not
only of the United States, but more particularly of England, where
there has been an advance in the iron market, due to unexpectedly
large orders from all parts of the world. There is what may be
termed a superstition among business men that the condition of the
iron market is a sure indication of prosperous or unprosperous
times. There can be no revival of industry without a demand for
the implements of labor, and hence any advance in the metal mar¬
ket is considered an augury of a more remunerative trade.
The warm weather during the pas-1 week insures us the largest
crop of corn ever grown in this country. It may reach two thous¬
and million bushels, which makes the shortage in wheat a trifling
matter, compared with the total of our agricultural products.
Last year, for instance, it was estimated that our cotton
crop was worth |355,000,000 to the producers and the wheat
crop $330,000,000, while the corn crop must have netted fuUy
$640,000,000. This year we shall at least have three hundred thou¬
sand bushels more corn than last year, while our wheat crop is
short less than one hundred and Fifty million bushels. Our
corn crop is not or ly the most useful and valuable in itself, but it
swells railway receipts more than any other agricultural product.
It is a bulky article and is carried short distances, which renders it
subject to local rates, hence its special value to the railroad system.
Our cotton crop promises to be the largest ever grown. Granting
that the price will be low, it will none the less be marketed and fur¬
nish business for all the transportation lines.
Taking an impartial view of the situation there is every reason
for encouragement. The price of food and clothing will continue
low, The work-people may get less wages, but the purchasing