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The Record and Guide.
THE RECORD AND GUIDE,
Published every Saturday.
191 Broad^wav, IST. "ST.
Oar Telepl&one Call la .... . JOHN 370.
ONE YEAR, in adTance, SIX DOLLARS.
Communications should be addressed to
C. W. SWEET, 191 Broadway.
J. T. LINDSEY, Business Manager.
JUNE 5, 1886.
The feeling in business circles during the past week was quite
hopeful. There is not much surplus stock of manufactured goods
ahead, while the demand is fairly good. It looks as if the volume
of business this summer and fall will be large and profitable.
There has been a revival of stock speculation, but how long it will
last is a doubtful question. There is also an advance in wheat, but
this has checked exportations. Wheat had been going forward
very freely. The real estate market is quiet, but there is a good
deal doing in the offices of the brokers. So far the promise of the
crops is all that can be desired, and whether the price is high or
low, this fact is reassuring to business men.
compliance with the requirements of the Jaw. The disposal of the privi¬
lege is likely to be obstructed by other litigation, and there is little prospecfc
that the Receiver of the Broadway Surface Company will get possession of
ifcs property for some time to come. The whole business threatens to be
tied up in lawsuits for a long time, and there oughfc, if possible, to be some
arrangemenfc to continue the running of the cars.
"What a precious mess this whole business is in. If ^q road
stops running, or the city loses its income—if the litigation finally
results in a heavy bill of expenses, and no guilty person is pun¬
ished, our citizens will have to thank the fool editors of the New
York press for all or any of these mishaps. It was the news¬
papers that secured the annulment of the charteir; yet the road
is a very necessary one—almost essential in fact, now that the
omnibuses have been withdrawn. The bargain the city made with
the company was an excellent one, as without spending a dollar
it secured a large annual revenue. It realfy seems as if this whole
annulment business was planned by the lawyers to run up heavy
bills against the city and Jake Sharp. This will be its sole result,
for the taking away of the charter will not be permitted by the
Governor Hill hesitates to approve the bill electing city Aldermen
in a new way at a spring election. While we hope he will approve
of the change, we do not think he should be censured if he vetoes
the bill. The adoption of a cumulative vote would destroy all
party responsibility, for the result would be that the Tammany
and County Democracies would have about two thirds of the
board, leaving the other third to the Republicans. This would
lead to perpetual deals, and neither of the three parties could be
called to account therefor. It is strange how people forget the
lessons of the past. All the reformers are now clamoring for
spring elections, yet these were tried and found wanting. City
elections, held by themselves, call oufc a very light vote; and the
people who go to the polls are generally the least desirable citizens.
Still, we wish the Governor will see his way clear to signing the
bill, but if he should not do so his motives should not be impugned.
An approval, however, of the Nooney Excise bill would be a
scandal, for ifc would be clearly the result of a deal to manipulate
the liquor interests to advance Governor Hill's political fortunes.
Cyrus W. Field has scored a victory over Governor RoWnson and
the Higginson syndicate. The Republican Committee of Claims,
of the Legislature of Massachusetts, with every political induce¬
ment to whitewash the transaction, has been forced to confess thafc
the Governor was misled, and that the charges that Field and Sage
wished to wreck the New York & New England road were not
proven, because it clearly was not their interest to render their
own large blocks of stock in the company valueless. The Sfcate of
Massachusetts lost money and honor in this, transaction, but Mr.
Cyrus W. Field should remember that he has himself to blame for
the kind of reputation he bears in financial circles. The Higginson
syndicate, and those who profited by that deal, would not have
dared to have taken the action they did against capitalists who
were in good repute. Mr. Field, in this transaction, was simply
paying the price for his own alleged misconduct in ManhattlJn and
other stocks. But this New York & New England Railway Com¬
pany business gravely dishonors the old Commonwealth.
The newspaper reporters have clearly magnified the rumors of
dissension among the Knights of Labor. Indeed, it looks as if
there was a conspiracy among the Knights of the Quill to discredit
the great labor organization. At the same time it is not at all
unlikely that the Knights of Labor may split up and become disor¬
ganized. Its membership is composed of incongruous material.
Its growth, also, has been too rapid for permanence. Undoubtedly
the politicians will endeavor to capture the local assemblies. There
is only one hope for the order. If its members rally around Grand
Master Potvderly and follow his leadership it will commifc few
mistakes. He will lead tovictory, not only against the corporations,
but in the political field. The chances are, however, that the mass
of the workingmen belonging to the Knights will revolt, for, as a
class, they are very jealous of their fellow workmen, and will not
tolerate any personal ascendency. Should the Knights of Labor
become disorganized their place will probably be taken by the
trades unions, which will form a National Union similar to the
amalgamated trades ih Great Britain. But should the mass of the
laboring people rally around Powderly, he will wield more power
of a certain kind than any unofficial person in the country.
Buddensiek is in jail, and his fate should be a warning to unscru¬
pulous builders who erect structures simply to make money,
without reference to the lives, comfort or healfch of the people who
may occupy them. This man knew he was doing wrong, for he
had counsel engaged to threaten any paper which was disposed
to call public attention to the kind of houses he was constructing.
Since his trial and conviction he has beeu building ofcher houses,
and the Brooklyn JEagrZe regards this as a serious neglecfc of duty
by the Building Deparfcmenfc in giving him permits. But Budden¬
siek did not'ask for permits in his own name. They were granted
on the demand of dummies of his, and there was no way of the
Building Depiartment finding out that he was interested in them.
But we are rid of this conscienceless creature for ten years at least.
The Times points out some of the difficulties connected with the
receivership of the Broadway road. It says thafc if an injunction
The operation of the road,in Broadway is likely tobe stopped altogether,
wMch would be _%great public, ln(X)nT^ The city^has no right to
eperate the road or to grant the privilege to another company without a
The Committee of One Hundred.
The newspapers gave bufc meagre reports of the citizens' mass
meeting held afc the Academy of Music on Wednesday evening lait,
for the reason probably that they did not think it of much account.
Yet, in all probability, the influence of the Committee of One
Hundred appointed by the meeting virill be felt in the city election
The peculiarity of all these reform movements is that they are
so barren of ideas. The resolutions hp.ve very little point. They
tell us simply that our taxes are heavy and our boards of Aldermen
corrupt. The only remedy proposed is to elect good men, which
seems to be an impossible thing to do with our vast mass of Irre¬
sponsible voters. Indeed, the one discouraging fact in the situation
is that nine out of every ten men who go to the polls have no st&ke
in the community. They are without property; they live from
hand to mouth, and the increase of debt and taxation has no
terrors for them, as-they do not feel the burden. What is then to
attract this class in the names of the rich gentlemen vfho constitute
this Committee of One Hundred. They have no affiliations with
the bankers, brokers, merchants Jand shopkeepers, '^except as
employes. These workingmen voteife, in their hours of recreation,
spend their timu in the nearesfc saloon, and fcheir votes are afc the
command of the popular publican. What do they care aboufc good
or even honesfc men for office. It is the good fellow who treats
them well and often who gets their suffrages.
While wishing well to this new reform committee we are afraid
it is nofc properly organized; and then the resolutions under
which ifc acfcs give no evidence fchafc ifc will forward any vifcal
reforms. There is one suspicious omission in their programme ;
the Philadelphia Committee of One Hundred, which did so much
good, were pledged not .to accepfc office themselves or help their
friends into positions. No such pledge is made on behalf of the
New York committee; hence it is a reasonable inferencfi that it
will follow the footsteps of the Committee of Seventy, of whom
some sixty, it is said, became office holders or candidates for
office. Then this new commifctee should be representative. It
should embrace the leading officers of a'l the exchanges of
New York, and more particularly some of the active members
of our Real Estate Exchange. Then would it not look welj
if a few reputable workingmen were on the commifctee, thus
recognizing the leading labor organizations? It is the wage
receivers who poll the votes, and an effort should be made to weaa
them from supporting the pot-house politicians aud the saloon
keepers. The programme of the committee should be to insist
upon executive authority and responsibility and the minimising of
the power of common councils, boards and commissions. Then,
again, if the English system could be introduced into this country
of having the local taxes levied upon the rent payers, rather thaa
onthe property-holders, it would change the whole character of