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Dn&iiOpfHL Estate-SuiLDiffc A;RprfrrE<nuRjEj{ousEitou»Dinci(p»rf:
SiiSBfess Alio Themes ofGetJer^ llfttnp»l,
PRICE, PER YEAR IN ADVANCE, SIX DOLLARS.
published every Saturday.
Tblephonb,......Cobtianiw 1370
Gommnnloatlone should be addressed to
C. W. SWEET, 14-16 Vesey Street.
/. I. LINDSEY. Business Manager.
"Entered at the Post-offlee at New Tork, N. T., as second-dass matter."
Vol. LVI. NOVEMBER 16. 1895. No. 1,444
The Record and Guide wiii furnish you with daily detailed reports
of all building operations, eompiled to suit your business spedfioally, for
14 cents a day. You a/re thus kept informed of the entire market for yovr
goods. No guess \vork. Every faet verified. Abundant capital and the
thirty years' experience of The Record and Guide guarantee the com¬
pleteness and authenticity of this]8erviee. Sendlto 14 and 16 Vesey street
f&r infoi-mation.
GOLD exports are uot the best argnment to bull stocks
on, it must be admitted, but it must also be admitted
that the market has withstood the influence of the shipping
ot a very considerable amount for one week very well. It may
weaken under a continued drain of gold to the otber aide, it
usually does under such circumstances. There are evideuces,
too, of a falling off m manufacturing demand for iron and steel
and a shrinking in the volume of orders in other lines. Advices
from tbe West show that farmers are receiving very low prices
for their produce. Potatoes are a drug in the market,
as are also oats almost, and tbe rates offered for hogs
will not encourage tbeir raising. But there is no uncheer-
fulness on the part of business men and the public.
They know that trade will pick up again and tbat the Ad¬
ministration stands pledged to protect the gold reserve,
80 that there is no danger of seeing a recurrence of
tbe conditions that prevailed last February. Besides, the
liquidation of September and October makes auy big
break in prices more than ever improbable. For the
flrst time in a long while tbe coming meeting of Congress
is not dreaded. There is somehow abroad an impression tbat
Congress will do something to improve the condition of tbe cur¬
rency and a certainty tbat it will not do anything to iD^iure it.
Most legislative bodies bave an ear tbat is open to clamor
from the ignorant multitude and an ear that is opeu to the advice
of esperience, but which is unfortunately closed most of tbe
time. It is now hoped—there is nothing so daring as hope—that
Congress is ready to open its better ear, in which case no end of
good could result to our financial position. If Cougress will only
show that it is open to reason on this guestion and will provide
even temporary remedies for what is worst in the treasury positiou
and in the currency, our friends across the sea will again come
into the Uuited States as investors. They may very well do so,
because recent events bave shown tbat they could not have a
better place to realize in when they want to.
T ORD SALISBURY'S speech, which has already had so re-
-Li markable an eftect on the minds of men throughout not
only Europe but the world, is much more important than has
yet been supposed, if one particular part may be taken as
founded upon the actual facts of the situation as tbey are likely
to be known to a man iu his positiou. We refer to that part
whicb intimated that the powers have become alive to the
necessity of settling their differences by other means than a
resort to arms, and contemplate a reduction of the standing
fighting forces. A state of things which would even lessen tbe
danger of armed conflict in a considerable degree would make a
great change in commercial conditions, whicb would in the first
instance not be without its disadvantages, though these could
be very well borne iu order to secure tbe more general good that
would eventually arise from tbe assurance of peace based upon
more stable conditious than have ever existed before. While
we hear a great deal about the immense standing armies draw¬
ing so many hundred of thousands, or so many millions of men
' om pefiWSf^^l pursuits, nothing is said of tbe work of maintain-
ig and providing the sustenance and arming of those armies,
•"'hichisof itself a great industrial uadertaking having many
-ranches, aad of which the profit as well as tbe burden falls
'POllsi t^»e civilian, A general disarming, whenever it be
efittuisly ; takeu iu band, create temporaiy confusion in
rade*;' not: only because it will make a great deal of
uanu,facturing unnecessary, but because the forces dispensed
ffith will have to find their places among the workers, which
m
they can only do by entering into competition witb them.
Tbis isan evil of tbe great armies themselves, ratber tban of
their curtailment, because the policy of adding to tbe fighting
forcesof anation is one that must inevitably become intoler¬
able and force this condition of affairs. Of course, the soldiers
of to-day who may become civilians hereafter will still have to
eat aud drink, wear clothes and have a place to sleep in, but
tbese proper requirements of their persons will bave to be pro¬
vided in different ways thau they are now, and that will mean a
disturbance of existing conditions of production and labor. The
change, however, is a long way ahead, and it will come very
gradually when it does come, but just as surely as it comes into
proximity will manufacturers, and laboring meu especially,
dread the inevitable upheaval that, will take place in their
several spheres.
—,-------«---------.
THERE ia a saying tbat no man who needs a statue deserves
to have one. Similarly with a third term of the Presi¬
dency :.to strive for it actively is to evince a certain personal un¬
fitness suf8cient to justify all tbat bas ever been said in favor of
tbat part of our unwritten constitution which declares against a
third term. It is difficult to credit the newspaper chatter tbat Pres¬
ident Cleveland seeks re-election, and should he really bave any
ambition in that direction itis impossible to believe that his party,
or even a considerable portiou of his party, will support liira
in his purpose. Political expediency, that dominating consider¬
ation in party action, is dead against any repetition of the
attempt that G-rant's friends made in 1876. Indeed, the talk
we bear to-day upon the subject more probably arises from tbe
mere possibilities of the present situation tban from anythiug
actually on the cards. Newspapers must have somethiug to
talk about, and the third-term tradition is not an opportunity
for "copy" that presents itself every day. Once on tbe back
of tbe theme, it is easy to see how "journalism" will ride it,
and itis doubtful whether the most outspoken disclaimer from
Mr, Cleveland will spare us for some time to come from an effu¬
sion of ink as to lust of power, the dauger that threatens our
liberties, and tbe intentions of the fathers of the country. As
to the latter, we may be sure that the clear historical fact will
be overlooked tbat tbe framers of the Constitution after much
deliberation and many recorded changes of mind finally pro¬
nounced in favor of unlimited eligibility to ofSee. Their con¬
clusion, indeed, was governed by the consideration that tenure
of office was likely to promote and secure efficiency, and tbat to
arbitrarily determine the period of incumbency of tbe Chief
Magistrate might operate to deprive the country of services aud
esperience whicb it could not wisely dispense with, Washing¬
ton, we know, refused the third term entirely and explicitly
upon personal reasons and not upon tbe ground of public polity
In following the precedent of his predecessor, it was Jefferson
(whose re-election, by the way, was impossible) wbo established
the principle subsequently developed into tbe third-term tra¬
dition and gave that quite unwarranted twist to Washington's
declination that has not been rectified yet with tbe people. Far
from there being iu his day a popular opposition to a tliird term,
nine States, includingNew York, Pennsylvauia aud New Jersey,
voted for bis re-election. Even iu Jackson's day a third term
was not an impossibility, although the unwi'itten law ou the
subject had then acquired a real force. It was Grant's fiual
struggle for renomination that added the popular amendment
to the Constitution, which makes the re-election of Mr. Cleve¬
laud practically hopeless. What was refused to Grant will not
be given to another, save uuder the most'estraordinary circum¬
stances, and no justification of tbe kiud exists to-day.
ONE result of tbe recent elections in the West is of more than
usual interest to tbe readers of this journal. The people
of Chicago decided by a vote of 77,000 to 5,000 that they
wanted to try the Torren's system of land transfer in Coolc
Couuty, This method of transfer provides, it will be remem¬
bered, fortbe establishment of a court, whose business it is to
examine into the existing titles to real properties, and once aud
for all to fix tbeir legal status. Any property owuer wishing to
obtain the advantage of the system can submit bis titles to a
search by the court attorneys, and if the title is found to be
unimpeachable the State guarantee it absolutely. Aftertbe guar¬
antee is once made the propertv is no longer transferred by deed,
but only on the books of the Coui-t of Registry, and as the neces¬
sity of a separate search before each transfer no longer esists,
tbe property can be conveyed with as little trouble, time and ex¬
pense as a hundred shares of stock. It also becomes very much
more available as quick security for a loan. Under the law just
adopted iu Chicago any person may register bis property for $2.
To get a certificate he must present all the evidence of owner¬
ship he holds, which has uot been entered of record, but he is
not required to present any abstract. A board of esaminers ex¬
amines these proofs, and a written opinion of the majority if the
board determines the action of tbe Registrar. During tive
years every one has an opportunity of contesting certificates of