Please note: this text may be incomplete. For more information about this OCR, view About OCR text.
Record and Guide
.Bifsofess jutolHEHEs Of Gtito^ lKrenf»T*
Pffic^. peR yeah, in advance, six dollars.
Published every Saturday.
TBLEPBONE, --.-.- [COKTLANBT 1370
Co mm unl cation 8 should be addressed to
C. W. SWEET, 14-16 Vesey Street.
J. T. LINDSEY, Business Manager,
"Entered al the Posl-offieeal New Tork, N. Y., as se^iond-clase mailer."
MARCPr 13, 1897.
All Architects, Bnilding Material Manufacturers, Eeal Estate Owners
Agents, Anclioneers and Brokers are interested in the great " Historical.
Encyclopedic Beview of Architecture, Building and Beal Estate" now
preparing hy the •'Record and Guide.'' As useful and necessary as a
dictionary or directonj, and as readable as a novel. Thousands will read
it. The standard work.
» NYONE wbo will take the trouble to compare current
./\ stock market quotations with those prevailing arouQd
last election day, will find that they have reacted considerably
in the interval, the amouut of the reaction varying from three
to ten and more points. There are the usual exceptions to thia
movementrbut on the whole prices ai'e considerably lower than
they were four months ago. Another point to be noted is tbat,
as a rule, present prices have been maintained for a consider-
ble time, indicating that holders are satished with their prop¬
erties and content to wait for improved figures before selling.
This strength is due entirely to home support in the market,
because London aud the Continent liave been continuous sellers
for a couple of months and the ease witb which their offerings
have been takeu is one of the best signs, because, in the ab¬
sence of any general demand for securities on this side, tbe
buyers have beeu the limited circle of insiders who know to a
cent the value of their purchases. The selling from abroad has,
however, strengthened exchange and revived talk of probable
early gold shipments, but the Treasury reports of our foreign
trade, continuing to show large balances ou the export side,
considerably mitigate if they do not altogether remove thia
danger. Amidst many complaints of dull business, there is
something of an encouraging nature to be noted each week.
This week it is tbe increase in the iron and steel production.
The latest reports show that the furnaces In blast have in¬
creased their capacity since last month and compare favorably
with those in blast this time last year, when the business world
was looking much more confidently to the immediate futnre
than it seems now inclined to do. If iron is any test of the sit¬
uation, then this preparation for an increase in demand is a
good augury for business in general.
HAPPILY for all concerned, Greece as well as Turkey, tor
the political as well as the commercial condition of Eu¬
rope, those who did not think it possible for tbe Great Powers
to hold together in their policy toward Crete, have been mis¬
taken. Greece's withdrawal from the absurd position she took,
though it is being made reluctantly and with the greatest efforts
to maintain appearances, is doing much to revive confidence in
business circles, but the great feature is the fact, now made
positively evident, that the responsible governments of Europe
are determined that peace shall be maintained, and that they
will stand between any of the smaller fry that from interested
motives should attempt to break it. As to the Island of Crete
itself, the intervention of disinterested parties is its salvation.
It is only necessary to read the accounts of the Christian atroci¬
ties to see that none having racial or religious sympathies with
the perpetrators of these misdeeds, in which the murder and
mutilation of Moslem women and children figure quite Droiiii-
nenty. could restrain their bands, and. as Turkish intervention
would incite the Moslems to deeds of <'nielty. the presence of
Greek troops has already encouraged the Christians to similai'
acts of savagei-y. Only a power that can stand between the
two. and. if necessary, knock their brutal heads together, can
bring orfler to the island with liberty and justice lo everyone
in it. The outcry ngainst using force to repel Oreciiin crusad¬
ers is dying out fast now that the policy of the (Jre.it Powers
Is better understood and its wisdom apparent even to those
whose sentiment lying always uppermost makes them late to
see the sensible side of a question. The female poet has re¬
cently come into the controversy, and we always know that is
the sign of the crisis having been reached in an attack of popu¬
OUITE a formidable opposition has grown up ia this City to
consolidation under the terms of the charter for the
Greater New York, now before the Legislature, since it was re¬
ported by the Commission. In this connection an excellent sug¬
gestion comes from a special committee of tbe Real Estate Ex¬
change to the effect that this opposition should be consolidated,
so as to make the best impression possible upon tbe Legislature,'
and upon those high officers of the City and State whose ap¬
proval is necessary before the charter can become law. The
great representative bodies who have expressed their disap¬
proval of tbe bill are the Bar Association, the Chamber of Com¬
merce, the Board of Trade aud Transpoitation, the Real Estate
and otlier exchanges, the Union League and City Clubs, and the
prominent individuals who desire to see the bill defeated are
too numerous to mention. Tbe objections to the charter are
quite unanswerable and no one attempts to answer them.
Briefly, the chief ones are that it is an imperfect document, by
reason of being hastily and inconsiderately prepared, and that
it was drafted in the interest of the City of Brooklyn, and at the
expense of the City of New York. The latter was most inade¬
quately represented upon the Committee on Draft, there being
upon it only one man wbo may be said to have been wholly
identified with this City. Tbe majority were Brooklyn men, or
men with Brooklyn affiliations, and the balance was made up of
representatives of the outlying districts tbat were tagged on
to Greater New York for no other appreciable reason than .to
lielp Brooklyn bulldoze New York. In principle, the charter
represents Populism—the organization of the empty-pockets to
despoil the full-pocket. In spite of all this, people on the ground,
wbo ought to know, say that the charter will be "jammed"
through at Albany. The possibility of this jamming process is
only recognizable through a knowledge of the inferior character
of the timber that makes up the Legislature. But with the
Mayor of New York and the Governor of the State it should be
another matter. It is impossible to conceive bow these will be
able to give their approval to the charter, if passed, in face of
tbe .sound and weighty objections made to it. At any rate the
opposition should organize aud make the best fight possible
for their reasonable wishes, i. e.. that more time should be given
to the preparation of a charter, aud that the union should be
ett:ected upon just and equitable pecuniary terms to all the mem¬
bers of the greater city. To further these wishes and to consol¬
idate the forces desiring them a public meeting will be held at
the Real Estate Exchange ou Monday next, at 3.30 p. m. Every¬
one interested in the well-being and progress of New York City
as delimitated to-day ought to attend in order to make the ex¬
pression of opinion by this gathering as full and emphatic as
THE feeling of brokers and others is even stronger than
we thought regarding the desirability of the Real Bstat«
Exchange and the Real Estate Salesroom "getting together"
and again unifying their interests.- As we pointed out recently
the long-standing difference between the two auctioneer fac¬
tions is become a really serious detriment to real estate as a
whole. It is damaging the status of the business in the esti¬
mation of the public, not only in tbe positive way we indicated
in tbese columns, but negatively also by blocking the road
ao-aiust the thorough organization of the real estate business
which would surely come about in the ordinai-y process of things
to the benefit of everybody, were there no impediments. Every
trade in these times is discovering the need of organization. In
dividual etfort it is fouud must now be supplemented by col¬
lective action and hence we have the numerous exchanges, and
trade and professional associations that exist to promote wider
iuterests and secure greater ends than can possibly be reached
Iiv merely personal endeavor. Real estate is particularly in
need of these larger agencies. A prominent active central or-
"-anization is every bit as important to it as the Stock Exchange
is to the pax-ticular form of investments dealt in on its fioor.
A big, well-managed institution gets public attention, and this
in the case of i-eal estate would react beneficially upon every
liroker and every parcel of property in the city. We do not
like the word "tone." but the thing itself is very desirable, and
I'cal estate and real estate men have much to gain
from if and from a public organization that would cen¬
tralize, solidify and dignify the profession. Besides
real estate men to-day need as they never needed be¬
fore, n. strong organization behind them to protect their
iuterests. ri'iiiove abuses .nnd institute reforms and new
methods of business, The old machinery depended upon to-day