Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 27, no. 683: April 16, 1881

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Real Estate Record AND BUILDERS' GUIDE. Vol. XXYII. NEW YORK, SATURDAY, APRIL 16, 1881 No. 683 Published Weekly by The Real Estate Record Association TERMS: OBfE TEAR, in advance.....$6.00 Communications should be addressed to C. W. SWEET, 137 Broadway. J, T, LINDSEY, Business Manager. Real estate owners would do well to read carefully the interesting letters of our Al¬ bany correspondent. We have employed one of the oldest and most careful of the regular corps of correspondents, a gentleman who is himself interested in New York real¬ ty, and who is familiar with the history of the Legislature of the state for twenty years. The daily impers give very copious letters from Albany, but the correspondents generally overlook business matters for those which interest politicians. The letters in The Record have the merit of dealing ex¬ clusively with those matters which affect real estate owners, omitting all else. Hence, it is not necessary to read column after col¬ umn of verbose stuff to get at a few items of really valuable news. FINANCIAL NEWSPAPERS. Recently we paid our respects, in the way of comment, upon several of the best known daily financial j mrnals. As a guide to in¬ vestors, perhai)s some further comments on still other journals may be found useful. The news of the street, and the comments on the fluctuations of the market, are eager¬ ly read by tens of thousands of people, who never, or rarely, sj)eculate, Long experience however, has shown that it is unwise to take a newspaper point. It is nearly always given with the intention to deceive. Then, the money writers occupy an anamalous po¬ sition. No matter how honest they may be, they cannot give advice or early warnings, without being suspectea of improper motives. The great operators use them to try and de¬ ceive the public, and the newspapers they serve, but do not own, are always doubtful about them. The financial editors are always open to the charge of grinding axes, and they stand in wholesome awe of the managing editor or the editor-in-chief. Let them be ever so honest, any expression of opinion affects such vil.al interests, that they are sus¬ pected of wishing either to bull or bear stocks. And this is true of all journals, where the proprietary interest is vested in one person, and the writing is done by an employee. Hence the rich leading journals, like the Herald, Times, Tribune, have very little influence upon Wall street, and none at al'/with the leading operators. Ill 'Monday's Sun, however, there is an ar- ticl'j entitled "In and out of Wall street," •which is written by a gentleman who has accpss to excellent sources of information. He "pvidently enjoys the confldence of Mr. Chaijles A. Dana, for he writes freely and wields a vivacious pen. Tht. Ftiblic, edited by Colonel Williaia Grosvenor, contains some admirable articles and facts of very great value. But, some¬ how, one gets the impression that the wri¬ ter is warped in his judgment by political feeling and personal interests. His article seems to take their color from Mr. Jay Gould's views of things, hence, last fall it was bearish when the market was going up. This spring it was bullish when the market was going down. Its articles on the silver question are grossly absurd, for it advocates theories which have nothing to do with the facts in the case. The Financial Chronicle is also muddled on the silver question, but its statistics and facts, especially about the cotton trade of the port, could not very well be improved. Its general articles show wide information and conscientious study ; but its facts are of more value than its opinions. Its judgments carry no weight with the investing public. The Commercial Bulletin has many arti¬ cles of great value. It is sound on the sub¬ ject of bi-metalism, and its treatment of general trade topics shows a wide acquain¬ tance with the facts and a good generalizing faculty. It has one defect, however. The chief writer seems to belong to the school of Manchester doctrinaires. It has certain govemmental and economical notions, which seemed new and useful in the days of Harriet Martineau and Richard Cobden, but which were only half truths, that have been dis¬ credited by recent financial history. But there is a great deal of ^ood, hard work on the Bulletin. The Evening Post, when the discussion was pending, was literally insane on the question of mono-metalism. It has Uved to see all its predictions falsified and all its ar¬ guments refuted by the progress of events. Silver is to be remonetized and the " dollar of our daddies" will take its place as the future unit of value, to the great benefit of the commerce of the country. The American Exchange shows good reportorial work on cvurrent financial news, but there does not seem to be a glimmer of sense in its editorial columns. If the people who edit the Wall'Street News were to get the American Exchange and some writer of solid financial articles^employed, there could be produced a daily paper that would take the lead of all the financial journals. The Journal of Commerce is a model of industrious reporting. Its editorials or its financial articles have not the slightest valu^. The excellence of the Graphic financial column is due almost exclusively to the alertness, judgment and acquaintance of C. M. GoodseU, the manager of the paper. The Price Current is a valuable paper for those who care to keep the run of prices. The remarkable thing about it, is that it has existed so long as a semi-weekly. It is one of the curious freaks of the reading and business community, that it will not sup¬ port a semi-weekly or a bi-monthly. They have been tried thousands of times and have always failed. The Fortnightly of Lo ndou is leailj a monthly publication. To secure popular favor, a publication must be either a daily, a weekly, or a monthly. The Times, Tribune and Herald have all tried to establish semi-week lies, but ali have failed to make them profitable. The Herald, at one time, spent money lavishly for that purpose to no effect. Horace Greelsy, wheu alive, made sijecial elTorts to make one remunerative, but without success. BOLD, BUT PRUDENT. In siieculating upon the probable action of Secretary Windom, witii regard to refund¬ ing, some two weeks since, we expressed the wish which we knew was felt by conservative businessmen, that, iiidealing with the money market, he would use tiie checkrein aud curb rather than the spur or the .whip. It was in his power to have stirnuialed a dangerous in¬ flation in Wall street. By using the reserves in the Treasury and issuing Treasury notes he could have poured out a flood of money, which would have speedily i)roduced a spec¬ ulative delirium. This would have been very pleasaut wiiileiL lasted; but would hav© restdted in a ruinous break in prices and disaster to the entire community. To avoid this danger, the Secretary has adopted a plan which is at once bold and prudent; bold, because if not iflegal it is certainly extra legal. His offer to the hol¬ ders of the G per cout bonds, due on the flrst of next July, is oue which meets every business consideration, but it is wholly with¬ out warrant of law. His action is a dis¬ tinct usurpation of tlie legislative functions of the Government. It has evidently been suggested by the national banks, but is none the less of value to the eutire country. The banks will Jieartiiy co-operate ^with the Secretary in carrying out,his^ scheme, so as to forestall any action of Congress, such as was Contemplated by the Carlisle amend¬ ment to the Refunding bill, ^.vetoed by ex- Pi'esident Hayes, Shoukl the fives and sixes be retired before the meeting _of Con¬ gress, and a '6y2 per cent temporary bond substituted, it would give the public credi¬ tors a higher interest than Congress would aUow, and would practically forestall the necessity for any new Refunding bill. The scheme, at present, seems reasonably ^ sure of being successful. This makes the business prospects for the year look particu*'* larly bright; for, whde there will be no imi due stimulation, the Administration wj^ljibe forced to use its great powers to keep ijjdney easy, and the rate of interest reasonably low. Every business in the country can now ad¬ just itself to the situation. Ther.©, as yet, has been no unwholesome rise in prices out¬ side of the Stock Excliauge; indeed, the prime products of the nation, cotton, wheat and meats, are unusually low m price. The game remark is true of the .metals and of land. In the meanwhile, euiigration is phe¬ nomenally large and the outlook for the country was never brighter. Then, as to the stock mai'ket. Prices have been dull, but strong, and, unless there are very bad crop reports, we may expect to t