Columbia University Libraries Digital Collections: The Real Estate Record

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178 The Record and Guide. February 33, 1884 industry, and the rapid growth of competition in cotton manufactures in British India, are awakening her to a realization of the truth that the gold blanket is of too scant proportions to cover that trade and business of tbe world. In the United States the victory of bi-metallism ia already assured, and mono-nietallism is among the things of the past; and I believe tbe whole people of the United States will rejoice with exceeding joy when the great powers of the world unite in an agreement for a fixed rato between the two metals, and for their free and unrestricted coinage. Your proposed nssociation will play an important part in the speedy advent of that day, and I shall be glad to co-operate with you iu bringing about their desired consummation I am very truly, your obedient servant, A. H. Ettcknbr. Save Money. One of the reasons of the uncertainty of the law is because its rules are scattered in so many books that no ordinary business man has the time to bunt them out. Hence, one would think that the business men and farmers in our State Legislature would gladly vote for a Civil Code, which, iike the Code Napoleon in France, should plainly state in language all can comprehend the settled rules of law in relation to property, real and personal. Such a code was carefully prepared by Alexander Bradford, Wm. Curtis Noyes and David Dudley Field, commissioners appointed for tbat purpose, and reported to tbe Legislature away back in 1865, and it has been m the hands of lawyers and judges and has been before the various Legislatures ever since. We ourselves have had a copy which Alexander Bradford gave us in 1867, as a rewjwd for careful atten¬ tion tothe detailsofalawsuit, and we have constantly used it since, finding it a mine of wealth for succinct, correct statement as the law is upon the subjects aforesaid. Now that code is again before our Legislature aa Senate Bill No. 87, and if the people of this State understood what is to their benefit, they would from every quar¬ ter insist upon tbe passage of tbis bill; it would put a clear state¬ ment of the law in the hands of every man, and prevent thou¬ sands of lawsuits annually; for this reason it is supported by tbat better class of the bar who are glad t« aid in every¬ thing that is a real benefit to the community. Some differ¬ ences of opinion exist as to some of the details, but as a whole it is a monument of the knowledge and industry of David Dudley Field, and is a correct exposition of what every man might and ought to know to his great profit. There is no more reason why a merchant should be obliged to hunt through a thousand volumes of reports to find the principles of the law (or pay a thousand dollars to a law¬ yer to do it for bim), than there is that the Register'sjand County Clerk's offices should be kept aa close corporations, throwing away uselessly on those officials over $100,000 annually when a simple locality index and the preservation of searches once made would save that large amount, which is wrung aa a tax from the transfer and mortgage of our real estate. But merchants will not take the trouble to see that the Civil Code becomes a law, nor will property owners support a movement to lessen the expense of searches; they would all rather throw away their money, and grumble. Our Prophetic Departmenl. Operator—What is the outlook now. Sir Oracle ? Haa not th^ bull campaign run to emptyings? How soon will tbe hears be again in the ascendency ? Sir Oracle—Their time will come in the spring, but is not due ■just yet; the bulls have control of the market, and while they may not mark up prices tbey will prevent the bears from making any violent raids. Some weeks ago, in January, when the prices were at their lowest, I confidently predicted that there would soon be a turn for the better. I reasoned tbat the difference between Govern¬ ment 3 percent, and the 8 per cent.stockswas too great to last long. Either Governments were not worth par or tbe dividend-paying stocks were selling for less tb'an their value, for I believed that values would affect the market price in time. Sihce then we have bad an advance, but I really think that the great dividend-pay ing stocks are still very cheap, and that there is a large margin of profit for those who invest in them. If New York Central, Lake Shore, Rock Island and Western Union were paying only 6 per cent, tbey would be cheap at the present market pricea. Operator — How about special stocks, like Pullman Car Company ? Sir 0.—That company earns a great deal of money, and so long as Mr. Pullman lives will continue to pay its 8 per cent, dividend. But iu so complex a business I should be doubtful about the value of ita shares when the head which organized the corporation is no longeriii its service. Pullman carsar^ found on many different lines and are a part of not one but of many systems of railroad. Then it ia a,manufacturing company, and, fiiiully, it owns a town and col- lecta rents lor the occupied houses. See what a chance there is for waste and mismanagement in an organization which has so many duties. All matiafacturing enterprises iu time come to grief. Operator,—AU ^e newspaper writers seem to agree that the market is manipulated, and that if left to natural causes prices would continue their downward course. Sir O.—Undoubtedly tbe organization of which Gould is the head intends to maintain prices. Union Pacific, Louisville & Nash¬ ville and Lackawanna have in turn been employed to stiffen the market. But the bulls have had the advantage of very low figures to start from. Undoubtedly stocks afford a better opening than does general business, and hence I expect to see a steady withdrawal of good securities from the "street." Observer,—How about wheat and cotton? Sir O.—I have been a hear on wheat for the past year. The visible stocks were so large as to show that the consumption could not overtake them until it was known w^hat the new^ crops would amount to. I think pork is altogether too high, and there is very little money in the hull side in cotton. Set me down as a bear on food products, animal and vegetable, and a moderate bull on A 1 securities, such aa stocks and bonds. Operator.—Will general trade improve ? Sir O.—There will, I think, be some revival in business up to the gathering of the crops. Iron has gons up in price; production has beer, checked so tbat consumption bas nearly overtaken it. New enterprises are being talked of. It is now certain that there will be mort' building in New York than seemed likely in early January, There may be some very unexpected disaster, but, barrmg that, I am inclined to be liopeful. Over the Ticker. THE Manhattan-Metropolitan imbroglio ia said to be sub¬ stantially settled. The committee representing the non¬ belligerent directors of tbe two companies have had repeated meet¬ ings, and have arrived at what they consider a fair solution of the matters in dispute. But they have not been able to shake off the lawyers, who insist tbat certain suits must have a legal settlement before a final adjustment is arrived at. This accounts for the recent rise in Manhattan, AVERY good symptom is the partial revival of the iron indus¬ tries, the glass-blowers and iron workers of Pittsburg are again busy. The spring trade has opened, and altogether the out¬ look is more cheerful than it was. Trade is depressed compared wilh what it was, but there seems to have been a check to the low¬ ering of prices. There is more demand for cotton goods, and unless something untoward occurs tbe spring business will be better than the fall trade. These favoring circumstances will react on real estate should they continue. .•* THE market is still held well in hand. This is by all odds the most skillfully manipulated bull campaign ever inaugurated. It cannot however last always, STILL the fact remains that good stocks are cheap for what better can an investor do than purchase a security less than par which pays 6 per cent, and 7 per cent, interest ? READING looks high at 60, but then when the line is com¬ pleted wbich connects its coal and iron property with the Vanderbilfc system it ought to advantage Reading very greatly. Its property in coal and iron is potentially the most valuable of any in the Union. PACIFIC MAIL ia^being skillfully worked and its friends say that dividends will surely be forthcoming in April, but the stock has been a very treacherous one for all outsiders. IF wheat would go down some ten points perhaps we would not need to ship gold. We shall retain our wheat until next year unless there is a serious drop in its present price, PETROLEUIH operators have had a hard time of it lately. It is slippery stuff to deal in, and no one makes money in it ex¬ cept the insiders in the Standard Oil Company, who gamble in this oleaginous substance witb marked cards. NOTWITHSTANDING tbe disfavor in which mining shares are held, there are still some good properties on the market, and some that are promising. Among these may be mentioned Ontario, Standard, Iron Silver, Father De Smet, Chrysolite and Sierra Grande. Bulwer is good but is selling too high and Bodie, which bas value, is handled by a sharp. Besides the Civil Code, of which we have spoken elsewhere, the Legislature ought to pass the final codification of the statutes at large, tbat is, of what is left of them since the Code of Practice (civil procedure), the Penal Code, and the Criminal Code have been adopted; these various bits aud remnants have been gathered to¬ gether and systematically arranged in one volume by that indus¬ trious Commissioner, Montgomery H. Throop (author of our pres¬ ent Code of Practice), and by him reported last week to this Legis-