Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 34, no. 861: September 13, 1884

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September 13,T^54 The Record and Guide. 927 THE RECORD AND GUIDE. Published every Saturday. 191 Broadway, N. Y. TERMS: am YEAH, iu advance, SIX DOLLARS. Commtinications should be addressed to C. W. SWEET, 191 Broadway. J. T. LINDSBT, Business Manager. SEPTEMBER 13, 1884. The expected coM wave bag come at last, and the fall of temper¬ ature has been so rapid that fears are expressed of a possible *' cold snap," which may injure the corn crop. Indeed frost is already reported in Dakota and Wyoming, and perhaps may be heard of further east before this paragraph is published. Still it is safe to assume tnat the corn south of the latitude of Chicago ia practically safe in any weather contingency. The enormous interest involved in a good corn crop, and its excellent prospects, have led to oversangulue estimates of its good condition. A great deal of injury will be done, notwithstanding the hopeful talk, if there is frost anytime in September. "Sir Oracle" explains elsewhere some of the considerations which make a great corn crop so important this season. It will make up for the deficiency due to the low price of wheat in our export trade and will largely increase the income from our pro¬ vision export, not only next; year but the year after. But there are other considerations that more directly affect Wall street. Corn is a far more important factor in increasing railway receipts than wheat. It ia bulky and is generally carried a short distance, and hence subject to local rates, thus swelling the revenues of the railway companies. There will be no talk of railway wars after the corii crop begins to move, for the various lines will have so much to do that there will be nothing to dispute about. This year the corn movement in the Southwest will commence earlier than usual, as, tempted by the high price of corn, the farmers are strip¬ ping the stalks so that the ears may dry quicker than if they remained out doors to be mellowed by the cool air of the later autumn. Speaking of corn suggasts the name of Abram S. Hewitt. It is to the credit of that statesman that he realized years ago how important that crop waa likely to become as an exportable article. He wished the government by all proper means to make foreign populations acquainted with the value of that cereal as an article of food. Since then great progress has been made in that direc¬ tion. We have a monopoly of corn growing as of cotton growing, and the former is likely in the not distant future to compare with the latter in levying tribute on all nations with whom we have a foreign commerce. In casting about for a worthy candidate from New York, how unfortunate it was for the Democratic party and the nation that it did not think of Abram S. Hewitt. There is a well-authenticated rumor in political circles that the leaders of the Independent Republican movement, as well as a number of the most distinguished Democrats, have united in a writ, ten request, asking Grover Cleveland to reconsider his letter of acceptance and resign in favor of some eminent Democratic states" man whose public career was unspotted and whose private life was without a stain. The surprising result of the Maine election is said to be the occasion for this proposed coup d'etat. It is believed the nomination of Senator Bayard or ex-Senator Thurman would lead to the withdrawal of Butler and the easy defeat of James G. Blaine. The names of George William Curtis, Carl Schurz, Horace White, ex-Senator Eaton, of Connecticut, and several others equally eminent in public life are said to be signers of thia unpre¬ cedented document. Assistant-Secretary of the Treasury Coon has received a good deal of unmerited commendation because he refused to permit a public building to be begun in Minnesota w^hicli would cost more than the Congressional appropriation. Since the beginning of the government almost Congress has been niggardly in its appropria¬ tions for public buildinga. All that could be done was to get inadequate sums voted, and then when the structures were half finished ask for more. This was the history of our New York post- office, aa well as hundreds of other important buildings. Secretary Coon's interference with the ordinary way of doing business may get him aome cheap applause, but it will save nothing and do no good. The public and' the press insist upon being humbugged by these pretences of economy in appropriations for public improve¬ ments, but the latter we must have and must pay for tbem. The name of Alderman Grant is coming to the front as a possible Democratic candidate for Mayor. He has several qualifications. He has plenty of money and is willing to spend it, which will make him popular w ith the " boya," and he voted against the Broadway franchise being given away, which will commend him to the honest voters. Mayor Edson expects the support of the County Democracy and we really think he would make an excellent chief magistrate of the city under the amendments to the charter passed by the last Legislature. Freed from the domination of the Aldermen and responsible only to the voters he would make wise appointments and cut down expenses wherever he could. The Republican can¬ didate ought to be Theodore Roosevelt, New York should have its young Mayor as well as Brooklyn. The Commercial Bulletin does not see the point. "After the Aldermen are abolished, what guarantee," it asks, "have "we that the single dictator who replaces them will not be chosen by the same corrupt influences?" Of course we shall run the risk of electing Mayors and heads of departments who are corrupt or inefl&cient, but when things go wrong we shall know whom to blame. It is ea^y to get at a delinquent Mayor, but a board is irresponsible, Ithas neither a body to be kicked nor soul to be damned. The path for rpform in this age lies ia taking aw.ay power from legislative bodies and entrusting it to executive heads. We must know whom to punish and whom to reward. The recent defalcations in bank circles is unsettling the minds of a very safe class of investors. Heretofore wealthy men who have avoided the stock market have felt reasonably safe in purchasing the shares of banking companies, the quotations of which stood very high in the market. It seemed incredible that institutiona, the stock of which waa 50 or 60 per cent, above par, should be financially rotten, but the disasters to the Marine, the Metropolitan and the New Brunswick banks show that the very best credit is no assurance of wise or honest management. It is this class of invest¬ ors who will hereafter put their money into real estate. Stocka have depreciated, bonds have become comparatively valueless, and the shares of banking and other companies of high repute have often become worthless, but realty, though subject to many legal burdens, is at least secure. It is safe from stock gambling presidents and absconding cashiers. This is one reason why we look for the steady investment of new money in real estate. The lack of con¬ fidence in stocks, bonds, banking and other corporate institutions wili pour the surplus savings of the community into real estate, Lence we confidently expect a continuance of the improved feel¬ ing in real estate not only during this but up to the close of next year. ■------------------------•-------------------------- National Debts. It is a curious and significant fact that in only two nations in the world is there any effort to reduce the national debts. Since tbe war we have been rapidly paying off our national obligations. In 1857 the national debt of Great Britain was £863,000,000, or about $4,300,000,000. This has been reduced to £750,000,000, or $3,600,000,000, but as Mr. A. J. Wilson writing from London shows in Bradstreet's, that in the meantime the local debts of England have increased fully $500,000,000 in thirty years' time, hence the burden is quite as great on the British tax-payer as when the national debt was at its maximum. But in other countries than Great Britain and the United States the increase of national obli¬ gations have been simply prodigious. The aggregate capital of the national debts of the world twenty-two years ago was in round numbers about $13,000,000,000. Since then the national and Slate obligations have swollen $15,000,000,000 more, that is $38,000,000,000 in all. These figures are of special interest to owners of real estate in this country. All taxation for debt-paying comes finally upon land and labor. It is incredible that the people of Europe will ever pay the principal of the national debts now piled upon them. The time will come when the burden will become intolerable. But wo present the phenomena in this country of a large and steady reduc¬ tion of our national debt side by side with the great and growing increase of values in real estate. It is quite true that, as in Eng¬ land, our municipal indebtedness is steadily increasing and tax¬ payers would do well to organize everywhere to prevent these local burdens from becoming excessive. In the organic law of several of the States in the Union a limit is put to the amount of indebtedneaa that any city or county may incur. All the States would be wise to adopt some such provision. In Philadelphia the charter prohibits the spending of any money th, t is not already in the treasury. In other words a special tax must be levied in that city before a new improvement is undertaken' This checks improvements, but it lowers taxation. Our city finan¬ ces are iu anything but a satisfactory situation. We borrow all