Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 34, no. 864: October 4, 1884

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October 4, The Record and Guide. 993 THE RECORD AND GUIDE. Published every Saturday. '~ 191 Bpoad-way, N. Y. TERMS: UNE fEAR, iu advauce, SIX DOLLARS. lOommunications should be addressed to C, W. SWEET, 191 Broadway. J. T, LINDSEY. Busine^ Manager. OCTOBER 4, 1884. Tammany ticket, but will be open to negotiations from the Repub¬ licans as well as the County Democracy. In the meantime the fact remains that the Tammany ticket is a very creditable one. Our readers would do well to carefully peruse the new department in thia paper, beaded the "World of Business." The financial discussions in our city journals are of very little value. That department of our daily and weekly preas is not distinguished by flolid judgment or wide information. A perusal of the extracts we give from the papers of other cities shows how much superior they are in this respect to the so-called metropolitan press, It will be observed that all these financial authorities are deploring the condition of general business. The world is full of food and goods. The barns, the elevators, warehouses and wholesale stores are overflowing; but there is a grievous blight on trade the world over. The general impression is that the trouble is due to over-production, yet all the nations swarm with hungry and half-naked people. May uot the difficulty be under-consumption, due to lack of money ? In various epochs of the past there were great discoveries of gold and silver, which always stimulated the trade of the world ; but the yield of precious metals, especially of gold, has largely fallen off during late years, and then the commer¬ cial nations have combined to discredit silver and thus lessen by one half the specie reserve of mankind. Hence the blow at prices, the declining markets, the distress of borrowers and all engaged in trade transactions in spite of the gifts of nature aud Providence, in the way of great crops of food and the raw ma¬ terials for clotning, --------•-------- All accounts from the West agree that the farmers will planfc less wheat this year than last. They wili turn their attention to corn, grass growing and the breeding of animals. There seems to be no step backward in the price of meat whether the times are good or bad. A writer in the Louisville Courier-Journal, whose article we copy, urges farmers not to abandon wheat growing. It is an easy crop to raise, requires little labor, and then he urges with much force that next year may probably see relatively high prices for that grain. The cheapness of wheat for the last two years has dis¬ couraged hiuropean growers and made the distant wheat fields, especially those of India and Australia, unprofitable. "Sir Oracle," in this paper, takes the same view. From the outlook at present, even if there should be a good season, it is doubtful if we will grow 400,000,000 bushels of wheat next year, that is 100,000,000 less than this year. ----------•---------- The Tammany county nominations are unexpectedly good. In¬ deed, no serious objection can be urged against any of the nom¬ inees, except, perhaps, that the two who head the ticket are young men and not as well known as some other citizens. But Messrs. 'Grant and Dugro are by no means inexperienced, they bear good characters and are each largely interested in city real estate. If the Republicans would now nominate Theodore Roosevelt for Mayor and the County Democrats should put up Franklin B. ■Edson, Andrew H. Green. ex-Mayor Cooper, E. H. Ludlow or any ■other citizen of equally high standing, New York would be pretty isure to have an excellent chief magistrate, no matter which party was suGcesful. It does not seem likely that Tammany can, unas- .Biated, elect its local ticket. The total vote of New York may run as high as 230,000 at the next election. When John Kelly ran for Governor he received 43,047 votes. Allowing for the increase of the population, it is not likely that through its own unassisted •efforts that Tammany could poll more than 55,000 votea. In 1880 the Republican electoral ticket polled 81,730 votes, and the Demo¬ cratic ticket 123,013 -votes. Blaiine, the Republican canvassers assert, will poll the largest vote ever given to a Republican Presi¬ dential candidate in this city, due to the inciease in popula¬ tion as well as to a certain percentage of the Irish vote heretofore Democratic. Calling it 85,000, this would leave 90,000 votes for the County Democracy and the chances, therefore, would be in favor of the latter's nominees for the county ticket. But the canvass of Gen. Butler and St, John will doubtless take city votes which would otherwise go for Blaine and Cleveland, but on local candidates these disturbing influences will not be felt. There may be eometbiDg in the Btories extant that Mr. John Kelly does not* iptes^ to run a straight The old gas companies of New York are to be consolidated into one corporation. This has been rendered necessary by the progress of the Equitable Gas Company, which is understood to be iu alli¬ ance with the famous Standard Oil Company, whose charter requires it to furnish gas for $1.75 per thousand, while the old companies have been charging $3.25 per thousand. It was the last Legislature which passed tbe enactment permitting these gas com¬ panies to combine. Hereafter they will have a complete monopoly, as a law has also been passed forbidding rival companiea from tearing up the street pavements. This last law was conceived in the interest of the gas as well aa the steam companies. All the daily papers clamored for it, ostensibly in the interests of the city, and to prevent the pavements from being disturbed. The Governor's attention was called to the immense corporation axe which these enactments were intended to grind, but he approved them nevertheless. After all, perhaps it is better that the community should deal with one or two gas corpora¬ tions rather than with a dozen. There can be no competition in the gas service any more than in railroading or telegraphy. The municipality itself should furnish gas as it does water, but as we cannot have city ownership at present, the next best thing is to have the gas furnished by one corporation. Leaa plant is required, the gas can be furnished cheaper, and one organization is more amenable to public opiuion than would be a dozen. ----------•---------- Limiting Local Taxation. The voters of this city aud State will be asked to cast their ballots at the election in November next for a constitutional amendment restricting counties, citiea, towns and villages from incurring exceasive indebtedness for any cause whatsoever. Constitutional amendments of the same tenor have been passed in Missouri, Illi¬ nois and other Western States and they have not only worked well but have been found necessary to save local communities from the effects of their own improvidence and lack of fore¬ sight. Local government is an excellent thing in itself but in practice it has not been perfect. Boards of Aldermen and Super¬ visors representing tax-payers have not scrupled to impose debts upon their respective localities which the owners of realty not only found burdensome but impossible to pay. The following is the law which was proposed in 1888, and having the endorsement of two Legislatures is to be voted upon at the next general election : Whereas, At the annual session of the Legislature for the year eighteen hundred and eighty-two, bhe following amendment to the constitution wtts proposed in Senate and Assembly, viz.: Resolved (if the Senate concur). That section eleven of article eight of tbe constitution be amended ao as to read as follows: § 11. No county, city, town or villftge shall hereafter give any money or proparty, or loan its money or credit to or in aid of any individual, association or corporation, or become directly or indirectly the owner of sti^ck in, orbonds of, any association or corporation; nor shall any such county, eiiy, towu or village be allowed to incur any indebtedness, except for couoty, city, town or village purposes. This section shall not prevent such county, city, town or village from making auch provision for the aid or support of its poor as may be authorized by law. No county contftining a city of over one hundred thousand inhabitants, or any such city, shall be allowed to become indebted for any purpose or in any manner to an amount which, including existing indebtedness, shall exceed 10 per centum of tbe assessed valuation of the real estate of such county or city subject to taxation, as it appeared by the assessment rolls of said county or city on the last assessment for State or county taxes prior to the incurring of such iudebteduess; and all indebtedness in excess of such limitation, except such ns may now exist, shall be absolutely void except as herein otherwise provided. Ho such county or such city whose present indebtedness exceeds 10 per centum of the assessed valuation of its real estate, subject to taxation, shall be allowed to become indebted iu any further amount until such indebtedness shaU be reduced within such limit. This section shall not be construed to prevent the issue of certificates of indebtedness, or revenue bonds issued In anticipation of the collection of taxes, for amounts actually contained, or to be contained, in the taxes f Jr the year when such certificates or revonue bonds are issued and payable out of suc-h taxea. Nor shall this section be con¬ strued to prevent the issue of bonda to provide for the water supply, but the term of the bonds issued to provide for the supply of water shall not exceed twenty years, and a sinking fund shall be created on the issuing of the aaid bonds for their redemption, by raising annually a aum which will produce an amount equal to the sum of the principal and interest of said bonds at their maturity. The amount hereafter to be raised by tax for county or city purposes Id any county containing a city of over one hundred thousand inhabitants, or any such city of this State, in addition to providing for the principal and interest of existing debt, shall not in the aggregate excsed in any one year 9 per centum ot tbe assessed valuation of the real and personal estate of such county or city to l.e ascertained as prescribed in this section in respect to county or oity debt. And, whereas. The said proposed amendment was agreed to by a majority of the members elected to aach of tbe two Houses ot the Mid Legialar ture, eat«rsd in tbeir joutpsIb witb tbe yesB and ueye taken thereon