Columbia University Libraries Digital Collections: The Real Estate Record

The Record and guide: [v. 35, no. 878]: January 10, 1885

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Janupy 10, 1885 The Record and Guide 21 thatt' r THE RECORD AND GUIDE, Published every Sitnrdoi/. 191 Broadway, IST. "ST. TERMS: 0\E YEAR, in advance, SIX DOLLARS. Communications should be addressed to C. W. SWEET, 191 Bioadway. J, T. LINDSEY, Busmess Manaser. JANUARY 10, 1885. Our annual review of the Buildimj Material Markets mil be found of uniisnal interest this year. Today u-e publish, an e.rtra paper and issue a large edition of The Record and (Iuide to be dii>tributed wherever it ipill do the most good to oiir advertisers. Tlie immediate outlook of general busiues.s ha.s an improving appearance. Tliere is a better feeling in the stock market, and botli cotton and giain bring liigher ijrici'.s in the markets of the world, Jlills are resuming work and some ot tlie closed foundries are again in bla.st, Wliile iron and .steel liave not advanced in price there is more demanil for tlieni, and, Tindeed, for all the metals. It lannot be trutlifully said that all deijartments of trade liave improved, but there is I'crtainly a Iwtter feeling than obtained during the month of December. Thi' handling of a great corn crop in the West is advantaging the railroads in that section, and were the war between the West Shore and New York Central to come to an end we could count upon a decided advance in stock values But the exijerieiices of tlie past three years teacli us not to indulge in overhopefulness. It is whispered in real estate circles that the Land Reform Trans¬ fer Commission appointed by (ioveriior Cleveland is so far a failui'e. The lawyers com]>risiiig tlie btiard are at loggerlieads and cannot agree upon any measure to be presented to tlie Legislature. Tliis is so vital a matter with real estate owners and dealers that action sliould be taken irrespective of this commission. Tlie matter should be pressed upon tlie Legislature, and as early as possible. What our real estate property holders call for is some way of cheapening and simplifj'ing the transfers of real [property. Our present land laws are a disgrace to our civilization. Tliey form an intolerable tax to owners of reality. They make titles insecure, waste time and money, and benefit no one but the lawyers and officials. It is idle to say that clianges cannot be effected. It is possible to pur¬ chase tens of millions of stock and bonds, the title to wliicli is unimix^achable, wliich costs but a trifle in tlie way of commission, and all can be done in a few hours; but every imix^diment is thrown in tlie way of the purcliase of real projierty and tlie title is never secure, as witness tlie story we gave last week, entitled " The Romance of a Title," It was a mistake originally to make all the members of this Transfer Commission lawyers, most of whom are interested in tlie continuance of the present preposterous land laws. Governor Hill makes one important suggestion in his message. He urges the appointment of a competent pei-son to draft, amend and correct the laws passed by the Legislature. While lawyers swarm in both the Senate and Assembly, about one-lialf tlie enactments which are passed are defective in phraseology, or are inconsistent with statutes already enacted. Hence tlie confusion and litigation wliicli follows from much of our legislation. This is an evil incident to all parliamentary bodies. John Stuart Mill long ago proposed tliat a permanent commission of trained exjierts should have charge of all acts of Parliament liefore the final vorte was taken. But we do not see how any one lawyer could attend to the multitudinous bills which are U]) for action at the close of the legislative .ession in this State. Still the exjieriment suggested by Governor Hill is worth trying. The Legislature will be called ujion to act on .several matters of interest to New York city. The building law vetoed by Governor Cleveland on very trivial grounds last year should Ije amended and promptly passed early in the session, so that there will l)e no danger of non-action this year. Then the Arcade road should be taken up early enough in the session to have the matter properly understood by the Legislature and the tax-payers interested in this city. The sinking fund absurdity should be overhauled and the fiction of a difference between the net and gross debt of the city done away with. New York actually owes $U2,O0r,00O, and it is prepos¬ terous to be charged with a larger sum wliicli now lias a legal but no real existence. On this point Mayor Grace is all wrong. Although Governor Hill and Slayor Grace agree in recommend¬ ing spring elections for city offices, we doubt if they would give us any Ijetter results than do the present fall elections. The only officers of importance to be chosen would be a Mayor, Comptroller and President of the Board of Aldermen, and the nominations would probably be manipulated a.s usual by the local bosses. Tens of thousands of our citizens would not vote because it would often be a choice tetween objectionable rival candidates. One election day a year is quite enough and then the extra expense is to be con¬ sidered, --------«-------- There ought, however, be some additional reform legislation tliis winter. The Mayor should liave the power of removal as well as appointment, and something sliould be done to cut off the numer¬ ous sinecures and over-paid officers of our city government. Our city salary list, it seems, comiiared with that of Brooklyn, costs nearly twice as much per capita. Tlien we ouglit to have a good, stiff license law. The Chicago city treasury profited to the amount of |1,600,000 last year by tlie licenses exacted from the liquor dealers. New York ought to te in receipt of at least $3,000,000 from this source. If a high license law can te enforced in Chicago it can iu this city. Mayor Grace is riglit in asking that tlie many-headed commissions sliould be abolished, and heads of departments appointed by him take their places. .--------•--------. This year our citizens will have a chance to be better informed touching Albany affairs than they have ever tefore. The Real Estate Exchange will make a special point of collecting all informa¬ tion at Albany wliich affects our local government and real estate. Every measure relating to this municipality will be known at the offices of the Exchange in this city at the earliest possible moment. Heretofore we liave had to depend upon so-called reform organiza¬ tions for protecting the city"s interest. Every one of these tax¬ payer', citizens' and people's movements have tinally fallen into the hands of the city plunderers. But the Exchange will represent real property holders, actual dealers of real estate, and is not likely to fall into the toils of the politicians, Tliere is for the first time an organization in existence, wliich cannot be bullied or bribed, to look after the interests of the tax-pavers. Y'ear. Estimated cost. 1S80...........................$29,115,335 1881........................ 43.391.300 18»