Columbia University Libraries Digital Collections: The Real Estate Record

The Record and guide: v. 37, no. 941: March 27, 1886

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March 2t, 1886 The Record and Guide. 377 THE RECORD AND GUIDE, Published every Saturday. 191 Broadl-w^av, IST, Our Teleplione Call Is ... . JOHN 370. TERMS: ONE YEAR, in advance, SIX DOLLARS. Communications should be addressed to C. W. SWEET, 191 Broadway. J, T. LINDSEY, Business Manager. Vol. XXXVII. MARCH 27, 1886. No. 9il. The business situation was somewhat mixed during the past week. The stock market was depressed from a variety of causes, and some of the " fancies " sold for very low figures. The interest in real estate, however, shows no abatement. The Liberty street Exchange is thronged, and bids are spirited when any good local property is offered. There has been some diminution of general traffic, due to the fear that the railway strikes would extend ; but, outside of the Gould system of roads, there has been no serious trouble up to date.- The woolen and cotton mills report large orders, plenty of work, but complain of low prices. Were the labor troubles definitely settled, it looks as though the spring trade would be fairly profitable to all concerned. The New York stock market is now an international one. When the partial panic in prices occurred here this week foreign inves¬ tors promptly jjurchased American stocks at their reduced valua¬ tions. So large was this foreign purchasing that it lowered the price of exchange and put a stop temporarily at least to the out¬ flow of gold. Mr. Jay Gould in working the labor troubles to make a bear market evidently did nofc take into account the readiness of the foreign investors to take any cheap stocks that are offered in our markefc. This international trading has an excellent effect in preventing serious panics, for large investors are always ready to take advantage of these temporary depressions to purchase cash stock and bonds, and hence it follows that foreigners who are not influenced by local apprehensions and fears are likel> to be fche best supporters of our market. It looks as if tliis interna¬ tional buying will in time put an end to any violent panics in our stock market. Lawyer Roscoe Conkling's speech on the Broadway franchise steal was a very brilliant effort, and was characterized by the ornate imagery and aggressiveness which distinguishes the ex-Senator's forensic efforts. But he advanced some curious views. He charged that Sharp and his associates were perjurers; but this, he said, could not be proved, nor they be punished. Although there are laws against perjury, there are no means of bringing it home to these culprits in any legal way. Having made this admission, Mr. Conkling urged upon the Legislature to punish these perjurers, whom he admits cannot be proved such, by taking away the prop¬ erty which they hold in common with confessedly innocent per¬ sons. With all respect for the ex-Senator, we do not believe there is any court in Christendom which will uphold the Legislature in destroy ing property rights in a case where there is only presump¬ tion, but no real proof of guilt. The end of all this matter wil be a splendid harvest for the lawyers, and the chief beneficiary of the legal entanglements will be ex-Senator Roscoe Conkling, who will win renown as a lawyer and put much money in his purse in the way of counsel fees. favored the viaduct plan, vetoed the bill. Had it received his sanction, the Arcade would long before this have been in operation and Broadway and adjoining property would have doubled its present value. A road on solid ground run by steam power has long been needed to give us real rapid transit on this island. This the Arcade plan promises to do, while it has the additional advan¬ tages of not being a mere underground tunnel. But suppose the charter of the Broadway road should be taken away from the present holders and the franchise is put up at auction, will not Jake Sharp again be the purchaser ? He knows more about the road than anybody else, and could work it to better advantage. He might thus remain the owner, while the innocent present holders would in the end be lef t out in the cold and be the only persons really punished. As we have pointed out before, if the charter should be annulled, the city might try the experiment of operating the road. In that case there need be no immediate re¬ sale and no danger of the road falling into the dishonest hands of Jake Sharp. --------•-------- The article on the Broadway Arcade Railway project, with illustra¬ tive cuts, which will be found elsewhere, is timely, in that it explains both by text and to the eye the salient features of this proposed improvement. Ifc is understood that the bill now before the Legis¬ lature is free from all the objections urged against the Arcade plan in the veto messages of Governors Cleveland and Hill. This improve¬ ment has now been before the public many years. It passed both branches of the Legislature in Governor Hoffman's time, but that ofacial, in deference to the wishes of Tweed and Sweeney who The Legislature seems to be making some slight progress in the consideration of the Land Transfer Reform bills. The Assembly Committee has reported in favor of the lot system of indexing. The chances are if brought to a vote it will pass through the Assem¬ bly, but there is a good deal of doubt as to the action of the Senate. On the sixth of April the matter will come up before the Bar Association, when there will be a field-day between those who advocate the lot and block system of indexing. Another contribu¬ tion to this interesting discussion will be found in this week's issue of The Record and Guide. Jay Gould and the Strikers. Mr. Jay Gould makes no secret of the fact that he is responsible for the continuance of the strike on the railroads of his system in the Southwest. Th§ matter could have been settled two weeks ago had he been willing. On every railroad centre in the country where strikes were threatened—at Kansas City, Chicago and on the line of the Burlington and Rock Island roads—there has been no difficulty in coming to a settlement. It is now admitted by the leaders of the Knights of Labor that the strike on the Missouri Pacific was a blunder. The local organizatton violated their under¬ standing with the national organization in going on a strike with¬ out consulting their chiefs. Mr. Powderly, one of the heads of the organization, repaired to the scene of strife to settle matters, and would have done so at once, but Superintendant Hoxie, under instructions from Jay Gould, declined to treat with him and would listen to no terms but an unconditional surrender. This announce¬ ment was made over a week ago in the face of the following announcement by Mr. Powderly: Candidly, I do nofc see the uecessifcy for this strike or for its continuance. In fact, the day of strikes is past. I never ordered one in my life, and, wifch two exceptions, never failed in an endeavor to meet employers for settlement of differences with employes. But Mr. Gould has had his own purposes to serve, particularly in the stock market, and he has succeeded in bringing about a very bitter feeling between employers and their workmen. Mr. Gould has succeeded for a time in making himself the champion of the empioying dnsses. Everyone realizes that the strike was unjusti¬ fiable on the part of the employes of the Missouri Pacific, and this has led all who are interested in large properties to side with Mr. Gould, instead of bringing a pressure to bear upon him to meefc Mr. Powderly half way and have fche matter settled at once. But is there not danger in continuing this stri;e on a mere matter of etiquette between employers and employes ? So far the working people have refrained from polifcical acfcion. The polifcicians have been unable fco coax or drive them into taking sides in any political contest. May not this dispute result in forcing the Knights of Labor into politics? The votes on the various pension bills show how rampant is the spirit of demagogism in our national Legisla¬ ture. The hope of catching the soldier vote induces Congressmen to pass the most monstrous and unjustifiable appropriations on behalf of the old soldiers and their families. If ifc was known that a million of voters were desirous of certain action against the cor¬ porations of the country it would be indorsed by an overwhelming majority in the House of Representatives, no matter how objection¬ able the measure might be, on the grounds of public policy. Al¬ though the Texas Knights of Labor have confessedly made a mis¬ fcake, their wiser leaders in other parts of the country cannot desert them any more than a general could sacrifice a division of his army which had got into trouble by disobeying orders. But Mr. Jay Gould proposes, it seems, to punish the men engaged in the strike. Among other things he says, in a pub¬ lished interview : We purpose to recover damages from every member of the association who has any property. A great many employes of the Missom-i Pacific, especially machinists and engineers, have homes which they have bought out of their savings. Some of the men are worth §15,000 or $20,000 apiece. They are I'esponsible to us for the losses we have suffered, if they belong to the Knights of Labor. We will show them tbat we intend to enforce all our legal rights. How unwise any such threats as these are. Suppose Mr. Gould was serious, and several thousand suits were instituted to deprive these working people of their homes and impoverish them, what would the effect be ? No matter what the right or the wrong of the case might be, would not the mass of the working people cry shame on this great millionaire using his wealth to deprive these people of their homes. Can Mr. Gould afford to face the feeling I such action would create ? Does he remember the mob which was I looking him up on Fifth avenue affcer the last Presidential election?