Columbia University Libraries Digital Collections: The Real Estate Record

The Record and guide: v. 37, no. 951: June 5, 1886

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June 5,1886 The Record and Guide. 735 THE RECORD AND GUIDE, Published every Saturday. 191 Broad^wav, IST. "ST. Oar Telepl&one Call la .... . JOHN 370. TERMS: ONE YEAR, in adTance, SIX DOLLARS. Communications should be addressed to C. W. SWEET, 191 Broadway. J. T. LINDSEY, Business Manager. Vol. XXXVII. JUNE 5, 1886. No. 951. The feeling in business circles during the past week was quite hopeful. There is not much surplus stock of manufactured goods ahead, while the demand is fairly good. It looks as if the volume of business this summer and fall will be large and profitable. There has been a revival of stock speculation, but how long it will last is a doubtful question. There is also an advance in wheat, but this has checked exportations. Wheat had been going forward very freely. The real estate market is quiet, but there is a good deal doing in the offices of the brokers. So far the promise of the crops is all that can be desired, and whether the price is high or low, this fact is reassuring to business men. compliance with the requirements of the Jaw. The disposal of the privi¬ lege is likely to be obstructed by other litigation, and there is little prospecfc that the Receiver of the Broadway Surface Company will get possession of ifcs property for some time to come. The whole business threatens to be tied up in lawsuits for a long time, and there oughfc, if possible, to be some arrangemenfc to continue the running of the cars. "What a precious mess this whole business is in. If ^q road stops running, or the city loses its income—if the litigation finally results in a heavy bill of expenses, and no guilty person is pun¬ ished, our citizens will have to thank the fool editors of the New York press for all or any of these mishaps. It was the news¬ papers that secured the annulment of the charteir; yet the road is a very necessary one—almost essential in fact, now that the omnibuses have been withdrawn. The bargain the city made with the company was an excellent one, as without spending a dollar it secured a large annual revenue. It realfy seems as if this whole annulment business was planned by the lawyers to run up heavy bills against the city and Jake Sharp. This will be its sole result, for the taking away of the charter will not be permitted by the courts. Governor Hill hesitates to approve the bill electing city Aldermen in a new way at a spring election. While we hope he will approve of the change, we do not think he should be censured if he vetoes the bill. The adoption of a cumulative vote would destroy all party responsibility, for the result would be that the Tammany and County Democracies would have about two thirds of the board, leaving the other third to the Republicans. This would lead to perpetual deals, and neither of the three parties could be called to account therefor. It is strange how people forget the lessons of the past. All the reformers are now clamoring for spring elections, yet these were tried and found wanting. City elections, held by themselves, call oufc a very light vote; and the people who go to the polls are generally the least desirable citizens. Still, we wish the Governor will see his way clear to signing the bill, but if he should not do so his motives should not be impugned. An approval, however, of the Nooney Excise bill would be a scandal, for ifc would be clearly the result of a deal to manipulate the liquor interests to advance Governor Hill's political fortunes. Cyrus W. Field has scored a victory over Governor RoWnson and the Higginson syndicate. The Republican Committee of Claims, of the Legislature of Massachusetts, with every political induce¬ ment to whitewash the transaction, has been forced to confess thafc the Governor was misled, and that the charges that Field and Sage wished to wreck the New York & New England road were not proven, because it clearly was not their interest to render their own large blocks of stock in the company valueless. The Sfcate of Massachusetts lost money and honor in this, transaction, but Mr. Cyrus W. Field should remember that he has himself to blame for the kind of reputation he bears in financial circles. The Higginson syndicate, and those who profited by that deal, would not have dared to have taken the action they did against capitalists who were in good repute. Mr. Field, in this transaction, was simply paying the price for his own alleged misconduct in ManhattlJn and other stocks. But this New York & New England Railway Com¬ pany business gravely dishonors the old Commonwealth. The newspaper reporters have clearly magnified the rumors of dissension among the Knights of Labor. Indeed, it looks as if there was a conspiracy among the Knights of the Quill to discredit the great labor organization. At the same time it is not at all unlikely that the Knights of Labor may split up and become disor¬ ganized. Its membership is composed of incongruous material. Its growth, also, has been too rapid for permanence. Undoubtedly the politicians will endeavor to capture the local assemblies. There is only one hope for the order. If its members rally around Grand Master Potvderly and follow his leadership it will commifc few mistakes. He will lead tovictory, not only against the corporations, but in the political field. The chances are, however, that the mass of the workingmen belonging to the Knights will revolt, for, as a class, they are very jealous of their fellow workmen, and will not tolerate any personal ascendency. Should the Knights of Labor become disorganized their place will probably be taken by the trades unions, which will form a National Union similar to the amalgamated trades ih Great Britain. But should the mass of the laboring people rally around Powderly, he will wield more power of a certain kind than any unofficial person in the country. ----------»---------- Buddensiek is in jail, and his fate should be a warning to unscru¬ pulous builders who erect structures simply to make money, without reference to the lives, comfort or healfch of the people who may occupy them. This man knew he was doing wrong, for he had counsel engaged to threaten any paper which was disposed to call public attention to the kind of houses he was constructing. Since his trial and conviction he has beeu building ofcher houses, and the Brooklyn JEagrZe regards this as a serious neglecfc of duty by the Building Deparfcmenfc in giving him permits. But Budden¬ siek did not'ask for permits in his own name. They were granted on the demand of dummies of his, and there was no way of the Building Depiartment finding out that he was interested in them. But we are rid of this conscienceless creature for ten years at least. .,---------------r*---------------- The Times points out some of the difficulties connected with the receivership of the Broadway road. It says thafc if an injunction is granted^ The operation of the road,in Broadway is likely tobe stopped altogether, wMch would be _%great public, ln(X)nT^ The city^has no right to eperate the road or to grant the privilege to another company without a The Committee of One Hundred. The newspapers gave bufc meagre reports of the citizens' mass meeting held afc the Academy of Music on Wednesday evening lait, for the reason probably that they did not think it of much account. Yet, in all probability, the influence of the Committee of One Hundred appointed by the meeting virill be felt in the city election this fall. The peculiarity of all these reform movements is that they are so barren of ideas. The resolutions hp.ve very little point. They tell us simply that our taxes are heavy and our boards of Aldermen corrupt. The only remedy proposed is to elect good men, which seems to be an impossible thing to do with our vast mass of Irre¬ sponsible voters. Indeed, the one discouraging fact in the situation is that nine out of every ten men who go to the polls have no st&ke in the community. They are without property; they live from hand to mouth, and the increase of debt and taxation has no terrors for them, as-they do not feel the burden. What is then to attract this class in the names of the rich gentlemen vfho constitute this Committee of One Hundred. They have no affiliations with the bankers, brokers, merchants Jand shopkeepers, '^except as employes. These workingmen voteife, in their hours of recreation, spend their timu in the nearesfc saloon, and fcheir votes are afc the command of the popular publican. What do they care aboufc good or even honesfc men for office. It is the good fellow who treats them well and often who gets their suffrages. While wishing well to this new reform committee we are afraid it is nofc properly organized; and then the resolutions under which ifc acfcs give no evidence fchafc ifc will forward any vifcal reforms. There is one suspicious omission in their programme ; the Philadelphia Committee of One Hundred, which did so much good, were pledged not .to accepfc office themselves or help their friends into positions. No such pledge is made on behalf of the New York committee; hence it is a reasonable inferencfi that it will follow the footsteps of the Committee of Seventy, of whom some sixty, it is said, became office holders or candidates for office. Then this new commifctee should be representative. It should embrace the leading officers of a'l the exchanges of New York, and more particularly some of the active members of our Real Estate Exchange. Then would it not look welj if a few reputable workingmen were on the commifctee, thus recognizing the leading labor organizations? It is the wage receivers who poll the votes, and an effort should be made to weaa them from supporting the pot-house politicians aud the saloon keepers. The programme of the committee should be to insist upon executive authority and responsibility and the minimising of the power of common councils, boards and commissions. Then, again, if the English system could be introduced into this country of having the local taxes levied upon the rent payers, rather thaa onthe property-holders, it would change the whole character of