Columbia University Libraries Digital Collections: The Real Estate Record

The Record and guide: v. 40, no. 1024: October 29, 1887

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October 39, 1887 The Record and Guide. 1317 THE RECORD AND GUIDE, Published every Saturday. IQl Broeid^vsray, IST. Y- Our Telephone Call Is • - - - - JOHN 370. TERMS: ONE YEAR, in advance, SIX DOLLARS. Communications should be addressed to €, W. SWEET, 191 Broadway. J. T. LINDSEY, Business Manager. Vol. XL. OCTOBER 29. 1887. No. 1.034 The city and county tickets of the two leading parties are, on the whole, very respectable ones. We do not think as well of Mar¬ tine and Rollins as do many of our city papers. They each have better reputations than they deserve. As for Colonel Fellows, he is probibly the mo^t uQfit person of all the loaders of the bar to put into the District Attorney's office. Ha is without character or business capacity, and this fact is widely known, not only among the members of the bar but by our citizens very generally. Even the Labor ticket coatains some good names. Abner E. Thomas, its candidate for the Supreme Court Judgeship, is a fair lawyer, and has written a standard work ou real estate mortgages. Louis F. Post, its candidate for District Attorney, ia a forcible writer aud speaker, and has executive taleats of a high order, but he has most unwisely published a magazine article advocatiug a change in our laws so as not to require bail of anyone charged with criminal offenses. He claims that the present system gives an advantage to the rich criminal over the poor one—for the one can get bail and the other cannot. Of course Mr. Post claims that this is only his private opinion, and were he elected he would carry out the present laws; but conservative people would hardly votts to let all criuuinals go at large pending an inquiry into their offenses. The way to cure the undoubted evil which Mr. Post points out would be to imprison all suspected criminals, rich as well as poor, but to give them prompt trials. Instead of suspected people being kept along for yeard, all trials should be begun aud concluded within the month. Take the case of the Italian who shot young Barrett while defending his sister from insult. Ha should be tried and hung within the week. There is no sense, indeed it ia an outrage to allow this brute to live from month to month, and so with thousands of other cases. A change in our criminal practice will probably come if Colonel Fellows should become District Attorney. The abuses of the office would become so intolerable, that the indignation of the public would demand a revision of our preposterous, wasteful, time-consuming court machinery. The stock market has been stronger during the past week, and the bulls seem confident of scoring much higher figures in the near future. Money is now easy, and time loans can be made without difficulty ; hence operators for a rise have no fears of a money pinch. The change in the temper of the market is due to the policy of Secretary Fairchild, who puts the surplus monies derived from taxation in the banks instead of in the Treasury vaults. We have imported some 125,000,000 gold, which means ^100,000,000 in dis¬ counts, and the Secretary of the Treasury is responsible for the statement that there is $108,000,000 in circulation which at this time was in the Treasury vaults and banks. But we are not out of the woods yet. There has been overbuild¬ ing of railroads and an unwise speculation in Weatern lauds, which must result in decreased earnings for the roads whicli have done the most reckless^building. But while the securities of properties west of the Mississippi River may decUna tho stocks and bouds of the railroads east of the Mississippi River may appreciate in value, for the Western extensions give additional businesa to the Trunk lines. The general conditions of traue are favorable, and if Con¬ gress acta wisely there is no reason why we should not have another year of fair prosperity. The readers of our weekly summaries will notice that the number of conveyances keeps up with the very large business of this time laat year. Indeed in some weeka there is an increase. But it ie noticeable that unimproved land has not beeu in much demaud. The sales have been principally in improved property. On turning to the records of the Building Department it will be noticed the new plana falljbelund those of last year. Tiiere is not by any means ae much money being inveatod in new edifices. This would account for the falling off in the demaud for vacant lots and ex¬ plains the failure of the Hamiltou Grange sale. But this stoppage of building has been largely due to tight money—when it was impos¬ sible to obtain tirae loans for carrying stock—when the best mercan¬ tile paper could not b3 discounted, the judiciary institutions as well as other lenders of mouey had no funds to advance for build¬ ing loans. But the condition of things has changed. Money is now easy and is loaned freely ou call at 3i.< and 4 per cent., while time loans can be made at b}4, per cent.; hence, if there is anything like a ready sale of new house property, we may see a resumption of building operations early next spring. Bat, of course, this will depend largely upon the action of Congress during the coming winter. If the surplus gets into the channels of trade we will be all right, and the year 1383 may make a relatively good showing in the way of ne v buildings. Surely the city authorities are not justified in preventing the Manhattan Elevated road from laying a third rail so as to increase the accommodations for the traveling public. The cara are now overcrowded, and through trains, or at leaat trains with only a few stoppages on the 31 and Gth avenues, would be a real boon to literally hundreds of thousands of persons. There is not a very friendly feeling towards thejpeople who own the elevated roads; but what has that got to do with the public commarce? It is said that proper measures should be taken to get the consent of the authorities, but we all know what that meana—a howl from the newspapers and more blackmail for the city officials. Mayor Hewitt and the Corporation Counsel are not advancing the inter¬ ests of the traveling public in opposing this improvement on the elevated roads. People in Wall atreet who are well posted siy that Jay Gould will i^robably not swallow up tixe remaining telegraph wires out¬ side of Western Uuion, nor will he purchase the Mickey-Bennett cable which he could have had at any time within the last year at his own price. He is afraid of the cry of m^aopjly which has been raised, and then he does not care to put any money in the pocket of Mr. James Gordon Bennett, who is responsible ^for the cable enterprise and who keeps up an incessant attack upon the Gould properties. It is hinted that some understanding may be arrived at with the opposition laud telegraph lines ao that rates can be maintained. In viesv of the possible action of Congress during the coming winter Western Union will probably fluctuate very widely the market price. It will be the football of the " street." There are some excellent names in all the three county tickets to be voted for at the next election. The city " bosses" have really done uncommonly well in the men they have selected for the various city and judiciary positions. The^e are, it seems, still believers in Judge Donohue ; but as he is not likely to be a candi¬ date there can be no harm in speaking of some of his good traits. He has been the moat industrious Judge of the entire New York bench. He is at his desk early aad late, and ia prompt in his decisions. He is as well read in law aud understands it aa thor¬ oughly as any of his associates. His ability and industry are con¬ ceded. Yet, withal, it must be confessed that much lie did had a questionable look and needed explanation. It is to be hoped that the new Judge will emulate his industry and be warned by his shortcomings. ----------«---------- The reported earnings of the Reading Company have a very sus¬ picious look. Where does this phenomenal increase come from ? Cau it be that the accounts are cooked so as to maintain the price of the stock iu Wall street and help float the bonds iu the market? Reading is backed by oue of the most powerful syndicates ever organized. Morgan and his associates could buy this stock up twice over and double its price if they had ulterior objects iu view. Tins special security has beeu the key to the market for months past. Had it broken badly the beai's could have raided the active list probably ten points lower ; but whenever a crisis was immi¬ nent Reading waa advanced to stiffen the market. But the increase in the revenues of this road, if correct, is simply amazing. How it must have been plundered under the receivership and by previous managements. But we suspect that there is a great deal of bookkeeoing in the figures given out by President Corbin's assistants. The defection of the Staal.'i Zcitang will greatly injure Col. Fellows' canvass among the Germans; but, aa an offset, it is evident that the machine Republicans do not like Nicoll. What scratching there will be on election day to be sure. It is not impossible that Nicoll may have the most votes, but then the counting of the ballots will bo in the hands of the machine appointees of Power, Croker and O'Brien. Tho District Attorney's office has not for many years been in really honest hands. Tho crim¬ inal class who had political friends have always had helpers in that office and Col. Fellows is much more after their heart than either of the other candidates. The result of the Baltimore municipal election foreshadows what may possibly take place iu New York,