Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 41, no. 1039: February 11, 1888

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iFebruary II, 1888 The Record and Guide. 173 iyX-..^_ ,'\ ESTABLISHED-^ N\HRpH21'-i^lB68. De/otedTo I^ea,L Estate , BuiLmr/G ^RctdTECTJi^E .Household DECORAiiotJ, Bi/sifJESS Atb Themes op GeHera^ l;JTEr\ES7 ' PRICE, PER YEAH IN ADVANCE, SIX DOLLARS. Published every Saturday. TELEPHONE, - - - jOHN 370. Communications should be addressed to C.W. SWEET, 191 Broadway J. T. LTNDSEY, Business Manager. Vol, XLI. FEBRUARY 11, 18S8. No. 1,039 Dullness is the prevailing feature in the ^tock market. Securi¬ ties are in strong bandit. Last year a low level of prices was estab¬ lished, Wall street thus dwcounting the railroad troubles which have since made their appearance. The present outlook seems gloomy enough, for a rate war is raging all over the Western country, and the opening oC the "Soo " route, which brings grain East without touching (Jhicago, is injuring tlie business of all the roads tbat run to or through that city; but money is easy, and the bulls are looking for some accident that will give tbem tbe market for a time. It is probable that some action will be taken by the Senate and House tbat will temporarily revive speculation in Wall street. The bill introduced into tbe House to force the Pacific Railroad Companies to build telegraph lines of their own, and break their contracts with Western Union is, of courae, intended as a slap in the face to Jay Gould &Co. But Deacon White was quite justified in objecting to aoy such legislation. It would impose a burden on the Pacific roads, and bring about another telegraph war, which would be an unmixed evil. Such propositions savor of demagogery rather than statesmanship. Corporations and eveu Jay Gould are sometimes in the right. The tax imposed on tbe Western Union Company some years ago by this State was wholly unjust, for it wa3 forced to pay on its entire business throughout tlie Union' whereas only a portion of it is transacted in this State. The law was so monstrously unjust tbat it was repealed, yet papers like tbe Times protest against the paying back of these un j ustly levied taxes, A great State cannot afford to rob either individuals or corpo¬ rations. Among the measures that should pass the Legislature this winter is the reform in our election laws proposed by Mr. Hamilton. It ia of vital importance to honest men of all parties that the power of the party machine should be weakened. The adoption of the Australian system will do this, for if tbe State supplies tbe tickets and attends to tbe voting there would be no necessity for political assessment, for tbe booths around the polls nor for the army of "heelers" to distribute the tickets and deceive tbe unwary. Civil service reform is possible under this elective system. Here¬ tofore the practical politician has asked how is it possible to carry elections unless the Ins or the Outs pay tbe necessary expenses of the canvass ? But, with the printing of the tickets by the State and tbe actual voting in the presence of State officers, money wiU not be needed except for necessary meetings and tbe circulation of newspapers. By all means let us bave tbis election reform. Lieutenant Rogers, an American naval officer, tells the truth about tbe Panama Canal in a recent number of the Popular Science Monthly. Ifc is quite true that tbe French engineers have met with unexpected difficulties and that the cost of the work will be double the original estimates. Lieutenant Rogers thinks that $600,000,000 will be spent instead of $300,000,000, the original sum, but he believes tbat tbe canal will in 1891 be available to tbe commerce of the world. Our readers will bear witness tbat this is the view we have held since the work was commenced, The statements about the Panama Canal in tbe American press are pure fiction. Our people naturally do not like a foreign nation to under¬ take a work on this continent of such immense importance to our trade and commerce. Then it is feared we will lose a part oE the trade of the world which is now ours if this great canal is ever completed. As it will be actually operated it may bo a blow to the Monroe doctrine. Hence our journals have antagonized this great work and have lied about it vigorously. Undoubtedly the vast majority of tbe people of tbis city and State believe in high license, which has worked po well wherever tried. Wherever enforced it bas cleaned out the low grogeries, aad has supplied the local treasuries with large sums of money. A high license law in this city properly enforced, as ifc is U in the Western cities, would supply annually to our city treasuries fully $3,000,000. This would be regarded with no little approbation by our, taxpayers. Ifc would relieve very sensibly the burden now put exclusively upon real estate. It is highly probable that the Crosby bill will pass the Legislature ; but there are nine chances in ten it will be vetoed by the Governor. In view of his political aspirations he will try and " make himself solid " with the powerful liquor interests of this city and State. Tbe temperance agitation has reached a practical result in this country. Prohibition cannot be made to work in populous centres, or where tbere is no public sentiment to sustain it, but it can be enforced iu sparsely settled districts where liquor selling is unpopular. High license laws can be enforced in the cities, aud hence tbe present phase of the temperance agitation demands high licenses in large cities and local option in tbe rural districts. This is true of all parts of tbe country, and seems to bave been accepted as tbe compromise between those who want to put a stop to all liquor selling and those who do not want their personal freedom too much abridged. The Cotton Exchange, following the example of the Chamber of Commerce, has done itself credit by indorsing the messages of Mayor Hewitt and seconding bis plans for rapid transit, the improvement of our docks, streets and harbor. The other Exchanges should now do likewise. When the Real Estate Exchange was lirst organized in The Record and Guide office its projectors hoped itVould take the lead in public questions that were not of a partisan character. It was thought that a union might be formed with all the otber Exchanges to correct municipal abuses and advance needed city improvements. But so far this has not been accomplished. Some tentative efforts were made, but the members of the various Exchanges did not seem to have any public spirit. They were mere traders or brokers, intent on money getting and nothing else. But this action of the Cotton Exchange looks hopeful. Now let us hear from the Stock and Produce Exchanges, as well as the dealers in metal and petroleum. The Mayor ought to be backed up by all the organized interests of New York and by every public-spirited citizen. There ai'O a number of international expositions soon to take place. One in Spain, another in Melbourne, Australia, but the greatest of all will be that to be held in Paris next year. The excuse for tbia last exposition is the centenary of the destruction of the Bastile. Curiously enough, a book has just been published, based on original documents, whicb proves that that famous prison has been greatly maligned. It was never the place of torture so vividly described by the French Revolutionary writers. Those arrested and confined were generally gentlemen known in court and society and it would never have done to have treated them barbarously. Of course tboueands of innocent people were immured in the Bastile simply because they had incurred the displeasure of the King or one of his mistresses, or that of some powerful minister or noble. Many thus arrested were retained for life, not for any crime, but their cases were forgotten and they remained until death released them. But the London Newgate prison was infamous as compared with tbe Bastile. As a matter of course tbere were some exceptional cases where the prisoners of the Bastile were treated most cruelly, but this was not true of the great majofiity of the prisoners, and many public men and scholars made good use of their time while they were within its walls. ------—--%---------- Henry George has decided not to be a Presidential candidate this year, nor does he baliove that his backers in the labor move¬ ment will enter the Presidential contest. ladeed, he is half com¬ mitted to support Grover Cleveland in case he should be nomi¬ nated on a free trade platform. Mr, George shows sense in finally backing out of the Presidential fight. His people cannot raise money to make a vigorous .Presidential contest. Then the fierce contest that is sure to be racing next fall would naturally divide the country into two great opposing factions. The labor party would be crushed between the upper and nether millstones. But would not Henry George have done better to have kept his party together so as to have made terms with one or other of tbe exist¬ ing political organizations ? He and his friends might have secured planks in the regular platforms and have had some representativea in the State Legislature or in the House of Representatives. It is to be taken for granted that neither Henry George nor Dr. Mc¬ Glynn care about any offices that would not advance the political objects thoy have in view. But in deciding thus early not to enter the field as a rival organization the labor people effectually efface themselves from the politics of the country, Henry George and Dr. McGlynn bave parted company. The former proposes to support Cleveland if tho Democratic platform favors free trade, McGlynn insists upon a Presidential canvass and candidate in tne interest of the laboring people. The breach seems to be complete, and it does not 8eem as if the Labor party :