Please note: this text may be incomplete. For more information about this OCR, view About OCR text
June 21, 1884 The Record and Guide 669 THE RECORD AND GUIDE. Published every Saturdaj/. 191 Broadway, N. Y. TERMS: ONE TEAR, in advance, SIX DOLLARS. Communloatlons should be addressed to C. W. SWEET, 191 Broadway. J. T. LINDSET, Buainesa Manager, JUNE 31, 1884. The Stock Market halts. Jay Gould is trying to create some activity in bia specialties but the general fealing is on the whole a depresaing one. It is expected that on or before the first of July several more roads wili go into bankruptcy. Then the earningaon the Vanderbilt roads show that New York Central and Lake Shore do not earn, though they may pay, eight per cent, on their stocks. But better times are coming, Tliere ia a large wheat harvest already under way. A great deal of corn has beeu planted and ia growing and if the Democrats make a good conservative nomination for the presidency, a bull movement in stocks will be in order early in July, Many good, bonds are selling for what seem to be very low figures. General business cannot be conaidered good but if tbe crops turn out as well as they now promise, trade next fall will be far more satisfactory than it has been tbis spring, buainesa and even legal disputes. Had the matter been left to the courta, the elevated road troubles would have been prolonged for many long years. The disagreement waa finally aettled by the stockholders most interested against the protests of the lawyers engaged in the case. —--------» There ought to be some machinery to protect the business public againat the exactions of Jawyera, When a particularly monstroua bill is now rendered the victim has no remedy. If he appeals to a court, the witnesses examined are all lawyers, that hare a pecu¬ niary interest in setting an extravagant value on legal services. But unfortunately there is no chance for redress, as the legislators that make laws are almost exclusively composed of lawyers. The veto of the new proposed building law by Governor Cleve¬ land is simply inexplicable. It had the indorsement of every con¬ servative interest in the building buainesa. Not a voice was raised against it except from those whose opposition should have been an argument in its favor. The "snide" builders seem to have got possesaion of the Governor's ear, for it is probable that tbe respecta¬ ble interests who favored the law were so certain of its merits that they did not care to take up the time of the Governor witb argu¬ ments in its favor. The Eveni7ig Post admits that the Independents and anti-BIaine Kepublicans can in no case form a third party organization ; tbey must vote for the Democratic candidate or abstain from voting for Preaident altogether. In fact the organizing of a new party is a work of prodigious difficulty. It requires time, money and earnest labor. Unfortunately alao for the Independenta they have no new departure in politics to recommend ; they have no programme beyond a profound repugnance to Mr, Blaine and his methods. True, they champion civil service reform, but there ia no longer any danger that any party will go back to the old spoils system. Even Mr, Blaine, it elected, would be forced to follow the policy of Mr. Arthur who, out of office and as a so-called practical politi¬ cian, was a believer in the old way of doing things. Some of the petroleum speculators finding business dull are organizing a new Exchange to deal in fractional shares of stock. There are many who think that the English plan of making ten shares the unit of delivery would be a good thing to do. It would kill the bucket shops, would largely increase the business of the Stock Exchange and would put small investors on an equality with large operators, to the great advantage of the market in panikcy times. There are literally hundreds of thousands of small capital¬ ists all over the country who would invest in ten and twenty-shaie lots whenever there was a heavy break in pricea. The ready money thus poured into Wall street would help to check the course of a panic. But why a new Exchange to do this ? It could be better done by the Stock Exchange itself or by the Mining and Petroleum Exchange, wbich bas over a thousand members, all of whom are not milking their fortunes. There are too many Exchanges already, and any new one is probably a scheme to sell seats or create several salaried positions for impecunious speculators who need the money. The lawyers are anything but pleased at the settlement of the elevated road litigation. General Francis C. Barlow resigned his position as counsel of the Metropolitan Company immediately the " settlement was effected, but at the same time he presented a bill amounting to over ?96,000, of which some $45,000 was for the expenses of the Van Brunt trial. General Barlow was first em¬ ployed, we believe, in December, 18S3, and if all hia bills are like those he haa presented to the Metropolitan Company he is not likely to die in the poor-house. The Tribune says that both Jay Oould and Cyrus W. Field wore astounded at the bill. It is not, however, likely to be paid until the bills of William M, Evarts and David Dudlny Field, and the other numerous lawyers employed on both sides, are presented for settletrent. The stockholders of the elevated roads will have to pay a pretty penny for tho worse than useless services of these legal gentlemen. Our courts are organized to benefit lawyers, not to settle disputes. The various Stock and Mercantile Exchanges bave found this out and their members are expelled if they go to law. The great corporationa would do well to follow this example and to organize arbitration committees to settle disputes. They have made a good beginning in their pooling arrangements, which were a device to get rid of railway yfm i but the b&m^ m^hinery woultl be equallj^ useful \i^ eettlipg Governor Cleveland will have the seventy-two votes of New York in the Chicago convention, but he will not have behind him the moral force of a unanimous party backing. John KeUy and Tammany is bitterly opposed to him, the Sun has pronounced against him, and Samuel J. Tilden wants Randall nominated. Still Cleveland may get the prize, as he is the favorite of the anti- Blaine Republicans, •---------»———— North New York. The region beyond the Harlem will, frora this time forth, be of the greatest interest to dealers in realty. Its area is nearly as large as the island south of the Harlem River, and is as yet compara¬ tively unsettled. The approval of the new park bills by the Gov¬ ernor, the progress of the work for draining that region, the settlement of the elevated road troubles and the near commence¬ ment of tbe construction of the Suburban Rapid Transit lines are among the factors which will open a new era for the Twenty-third and Twenty-fourth Wards. When the next Legislature meets a demand will be made for the creation of a new ward east of the Bronx River, and taking in all that part of Westchester County which fronts the Sound and lies betweenPortMorris and the north shore of Pelham Bay, Enterprising promoters and real estate dealers will now begin to carry out plans long formed with respect to tbis region. The new parka will give added values to certain properties heretofore unavailable. The route of the Suburban Rapid Transit roads will be scanned with a view to forming settlements near stations. Plots will be laid out for building purposea overlooking the parke, and including that beautiful sheet of water, Pelham Bay. Neigh¬ borhood parks will be laid out similar to Bedford Park, London, or Llewellyn Park, on the Orange Mountain. Pleasure resorts for Sundays and holidays in entirely new locations will be brought into existence. In short, promoters and enterprising dealera with the maps before them and a good insight aa to the possible future of localities will lay the foundations of fortunes to he realized within the coming yeara. But northern New York will satisfy other needs besides those for residence and recreation. It is destined to be the seat of many manufactories. The land is cheap, railways to all parts of tho country will be at their very doora, and a factory population can live in the Twenty-third and Twenty-fourth Wards at a minimum of expense. There are some drawbacks, which will be overcome in a few years. Coal, lumber aad building material is costly to handle, due to insufficient dock accommodations on the Harlem River. Hence the necessity for the immediate construction of the Harlem canal. Were that finished before the close of 1885 a great impetus would be given to building operations in the region north of the Harlem, but distant from the shores of the North River and the Sound, The present Park Commission will have oversight of the work of caring for the new pairks. Governor Cleveland was justified in not approving the law which would have changed the personnel of ihis department. Three new commissioners, no matter bow com¬ petent they might have been, would have lacked the experience of Messrs. Crimmins, Viele, OUiflfe and Wales. It is understood that the court proceedings will be consummated without any unnecea¬ sary delay, and that by next spring over 1,500 acres of new park land will be thrown open to the public for recreative purposes, Tbere is plenty of land for parade grounds, shooting matoties, ball matches, athletics, sport of all kinds aa well as picnics. In our Albany letter will be found a very full statement of the character o£ tlie new parka wbich ar? about ^o b§ opened tQ pi^y citigene.