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The Record and guide: v. 36, no. 914: September 19, 1885

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September 19, 1885 The Record and Guide. 1015 THE RECORD AND GUIDE, Published every Saturday. IQl Broadwav, IST. "^T. Our Teleplioue Call Is.....JOHN 370. TERMS: om FEAR, lu advance, SIX DOLLARS. Conununications should be addressed to C. W, SWEET, 191 Broadway. J. T. LINDSEY, Busmess Manager. Vol. XXXVI. SEPTEMBER 19, 1885. No. 914 The Real Estate Exchange made a new departure during the past week in inviting to its floor such of its members as wished to deal with each other directly, instead of through their respective offices. Chicago in tliis matter has been ahead of New York, for the real estate brokers there have long held their daUy meetings for tlie transaction of business. These gatherings have expedited trade and largely increased the number of transactions. The New York Exchange has made a promising beginning, but that is about all that can be said of it. On this point we call attention to Mr. Ferdinand Fish's letter given elsewhere, as well as our report on the subject. --------•-------- There is one necessary reform in addition to those suggested by Mr. Fish which must be effected before these daily gatherings of brokers are entirely successful. Dealers must come with guaranteed titles, so that transactions may be closed immediately. The tedious delays and expense of title-searching must somehow be overcome. Real estate owners and dealers must bend all their energies towards reforming our land laws in this State so as to admit of quick and inexpensive conveyances. In the meantime, it would be well if some title guarantee company were in a position to insure the property that may be offered on the Exchange. But owners of realty should bear in niind that, should such a company come into the field, it w^ould be another enemy to overcome at Albany, for the more expensive and tedious legal transfers will be, the more needful will be the services of these organizations. Then, again, brokers must insist upon a contract with owners giving them, for a limited period, the exclusive right to sell their property. The scalping brokers must be discredited and driven from the field, and the underhand dealings now so common to get commissions must come to an end. The success of the Real Estate Exchange will largely depend upon its ability to induce brokers to transact their business in its beautiful hall on Liberty street. of sailing vessels have passed away for ever. An improvement in steam navigation, or the build of an ocean steamship is of the utmost practical importance. The swift runs made by the steam¬ ship America, with a consumption of only one hundred tons of coal a day, when the Etruria and other ocean "greyhounds'* consume over three hundred tons a day, is a fact of utmos^t importance to all intrusted in the steam fleets of the world. Of course there are other factors brought into play than utility in a contest which has so excited the public on both sides of the ocean for the last two weeks. There is national feeling, and that love of a contest of skill or strength which has always been so attractive to mankind. We may beat the English in our model of a sailing craft, but the fact remains that the steam vessels of Great Britain are seen on every sea and in all the ports of the world, while the flag of the United States is conspicuous by its absence outside tlie shore limits of our own land. It is this victory of Great Britain over the United States which our people should take to heart. Mayor Grace rather misses the point in his letter to Senator Gibbs. He says the great want of New York City is local self-government. But is this quite correct? Under aldermen and supervisors we have had the worst kind of government, yet what could have been more local. What we need and must have is responsible government; that is, we must have fewer boards and commissions and more heads of departments directly responsible to the voters and amenable to public opinion. Notwithstanding the increase of school accommodations fully 5,000 children were unable last Monday to obtain seats in the public school buildings. It is estimated that were 10,000 more seats pro¬ vided they would all be filled. Of course this increase is almost entirely in the upper wards. This shows that notwithstanding the additional accommodations in Brooklyn and all the suburbs. New York itself is growing as rapidly now as at any time in the past. No builder need fear putting up too many edifices on this island. He may indeed make a mistake in the kind needed at that time or in the locality in which he builds, but the fact remains that every year more residences and stores are required for the people who wish to live on this island. The Normal College this year has on its register the names of 1,769 young ladies, which is more than can be accommodated in that well-conducted educational institution. The buildings should be enlarged, and additions should also be made to the so-called New York College, but the latter institution should give up its Greek and Latin classes and be changed into a great technical school, similiar to a magnificentone just put into practical operation in Berlin, --------•-------- The interest in the yacht race between the Purita.n and Genesta is not justified by any practical good likely to result from the con¬ test. The day has passed when anything is to be expected of value to navigation from an improvement in the models of sailing vessels. Even horse racing has raore justification, so far as utility is con- - cerned, for the attention given to the production of speedy animals jijdirectly increapes the value of the stock of horses. 3ut the days Judge Van Brunt has come to the aid of Buddensiek, and on a legal technicality has decided tliat there may be grounds for another trial. This may be good law, but its effect will he to intensify the popular feeling against the whole machinery of our courts. People are saying every day that law as administered now-a-days is not justice at all, but the grossest injustice—that it fails to punish the guilty and that its main objects seem to be tn waste time and impoverish litigants. StiU, notwithstanding, Buddensiek may have a case, and the public may be mistaken in thinking that he ought to have been promptly and severely punished for his alleged misdeeds. --------•-------- The attitude of the administration on the silver question is puzzling. It has been complained that the silver issues displaced gold, but the fact is the bulk of the gold in the National Treasury was put there in exchange for silver certificates. The gold was deposited in our Eastern sub-treasuries in exchange for silver cer¬ tificates which were sent South and West to move the crops. This accounts for the ease of the money market during the spring and fall seasons of the last few years. In former years there was a cur¬ rency panic at the crop moving season to the great advantage of the national banks, who charged extravagant interest for tbe use of their funds when the crops were to be moved. The silver certifi¬ cates, therefore, have worked excellently well for the business com¬ munity, but have reduced the profits of the banks. Secretary Man¬ ning was the president aud Treasurer Jordan an officer of a national bank, and consciously or uuc(msciously they are working in the interest of the banks and against the interest of the business men in refusing to furuiyh silver certificates for gold. If they suc¬ ceed the rates of money will harden and the banks will profit at the expense of those who have the crops to handle. The Business Prospect. The fall season opens aus]>iciously. We give extracts from news¬ papers elsewhere, all of which are of a reassuring character, so far as the business outlook is concerned. General trade undoubtedly shows a marked improvement. Our city hotels are thronged with out-of-town merchants. Factories are being reopened in every direction and, wdiat is of peculiar significance, there has been a marked revival of the iron and steel industries. This is true not only of the United States, but more particularly of England, where there has been an advance in the iron market, due to unexpectedly large orders from all parts of the world. There is what may be termed a superstition among business men that the condition of the iron market is a sure indication of prosperous or unprosperous times. There can be no revival of industry without a demand for the implements of labor, and hence any advance in the metal mar¬ ket is considered an augury of a more remunerative trade. The warm weather during the pas-1 week insures us the largest crop of corn ever grown in this country. It may reach two thous¬ and million bushels, which makes the shortage in wheat a trifling matter, compared with the total of our agricultural products. Last year, for instance, it was estimated that our cotton crop was worth |355,000,000 to the producers and the wheat crop $330,000,000, while the corn crop must have netted fuUy $640,000,000. This year we shall at least have three hundred thou¬ sand bushels more corn than last year, while our wheat crop is short less than one hundred and Fifty million bushels. Our corn crop is not or ly the most useful and valuable in itself, but it swells railway receipts more than any other agricultural product. It is a bulky article and is carried short distances, which renders it subject to local rates, hence its special value to the railroad system. Our cotton crop promises to be the largest ever grown. Granting that the price will be low, it will none the less be marketed and fur¬ nish business for all the transportation lines. Taking an impartial view of the situation there is every reason for encouragement. The price of food and clothing will continue low, The work-people may get less wages, but the purchasing