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June 21, 1884
The Record and Guide
THE RECORD AND GUIDE.
Published every Saturdaj/.
191 Broadway, N. Y.
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 pecuÂ¬
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 CleveÂ¬
land is simply inexplicable. It had the indorsement of every conÂ¬
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 respectaÂ¬
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 arguÂ¬
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 politiÂ¬
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 capitalÂ¬
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 emÂ¬
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-
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 comparaÂ¬
tively unsettled. The approval of the new park bills by the GovÂ¬
ernor, the progress of the work for draining that region, the
settlement of the elevated road troubles and the near commenceÂ¬
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. NeighÂ¬
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
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 comÂ¬
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 unneceaÂ¬
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
oÂ£ tlie new parka wbich ar? about ^o bÂ§ opened tQ pi^y citigene.