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November 14, 1885
The ^Kef'ord a/nd Guide.
THE RECORD AND GUIDE,
Published every Saturday.
IQl Broadwav, IST. !Â£',
Our Teleplioue Call U.....JOHN 370.
T E RMS:
OAIC Â¥E.\R, in advance, SIX DOLLAP.s/
CommunicAtions should be addressed to
â‚¬. W. SWEET, 191 Broadway.
J. T. LINDSEY, Busmess Manager.
NOVEMBER 14, 1885.
The *'boom" in the stock market still continues, and as yet
nothing hns occurred to check the buying fever. Conservative
operators realize and hold their money to buy on the expected
re-action, which somehow does not come, and they are tempted to
enter the lists again at much higher figures. What gives particular
strength to prices is the fact that the market is no longer a local
one ; for not only do the orders come in from all parts of the
country, but the heaviest buying just now is in London. This fact,
with the more liberal export of cotton and provisions, has reduced
exchange to a poiut wliich will bring us gold from the other side.
The strength of the market, however, should not be a surprise.
We have passed through four years of extreme depression
and liquidation. Capital had become timid, and money was
piled up in all the banks of the world unused. Stagnation
followed, and when the change came a movement of
excessive activity was in order. This is what is now taking
place. The whole scene has chauged. capitalists are no longer
afraid, they know tliat railroad wars are over, that prices
are rising, and that there is a certainty of profit in every well-
planned and well-managed industrial enterprise. So far, this revival
of industry and speculation is confined to the United States. The
industrial depression in Europe continues, due, as we think, to the
apprehension of war next spring and the non-use of silver in the
The annual meeting of the stockholders of the Real Estate
Exchange and Auction Room (Limited) will be held early in
December. The outgoing directors will be able to make an excelÂ¬
lent report of the operations of tho board during the past year.
The Exchange has been altered and repaired, and all the bills
therefor have been paid. It is not unlikely that there will be some
difference of opinion as to who shall constitute the new board.
Would-be candidates are already soliciting proxies. A spirited, if
friendly, contest of members for the board of directors would not
hurt the Exchange. It is, however, very desirable that good busiÂ¬
ness men, conversant with real estate interests, should form the
majority of the new board. We do not think it would be possible
to greatly improve upon the board which have been so successful
in organizing and constituting the Real Estate Exchange and
Auction Room (Limited).
The confusion worse confounded which reigns morning and evenÂ¬
ing at both ends of the Brooklyn Bridge shows in a striking manÂ¬
ner the short comings of the municipal administration of this city
and Brooklyn. The crush at these two points should have been
foreseen before the bridge was opened. To make matters worse no
provision was made for removing the elevated road station to some
point above or below tbe bridge entrance, so in the evening the
multitude who wants to cross to Brooklyn are forced to fight their
way through the still greater crowd who wish to reach points on
the east side of this island above Canal street. That accidents do
not occur, due to the crowds, is no fault of the local rulers who have
this matter in charge.
The fact is the New York end of the bridge should take in some
of the ground above and below the entrance, and then a platform
should be built to the other side of Centre street. The connection
of the Brooklyn Bridge with the elevated station is all right, but
foot passengers should not cross the track of the vehicles on the
way to the ticket oflfice. Any real good railroad manager, accusÂ¬
tomed to handle crowds in depots, could easily draw a plan to put
an end to the confusion which now prevails; the diflSculty in the
way seems to be the number of persons to be consulted in making
any change. The existence of this bridge emphazises the necessity
of putting New York and Brooklyn uuder one municipal governÂ¬
ment. Our bridge and ferry systems would then be subordinated
to the good of tbe United metropolis.
Fuit'-a street. To be sure, the chief difficulty'there is the concen-
tra'^tion of vehicular travels. Subways will in time be built to
relieve the pressure at this point of Broadway, but we must conÂ¬
stantly bear in mind that the steady increase of office buildings
below the City Hall Park will keep constantly adding to the multi
tudes who will throng the thoroughfares at the toe of the island.
Lower New York will within twenty years have the densest busiÂ¬
ness population of any portion of any city in the world.
The project for uniting New York and Brooklyn has often been
discussed in these columns. We have always held that the union
of the two cities was not only desiivtble but inevitable, and that the
sooner it could be effected the better it would be for property-
holders on both sides of the East River. This matter has come up
incidentally in connection with the Postal service, and an evening
paper has been urging with a great deal of force that one general
postoffice could better serve this metropolitan district than two
postoffices. In other words, if the New York postoffice was to
assume the control of the receipt and distribution of letters for the
neighboring country, including Brooklyn, the public would be more
efficiently served, while the government would save money and
economize in the matter of unnecessary employes.
There are other points' in the lower part of New York in which
there is daily overcrow d^'rg. One is the junction at Broadway and
But, of course, this would not suit the small politicians of BrookÂ¬
lyn. They want to erect a costly postoffice, and then the unnecesÂ¬
sary clerks and letter-carriers would give more patronage to the
bosses of both parties. A leading morning paper takes this matter
as a text to preach the same discourse so often given in these
columns. Why not join for good and all the two divisions of the
great metropolis ? Let the East River become another Thames or
Seine, uniting instead of dividing the great city of Manhattan. Our
police system could be improved and cheapened, the minor departÂ¬
ments of the dissevered city could then be reorganized and put upon
a more economical basis. Very great saving could be effected in
municipal administration, if the union could be effected under the
right kind of auspices.
Of course, when this matter comes seriously before the public it
will provoke bitter antagonism from interested parties. The local
politicians and office holders will fight it to the death, but it only
wants full discussion to unite the larger interests of the two cities
in support of the proposed union. We could then elect Mayors of
the very highest character, while the heads of departments and
local boards would be of so much importance that none but superior
men would aspire to them. Whoever of our local public men who
will come to the front in advocating this uniting the two cities will
will earn for himself an enviable reputation, and will be good for a
statue to commemorate his good work in our most popular park.
And now no less than two omnibus companies are making prepaÂ¬
ration to occupy Fifth avenue. The intention is to run from
Washington square to Harlem, the fare is to be live cents, and ifc is
proposed to have outside seats similar to the Parisian omnibusses.
In the meantime the horse-car company is trying to get the consent
of tlie property-holders, and they are having more success than
would have been suspectedâ€”because owners who have turned their
houses into stores, or who think of doing so, are of opinion that a
horse-car liue would be of an advantage to the avenue as a retail
trading mart. Of course those who own costly residences and who
believe that for long years to corae the Fifth will be the
fashionable avenue of the metropolis are not likely to concur in
this view, while nine-tenths of the wealthy people of this city wiU
be bitterly opposed to a horse-car line luarring that beautiful
Bat Fifth avenue, below Central Park, is rapidly changing its
character. Every month new business houses make their appearÂ¬
ance. On one block it is a picture store, on another a restaurant or
a druggist. Traders still continue to api'opriate one house after
another. The stage lines u ill further deteriorate the street, and
then the great increase of carts and trucks on the east side of CenÂ¬
tral Park must disquiet property-holders, especially when they
realize that as the upper part of the city grows these vehicular
nuisances will steadily increase in numbers. It is clear that before
1900 the creme de la creme of our wealthy people will seek other
quarters than Fifth avenue for residences. Whoever can tell which
will be the favored avenue, can now lay the foundation of a great
The market value of Manhattan stock steadily increases, notÂ¬
withstanding the numerous suits for damages pending against the
company. So far the courts havesust;ained these actions, and the
sura total of the daraages claimed, according to David Dudley
Field, is about $200,000,000. It may be that the stock is "whooped
up" preparatory to unloading. This may be the reason of S. V,
White's appearance in the board. It is quite true theaii, while tbe
Company is carrying a great many passengers ; indeeÂ«n in the win