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October 39, 1887
The Record and Guide.
THE RECORD AND GUIDE,
Published every Saturday.
IQl Broeid^vsray, IST. Y-
Our Telephone Call Is â€¢ - - - - JOHN 370.
ONE YEAR, in advance, SIX DOLLARS.
Communications should be addressed to
â‚¬, W. SWEET, 191 Broadway.
J. T. LINDSEY, Business Manager.
OCTOBER 29. 1887.
The city and county tickets of the two leading parties are, on
the whole, very respectable ones. We do not think as well of MarÂ¬
tine and Rollins as do many of our city papers. They each have
better reputations than they deserve. As for Colonel Fellows, he
is probibly the mo^t uQfit person of all the loaders of the bar to
put into the District Attorney's office. Ha is without character or
business capacity, and this fact is widely known, not only among
the members of the bar but by our citizens very generally.
Even the Labor ticket coatains some good names. Abner E.
Thomas, its candidate for the Supreme Court Judgeship, is a fair
lawyer, and has written a standard work ou real estate mortgages.
Louis F. Post, its candidate for District Attorney, ia a forcible
writer aud speaker, and has executive taleats of a high order, but
he has most unwisely published a magazine article advocatiug a
change in our laws so as not to require bail of anyone charged
with criminal offenses. He claims that the present system gives
an advantage to the rich criminal over the poor oneâ€”for the one
can get bail and the other cannot. Of course Mr. Post claims that
this is only his private opinion, and were he elected he would carry
out the present laws; but conservative people would hardly votts
to let all criuuinals go at large pending an inquiry into their
The way to cure the undoubted evil which Mr. Post points out
would be to imprison all suspected criminals, rich as well as poor,
but to give them prompt trials. Instead of suspected people being
kept along for yeard, all trials should be begun aud concluded
within the month. Take the case of the Italian who shot young
Barrett while defending his sister from insult. Ha should be tried
and hung within the week. There is no sense, indeed it ia an
outrage to allow this brute to live from month to month, and so
with thousands of other cases. A change in our criminal practice
will probably come if Colonel Fellows should become District
Attorney. The abuses of the office would become so intolerable,
that the indignation of the public would demand a revision of our
preposterous, wasteful, time-consuming court machinery.
The stock market has been stronger during the past week, and
the bulls seem confident of scoring much higher figures in the near
future. Money is now easy, and time loans can be made without
difficulty ; hence operators for a rise have no fears of a money
pinch. The change in the temper of the market is due to the policy
of Secretary Fairchild, who puts the surplus monies derived from
taxation in the banks instead of in the Treasury vaults. We have
imported some 125,000,000 gold, which means ^100,000,000 in disÂ¬
counts, and the Secretary of the Treasury is responsible for the
statement that there is $108,000,000 in circulation which at this
time was in the Treasury vaults and banks.
But we are not out of the woods yet. There has been overbuildÂ¬
ing of railroads and an unwise speculation in Weatern lauds, which
must result in decreased earnings for the roads whicli have done
the most reckless^building. But while the securities of properties
west of the Mississippi River may decUna tho stocks and bouds of
the railroads east of the Mississippi River may appreciate in value,
for the Western extensions give additional businesa to the Trunk
lines. The general conditions of traue are favorable, and if ConÂ¬
gress acta wisely there is no reason why we should not have
another year of fair prosperity.
The readers of our weekly summaries will notice that the number
of conveyances keeps up with the very large business of this time
laat year. Indeed in some weeka there is an increase. But it ie
noticeable that unimproved land has not beeu in much demaud.
The sales have been principally in improved property. On turning
to the records of the Building Department it will be noticed the
new plana falljbelund those of last year. Tiiere is not by any
means ae much money being inveatod in new edifices. This would
account for the falling off in the demaud for vacant lots and exÂ¬
plains the failure of the Hamiltou Grange sale. But this stoppage of
building has been largely due to tight moneyâ€”when it was imposÂ¬
sible to obtain tirae loans for carrying stockâ€”when the best mercanÂ¬
tile paper could not b3 discounted, the judiciary institutions as
well as other lenders of mouey had no funds to advance for buildÂ¬
ing loans. But the condition of things has changed. Money is
now easy and is loaned freely ou call at 3i.< and 4 per cent., while
time loans can be made at b}4, per cent.; hence, if there is anything
like a ready sale of new house property, we may see a resumption
of building operations early next spring. Bat, of course, this will
depend largely upon the action of Congress during the coming
winter. If the surplus gets into the channels of trade we will be
all right, and the year 1383 may make a relatively good showing in
the way of ne v buildings.
Surely the city authorities are not justified in preventing the
Manhattan Elevated road from laying a third rail so as to increase
the accommodations for the traveling public. The cara are now
overcrowded, and through trains, or at leaat trains with only a
few stoppages on the 31 and Gth avenues, would be a real boon to
literally hundreds of thousands of persons. There is not a very
friendly feeling towards thejpeople who own the elevated roads;
but what has that got to do with the public commarce? It is said
that proper measures should be taken to get the consent of the
authorities, but we all know what that meanaâ€”a howl from the
newspapers and more blackmail for the city officials. Mayor
Hewitt and the Corporation Counsel are not advancing the interÂ¬
ests of the traveling public in opposing this improvement on the
People in Wall atreet who are well posted siy that Jay Gould
will i^robably not swallow up tixe remaining telegraph wires outÂ¬
side of Western Uuion, nor will he purchase the Mickey-Bennett
cable which he could have had at any time within the last year at
his own price. He is afraid of the cry of m^aopjly which has
been raised, and then he does not care to put any money in the
pocket of Mr. James Gordon Bennett, who is responsible ^for the
cable enterprise and who keeps up an incessant attack upon the
Gould properties. It is hinted that some understanding may be
arrived at with the opposition laud telegraph lines ao that rates can
be maintained. In viesv of the possible action of Congress during
the coming winter Western Union will probably fluctuate very
widely the market price. It will be the football of the " street."
There are some excellent names in all the three county tickets to
be voted for at the next election. The city " bosses" have really
done uncommonly well in the men they have selected for the
various city and judiciary positions. The^e are, it seems, still
believers in Judge Donohue ; but as he is not likely to be a candiÂ¬
date there can be no harm in speaking of some of his good traits.
He has been the moat industrious Judge of the entire New York
bench. He is at his desk early aad late, and ia prompt in his
decisions. He is as well read in law aud understands it aa thorÂ¬
oughly as any of his associates. His ability and industry are conÂ¬
ceded. Yet, withal, it must be confessed that much lie did had a
questionable look and needed explanation. It is to be hoped that
the new Judge will emulate his industry and be warned by his
The reported earnings of the Reading Company have a very susÂ¬
picious look. Where does this phenomenal increase come from ?
Cau it be that the accounts are cooked so as to maintain the price
of the stock iu Wall street and help float the bonds iu the market?
Reading is backed by oue of the most powerful syndicates ever
organized. Morgan and his associates could buy this stock up
twice over and double its price if they had ulterior objects iu view.
Tins special security has beeu the key to the market for months
past. Had it broken badly the beai's could have raided the active
list probably ten points lower ; but whenever a crisis was immiÂ¬
nent Reading waa advanced to stiffen the market. But the
increase in the revenues of this road, if correct, is simply amazing.
How it must have been plundered under the receivership and by
previous managements. But we suspect that there is a great deal
of bookkeeoing in the figures given out by President Corbin's
The defection of the Staal.'i Zcitang will greatly injure Col.
Fellows' canvass among the Germans; but, aa an offset, it is
evident that the machine Republicans do not like Nicoll. What
scratching there will be on election day to be sure. It is not
impossible that Nicoll may have the most votes, but then the
counting of the ballots will bo in the hands of the machine
appointees of Power, Croker and O'Brien. Tho District Attorney's
office has not for many years been in really honest hands. Tho crimÂ¬
inal class who had political friends have always had helpers in that
office and Col. Fellows is much more after their heart than either
of the other candidates. The result of the Baltimore municipal
election foreshadows what may possibly take place iu New York,