Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 32, no. 823: December 22, 1883

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December S3, 1833 The Record and Guide. 1023 THE RECORD AND GUIDE. 191 Broadway, N. Y. TERMS: ONE TEAR, ill advance, SIX DOLLARS. Communications should be addressed to i C. W, SWEET, 191 Broadway. ■. J. T. LINDSEY, Business Manager. DECEMBER 22, 188S. The recent heavy snowfalln should help the winter wheat. The past has been a splendid season, for this crop. The weather has been warm and open and the plant has secured a good root. The covering of snow will protect it during the winter, and if the spring is as favorable as the fall has been, the winter wheat crop of 1884 will be magnificent. Tlie " Ticker" this week is too feeble to give the usual informa¬ tion about the market. It is safe to say, however, that whoever buys at present prices, and can hold his stocks until February, wil' probably net a profit. The January dividends will be reinvested in other securities; and while this legitimate buying lasts, there will doubtless be a moderately strong market. But, of course, an unex¬ pected disaster may make mattera worse in January than tbey liave been in December. The real estate building interest has stood the business depres¬ sion of the past two years better than any of the great speculative enterprises of the country, but several failures have occurred recently, and there may be others to come. We do not use the word speculative in any condemnatory sense. All who produce an article at one price, expecting to sell at a higher, and who take the chances of the market, are speculators, though they may call themselves merchants, bankers or builders. Contracts for build¬ ing entered into two years back must be unprofitable at the prices which obtain to-day, and hence some speculative builders are in trouble and several have already failed. One ot the indications showing a more healthful condition of trade is the heavy exports of certain lines of standard cotton goods. Several large concerns engaged in the West Indian and South American trade have orders ahead for three months. This shows that we have " touched bottom," and that certain lines of domestic goods can at present prices be exported at a profit. What a pity this is not true of all our manufactures. There is just nowasuper- fluitv of goods of all kinds on the market, but even our lowest prices are far above what corresponding classes of goods can be made for abroad. We have the machinery to double and treble our present product, but there is no market for the goods at home, and all foreign trade is closed against us because of the cost of produc¬ tion in tbis country. We should at least have untaxed raiw materials. Tben, perhaps, we could largely increase our line of cot¬ ton goods to send abroad, and in addition export woollens and specimens of all our manufacturing industries. We cannot always depend upon cotton, grain and provisions. Our surplus of these will henceforth be limited, due to our mcreaaing population, but there is no end to the possibilities of our manufacturing industries, provided we can produce cheaply enough to sell to foreign markets. expose the frauds in the Comptroller's office, because they might reflect on John Kelly, and his eagerness to set the Grand Jury at work on the shortcomings of Couuty Democracy Thompson, does not look well. If there is wrong doing in any department, the Mayor of the city of New York should be the first to urge any reasonable expenditure that would expose corruption and help to " turn the rascals out." We have frequently had occasion to speak approvingly of Abram S. Hewitt, and have more than once suggested that he would be an excellent Democratic candidate for the presidency. But we are sorry to see that in one matter at least Mr. Hewitt has mis¬ behaved himself. He had no business to ostentatiously call upon President Arthur and ask him to interfere in the matter of the slayer of Carey, the Irish informer. He knew that all efforts in that direction were futile and the suspicion lies against him that his course was dictated by a desire to get the cheap applause of some unthinking Irishmen. It would have been quite proper and natural for a private person to have felt sympathy for O'Donnell, but the ideal Democratic candidate for the presidency could not afford to be suspected of demagogism. We have also felt it our duty to sustain Mayor Edson against adverse criticism in the city press. He should not be blamed, we thought, for not falling into the same error committed by Mayors Wickham and Grace, who broke with their party a.nd lost all influence thereby over the city government. Mayor Edson was quite justified in trying to keep on official relations with the Board of Aldermen, nor was he to be rebuked when he looked out for the intereata. of the wing of the Democratic party which made him Mayor. But his reluctance to The estimated value of real eatate iu New Tork is two thousand million of dollars. So far this great interest has had no corporate organization to represent it. Hence it has been made the prey of politicians. In addition to the regular taxes, real estate has had to bear all manner of illegitimate charges. It has supported party factions, enriched rings, and made the fortunes of characterless adventurers. And this hasbeen due solely to the fact that it has been unorganized. What was "everybody's businesa was nobody's business." True, there have been real estate associations and taxpayers' parties, but their objects were vague and they became the prey of shrewd manipulating politicians. But with the organization of a Real Estate Exchange we may hope for better things. The new institution will not only have a body bufc a soul. Its membership will represent not only the owners but the active dealers and brokers in real estate. The latter will, as it were, vivify the whole body, and will supply the element which all previous organizations of real estate owners lacked. Hereafter they will be a power in the community to correct and inform legislators and prevent the imposition of unjust burdens upon real property. About the New Real Estate Exchange. The daily papers have given such full accounts of the scenee attending the organization of The Real Estate Exchange and Auction Room (limited) that it is needless for us to tell the story over again. The attendance of members was large, the proceed¬ ings animated, and. at times, turbulent. This was to have been espected. Had the gathering been as quiet as a Quaker meeting, ora funeral, it would have shown that there was no life in the organi¬ zation. Hat all institutions which have vitality are very apt to show signs of lusty vigor. What touches men'n business interest is pretty sure to make them demonstrative. It was the original intention of the brokers who were so success¬ ful in organizing this exchange to confine, if possible, its manage¬ ment, for a time at least, to themselves. And this was very natural. They had been husily engaged with matters for nearly three months, and had given time and thought co working up the enterprise to a successful issue. They had induced their friends and clients to invest their money upon their judgment, and they therefore wished to keep the association within their own control for the first year of its existence. They did not care to have the organization fall into the hands of the skeptics aud critics who waited until the success of the enterprise was assured before they subscribed their names. As Messrs. Coudert and Chesebrough, who started a week ahead of them to establish an Exchange, had suc¬ ceeded in obtaining only thirty-eight subscribers up to the time when the Ludlow Committee had nearly three hundred, the latter thought that those gentlemen should take a back seat for a while at least. This, it seems, they had no intention of doing, though no doubt much ill-feeling would have been avoided had one of their number, say ex-Mayor Grace or Robert B. Roosevelt, been placed upon the regular ticket for directors. We were of opinion that the Committee could afford to increaae their number to thirteen, which the law permitted. We tbought, also, that the additional four should represent owners and other interests. Our representative regarded this matter as so vital that he resigned his position aa Secretary of the Committee so aa to be able to act independently. With this view the following circu¬ lar was prepared and printed : Oppige Off The Record and Guide, | 191 Broadway. f Dear Sir : You will agree with us that the affairs of our Beal Estate Excbange and Auction Boom (limited), should bo in the hands of no single claas of the community, the brokers alone should not bave the sole charge of the funds and management; neither should the lawyers; nor the real estate owners. An effort is making to nominate and elect as directors only nine excellent gentlemen who are, however, all real estate brokers. We do not think this fair, nor wise, nor for the best interests of our new institution. In this view we have been confirmed by a large number of our co-flub- scribers, who have in every way expressed their disapproval of anything which might savor of CiinfioinR the control of our Exchange to a smgle interest. We take the liberty of suggesting that at the preliminary meet¬ ing, to be held on Thursday, at 1 p. m., at 160 Broadway, a committee of fifteen he appointed ot the very best names on the list of subscribers and who shall represent all the larger interests of the Institution, and that to this committee shall be referred the By-Laws prepared by the commis¬ sioners for approval before being submitted t-o an adjourned meeting of all the members of the Excbange. As the law permits the election of thlrteB» diroetdrei this committee of