The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1894-02-21
BOARD OF TRADE
Meeting Last Evening to
Hear Addresses on
Real Estate.
MAJOR P4NGBORN AND THE TROLLEY.
Counsellor Condict Believes There
Are Bright Prospects In Store
For Jersey City.
PANGBORN AND THE TROLLEY.

A meeting of the Board of Trade was held
last night to listen to addresses by Major q.
K. Pangborn, Joseph A. Dear and Counsellor
Condict of the firm of Randolph, Condict &
Black, about real estate in this city. Before
the board was RECALLED with the ''Feast of
reason and flow of SOUP and listened to the
words of wisdom let fail by these gentlemen.
it held a meeting of the directors. The bill
for the recent dinner was ordered paid and
some other business was transacted. Then
the directors adjourned and the business
meeting was opened.
A letter was read by the Secretary as fol-
lows
A HOME RULE IDEA.
NEW JERSEY DIRECT LEGISLATION LEAGU e. [
RiDGEwoop. Feb. 8. 1891.
Secretary of the Board of Trade, Jersey Ctr.
" j.:
MY DEAR SlR-As men who are interested in
public matters l do not teel called upon to make
any apology for addressing you upon a vital
puplic QUESTION: the Failures OF our represen-
ing evils that have fastened themselves upon
society admonish us that further safe guards
must be provided, and that it must positively be
put out of the power of the servant to squander
the masters substance and trample his rights
under foot.
Tine constitutional adoption of the principle
of Direct Legislation is the simplest. completest
and least radical reform measure known:
through It's operation every public wrong can
be Immediately held up" and noted upon;
majority will absolutely rule and a true Demo
cracy will exist.
We have an organization Of three years
standing for pushing this movement, which is
non-partisau. The principle gives the people ir
any SUBJ division-from the township up.the
right 10 affirm or veto any act or acts OF their
representatives, or to initiate and carry into
effect any desired law, ordinance or appropria-
ton. 1t is the principle OF Home Rule or Local
option, pure and simple, and goes right to the
bottom Of the whole thing. Under such con-
ditions, new confidence and life will be infused
into the affairs of cities, where an increasing
sense of helplessnesS aud hopelessneSs reigns,
iobbery and boodling will receive their quietus
and a corresponding public interest, growth and
prosperity will result.
Both of the great political parties in Massa-
chusetts adopted a plank last fall on this sub
jsct, and will doubtless be the first State in line,
although there are several other States close
behind. y
Let me ask if your board is not sufficiently
interested in q movement which promises bet
ter things to give to those who are consc!entt-
ously working toward that end. the encourage
ment of an audience. IF it should be your
pleasure, as / hope it will be, to hear these new
facts and have than applied to your own city
and its interests. we shall be pleased to have
]. W. Sullivan appear before such an assocla-
ton Of representative men and explain wherein
the application of this reform measure will
make municipal government a success. Az
early reply will oblige.
Very respectfully yours.
z. D. KNAPPEN, Secretary.
The communication was referred to the
Legislative Committee.
AGAINST THE INCOME FAX.
A printed circular from the Chamber of
Commerce of New York was also read. 1t
contained a resolution adopted by that body
condemning the income tax as proposed by
Congress. The resolution set forth that
such a tax was an unequal one; that during
wal times, when enforced, the burden was
borne by only g. 900 persons, and that If an
income tax should now be enforced the bur-
den would fall on about 100, 900; chat the
cost of collecting this tax would be proper
tionately greater than the amount the Gov
eminent would receive. The resolution de-
nounced the proposed income tax as a species
of socialistic legislation, and asked the Board
of Trade to use it's influence with the Sena-
tors from this State to defeat the income tax
legislation.
Grocer Banks said that this subject had
been discussed recently at a meeting of the
Merchants Protective Association, and that
after a long talk that body had not reached
any conclusion. He asked to nave the mat
ter laid upon the table for future considera-
ton, so that the persons invited to talk real
estate might AVE ample time to do so. 1t
was so decided.
Acting President Jewell announced that
Henry E.. Neise, James 7. Golf and Gibson.
Collins & Co. had been proposed for member
ship, and then the real business of the meet
ing began.
REAL ESTATE TALK
Major q. K. Pangborn was introduced,
and he said he would tell the board what he
knew about real estate, which, he honestly
said, was very little, for he was not a buyer
or seller of that commodity. He divided his
- - I'D a1l TT,4,+o- n- - po1ofne 20
Property; Its Rights, Uses" etc. The
speaker said he did not believe in Henry
Georges theory that land should pay all
taxes, but that property of every description,
except public property, should be taxed.
There should be no other exemptions. He
deplored the loss of the water front,
and declared that public spirit was
cried, II don't know either what can
be done to increase public spirit" He de-
nounced the people who continually de-
claimed against the city. All public i'm
provements, the speaker said, should have
the hearty cooperation OF real estate own
ers, for without public improvements real
estate must suffer. Forgetting his editorials
in the Eueniny Journal, he paid a glowing
tribute to the trolley rapid transit, and said
he would be the cause of building up all
vacant lots on the Hill.
COUNSELLOR CONDICT'S R
Counsellor Condict followed, and pro-
foundly declared that the subject of real
estate was a deep one, and wisely added that
he would only touch upon one branch of it.
SIS real estate at present prices and under
present circumstances" he asked, "a good
investment
In answer to his query he replied, ''This
city is well located. 1t is opposite New
York City, which is being filed up with
tenements, for which men pay $25 rent for a
few rooms. For that same amount they
may come here and have a whole house with
a garden attached The city, he thought,
was bound to grow, and it could no more be
prevented from growing than could New
York City. As O lawyer he had become
familiar with real estate, and had learned
that soon after the war real estate began to
rise in value, and kept rising until people
all over seemed to think that this city was
the place to invest in real estate. In 1875
nearly all the property in the city was mort
gagged and much of it had two and three
mortgages on it. The people had gone real
estate crazy.
The speaker denounced the officials who
at this time plunged the city into debt and
made improvements which cost three or four
times as much as they were worth. The peo-
pie refused to pay the debt and in conse-
auence all property was soon on the market
and there never was such a slump in real
estate values in this State, except, perhaps
in Railway, as that which followed. Mort
Cages were foreclosed and property got into
the hands of people, banks and insurance
companies who never wanted it. They were
forced to take it to save their investments.
These people, banks and insurance coinpan-