June 26, 1886





The  Record  and  Guide.





831





facturers in America, who have come to see the folly of protective tax¬
ation—which has caused the Ways and Means Committee of the House of
Representatives to reject Mr. Grosvenor's biU increasing fche tariff on wool.
It was the Ohio demagogue demand in its customary form. The next
step should be the repeal of all duties on raw wools.—Chicago Herald.

The Mexican Treaty,

It seems certain now that the adverse action of the Ways and Means
Committee on the bill to execute the commercial treaty between the United
States and Mexico will be a fatal impediment to the acceptance of the treaty.
This is a matter of very serious regret in California. To us the Mexican
treaty was a matter of more than ordinary importance. It seems to us that
home industries would be benefited rather than injured by free commerce
with Mexico. If liberal intercourse could be secured between the United
States and Canada and Mexico, if the customs frontier could be aboUshed
all over North America, there would be a great resulting gain. The mil-
lermium would not immediately set in, but a perceptible step would be
taken toward it. Under such conditions San Francisco would naturaUy
become a great centre of trade for the Mexican States bordering our
Southern frontier. We already sell machinery and mining supplies to
Sonora, Durango and Chihuahua. We could, under proper commercial
conditions, increase this traffic into miUions of dollars per annumi—San
Erancisco Examiner.

Canada's Troubles.

Our Canadian neighbors, who wanted to conquer this country a few days
ago, appeal" to have got into a financial mess, which is a bad basis to fighfc
on. Their fcreasury estimate for the current fiscal year promises to show a
deficit of $5,000,000. This is a pretty bad showing for a country whose
total normal revenue, independent of loans, is only about $33,000,000. The
fact is Canada has been following the bad example of the Australasian
colonies and running into debfc in a wild way to build raihoads. Twenty
years ago the total debt of the Dominion was about $90,000,000. It is now
something over $250,000,000, and all there is to show for the increase is the
Canadian Pacific, whose builders, like the builders of the Southern Pacific
of Kentucky, have made vast fortunes. Canada is not quite as badly off as
the Australasian colonies. In New Zealand the debts amounts to about
$300 per head of tho population ; Victoria, with a population of a million,
owes $150,000,000, and New South Wales, with about as many people, owes
jusfc aboufc fche same money. But these colonies are being weighted down
by the burden of their debts, and it seems a question between repudiation
and depopulation. Canada has not reached that stage yet; but the interest
charge on her debt is $2 per head of hei" people, while in this country the
interest charge is only about eighty-seven cents. The difference is quite
important. Railroads and public works are excellent things, and it is well,
within certain limits, to mortgage the future to them ; but where the Umit
is crossed it will always be found that Micawber's maxim applies to States
as to individuals, and that debt means sutt'ering, sorrow, privation, misery
and ruin.—San Francisco Chronicle.

Pennsylvania Pig-iron at $9.50 per Ton.

The sale of the Valentine iron ore banks to a syndicate of capitaUsts
and the development of that property will give Centre county a trial for
Tvhich its people have long been asking. The financial men of that
locality have declared that pig-iron could be made there for $9.50 per
ton, aud there seems to have been reason for the faith that was in them.
Heretofore they have been handicapped by the restrictive policy of the
Pennsylvania Railroad Company, which charged $3 for carrying a ton
of iron from Centre county to New York, while at the same time it was
carrying h"on from Richmond, Va., to New York for only 80 cents per
ton. In the face of these discriminations no capitalists could be found who
were willing to put their money into iron ventures in thafc localifcy; bufc,
since a line has been surveyed frora the Beech Creek Road to Bellefonte,
the possibility of obtaining competitive rates drew the afcfcenfcion of capi¬
fcaUsts to that territory with the result indicated. There is no reason why
Centre county cannot successfully compete with the South in the produc¬
tion of cheap pig-iron. A famous English iron master who visited Belle¬
fonte a few years ago declared, affcer inspecting the ore banks near that
town, thafc pig-iron could be made in Cenfcre county as cheaply as in the
Cleveland district of England.—Philadelphia Record.

Boston Building Associations.

The annual meeting of the Workingmen's Co-operative Bank emphasizes
the success of thafc means of encouraging saving. During fche hisfcory of
these institutions in Boston and other towns its popularity has been shown
by the active demand for shares and the rapid growth of the workingmen's
homes in the neighborhood of the banks. The three largesfc banks in this
city, the Pioneer, the Homestead and the Workingmen's, claim to have sus¬
tained but one loss in nine years, during which they have assisted the
buflding of flve hundred small houses in the suburban towns. As in the
West, the strikes and labor troubles have had no effecfc in diminishing fche
operafcions of the banks, since they loan money on small contracts and prin¬
cipally in suburban disti-icts. In Philadelphia, where the system had its
origin and has its mosfc perfect development, ifc is called fche system of " build¬
ing associations," and has produced theunusualnumber of small, neat houses
which have given to Philadelphia the enviable title of the city of homes.
The plan has been simplified in Boston, bufc it retains the main feature of
loaning money to shareholders only for building purposes. An exceUent
requirement compels the bon-ower to pay off' his loan steadily by monthly
paymenfcs. The banks have been so pcpular in Massachusetfcs, wherever
they have been started, that careful restriction is neccessary in is.suing
shares and giving loans. A cautious limitation is advised to aU institutions
of the sort, in order to maintain the 6 or 7 per cent, interest on the invesfc¬
menfcs and to be certain of security. The experience in many places
encom-ages this form of cultivating thrift. Although the buflding associa¬
tions are not so essential to Boston, where exceUent saving banks abound,
as in other places, thoy are entitled to respect m their object of encom'aging
workingmen to own their homes.—Boston Journal.

Chinese Railways.

Ifc is said thafc Mr. Denby, the United States Minister to China, has had a
conference with a prominent Chinese official on the subject of Chinese rail¬
ways. It is also reported that Mr. Denby said thafc American capifcalists
were prepared fco underfcake the construction of a complete system of rail¬
ways lor fche Empire of China, and thereby reUeve the Chinese government
of the burden of building the roads. It ii not probable that the Chinese
governinent would give any association of foreign capitalists permission to
build such a railway system without placing such conditions upon the grant
as would make it undesirable. But China is in great need of raflways, and
ifc is probable that within a few years it wiU take some steps toward building
a system which would be enfcirely under the control of the government.
To connect all the parts of the Chinese Empire with raflways would involve
the expenditure of an enormous sum of money. The Empire has an area
equal to about half thafc of the United States, and in this country there are
more than 120,000 miles of railways. The greatest part of this enormous
mileage is confined to one-half the area of the country. Ifc is probable that
seventy-five years ago the means of internal communication in the Chinese
Empire were better than in any other parfc of the world of equal area.
tJoramimication was then, as it is now, maintained chiefly by means of the

Vers and the canals. But, although much has been said and written in
jL/x-aise of the canals of China, they are in many respects very defective.
They fall far short of meeting the commercial necessities of a country





which is, like the Unifced Sfcafces, covered with railways. China has not
improved during the past seventy-five years, except as it has received the
beneficial influence of communication with foreigners. If a system of rail¬
ways were built in China connecting all parts of the Empire with Pekin
and with the important seaports it would add wonderfully to fche develop-
menfc of fche counfcry. Ifc mighfc be fchoughfc fchafc with so enormous a popula¬
tion as that which China possesses there would be Uttle room for tbe develop¬
ment of ifcs natural resources. One might well think tbat the industry and
ingenuity of the people woifld long ago have developed those resources to
almost the highest point. Bufc such is not the case. Until within a few
years by far the greater part of the coal used by foreign steamers trading at
Chinese ports was broughfc from foreign countries, notwifchsfcanding there
are in China extensive deposits of coal. Along the banks of the Yangste
the inhabitants cut reeds for fuel, although 200 mfles back from the river
there are extensive deposits of coal which are almosfc, if nofc enfcirely,
unfcouched by miners. The reason of this is found in a large degree in the
expense of transporting coal. Such a country unquestionably needs rail¬
ways. If it were covered with railways so that the products of the interior
could be brought fco the coast, China would soon become one of the greatest
commeraial nations on the globe.—Denver Tribune-Republican.

Unifying the Railroad Gauge,

A few days ago there was quietly accomplished a reform that is important
out of all proportion to the attention that it has attracted. The raflroads
of tho South changed their gauge to make it conform with the " Standard
gauge " in general use afc the North. On nearly all roads in the States south
of the Ohio and east of the Mississippi, the tracks were five feet apart. Tbe
accepted gauge of the North, West, and Southwest is 4 feet Sj^ inches. The
Pennsylvania road's gauge is a half inch wider, namely, 4 feet and 9 inches;
but this differs so slightly from the ''standard" a"? nofc to prevent the
transfer of rolUng stock from one to the other. Ifc is, to be accurate, this
Pennsylvania gauge of 4 feet and 9 inches that the Southern roads have
adopted and are now using. Arrangements were perfected whereby the
alterations could be made simultaneously, on the last day of May and first
of June, along the fifteen thousand mfles of five-foot track. The cost of
the change involved, of course, very much more than the shifting of one
rail for the entire trackage. The alfceration of rolUng stock was much the
larger item. But this had been in process gradually for several months,
and the new order of things went into effect easily and without embarrass¬
ment. The continent of North America has now practicaUy one railroad
gauge. The old broad gauge (six feet) has gon'e wholly out of fashion,
although some New England roads, we believe, still retain it. The Erie
line abandoned ifc in 1878, and the Atlantic & Great Western narrowed
to standard in 1880. Canada used the broad gauge and several
others until about 1873, when a movemenfc in favor of uniformity
set in and the standard width is now used by every road of importance.
The Mexican roads, excepting the Mexican National, are of the four-foot
eighfc-and-a-half-inch gauge. According fco fche census of 1880, 77.7 per cenfc.
of the track of the country at that time was of " standard" and "Penn¬
sylvania" gauge, while 11.4 was of the Southern five-foot gauge, now
alfcered. The remaining 10 per cenfc. consisted of six-foot broad gauge
and three-foot narrow gauge roads. Since 1880 the tendency has been
to alter both these widths to standard. The narrow gauge roads
have generally proved disappointing. The Denver & Rio Grande
is the only important narrow gauge road that remains, and its
excuse is the mountainous character of the counfcry it traverses. The
Texas & St. Louis is to widen its narrow gauge mileage, as is also
the Toledo, Cincinnati & Sfc. Louis. Perhaps 95 per cent, of the railroad
mUeage of North America is now of uniform gauge. The commercial
benefits that wfll result from the change of gauge this month by all the
Southern roads are to be estimated very highlv. The reform is another
step, and a great one, in the obliteration ot the sectional Une. Por, as a
matter of fact, difference of gauge has been a serious barrier to traffic
between the North and the South. Ifc has nofc only hampered the easy
interchange of commodities, but ifc has infcerfered with fche making of
those "through" arrangements which so greatly facilitate and stimulate
the passenger business. Its peculiarity of railroad gauge has helped to
isolate the secfcion south of the Ohio River and east of the Mississippi.
The change will aid in the development of the Southeastern Stafces, and
wfll be of general advantage fco fche country.—Minneapolis Tribune.





In selecting Hon. Roswell P. Flower as a member of the electric subway
commission no mistake was made. The gentleman is devoting himself to the
duties imposed upon him with a singleness of purpose which presages success.
He has just returned to New York from Chicago whero he examined tha
wires underground, and he says the work is satisfactory and the wiras work
better than they did above ground. The wires are in tubes three feet below
the surface, with frequent manholes for making repairs, bufc the cost of
repairing is very slight. If wires can be operated underground, and it
would be foUy to say that they cannofc, why should fche sfcreefcs of Buffalo be
cumbered by the network which interferes with business and seriously
impaus the efficiency of the fire department ? On the assembling of the
Legislature nexfc winfcer Ifc will be fche firsfc duty of the representatives of
this city to secui-e the passage of a law which will compel aU telegraph,
telephone and electric Ughfc companies to put their wires below the surface.
—Buffalo Times.





Ever since flat houses have become popular in this city there has been a
feeling upon the part of owners thafc tenants who numbered among their
household goods dogs were objectionable. This feaUng has extended, and
now an up-town owner advertises for smaU respectable famiUes, with no
oats, dogs nor bummers. Superior inducements are held oufc by a flafc house
in Brooklyn, " The Crifcerion," where fcenanfcs can secure aparfcmenfcs fiu-
nighed or unfurnished or only carpefced. The furniture is said to ba silk
plash, the carpets of velvefc and fche matfcreasea of hair.





Real  Estate  Department.

Considering the imfavorable weather the week's business afc fche Real
Estate Exchange has been fairly good, the time of year being taken into
account. Most of the week's transactions was in suburban property, and
the mosfc imporfcanfc cifcy property thafc was sold was under foreclosure.

There was bufc Ufcfcle doing on Monday at the Real Estate Exchange. Only
two foreclosure sales, a two-story brick store and dwelling No. 61 Sheriff
streefc and a three-sfcory brick fcenemenfc on rear, on which $11,543 was due,
brought $9,600. August C. Hassey, the plaintiff, was the purchaser. It
has since been resold for $8,500 to WflUam Laue. The foreclosure sale of
No. 74 Maiden lane, upon which $38,764 was due, was adjourned sine die.

The largest transaction on Tuesday was the foreclosure sale of the ten-
sfcory brick and sfcone aparfcmenfc house, known as the '' Strathmore." The
amount due on ifc and fche adjoining properfcy was $149,000. The sale
atfcracted many prominenfc invesfcors. Ifc was sold for $125,500 to Morris B.
Baw for Walter S. Hobarfc, of California.   The same gentleman recently