October 18, 1884





The Record and Guide,





1051





years mentioned at the aale. It would naturally be to the interest of the
purchaser at a tax sale to protect himself by again purchasing the prop¬
erty in the event of its being sold for additional arrears of taxes or assess¬
ments, and thus acquire a further proprietary interest in it as lessee.





The  World  of Business.

No More Booms.

It seems, notwithstanding the lessons of the past two years, that men
are still looking for booms, but owing to changing conditions and methods
trade no longer goes by spring and fall rushes, but is more evenly dis¬
tributed over the year. Railroads, telegraphs, drummers, multiplied
distributing points, etc., have ab.tlished " booms," There will he no fall
rush; it will be distributed over the fall and winter mouths. The presi¬
dential election interferes somewhat, and business may be a little better
after it; it grain advances and the crops come out freely more money may
be put iu circulation. But these temporary interferences will not affect
the whole body of distribution during the uext six or nine months.
During the paat week the necessity for restricting production in Eastern
mills has continued, but returns from a syndicate of the largest corpora¬
tions, notably those at Manchester, ahow that they have turned out more
goodi the present year than during the year previous. It is reported that
seventy millions of dollars have been invested in new manufacturing enter¬
prises in the South and Southwest during the past three months. Such
data might be multiplied. They furnish the reverse side of the picture to
that which newspapers oftenest show. There is an evident tendency to
croak, and croaking will produce a panic as often as real trouble can. It
is evident that there is a good deal of money in tbe country not in banks,
and that a good many people are holding on to it like a canine excavator
to the radical part of a tree,—Merchants fteview.

luTestaients and Incomei

Discussions are beeinuing to spring up iu relation to the philosophy of
the present investment market as modified by the liquidation and forced
readjustmeuts of tbe last two years, A prominent hrm of London bank-
era started the discussion in a well-written pamphlet, in which tbey dis¬
credit American corporate stocks as an investment, but strongly
recommend to the capitalists of Europe the senior mortgages of oou-
speculative railroads, James McHenrytnowa resident of England, ia
writing a series of letters to an English paper, which he introduces by way
of establishing his experience aL.d opportunities of judging, by glancing
at bis connection with the Atlantic Se Great Western, which, as he says,
he "found the money for building," Mr, McHenry directs his attention
especially to American railway bonds rather than stocks, and hie comments
on the merits of both aa securities'are not favorable, His strictures are
directed to such roads as are managed by speculative officers and boards,
and have established a reputation for crooked financing; but aa, in
the laxity of our laws controlling corporate truats, immunity from
such hazards is a mater of chance rather than of efficient public guaran¬
tee, the risk is the rule and security the exception. He says: "Every
source of traffic on most American railroads is worked in the interest of
private associations. Cattle-yards, elevators, warehouses, etc., are man¬
aged for the personal gain of marauders. Branches and bridges are often
constructed with money advanced by the coinpauies, and then leased to
them as the private property of the officials. The petroleum traffic, equal
in yearly tonnage to six cotton crops, is in the hands of a few m.en calling
themselves the Standard Oil Company, whose origitial capital eonaiated of
contracts with four or five railways, securing the monopoly of railway
transit. Tbe grain traffic has ceased to be profitable through fraudulent
rebates and free use of'ghost trains.'" "The moat profitable portion of
railway traffic in the United States is surrendored to the so called express
companies or fast freight lines, in which railway oflicials are principally
interested, and it is aaid of this traffic that not a tithe, and of the general
traffic scarcely one-half of the amount paid by the people reaches the
treasuries of many American railways, and out of theae proportions all
expenses are paid." " The phrases ' wiping out.'' scaling down,'' assess¬
ment,' 'prior liens,' 'cutting rates,' etc, are common in the United
States, and are useful in blinding the public to their real dangers, but prof¬
itable to the persons who kuow how to play a game which ia not gener¬
ally undorstood.'"—Exchange,

Fast Enough.

This wonderful ship (the Umbria), 520 feet long, is reported to have
made, in her trial trip on the Clyde, with new machinery, twenty-four
miles per hour. That will do. She will get in an extra mile on another
occasion, and then the first step to a fulfillment of the prediction will have
been taken. The limit of speed in oceau steamers will be reached only
when the limit of length in construction without increasing the breadth
of baam or draught of water has been reached; the engioes, of course,
keeping pace in power with the prolongation and weight of the vessel.
Fine lines will do something to promote a rapid rate of progress through
the water, but weight and momentum without a corresponding increase
of the resisting surface will do much more. But who shall say how much
further the new principles of construction can be carried? Had the Great
Eastern's breadth ot beam been only 50 feet instead of 7-5 feet and her
draught of water a few feet lesa, she might not now be found lying aa a
coal hulk at Gibralter, Bu^ there ia danger on the deep. We still main¬
tain that this contest for speed among the ahip builders will be maintained
until some ocean racer breaks her back across the crest of a wave, and the
passengers and crew go sailing away on the compartments. This prob¬
ably means a perpendicular cruise.—Protectionist.

Condition of Western Bauks.

It may be inferred from the published statements of the national
bauks in aeveral Western cities, showing their condition on September
30, that the banks of the West generally have strengthened themselves
materially in the last sixty days. The national banbs ahovi considerable
gains in reserve resources aod in deposits since thf last preceding state¬
ment oE June 20, though loans have diminished. The policy of contrac¬
tion has evidently been pursued extensively and au increase in deposits
under the circumstances was hardly to have been anticipattd. There
has been more or le^is realizing on government bonds held for invest¬
ment. It is probably a pretty general sentiment at present that the
severest stress of weather has passed, but, like prudent mariners, the
banks are still keeping an extra tuck or so iu their sails, or, to speak
mora plainly, they are disposed to keep a larger percentage of their
means in reserve and a smaller proportion invested m cotnmercial paper
than uaual. It would seem that in a general way this would not prove a
hardship in the current conduct of trade, as there is a decrease In trade
both in bulk and in values, especially the latter. In the meanwhile the
aggregate of suspended debt has been decreasing from month to mouth by
liquidation,—Z,o 1(1 sutite Courier,

Growth of the. South.

Northern capital is pouring into the South at a most remarkable rate.
According So the Baltimore JlfaTi-u/acfMrers'iiecord, the money invested
in new mining and manufacturing enterprises in the South since the let of
January this year, amounts to the enormous sum of $55,5<i4,0tO. The moat
of tbis has gone to the States of Alabama, Virginia, Kentucky, Texaa,





Tennessee and Florida, in the order named. The heaviest investments of
capital have been in coal mining aud iron manufacturing companiea,
though a considerable portion of this capital has, of course, gone into vari¬
ous other industries, auch as cotton and woolen mills, flour mills, aaw
mills, machine shops, etc. In Alabama, more than any other State, min¬
ing and iron making have been the favorite investments. The apparent
fondness of North Carolinians for small enterprises is remarkable. There
ai e more cotton mills in that State than in any other in the South, and
yet, with two exceptioni, they are small as compared with Georgia^ and
South Carolina mills,—Parts American Register.

Why Iron is Depressed.

The London Economist has been studying the condition of the iron busi¬
ness iu the leading countries of the world, aud thinks the cause of tha
depreaaion is not hard to discover. It is chiefly due to the rapid extension
of production, as maybe seen by a glance atthe following table:

1883.                  1883.                  1831.               1880.

Production of                     Tons.                Tons.                Tons,             Tons.

United Kingdom.........    8,010,324            8,493,337            8,377,334            7,7dl,833

United States............   B,i46,9T2            5,178,131            4,61I,67S            4,39.J.4l4

Gorraanv................   3,3S;l,788            3,17ii,957            2,9 ll ,000            a,77il,540

France....................   2,069.357            3,Oi3.C00            I,e91,9i4            1,733,10J

Belgium.................       770,609              717,000              634,736              610,000

Total................... 19,858,040           19,592,365          18,479,730          17,130,889

A sudden and serious expanse took place between the years 1879 and 1880.
The fact that tho output was still further advanced in both England and
the United States during the years 1S3L and ISS? the Economist regards as
atill more serioua, because both railroad building in America and ship
building in England—the two leading causes for the expausion^have auf¬
fered a severe depression, and the demand for iron ia greatly contracted.
In referring to ship building the Economist says; ''Tuere is no denying
the fact that a aerlous depression is slowly ereepiug over ship building aod
marine engineering, and, notwithstanding the late rumor of new work
being given out ou the Clyde, it is not unlikely that matters will grow
worse rather than better in the near future."

Wool and Sheep Worthless.

Eagle Pass,, Tes,, Sept, 26,—The tremendous growth of the past
season, joined to the low prices of wool, has paralyzed the sheep business
in tbis as in other sections of the State. Prominent sheep men here are
anxious to sell, and some aay that at least one-balf of tho sheep in Texas
are for sale at low prices. They have sold here at 60 cents a head. The
best-appointed ranches in thecountry are barely paying expenses. The
Custom House here rigidly enforces the law with regard to mixed wool
importation. The duty is 10 cents per pound, and in consequence the
wool of sheep crossed into Mexico last spring now lies idle there, the duty
amounting to a virtual prohibition.—Louisville Courier.

The Cotton Trade in Distress.

The cotton trade is in a bad way, and never were there more determined
efforts to check production than within tbe last month. Fifty companiea.
with 6.000,000 spindles, worked only four days a week and suspended all
operations for a whole week while the artisans were enjoying an annual
holiday. " Production has surpassed demand, and 4O,OO0,OuO spindles,"
sighs a Manchester Journal, " are now turning their produce into an over¬
weighted market," The shipping trade, on the other hand, ia working up
the scare about the navy, inducing the hope of large orders on the Tyne.—
Exchange.

Advantages of High Buildings.

A few yeara ago when a ten-story building was talked of the idea of
erecting such a structure was hooted at as impracticable, or tbe projector
was set down as either a crank or a fool. That was in the days before the
era of the modern elevator; when stair tilimbing of more than two flights
was more than the average human would endure; when the material of
which the outside and inside of buildings were constructed was of such a
combustible nature that people were afraid to occupy a room above the
second story; when substantiality was not regarded as one of the pre¬
requisites in any kind of a structure; when the idea of making a handsome
edifice fire-proof had not been conceived in the mtnd of owner, architect or
builder. Modern appliancesbaveovercnmetbe objection to stair-climbing,
and modern architecture has met the difficulty with reference to combusti¬
bility so effectually that the principal objections of the past have been
completely removed, and the public opinion that was so outspoken againat
tall buildings a few yeara since haa, in a great measure, been turned com¬
pletely around. Those who were then the loudest in their denunciation of
such projects have bscome ardent advocates of structures not only teu
stories in height, but are even suggesting that they be made fifteen.
Ardent opponents of high buildings have invoked the aid of the law¬
making power to prevent tbe erection of a structure more than seven
stories in height, and their invocations have been heeded to some
extent, but the modern projector of a business block feels that he has a
voice in such matters, and that the arguments he may presant iu
opposition to laws putting an embargo upon the erection of high build¬
ings will be listened to. The arguments presented by the advocites
of structures ten or twelve stories heigh are to the effect tbat such a
building must necessarily be more substantial than a low one; that its
foundations must be massive; its walls heavier, aud constructed of the
best material obtainable; its interior finish must be such as to comport
with the outer portion, and, consequently, more substantial than in an
ordinary structure; it muat ba put together to stay, aud made abaolutely
fire proof. With these requisites observed to tha letter, they consistently
claim that the occupants of such buildings are safer thau in the ordi¬
nary brick building, and that there is little or no danger to surround¬
ing property from such a structure.- If auch a building is not made
flre-proof it is the fault of the architect or contractor. Modern arcbi-
tecture has made such rapid strides within the last decacie that there
ia no excuse for the construction of a high building that will not
withstand the flames from the interior furnishings, or that will
not stand as a solid wall to stop the progress of a conflagra¬
tion from surrounding buildings. The true theory of the age is that a
city can be constructei that will not succomb to the devouring element,
and in the designs for the tall piles of masonry that are in procesa of erec¬
tion in Chicago every constituent element of flame-resistance has been
brought into requisition to meet the flre-proof requirement. If the
theory of modern architects be correct as to protection from fire, there is
no reason why it may uot be as feasible to make a twenty-story building
as fire-proof as one only seven stories high. The question of altitude should
not be made tbe basis of limitation in considering the safety of occupants
or Burrnuudings, but rather the substantiality and the salamander quali¬
ties of the structure should be given a flrst consideration. A leap from a
five-story building would be certain death; so it would from the twelfth
story, and a man would roast as quickly in the one as in the other. The
great difflculty that has been in the way in the past was a want of sub¬
stantiality in what were called modern structures. There haa been a dis¬
position to overlook the fire hazard, and the consequence has been
disastrous to Chicago property in hundreds of instances, even since the
lesson which the great fire is said to have taught. These additional les¬
sons have been dearly-bought experience to many who have gone beyond
iustruci ions from underwriters, exceeded tbe strictures of the law, and
have recognized the influence of self-interest in tbe construction of bigh
I buildings,   which   Is   more   potent   in   the   securing   of   a fire-prbeH