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^                                      ESTABLISHm^M,ftRCH2r-i^l968.'^

De/o^eQ to HE^L ESTME , BuiLoif/C ^RC^^lTECrrol^E ,HoiSElJOLD DeCORAHoN.

~~ • BlIsiiJess aiIdThemes of GeHeiV^L Ij^Jtcr^est





PRUE, PER VEAR IM ADVANCE, SIX DOLLARS.

Published every Saturday.
TELEPHONE,          .    "^     ,          .          JOHN  370.





Communications should be addi-essed to

C. W. SWEET, 191   Broadway.
/. T. LINDSEY, Business Manager.





Vol. XLII.





OCTOBER (i, 1888.





No. 1,073





Evei-ytbing secimecl to favor the "bulls" in stocks early in the
week. Treasury disbursements were large because of the falling
due of the October iaterest;; and dividends. Theu tlie boud pur-
chasei'S were ou so large a scale as to add to the bank reserves at
a time of the year wheii they usually run down. Tho rai,c war,"; iu
the West were officially aiiiioiiiiced ay over, and tbeu the close of
Septeiuber settled the question, that we bad raised the 1-jrgest corn,
oats and hay crops ever known iu our liistory. But stock specula¬
tion is always uncertain. The dealings" in -wheat became positively
frantic, then tbe Atchison & Sauta Fe reduced its dividends to a 4
per cent, basis. It was known also that money was ruling unnat¬
urally higb abroad, due to the dangerous investments in all the
European bourses. So the market baited for a time. StiU it looks
as if " bulls " were likely to have the best of ihe game in tbe long
run. The reduction of the Atchison dividend was a conservative
measure m itself, and the wild wheat speculation injiired foreigners
more tbau Americans. The primary fact remains that our couutry
bas generally been blessed with abundant crops, and tlie foreign
demand for tbem will be large. Our i-ailroad system will be taxed
to tlie utmost to carry the freight that will be offered during tbe
coming yeai, a state of things wbicb inaures us against destructive
rate wars.    Altogetlier ihe outlook for American securities is very

promising.

■—-—•---------------------------------------------

For many years past foreigu grain dealers and sjieculators have
made a great deal of money by "shorting" our wheat market.
They used to buy the cash article and sell late options. In this
kind of trading the foreigners got the best of the New York and
Chicago wheat sharps ; but tbe tables have been turned this year.
Emboldened by their past experiences, foreigners have sold vast
quantities of wheat which they did not own, but a speculative
" bull " fever has broken out iu our markets, and " wheat has gone
out of siglit." In fact that cereal has cornered itself. Wlien options
involving forty or (ifty million bushels are bought and tbe supply
of actual wheat is less tlian ten millions, it follows tliat there will
be an insane scramble amoug the "bulls" to get possession of the
coveted cereal. Tbis is what is iiappcning in our grain markets. A
reaction must come some time, wliich will be the more severe as
there are so few " sboi-ts " to cover, and thus break the course of
the downward surge. This wheat business sbows the speculation,
wliich has been dormant iu the grain as wcli as in the stock market
lor some time past, is now at work agaiu, and we will probably soon
see its effect in aii departments of business. This is why " bulls "
are so confident about the future of iirices in tbe securities market.





One point respecting our crops it will be well to bear in mind.
There is no large surplus of wheat; but of )iay, corn and oats there
is an exceedingly abundant supply. We shall have 30 per cent,
more hay and oats, and om- corn yield may reach 2,300,000,000
bushels; that is to say, our animal crop will be very large for the
next two years. Hay, oats aud corn are generally used up near
where they are grown and reappear in the form of cattle, bogs,
lard, provisions aud manufactured products. It is this wbicb
gives the railroads their principal busiuess, as not only tbe wheat,
rye, grass and potato crops are short abroad. Europe will need
more animal as well as vegetable food up to the close of the
present crop year.

There is a rumor from Washingtou that the Repubhcans will urge
on the Executive to open negotiations with the English Ministry
looking towards the auuexation of the Dominion of Canada to the
United States. It is written in the book of Destiny that some time
in the futm-e there \^'iil ouly be one government in all of North
America. There is every human reason why the two countries
should become one. The offer to be made, it is said, is tbat the
United States should assume the Canadian debt of some 1^300,-
000,000. We could afford that mouey and $300,000,000 io addition.
■Annexation would greatly enrich Canada. Still, we doubt if this
deshable result wiU ever be brought about except through force of
arms. There are but few instances in the history of Great Britain
when its government has vohmtarily sui-rendered auy territory.   It





would be the i-uin of any Cabinet wJiich would seriously propose
such a measure to Purliainent as the surrender of Canada to the
United States. The Republican senatorial advocacy of tliis matter
is largely poUtical, (he intention being to offyet President Cleve¬
land's retaliatory message.





Wheu Blair and Rives published a Democratic organ in Wash¬
ington in General Jackson's, time it was said that if it was
necessary to kill some rising popular leader, Blair would
attack him or Rives would praise bim. Either mode of
procedure was fatal to fche unfortunate politician. Mr. Charles A.
Dana four years ago tried opposition to see if be could defeat
Grover Cleveland, but this year to affect the same result he is
supporting Mr. Cleveland, and he certainly shows rare dexterity in
knifing tbe candidate he ostensibly supports. Still, he sbows the
cloven foot at times too obviously. His demand that the Demo¬
cratic Presidential candidate shall write a letter indorsing Governor
Hill is not so much intended to help the latter as it is to injure the
candidacy of Mr. Cleveland. The Mugwumps are solid for the
President uow in oifice, but notbing cau induce them to support
Hill. The latter will, however, poi! a very heavy vote because he
has behind him fche powerful brewing and Liquor iuterest as well as
tens of tlioiL-iands of voters in both parties who do not believe in
any Australian electiou law which would prevent their taking
bribes when personal and party feeling ran high. Many of these
votes are not available for Mr. Cleveland, and unless the Prohibi¬
tionists .ioin the Mugwumps and the labor people in supporting
Warner Miller the latter will not have as many supporters in this
State as General Harrison.





The tariff bill pnt forth by the Itepublican Senators contains some
good points, and would undoubtedly reduce tbe revenue more
eft'ectively tban would the Mills bill; but it is idle to discuss either
of them, as neither havea chance of passage through tbe present
Congress. We doubt if the Senate bill will help tbe Republican
canvass, as its free fists and proposed reductions will offend many
powerful interests. The added duties wfil gain no new friends, for
manufacturers very geuerally now favor tbe Republican candidate.
We sbaU have no tariff legislation until the sirring of 1890. Chances
seem to favor a House of Representatives committed to protection.
If there are any changes in our import duties it will be uuder the
provisions of au entirely difl'erent bill from tbat proposed by a Dem¬
ocratic House or tbe Republican Senators,





Mayor He\vitt will soon have the appointment of seven commis¬
sioners for the Board of Education. The present board is composed
of lawyers, bankers and two women. Would it uot be a good idea
for the Mayor to bave one architect or builder among tbe twenty-
one commissioners? New school-houses are constantly needed, and
some technical knowledge ought to be available in their arrange¬
ment and construction. A sanitary expert also, vested in the mys¬
teries of plumbing, would make a useful commissioner, provided he
was not a crank, or was uot interested in any invention. It is all right
that the bulk of the commissiouers should represent the general
public, but the past appointments have been made too exclusively
from the ranks of the lawers and bankers.





There is beginning to be a feeling iu metal trade circles that
tbe great international copper trust is not so bad a thing after all.
The copper industry in the past has beeu characterized bv years of
heavy production and low prices, followed by years of ligbt produc¬
tion compared witb the demand and high prices. Hence tbe busi¬
ness methods of the trade bave resembled gambhng. In 1880
copper sold at 33 cents a pound. Up to the formation of tbe syndi¬
cate tbe price was as low aa 10 cents a pound. The price fixed by
the trust—about 10 cents—is not exorbitant, and every interest
would be benefited if that rate could be maintained for many years
to come. That price pays for the mining of tiie copper, and mann
factnrers have no cause for complaint, as they are all treated alike
and kno-w upon what they can depend. But the mannfacturiug
industry is tin-owu into disorder when tho price of copper fluctuates
so widely ; then some producers get flie better of others by securiug
the raw metal at exceptionally low prices. There is no getting
away from the fact tbat the great industries of the world are being
organized to get rid of unwise and wasteful competiti m. In tbe
long run uo oue is really benefited when commodities aro sold
below cost. This reduces the price of labor and ruins the employer.
Hence the organization of trusts so much complained of aims to
put a stop to ruuioas competition. There is always danger that
organized capital may be tempted to exploit the community, after
they have secured a monopoly hi the production. of any needed
product. But excessive profits would inevitably in time lead to
renewed competition. A trust cannot permanently exist unless it
sells its wares at a price winch renders competition unprofitable.
The international copper syndicate so far has acted wisely, and
there can be no reasonable objection to tbe organizatiou of that or
any industry, so as to bring about steadiness in prices.    Botb labor





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