October 13, 1888





Record  and  Guide.





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Vol. XLII.





OCTOBER 13, 1888.





No. 1,074





Wliile the biills in the stock market have had all the active
factors apjiarently iii their favor the course of speculation has
hardly been -with them dm-iug the past week. The reduction of the
Atchison dividend was a serious blow ; yet it ought to have been
anticipated. There does not seem to be any otlier disaster in
sight to destroy confidence, and unless the unexpected should
occur an advancing market seems probable. Congress will very
likely adjourn early next week, and this will put an end to any
further legislation until January or Februai-y next. The heavy
appropriations and the boud purchases, as well as the January dis¬
bursements, will keep down the Ti-easury surplus. In the mean¬
time tbe volume of currency is increasing, aud as all the other con¬
ditions are favoring we ought to have a tolerably buoyant stock
market. The result of tbe Presidential election is not likely to
affect prices materially—certainly not more than it did when Cleve¬
land was chosen President fom- years ago. The business of the
country is good, aud railroad earnings promise to be phenomenally
large from tbis time forth.





After every era of speculative budding of railroads in England a
pai-tial panic was in order. The change from a floating to a fixed
capital resulted in a money pinch which for a time depressed ail the
industries of the United Kingdom, Yet the various raih'oad lines of
Great Britain were well planned; they all met a public want, and,
except in a few rare instances, were constructed through populous
Deighborboods where there was plenty of business for railroads.
We, too, have suffered when there has been excessi.e building of
railroads, even necessary ones, but of iate years the strain upon our
monetary resources bave not been so great because European capital
has come so largely to our aid. We would, indeed, have been in
the " dumps " had the vast extensions of om- railway systems been
raade with our own money. Fortunately we had the capita! of
Europe to fall back on, but at the same time there was a heavy
drain on our own resom-ceS; for a gi-eat building activity usually
accompanied the widespread construction of raihvay lines.





These remarks are germain to what has been taking place west
of the Missouri and Mississippi Eivers. Chicago, Bm-lington &
Quincy, Northwest, St. Paul, Missouri Pacific, Rock Island and tbe
Atchison & Sante Fe corporations have been adding largely to their
mileage during the past four years. A great deal of the money
required was contributed by foreign capitalists, but inevitably
large amounts of American funds were also expended in a way
that was not immediately reproductive. We would never have
had the set back of 1887 in our stock mai'ket were it not for exces¬
sive railway construction. Missouri Pacific was the first to show
weakness; then followed Chicago, Burlington & Quincy, St. Paul
made the next break, and now Atchison & Sante Fe has slumped in
a way to demoralize the stock market. Everything foreshadowed
an active demand for securities this fall, but the weakness of these
overbuilt roads has for a time taken the snap out of our market.
The business of tbe country is good. Oui- hay, oat and corn crojis
are enormous and our cotton crop is fair. Wheat does not make so
good a showing, but it will command an excellent price. All these
considerations would have given us a. buoyantstock market, but the
distress in the overbuilt roads and the necesaai-y reduction of the
dividends has temporarily, at least, checked the enthusiasm of the
"bulls.;'   We expect, however, to see better prices further along.





The Newark election gives Mr. Cleveland's friends a chance to
felicitate themselves, but the large Democratic vote is said to be due
to the liquor interest, which has determined to punish the Republi¬
cans for the high license and local option laws. The brewing, dis¬
tilling and saloon interests are very large in Newark. Still the
fact remains that a large manufacturing centre has not been
frightened by the MiUs bill nor by the clamor about free trade.
The Presidential contest is not settled yet by a good deal.





New Yorkers   will  have a  choice among four candidates for
Mayor—all of them honest and able men.   The contest will appar¬





ently be between Hewitt and Grant, The running of Coogan, the
labor candidate, will help the former, as it will withdraw the labor
votes from the Tammany candidate. Still, tbe position of Mr.
Hugh J. Grant will be very strong. Tammany is now, by all odds,
the most powerful section of the local Democracy. It is ably led
and will offer patronage to the local leaders of the County Democ¬
racy [to win them away from supporting Mayor Hewitt. The
latter is running on a platform Wliich forbids his supporters from
expecting consideration from him after the election. Then the
local leaders of the Republicans, that is the "boys" who ai-e in
control and who keep it despite the xn-otest and humiliation of the
respectable Republican vote, are on very friendly terms with Tam¬
many and will help Grant and Hill all they know how. Mr.
Hewitt is, of course, personally very strong. His one chance of
re-election is a stampede of Independents and Republican voters
in his favor. Employers of labor will back him up heartily, and
then Ins personal admirers comprise thousands of active voters of
all pai-ties. But the outlook for the local tickets is very much
mixed. As we have said, however, any of the candidates would
make a good Mayor.





One of the most notable events of the day is the practical division
of Africa among the great powers of Europe. Great Britain and
Germany claim the lion's share; but Italy, Portugal and even Bel¬
gium have their fingers in the pie. Tbe close of this century will
see Africa practically parcelled up, and under tbe direct govern¬
ment of the various Europeau nations. Fi-ance has a good slice of
Northern Africa. Italy will doubtless soon own Tripoli, and were
tiiere an energetic ministry in Spain, Morocco would fall to the
share of that kingdom. It wiU be curious to note what success the
several nations will have in utilizing tbe resources of the several
parts of Africa. The United States, although it has some claim on
Liberia, is not destuied to have auy share in the trade of Africa;
but perhaps its turn may come sometime in the early part of the
next centui-y after the "Dark" Continent has been opened up to
the commerce of the world.





Few iJGOple appreciate the responsibiUty they incur when they
undertake to build a house. They are contented if they can erect
four walls and a roof, wh'ch will give a good return for the capital
invested. They uever consider whether tbeii- construction harmon¬
izes with the buildings adjoining, or whether in general it will help
to beautify the city. As long as people can live in it, who cares for
its looks ? Yet it should be remembered that when a man erects a
house he owes something to the street, the neighborhood and the
city wherein it is located. He ought to strive for something better
thau a mere return for his outlay. What if he does get 1 per cent,
less for his money, ultimately be will lose nothing; for when a
neighborhood is filled with fine buildings, from that very fact, prop¬
erty thereabout increases in value. It would be well if om- builders
regarded then- individual whims less and their social obligations
more.





One of the most extraordinary actions by any civilized nation

in the Ninteenth Century was tiie confiscation of the Mormon
Church property by the United States government. It cannot be
said that this was an unpopular measure, for the most remarkable
feature in the matter is its apparent hearty and unanimous indorse¬
ment by American people. The excuse for this wholesale confisca¬
tion is that some few of the Mormons practice polygamy. It is not
claimed to be widely diffused, for only very few of tbe richer
Mormons can afford the luxury of more wives than one. Polygamy
is an honorable form of marriage in many countries to-day, and
has come down to us from the distant past. It was practiced for
generations by the chosen people. We have forms of the sexual
relation right among us wiiich are far more objectionable. Of
course polygamy has not produced as good results as monogamy;
but are we justified, in view of free divorces and the social evil
which is producing such direful results, in robbing an industr'oua
community of their property because of a difference of view as to
the desirability of recognizing plural marriages. The current dis¬
cussion as to whether the monogamic marriage is a failure throws
a curious side light on this whole matter. The Sun ventures upon a
criticism of the action of the government in the following pai-a-
g'l-aph:

Much as Morinonism is disliked by everybody except the Mormons, no
one cau fail to think that it is sharp practice and hard lines to take from
tbem, ou a legal technicality, all tbe property of their Church aud turn it
over to uses which tbey do uot wish for. They worked for it, made it,
saved it, and nobody else has a right to it. Coiifiscation is a very rough
business here in the Uuited States.

This is very timidly put, but it must be that there are millions of
Americans who would speak much more earnestly if the matter
were presented to them in tbe right light. If the Mormons can he
robbed of their property because tbey differ from the rest of their
countrymen in one social practice, then can any sect by this prece-





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