Noveinbei'^aS.'lSeO





Record and Guides







4^7

Dp^teD to I^ Estate . BuiLoi^ AppKiTEcrrvjR^ .HouseiIold Degoi^iioiI.
BUsiifESS Alb Themes or Ce^Iei^I Ij<t£i\es7

PRICE, PER TEAR IIV ADTANCE, SIX DOLLARS,

Published every Stxturday.

TeMPHONE,             .            .            .            CJORIXAKDT 1870.

Commanlcattona sbould be addresaed to

, ^ „                        C. W. SWEET, 191   Broadway

J. T. LINDSEY, Businesa Manager,





68H





Vol. XLVI.





NOVEMBER 22. 1890.





No. 1,184





cases, and in others bave undergone a considerable rise. Great
ho^s axe placed in the ultimate success of the endeavors to con-
elude a liberal treaty of commerce with Germany, for it is under,
stood that the monarchs o! both countries are in favor of a more
liberal policy. Advices from Germany, ho^rever, discourage the
Idea that any such treaty can be negotiated at present. The pro¬
tectionists of that country are very strong, and the agrarkns
would never approve a repeal of the corn duties without insisting
on the repeal of import duties and on manufactures. It is signifi-
cant, however, that any such arrangement is even being seriously
discussed. A league of manufacturers and merchants has been
formed in France to agitate for the abolition of duties on raw
materials These facts, with the spread of reciprocity notions in
this country, is perhaps an indication that the current of events all
over the world is turning against a very high scale of protective





TjU^ALL STREET has queer ways.   If the Barker Bros', failure
' ▼     had been announced at the end of last week, it might have
precipitated a still crazier selling movement than that which the
Street actually saw; but a few days later the temper of speculators
13 so changed that, in spite of it, prices rise from three to five
points.   In other words, the panic appears to be over and the
reaction begun.   Investors have commenced to see that prices are
too low, and all that is needed for a sharp upward movement is the
announcement of some good bull point, such as a more binding
Presidents' agreement.   Neither is such a contingency improbable
for there seems to be but little doubt that Jay Gould has secured a
representation in Union Pacific, and that his eflforts to put traffic rates
on a more remunerative basis will prove successful.   Furthermore
there is no indication that the panic has spread to the commercial
world.   Manufacturers have small stocks on hand and are pressed
to fill their orders.   Any failures that occur will probablv be due
like that of a recent Chicago failure, to downright mismanagement'
Consequently, all that speculators must do is to look ahead, confi¬
dent that such a spasmodic depression, unwarranted as it is by the
state of trade, must be succeeded by a rebound.   But they must
not expect too much.   The continual fall of prices, previous to the
panic, was due, as we have frequently pointed out, to their adjust¬
ment to the rates of interest.   If money continues stringent, it is
not probable that stocks will materially advance.   For not only
will this fact discourage speculation, but it wiU mean that both
stocks and bonds, paying five per cent, are not worth as much as
they were.   Congress, at its next session, may do something to
alleviate tho stringency, but unUl money becomes more easy
operators should be careful.   There can be but little hope of per¬
manently higher prices until silver comes again to its proper place
among tbe nations of the world.





rpHE recent panic has emphasized one evU in Stock Exchange
-*-   methods which ought to be remedied.   When a broker fails
banks which have lent him money on collateral do not as a general
thing waste much time in selling the securities, provided only the
price which can be obtained covers the amount of the loan.   This
18 all very well in active stocks, for which there isacertaiu demand
at the ruling flgures; but the system works great injustice to a
broker whose securities, though perfectly sound, are not so gener¬
ally known that every broker can immediately recall their market
value.   Stocks and bonds of this character are sacrificed under
this piocess.   They are oflfered on the rostrum of the Exchange •
and there may or may not be anyone about who is aware of their
value, or has the rroney handy to pay it.   It is but just to the
unfortunate owners of se urities sold in that way that thev should
be marketed at some fair valuation.   This could easily be' accom¬
plished by delaying the sale for a day for the purpose of advertising
them property.   The creditors -f a bankrupt firm would -gain by
such a practice, and no one so far as we can see would be injured.

---------m------—

JpREN iB investors have not entirely escaped the disastrous
effects of the decline in Argentine securities.. The Banoue
Pansienne. which financed the East of Spain Railway, which pro¬
moted an unsuccessful scheme for an Argentine, Chilian Railwav
and which 18 a large holder in the stock of San Louis Argentine
RaUway, has been obliged to reorganize in consequence of losses
amounting to 6,215,882 francs, a sum which exceeds the reserve
and the profits for 1889-90 by 2,500,000 francs. But, in general.
France has been comparatively free from the strain to which the
financial systems of Germany, England and the United States have
been subjected. Indications in Berlin still point to a steady
declme. The public stands totally aloof from the market and
^ere IS considerable speculation taking place on the bear side of
ttie account. In Austria-Hungary, in spite of the effects of the
McKinley bill, business is in a very satisfactory condition. Large
quantities of com have been exported owing to an exceUent hi-
rmt, Jn consequence, the prices of stocks continue steady in many





TN another part of this issue we print in full Section X. of Gil-
-*- harts "Principles and Practice of Banking," wherein the
great panics of 1857 and of 1866 are described and discussed at
length The events of the past ten days have revivified this old
but still to us valuable and instructive story wWch under ordinary
curcumstances would be to the average reader very dead history
At this moment it is worth careful perusal by business men, and it
would be hard to take home too closely its very obvious moral.

•---------

rpHE Real Estate Exchange is going through its annual election
-*- fight, which seems to be about as energetic as the liveliest cf its
predecessors. Neither eide has anything but the best interests of the
Exchange in view, so why there should be such a 'lifference of
opinion as to whom should govern it one cannot easily under-
stand. In their individual business relations and management
both sides stand very high in the estimation of ti e real estate inter-
est, but when it comes to the Exchange each faction seems to
thmk the other unworthy of the honor of guiding the policy of the
corporation. It would puzzle the keenest of the habitues of the
Exchange to point out any difference in the conveniences or com-
forts of the institution, whether Mr. Scott, Mr. Cruikshank or Mr
Cammann be at the head of affairs. One thing is certain, this
election will probably draw out a larger vote than any that has vet
been cast. Both sides are working and both sides wiU do the
cumulative voting for all it is worth.

rpHE RECORD AND GUIDE last week made the first announce.
-*-   ment that Secretary Wmdom had selected a site for the new
Appraisers' Sto^s-the block lounded by Wasidngton. Greenwich.
Christopher and Barrow streets.   With every wish to view the
selection m the most friendly spirit, it is impossible to regard this
location as either the best in the city or even the best in That par-
ticular section which has been persistently favored  by a few
importers of dry goods, whose influence at Washington has been
very strong    In the first place, the Appraisers' Stores should have
been located m tho spot the most convenient not for certain individ-
uals or a certain trade, but for the whole port vt New York; nnd
should Lhave been of dimensions ample enough not only for the
immediate requirements of to-day. but for those of many years to
come    We do net believe that if Secretary Windom had acted
entirely upon his own judgment he would have made the decisicn
he has.   He would probably have sele-ted some more central plot
that would have better served the interests of Brooklyn and JeLv
City a:, well asof New York.   Moreover, in addition tithe fact that
the plot is not as large as it should be if we allow ourselves to
anticipate any considerable increase of the imports of this countrv
It IS not on one of the main thoroughfares of the city so that the
new Stores will be easy accessible and surrounded by wide streets
Far from this being the case, the new building will be in the m'dst
of a congested district of narrow streets.   It will be almost as diffl.
cult of approach as careful selection could make it. Tbe Secretarv's
choice, however   will be of great benefit  to the neighborhood.
It will probably lead to the improvement of the many blocks of
ramshackle buildings thereabouts.   It would be a good thing if the
government could induce the municipality to construct a wide
street like another Canal street, from Broadway to West street
past the Appraisers' Stores.





T IVERPOOL boasts of 250 miles of the beet paved streets in the
-^   world.   Two hundred and fifty miles of good pavement
the maintenance of which costs the city but a comparatively smM
sum each year.   Liverpool has demonstrated, as perhaps no otber
city has done, the economy of laying good pavement.   That cor-

"^^'Z^Ti' '""^ ^"'^f '^^'"^ '^' ^« P^^-'^ent possible as
early as 1872 Since then tbe area of good pavement has been
enlarged each year, the cost of repair annually decreasing as the
area was increased. In lb79 the estimated expenditure fofrepairs
Iv^^"" th'cijr was $136,080; in W.9 the cost for repairs was
only 140,834, notwithstanding the total street mileage within the