February 28, 1891





•cord   and   Guide.





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De/oteO to Rf*.L EsTWE. BuiLDif/c Ap.cKiTEcrTdi^E .KousnloiD Degoratwi*.
Bi/siriEss Atb Themes of GEfJEi^L l;JT£n.Esi

PRICE, PER TEAR IN ADVANCE, SIX DOLLARS.

JMilisked every Saturday.

Telephone,           -          -          -          Cortlandt 1370,

Communications should be addressed to

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





Vol. XLVII,





FEBRUARY 28, 1891.





No. 1,198





IF the market has been a little more active during tbe past week
this activity has been restrirted to a few stocks which were
particularly affected by particular circumstances. General con-
ditious remain precisely the same. A feeling exists that a faster
pace may be taken after tbe acljournmeut of Congress, but for
some days past it has been apparent that the power of evil of Con¬
gress need no longer to be taken inlo acciunt The only legisla¬
tion affecting the stock market which is under consideration is the
Subsidy Bil', and its passage or its defeat would not nmturially
affect the market immediately, although in the long run its effects
would doubtless be beneficent. The weak ppot in prices continues
to be Atchison and Bui-lington & Quincy, both of which have
suffered further declines, and neither of which are able to make as
good an exhibit of earnings as many uf the other "V/eslern roads.
The Farmer's Alliance is threatening many of these com>inies
with legislation that will still further reduce their earnings, and in
Kansas particularly it is scarcely likely that the year will pass with¬
out this adverse influence making itself felt. Nevertheless, tho
situation, as a whole, continues to offer few features which anyone
need feel discouraged about. The earnings of such of the roads as
make weekly statements are good, and Uniou Paciiic has under¬
gone some advance of the strength of an alleged imjjrOTement iu
this direction. The weather can hardly becalled favorable, but
warmer temperature will soon remove all impediraenis of this
score. The continued shipment of gold to Europe has excited some
apprehensions. As, however, it has had little or no effect on our
rales for money this fear is scarcely justified.

IF speculators aod brokers need any further illustration of the
truth that cheap money is rather an effect than a cause, they
wouM have it in tLe condition of the European markets at the
present time, not to speak of our own. The public take little or no
interest in speculation; and while at times cheap money offers them
a stimulus, it is never of itself quite sufficient to revive a flagging
interest in the stock market. In spite of an uneasy feeling pro¬
voked by the visit of Empress Frederick to Paris, it is safe to say
that never have prospects for a continuance of peace in Europe
been fairer. There are rumors that determined efforts, initiated
by the young Emperor of Germany, will be made to bring about
disarmament; but these rumors are so frequent, and the difficulties
to be overcome are so enormous, that very little credence can be
placed in them. The fact is patent, however, that the strongest
influences are making for peace rather than for war; and that
uncertainty on this score can be dispensed with for the time
being. Consequently stock markets are liable to continue quietly
to sleep off the effects of the late excitement; and no one need deeply
deplore the dullness. The most depressed class of securities on
the London stock market continue to be the Argentines
and tbe other South American stocks, for the bankers
are naturally indisposed to make advances on them on terms that
would revive speculation therein. Stocks are a little more active
in Paris ; trade reports from all parts of that country are encourag¬
ing. A significant example of the prosperity of the past year may
be found in the report of the Bank of Franc-. This report shows
that the total movement in th*^ year amounted to 13,-150 millions of '
francs—an increase of 646 millions over 1889. The discounts aug¬
mented 429 millions ; the advances on public securities 98 millions ;
the drafts and transfers 143 millions, and tUe specie transactions
14 millions. This sum of 13,450 million francs only represents the
operations on which a profit was earned. The transfers effected
gratuitously in Paris amoimted to the enormous sum of 43,500
million francs, and the receipts and payments of the treasury,-aiso
without charge, 5,783 million francs. A Superior Council of Labor
has recently been instituted, andis at piesentin session studying
the questions of arbitration in disputes of registration offices for tlie
hiring of laborers, and the methods of paying wages. The Berlin
market is completely m the hands of the bears. The regular oper¬
ators are most feeling blue, and the public is indifferent—the only
coaeolatioil being tbe fact that they are as little disposed to sell as





to buy.    Austria has recently changed her finance minister ; and
the new official is said tu be a pronounced bi-metallist.





WHEN the Legislative Committee of the Real Estate Exchange
was called to order at its meeting on Tuesday last there
were eight members present. During the course of its well-
attended and representative proceedings two or three more mem¬
bers dropped in; but apparently the work did not arouse much
interest, for when the adjournment came all had disappeared but
six. Now there are some seventy members of this committee, and
they are doubtless all very busy men; but it does seem that if the
work of the committee is going to command tlie slightest respect
that a larger body of men must be present at the proceedings. It
were better to give the whole business up and allow the Senate and
Assembly to go theii' way unimpeded than to continue to pass reso-
lutiOTis which reflect the opinions of only such a small minority of
the people interested. If the meetings of the committee are held
at the wrong time of the wrong day, some more conveuient hour
ought to be selected, and if then the members cannot attend they
ought to resign and allow others to be su'Jstituted in their place.
Or, in other words, the committee ought to find some way of doing
its work so that its action will command and deserve the attention
of our legislators as the final and well-considered fiat of the prop¬
erty-owners of the city. Another point is also worth considering.
A question to the chair at the last meeting elicited the information
that unless some particular request is made the recommendatiops
of the sub-committees instead of being sent to Albany are allowed
to remain eloquent, perliaps, but very silently so, in some desk in
tbis city. Now we submit that if the Legislature is going to get
what George Meredith calls the " first tadpole wriggle of an idea"
of what the Exchange approves or disapproves, there must be some
more efficient means instituted of putting these views before them.
Iu every case that the Legislative Committee or any of the sub¬
committees pa.ss on a bill their " pious opinion" should be trans¬
mitted to Albany so that eacli member of the Legislature will have
it forced on his attention.





AGAIN, there is talk about the wisdom of abolishing taxation
on personal property, but apparently it is impossible to
enlist the sympathy of the public in a strong movement for this
reform. The cause of the indifference on the part of the people is
obvious enough—tbe gre;it majority of them know nothing of per¬
sonal taxation except by hearsay, for thei"e are only a few thousand
individuals in this city who contribute fco the public treasury on
the score of their personal possessions. To all intents and purposes
the taxes of this city are assessed upon the community through real
estate, the levy for 1889 being made upon $1,331,578,391 of real
estate and only ?373,360,838 of personal property, including
bank shares. . Doing away with the expensive farce of
taxing personal property would in reality be very
little more than a nominal proceeding. It would not be
the introduction of an innovation or tbe establishment of a
new order of things about tbe outcome of which there could be
some uncertainty, but the acknowledgment of a state of affairs
which has practically existed in this city for years. The only
serious objection that can be offered to tbe step is, it would lessen
the moral effect of taxation by diminishing the number of citizens
having direct pecuniary relations with the municipality. Ic is very
probable that th"a city would be governed somewhat better than it
is if every citizen had personally to pay once or twice a year his
quota of the taxes. The greater part of the people of New York
{more than half of them live in flats or tenements) ina sense do
not know what it is to pay taxes. Their share of the expenses
of governing the city is paid in the shape of higher rental,
higher prices for commodities, etc. Under these circum¬
stances it is hard for them to feel a keen pecuniary
interest in dirty, badly lit streets, oriuofficial extravagance or mis¬
management. If the tax on personal property served to heighten
the interest taken by the great mass of citizens in the management
of the municipality a strong case for its retention
could be made. But it does nothing of the kind. As
we have said before, only a few, comparatively, pay
taxes on personal property—unless those who false-swear are car¬
rying their account " forward " for settlement elsewhere. Iu short,
neither the good sense, nor the moral sense of the community is
behind the persona! property tax. Whereverit is in operation the
result is a travesty upon the object intended to be compassed. All
this is generally admitted, but so few are interested in the matter,
that a reform through popular clamor is hardly to be looked for.
Tne flrst steps should be taken by the city officials, or, if they are
too timid, a body such as the Real Estate Exchange could take
action appropriately.





ABOUT this time last year we published a supplement in which
we showed, as completely as possible, both by illustration
and description, the progress which social clubs in this city wera
making.    We pointed out that most of them were either buildiog