March S8,1891





Record   and   Guide.





465





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-J^-               ^         ESTABUSHED^IAM^pt?l'-^1868.

De/oTED to HeJeSTWE , BuiLDIf/G ftj^cKlTECWI^E .KoUSEHOLD DeGDRAIBI*.

^sir/ESS Atto Themes of Gf^eRAI- 'I^tci^esi

PRICE, P)te TEAR IN ADVINCE^SIX DOLLARS.

Published even' Saturday.
Tele^one,            .          -           -           Cortlandt 1370.





Commimicatio
J, T. LINDSE\





Vol. XLVII





Lould be addressed to

C.W. SWEET, 191   Broadway
Busineas Manager,





of £6,650,000, and thatthe liabilities of tbe firm had been reduced
from £31,0l0,000 to £3,523,000. The proposed changes in the tariff
still monopolizes public attention iu France, and the price of
securities has been somewhat weaker owing to the liquidation of
tbe Societe des Depots eb Comptes Courants. The cause of the
failure, it'seems, was not so much due to the Argentines as unsuc¬
cessful and irregular company-promoting in general, and advances
of cash to building speculators. The state of the Berlin stock
market is far from satisfactory, A remarkable depression exisis in
industrial stiares, due to the over production which has been going
on for years, and which is uow not unnaturally followed by a luDg
and sharp reaction. Some 4 per cent gold bonds of the City of
Rome, amounting to £l,732,52u, are about ta be offered by the
Deutche Bank and the Darmstadt Bank.





MARCH 28, 1891.





No. 1,202





THE stock mjket has had a long period of dullness, and there
are many ements in Wall Street which are becoming tired of
the stagnation. There are, however, signs that point to a decided
movement one my or the other and that before long. The situ¬
ation continueJvery mixed. A good deal is expected from the
winter wheat \rop, but there are still bo many contingencies,
which may intopose to spoil it, and its effects are so very distant
that it- wouk seem to be but a shadowy basis for
any considerabl advance in prices. Conditions abroad are not at
all encouragingl The trouble has spread to Italy, a countrj whose
finances are far vom being in a sound condition, and as German
and French capimists are largely interested in that conntry, aay
prolonged or shaa crisis would react on Berlin and Paris, and
consequently to sVne extent on London and New York. The
;Demcbe Bank is amresent engaged in floating a large loan for the
City of Rome, -whim is an indication of the way German capital is
engaged in Ital ian enterprises. An ingenious theory haa been
advanced that pbyical causes have been to some degree respon¬
sible for the dulliess which pei-vades the markets of the
world. The grippe yas very prevalent tbis time last year, both
here and abroad. Al who have been afflicted are unanimous in
asserting tbat it has ai exceedingly depressing effect, and would
doubtless indispose fiWnciers to take a rosy view of new under¬
takings. At the timelt lowered the physical tone of all Europe,
and people have not a yet recovered from its harmful influence.
Very certainly it is affecting business in Cbicago at the present
time, and if it continue to be epidemic may do still more harm in
the future. General bisiness remain? dull—a fact which will be
hkely soon to show itset in the earnings of the railways. This is
particularly true in the ipgions of Pennsylvania in  which strikes





have been  prevalent;
on     May     1st     is     tli
financial horizon.    Aftei





nd the prospect of labor disturbances
most threatening cloud on the
all has been said, however, the facility
with which we have aWorbed more than $100,000,000 of our own
securities witliin tbe hst few months, the low prices at which
stocks are selling and tie failure of all tbe troubles to disclose any
really important seam in our financial fabric are excellent bull
arguments, the effects )f which will be felt some time. The w.ay
in which exchange hat eased up, despite the aciion of the Secretary
of the Treasury, sbowi that bad no obstacles been placed in the
way of gold sliipmentsthe fall might have heen still larger. There
seems to be a consensui of opinion that the action was unwise, at
all events, when the markets of the world were in their present
unsettled condition. .A gold movement, wlien exchange favors it,
is natural and healthj ; the laws of trade should be allowed to
work themselves out; obstacles placed in tbeir way are frequently
disturbing and always ineffective.





A SUGGESTION has been made by one of the railwa? trade
journals which,   if properly  used,  might,  perhaps,  be of
considerable assistance in determining what the sane attitude of
the public should be in respect to the further usage of Battery Park
by the elevated roads.   By the application of a certain number of
citizens the State Railway Commissioners can be called in to inquire
just how far the Manhattan Company can run more trains without
danger     to     life     or    the     menace    of    vexatious     delays
and   blocks.     This   matter    is    not    quite   clear   at   present.
The managers of the company have made contradictory reports
at different times.   Yet it is manifestly a crucial question.   The
traffic will certainly grow within the next three or four years,
although not at the same rate as it bas in years past.   How many
more trains would be tbe limit of the present terminus?   If the
limit is anywhere near reached at the present time, the argument
for a better terminus would be so far strengthened.   The present
policy of the company seems to be to keep the overcrowding just
about    constant;   but  if  it    could   be   reduced   without    any
djmgers   in    the    future,    we    should    be    glad    to    know
it.     The   prospects  for obtaining  the   legislative  authorization
for    the     improvement     of    the     Battery    Park     terminus
are not   improving.    Harper's  "Weekly calls   the argument  in
favor of the giving to the company the strip it needs, a " specious
plea," and adds with that self-righteousness characteristic of the
high-minded Mugwump, " tbat the Legislature need be in uo doubt
that the most intelligent opinion of the city is opposed  to the
scheme."    " Other property  as  suitable," it  says, " can be bought
by the company."    This is gospel truth ; we are waiting to see the
company try to buy this " suitable"  property.    We think it would
be foolish to make the attempt.   In case, of course, the limit of the
carrying power of the roads is likely to be reached before any new
rapid transit line can be constructed we can understand that it
would bave some interest in going to the large expense required ; but
under other circumstances we must admit that we think its mana¬
gers would show small business sense in doing so.    Wheu any new
system is constructed the elevated roads cannot hope to compete
with it for the long-distance passengers ; the strain on the company
during the "rush " hours will be greatly mitigated; and the present
terminus,   with a   better distributed   traffic will   be  all   that  is
required.   It is Jay Gould that has the whip-hand, not the public.
We ought to be grateful to the company if itwill increase its pro¬
portion of operating expenses to earnings by running more trains.
Furthermore, if the company attempted  to buy the private prop¬
erty needed for the purpose it may be doubted if satisfactory terms
could be made with the owners without condemnation proceedings,
which would take so much time that the sole object of tbe improve¬
ment, from tlie public point of view—i. e., immediate alleviation-
would not be obtained, and Brooklyn would reap the advantage of
New York's folly.





THE Board of Trade statistics of England for Febmary are more
favorable than tl.ose for January. The exports during the
latter mouth declined i per cent from the totals of the same month
in 1890, while during Tebruary the falling off amounted only to 3
per cent. It should he borne in mind, moreover, that in February,
1890, the exports were exceptionally large, showing an increase of
no less than 11 per cent over the corresponding period for 1889.
There is still more reason for satisfaction in connection with the
import returns. For Janiary a decrease was shown of as mucb as 11}^
percent, bufc during the past month there was an increase of 7=^ per
cent, due principally to the large receipts of raw cotton aud of
cereals. The stock mnrket remains wij-hout special feature, all
departments being dull and none advancing, and general trade is
naoderats, but healthy. Tie new joint stock enterprises up to date
are £10,000,000 less than during the same period iu 1890, and more
than £3o,000,000 less than in 1889—thus reflecting the general indis¬
position to undertake new responsibilities. It is interesting to note
the earnings of the Bank of England, the largest bank in the world.
The net profits for the half year ending Feb. SSth was £766,834. The
governor in bis speech stated tbat the bank was uuder advance to
tbe firm of Barings in connection with the liquidation for the sum





THE contractor has begun the preliminary work of laying tlie
cable conduit in Broadway, In the meantime Senator Lis¬
penard Stewart's bill for a comprehensive subway system is drag¬
ging its leisurely way through the State Senate, and the oppor¬
tunity for tbe construction of any such conduit simultaneously
with the laying of tbe cable conduit and the wholesale teariug up
of the thoroughfare of Broadway, which will attend it, is rapidly
slipping away. The municipal authorities, for the last tbree
administrations, have been agreed that a tunuel system
sufficient to contain all of the .sub-surface work was
an absolute necessity for such thoroughfares as Broadway
and 3d avenue, and no such favorable opportunity has ever
occurred for the construction of such a subway as is presented by
the existing conditions. Both streets are about to be torn up and
their sub-surface conduits, pipes aud lines reconstructed and relaid
so as to make room for the cable conduits. It would cost but little
more effort and the absolute minimum of expense to do the entire
work once, build the subway tunuel, remove the sub-surface works
to their proper places in its interior, construct the cable conduit,
relay the granite pavement upon solid concrete foundations, and
thus have the arterial thoroughfares of the city in perfect condition
of repair,   Somebody is making a great blunder in allowing this