June 5,1891





Record   and   Guide.





897







miMmm





circuDiatancea wilt bring forth a  rye harvest better than  below
middling, and the outlook for wheat is not much better.





Dev&teD to f^L Estate , Building Ajf,ch(iTECTJ[\E .Ko^seiIold DEGOl^not).
Bi/sitJESS AtJo Theme? of GsrlEivi i;JT£i\EST





ESTABUSKED V/ WARCH ?1"^ 18S8.





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Published every Saturday.
Telephone,      -      -     -     -      Cortlandt 1370.
Commuuications should be addi'essed to

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J. T. LINDSEY, Business Manager.





Vol. XLVII





JUNE  6,  1891.





No. 1,SI2





NOTICE OF REMOVAL.

The publication offices of The Recokd and Guide have been
removed to Nos. 14 and 16 Vesey street, over The Mechanics' and
Traders' Exchange, a few feet west of Broadway.





THE Stock Market has resisted what in less reputable circles
would bs called knock-down blows, consisting of the con¬
tinued export of gold, the increase of capital by two corporations
and the reduction of dividend by another. Mostof the bear news
has been announced to the public in ways calculated to do the most
harm to prices, and has renewed the outcry against speculating
directors. The Rock Island announcement had about it
more than the usual number of suspicious features. In the
first place the reduction of a dividend not to be paid
until, according to the managers of the property, the road
will be largely increasing its earnings by carrying the gi'eat
grain croi>, is perhaps pushing conservatism to the extreme.
But taking action three weeks before the usual time and reserving
the announcement until, what are emphemistically called the friends
of the road could act upon it, supposing they wished to do so, are
matters not at all creditable to those responsible for them. It is
urged in extenuation that this ia not the first time that the Rock
Island management lias announced a dividend out of the usual
course. In answer it can be said that neither is this the first time
tbat such action has had similar results in the stock market. The
sustaining influences in the market have been the reduction of the
Bank of England rate of discount and the good eai'ning showing
made by railroads. Generally the attitude of waiting shows no
sign of change, and what variation may be seeu is likely to be in
individual stocks from special causes.





IT is to be presumed that the Governors of the Bank of England
would willingly have retained the 5 per cent rate of discount
for some time still, was it not that the market rates have been
beaten down and the retention of the hjgherrate of discount would
avail but little. It is espected that the gold collected with so much
difficulty will soon flow away again, and the monetary outlook for
tbe autumn is considered anything hut reassuring. The condition
of trade in England at present is fairly indicated hy
the railway returns. These traffic returns, although not
brilliant, must be regarded as satisfactory on the whole,
for there has been much to check any expansion in trade this year,
and the current earnings bave compared with the very big totals of
1890. Apart from the Scotch lines, the gross earnings of fourteen
English roads, from January 15th to May 10th, amounted to
£435,000, or 2 per cent more than in the corresponding period of
last year. Hence it appears likely that on the whole last year's
dividends will be maintained. Prices iu Paris have heen moresteady,
particularly with Fi-ench securities, but the outlook for Portuguese
issues is as bad as ever. It is now admitted that only a third of the
tobacco monopoly bonds reserved for the German and home markets
were subscribed for, and tbat the bankers who took up the 50,000
bonds in Portugal have asked for time to pay tlie price of them into
the Treasury. In Berlin affairs are going from bad lo worse, and
securities are constantly declining. It is denied, however, that
there is any cause for alarm. The condition is oue rather of
despondency and resignation tban feverish excitement. The warn¬
ings so frequently uttered have had their effect, and people are
becoming prepared for the worse. Germany has very close rela¬
tions with Portugal, not only in the matter of securities but also in
trade; and the troubles in that country are beginning to excite
alarm in Hamburg, the centre of the trade. The only province in
all Austria and Hungary which is not complaining of the condition
of ita crop is Bohemia.   It is impossible that the most favorable





AT tbe beginning of the week there was reason for expecting
that at least the trouble in the lumber trade would ba
brought to some sort of termination before Saturday. Both par¬
ties to the contest bad shown willingness to settle tbeir dispute and
many believed the " willingness " was really stronger on both sides
than either bad indicated or was willing to acknowledge. More¬
over many held tbe opinion tbat there were certain demands and
concessions the justice of wbich employers and men alike recog¬
nized, and beyond these tbere was nothing that would be fought
for. That events, so far, have not justified the expectation does not
prove that the expectation was unfounded, for it is more tban likely
that tbe next few days will witness the lifting of tbe boycott and
the resumption of work. Be this as it may, employers have
learned a leason from tbe trouble, or rather the lesson
first taught by the brick strike last year has been
repeated; and in our opinion tbere is likely to be
fewer strikes in the future. The days of what may be called
guerilla warfare betiveen employers and tbeir men are coming to
an end. Employers are now awake to the fact which the Labor
Unions have heen demonstrating for years, viz., tbat organization
is necessary for the completest protection of tbeir interests. In
future Labor wars will be contests between tbe Unions and organ>-
ized Capital. A strike ordered in one establishment will suspend
work in all otber establishments in that industry. The interest of one
will be the interest of all. Greater responsibility will be thrown
on the Walking Delegate than the present capacity of tbat indi¬
vidual will be able to carry with profit to those personally con¬
cerned. A higher class of men with other qualities than those of
the agitator will haye to take their places. Tbe reasonable demands
of both employers aud employes will he more readily granted, and
questions upon wliich tbere may well be two sensible opinions will
be more frequently decided by arbitration tbau at present. Strikes
will be fewer, but when tbey do occur tbey will affect larger
interests and affect tbem more acutely tban to-day.





THE report of the Rapid Transit Committee of the Chamber of
Commerce and its acceptance by that body should effectually
silence those opponents of the Manhattan Company who have been
continually claiming that the " rei>utable citizens" of New York sub¬
scribed with any unanimity to the acrid and unscrupulous attacks
upon the management of the elevated roads. So far from thia
being the case it has heen evident for some time past that the
division of opinion was such that it was silly for partisans on either
side to claim any preponderance of authority. Since for
the next few montbs • all discussion of rapid transit will
range around the recent report of the commission, tbe matter
is not of very much immediate importance; but tbe time will come
when the commissioners will have to consider the just claims of
the elevated roads to increase the efficiency of their present sys¬
tem, and it will then be well to remember how far the childish
virulence of tbe attacks ou the wicked Mr. Gould represent tbe heat
public opinion of the city. The report adopted by tbe Chamber of
Commerce places the different aspects of the subject in their
proper relations. The assistance which tbe elevated roads have
rendered to the development of tbe city is rather
understated than overstated. During the decade or
more which they have in operation. New York has been
not only extended marvellously, but has been reconstructed in a
manner unparalleled we believe in the history of municipalities.
They bave acted as leaven to every ward in tbe city, and all the
characteristics wbich make the improvements of New York unique
and significant are traceable to the one common source. In the
future they will be needed quite as mucb as they have been in the
past; and it is eminently desirable tbat they should be permitted
to make the connections necessary to tbe completer
collection and more efficient distribution of their
traffic. We have no doubt tbat tbe Rapid Transit
Commissioners will, as soon as tbey have disposed of tbe
urgent matter of planning a more fiexible and capacious
service tban tbat which the elevated roads will ever be
able to supply, agree to make all reasonable concessions to the
Manhattan Company. Meanwhile every assistance should be
rendered to the Commissioners in their intelligent and energetic
attempts to provide the permanent system needed.





NEW yORK is justifiably proud of ita police force, and no
doubt many a bosom hi the crowd of citizens who watched
the bluecoats parade, laat Monday, felt some municipal exultation
as the long line of stalwart constables filed down the street,
" These are the men," a taxpayer could say to himself, " who
through tbeir courage and vigilance make my life and property
secure; they prevent crime and punish criminals, they pilot my
wife and daughter across crowded streets, their presence removes
apprehension, they permit me to sleep at night peacefully." And he