July 11, ISbl





Record  and ,Guide.





33





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Vol. XLVIII





JULY 11, 1891.





No. 1,217





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

THE Stock Market retains the features which have characterized
it for so long, There are movements within certain limits
engineered by professional operators; tbe decline is limited be-
. «ause lower prices do not frighten holders, and the advance because
higher prices do not induce new buyers into the market. All the
ordinary stock in trade news of bulls and bears has been threshed
threadbare, including crop prospects. It seems as if the public is
waiting for substantial results before entering on anv pronounced
buying movement. Still the outlook is in tbe main not unsatis¬
factory. If the last advance does not exceed tbe former every
decline stops at a figure a little higher than the preceding one, indi-
catmg a growing bullish fueling. Just at tbe moment the
market is very strong, news being favorable; how far it will
advance on the turn will depend on the disposition of the " Room"
as much ^s anything, and the Room in its turn is largely controlled
by a few big operators. Judged by recent experience, there ought
to be a slight reaction, but a departure from this course would be a
better indication of a substantial advance than any we have seen
for some time. At the meeting of the Louisville and Nash'cille
directors this week a report was read by the Secretary, showing
that the foreign holdings of this stock bad increased 37,000 shares
compared with the same date in 1890. The St. Paul showed also a
large increase of shares held abroad ; and these two facts about
sucii representative railroads do not at all harmonize with the
repeated statements made by financial writers that Europe has
been selling our securities and taking the gold, away. Crop
prospects continue extremely favorable, and it still looks
as if we were certain of a good market for our grain,
but it must not be forgotten that our greatest crop—com—is yet
two months away. We have often had good crops since 1879, but
never big crops with good markets abroad and at home. The last
con junction of these two things was a great factor in the specula¬
tion of IbSO. General business is gradually improving and there
are signs that the wheel isagairnbeginning to turn, and let it once
get to going it will be as difficult to stopas it was to start.





A TABLE was recently published in the Economist giving the
prices of Argentine securities in the London market since the
beginning of the year, which shows that since January 1st Argen¬
tine Ss have fallen from 77 to 67; Cedulas, from 29 to 19, after
having been sold as low as 15; Buenos Ayres 1882-6 are down from
69 to 40: Chilian 4}^ per cent, from 101 to 83; and Portguese 3 per
cent, from 58 to 46, after having sold at 38^;^. These prices look
very tempting and show why the British speculator feels timid,
and until these securities take on a better look it is unlikely that
he will care to buy many railroad shares in this market. In com¬
parison with this take our securities dealt in at the Lon¬
don Exchange and we find that since January 1st Atchison has
advanced 3 points, St. Paul 13, Wabash 5, Union Pacific 1, with
Louisville, Erie and others about stationary, and the only
railroad shares showing a marked decline is Denver, which has a
loss of 8 points. The British home railways show declines fully as
great if not greater than the South Americans; For instance, Great
Northern A is down from 92 at the beginning of the year to 72;
London and Brighton A from 160 to 140, while North British
Dsferred is from 52 to 38, and South Eastern A's from 96 to 84, with
nearly everything else showing losses from 3 to 10 points.
These figures tell why gold was wanted in England,
aud further show that the British investor has held on to
his American shares more tenaciously than to his home securities.
In G^many business matters still wear a very unfavorable look.
In mpBt-lines stagnation isspreading and tbe market for stocks and
funds is paralyzed.   The only things which are rising in price are





bread and meat, and this is a powerful ally to discontent. Wages
are declining and must continue to do so until they reach a point
where the export trade will be resumed. Berlin continues to look
to London for relief, and the business in foreign loans, which atone
time was done independently of London and Paris, is now depend¬
ent on these cities for quotations. It would seem as if the first
trouble showed itself in these two ciiies, and it is to them we must
look for the first signs of relief.





THE •' great popular uprising" for the removal of the Elevated
road from the Battery Park, which the New York THmes
has been working up so assiduously in its own altitudinous office,
is as frothy a bit of " fake" journalism as has made its appearance
lately.   In its virtuous determination to secure the public parks
against unscrupulous grabbers,  the  Times reminds one  of  tbe
patriotic footman who sat up at night to keep watch over the
British Constitution.   The whole business is a silly proceeding,
quite, unworthy of the newspaper.    The "public sentiment," etc.,
etc., exists in no real sense, and as to the petitions and the letters
addressed to the Aldermen, they amount to nothing.   We could
probably get up as strong a " popular " movement for the demoli¬
tion of the Times Building as exists to-day for the removal of the
elevated railroad  structure frora Battery Park.     The   Times is
simply running amuck against Jay Gould.   Few people, from a
public point of view, either love or respect that gentleman. There is
no   doubt    that   tbe   elevated   roads   are   a     disfigurement
to our streets and an inconvenience to people who live on and pass
through the thoroughfares they occupy.    There is no doubt, more¬
over, that they meet only in a very inadequate way thi& city's
necessities for comfortable r^nd rapid transportation.     It may even
be admitted that the Battery Park would be a somewhat pleasanter
and   much sightlier public  place  if   the  iron  structures   were
removed from it; but with sensible people it does not follow from
these admissions that the best thing to^do under present circum¬
stances is to lock up Ja.v Gould, tear down the elevated roads from
one end of the line to the other and leave our citizens in full and
untrammeled possession of Battery Park and all tbe thoroughfares
through which the elevated road passes. Even disagreeable circum¬
stances have to be met with common sense ; and but for this neces¬
sity the position which the Times has taken would be an excelleiit one.
That it is not common sense is, we think, fatal.   Rapid transit, other
than that which can be obtained from the elevatPd roads, is yet a
long way off.   It is still some j ears away from us.   In the mean¬
time people must move up and down town as comfortably and
speedily as possible.   Consequently anything within reasonable
limits that will improve the service we have is desirable; and any¬
thing that will curtail or hamper it,  undesirable—indeed, in our
present condition, intolerable.   To bid the elevated roads purchase
the land they need at the Battery " reads easily," but it is doubtful
whether it would work quite so well as it reads.   A large real estate
purchase in that part of the city might not pay.    The Manhattan
Company consequently, if removed   from Battery Park, might
refuse to make an unprofitable investment, preferring that people
should u?e some other  means of  conveyance   than theirs below
Battery pkce.   Then, even if they were willing to   purchase the
land  it  might  take  a  considerable  time  to  obtain  it, as the
proceedings in the case of the United States Government to acquire
land for the new Custom House in  the neighborhood of Battery
Park show.   There is no likelihood, however, that the  Manhattan
Road will be disturbed nt present.   The little agitation in the Times
office will soon go the way of all silly mental perturbations. Public
common sense is a barrier to any flighty and excravaeant action,
The Manhattan Company is not an  alien corporation in  whose
affairs the people of this city have no interest.    On the contrary,
its system performs perhaps the most important function in main¬
taining and promoting the general vitality and growth of the city.
To check or thwart it means to check and  thwart our own pros¬
perity, our own growth, our own advancement.    By and by things
may be different.   Then  we may be able to act differently, with
wisdom.    We are now in the position of the lame man on the blind
man's shoulders :   It is to our advantage to sit as lightly as possible
upon him. and lo guide his feet so that he does not slacken his pace
nor stumble by the way.





THE tax budget for 1891 has been presented to the Board of
Aldermen. Among other things it shows that real estate
valuations in the metropolis have increased about $66,000,000, or, to
be precise, 165,957,813. Almost without exception the press of the
city has set up a howl about this. They declare that the wicked set
of politicians who were intrusted at the last election to run the city
for us have inflated the valuation for the purpose of deceiving the
innocent taxpayer with a low tax rate. This may be all very well
as apolitical cry; it may be, indeed, that it represents Tammany's
motives accurately enough, but we have nothing to do, neither
have good citizens anything to do in this particular matter with
. " politics" or with Tammany's motives. The real question in
which we ought to be interested is:   Have real estate valuations