August 29,1861





Record  and   Guide.





261







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Vol. XLVIII





AUGUST 29, 1891.





No. 1,824





The publication office^ o/,,The Record and Guide have been
removed to Nos. 14 and 16 Vesey street, over T%e Mechanics' and
Traders' Exchange, a few jeet west of Broadway.

THERE are times when even reason appears to be unreasonable,
and it is only on looking backward tbat one sees that what
appeared to be unreason was simply the doubt naturally attaching
to all things earthly. Thus reason points to a continuance of the
advance in prices on the stock market, while the fact that the
advance has continued for a month with no setback to speak about
creates a doubt of the justness of its conclusion, It is easy to
determine whether an opinion is correct or how far correct when
all the circumstances that can possibly go toward making it are
presented for consideration. In the stock market tbis is never the
case; there are always influences creating themselves which are
most likely to come to the front at the most unexpected
moment and change the conditions sometimes trivially and
sometimes wholly. At one time it appeared that the
reaction which the traders bad so long worked for
would come near the end of this week, but the faith of the buying
public in the future of the railroads prevented it and even carried
prices beyond any point previously seen this year, if we leave one
' or two casea out of account. With a continuance of such faith, no
reaction of importance need be looked for. The reports of frost in
the Northern wheat line failea of great influence, for the good
reason that frost cannot now prevent the wheat crop from being a
large one and, in even the threatened districts, larger than last
year. With this fact in view and a probability of good prices for
wheat, the farmer's position is not one to excite discouragement.
Should the frost reach the corn, there might be more room for
alarm, but not until ic does. With the farmer prosperous general
business will be good and values increase in all. markets,
and especially in tbe markets which employ the savings
of the community. It is under such anticipations as these tbat
stock and bond quotations continue to advance, and that realiza¬
tions are more than ofl'set by new buyings—and it is under them
that prices will continue to rise. Foreign exchange is now an
active bull feature, the quotations are gradually falling, and as the
times are as exceptional as they were in the spring when the move¬
ment was Eastward, we may expect to see gold come this way
before the rates'for bills touch the importing point, as we saw it go
out when rates were below, the exporting point. The return of
gold should naturally be a further inducement for prices to go up ;
but it will not be surprising if on the movement so caused a great
deal of stock is thrown on the market, bringing reaction and ulti¬
mately forcing a new basis for a new advance.





THE state of trade in Great Britain is very clearly shown by the
foreign trade figures for July. They were smaller, both as
regards imports and exports, than in July, 1890. In the case of the
imports the decrease was very slight—less than 1 per cent; but the
decline in exports amounted very nearly to 10 per cent. The fall¬
ing off in the imports is, however, peculiarly noticeable, when it is
borne in mind that the movement during the flrst half of the year
resulted in a considerable increase. In a similar way, the decline
in exports during July has been much greater than the figures for
previous months would lead one to expect. These lower totals for
foreign trade, especially when taken in conjunction with other evi¬
dence, such as the decrease in railway freight trafiSc and in
the amoupt of bankers' clearings, undoubtedly bear conclusive
testimony as to the dullness which exists in trade. Sofar aBt,he
foreign trade statistics are concerned, however, it should be
remembered that .the July of 1890 was a month of exceptional
activity, due to the desire on the part of foreign manufacturers
and American importers to accumulate as large stocks as was pos¬
sible before the pro spective increase of duties went into effect.





If anything, however, a somewhat better feeling is beginning to
prevail not only in Great Britain but on the Continent. Stocks
are somewhat more active; and confidence seems to be slowly
returning. The American department of the London Exchange
has, of course, moved with the New York market; and there can
be no doubt but that English financiers are taking an increasing
interest in the American securities. The negotiations between the
Austro-Hungarian, German and Swiss delegates as to the pro¬
posed treaty of commerce are dragging along very tardily. The
difficulty of coming to an agreement seems to be
the fault mainly of the Swiss representatives. Switz¬
erland is an exemplification of the truth so often forced upon
the minds of our own countrymen that a nation which takes the
protective road must travel far. Up to a few years ago Switzer¬
land was regarded like Great Britain, as a free trade country—not
free trade, however, in the British acceptation of the term, for low
revenue duties were placed on very many articles. But the Swiss
Treasury, becoming depleted through the country's increasing mili¬
tary expenses, these duties were raised, and the raises proving
acceptable to manufacturers, protectionist notions spread until last
winter the Federal Assembly voted an autonomous customs tariff,
by which the duties on a great many articles wi're raised to so high
a rate that they are now the chief hindrance to an agreement
between the three negotiating countries. It seems probable tbat
for the present the disagreements will prove to be insurmount¬
able, and that another meeting will take place between the dele¬
gates from Germany, Austria-Hungary and Italy for the conclusion
of the treaty of commerce between these three countries, leaving
Switzerland to join later.





DESPITE his apparently small chances of election every friend
of good government should be glad to see Andrew D. White
the Republican gubernatorial candidate this fall. It would dis¬
tinctly be a case in which the high character and commanding
abilities of a nominee would redeem the political methods which
were the efficient cause of his nomination. When Abram S,
Hewitt was put up by Tammany as its candidate for Mayor, every¬
one knew that Mr. Hewitt would represent, not his temporary
backers, but an intelligent and invincible desire to secure good gov¬
ernment for the city. In the same way and for the same reason
we should feel confident that Andrew D. White would not use his
office for the purposes of Piatt, but in what he considered to be
the best interests of his constituents; and representing as he
would a distinctly higher plane of political morality than
the leadership of Hill admits of in the New York State democ¬
racy, he could conduct his campaign on the salutary if not very
successful issue of opposition to the methods of our Senator-
Governor. That he would make a good running candidate is, how¬
ever, a matter which is more than doubtful. It is plain tbat his
nomination is not by any means decided upon, and that tbe possi¬
bilities thereof has been thrown prominently forward only for the
purpose of testing public, or, more correctly, newspaper feeling.
Neither will this test, we fear, be entirely satisfactory to Mr.White's
friends. His name has drawn forth respectful tributes even from
the Democrats; but in case he was nominated it seems probable
that the latter would concentrate their batteries on what is con¬
sidered to be an indefensibly weak spot in Mr. White's record—
his ojiposition to universal suffrage in large cities. He would be
accused of being a radical and implacable demopbobist; the coarse
prejudices of the mob would be opened on behalf of his opponent
and we should have a campaign which would be far from comfort¬
ing to believers and nourishers of what is best in the American
democracy.





APART from any considerations as to Mr. White's affiliation to
either of the political parties, it would be grossly unjust to
make his opinions as to universal suffrage a bar to bis election as
Goveruor; and if his opponents are successful in stirring up an
effective mass of public prejudice against bim, they would fittingly
emplify an evil in democracy which provides a reasonable basis
and perhaps a partial justification for his opinion. Mr. White
has never questioned the expediency of univerjal suffrage in the
election of President, Governor or Mayor; but, like all observers of
the politics and economics of the country, he has found our cities
"the rotten spots in our body politic," and he has sought for some
efficient means to eradicate the sore which, in his opinion, is
threatening the vitality of the whole political system. The expedi¬
ent which he would adopt to this end is the creation of boards,
to be elected by the property-owners alone, with sole authority
to spend the public money. How far this expedient would remove
the evils from which our municipalities are suffering, we bave no
intention of discussing, It may be said that the question raised
is outside the area of practical discussion ; for the suffrage when
once granted can be taken away again only under the most
exceptional conditions. But in what way, we should like to know,
does the holding of such an opinion disqualify a man from attending
satisfactorily to the duties of Chief Executive of tbis commonwealth?