Jannary 9,1892





Record   and   Guide.





29







ESTABLISHED <$/ M/WpH 21 u^ 1868.





jpiir^iHsa





unit as a further step in the direction of facilitating commercial
intercourse with Grermany.





DeV&TEO TO HeAL EsTME . BuiLDIfíO íí^pcrflTECTJI^E .HoLISEriOLD Dzeof^TioN,
Bi/SIíJESS AtÍDĨHEMES Of GEfJEf^L 1;JT£I\ESĨ

PRICE, PER YEAR I.\ ADVAIVCE, SIX DOLLARS.

Pii.bli.shed every Saturday.

TeLEPHONK    .   .   -   .   CORTLANDT 1370.

Communications should be addressed to

C. W.  SWEET,  14 &  i6 Vesey St.

J. 7. LINDSEY, Business Manager.

"Entered at the Post-offlce at New York, N. Y., aa seconã-claaa matter."





VOL. XLIX





JANUARY  9, 1893.





No, 1,243





The six months Index of the Neio York Conveyances and Pro-
jected Buildings in Vol. XLVIII. of The Record and Gulde,
.7ííÍ2/—December, 1891, will be issued next week.

THE rise which took place during the fall and early winter in
ihe prices of securities on the New York stock market was as
healthy an advanoe as the most coiiservative financier could have
desired. It took place in the stocks of railway companies directly
benefited by the abundant cropi, and those whose management
commands the conSdence of the financial community. These
advances have been maintained and the prices are not so high that
they cannot be maintained as long as conditions s'milar to the
present prevail. Within the last couple of weeks, however,
indications have not been wanting of the presence of a
very difîerent element in the market. Securities which will
never be benefited by the crop movement, and wliich for years
past have been the speculative footballs of a class of not very
scrupulous operators, are now looming into prominence. The mar-
ket has lost some of its iuvestmeut character, has become subject
to sharp advances and sharp breaks, and in general shows signs of
manipulation and speculation. It would not be at all surprising if
a similar condition of afîairs should obtain for the immediate
future. We have pointed out how speculation for years past has
been shifting around from one market to another, always, however,
keeping away from Wall Street. It is time for stock gambling
aga.in to become fashionable, fur ootton, wheat, and petroleum are
none of them favored subjects for speculation just now. Wall
Slreet writers are deploring the turn which the market has taken,
but it is well wort.h considering wliether a time is not aoproaching
when ordinary conservative action will be as utterly out of place as
it always is in periods of inflation.





THE figures respecting the securities floated in the Englisii mar-
ket during the past year tell the story of English financial
conditions very clearly. In 1891 £104,600,000 in new issues were
ofĩered to British investors, which is about £20,000,000 below the
average, £38,000.0i,0 below the applications of 1890, and £«5000,000
those of 1889. The total given for 1891 is, however, far larger on
paper than it has been in fact. From the aggregate should be
deducted £30,00u,000 of the Russian loan, which was offered in
London but subscribed to very meagrely. In a number of other
inrtances also similar deductions ought to be made, and conse-
quently the past year is desoribed by a good authority as being
one of the most stagnant in moderu times. It sbould be
remembered also that sevcrat oases Colouial governments were
forced by pressing necesjities to borrow very much against
their wiĩl, because their issues could not be floated without
concessions in prices. Consequently a severe fall in Australian
government securities has taken place. A portion of the demand
must also be looked on as a relic of past excesses and of liabilities
thereby entailed which neoessitated further applications early in
1891. The prospects for the new year are considered to
be very niuch brighter. In some directions the worst is
certainly over, and the markets is less overladen with
securities than it was. One important result of the easier
oonditions in the European money markets may be noted.
The Austrian and Hungarian Finance Ministers have been amas-
sing gold in preoaration for a resumption of specie payments, and
their accumulations of the metal already amount to more than
160,000,000, It is expected that bills authorizing the resumption will
be introduced into the respective "Legislatures as soon as the nevF
oomroorcial treaties have been voted. The iutention exists, so it is
^aid, of ^bandoning tbeflorin and adopting tbe maik as a money





TAMMANY is now being put to a very dangerous test for such
an organizalion. Since it defeated ex-Mayor Hewitt, its
domination 'of this city has been restricted by the Republicans at
Albany, the city officials have found that the bills introduced at
their request were frequently killed with small respect. At presint,
however, Tammany can pass almost any measure it wishes to—that
is, any measure that contains a particle of reason. Consequently
we shall doubtlesa see the legislative consummation of many
changes and improvements. Already a bill has been
prepared to abolish the Aqueduct Commission and to
turn over the completion of that improvement to the
Departmeat of Public Works—a transferral of power which ought
not to be made. Other measures which have been or wiU be intro-
duced are less objectionable. The Rapid Transit Coramissioners
wish a number of amendments to the act of last session, and all of
them should be immediately Y>assed. The Department of Public
Works should be granted the $3,000,000 for which it asks to con-
tinue the work of repaving the city, a work which so far has been
well performed ; and provision should also be made for the raising
of the bridgps over the Harlem, so as to conform toregulationsof the
United Statesgovernment. Another matter which presses for final
settlement, and let us hope wiU receive final settlement.isthatof the
new municipal building. It remains to be seen whether Mayor
Grant will have the courage of his convictions respecting the
removal of the present City Hall and the substitution of another
and larger building in its place ; but at any rate the matter ought
to receive final ad,iustment. But most important of all is the pro-
posed change of ihe fiscal year of the municipality, so as to do
away with the present large expense in the way of borrowing
money in anticipation of laxes. Controller Myers has f requently
urged the necessity of adopting a raore economical and business-
like system in this respect; but now for the first time Mayor Grant
has recommended the change, and the recommendation has been
80 well received that Tammanj' will probably push it in the Legis-
lature. As very much depends on the details of auy proposed
measure, a lengthy consideration of the proposal is not yst neces-
sary. These are a few of the more important bills aflfecting real
estate interests in this city which will come up for action ; buD as
it is only a fortnight since Democratic control of the Legislature
has been assured hII the plans of Tammany have not as yet been
formulated. Probably New York City has plenty of surprises
ahead.





THE new Mayor of Brooklyn by his veto of the trolley resolu-
tion of the Common Council of that city has proved himself
to be a shrewd and competent oíHcial. One of the reaî'ons which
he gave for this veto turned upon the objection made to the propo-
sition in the columns of this journal, viz.: that although new con-
ditions were imposeii on the citizens of Brooklyn not a dollar of com-
pensation would be paid by the companies. There can be no doubt
that if Mr. tíoody insists that as the price of his oonsent the surfaoe
railroad companies must make more liberal contributions to the
city treasury, he will not only be able to add a very comfortable
sum to the i-evenues of Brooklyn, but he will establish a precedent
that will be oi lasting benefit to his city. When a good example of
this kind is set, ofĩicials are obliged to act up to it in the future.
On this side of the East River, it is a very well-established (though
not very successfutly applied) proposition that city franchises
should be made the source of as much revenue as possible ; but the
idea has apparently been prevented by the jam from crossing the
bridge, for both the press and politicians of Brooklyn have hitberto
been totally oblivious of its existence. A determined stand, taken
by Mayor Boody, particularly if it is suocessful, will punch this very
obvious notion into the headsof the city's leaders of public opinion.
Biooklyn less even than New York can afford to neglect such
a source of revenue as the sale of street franchises. It? tax rate is
already more burdensome than that of New York; and its total
debt is not, far from the sum to which it is restricted by its consti-
tution. Yet it has a great many important improvements which
will have to be undertaken within a few years. Like all other
prosperous municipalities, its growth is continually running ahead
of itspublic works; and the expenditure ou this accounc wiU have
to increase very rapidly. Of co-rje, the assessed value of its real
estate wiU increase at the same time; but, even so, it is not desir-
able for any municipality to run as close to the limit as Brooklyn is
now doing. If Mayor Boody maintains his present stand, he will
be doing a great public service.





IT is not alone by his veto of the trolley resolution that Mayor
Boody, of Brooklyn, proves himself to be a desirable public
official. His first annual message to the Common Council is plain,
dLrecfc an(} sufficient, indicating both a conscientious devotion to his
publip duties and a certain amoimt of intelligence in their execution.
If be fuLfilIs the promise of his flrst ofiScial actipps, and provcs t/O