February 6.1892





Kecord   and   Ljuide.





199





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DEVÍ)-IED ĩO f^EAl ESTWE . SuiLDlf/c Ap,oKlTECTOI\E .HoUSEWOU) DEGOf^TKJtí.

BilsifÍESs aiíoThemes of GeSeivL 1;<tei\E3î
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Published every Saturday,

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

J. 1. LINDSEY, Business Maiiager.

"Entered at the Post-offlce at New York, N. Y., as second-claas matter.''''





VOL. 3CLIX.





FEBRUARY  6,  1893.





No. 1,247





SPECULATION in WaU Street languishes. This condition pro-
duces an atmosphere of apprehension ; men meet and ask each
other " what do you know," and after agreeing that " something is
banging over the market," each goeS his way and unloads part of
his holdings. The bears and room traders take a hand in this and
gleefully see to it that the timid seller shall realize the lowset possi-
ble price. This is about all there has been to the stock market for
a week. The great forces are standing to one side. They are busy
with great deals and íinancial reorganizations, such, for instance,
as that of Richmond Terminal, Chesapeake & Ohio and others,
and there is nothing more certain that when these leaders getready
to announce their plans a fanfare of bull trumpets will precede and
great activity follow. Many people in Wall Street express great
fear of tho silver situation, although it has not changed a particle
in the last few montns, except for the better. Others are frighten-
ingthemselves with anticipation of a renewal of the shipments of
gold to Europe, forgetting that cheap as money is here, it
is still cheaper on the other side, so that even if
exchange should still further advance, bankers will prefer
leaving on this side any balance due thsm by way of
oredit, to use when needed, employing the money here rather than
calling for gold now they do not need. Nor is it true that a presi-
dential election year is a halting period. It does not often happen
that everybody in business is satisfied and has all he can do, and in
presidential election years the " bugaboo " blamed for any dullness
complained of is the pending election. Looking back, we would
say that presidential election years have been altogether better
than the average, and much higher prices were reached in the fall
of 1880 than during the great year of speculation following the
resumption of specie payments in January 1879. While specula-
tion may be admittedly languishing, investment demand for good
bonds continues active, and much higher prices will be undoubtedly
reached f or all íssues of roads in any way controlled by the Vander-
bilt family. AII such bonds selling to-day below a 4}^ per cent basis
are certain to go higher, and none of them perhaps more deserv-
edly than the Peoria and Eastern and Chesapeake and Ohio
(Richmond and Alleghany Division).





TNDICATIONS are multiplying that, English   investors will be

-*'   very lucky to recover from Argentina anything like the sum

of money sunk therein.    We pointed out recently that the finances

of that country, instead of being improved by wise retrenchment

and better methods, were  being still further involved by lavish

legisiation and unscrupulous disregard of existing obligations, so

that the deficit was growing heavier every year.    Auother signifi-

cant fact is contained in the movement in population by immigra-

tion and emigration since 1885, as shown by the following table :

Total        Increase        Total        Inorease

Year.            Immi-                            ^

gration.
Jah. 1 to Aug. 1,1891 44,6.i5
Estimated for 1891 ..   69,000

1890.................110,498

1889................. 260.909

1883.................. 155,632

1887.................. 1S0,843

1886...... ..........   93,116

1885.................. 103,ri!2





Increase

or
Deerease.





í





Total

Emi-

gration.

7i,m

46 per cent.   98,000

60      "          82.981

68      "          40,8«

30      "          I6,84a

,   30      "          13,610

- 1*      "          18,907

14,585





Lossor
Gain to
Decrease.        Arg'ntina.
—   27,439
-I-   17 per cent.....





ĩ





107

150

16

2

5







It will be seen that in the three years, 1887 to 1889, the country
gained some 466,000 inhabitants by immigration. In 1890, how-
ever, thegain from this source amounted onlyto 27,517, and during
the past year it has lost almost an equal number, 27,439, by emigra-
tion. It should be remembered in this connection that two-thirds
of the subsidized immigrants, who numbered 134,081, was bad
material. Of the total arrivals in Argentina during recent years 60
percent were Italiau, 18 per cent Spanish, 10},^ per cent French
and 2}4 per cent English.    They were a poor lot o£ men and have





not helped the country very much. Doubtless manyof them would
have been equally willing to return provided they could be assisted
back to their native country. Agricultural laborers with a small
capital are said to be the class really needed; and they are needed
as much now as ever. General wages at their gold value are low
and compare unfavorably with those of England. Aijparently,
then, the economic condition of the country is every day growing
worse. Mr. Lidderdale, the Governor of the Bank of England, a
man of sound judgment and careful speech, stated recently that no
danger existed of the Baring guarantors being called upon to make
up a loss. The statement of so conservative and well-informed an
authority must be received with respect; but in what way the
Argentine Republic, with its shiftless, uneasy, flighty and irre-
sponsible population, can meet even a small proportion of the
enormous obligations it haa incurred is still a matter of doubt.





THE Committee on Legislation of the Real Estate Exchange is
laying itself open to the same criticism this year as it did last
year. The meetings of the committee are, in the first place, but
very meagrely attended. Out of the sixty-three members, the num-
bers present vary between nine and fifteen, which is not sufficient
to secure truly representative action on the various bills submitted
to it. Then again the precise reason for the present method of pass-
ÍQg on proposed legislation is difficult to understand. The bills come
down from Albany and are referred to one of the sub-committees.
In time the sub-committce reports, and a discussion and favorable
or unfavorable action foUows. But the committee keep formal
notice of this action entirely to themselves. Unless by special
motion, no record of the approval or the disapproval ever gets to
Albany, and only upon important occasions is a general notice
to all concerned furnished by the newspapers. One is naturally
led to ask the same question that little Peterkin asked about the
battle of Blenheim, viz.: What is the use of it all? Whom doea
it benefit? The Legislative Committee was constituted and made
part of the Exchange <m the theory Ihat the moral
efîect of its approval or disapproval would influence
the decision of vacillating legislators at Albany. This
approval or disapproval can reach the Senate and
the Assembly only through some particular means of com-
munication such as a circular letter or through thedaily journals ;
and as we have already shown in the case of most of the resolutions
taken neither of these kinds ot notice are given. When we pointed
this anomalous condition of affaira last year it was answered most
truly that if a special notice was served on the Legislature of every
action of the Legislative Committee the influence of that body
would amount practically to nothing at all, that it would seem as
if ^the Legislative Committee were robbing the Legislature of its
only reason for existence. In order to give the approvals or dis-
approvals of the committee any weight they should be specially
communicated only in case of some emergency. No one will deny
the truth of this position ; but it is also true that the passage of
resolutions for or against bills that never reach the people they are
intended to iufluence is farcical and futile. Some change of pro-
ceedlng is very much needed. Either the action of the committee
should be confined to measures of the greatest importance, and
should in every case be sent to Albany, or else a sufficient number
of committeemen should be present at the meetings to increase the
importance of its deliberations, and so make its_action valuable as
néws to the daily journals.





AS might be expected, the work of legislation is being epedi.
tiously pushed at Albany ; and tũe present session will be
fruitful, no matter how bad the fi'uit may be. None of the meas-
ures as yet passed are, however, objectionable. It is about
decided that New York is to spend $1,500,000 a year for two years
in the repaving of streets—a sum which, in addition to the
13,000,000 already invested in similar improvements, will make
this city one of the best paved cities in the world. A bill provid-
ing for a public building, costing $306,000, to be situated between
West 43d and West 59th strcets, has also been
placed on the statute books, and a great deal of import-
ant legislation affecting New York has been forwarded
towards passage. Some of these are devised in pubhc interest and
some are not. The New York Central Company wants additional
freight room at 72d street and propose to take a slice of Riverside
Park for the purpose. The West End Assooiation are rightly oppos-
ing the proposition. Riverside Park is so situated tliat attempts
will continually be made to infringe upon it for trade purposes.
People interested in the West Side should see to it that no
such attempta are successful, for upon the preservation of
Riverside Park depends the perpetuity of that section
as a centre of handsome residences. Between the Central
Railroad on the one hand and the possibility of docks on
the other, it will be very difficult to keep the park
free from encroachment and disfigurement. Another important
matter is a report that a bill wiU be introduced legislating Commis-
sioner Heintz out of office. His position will b? made a subordinate