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VOL. XLIX,





MARCH  19,  1892.





No. 1,253





THE stock market is liisturbed by news from abroad and by
some events occurring at home. but most particularly from
the fact that some people who burned tlieir tingers in tlie coal deal
and upoQ unfounded expeotations have tiiem still cooling in their
mouths. Id other words, there is some liquidating to be done, as
a result of injudicious overbuying. The sign that liquidation is
necessary is found in tlie duUness and stagnation that has main-
tained for more than a week past in all things financial; the sign
tliat it is taking place wiU be decline in prices. The promise for a
new advance will come when that has taken place, and when
the outlook for some of the staples, which directly or
indirectly atĩect the prices of securities is better than it is now.
Cotton threatens to reach its minimum, and the iron trade is
fuU of complaints of the impossibility of getting good prices.
While Southern and Northei-n irons are competing against eMch
other complaints about returns come from all manufacturing
sections, The imminence of further difcussion in Congresson the
Bland Silver BiII is having its influence against security values, and
the passage of that bill would be used by the bears to depress prices,
no matter how firm President Harrison and his cabinet may be
known to stand against any measure forcing thiscountry to experi-
ment alone further in the bi-metallic line. Tlie publication of the
Kichmond Terminal plan has also had its influence directly against
the prices of the securities therein treated and indirectly against the
balance of the market. The submission of this long-
looked for plan and the action of the security-
holders upon it, which must be seen soon, will help
to clear the situation a good deal. Its acceptance.
which, at the moment, [does not seem probable,
would show a power and a confidence very generally beneficial,
and its rejection will force upon the Richmond Terminal Company
a reorganization by means of the courts, a course not altogether
without advantage in, at any rate, putting a limit to the damage to
the property. If all these things make tlie immediate outlook
gloomy, it must not, however, be supposed that it is hopeless.
Gloom is a phase o£ the market, as recuiTentas sunshine, and when
we have the flrst, we know it must in good time be succeeded by
the last.





ENGLISH investors are to be congratulated that they are not
large holders of continental securities. la 1875 it was esti-
mated that the British holdings of the stocks of foreign govern-
ments were nearly, if not quite, as large as those of home railways.
Nowadays, in spite of the past South American boom, there is no
such comparison to be drawn, for continental securities have passed
wholesale out of British hands, and are held mainly on the con-
tinent itself, where the prices, too, are chiefly controlled. Since
the close of 1891 there has been a fresh fall in Greek, Spanish,
Portuguese, Bulgarian and Italian stocks; and this fact must be
taken as one of the causes of the depression
ruling in Paris and in the otber continental markets.
Just of late the English investor Iias been some-
what comforted by a visible tendency towards recov-
ery in colonial stocks. The trouble with the Australian
colonies was that they required additional funds at an inconven-
ient time ; and while they were alwayĸ pressing fresh issues on
the [market. it was natural that some depreciation lihould be
thown. There has likewise been an expected collapse in the
gieat land speculation, which afflicted some of the leading
Australian colonies, though there was little need to regard the
position of the government creditors as materially aft'ected
thereby. But now they bave in one way or another obtained
the funds they most urgently required ; aud lately both New South
Wales and Victoria have oíficially intiraated that they do not
intend t» apply furtl>er to the Eoglish  market  for  the present.





There can be no doubt that the check admiuistered to unlimited
colonial borrowinga will in the end prove a salutary one.





IT ÍB very much to be hoped that some compromise can be
reached in the  matter of the new  railroad bridge over the
Harlem River at 4th avenue.    The legislative authorization of the
improvement should not be postponed for another year.    The great
and growing suburban business on the New Haveu & Harlem Rail-
roads, not to speak of the general traffic, should notbe longer ham-
pered by a continuance of the present exasperating delays at the
draw-bridge.    Fortunately some  progress appears to   have   been
made.    The New York Central  has agreed to give up its solid
masonry approach, and substitute in its place an open viaduct
which   will    not   close   any   of   the   cross-town   streets.     The
dispute     now      turns      upon     the     question     whether     the
city    or    the    property - owners    shall    share    the    expense
with the railroad company.   The owners claim that the improve-
ment is general in its nature and should not be assessed on the
abutting property.    This claim we believe to be substantially just.
The residents of North New York will obtain the chief benefit from
a    higher   bridge;   and    it   is    to   be   hoped   that    the   city
authorities    will    come    to    see     that    the    most    equitable
method of apportioning the cost to the public is to huve itjpaid out
of some general fund. . But under no oircumstances should some
bill fail of passage.    Wo suspect, however. that, at best, the matter
is going to be very much bungled, and  that a great deal of unnec-
essary money will be spent and trouble incurred before all its bear-
ings    are    flnally   settled.    The   New   York   C^ntral   is   pre-
paring to spend some millions ot dollars in building a bridge and
approaches.    Just one block to the wcst the plans of the Rapid
Transit Commissioners prov ded for another structure,"higher and
somewhat more elaborate and expensive.    Both of these bridges
are practically going to be devoted to the same purpose, and there
is no present necessity for two bridges to accommodate the traflac.
Yet scarcely a word has been said and not a single eífort has been
made to unite the two projects.    True, one of these projects is very
far from realization, and the other of these plans is very near to it;
but in the end one is just as necessary as the other, and both can be
carried    out     most      economically     by    means    of    a   com-
bination   of   interest    and    a   sharing   of   expense.     FWther-
more it is evident that the 4th avenue bridge is not the only part of
the New York Central's traflfic facilities in this city which need
improvement.    Before many  years are out the Road will have to
spend a great mauy millions on its terminus at 43d street; and if
any increase of capacity is to be made at this point, it should be
made with reference to the running of city rapid transit trains to
the lower part of the city.    The notiou of using  Madison avenue
for rapid transit purposes is on the face of it ridiculous.    The only
remaining East Side avenue adapted to the purpose is 4th avenue;
the new road can be constructed thereon cbeaply,  and with the
greatest convenience to the East Side population.





OO far as we know all this is admitted by every sensible person
O whohasstudied theproblem. But if it is true, why in the world
is not some efĩort made to bring about aunion of the two interests ?
At present the management of the corporation and the Rapid Transit
Commissioners are simply sitting and awaiting developments.
Neither will take the preliminary steps necossary to. the beginning
of negotiations. Yet there are reasons to believe that neither is
immovably opposed to a conferenco. Ever since Commodore Vander-
bilt proposed to extend the New York Central down town the Vander-
bilts have been entirely willing to construct agood southern connec-
tion. Thestorm of abuse, however. with which theCommodore's pro-
position was received has naturally made his successors very circum-
spect about making auy similar advances. Whenever Chauncey M.
Depew is interviewed on the matter he refers to the treatment which
the Commodore received in a way that shows how the outrageous
abuse levelled against the founder of the family still raakles in
Vanderbilt bodies. Unless all indications fail, however, a similar
proposition would be received atpreseut in a sanerand moregentle-
manly spirit; but under the circumstances the initiative ought to
come from the Rapid Transit Commissioners. Their
wbole plan is in danger of being wrecked, be-
cause of the natural and justifiable opposition of the
Madison avenue property-owners. No doubt commissionersjwould
have long ago been appointed by the Supveme Coiu-t, and by this
time the legal requirements very nearly satisfled, if the only impedi-
ment which had to be met was the small share of aotive antagonism
which property-owuers along tlie otber purtions of the route
advanced. So as to have this aspect of the matter finally
settled'we believe that the bill introduced into the Legislalure
exempting Madison aveuue from all rapid transit plans should be
paased. Theu the Rapid Trau^it Commissioners would have to
build another East Side route, aud what could they do but enter
in some negotiations with the New York Central. Of course they
also dislike to take the initiative in opening such a
oonference, for^they,would lay themselves open to the reproach of