B^;M!*$5 Wife lHe«E£ Of Ge^EI^ !|iTCTf S?

PRICE, PER FEAR IN ADVANCE, SIX DOLLARS.

Published every Saturday.

THLEPHONB         .        -        .        .        COBTI^ITDT 1870.

Conuntuilt^ationa should be addressed to

C. W. SWEET, 14 & 16 Vesey St,

J. 'I. LINDSEY, Busine-fS Manager,

"iffntered ot the Post-office at New York, N. 7., aa second-class matter."





sliould be couaing this way in any quantity, we shall see the flow
prevented iu some way, either by realizations in our niarket or by
the exercise oE those means always held in reserve to protecb a gold
supply in Europe, and which we are so uowieely without.





Vol. U.





MAY 6. 1898.





No. 1,812





NOTICE TO HEADERS,
Readers of The Recced and Guide will observe titat this issue of
the paper, consisting of sixty-four pages, is made up in part of
thirty-seven 2)age3 of reports of recorded transactions, representing
nearly 5 000 separate records.    The transcribing, arranging  in-
alphabetical order atid according totheir proper classifications, and.
printing such a number of separate items is a more difficult under-
faking than any of our subscribers are, we presume, aware of.
Ordinarily very large at tltis period of the year, the real estate
filings have increased in vu-mber everj/ year, and are for this year
greater than ever    Tlie fact is significant of a continuous and sub¬
stantial growth nf the real estate business.   It accounts, too, fnr
, the press^tre uoon our news columns, which has required the exclu¬
sion from this ■luimber of much interesting matter.
~------•----------

THAT one or two securities that have been marked up into high
prices despite the adverse condition of the money market.
a.ccompanied by statements of business done and profits made
(luite criminal in their disregard of truth, should come down wiih
a crash need surprise no one. It was known that they would as
aoon as outside tjonditions made it imperative on insiders to Jay
down their loads. Cordage has especially been marked for a fall.
aud it and other worthless things in its class have brought down
better ones with them, simply because they were all known as
" Tndu.'strials," The business of AVall street is in such a large pro-
• portion a speculative one that it necessarily follows that both
buying and selling are indiscriminate, based in the greater majority
of cases on matters only remotely connected with the stock bought
or sold. This being tbe case, it is not remarkable that the good
suffer with the bad, when aa, for a time yesterday, the only desire
was to get rid of certain stocks at any terms, no matter what eacri-
fice was involved. But when that wild desire was satisfied,
the quotations made upon the reaction soon told where the merit
and demerit laj'. It is ioaporiant to note tbis distinction, because
whatever may be said to the contrary we have not seen the end of
speculation in the Industrials. They may pass out of favor for a
while, but only until depressed sufficiently to make tbem
attractive if not cbeap, and if the set of people—though
not all burnt children dread the flre—whose burns
are still smarting may not incur new dangers a new set will.
Tho more important question for the moment is to what extent do
the events of the past week change the previous situation. Now
the inflation in the Industrials was not the cause of the depression
from which we have suffered for so long a time. It was that
depression which brought about the collapse in the Industrials,
consequently that collapse cannotbe said to have done more than put
one danger out of the way and noli to have removed any others tbat
have been threatening. Besides the market will soon have to take
again all the stock bought for a rally, and though the demand on it
may not be sudden, it will assuredly affect prices again. It is really
the after effects of a calamity in the stock market tbat are mosfc to
be feared, for. while the first event appears to be most serious
because of the injury done in a short time in on"; spot, the later
ones which follow the rally are really so because they injuriously
influence everything. Then, too, our financial outlook ie darkened
by currency difficulties, from which there is no hope of speedy
releasBj'the administration preferring the mendicant policy of send¬
ing the hat round for voluntary contributions of gold here and
there instead of having Congress in session at tbis very moment
aud facing the responsibility which belongs to it. This currency
trouble must continue to work mischief everywhere as long as it
exists. No encouragement comes from abroad, Austria bas diffi¬
culty in defending the gold supply she has laid up at so much cost.
The effect of the troubles in her Australasian colonies are yet to
come to the surface iu Great Britain. France has to face an
accumulated deficit.   It will assuredly happen that whenever gold





FOR some months past there has been an upward movement of
Hungarian and Austrian securities, because of the prosperity of
the Empire, an abundance of money and the success of tbe prepara¬
tions to resume specie payments. Tbe consequence was thai; mauy
foreign investors sold their Austrian and Hangarian securities in
Vienna, becaus*) the other continentaIbour.es did not follow the
revival in Austria; and as all payments had to be made in gold a
rise of the premium took plnce, all the more because of the extensive
))urchases ot gold by the Rothschild syndicate for the purposes of
currency reform tend to have a similar effect. This rise iu
foreign exchange and the gold premium has not only
brought to a stop tbe upward movement in securities, but has also
had the reeult of starting a sharp selling movement. The tendency
of prices in Berlin is also downward, due chiefly to tbe reaction in
Austrian securities and the belief that Austria-Hungary will find
it much more difficult to realize their iilan of a guid standard than
the government anticipated in the beginning. Another cause for
distrust is the political situation. The Imperial Goveinuient bas
as yet been unable to pass its Army Bili; and it is very much
feared that the measure will cause a general election and a bitter
contest, all of which bas helped to unsettle the price of German
national securities. In spite of the failures in Australia, and the
ticklish condition of the banks in the chief Australian colonies,
the English stock marketis more active: and the tendency of prices
in many'important cla-sses of securities is upward, Tbe offer ot
settlement which the Argentine Republic has made to its bond¬
holders seems to have created a distinctly favorable impression,
although some of the more conservative critics are dubious about
the proposal, because so far it bas not been accompanied by an
official statement showing the actual financial condition of the
Republic. Without some such statement, they assert, no com¬
mittee vvould feel justified in recommending the bondnolders to
ratify the proposed agreement. Tbe proposal is to set aside a yearly
sum of ,£1,500,000 for the service of the entire national debt,
which it is estimated amounts to £44,500,000, leaving it for the
bondholders themselves to determine the apportionment of thia
sum between the different classes of [secuiities. It this offer be
accepted tbe Finance Minister will recommend his government to
resume full interest payments from July 1st, 1898, and to resume
from January Ist, 1901, the sinking funds which will meanwhile
be suspended.

ORDINARILY the failure of a business man is interesting only tn
his creditors and relatives; but the assignment of Mr. WiiUMu
has a peculiar interest for the publicas well. This is not merely be¬
cause his advocacy of a commercial union with Candida gave him a
certain political position: it Is rath?r because his business interests
were identified with the development of an important suburban
section near New York, His failure, consequently, means that he
has beeu unable to increase thepopulaLiou of Staten Island as he
expected to. According to the pupers his as-.ets consist chiefly of
some 4,000 acres of unimproved veal estate sitaatedupon that island
—apiece of property which he ban been carrying for a number of
years and which has been a drain upon his resources without
increasing very much in valu*-. His inabilily to get rid of tliis
property was not due to any lack of activity ou his part. Being a
mau of great energy and considerable ingenuity and fertility of
resource, he exhausted all the devices known to the modern real
estate "boomer" in the effort to lure the overflow of New York
City across tho Staten Island Ferry, He organized a company to
build really useful railroads around the island; lie greatly
improved the ferry service from the Battery to St. George; he
eveu tempted an importanfc trunk line railway to lease the Staten
Island Railroad, to bridge the Kill von Kull and to build
docks and terminals on tbo most available locations. When this
feat was accouiplished he raised a great hullaballoo. The establish¬
ment of the Baltimore & Ohio Railroad on Siaten Island was going
to revolutionise the export busmess of this port, manufacturers
■\vere going to leave New York City and Brooklyn, and were going
to obtain cheaper factory sites and pleasanter quarters for their
employes in the neighborhood of Erastina, As the years past ou
none of these tremendous changes began to materialize. Tiie
Baltimore & Ohio Railroad handled very little busiaess on his
Staten Island doclis; New York manufacturers stupidly refused to
purchase cheap factory sites in the neighborhood of Erastiua; the
business relations of the island with the rest of the country
remained very much as it was before Mr.^Wimaa started atl these
improvements.

----------■----------

MEANWHILE the workingmen and business men of New Yotk
were not to be tempted across the Biy to Richmond County,
Many of the former did, indeed, pay casual visits to the romantic
attractions of the Wild Vi'est Show at Erastina, and after the depar-