Jnne 9, 1894





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Vol. liii.





JUNE 9, 1894.





No. 1,S69





For additional Brooklyn matter, aee Brooklyn Department immediately
foUowing .Yew .Jersey records {page 951..

THE ni.inipulatiou of the Iiuliistrials aud of Chicago Gas give
to the stock market any appearance of activity it possesses.
If the general list, is strong, though liiill, it is due more to an
indisposition to sell on tlie part of holders than to any a])parent
buying demaud. The inovemeiit in the Indust.i'ials is perhiips
justified b.y the derlared attitude of the Senate on the Tariff Bill,
though exceptions might ver.y well be made. For instance, it is
hard to imagine Cordage Connnon as worth 20, -while the C per
ceut bonds sell at only 8.'"i, witli two classes of, preferred stock
between them. Chicago (las's advance was accoiup.anied by a
good mauy rumors, the best of which was that the Illinois Attor¬
ney General does uot get siilHcient encouragement from the bus¬
iness community to induce him to press his suit ag.ainst tlie com¬
pany very hard. The railroad list should soon be heljied by the
fact that the time is drawing near when eiiruiugs will com¬
pare with returns reflecting the early declines of the past
year .ind not the big busiuess of tlie first htilf of 1803, and there¬
fore the comparison will be more favorable to current tigures.
The coal strike, the inexhaustible mouthiness of the .Senate and
gold exports continue to hold back general business, but the.y
will end some time, probably soou now, and as bad news seems
to have lost its influence on the markets the prospect of a rise
on the first fair occasion is go;)d.





FOREIGN security markets have been more or less affected
by the ministerial changes in France and in Hungary, but
have taken the Servian coup d'etat with indifference, a fact that
shows how little business is doing and ho^v almost wholl.y
speculative the business that is being doue is. Austrian railway
returns for 18915 are very favorable. The Ostade miners'
strike collapsed entirely ; the men returned to work without one
of their d.'mands having been granted. The issue of the $30,-
000,000 Indian loan is said to indicate another change in the
Indian govemment's vacillating finaucial policy. The sin of
vacillation is rather hard to prove. Iu the imminence of sus¬
pension of silver purchases here, the Indian government closed
its mints to the free coinage of silver and has kept them closed
ever since. It did try to fix a minimum value to the rupee by
refusing to sell council bills at less than a fixed price, but find¬
ing the inarket would not take its bills at its valu.atiou, promptly
and -wisely jnelded and has accepted the market price ever .since.
The failure of income to provide for all expenditures which
necessitates the issue of the new loan may uot be wholly due to
the government's silver policy, but also to trtide depression
similar to that wliich on this side is creating a deficiency for the
fiscal year of between seventy and eighty millions of dolliirs.
Italian securities have advanced on the expectiition that the
Itiiliiin government will relieve itself of some of its difficulties
by disposing of the alcohol monopoly to an English syndicate.
But the resignation of the Crispi ministry makes the early
rehabilitation of the country's finances very doubtful.
Oflici.al statistics show that the production of raw sug.ar in Ger¬
many increased 12.8 per cent in the half year closed April 1
liist. The failures in the Argentines and other unfavorable
financial conditions there have not doue as much harm to their
securities for the same reason that our own withstand bad news,
viz., there is little or no inflation in current quotations.
—    •   —

THE most serious feature of the existing labor troubles is the
latitude iillowed to those of the meu who have assumed au
open attitude of defiance and viol.atiou of the law. The indul¬
gence that has beeu accorded to these men with arms iu their
hands and therefore in open revolt against legalized authority
does uot stop short of tacit encouragement. These iusurgeuts
are described as mostly foreigners, the niiijority of whom do not
use the Euglish tongue, at auy rate in coiuinunicating with each
other, and who are thus being allowed to assume that they have





a w.ai-rant for their lawlessness, which was never intended under
either Federal or .State enactments. There was never a time
before when such acts as have been perpi'tr.nted in Colorado,
Illinois and Indiana lately have beeu carried to such lengths
because 'hitherto the haud of the law has <alwa.vs interfered
promptly to check them. The outrages committed in Pittsburgli
in 1876 aud at Homestead iu 1892 were, it is true, more violent
while they lasted than auy yet seen in the present conflict, but
they were promptly terminated b.v the iiower of the State,
though we are probably to-day suft'ering from the fact that the
people responsible for the loss of life at Homestead have not yet
been brought to punishment. It a dispute about wages is to be
considered a suflicient justification for any oiitrtige on life and
property, then we may look for every strike to "be settled b.y
force of arms, only the employers must also be allowed the same
freedom, and then it follows that it will only need a strike litrge
enough to bring us to a condition of civil war, with the wage-
payers and wage-earners arr.ayed in arms against one another
instead of states against states. This would be only the reali¬
zation of what the anarchistic among the labor party have beeu
threatening all aloug, and in view of what is already taking
place under oureyesto-da.yis notso fai-fetched as it seems atfirst
sight to be. The fact that the lawbreakers are in a very large
majority people avIio in their native lands would not be pei-mitted
toassume.thebelligei-entattitude they do a moment longer than it
would take to send troops against them, proves at once that
the.v .are acting under a misttiken notion of what is meant b.y the
liberty accorded each citizen here. There ought to be no delay
in undeceiving them aud teaching them a respect for the law
and the rights of others which evidently they need to le.arii.
The prompt action of the Federal authority in regard to inter¬
ference with property under its pioteclion by mobs called into
exi.stenceby Coxey's conceit, proves that all that is necessary to
eud these scenes of violence is the show of a proper determina¬
tion to protect life and property against lawlessness at all hazards.





A Nomination for the Mayoralty.

FROM a partisan standpoint, no doubt, all approaching elec¬
tions are impoitant—they sliuiuliite th.at uever quiescent
public nervousness known timongst us as " politics." When we
calmly consider the matter, really it is extraordinary the
amount of energy and excitement that we put into our periodic
political rumpuses which, in a m<ajority of cases, have no
apparent ett'ect whatever upon social or upon public life. They
do not add anything to the forces by virtue of which the nation
is prosperous, wise or great. They are purely "personal"
atfairs, in so much thiit their most particular concern is merely the
personnel of government, or rather officeholders. Municipal
elections, pai-ticul.arly, are, as a rule, marked by this utter insig¬
nificance of results. One may fiiirly say that during the last
quarter of a century there has not been, save for one or two
notable exceptions, any election in New York City which has
been more than a party squabble for place, in which the public
have assisted chiefly because the activity of " politics" titillates
the morbid processes of pre;iudice .and self-interest by which, in
so great a measure, government is formulated everywhere iu
this country, from its highest manifestation at the natioual seat
in Washington to its merely nominal existence iu the smallest of
Texan roiidside villages. " Politics" is the great national game
of the American people and the professiouals who furnish the
sport take the gate money.

The coming election in this city, however, promises to be an
important one, in a .sense that lies quite outside the vocabulary
of "polities." Politicians themselves recognize that there is
likel,y to be an unusual ahd incalcul.able element in the contest—
an element which it will be impossible to att'ect by the ordinary
methods of organized electioneering. This element is moral
dissatisfaction. Partisan dissatisfaction is, of course, always
rife. It is one of the sources of activity and friction that enliven
our annual political contests. The rules of the game uot only
permit it, but provide for it. It is susceptible of treatment upon
purely political lines. But the unusual element which threatens
this year to disturb the ordinary order of events, is the moral
dissatisfaction which is working just now, with such uncommon
force among the decent people of this city. It is true this moral
dissatisfaction has never been entirely absent; it has always
played some part in our elections. But it has seldom pervaded
the community as it pervades it at preseut, and very, very
rarely has it had the revolutionary intent which m.arks it to-day.
Apparently, the cumulative ett'ects of years of evil government,
aud shameful disclosures, repeated ail iiaiiseiim, which have
stigmatized the good reputation of every citizen, are at last
working upon the public conscience. The seutiment of shaine
at last is iu positive conflict with paitisaii feelings .and with
hopeless or hardened inditt'erence as to the possibility of politi¬
cal refonn. It is easy to see that these conditions promise a
freer exercise than ordinary of good citizenship at the polls next
November. It is this promise of better things that renders the
coming election so important.