MtiTcb 2, 1895





Record  and   Guide.





321







fUll;





Dev&teD to f^L Estate . 0ulLDI^'G j\R,crfrTEenjnE .hfousnloiD D£aa|(7nt
Bt/siriss Afi) Themes of GEifef^il iHrsi^Ji.

PRICE,   PER   YEAR   IN   ADVANCE,   SIX   DOLLARS.

Published every Saturday,

TBLEPHONB,......COBTLAtOJT 1370

OommunloiitlonB should be addressed to

C. W. SWEET, 14-16 Vesey Street.

J. 1. LINDSEY. Buainess Manager.

Bbookltn Office, 276-282 Washington Street,

Opp. Post Offiob.

"Entered at ihe Post-office at New York, if. T.. as second-class matter."





Vol. LV.





MARCH 2, 1895.





No. 1,407





For additional Brooklyn matter, see Brooklyn Department immediateli'
folhwina New Jeraey records {page 351).





Tj^EBEUARY with its storms and atiikea and floancial stress,
-A.     the estreme effects of which were averted ouly by the Gov
ermuent bond sale, ia not a month to which the business man
will look back with satisfaction, yet fhe volume of busiuess done
was probably larger than in the same month last year, but with
prices phenomenally low.   With the opening of March there are
indications of fractionally better piices for most commodities.
But any improvement that may be in sight depends for its ful¬
fillment upon at least a steadiness in the mouey market.   The
a^oumment of Congress has always been a matter for con^atu-
lation of late years for fear of the mischief that that inaugust
body is capable of.   The session just closing is so remarkable
for its sins of omission that its dismissal into the infinities is
accompanied with more contempt than it has hitherto beeu pos¬
sible for any public body to earn even by trying very hard, as
some other Congresses by commission of sins against the public
prosperity have done.   Its close ought to increase whatever
measJiro Ox ciji:i;-"c:?eo oj-drbserfitljieiia <ia.n_be found in a com¬
mercial community so much harrassed as ours has been.. In the
world    of    finance   not    much   comfort    is    to   be   found.
So far, the bond syndicate has been able to prevent gold ex¬
ports; we presume that this is the work of the syndicate, because
exports could only have been prevented by the manipulation
of the exchange market, and thereis no one else who would be
Ukely to undertake the work.   Security holders are apparently
discouraged by the 1894 showing of the railroads, to which fact
IS due the liquidation apparent in the stock market, esp«'cially in
the issues which have hitherto been held in high favor abroad
and in some of the coal properties.   Persistent endeavors are
being made by professional bears to make the situation all
round appear as bad as it can be, in order that the large line of
shorts now out can be covered at a profit.   The next few days
will show whether security holders so despair of the outlook for
their properties that they deem resistance useless, or whether
the favorable features in the situation, particularly the release
from   Congressional   fears,   are   to   have   at least temnorarv
influence.





Ty EVIEWING the condition of the London banks at the close
-^*~ of last year, as expressed by their published statements.
it IS found that It is very satisfactory, the proportion of quick
assets to deposits beiug 52.7 compared with 51.4 at the end of
1893. The deposits increased about $90,000,000 in the year
and, the fact is somewhat surprising considering tbe condition
ot trade, use was found in the market for about $75,000 000 of
the increase. Rates for money, however, made the banking
business poor in results and dividends were very generally cut
Imports into France from January were only $4,400 000 in
excess of exports. In the same month last year the difference
was $35,000,000, due almost wholly to the speculative imports
of cereals to profit by the duty which was about to be imposed
The comparison with the figures for January of last year indi-
nAo'A^^"f'^ '*^'^ °* *^^"^^- The exports alone were $10,000,-
000 better for the month of this year; while the imports show a
falling oa of $20,000,000 it was due to the cause previously
mentioned. Both Berliu and Vienna see ahalt in Bourse oper¬
ations; prices have risen to a y^vy high point for all issues of
credit, but operators for afa;hatle defeated by the ease of mouey
Future prices depend entirely, li^on whether there is an increase
of considerable proportionss a the commercial demand for
money    Some seem to think t?riy gee it approaching.   Austria

LL'^*"f i^ '^' ^'^"^°^''^ ^'-^'^^'y-   The probable ra e o?
•mlsftionof thenew gold rentes to secure the balance of the





gold needed to complete the currency reform is IOII4. The
price of the last emission in 1893 was 96.4. The London Econ¬
omist dra«-a the inference from the terma of the contract for the
new United States 4s just completed, and the refusal of Congress
to sanction the issue of a specilied gold boud, that the bond
issued is practically a silver bond. This ignores the oft-repeated
policy of our Government to maintain the two metals on a par¬
ity, probably because, while acceding the wish, ita ability to oarry
it ont is doubted. This is the severest criticism that has been
made on the loan ^et. From the fact that the loau was over¬
subscribed so many times, it may at first aight appear to fee
wholly unfounded, but it muat be remembered that
the subscriptions did not represent the actual amounts
desired by subscribers. Eveu genuine subscribers took it for
granted thatthe issue would be over-subscribed and raised theii-
applications accordiugly. What proportion of this amount waa
represented by actual wants and what by attempts to get the
better of over-subscription of course cannot be known. A very
large proportion were purely speculative bids. It m tbe custom,
in London particularly, to make a busiuess of speculating on
such issues. Thia is part of themachineiy relied upon by bankers
to popularize loans. Subscriptions are made by people who
could not take up the bonds allotted if they wanted to, and
whose only interest is in the premium they expect to see upon
them. Iu this case the speculation was uot without its pvotita.
Of course, the whole issue could have been sold to bona fide pur¬
chasers, but it must not be imagined for a moment that $500,-
■ 000,000 was awaiting in Londou ready for their acceptance by
the United States ou such terms as these bonds were offered on.
While the outside buyers have jumped at the bonds they are not
approved by the London financial press.

A NOTHER attempt is being made at Albauy to have a bill
*^^   passed requiring the licensing of architects.   Ostensibly,
the bill is beiug pushed in tbe interest of the " dear public'  As
a matter of fact it is a " trade protective measure," precisely
similar in character to the odious Dressed Stone Bill.   The pro¬
moters are striving to make the profession of architecture some¬
thing of the nature of a close corporation.   It is impossible to
account for the bill on any other theory.   No onemore than our¬
selves regrets the present low state of architecture inthe City:of
NewYork. Everv year witnesses the erection of buildings up«r
our streets which makes the judicious sigh fur an eulighti this
despotism ; but we don't believe ^and.we .do]:;'t..*fj{-gk'it'can be
shown that t-hE-licenSLngof arclu'lects will mend matters mate¬
rially.   Architecture is both an art aud a craft.   The planning
aud construclion of buildings so that they shall stand firmly and
meet utilitarian requirements is  one thing and the making of
them beautiful is another.   We bave to-day in our Building
Dep.artment a governmental organization whoso busiuess it is
to   see   that dwellings are properly constructed in accordance
with    sanitary    necessities.     Every   architect,   in   a   sense,
bas thus to pass a State examination with each building that he
puts up.   What use is there then, on this score, to require that
he shall pass a general examination'!   But, it may be said, this
leaves the artistic value of the designer's work out of considera¬
tion.   So it does.   But will an examination help matters 7   State
requirements for a licentiate would uece^^sarily have to be com¬
monplace—familiarity    with  classical   orders   and   copy-book
matters   of that  sort.     Sad experience  is  before   everyone,
demonstrating that the men who "know their oiders" and have
a certain amount of scholastic equipment are not necessarily
those who may be trusted to give us artistic work.   The doleful
fact is that the majority of our architects, even those who stand
within the sacred inelosureof the Americau Institute, are not
artists, and examinations to the end of time will uot make them
auch.   If the State is to undertake the guardianship of art, let it
do so thoroughly, but to do it thoroughly is an utter impossi¬
bility under existing conditions.





T^ROM time to time the question is asked why co-operative
-*- stores do not find establishment in this couutry? The
anawer is, that they have been tried both in New York aud Bos¬
ton without success, because the conditions of retail trade are
not the same here as iu England, The foundation of the co-op¬
erative store iu Loudon was a protest on the part of government
employes aud the professional classes against high prices based
on long credits. Under the system prevailing in London, atleast
twenty years or more ago, the cash customer paid the same
prices as the credit customer. AVhen this became unbearable
associations were formed to buy for cash at wholesale and give
their members the benefit of the difference between that and
retail as then practised—less, of course, the cost of handling.
The thing was a success and extended. Some Americans, Miss
Kate Field, with the assistance of the late Mr. John Scott, tried
the experiment in New York about fifteen years ago and it
failed, because the general custom of doing business was based
on cash, and the department-stores, which were then coming
into life, ran the new entei-priae too hard in certain lijies.   In