May 4,1895





Record   and   Guide,





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Vol, LV.





MAY 4, 1895.





No. 1,416





Mr Brooklyn matter, see Brooklyn Department imm,€diateli following
New Jersey records (page 754).

THE speculatiye market.^ continued the upward movement^
because the long-looked-for confidence on the part of the
public came at last, aud because the bottom of the country's com¬
mercial troubles having been reached, the developments were
nearly all favorable onea. No sooner had the bull movement in
one direction ruu its course for the time being than the tone was
strengthened by a similar movement from another point. This
has gone on until those who could see nothing favorable in
tho outlook sixty days ago bave come iu and bought their stock.
Yesterday the market gave tbe first decided signs in this move¬
ment of yielding to reactionary influences. So far it is mainly a
native market; in spite of all said, foreigners have displayed
much discretion in their purchases, and it maybe relied upon
that, outside of gilt-edged purchases, all their operations in this
market will be extremely speculative and as such turned to the
sellers' side at any moment. This is due to the con-yiction abroad
that our business conditiou is unstable as long as ourcm-rency
remains what it is, a conviction that finds warrant and support
in the addresses that are now being made byprominent admin¬
istration speakers, and which may be considered as the firing of
the first guns in the Presidential campaign, which is to close
next year. Of the busiuess conditions there is nothing further
to be said than that there is no falling off in activity in the East,
and very little, if any, improvement in the West.

TRADE abroad offers no new feature for remark. As on this
side of the Atlantic there is perceptible improvement,
both iu the volume of business doue and in prices compared
with a few months back. It is satisfactory, of course, to see the
world awakening from its long period of depression, but so far
there is nothing to warrant any great amouut of jubilation. The
real activity continues too much around the Stock Exch-anges,
■and is in fact the activity of gamblers and not of merehauts aud
manufacturers. This condition of things is an inevitable one
when money is as plentiful as it is now and there is no ti;ouble
ahead to destroy confidence. In spite of the demand for mouey
tbat an enlarging commerce aud an enlarged speculation
create, the banks are so well supplied that rates have
not yet been materially affected. Regariliug Ameri¬
can securities in foreign markets, it is apparent
that they would be much more active than they are
there, but for the continued warnings of the financial press that
any extensive operatious in Americans is dangerous so long as
the United States currency continues in the coudition it is in.
The intervention of the European powers in the arrangement of
peace between Japan and China has some alarming phases, but
it is hardly likely to lead to anything serious. The objec¬
tions to the occupation ot territory on the mainland by Japan
are made by nations who would uot object to secure similar pro¬
visions for themselves if theycould get them, and their objec¬
tions in fact may be regarded as a hlntf with that hope in view.
As a matter of fact the trade of none is interfered with. Japan
knows too well that she could not maintain a position in China
baaed upon exclusive trading privileges. Do and say what
Europe will she caunot prevent the development of Japan into
a great naval and trading nation, or exclude her influence from
China. The war has raised in the far East what it has lacked
hitherto, a power in the proper acceptance of the word, and the
wisest policy for any Western nation to pursue is one of friendli¬
ness toward that pow^^r. If the treaty of peace is ratified with¬
out further diflieulty i}. will be the signal for a great improve-
.mentin the Eastern trade and will also directly att'ect Western
manufacturers advantageously, as to them must come theorders
for renewal of tho war supplies of both belligerents.   Some





ordera for ships have already, it is said, been placed by Japiin

on the Clyde.

---------•---------

Legislation at Albany.

Albaht, May 2,—Some of the areat measures affecting New York
real eatate are approacLiug completion at the hands of the Governor
and the Legislature. Among those bills is the Eapid Transit MU ol
Assemblyman Hamilton. After a hearing before Mayor Strong, at
which tho elevated railway company put forward a number of in¬
dividuals to oppose it, the measure is now in the hands of Governor
Morton, having been approved of by the Mnyor. It is to be presumed
that the elevated railway company will file briefs with the Gover¬
nor against the measure, protesllDg tbat it is unconstitutional'io
authorize New York to expend $55,000,000 in the construction of au
uuderground r.nilway in that eity.

Tbe Senate passed to-day tbe other great New York bill, to wit:
Assemblyman Wiemau's bill anthorizinp tbe cities of New York and
Brooklyn to build another bridge across the East River, the present
Brooklyu bridge having almost reached its capacity of transporting
people by railroad. The new bridge will cover that portion of the
East Eiver between Grand street in New York and Broadway in
Brooklyn, aud it is estimated that the gigantic structure will cost
$16,000,000, of whicli $8,000,000 are to be paid bv New York and
$8,000,000 by Brooklyu, This is a great enterprise, but the New
York newspapers have thus far given it ouly a paragraph in th^
columns from day to day when it was considered by the Legislature,
while they have given colmnng to political measures. Yet tnis bridge
will assuredly add much more to tbe prosperity of New York and
Brooklyn if it becomes a law than all tbe political bills heing con¬
sidered.

Governor Morton has signed Assemblyman Brann's real estate bill.
Mr. Brauu is a Bulialo Assemblyman, and Ibey have a land boom in
that city. He says his bill permits agents who dispose of real estate
to ask any agreed-to commission. The bill, however, applies to the
whole State, and reads as follows:

Section 1. Section ono of article one of title nineteen of chapter twenty of
part one of tUe revised statutes ig liereliy amendecl to read, as followa :

5 1. Ko person shall directly or indirectly take or receive moro than fifty
cents for a brokerage, soliciting, driving or procuring the loau or forbear¬
ance of one hundi-cd dollars, and in that proportion lor a greater or less sum,
except loans on real estale sccurily; uor more than thirty-eight centa for
malring or renewing any bond, bill, note or other security given for snch
loan or forbearance, or for any counter bond, bill, note or other security
concerning the eame.

5 2. This act ahall take effect immediately.

The bin for the transformation of the upper surface of tbe Croton
Aqueduct into a roadway for bicyclists, which was introduced by
Senator Cantor and Assemblyman Hamilton, bas been ameuded so
as to exclude from its provisions those portiona of the aqueduct
which run through pii-vate grounds. At sncb placea, the bicyclists
will have to mak;i detours. Thus large portions of the towns of
Yonkers, Greenburgb and Ossining, in the County of Westchester,
are exempted from the provisions of the act.

The Senate passed this week Assemblymau Conkling's bill incor¬
porating tbe New York Hospital for Scarlet Fever and Diphtheretic
Patients; Assemblymau Niles'bill providingfor tbe erection of a
drawbridge over the Harlem River at 145th street; Assemblyman
Lawson's bill prohibiting the erection of slaughter-houses near parks
in New York; Assemblyman Pavey's bill making the term of the
Comptroller of New York and that of the other couuty officers
of New York two years, aud providing that they shall be
elected iu tbe uneven numbered years; Assemblyman Miller's bill
extending the boundaries within which frame buildings cannot be
erected in New York; Assemblymau Miller's bill requiring plumbers
to register witn tbe Superintendent of Buildings; Senator Guy's bill
authorizing the Dock Commissioners to acquire property for dock
purposes by condemnation proceedings; Assemblyman Ainaworth's
bill enlarging the disciplinary powers of Superintendent Byrnes, of
the Police Department; Assemblyman Conkling's bill providing for
the registration of the lodgers in lodging houses in the months of
September and October just previous lo Electiou Day, with the aim
of preventing the colonization of repeaters; Assemblyman Miller'a
bill authorizing the securing of additional land for the Speedway;
and Assemblyman Percy's bill giving Superintendent Waring, of the
Street Cleaning Department, authority to frame regulations having
the force of ordinances for tho use of sidewalks and gutters for
the doposit of refuse, and Assemblyman Halpiu's bill increasing the
yearly salaries of the Park Police,

Tlie Assembly has passed Mr. Stanchtield's bill creating a State
Board to issue liceusai to architects; Assemblymau Bell's bill for a
biennial school census in NewYork; Mr. Halpiu's bill anthorizing
tbe laying out of a public park in New York, between 23d and SOtb
atreets; a bill of the Eailroad Committee to compel tbe nse of
fenders on electric and cable motors, and Mr. Lawson's bill giving
boarding-house keepers a lien upon the baggage of their guests.

Goveruor Morton bas signed Assemblyman Hoops'bill giving'^tbe
Board of street Opening power to open atreets north of 59lh street;
Assemblyraau Wilda' bill remitting the water taxes on charitable
institutions in New York, whicb give free public baths; Assemblyman
Wray'a bill, autborizing tbe imposition of a tax upon dogs in Brook¬
lyn and New York; Senator O'SulHvan's bill, autboriziug tho free
transportrtiou of policemen and firemen ; Senator Guy's bill, author¬
izing tbe authorities of New York to award damages for the changing
of the original grade of 143d street, and Assemblyman Hamilton's
bill, empowering irhe Comptroller of New York to refund the assess¬
meut laid upon property south of 1291 h street for openiug 12tb ave¬
nne, between 59th street aud 153d street.

May 5.—The Governor has signed Hamilton's bill, petmitting th*