Febrnnry l.'>, ISOO
Record and Guide.
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Dev6ts1) io PfH. EsTWT. BiJiLDi;Jb As^cKitectuhe ^{ouseHou) DE9S^|3il^
Basii/ESs Aii) Themes of GEifeP4{>l iK^rai^l!...
PRICE, PER YEAR IN ADVANCE, SIX DOLLARS.
Published every Saturday.
TBLKPaOND,......COBTLANDT 1870
Oommnnloatlons Bliould be addreseed to
C. W. SWEET, 14-16 Vesoy Street.
J, 1. LINDSET, Businets Manager.
" Entered at the Post-offlce at New lork, N. T.,as second-class matter."
Vol. L\ir,
FEBRUARY 1."., 1890
No. 1,4,-
The Rrcord and Glide will furnish you with daily detailed reports
of all building operations, compiled lo suit your business spccijically, fot
14 cents a dag. Tou are thus kept informed of the entire market for your
goods. No guess work. Every fact verijied. Abundant capital and the
thirty years' experience of TiiK Kkcord asd Guidk guarantee Ihe com¬
pleteness and authentic'ity of this service. Sendito 14 and 16 Vesey street
for information.
C^ OLD p.aymeul.^ for the new bonds are coming iu rapidly
^ ,iiid the reserve is rising, which i.s .accepted as a good
thing, and no doubt is. The hapiicning.s of the last few weeks
have created a new feeling of conlidciice throughout the i-ountry
which will enable us to take another step in our intermittent
progress toward renewed prosperity, f^o far as it is possible to
foresee, there is nothing that can arise tor some time to come
that would prove a bar to improvemenf, although there are
several things, usual to this season, which will liclp it when and
as they come, .'^o on the whole general conditions forcouimercc,
having escaped tbe fears of war, and of suspension of gold
pa^'ineiits, are as satisfactory as can be expected under the
trying circumstanies of an inefficient currency and
an ignorant and slubborn Congress. As to AVall street, it
continues to reflect the better feeling, and if the indications of
foreign buying now present foreshadow any large movement in
that direction we will see prices considerably higher. But it
must always be borne in mind that foreigu buying will only be
speculative so long as our curreLcy couditions are contrary to
good finance. Thi.^ fact will keep our market always under the
fear of a sudden development of foreign selling'-, and, of
cour.se, prevent that complete recovery and advance that stocks
would have under better conditions.
^^"OWADAYS, whenever the executive of auy other nation
-^^ wants to get something from a reluctant parliament, it
proceeds to twist the lion's tail. How Ihat animal endures such
treatment is only explained by tho theory set up 'by Li.fc; i. c,
that a swivel has been put iuto its caudal appendage .so that it
cannot suffer fiom the oiicration nor its final adorumeut come
out in the hands of the twister. The German Ministerof Marine,
by accepting the responsibility for the Emperor's telegram to
President Kruger, is the latest manipulator, but he does not seem
to play very well, because Uw Reichstag refuses to be worked uvi
to the pioper iiitch of patriotic fervor to carry the naval vote.
However, wo mav coniidently look for a change in the public
interest. As the very disturbing circumstances of the past two
months, relating to Venezuela and the Transvaal, are being diji-
lomatically smothered away, attention is being drawn Lo tho
fact that the treaty between Germany, Austria and Italy, kuown as
the Triple Alliance, expires next year, and all mannerof theories
are propounded as to what m.ay follow if it shoi'ld not bore,
newed. There is no doubt that as the treaty now stands it is
occasionally hurtful and irritating to the several parties to it,
but none can fail to see that it has, on the vrhole, served them all
very well. Germany mayrcfusetorencwit, iu the hope of securing
a closer rapprochement with Russia and draw the latter away
from Fiance ; or Italy may withdraw because of the enormous
military burdens the alliance throws upon it, but it is doubtful
if either can enter a combination which leaves it so free to pur.sue
its own course, at the same time protected from the hostility of
declared rivals, as the Triple Alliance. What is most to be feared
is a lapse of the treaty with an interval iu which each European
power is left to its own resources and to a greater extent than now
to the mercy of its .jingoes. While this is the aspect of things on
the Continent, in Great Britain the Empire League movement,
having for its object the binding together of the mother country
and the fluurishing ccdonies iu a .great league or alliance, is re¬
ceiving more attention. Could the home government give
the colonies a favorable differential taritf there would bo no
doubt of the early success of the movement, but this does not
seem to be possible just now. What might make it possible, if not
«asy, -would be a condition of things -which -were threatened by
the A'enezuchui message of .Mr. Cleveland and the rash dispatch
of the Emperor of Germany. France desires to close the only
opening in the wall of protection that now contaius her and her
colonies, by abrogating the treaty of Great Britain with Tunis,
by which the former can claim the most favored nation privileges
in peiiietuity. It has heen suggested that France can secure this
by smi-endering the French fishing rights ou tho coast of Kew-
foundlaud. The new Tonquin loan guaranteed by tho homo
government is to be issued at 2io per, cent which is to be the
type of the new State loans, or 7^ pd- (.pyt less than the United
States has to pay in consefpience of its currency folly.
A conference is to he held to-day at 2 o'ch)ck at the Real
-^^ Estate Exchange between Messrs. .'^. F. Jayne, P. S. Treacy
and F. R. Houghton, representing the new Real Estate Board of
Brokers, and a couimittee of five who will speak on behalf of
another "broker.s' mivement," which has sprung into existence
lately. It is to be ho,>ed Ihat the conference will find the rep¬
resentatives of the two organizations so nearly of the same mind
that separate existence will be impossible. There is, of cour.se,
no room for two " centres" for brokers, and clearly it is desir¬
able io gather around the Real Estate Exchange, as the nucleus,
all the important bodies concerned with realty. The new Real
Estate Board of Brokers, we are glad to note, luomi.ses to play
au important part in the futuio history of the profession. It is
in the hands of men of high standing and wide exiierience who,
we believe, have undertaken their new respon.sibilitics with ex¬
cellent intentions and in a liberal and progressive spirit. They
think that " something" ought to be done for the brokers that
nnu-h needs doing, and we understand that they issue to every¬
one concerned .an earnestandcordial invitation to come forward
with advice and suggestions and .assist iu building up the new
organization. An invitation of this character should be cordi¬
ally and frankly accepted.
IVTHEN a leader of a labor union admits that strikes area
T ' failure, as Charles W. Hoadley of the Electrical Workers
di<l last Sunday before the Central L.abor Uniou, weniiiy reason¬
ably look for a ch.ange of policy that will benetit not only the
workers themselves, but also their employers aud the public.
The Electrical Workers have been particularly unforlunate in
their struggles with the bosses, having been beaten three times
running. Their main difficulty is that they continue to cherish
the chimera that there can be a great uuion of all labor, which
will simultaneously rise up to defeud any particular branch that
nuiy be attacked in any of its privileges, or will assist it when it
maybe attacking the rights of other parties. This does not
work in practice, however forcibly the theory is urged in the
councils of affiliated unions. The Electrical Workers were re¬
cently locked out by their employers because of dissensions
among themselves which made it impossible for the contractors
to carry on their undertakings, yet they received none but moral
support from the other trade unions with which they were .allied
The abstaining unions had no doubt very good rea.sons, particu¬
larly those relating to pecuniary means, for uot .joining iu the
quarrel. But that the Electrical Workers, whether belonging
to (Uie or the other great organizations of affiliated labor, wero
left to do the fighting alone, shows that the affiliation is useless
to them. They are encouraging a wild idea of mutual aid by
v.hich onl.y the federation leaders profit and are bringing injury
upon themselves as a consequence. Their proper course is
quite open and dear if they will only see it. It is fo join
their forces, by creating one strong uuion, then diss(dve Itheir
alliance with the Central Labor Uuion or other trade federations
and make their agreements directly with the bosses as the mason
bnilders do. The Contractors' .Association would doubtless meet
such a movement iu a generous spirit, and all strikes, with their
consequent loss of money to both interests, and the ill-feeling
engendered on both sides, would be avoided, and a staple con¬
dilion of things inaugurated which would be of iaimense benefit.
TIIE report of tlie Assembly Committee on railroads has
been followed by a number of bills .attempting to put the
system of granting ti'.ansportafion privileges on a basis
more satisfactory to the public. The committee found
instances where the capitalization of s(mie street rail¬
roads was as high as $100,000 a mile and predicated
only upon a single horse-car track, costing less than a tenth
ot that sum. To such au extent is over-capitalization carried
- that tho committee has been forced to the view that the legis¬
lature .should immediately devise a remedy and suggests for tlii.s
purpose that a limit bo set upon the amount of stock and bonds
a street-railway company can issue, aud the pas,sage of a bill
requiring all such companies, hereafter inccrporated, to h.ave
the sanction of the railroad commission fo the amount of capital
set out in their articles of incoi'iioration. It is unfortunate that
the suggestions of any body of legislators are looked upon with
suspicion as having in them some ulterior object .subversive of
good morals, and as a consequence no approval could be ob-