October 2, 1S97.





Record andL'Guide







___.4^^1111.

^                                      ESTABUSHEB^ WWPH SIU^ 1858.

DE^TEÛIoR^LE'ÎTAJĨ.BiJlLDlKGXRCJÍlTEirmi^E.HcfUSEIÍomDEGCĨIlATWíí,

BJsiiÍESs aiídThemes of GĩK^L !;JiĩJt,Esi.
PRICE     PER   YEAR     IN   ADVANCE,   SIX   DOLLARS.

I'iibtisliĸd cvery  fíalnrday.
TEl.SPHONa,             .        .        -       -             CORTLANli-r  1370.

Communlcatlons sbould be addressed to

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

J. 7, LINDSEY. Biis'iiiesa Mavager.





"Entered at tlie rost-Oíficc at A'cra Yorlt, N. Y., as second-class nĸiller."





VOL. LX.





OCrOBEK 2. 18^7





NO. 1,54'2





LIQUIDATION lias fairly set in ou the Stock Marliet, and
tbe cireumstances of tlie times eucoui-age tlie belief that
we will se^ cousitlerably lower priees before a new upward
movement of large proportious cau be orgaiiized.   It is not only
that the public mind is coutinuíilly dĩsquieted by the guesses of
the foreign uewspaper correspoudents as to the doings of our
representatives abroad and the foreigu policy of the adminis-
tratiou, but at home there is the outbreaii of yeHow fever, which
canuot but seriously embarrass business in a wide area, to be
reclioned with.       What is most immediately    threatening   to
prices, however, is the fact that the declines of the past two
weelis have removed the impressioii, tbat previously had only
too strougly filled the minds of the public, that It was only nec-
essary to buy iu order to malíe a quicli profit.    Buyers now
hesitate, aud, as the possibility of lower prices increases, those
who are carrying stoclis and ean still figure profits from quota-
tions will be inereasingly eager to sceure them before they dis-
appear entirely.   It does uot avail much that leaders in tlie late
acivance protest that they have not sold stoclis but contiuue to
buy.     lu fact these protests ouly raise a doubt of their right to
leadership; because if they   did uot  sell out at  tbe  top  they
showed pretty poor judgment.   It is easy to uuderstand that
they may not have beeu able to close up their operations as
completely as tbey would have liked to have done and bave
still some stocks to sell, hence their endeavors to keep the mar-
ket as strong as possible aud their buliish addresses through the
news agencies.   The esteut of the advance and the character
of so many of the issues that were conspicuous in it make auy
reaetiou yet seen inadequate to form a base upon which a new
movement can be reared.   The people who hold the so-ealled
"cats aud dogs" must kuow that their only chanee of making
money out of them is through speculative movements like tbe
oue they have just assisted, and as they come to sec that they
have uothing better to espect for some time they wil! avail
themseîves of whatever remains to them, or be shut out by the
mechanical operatíoũ of the only too seduetive margin system
of trading.   By tbis time the buyiug fever so   prevalent   tbis
summer wiU be íhoroughly broken and a new movement more
judicious and discrirainatiug wiîl then be begun. Without doubt
there are some issues that ought to sell higher than tbey do, be-
cause of their earuiugs, but for the present these wiU have to
suffer with those that not only ought not to sell higher but onght
to sell lower; but in the eud earuiugs and divideud prospeets
Qiust have theĩr proper inauenee and give the whole situation
a healthier aud stroii^'er lone.   Just uow it resolves itself into
an over-bought mari:! i aud a varied inability to finance, small
as well as large operntions.





îourths of the population of the world Is carried on In that
metal. Both finauce and trade abroad are dull. The demand
for money and the consequeut hardeniug of rafes appear to
have unsettled things somewbat, though the dullaess at bottom
is a contiuuation of the reactîon from the activity eujoyed from
the opeuiug of 1894 uutil last year. Trade returns for ISOtî show
a shrinliage of busiuess, not ouly in Europe but also in Aus-
tralasia and South America, while tbe couditious iu the East
cannot be satisfactory under the malign iuflueuces of war, fam-
ine and pestileuee. Political considerations iu Germauy are
creating anxious thought, esiDeeially iu view of the expectatloa
of a confiiet iu the next session of the Reicbstag betweeu the
representatives of the people and the offieiaĩs, with the Em-
yeror at their head. The peculiarities of thé latter are at length
making au impression below Teutonic pblegm aud good nature.
What were once excused as the veuial errors of a youug man
ealled to a trying positiou are now seeu to be coustitutional de-
feets of the man.aud their prospeetive continuance cannot be re-
garded wîtb indiffereuce. The expensive and useless martial
shows in wbich thîs imperial parvenu indulges may be borne
without outspokeu complaiut, even if they are disapproved, but
a clear-sigbted, clever justice-loving people cauuot see with in-
dilĩereiice the vigorous enforcement of absurd laws against lese
majeste, by whcli respectable, and even eminent people are
given the punishmeut of depraved erimiuals for a hastily spoken
word. The lines drawu, too, betweeu the military aud civil
classes ío the ûisadvautage of the latter tend also to produce
iudiguatiou and probable eouĩĩiet.





T^ UROPB continues to concern itself with the silver propo-
-^ sition. Opposition to action by the Eaũk of England or
f ree coinage by Franee grows. M. Leroy Beaulieu predicts the
woefullest results to Frauce ou tbe opeuing of her mints to free
coiuage of silver, and other writers on both sides of tbe Channel
eudorse bis sentiment. But these economists appear like ner-
rous rceruits to be discharging their guns prematurely, aud in
the face of an imagiued enemy only. They do not know what the
proposals of íhe Americau aud Freuch ageuts are, or what
view the Priíish govcrniiieut will take of them. As both will
come out shortly, it would be as well if they exereised a little
patience before discusaing theni. Free eoiuage by Frauce aud
the Uuited States is all bosh, neither the French Chambers nor
Congress could be iuduced to coiiscut to it; but able represen-
tatives of the great commereiaĩ uatious ought to be able to de-
vise somcthjng between tbe extravagance of tbe silverite and
the bigotry of tbe goldite tĩiat would give to silver a stabler
position than it now oecupies. Auyway, it is worth while to
make tbe attempt, seeing that tbe busĩness of probably three-





A CEMENT COMBINATION.

T~N URING tbe past two or íhree years tbe cement trade has
-^-^ been at times more or less interesíed iu rumors which
iiave beeu iu cireulation relative to the formation of an asso-
ciation of tbe mauufacturers of Rosendale Cement for the pro-
teetion of theîr interest. Tbese rumors have been somewhat
more general the past season than has previously been tbe case,
aud developmeuts lately indicate that the proposition is be-
ing more seriously eonsidered by manufacturers than at any
time previous.

For tlie past few years the output of Rosendale cemeut bas
been steadily increasing; tĩie productiou in the Rosendale dis-
tricts for tbe year 1S96 being 3,42G.G92 barrels, as compared
wiíh 3,230,051 barrels ĩn 1895 ; and 2,GOO,G01 barrels in 1S04, and
it is expeeted that the outturn for the present year wilt even
exceed that of 1806. As tbe demaud has not iucreased with the
same rapidity as the production there bas, naturaily, developed
a very keeu competition between mauufacturers to æarket tbeir
supplies with the result tbat priees have beeu gfadually forced
dowuward, manufacturers complaiuing that they are now on
such a low basis as to be uuremunerative.

With the market in its demoralized conditiou so far as prîces
are coneerned it is not surprisĩng that mauufaeturers are ans-
iously lookiug around to find some way out of the difflculty, with
the result that they naturally turn to the much-talked-of prop
osition of formiûg a combiuation. As far as can be learDed,
there are no manufacturers wbo show oppositiou to such a
move, and as soou as a satisfactory scheme cau be íutroduced
for the briugiug togetber of the interests of tbis trade on a sat-
isfactory basis something of a practical uature will follow. It
is stated that there are certain negotĩatious under way at pres-
ent wiĩich may bring the decided result about, but as those In-
terested are uot disposed to talk freely, as yet nothing of a
definite charaeter can be learned, exeept that there is a grow-
iug impressiou among those who follow the workîugs of the
trade elosely that by the opening of the spriug season at least
some kind of a mutual agreement will have been reached be-
tween manufacturers, îf not an actual eombination formed.





T Tt 7EST SIDERS who have in charge the movement to pre-
J^ * vent Amsterdam avenue being turned over to the es-
clusive nse of the traetiou eompanies of tbe city should fiud out
wliat tbe tradcsmeu aud real estate agents on 3d avenue say
are the results of a cable road, operating cars on oue miuute
headway, on busĩuess and renting values. A cauvass of the
opinious of these geutlemen ought to furnish valuable argu-
ments against admĩtting two eompanies operaling undergrouud
trollies in eompetition on auy street or aveuue. Third avenue,
only a few years ago, oue of the best retaii thoroughfares of the
city, in which it was a very rare thing to Gud a vacaut store,
contaius now a startling number of vacaucies to whicb detailed
referenee will be fouud iu another column of this issue, together
with the reasons given therefor by a number of representative
real estate men. In tbe latter the influeuce of thecableroad takes
a prominent plaee. Admittiug this reason to be a poteut one,
the question naturally arisss, if oue cable road can iojure a