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Vol.  LXI.





APRIL 2,  1898.





No.  1,568





NATURALLY there is a good deal of nervousness in the
security market and in financial and business circles gen¬
erally; but up to this writing the course of prices does not sig¬
nify a belief in war in tiie minds of the shrewdest of our people.
The negotiations of our Government with Spain have reached
the acute and serious stage that all thinking people knew they
must reach before an adjustment of the differences between
them was possible, even if the adjustment is to be made without
war. The intuitions or information of the financial world gener¬
ally evidently encourages a belief, even at thishour.in a peaceful
oi;tcome of this most vexing matter. That the situation is serious
in the extreme or that a little indiscretion on the part of sub¬
ordinates may precipitate hostilities no one can deny; but, out¬
side of this, there is confidence in a favorable result. The
strength of Spanish 4s is altogether inconsistent with the re¬
ported attitude of Spain, and the buying in this marlcet for the
past weelc has surprised the commission brokers in view of all
the sensation that has been kept up in the press. This buying
has not been so much professional as by men who always come
into the market when it presents its best opportunities for buy¬
ing cheap stocks. If those who refuse to accept the popular
belief that war is inevitable are wrong, they include many men
whose judgment has made them successful in life. It may be
that some of this confidence is based on an idea that the con-
Eequences to the business of this country of war with Spain
Wili not be very serious in view of the soundness of the business
situation, but in the main its basis is the belief that war will
be avoided.





WITHOUT doubt the raising of the Russian fiag at Port
Arthur and Ta-lien-Wan signifies a diplomatic defeat
for Britain at Pekin. The British public will take no other view
of it, notwithstanding ministerial protests and explanations,
and their disappointment seems about to take the form of a de¬
mand that the Premiersiiip and Foreign office shall have sepa¬
rate heads, instead of both offices being held by one individual.
This will be almost tantamount to a vote of want of confidence,
to which length, however, there seems no desire to go, out of
consideration for Lord Salisbury's past services and the delicate
condition of his health. The coming Indian budget is to pro-
vidP for a handsome surplus, part or ail of which, it ie expected,
will afford the means by which the Government will establish
i(B proposed gold standard. A technical commission has been
sent from Paris to Panama to report on the advisability of con¬
tinuing or abandoning work on the canal. The 65,000,000 francs,
with which work was resumed some years ago, are about ex-
hn,usted, and there is a natural doubt prevalent whether the
public will furnish more money to carry on a work that appears
to be so hopeless. The faith of the public in ship canals has
been severely shaken by the poor financial results of the Cor¬
inth, Baltic and Manchester Canals. The elections for the
German Imperial Parliament will probably take place in the
second half of June, and the question which wili probably dom¬
inate them is: Treaties of commerce or autonomy? It loolts
as If the contest will be a sharp one. The agrarian party, with
Its host of conservative and a motley crowd of other followers,
have issued a programme, which may be described as a violent
manifesto against a policy of commercial treaties. On the other
Bide, the Deutscher Handelstag, a Parliamentary committee
of delegates of the Chambers of Commerce, has held an import¬
ant meeting and voted resolutions which are distinct and
energetic manifestations in favor of treaties of commerce.
Austrian public attention is turning toward China. The regret
Is expressed that internal differences prevent the Government
from participating in that grab game. This suggests a way by
ivhlch the national strength, now spent in local antipathies, can





be diverted to other purposes, but whether the Government
thinks so or not is doubtful. The Argentine wheat crop has
turned out to be much poorer than was anticipated, being good
and bad in spots, instead of uniformly good, as was first re¬
ported. The matter of flrst iraportance in Euporean financial
circles at the moment is money. The drain of gold to the
United States and the uncertain foreign political situation have
a tendency to harden rates and, although no change was made
by the Banli of England in the discount rate iast Thursday, the
weekly statement suggested that in the absence of a turn in
the situation favoring the banlf's reserve, an advance in the
late will soon become necessary.





THE   UNRESISTING   PR0PCR1V   OWNER

THE doctrine or theory, if anything so purely negative may
be classed in either way, of laissez faire seems to govern
real property interests in this city most completely in large and
in small matters. The inactivity of property owners under af¬
fliction and their irresponsiveness to appeals for action can only
be accounted fcr by the supposition that there exists in their
minds,a sort of hazy idea that redress for whatever wrongs they
suffer will evolve itself out of the natural order of things, or
from the mysterious principle that keeps all things in the uni¬
verse in a state of perpetual motion. The part that is taken
hy New York realty in this universal motion comes from the
acts of individuals here and there who have a particular object
to reach, large perhaps as affecting themselves, but small cer¬
tainly as affecting realty iuterests as a whole. Here and there
a property owner is striving for an improvement, or for changes
in the laws, and so, while it cannot, perhaps, be denied alto¬
gether tbat there is motion, there is no concert of effort, no
regular sympathetic movement in any one direction.

That this system, or want of system, is unwise needs nr
demonstration at this moment, when the evils of a consolida¬
tion, which could never have been effected had there been an
"I preciation of their common interests, and of the necessity
for united action to protect them, among prop'irty owners on
Manhattan Island, are every day being brought home to us.
Objection may be taken to this as an illustration of the New
York property owners' indifference, seeing the agitation that
was gotten up a year ago against consolidation, but that ob¬
jection has very little weight, because the "let it alone" policy
v^as predominant until the last minute and when any other had
not the slightest chance of success. While the property owner
was sleeping, or relying on laissez faire to avert the evils with
which he was threatened, the politician was seeing his oppor¬
tunity in consolidation and arranging for its execution. But
consolidation is spilt milk that crying cannot recover, so that
it is of no use referring further to that now. There are other
matters, however, in which the "let it alone" policy is work¬
ing its natural harm, regarding which we hear a voice raised in
■ rotest now and then, but always a voice crying to deaf ears and
dulled senses. One of these matters, the tying up of municipal
improvements, which, though likely to do an immense amount
ot harm by retarding the progress of the city, does not appear to
excite any desire on the part of the property owner to do any¬
thing to prevent it. This, one would think, shows not merely
indifference, but mental paralysis.

Two weeks ago there appeared in our columns a brief, but
telling description of the abuses cf the system or acquiring land
for public improvements; but so far as we can learn, the matter
has ended there. The letter in which these abuses were ex¬
posed was written by a property owner who had suffered from
them; but, although he is only one of many, no other has come
forward to support his statements, or to offer co-operation in a
movement, should one be organized, to accomplish reform of
the law under which the abuses exist. The injustice that is
done to the owners in almost every case where the city takes
property is admitted by even the municipal officers who have to
carry out the law. Notwithstanding this and the fact that the
injustice is a long standing one, the injured have moved neither
band or foot to obtain redress. If it is thought that redress
will come of itself, the thought is in defiance of all experience,
and in every sense a mistaken one.

Wherever aa abuse has existed it has been the duty of the
sufferer thereby not to complain of it only, mere complaints
have very little practical eflcacy, but also to make the necessary
£liidy of its cause and nature and to suggest the means whereby
it may he removed. The side that benefits by it Is not likely
In move. To the city and its officers it is a very convenient
thing that the law will give it title to property required for im¬
provements and allow payment therefor to be delayed, practi¬
cally at its convenience, meantime compelling the owner to ob¬
tain payment by a process equally as difficult as the one he
would have to take to recover possession of his property if it