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Record and Guide.
"^ \\ ESTABLISHED ^ A\ftRpH 51"^ 1868.'_
De/oteO to R£\L Estve , BuiLoi;/g Afi,ci(iTECTji\E .Household DEooKftriotJ.
BUsir^ESS aiJd Themes of GEfjErvil 1;JT£i\est
PRirE, PER YEAR IN ADVANCE, SIX DOLLARS.
PiiblisJied every Saturday.
TELEPHONE, - - - JOHN 370.
Communications should lie addressed to
C. W. SWEET, 191 Broadway.
J. T. LINDSEY, Business Manager.
SEPTEMBER 39, 1888.
Stocks were comparatively strong in Wall street during the early-
part of the past weelt, and faii-ly boonaed on Thursday afternoon
and Friday. It seems the Granger troubles have been definitely
settled, and the rate -wars arc at an end. This was inevitable some¬
time this fall in view of the immense business all the roads will
transact up to the close of this croj} year. But the passing of the
St. Paul dividend precipitated a settlement, as it led to the organi¬
zation of European capitalists to protect their immense interests in
American railway securities in the regions west of the Missouri and
Mississippi rivers. Tlie organized efforts of J. S. Morgan & Co. and
their backers have brought all the warring corporations into line
sooner tban would otherwise liave been possible. It now looks as if
we shall have a boom in stocks wliich may recall "79,'80 and '81. Then
the other conditions are favorable. General business is fairly good,
and manufacturers are generally making money. All our agricul¬
tural products, vfheat alone excepted, are abundant and will com¬
mand good prices both in home and foreign uiarkets. The corn
crop is the largest we have ever grown. The same is true of the
oat and hay crops. This abundance of food for animals will be
a great thing for the country, and will give the Western rail¬
roads a large and increasing business for two years to come.
There does not seem anything likely to interfere with our business
prosperity, unless there should be some explosion in Europe—that
is, either a war or a financial catastrophe, neither of which is
A buoyant stock market, while it shows a hopeful condition of
general business, does not immediately affect real estate. Indeed
the market for real property just now is nothing to brag of. There
is no marked weakness, but there is no disposition to operate.
Holders are firm, but purchasers are scarce or timid. The most
sagacious dealers do not look for much activity until after tlie
Presidential election, but there is scarcely a doubt that next spring
will see a much better market and higher prices. The wise dealer
and far-seeing capitalist will doubtless take advantage of what may
be a dull fall to accumulate property that will almost certainly
show a profit early next spring. It must be confessed there are
more or less builders in trouble Just now because of the over¬
production of houses compared with the demand in 1886 and 1887,
Such of them as can tide over what may be a dull fall and winter
will come out even, if not ahead, probably eai-ly next year. The
metropolis is growing rapidly and the demand for houses is certain
to overtake the supply. People are making money in Wall street
and in general business, and will continue to make it—a state of
things which eventually will make itself felt in the real estate
market. Tliere is nothing to discourage anyone in the business
Since General Harrison has given in his adliesion to the plan of
getting rid of the Treasm-y surplus by buying national bonds, the
Democrats have discovered the shortcomings of that particular
scheme of Treasury disbursements. They say, truly enough, that it
is making a present of the money derived from general taxation to
a very few rich bondholders. The 4's, for instance, were selling at
124 and 135 before the bond purchasing policy of the government was
announced, These same securities Secretary Fairchild is paying 130
for, a rate which makes the 4's barely yield 3 per cent, per annum.
Of course no government on earth can in an open market get par
for bonds which would bring only 3 per cent. The high price is an
artificial one, the rich owners practically making a corner upon the
government. AU these objections to General HaiTison's position
are quite correct, but the Democratic administration is as deep in the
mud as he is in the mire, for the bond buying policy was inaugurated
by Secretary Fairchild. The blunder made by President Cleveland
was in not favoring the disbursement of the money in the Treasury
for objects of public moment. Had the surplus been spent on river
and liarbor improvements, on public buildings, or in rehabilitating
our foreign commerce, it would have stimulated the industries of
the.country and directly beneflted the wage-receiving class. But
President Cleveland elected to make a present of the surplus to the
rich bondholders, and this wasteful Democratic policy has had the
warm indorsement of the Republican candidate for the Presidency.
The panic about the yellow fever in the South seems to be a very
senseless one. True, the number of cases in Jacksonville were
large, but the deaths were only about 10 per ceut.—that is, in about
2,000 cases but few over 300 died. This mortality is very light,
compared with diseases such as diptheria, typhus fever, scarlet
fever or consumption—plagues wliich we have always with us here
at the North. It is ti-ue that in the old times yellow fever was a
fatal disease; but this was because of the way in which it was
treated by the physicians. They bled their patients and gave them
calomel, and consequently there was a fearful loss of life; a result
due to the perversity of the medical profession and not at all to the
disease. The treatment now consists of good nursing and the
drinking of sour lemonade with cream of tarter, so as greatly to
affect the bowels and kidneys. Under this treatment very few suc¬
cumb to the disorder; but, of course, many are attacked who are
ah-eady sickly or whose constitution has been impaired by excesses.
They die, not so much from yellow fever as from weakness of con¬
stitution. The weather is now getting cool and the danger line is
nearing the Gulf of Mexico. The microbe which propagates this
disease cannot stand a low temperature and by the time November
arrives tliere wiH be very little interest in the yellow fever plague.
The panic this visitation has created was out of aU proportion to
the virulence of the disease. Asiatic cholera is really something to
be afraid of, as from 40 to 60 per ceut. of those attacked die, but
any person with ordinary good health runs twenty times the risk
from an attack of pneumonia than they would from yellow fever.
Tlie scare in the South does not speak well for the courage and good
sense of the people of that region.
The Pouglikeepsie Bridge over the Hudson is nearing completion,
and the Flighland Bridge which is to span the same stream, between
Anthony's Nose and Fort Clifton, just above Peekskill, is about
to be commenced. Its projectors claim that it will be completed
witMn two years time. At this point the river narrows to a width
that makes feasible a single span reaching from shore to shore;
this span will be 3,000 feet long and 195 feet above high water.
Its cost is estimated at $10,000,000, which has all been subscribed.
It is claimed that advantageous traffic arrangements have already
been made with the Erie, the Lehigh & Hudson, and the Pennsyl¬
vania coal carrying roads. These will all connect with the New
York and New England. The advantage this bridge will have over
that of Poughkeepsie, is that it will be nearer New York, while
there will be a saving of seventy miles between the coal and iron
fields and tbe consuming points of New England. This wiU make
the third bridge over the Hudson, the first being the one at
Albany. Next tn order -will come the one from Wasliington
Heights to Fort Lee, and later on a still more important structure
wUl be buUt between 13th street. New York, and Hoboken. By
the time the Highland Bridge is finished, the tunnel under the
Hudson to this city will probably have been constructed.
Perhaps it would be just as well to suspend judgment as to the
complete authenticity of the Emperor Fi-ederick's diary. It is very
certain that as published there are gi-ave mistakes in the matter of
dates and facts. This may have been due to additions made to the
diary from memory when the Emperor was sick at St. Remo. It is
not at all improbable that the leading points made in the diaiy were
correct. The deceased Emperor was a hberal-minded man of large
views, much under the influence of liis wife, and, in liis time, was
guided in his general theories by her father, the late Prince Albert.
It is quite reasonable to suppose that it was he who suggested the
German Empii-e which liis father was doubtless at first reluctant to
favor. Bismarck got the credit for the conception of a great Ger¬
man power sustained by manhood suffrage and a free ijarliament*
But it is much more likely that the then Crown Prince was the
foTmulator of the idea of an Empire with a democratic basis, it is
a great pity that Kaiser William lingered so long on the throne.
Had Frederick been Emperor for ten years before he died it might
have changed the history of Europe. Germany then would have
had the advantage of a full parliamentary system somewhat after
the English i>attern. So far as known there is only one man in
Germany capable of ruling—Prince Bismarck. The advantages of
a really free state is that many statesmen are known to have the
gift of governing. The instinct of the new Emperor William seems
to be that of a mere military leader. He can plunge the nation in
war without reference to the wishes of the Reichstag. Mere fight¬
ing monarchs are an anachronism in this age of industry.
Nearly every American newspaper thinks it is its duty to pro¬
nounce the Panama Canal a failure. Stories are constantly being
told of the difficulties in the way of completing the canal and the
prodigious cost of the work. Probably nineteen out of every twenty
persons one meets who has read the papers really believe that the
canal will never be finished. In this connection it would be well to