Deccmbcr 17, 1898





Record   and   Guide.





797







future.    So far the evidences of a vevival are iiot very prorainent,
but they may tlevclop.





EEV&jtD 10 Rf^L ESWE  SuiLOIh'c A^CrÍ!TE;CTJR,E .KOUSCÎÍŨLD Dti3CiRí.naA,

FRICE, PER fEAR IN ADTIKCE, SIX DOLLARS.

Fublished eiíery Saturday.

TKLKPHOrJKl      ....      CORTLANDT 1370.

CoinruuDÍcatioDs should be addressed to

C. W. SWEET,  14 & 16 Vesey St

J. 1, LINDSEV, Busîness Manager.

"Entered at the Posl-offlce at New Vorle, N. ¥., as second-class ma/íi'r."





VOL,  L.





DECEMBER 17,  1893.





No. 1,303





The Record AND OuiDE presents with this îsîmc a supplement
(lescribing Pelham Mrtnor, Pelham Heights and vicî'nUii, with
eĩeven illustrations. Every subscribsr and reaãer shauld see that
/iff receives a cop-y of this supjilement with the paper.

X>EOPLE talk so endlessly oE the trouble tbat niust come as a
-^ result of our carrency conditíons, and are so prepared to be
frrglitcned aL the slightest sign of stringencr, that the bear party in
tlie stocb mnvlict found itan easy malter lo create a scare by bîd-
ditig monoy iip lo 15 per cent, even afc an unusual tîuie of the day
for themakingof loang, and wlien there were few brokers around
lo fake advant.nge of high bids. Tlie suspicîous features of the
movement wrre not discovered until afler its eft'ect on fbe stocb
marlĩet had been reaped. There is always, iu the latter part of the
year, a lcssening of the money ?upply, owing to the aiTangements
tliat have to be made for the payment of interest at the first of Ihe
yoar, and the banks are, no doubt, carefully fícanning the securily
in loauF, which means a curtailing of accommodations, These
facts of tliemseíves make the money market strong. The profes-
sional oporatora can at any time brîng about an artificial advance
on top of that and ereaíe an appearance of stringencey and ao
demorahze stock qnotations. Tliis incident îs an indication of how
the situation favors bear oiierations, and cousequently a further
decline in prices. The market is sure to be sold on evpry shipment
of gohl, and as tliere is no confidonee to bring any strong volume
of buying in the iiitervals Ihe bad effects of such selling cannot be
recovercd. The sîtuatĩon waiis for a settleraent of tlie currency
question in tlie Uniled State?, no mattcr wliat othcr nations may
do or be doĩng, atĩd untîl this settlement coines will be a tíme of
uucerLaÍQtf.





MORE hopeful views are now being expros?.ed concerning the
prospects of Bome of the most împortant business înterests
in England. The iniprovGd prices, wliich were obtained durîng
the closiog series of colonial wool sales, have mefc witli a disfinct
respoDse in the woollen and worsted manufacturiug districts of tbe
countiy. The gloomy reports wliich have persistently appeared
ever since the McKinley Tarilî becaiue an accomplislied fact have
now given place fco a noficcably more reassuring tone. For the
first time in a coupls of vears spinners and weavers are mani-
festing a distiĸct desire to buy ahead. The recovery in wool
has brought out nioro extended orders for yarns, boih
for home consuinption and export, and tlie demand
for tíniihed mateiials is also responding in various directíons.
Turning from wool to cotton, there are likewiso evidences of a
sharp rise ĩn prices, both in the raw materials and in the manu-
factured article generally. tlitherto the tone of Manchester has
been so exceptionally depressed, and the consumption so greatly
reduccã that an advance in valuea of the largestocks of cotton now
held in England will tend to put heart into liolders. Many other
commodilics also are showing an increase in price and activity ;
and it is the genoial belief that the lowest poînt has been passed
in the prescnt cycle of depressîon. Ifc is noteworthy, also, tbat
while there Iias been this advance in the prices of certaĩn manu-
factured producis, foods, which were com]jaratively dear at the
beginning of the year, are now exceptiunally cheap. Thua the cost
of living, parlicularly for llie workmg classes, is considerably
decreased; and even if the dcmand for labor should not be materi-
ally increased ihe worknien wiU be benefited in reai^ecfc of their
expenditure. In the financial centres of London, also, therc is
somethíng like a conviction that the worst is past. These hopeful
anticipations may be disappointed, but it îs something to Hnd that
jn s_ome leading directiona manufacturers are not only getting
higher prices, but are looking forward more confideDtly to the
f                                                                      -        ■   '   ■  f ■[■'■■





AT the oud of two weeks we shall learn whether any syndicate
of pvivate capilalists will have the hardihood and the
resources to undertake the conatructioti of tlie uew West Sidc rapid
transit road. During the whole period of publication no sach syn-
dícate Iiaa given signs of existence; and, while it is too much to
say positively thatlhe franchise will not be diaposed of, still Ihe
probabiiîties of faihire are such that it is well to consider what
îmmediate aclion aliould be taken in that event, Of courae, the
Rapid Transit Couimĩssion will not consider this first failure (if it
come3topass)asconclusive;and will preparetoreadvertísetheterme
and specificatiũns of sale. Such a readvertiaement will, however,
simply bs a prudent way of waiting to permit pubiic opinion to act
in thematter, for it will be generally and rightly assumed that tl e
failuro is conclusive. Under scch circumstances the obvious
com'se for people'i'ho believe in the construction of the road by
the municipality is to call a public meeting fof the purpose of
starting a vigorous campaîgn in fa^or of such a step. Unless pub-
lic opinion is unmistakably iu favor of the assumption of the task
by tho municipality, we may be very sure tbat some oLher possible
course will be taken. The Rapid TransitCommission will not come
out iii favor of the innovation, and Tammany will hold aloof from
it as long as the leadera of the organiiĩation fear that ít couid te
made an effective weapon of attack upou them. A departure
from the routine aa important as tho one proposed needs the bcst
of backing in order to make it polífcically possible. We think
that such a backing can be found by some energef ic exertion on tbe
part of those wbo believe that in fhis way only can New York get
the kind uf rapid tranĩit system it needs. No one can read the
interviews publíshed of lale in our columns without being con-
vinced that such a public opiniou exisLs and only wants a liftle
development in ordcr to bccotne effective. The meeting ought, if
possible, to be held under the roof and with the í'ancticn of the
Real Estate Exchange, but in any case ĩt ouglifc to be held without
delav.





TN round numbers Ihere were 5.50,000 iinmigrants who lacded
-^ iu this country during last year. Multiply tbis by $10, the
Heráld price, and we get $5,550,0li0 as the passage money paid
to Ihe steamsbip companies, and this tlie United Sfates, whîch
talks ío much and does so little for coramerce, wants to wipe
out with one law, to be called a quarantine law. tíurely this is
eucouraging trade and commerce !





A T a low estimate, these 5S0,000 irauiigrauts had buiit for them
-^^ andnow occupy 100,000 houses, which certainiygavenotonly
employment to the number of mechanics required to build them,
but each one had to have and did have more or less furniture and
tlie necessary appm'tenances for house-beeping. Again, say what
oue will, it was only a small i)roportion of these 550,000 immigranfa
who remained in the East. Certainly four-fifths of tbem wentWest
and paid railroad aud traiisportation comiĩanies on an average say
$10 each. This would make aay aiiother $5,000,000, which CougreBs
talka about abolishing tlirough its quarantineimmigration law.





TTT would certainly be a low estimate to say tiiat every one, or
neatly every one, of these immigranis bought iu the course of
the year two suits of clothea or dreases, as the case might he; and if
they did not do tliis last year they will be compelled to do so the
coming year. This makes a raillion snits of clothing--an inter-
esting fact for the mauufacturers who made and tbe clotliiers who
. sold íhem.

\ LL fhe immigrants who come to tliis counfry are nut paupers
■^^ —one would think so to read the papeis, Our foreign
population know bett"r. ĩt is not too much to say that tho
average amount brought to the United States is $80 per head,
raaking another iflOjOOO.OOO to be added to the account.

----------■----------

rpHIS country years ago calculated vcry closely the value of a
-*" man, aud rccogniaed in its slavemartthatthe raost expensive
and valuable maciiine to produce was a buman machine, and the
value set upon a man, able-bodied and ready ío work, was about
$1,000. At this rale,-500,000 immigrants raised abroad, expensea
all paid by other countries, are vvorth .Î500,OÔO,000, This coun-
try proposea to juggle with such a valuable product coming fo
ilsterritory ready-made and only too willing to worir. Even if it
bp, urged against these figures that not «11 inimigrants are full