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Record and Guide.
Dr/oTd) 10 Rea,l Esta.ie .0uildi/Jg %crfrrEcrTUKE .KohseKold DE(3ciF;ATOri,
PRICE, PER YEAR IN ADVANCE, SIX DOLLARS.!
Published every Saturday.
Communicalioiis should Ije aildreasBd to
C. W. SWEET, 1-1-16 Vesey Street.
J. 1. LINDSEY. Business Manager.
HRooiiLYN Office, 270-282 Washington Strebt,
Off. Post Office.
"Entered al Ihc Post-office at Nav Toi-k, If. T., as secondrctass matter."
JULY 2S, 1891.
For additional Brooklyn viatter, see Brooklyn Department immediately
followina -Vcju Jersey records ipage 143).
IN lines dh'ectlj''affected by recent strikes there are signs ot
pickin;; up. Tliis is notably the case in the iron trade,
for while tlie reports ot production for the first halt' oi" the yejir
are uot favorable lu'ices are firm aud the stocks ou luiud com¬
paratively very light. Reports from centres of di'y-goods,
drugs, etc., .^how uo falling hack aud, if anything, an increase
in demand. Considering what a strong luflueuee political con¬
ditions have on trade and that we are iu the very heart of what
is the dull season of any year the conditiou of general business ~
cannot he considered at all un.satisfaetory. The stock market,
owing (o the continued absence of legitimate business, continues
to be swayed aceoidiug to the view taken by the majority of pro-
fessifuial traders lor the time beiug of news from Washington.
This being the case it is natural that Sugar should receive the
greatest amount of altention. Very few, if any, of these traders
know- what the ett'eet of the proposed new duties will be upon tlie
actual commodity it' imposed, but act on the rule that anything
less than tho refiners ask for will be detrimental to the stock.
It will be very surprising if there is no room to satisfy the sugar
trade between tlie duties as fixed by the Senate, which are prac¬
tically all that is asked hy the trade, and the views of the House,
Suppo.sing the rate suggested by Mr. Vilas should be finally
adopted, it is very probable that any one who sellsthcstoek short
on thiit acconnt will be treated to a disagreeable surpri.se. The
railroad list ha.s been weak in consequence of the exposures
relating to tlie Atchison accounts, the supposition being that
what was done in one case is done in most if not in all the
others and llie sii-called stiridus is only a bubble which disap¬
pears on being pricked. The passage of the dividend ou Lake
Erie & Wheeling preferred, suggests also that other properties
have yet to show their ability to maintain dividends in the face
of excessively bad business, and this fact is likely to have a
depressing inihience on railroad stocks for a little time yet to
come. The continued fall iu the price of wheat, due to the favor¬
able crop news from Europe, is also having its etfect on the value
of railroad securities, as is also the continued export of gold.
XJAPiVEST jirospects are very good throughout Europe. In
-t-L England the percentages made up for July 1, for wheat,
barley, oats, beans nud grass were all above 100. Barring the
intervenlion of unfavoriible eircunistances the production of
cereals will lie tiu; largest ever known in France, Even in Aus¬
tria a wMrni sjiell has remedied much of the mischief caused by
cold and rnin in the early pnrt of the season. British receipts of
wheat from the United Stjitc-^ wore-1,000,000 cwts. less iu tbe
six months closed on June 30 last than in the sametimeof ISOll,
this decrease being offset by increased imports from Argentina,
Russia and India. A review of the irou trade of Great Britain
shows that the exports forthe tirst halt'of this year were smaller
than iu the corresponding period for four previous years, but
while prices are low there seem to be no large stocks on hand or
pressure to .sell, con-iequently a hopeful view is taken of the sit¬
uation. A .similarly favorable prospect is oflered by the great
iron centres of Germany. Referring to the overstocked condition
of the Lmidon money nnirket and the prospects for iu creased
rates, the Economist of that city says: "What W(mld tell
immediately would be a drain of gold for the United .States and
that is by no means unlikely to arise hefore very huig," The
demand for a customs union between Great Britain and her
colonies is uot received with much favor in the mother country
for the reason that 77.4 per cent of her export trade is done with
foreigu countries and only 22,6 percent with hei- possessions,
while at the same time only about 20 per cent of the Colonial
import and export trade is done outside of British territory.
Auy system of differential duties would therefore be at the cost
of the home merchants. Argentine custom receipts are falling
off at a rate that endangers the existence of what is known as
the Romero compromise agreement with the foreign creditors.
Tax receipts of France are better than hist year, from which it
may be fairly inferred that business there is 'mproviug.
MIERE is a factor in the situation which is either not seeu or
has (piite beeu lost sight of by those who undertake to
express au opinion upon the future ot the silver market. The
friends of silver have all apparently taken the view that the
limit of the demand for the white metal for monetiuy purposes
has practically been reached, and thiit tho only way that the nse
of silver for coinagecau he increased is hy legislative enactment.
It is begiuning to be seen, however, that it is very probable that
Africa is destined to play in the immediate future a prominent
part in the status of the precious nmtals. That continent is not
only becoming oue of the world's chief sources ftn- the supply of
gold, but is likely to he a very large user of silver. The com¬
mercial greed of (Termany and Eugland is bringing the white
man into trade relations W'ith an immense population which a
few years ago was practically nonexistent. These millions are
being rapidly annexed t(» the conimertnal markets ot the world.
Evenafew years of intercourse with the European had heen
sutticient to develop the trader from the former savage, content
tobarter his oils and tusks tor old flint locks and fir<; water.
Wampum, the old form of shell money once current ou the AVest
Coast, is falling into disfavor with the natives, and it is
very probable that within a very short time the African races
will be numhered amoug the silver using peoples of the world.
WHEN the body politic is suffering, a legion of (piaeks come
to the front each with a specific that is sure to cure.
These misguided men do not seem to nnderstaud that a long
course of study and preliminary practice is necessary to
them to speak even in the humblest tones about such
They come forward, mixtures of ignorance aud—uot
im)Mulence—stupidity is probably the right word, and
themselves of their ci'ude thoughts with as much assurance as i£
they were the perfect residts of knowledge and experience. In
this way we have currenc.v, anti-option, aud other populistic
cures for Ihe present business distress. There are many, too,
who think the restrielion ot immigration will do the country
good. Among these is the Nebraska Congi-essman who has
introduced a bill into the House to restrict immigration by the
imposition of a poll-tax i>f $100, at a time when working peo¬
ple are leaving the Uuited States as if it were stricken with the
plague and the immigration has fallen olf to aucimrmous extent.
The cutting of steerage rates between this country and Europe
is increasing the eastward travel but not the westward. The
people who are going away are of course the thrifty ones who
having saved money and finding themselves out of work are
returning to their old homes either to wait for better times here
or because they see better chances for employment
on the other side of the Atlantic. Iu view of these
circamstauees alone, any attempt to restrict immigration is an
absurdity. Economically nothing could be more unwise or mis¬
taken. Labor follows the line of the greatest demand, like
other things, and that fact alone, whether we wish it or not, will
be sufficient to limit immigration for the present. But there will
come a time w-hen the flow should be this way and any artificial
barriers to its movement will inflict the greatest injury to the
country. The value of these additions to our pojiulation will
then he learned. Great Britain has a population equal to about
half that of the United Stiites, in a territory equal in extent to
that of the State of New^ York only, yet refuses to stop the infu¬
sion of new blood info its working forces, thereby recognizing
the value and necessity of Fleming, Frenchman, German and
others in maintaining its many iudustries. The United States,
Avitli immense undeveloped territory and in the dawn of ita
industrial success, can very much less afford to turn away the
thought and energy, to s;iy nothing of the actual cash, that is
represented by every shipload of immigrants that conies to its
DISCUSSION recently had in the French Chamber of
Deputies brings out forcibly the illogical aud unreason¬
able stand that workmen will take under the advice of irre¬
sponsible leaders. A company working the Grai-ssessac collieries,
which has paid no dividends tor two years, decided to close
some pits worked at a loss and discharge 300 men. The otlier
men employed by the company asked that all the miners be kept
on, but that the weekly hours ol labor be reduced so that all
could he employed. As an experiment of this kind had already
been tried unsuccessfully the company declined to renew
it and a general strike was organized. The Socialistic
group in the Chamber sought to bring pressure to
bear on the company by moving to cancel its
niiuiug concessions, which was, however, not voted.
In the course of the discussion of this inotiou the Minister of