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Septembpir 23, 1895
Record and Guide.
421
1
ESTABUSHED-^iftARpH21w"*1868.
DP^TED to R,EA,L EsWE . BuiLDI/JG ApCt^iTECTynE .KoUSEHOLD DEflClfifTlorf,
Bi/sit/ESs Alb Themes of Gej^r&L 1Nib\esi.
PRICE, PER YEAR IN ADVANCE, SIX DOLLARS.
Published every Saturday.
Telephone,......Cortlaftdt 1370
Commnnloatlons slionld he addressed to
C. W. SWEET, 14-16 Vesey Street.
J. 1. LINDSEY. Business Manager.
Brooklyn Office, 276-282 Wasiiixgtox St'reet,
Opi". Post Office.
" Entered al the Post-office al New Tork, N. T., as secondrclass matter,"
Vol. liv." SEPTEMBER 29, 1894. No. 1,3^5
For additional Brooklyn matter, see Brooklyn Department immediately
followina Aeio Jeraey records {paqe 447).
ALL despondency about the commeroial fondition ot the
t'ouiih-y is miphilo-sopliic, and mo.st of it unreasonable.
That which charnt-terises the reports from the diftereut trade
renters .iiist uow is of the huter kind. If a coujparisou i.s made
with this time last year tho iuipioveiiieut is very great indeed,
and so far none ha.^ been lost; the dullness that has characterized
certain line.s in the past tew weeks eaunot be taken as n. .set-back.
While inmiediate market reports indicate little doing, the larger
view obtaiued through returns of rnilroad earnings is more
cuconi'aging. From these it appears that the bettering of con¬
ditions whichbegan iu the Soutli is uow extending to theNorth-
eastern Statei=, and the last Bnrlington and St. Paul statements
disclose a much more encouragnig state of things in the Northwest
than was thought could possibly be rhe case when so much alarm
was created about the condition ofthe corn crop. The fact of the
matter is that the great markets, where speculation is most rife,
have too much influeuce iu forming the general ojiinion of t.he
whole situation. AVhen the stock and grain markets become
disorganized they are too often taken to represent the whole
situation, when ihey very often only represent the mistakes
of rash speenhitors. Even while it must be adniitted
that the grain market continues in a very unsatis¬
factory condition, what is most apx)arent in tbe stock
market is uot as important as it seems. The decline
in sugar, cordage, Chicago gas and other industrials does not
surprise any one who kuows how some are manipulated aud
what others represent. A careful examination of the list dis¬
closes the fact that their movements do not affect securities that
have any merit at all which the public is ]iermitted to see, and
that prices ot these are very tirm, notwithstanding the break in
others whose condition is bad or uncertain. Examined in their
proper light these and other thiugs show that this is a time for
the exercise of patience and courage and not for indulgence in
despondency.
.---------*---------_
WHILE mouey continues to pile up iu the vaults of the
great depositories of Europe, and as a consequence dis¬
count rates are low, the repoits from the commercial and finan¬
cial centres are n<rt altogether nncheerful in tone. One fact is
of considerable import and that is the approaching completion
ofthe Baring liquidation, begun nearly four years ago. The
liabilities are now only about a tenth of what they were origi¬
nally and the remaining assets are estimated to cover them and
leave a considerable margin for the estate itself. This has been
brought about largely by the appreciation in the value of the
securities turned over to the liquidator as a result of the more
favorable view taken of the situation by the buying public.
That such securities maintain the advances they have
made is proof of a confirmed belief in the reasonable
permanence of the improvement that has been so far
attained and ott'sets au occasional set-back here and there.
Considerable unreasonable disappointment is being expressed
because European trade in certaiu lines favorably aftected by
recent legislation in Congress has not become as active as was
expected. This is due.to the overlooking of two things: One
the amount of goods ordered in advance of the adoption of the
new tariff and subsequently cleared, which has to be ab-sorbed
before new orders can be given, and the other that the reduced
duties do not in some importantin.stances take effect until Jan¬
uary nest. This latter is the case, for instance, with worsted
coatings which formed the bulk ofthe exports to this country
from the Yorkshire wool regitms. The Bmirses are in themain
occupied with trading in government securities, a clear indica¬
tion that business revival is only moderately jierfected, but this
esclusiveness m trading is likely tb be short-lived, because of
the advance tbat haa heeu ujadfi in the prices o£. auch issues and
of the chances for more profitabli; uses for money that will from
time to time be offered in trade and in other classes of securities.
This opinion is supported by the explanation given by the
Grovernor of the Bauk ot Eugland to ite shareholders for keep¬
ing so large a portion of the bank's sunilus in cash and bullion
instead of in investment securities. This explanation was, that
in the opinion of the directors there was a good chance of con-
'^ols falling agaiu beeause of the enlarging uses for money. The
lai ge London joint-stock banks are also holding their funds iu
hand apparently for similar reasons.
IT is difficnlt to be really very enthusiastic over the choice be¬
tween Hill and Morton which the despotism of "polities''
has offered to the voters of this Stnte. Possibly tKere are differ¬
ences distinguishing the two notorious candidates, but the dis-
simularities are not of the right sort, exti'cme and imgporfcant as
undoubtedly they are regarded by the merely political eye.
According to rumor, tbis fall promised to be a great and notable
occasion for " deceucy " and " respectability," and all that kind
of high-sounding things. We were assured that the public mind
was in sueh a morally touched and sensitive conditic*n that one
party, if not both, would certainly leel c<mstrained to go to the
length of pandering to cleanliness and righteousness and play
the old game of 'â– polities," if at all, sheltered behind the back
of .some indul)itably reputable citizen free from "machine"
affiliations. "Hill and Morton" is scarcely the symbol of the
realization of these expectations. The candidacy of these men
means "politics"—the simon-])ure thing—and a campaign of
politii^al methods for pnlitical ends. No one can regard it a.s indi¬
cating any weak concessions to the moral sentimeutsortothe irri-
dcseentdream of purifying public life. "Decency" and "respect¬
ability" have been knocked out; or, more strictly speakiug, again
it has been demonstrated that they are mere sawdust fignres of
small account, either in conventions or at the polls. It is said that
the nominations are distasteful to the " better element" in both
Ijai-ties. This (U.sgust, however, will not be an elfective quan¬
tity on election day. We may be sure of that. The "better
element" is a very elusive constituent iu our political lii'e. It
reminds one of the hypothecal or theoretical elements which
phy.sicists speak of. It has never been teed and endowed with
tangible existence. In the labratories of certain publicists, Ihis
better element is much counted ut>on, hut it doesn't manifest
itself in the clear iudubitable manner which one may rightly ex¬
pect of an important reality. It vanishes under pressure, aud,
like some political spook, is uot to be found when it is most
carefully searched for. Perhaps our ijoliticiaiis are acting only
as sen.sibbi men when they ignore it iu their calculations, trea.t
it ae something quite incalculable—if existent. Whatever
evidences there may be to-day of anv agitation on the part of
this better element over Hill and Morton, there will.be none
visible early in November. The uia;jor partof tho " element "
with Democratic leanings, will by that time have asahred itself
that party aud party principles are of greater moment than men.
and, viewed froui this high standpoint, even Hill is a superior
person to Platt'a man, Mortou. AVhereas, ou the other side,
"decency" with strong Republican predilections, will quiet any
sensations of touching unclean things by thoughts ofthe sacred-
uess of Republicdn doctrines, and the suppiu't which these doc¬
trines will receive from a vote for Levi P. Morton, instead of for
thall obnoxious demagogue, David B. Hill. It is an old story,
aud one likely to be repealed for many a year yet to come.
THE powers of the savings banks in this Stale ts> erect build¬
ings for their own use bave recently been the subject of
discussion in several of the daily papers, which have volunteered
reasons pro aod cou concerning the preferableness of larf^p or
small buildings for headquarters, but without -stating the facts
of the case exactly or explicitly. The law provides that a sav¬
ings bank shall not expend more than one-half of its surplus in
a building for its own use. without the consent of the Superin¬
tendent of the Bank Deparfiment, whicJi there are reasons for
believing would be refused in auy but a very exceptional case,
and which, at any rate, has never been applied for. Witb this
limitation a savings bank may build cither for its own use ex¬
clusively, as bas recently beeu done by the Bowery Savings Bank
andthe Bank for Savings, or for its own use and revenue in ad¬
dition by providing for tenants, as has more remotely been doue
by the Emigrants' Savings Bank, the Seamans' Saviugs Bank
and others. This is entirely a matter of policy, to be decided
by the triLstees. It can easily be understood that many con¬
siderations may enter into the formation of this policy. The
question of locality and the probable cla..ss of tenants that could
be obtained is a very important one, it being, of course, abs«-
luteiy necessary that the tenants should be unquestionably good.
The older banks, which have never admitted tenants into their
buildiugs, and have a large surplus, can nffbrd to maintain that
policy and keep their new quarte'rs for their own use, especially
where the values ot sites are moderate and prospective tenaiUs
n?)t all that would bejexitiiiwt '(^n the other hand.' whev« t.it%
I