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Kecord and uuiae





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^                                 E5TABU5HEĨ) ^ MARCH 21^^ 136S-

De/oteD ĨO HeM EsTATE.BuiLDíKg AílCIÍITEeTJR,E.KũIJsní01DDEGaRAT10rf,
BUSlI^ESS AttoTHEMES Of GeĩIEIÎAI iNTERfST.
PĨ13:,    PIÍ   YHÎ     1«      ADVANCE,   SIX   DOLLARS.

rubUshed cvery Suturduy.

TiL.l-JUNE,               .....CORTLASBT   1370.

Communicatlons should bø addressed to

C. W. BWEET, 14-16 Vesey Street.

./. T. LÍNDSEY, Bna^ims Manager.                                           ^^^

•■En,le.red ai Ihe }'os!'0.(Rce al XcW York. .V. T.. as second-cUiss Miitler."

No. i,o;î4





Tiut the untOmpromisiDg attitude of the eilver men hae hitherto
.toocl iu the way of their applieation. Now that estreme Yiews
arií losiDg support aua a spirit of compromise is notlceably
inore geueral; the actual proepects for sUver are much im-
pi-ovea Apart from uulimited-coÍDage^at-aDy-ratio crazes, thia
country as the largest producer in the world, should be ready
to propose and support reasouable suggestÍoDS for improving
the coudition of silver. The rabid American gold-bug who is
lu a loudly exulLaut "I told you so" mood over late quotations,
l3 no move sensible or patriotic than any American would he
wlio would rejoice over a fall iu the price of wheat. We do
uot waut free coiuage of eilver or tbe free coinage of wheat,
Dor is it to our interest as a uation to see the priGe of one fall-
liife^ any more tĩian that of the other.





VOL. LX-





AUGUST 7. 1897.





YoM eãn alstáin dail/ Inrormation as to who is in the market
for Siiiidiiig- âiid EĩngineGring Materials,.and as to exaetly what is
wanteti: by addressing The í: W. Dodge Co, (Inc), The Cam-
meyer Building, No. glO Sixth AVenUe. Increase your sales.
Keep posted-     t)o aS otheí- big flrmS ate doing.               ___„





THAT tlie public are iii tiie Stock i\iarket ís overwhelm-
ingly proved hy iDdiscrimiuatiou in iho buyiUg that we
have seeu' this weok-.    Geueval views and pviDcipIes have m-
doubtedly guided if. or rather forced il aloug. aud the whoĩc
couutry 'has bceu cheered by the confldence iu our bUsiuess
f utDve" Hiat this implies.   Whether there is DOt sodic over-eou-
fldeuce \\hich ^vill briug disappointment hcreaftcr, is a fair sub-
ject for discussioii.    Is not the future being too beavily dis-
oounted and is there not too much loose talk of dividcuds and
othei' thiugf) that are to raise tbe value of seeuritĩes for the
markyt io bo a aaí'e ouc to buy on before tliere has beeu a
í^-huiesaîe  reactlou?    W(; predicted better times aud   higher
vaiucs wheii our voiee waa the onîy oue tíouudÍDg this cheerful
Dote   aiut wfe stiil believe !u the coming of subatantiai bcueats
to corporate securities, but we thiuk it would he wholesome
if furthcr advauccs waitcd upon the nearer approach of these
beneflls.    Wost oí ihe promises of immcdiate dividends upon
Mpecuiative issues is  uuwarnuited by  attained pecuoiary re-
sults.    We do DOt beiievc the managcrs of the propcrties at-
feeted by this talk will givo ocuasiou for doubt to be thrown
upon tlie qUality of their administration by declariug divideuds
that arc to b-j earncd uext year, or at some later datc.    Tlie
paymcDt of an uuearued dividend is a .siu that promptly comes
ho'me t(j roost, as wituess the course of tĩie Southeni líailway
preferred after the declaration of its firsfc and only divideud;
its price to-day, uotwitiistauding a booming market, is beĩow
wliat it was ti^en-   It is reported that Sper ceut. is to be paid
OD Atcliison Aajustmeuts, though bareiy 2 per ceut has been
earned-    If  this  is  so  tiie  Directors are  prepariug  to  exceed
the powers given them by tlio adjnsliuent mortgage and to
violate the spil-it of tlie agreemcut uudor which the property
iu  tiieir  chai'ge was reliabilitated, besides discrediting tbeir
managcment in the eyes of the holders  of $1^0,000,000 or so
■yf flxcd interest bonds.    It is iu limes like these, wheu we arc
rcgainiug our old-timc commercial confldeuce aud activity, that
imprndeut policles are cspeciaiiy to be deprecated,   and    we
hope those Avho aro reapousible for the euormous trusts that
unr curporatc busiuess represeuts wili have this carefully in
miud,





ROM time to time instances reach us of great hardships
eudnred by property-owuers whose holdings are taken by,
tlie city ĩn advanee of the makiug up of the estimates of dam-
íîges aud theĩr paymeut by the city.   The latest phase of these
hardships, to which our attention is drawu, ĩs the impossibility
of raisiiig mouey on the owner's claims.    We are tolû of an
iustance în which a lady owniug property on the site of Mul-
berry Beud Park was in great ueed because tĩie property npon
A^hich sJie depeuded had passed to the city aud, peudiug the
paymeut of the award of damages, she vvas without meaus.
The holder of a mortgage upon this property threateued to
forecloso; that he could uot do so did not mitigate the trouble
(iie poor lady was in because sh& was ignorant of the fact.
At her reiiuest her agent tried in all thc ordinary channels to
raise a loau for her, hnt could uot owiug to the legal perplexi-
ties surroundiug the ease.    Eveu the City Cbamberlain, who
geuerally has mouey to loan on real estate, deeliued to make
an advance with the claim on the city given as security.   With
property gonc, even tlie reuts belng collected by the eity, and
the utíual channels of relief cnt off by the uncertaiuties that
gather around au uudetermiued award, the owner, depending
upou her eondemned property for subsistenee, was iu a very
grievous   case.       It certainly would appear   that   something
siiould be doue to avoid the iuflictiou of these many incou-
vcuicnces upon iuuoceut people, and the duty of fludiug the
proper remedy should fail upon the city that takes the property.
We recognize the l'act that the city pays good interest on the
award, but as both award and interest are in posse aud not
iu esse, this fact fails to help thc owuer without other means.
We are' aware, too, that the difflculties in the way of providing
a rcDiody that will be fair to both parties are vcry great, but
canuot believe that they are iusuperable.





CANADIAN taríffs have been prepared lu accordance with
tlie new policy of the Domiuĩon, and next year wiU see
a very Interesting experiment tried alougside of another of au
opposito nature ou this side of the border. Britlsh maun-
factuvers are pveparing for tlic event aud expecting that the
discrimlnation of one-eighth in their favor will resuU lu their
gecuring the Cauadiau trade iu textiles, irou and steei, uow cou-
truiled by ihe United States. Disintevested peoijle, on the other
haud, prcdict that the Uuited Statee mannfacturer wlll show
hia mettle aud overcome tho disahilities prepared for him by
pvoduclug eheaper than ever. Europe Is vevy much concerued
iu the fall In ailver, whlch is destroyiug long-cherished hopes
of agricuiturists and uusettUug the Eastevn trade. So long as
therp is dauger of further deeliue no one wauts to ão anythlug
cícept euppiy ímmediate needs, aud we know how seríously a
pollcy of this nature cãu veduce the volume of trade. The cír-
cumstancep are serious and it would uot be sci-pvising if they
compelled fln luternatioual cousidevation of the siĩver question
and the creation of a remedy to cheek the ãecline. There ave
ways-^thpy have been pointed out !n these columus before—
by wWcil ího Uaã Cf slivci' as: mouoy cau be greatly increased,





COL- G. M. SMITH'S appointmeut to the Police Board adds
another to the uumber conuected with the buildîug in-
terests oĩ: this city who have bcen calĩed to aid in the municipal
governmeut, There is none who knows its requirements,
whefcher for physĩcal improvemeuts or for peacable adminis-
tration, better than the members of tbis trade. The progress
:ind prosperity of their ventuves depend so mueh upon these
liioy ought to make good public servauts wheuever fitted by
expcritíuce aud character for the respousibilities of publĩc of-
íiee. The few days that have elapsed since Coĩ. Smith's ap-
poiUtmeut bavc already giveu pvomise of beueficial vesults
from liis service. As the leadiug member of a prominent fivm
doing an exteusive business iu building supplies, Col. Smith is
oualjled to take large views, and his long serviee wiíh the COth
and 7th vegiiueuts has given him a kuowledge of aud an abllity
to mauage meu that cauuot fail to prove valuable on the po-
lice fovce. Buĩlding iutevests, as well as the appointee, feel hon^
ored by this appolutment.

.- - ■-■-—-—•--------------------------------------------------

HE coiucideut fall of the priee of silver aud rise of the
price of wbeat witnessed hy the world lately shouĩd re-
cũive some atteutlon from Silverites. Durlng the last cam-
palgn one of tlielv weightiest statemeuts to the Farmer was
ihat the price of hls pvoduee had fallen step by step with
tUe demouetizatiou and deeliue in the pvice of silver. Silvev,
we were told, had dragged down everything in Its descent, aud
better priees, pvogress, civilizatioa itself weve impossible 'uutil
Cougress awoke and "did eomethlng" for the white metal,
Nothiug has beeu doue, we kuow—the whole Westevn commer-
cial world has stuck stubboruly to gold aud yet here we have
wheat, that fearful example held so pathetically befove our
eyes by Mr. Bryau, advaneiug in value daily as though It had
uo counectiou whatsoever with silvev or the fviends of sllver
and their arguments. Of couvsê theve musf be some esplaua-
tiou of this exasperating pheuomenon. It may be the perni-
cious work of the Goĩd-bugs plottiug for a longer aud a stronger
hold ou the counu-y.   Oue of tbe beautleS oí tUe Gold-bug.is